Nifty posts 6.7% weekly drop as investors continue to fret over Covid-19

The Indian markets declined more than 2 per cent on Friday as investors continued to fret over the corporate and economic impact of the Covid-19 pandemic, which has now infected more than a million people globally. Investors were left disappointed after Prime Minister Narendra Modi in his video message refrained from offering any measure to help repair the economy.
The Sensex closed at 27,591, down 674 points, or 2.4 per cent. The Nifty fell 170 points, or 2.06 per cent, to end at 8,084. The Nifty index fell 6.7 per cent during the week, while the Sensex fell 7.5 per cent. Both indices have declined in three of the last four weeks. Market experts said inve­stors were hoping that the PM would ann­ounce concrete steps to contain the spread of Covid-19 or any update on whether the 21-day lockdown would be extended. While the government and the Reserve Bank of India (RBI) have provided relief packages, experts say more needs to be done as the shock because of the sudden stoppage of economic activities is huge. The United Nations Department of Economic and Social Affairs this week said global economic growth could shrink to 1 per cent, reversing its earlier forecast of 2.5 per cent growth. The agency said growth could contract further if restrictions on economic activities are extended without further stimulus.

“The bigger concern is the economic fallout of the Covid-19 pandemic. We were under the impression that things will be back to normal once the lockdown is over, but it now seems there will be a lot of restrictions even after the lockdown is lifted and this is adding to the panic,” said G Chokkalingam, founder, Equinomics.
Oil prices fluctuated after soaring 22 per cent on Thursday. Analysts said investors were sceptical of the Saudi Arabia-Russia deal to cut oil production. Also, the lockdown announced in Singapore weighed on sentiment.
“Lack of clarity regarding talks between Russia and Saudi Arabia affected sentiment. The news that there will be a one-month lockdown in Singapore added to the nervousness as a lot of foreign investors are based there,” said Siddhartha Khemka, head of retail research, Motilal Oswal Financial Services. Barring six, all the sectoral indices of the BSE ended the sessions with losses. Banking and finance stocks fell the most, with their gauges falling 5.4 per cent and 4.4 per cent, respectively. On the other hand, shares of pharmaceutical companies surged, with the BSE Healthcare index, gaining nearly 4 per cent.
Analysts said pharma stocks are relatively better placed to ride the market turmoil. They said the US is facing a drug shortage and there are expectations that the US FDA will be more flexible towards Indian pharma companies.
Overall, 195 stocks hit their 52-week lows. The market breadth was slightly positive, with total advancing stocks at 1135 on the BSE and those declining at 1104.
Two-thirds of the Sensex components ended the session with losses. Axis Bank was the worst-performing Sensex stock and fell 9.2 per cent. Titan, ICICI Bank, and IndusInd Bank fell 8 per cent or more.

Credit Suisse Wealth Management sees mid-teen growth in Nifty earnings

Despite a likely 100 basis point (bps) cut in growth forecast going ahead, earnings for NiftyIndex in 2020 could settle in mid-teens as compared to a consensus estimate of around 26 per cent for financial year 2020-21 (FY21), wrote Jitendra Gohil, Head of India Equity Research, Credit Suisse Wealth Management in a recent co-authored note with Premal Kamdar, their equity research analyst.
A large part of this growth, they feel, will come from lower provisioning needs of the financials, which we estimate could contribute over 80 per cent to the incremental growth in Nifty Index earnings.

“With the current tariff hike – and potentially next year as well – the telecom sector is well set to accelerate its earnings momentum. On the other hand, volatility in earnings can come from metals and mining companies and energy. Consumer companies have already benefited this year with tax cuts and hopefully they will be able to cut cost and protect margins to withstand slower consumer spending environment in 2020,” the Credit Suisse note says.
Gohil and Kamdar expect the information technology (IT) sector to clock in see moderate growth of single-digit, while industrials and capital goods companies could see sharp cuts in earnings if growth fails to pick up materially.
"While we acknowledge that earnings growth expectations are elevated and do not completely price in India’s deteriorating growth outlook, the equity market tends to bottom-out well ahead of the bottoming of GDP (gross domestic product) growth and earnings," the co-authored note said.
Credit Suisse believes the recent reform measures – cut in corporation tax, likely privatisation of public sector companies, improving ease of doing business, strengthening of the insolvency and bankruptcy code, and introduction of Real Estate Regulatory Authority (RERA) have increased confidence in the formalisation of the economy – is positive for markets.
Within the markets segments, they do not forecast a major underperformance by the mid-caps in 2020 given the valuation comfort.
“Currently, the Nifty Midcap 50 Index is trading at a 12-month forward P/E of 14.8, which is a 20 per cent discount to the large caps; in line with the discounts that the mid-caps commanded before mid-2016, post which the mid-caps started trading at an exorbitant valuation premium of up to 50 per cent reached in December 2017,” the Credit Suisse note said.
That said, they see moderate returns from the markets as they rule out a broad-based recovery in economy and acknowledge that the government does not have much room to stimulate growth.
“In 2020, we are likely to see pockets of growth rather than broad-based growth, hence we recommend concentrating portfolios across large caps and quality mid-caps, where growth visibility is high. We continue to like private banks, chemical companies, IT and NBFCs. Consumption is a structural growth theme in India and we continue to like stocks that are impacted by urbanisation, though growth has been slower than anticipated,” the Credit Suisse Wealth Management note says.

Nifty ends August with negative returns of 0.9%, falls 7.5% in 3 months

The benchmark Nifty ended August with negative returns of 0.9 per cent, taking the three-month market correction (between June and August) to 7.5 per cent.
Selling by FIIs after the announcement of the tax surcharge, combined with global headwinds, triggered a heavy sell-off, causing the broader indices to be the worst-hit. Between June and August, the Nifty Midcap ended 13 per cent lower while the Smallcap was down 18 per cent.

However, on Friday, the Nifty ended 0.7 per cent higher in anticipation of additional policy measures by Finance Minister Nirmala Sitharaman to give fillip to the economy. Market experts have warned that the market is likely to see continued selling pressure, given that measures by Centre have failed to cut ice with institutional investors.
“Nothing has really changed for FIIs. It goes back to pure fundamentals. Probably, they are waiting for the FM to come with a comprehensive package. There is no incentive for FIIs to rush back to the markets as corporate and economic fundamentals are in bad shape,” said Andrew Holland, CEO of Avendus Capital Public Markets Alternate Strategies.
June quarter (Q1) earnings by most firms failed to meet Street expectations, forcing analysts to cut their earnings growth targets for FY20. The macro picture also remains bleak. During Q1, India’s gross domestic product grew at 5 per cent, which was well below the median estimate of 5.7 per cent.
Chart
Mounting troubles for NBFCs, concerns over corporate debt, and uncertainty surrounding the US-China trade war have further contributed to the negative sentiment. In a recent note, ICICI Securities analysts said the consensus view has turned pessimistic since the Budget.
“Negative feedback loop from a sharp correction in stock prices is impacting the fundamental view, which has not changed materially over the past one month.” Market players said the Centre should announce more proactive measures to boost investor confidence beginning with more aggressive recapitalisation of PSU banks and steps to increase the liquidity.
“There has to be greater flow of money. Lots of refunds are stuck and the government has to start releasing it. Once that happens, people, the liquidity position will improve,”said Abhimanyu Sofat, head of research at IIFL.
On Friday, Finance Minsiter Nirmala Sitharman outlined Rs 70,000 crore of recapitalisation planned for PSBs in FY20. Market participants said that given the weak credit demand from corporates and the NBFC crisis, the recapitalisation package will not be able to meet the key objective of reviving lending and improving banks' fortunes.

MARKETS LIVE: Sensex down 100 pts, Nifty below 10,850 weighed by financials

The benchmark indices have erased their opening gains and are now trading marginally lower weighed by select financial stocks.
Among the sectoral indices, the Nifty Bank index is trading over 0.3 per cent lower dragged by IndusInd Bank, ICICI Bank and HDFC Bank. The Nifty Auto index, too, is down around 0.5 per cent weighed by TVS Motor Company, Mahindra & Mahindra and Maruti Suzuki.

In the broader markets, the S&P BSE MidCap index was trading 25 points or 0.16 per cent lower at 15413 levels. However, the S&P BSE SmallCap index was up 12 points or 0.08 per cent at 14,719 levels.
Rupee
The rupee opened 15 paise higher at 69.62 against the US dollar. The domestic unit Monday signed off the last trading session of 2018 with 18 paise gains at 69.77 but clocked a 9.23 per cent fall during the year after witnessing its one of the tumultuous years in the recent past.
Global Markets
Most Asian markets are shut on account of New Year.
The Wall Street advanced in low-volume trading on Monday as investors gathered to ring in 2019, marking the end of the worst year for US stocks since 2008, the height of the financial crisis.
The Dow Jones Industrial Average rose 265.06 points, or 1.15 per cent, to 23,327.46, the S&P 500 gained 21.11 points, or 0.85 per cent, to 2,506.85 and the Nasdaq Composite added 50.76 points, or 0.77 per cent, to 6,635.28.
(with Reuters input)
CATCH ALL THE LIVE UPDATES
11:29 AM
Varun Beverages up 15% in five days; stock nears record high
Shares of Varun Beverages (VBL) were trading higher for the fifth straight day on Tuesday. The stock was up 5 per cent at Rs 828 in an otherwise subdued market. The company is a key player in beverage industry and one of the largest franchisee of PepsiCo in the world (outside USA). In the last five trading days, the stock has outperformed the market by gaining 15 per cent, as compared to a one per cent rise in the S&P BSE Sensex. At the time of writing this report, it was 2.5% away from its all-time level of Rs 849 touched on September 21, 2018 on the BSE in intra-day trade. Read more
11:07 AM
Lessons from 2018: Don't be greedy, continue your SIPs to build a corpus
Investment consultant Arun Kejriwal has a complaint with stock market investors: “Most do not realise that there is an unlimited number of opportunities in the stock market. But the money they have is limited. And they have to maximise their returns with that limited amount.”

According to him, there was a strong buzz that the government might bite the bullet on capital gains tax in January itself. Most investors, especially in the mid-and small-cap space, were sitting on significant profits at that time. But they refused to sell, or lower their exposure. Click here to read more

10:57 AM
Top losers on BSE500
COMPANY PRICE() CHG() CHG(%) VOLUME
DHANUKA AGRITECH 452.90 -14.20 -3.04 533
FUTURE LIFESTYLE 413.50 -11.30 -2.66 1541
BLISS GVS PHARMA 162.40 -3.65 -2.20 92299
SHEELA FOAM 1453.05 -31.90 -2.15 21
GE T&D INDIA 288.00 -6.00 -2.04 1042
» More on Top Losers
10:45 AM
JMC Projects rallies 19% in two days on order win worth Rs 596 crore
JMC Projects (India) rallied 11% to Rs 96.80 on Tuesday, thus surging 19% in the last two sessions after the construction and engineering company said it has secured new orders worth Rs 596 crore. Out of Rs 596 crore, Rs 434 crore has been assigned for residential and commercial projects in South India. The second order amounting to Rs 162 crore is for civil works for a steel plant in Orissa. Most of these new orders are repeat orders from the company’s existing clients. The company said it was confident of meeting its revenue and margin guidance for financial year 2018-19. Read more

10:27 AM
NEWS ALERT | Maruti Suzuki India Limited sold a total of 128,338 units in December 2018
10:23 AM
NEWS ALERT | Karnataka Bank hikes MCLR across tenures by 10-15 bps from today
10:22 AM
Atul Auto surges 11% following December sales figures
Shares of Atul Auto surged 11 per cent to Rs 322 apiece on the BSE in early morning trade after the company posted a strong 50 per cent growth in sales numbers for December 2018. The three- wheeler manufacturer sold 4,332 units in December against 2,890 units in the same month last year. The company’s total vehicle sales during December quarter grew 39 per cent at 13,808 units, as compared to 9,922 units sold in the previous year quarter. Read more
10:12 AM
Model Portfolio for 2019 by IIFL

09:58 AM
Market check
Index Current Pt. Change % Change

S&P BSE SENSEX 35,951.18 -117.15 -0.32

S&P BSE SENSEX 50 11,331.96 -35.47 -0.31

S&P BSE SENSEX Next 50 32,968.48 -26.73 -0.08

S&P BSE 100 11,129.89 -31.13 -0.28

S&P BSE Bharat 22 Index 3,487.71 -8.93 -0.26
09:58 AM
Motilal Oswal Financial Services on NBFCs

We remain bullish on the vehicle financiers (VF) sector due to multiple tailwinds. With growth returning and migration to 90 days past due (dpd) over, we expect a strong earnings recovery for vehicle financiers, especially Shriram Transport Finance Co (SHTF) and MMFS (Mahindra and Mahindra Financial Services). In addition, asset quality trends have been stable. The impact of the liquidity crisis should fade over the next few months and it would be business as usual. In addition, these players have a large pool of securitizable assets that could be used to generate liquidity via PSL sell-downs. Our top pick in this space is SHTF.
09:52 AM
From ICICI Bank to Bajaj Finance, 10 stocks to beat the market in 2019
Indian equities were not a happy hunting ground for domestic investors in 2018 with most sectoral indices ending in the red while the benchmark indices delivered single-digit returns. Higher oil prices, a depreciating rupee, rising interest rates and a liquidity crisis for finance companies were some of the reasons.

For 2019, there are uncertainties related to outcome of general elections, the direction of fund flows and global growth worries. READ MORE
09:37 AM
All sectoral indices on NSE are trading in red barring Pharma and Realty

09:27 AM
UCO Bank surges over 11% in early trade

09:26 AM
BLOCK DEAL| 27.8 lakh shares (0.5% equity) of IndusInd Bank trade in 2 blocks on NSE at Rs 1,595.60/sh
09:21 AM
BLOCK DEAL | 58.56 lakh shares of Axis Bank trade in a block deal on NSE at Rs 622.75 per share; stock trades flat
09:20 AM
Sectoral trend on NSE

09:19 AM
Opening gainers and losers on BSE Sensex

09:17 AM
Market at open

At 9:15 AM, the S&P BSE Sensex was trading at 36,093, up 25 points, while the broader Nifty50 was ruling at 10,873, up 10 points.
09:11 AM
NEWS ALERT| 1.3 cr shares of Bharti Airtel traded in a block on BSE at Rs 319/sh in pre-opening session
09:05 AM
Lupin, JMC Projects and Fortis Healthcare among top stocks to track
The drug maker Lupin said it has received approval from the US health regulator for Clobazam Oral Suspension, used to treat seizures associated with Lennox-Gastaut Syndrome. The drug is indicated for treatment of seizures associated with Lennox-Gastaut Syndrome (LGS) in patients of two years of age or older. Read more
09:02 AM
Market at pre-open
Index Current Pt. Change % Change

S&P BSE SENSEX 36,161.90 +93.57 +0.26

S&P BSE SENSEX 50 11,393.37 +25.94 +0.23

S&P BSE SENSEX Next 50 33,041.97 +46.76 +0.14

S&P BSE 100 11,185.11 +24.09 +0.22

S&P BSE Bharat 22 Index 3,504.91 +8.27 +0.24
09:01 AM
Rupee opening
Rupee opens at 69.62/$ vs its previous close of 69.77 per dollar
08:59 AM
Top trading ideas by Prabhudas Lilladher
BUY BIOCON
CMP: Rs 629
TARGET: Rs 680
STOP LOSS:Rs 595

The stock has been consolidating around the range of Rs 600 and Rs 630 levels for quite some time and now it has given a breakout with decent volume. The relative strength index (RSI) indicator also has signaled a Buy by reversing its trend in the positive direction. We recommend a positional buy in this stock keeping a stop loss of Rs 595 for an upside target of Rs 680. Click here for more trading ideas

08:57 AM
Top trading calls by Anand Rathi
CONCOR: BUY
TARGET: Rs 724
STOP LOSS: Rs 670

The stock has formed a symmetrical triangular pattern and it has seen good long built up. The momentum indicator has also provided a buy crossover; hence one can buy for the target of 724 with a stop loss of 670. Click here to read more
08:46 AM
India's core sector growth drops to a 16-month low of 3.5% in November

Growth in the eight core sectors of the economy fell to a 16-month low of 3.5 per cent in November, after it had hit a three-month high of 4.8 per cent in October.

Economists blamed an unfavourable base effect, along with a sudden slowdown in the growth of cement production and electricity output for bringing down the overall growth rate of the core sectors. Contributing 40 per cent to the total industrial production, output of the core sectors has increasingly focused on cement production, led by rising construction activity across the country.
08:35 AM
Rupee check

The Indian rupee on Monday signed off the last trading session of 2018 with 18 paise gains at 69.77 per dollar but clocked a 9.23 per cent fall during the year after witnessing its one of the tumultuous years in the recent past.
08:27 AM
SGX Nifty

The Nifty futures on the Singapore Exchange (SGX) were trading largely flat at 10,922.50 levels in early trade.
08:20 AM
Wall Street check
The Wall Street advanced in low-volume trading on Monday as investors gathered to ring in 2019, marking the end of the worst year for US stocks since 2008, the height of the financial crisis.

The Dow Jones Industrial Average rose 265.06 points, or 1.15 per cent, to 23,327.46, the S&P 500 gained 21.11 points, or 0.85 per cent, to 2,506.85 and the Nasdaq Composite added 50.76 points, or 0.77 per cent, to 6,635.28.
08:15 AM
Good morning
Welcome to Business Standard's live blog. We wish our readers a very Happy New Year 2019

Real estate shares in focus; Prestige Estates, Oberoi Realty up over 5%

Shares of real estate companies are in focus, with Nifty Realty index gaining 2% on Friday, on hopes that liquidity may ease in the coming days after the Reserve Bank of India (RBI) on Thursday relaxed rules for non-banking financial companies (NBFCs).
Prestige Estates Projects and Oberoi Realty were up 8% and 6%, respectively, on the National Stock Exchange (NSE). Indiabulls Real Estates, Godrej Properties, Sobha, Kolte-Patil Developers Brigade Enterprises and Sunteck Realty gained 1% to 4%.

At 12:05 pm; Nifty Realty index, the largest gainer among sectoral indices, was up 2%, as compared to a marginal 0.07% rise in the Nifty 50 index. Since September, the realty index had underperformed the market by falling 18% on liquidity concerns. On comparison, the benchmark index fell 7% till Thursday.
The RBI decided to relax the Minimum Holding Period (MHP) requirement for originating NBFCs, in respect of loans of original maturity above 5 years, to receipt of repayment of six monthly installments or two quarterly installments. This has been reduced from the earlier tenure of 12 months or four quarterly installments. These guidelines would be applicable to housing finance companies (HFCs) as well.
Commenting on the RBI’s move, Vibhor Mittal, Group Head (Structured Finance), ICRA said the relaxation in MHP criteria would primarily benefit HFCs and NBFCs offering mortgage loans where the loan tenure is typically more than five years.
According to a Business Standard report, the government will push harder on measures for providing liquidity in the financial system rather than changing governance norms of the RBI.
The official that the government’s argument – through Economic Affairs Secretary Subhash Garg and Financial Services Secretary Rajiv Kumar – will be on the liquidity stress in housing and consumer goods sector and how it is impacting further economic activity, added report. CLICK HERE TO READ FULL REPORT
Thus far in the calendar year 2018 (CY18), Nifty Realty index tanked 33%, against 3% gain in the Nifty 50 index. In CY17, the realty index zoomed 110%, as compared to 29% rise in the benchmark index.
Over the last few months, concerns have emerged on liquidity in the system, especially for NBFCs. Construction finance has been an essential component for real estate (RE) developers facing declining demand and lower cash flows. NBFC funding to developers posted a 35% CAGR over FY16-18.
“Over the last two years, various government initiatives and reforms such as demonetization, the introduction of RERA and implementation of GST have resulted in consolidation in the real estate industry. We believe the reputed players backed by strong execution track records stand to gain market share from small developers,” Karvy Stock Broking said in sector update.

MARKETS LIVE: Indices trade flat, Nifty near 11,150 mark; Metal stocks rise

The benchmark indices are trading flat on Wednesday despite firm cues in the global markets.
Among sectoral indices, the Nifty Nifty Metal index has risen over 1.5% led by a rise in Jindal Steel & Power and NMDC.

That apart, stock-specific action is likely to continue during the day amid the release of June quarter results. Ambuja Cements, Canara Bank, Crompton Greaves Consumer Electricals, Hero MotoCorp and Jubilant FoodWorks are likely to announce their June 2018 quarter earnings later today.
GLOBAL MARKETS
Asian stocks rode higher on Wednesday thanks to strong US corporate earnings and hopes that China will boost fiscal support for its economy, while long-term US yields hovered near six-week highs on speculation the Bank of Japan could be less accommodative.
MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.17 per cent. South Korea's KOSPI advanced 0.35 per cent and Japan's Nikkei rose 0.5 per cent.
OIL PRICES
Oil prices rose for a second day on Wednesday after industry group data showed US crude inventories fell more than expected last week, easing worries about oversupply that had dragged on markets in recent sessions.
Brent crude was up 29 cents (0.4 per cent) at $73.73 a barrel. The global benchmark settled 38 cents higher at $73.44 a barrel on Tuesday, after climbing as high as $74. US West Texas Intermediate rose 22 cents (0.3 per cent) to $68.74, having settled the previous session up 63 cents, or nearly 1 per cent.
(with Reuters inputs)
Read our full coverage on Markets
CATCH ALL THE LIVE UPDATES
11:47 AM
This Adani Group stock zooms 100% in 17 trading sessions
Adani Green Energy (AGEL), an Adani Group company, is locked in the upper circuit for the fourth straight day, rising 10% to Rs 51.20. The stock has rallied more than 100% in past 17 trading days on the BSE and is trading at its highest level since its debut on the bourses on June 18, 2018. READ MORE
11:35 AM
Top gainers in BSE 500:
COMPANY LATEST PREV CLOSE GAIN() GAIN(%)
NAVIN FLUO.INTL. 691.00 600.05 90.95 15.16
MULTI COMM. EXC. 816.65 768.00 48.65 6.33
FUTURE CONSUMER 47.30 44.60 2.70 6.05
JINDAL STAIN. 64.35 60.90 3.45 5.67
REL. COMM. 14.35 13.65 0.70 5.13
11:23 AM
Sebi bans Nava Diganta, 9 directors from markets for at least 4 years
Sebi has banned Nava Diganta Capital Services as also its nine current and former directors from the securities market for at least four years for illegally raising money, and directed them to refund it to the investors. READ MORE
11:12 AM
5 out of 8 insurance, MF IPOs trade 23% below issue price in aggregate
Investors who subscribed to the shares of companies engaged in insurance and mutual fund businesses through initial public offering (IPO) have lost their money, with five out of eight stocks underperforming the market since their listing. These five companies collectively raised Rs 344 billion through IPOs, which is currently valued 23 per cent lower at Rs 264 billion. READ MORE
11:00 AM
India to remain fastest-growing major economy, but oil poses risk: Poll
India will remain the fastest-growing major economy this year supported by increased government spending ahead of next year's general election, but rising oil prices pose the biggest downside risk, a Reuters poll of economists showed. READ MORE
10:46 AM
Sebi proposes three-phase process for re-classification of promoters
The Sebi on Tuesday proposed a three-phase process for re-classification of promoters as public shareholders. In the first stage, the concerned promoter shareholder or the company will have to file an application to the stock exchange requesting re-classification. In the next stage, the request will go to the board of directors. READ MORE
10:28 AM
Nifty Metal index up over 1.5 per cent

10:16 AM
HDFC Bank likely to take fund raising plan from Dalal Street to Wall Street
HDFC Bank is likely to take its fund raising plan from Dalal Street here to Wall Street. Sources say the bank prefers an issue of American Depository Receipts (ADR) over Qualified Institutional Placement (QIP) for its Rs 15.5-billion ($2.2 billion) equity raising exercise.

Attractive valuations and greater investor appetite is prompting the country’s highest-valued bank to go for overseas issuance. However, the foreign institutional investment ceiling could force it to also do a fourth of its fund raising in the domestic market. READ MORE
10:11 AM
CIMB on MindTree
We raise FY19F-21F EPS by 2-5% to factor in better revenues and change in currency assumptions. We maintain Reduce given the unfavourable risk-reward at current valuations, in our view. Our higher target price is based on 17.5x forward P/E (up from 16.5x for improving sales/margins and ROE), close to its mean of 1-year and 5-year average 1-year forward P/E. Higher-than-expected EBIT margins are a key upside risk.
10:10 AM
TOP CONTRIBUTORS TO SENSEX TODAY
COMPANY LATEST CHG(RS) CHG(%) FREE FLOAT
MKT CAP
(RS CR) WEIGHT IN
INDEX (%)
ADANI PORTS 399.55 8.05 2.06 36407.72 0.97
TATA STEEL 533.90 7.20 1.37 41503.30 0.71
HERO MOTOCORP 3141.85 40.40 1.30 40782.78 1.42
H D F C 2001.25 22.05 1.11 338261.27 7.92
BAJAJ AUTO 2673.80 23.00 0.87 39459.59 1.50
10:08 AM
Edelweiss on Symphony
Symphony (SYML) reported a lower-than-expected Q1FY19 top line, suggesting high sensitivity of volumes/profitability to the subdued air coolers business (due to a bad summer).
Key highlights: a) High stock levels with dealers coupled with weak demand sentiment led to a double-digit drop in revenue at Symphony (40% drop was a surprise that translated to a sharper reduction in bottom line) and the industry at large. b) While management is enthused by current month booking advances, we estimate overall domestic growth in FY19 will be lower given back-ended channel stocking and nil new offerings by SYML this year.
We are trimming FY19/20E earnings by 10/6% building in lower industry numbers, which tests our long-term growth thesis on SYML. However, we maintain ‘BUY/SO’ with a revised target price of Rs 1,605 (versus Rs 1,870) lowering our premium to sector from 50% to 35% factoring in rising business volatility
10:01 AM
Edelweiss on Greenlam Industries
Factoring in the weak results and margin pressure, we are cutting the FY19/20 estimates by 11%/13%. We are also slashing the target multiple by 10% to 24x based on a slower-than-expected pickup in demand and a sluggish trend in the anticipated shift towards organised players. Thus, we are revising down the target price to Rs 1,100 (from Rs 1,430).
That said, given its presence in niche segments and the potential turnaround of new segments, Greenlam will deliver an EPS CAGR of 31% over FY18–20 with an FY20E ROCE of 30% in our view. Maintain ‘BUY’.

10:01 AM
Market Check

S&P BSE Sensex 36,878.79 Up 0.15%

Nifty 50 11,142.55 Up 0.07%

S&P BSE 200 4,778.84 Up 0.22%

Nifty 500 9,468.25 Up 0.19%

S&P BSE Mid-Cap 15,719.74 Up 0.35%

S&P BSE Small-Cap 16,302.46 Up 0.52%
09:49 AM
RESULT IMPACT Symphony tanks 20% on weak Q1 results
Shares of Symphony tanked 20% to Rs 1,125 per share, also their 52-week low on the National Stock Exchange (NSE) in early morning trade after the company’s consolidated net profit almost halved to Rs 200 million in June 2018 quarter (Q1FY19), on account of lower sales. Symphony, a world leader in evaporative air coolers, had a profit of Rs 390 million during the same quarter in the previous fiscal READ MORE HERE
09:48 AM
WEB EXCLUSIVE HDFC AMC IPO opens for subscription today. Should you invest?
The initial public offer (IPO) of HDFC Asset Management Company (AMC) opens today for subscription. The issue, which remains open till July 27, comprises of up to 25457555 equity shares of face value of Rs 5 each. The price band for the offer is fixed at Rs 1,095 - 1,100 per share. Bids can be made for a minimum lot of 13 equity shares and in multiples of 13 equity shares thereafter. READ MORE HERE
IPO Illustration: Ajay Mohanty
09:32 AM
HDFC Mutual Fund allots Rs 7.3 billion shares to anchor investors
HDFC Mutual Fund (MF) on Tuesday allotted shares worth Rs 7.3 billion to anchor investors ahead of its Rs 28-billion initial public offering (IPO). The shares were allotted at Rs 1,100 apiece — the top-end of the price band. Some of the investors’ allotted shares include Capital, Fidelity, Blackrock and Temasek. READ MORE
09:23 AM
Nifty sectoral trend

09:22 AM
BSE Sensex gainers and losers

09:18 AM
Market at open

At 9:15 AM, the S&P BSE Sensex was trading at 36,875, up 50 points while the broader Nifty50 was ruling at 11,140, up 6 points.
09:03 AM
Markets at pre-open
Index Current Pt. Change % Change

S&P BSE SENSEX 36,953.49 +128.39 +0.35

S&P BSE SENSEX 50 11,684.51 +31.39 +0.27

S&P BSE SENSEX Next 50 32,659.34 +84.90 +0.26

S&P BSE 100 11,408.08 +30.50 +0.27

S&P BSE Bharat 22 Index 3,433.67 +12.65 +0.37
(Source: BSE)
08:56 AM
Technical calls by HDFC Securities: Buy Surya Roshni, KEC International
Buy Surya Roshni
CMP: Rs 350
Target: Rs 380
Stop-loss: Rs 330

Stock price formed multiple bottoms in the range of 300-315 and bounced northward with the jump in volumes. Primary trend of the stock has been bullish with higher tops and higher bottoms on the monthly chart. The stock price has surpassed the crucial resistance of its 50 DMA. We recommend buying Surya Roshni for the upside target of 380, keeping SL at 330.

Buy KEC International
CMP: Rs 344.60
Target: Rs 370
Stop-loss: Rs 325

Stock price formed multiple bottoms in the range of 315-320 and bounced northward with a jump in volumes. The stock has been one of the out-performer in the mid-cap space for last 7 months. Oscillators and indicators have turned bullish on the short-term charts. We recommend buying KEC International for the upside target of 370, keeping SL at 325. READ MORE
08:53 AM
Today's picks: From L&T to Tata Steel, hot stocks to watch on Wednesday
Larsen & Toubro
Current price: Rs 1,324
Target price: Rs 1,345

Keep a stop at Rs 1,215 and go long. Add to the position between Rs 1,335 and Rs 1,340. Book profits at Rs 1,345.

Tata Steel
Current price: Rs 528
Target price: Rs 537

Keep a stop at Rs 523 and go long. Add to the position between Rs 534 and Rs 536. Book profits at Rs 537. READ MORE
08:50 AM
Top trading ideas by Prabhudas Lilladher: Buy Bank of India, Hind Zinc
BUY BANK OF INDIA
CMP: Rs 87.85
TARGET: Rs 103
STOP LOSS: Rs 80

The stock has witnessed much erosion from the peak level and recently has bottomed out at around 76.50 levels and given a bounce back. The current cluster of positive candles signify strength and has the potential to rise further in the coming days to scale till 100-103 levels. The RSI has recently indicated a trend reversal to signal a buy and is on the rise. With consistent decent volume participation witnessed, we recommend a buy in this stock for an upside target of 103 keeping a stop loss of 80.

BUY HIND ZINC
CMP: Rs 272.60
TARGET: Rs 305
STOP LOSS: Rs 260

The stock has indicated a good revival from the bottomed made at around 260 levels and looks potential for an upward move with potential and strength and with the RSI currently showing a trend reversal has also signaled a buy. The chart looks attractive for further rally and can scale upto 300-310 levels. With good volume activity seen, we recommend a buy in this stock for an upside target of 305 keeping a stop loss of 260. READ MORE
08:48 AM
Nifty outlook by Prabhudas Lilladher for today:
Nifty much to our liking continues to surge with supporting indicators and participation coming from many frontline stocks which looks healthy along with mid-cap showing signs of bottoming out and moving higher. The support for the day is seen at 11070 while resistance is seen at 11200. Axis, ICICI, SBI now have a favourable risk reward ratio.
08:45 AM
Technical calls by Religare Broking: Buy Dabur India, Muthoot Finance
Dabur India Limited
Rec: BUY
Last Close: Rs 373.70
Initiation range: Rs 370-372
Target: Rs 385
Stop loss: Rs 365

DABUR, after making a new record high in June, 2018, retraced marginally of late and tested support zone of 100 EMA on the daily chart. Currently, it hovering in narrow range around that area and formed a fresh buying pivot. We suggest traders to initiate fresh longs as per given levels.

Muthoot Finance Limited
Rec: BUY
Last Close: Rs 409.65
Initiation range: Rs 400-405
Target: Rs 430
Stop loss: Rs 385

MUTHOOTFIN has been witnessing correction for last eight months, after it failed to close the resistance barrier of its record high in November, 2017. It formed a base around 365 levels and recovering gradually from thereon. Indications are in the favour fresh surge. We advise traders not to miss this opportunity and create fresh longs as per the mentioned zone. READ MORE
08:41 AM
Markets on Tuesday

S&P BSE Sensex 36,825.10 Up 0.29%

Nifty 50 11,134.30 Up 0.45%

S&P BSE 200 4,768.52 Up 0.82%

Nifty 500 9,450.65 Up 0.93%

S&P BSE Mid-Cap 15,664.48 Up 1.77%

S&P BSE Small-Cap 16,218.54 Up 2.21%
08:35 AM
SGX Nifty
The SGX Nifty was at 11,153.50, up 0.10 per cent from the previous close.
08:32 AM
Asian Markets
Asian stocks rode higher on Wednesday thanks to strong US corporate earnings and hopes that China will boost fiscal support for its economy, while long-term US yields hovered near six-week highs on speculation the Bank of Japan could be less accommodative.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.17 per cent. South Korea's KOSPI advanced 0.35 per cent and Japan's Nikkei rose 0.5 per cent.
08:32 AM
Wall Street
The S&P 500 on Tuesday closed at its highest level since Feb. 1 as Alphabet's blowout results bolstered expectations of a robust earnings season.
The Dow Jones Industrial Average rose 197.65 points (0.79 per cent) to 25,241.94, while the S&P 500 gained 13.42 points (0.48 per cent) to 2,820.4. The Nasdaq Composite dropped 1.11 points (0.01 per cent) to 7,840.77. It reversed course after having hit a record high earlier in the session.
08:24 AM
Good Morning!
Welcome to Business Standard's live blog on markets.
LOA

Top trading ideas from Prabhudas Lilladher: Buy Tata Motors, Uniply Inds

Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
NIFTY VIEW
.
The daily trend turns up again, however we see no consistency in individual stocks with its movement, market continues to see rotational movement. The support for the day is seen at 10560 while resistance is seen at 10660.
.
BUY TATA MOTORS
CMP : Rs 330.25
TARGET : Rs 380
STOP LOSS : Rs 300
.
The stock has taken support at 325 on twice occasions thus making a double bottom formation like pattern in the daily chart and with the promising cues from the indicators, we anticipate a upward rise from here on to scale till 375-380 levels in the coming days. The RSI has indicated a trend reversal to signal a buy and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 380 keeping a stop loss of 300.
.
BUY UNIPLY INDS
CMP : Rs 474.25
TARGET : Rs 510
STOP LOSS : Rs 445
.
The stock has witnessed a deep vertical correction from the peak of 486 to bottom out at 360 levels and has given a V-shape recovery to indicate strength to rise further in the coming days. The RSI also has given a bounce back from the oversold zone . With good volume participation witnessed, we recommend a buy in this stock for an upside target of 510 keeping a stop loss of 445.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.

Bank rally lifts markets to three-month high; Sensex, Nifty climb over 7%

The Indian markets on Friday climbed to their highest level in nearly three months, led by sharp gains in banking stocks on optimism that the worst of the bad loan cycle was over.
A rally in global equities amid softening US bond yields and improvement in ties between North Korea and South Korea boosted investor sentiment.

The Sensex gained 256 points, or 0.74 per cent, to close at 34,969, while the broader Nifty closed 74.5 points, or 0.7 per cent, higher at 10,692. Both indices closed at their highest level since February 2 and less than 4 per cent shy of their all-time highs touched in late January. The Sensex and the Nifty also registered their fifth straight weekly advance, during which they climbed over 7 per cent.
The latest rebound in the market has defied headwind such as rising crude oil prices and the weakening rupee against the dollar. The rally has been spurred by domestic institutional investors (DII) buying, while foreign portfolio investors (FPIs) have been largely on the sidelines.
On Friday, FPIs net sold shares worth Rs 7.6 billion, while domestic institutions remained net buyers to the tune of Rs 6.3 billion, the provisional data showed. During the week, when the benchmark indices rose 1.6 per cent, FPIs were net sellers in all five sessions, while DIIs, particularly mutual funds (MFs), were strong buyers.
graph Market players see limited upside from current levels. “The market might not be able to repeat 2017-like performance. Currently, the markets are facing headwind such as rising crude oil prices and upcoming elections. Hence, there would be some volatility. However, corporate performance has remained positive and earnings are showing signs of recovery.
Hence, downside seems to be protected,” said Sudip Bandyopadhyay, group chairman, Inditrade Capital.
Most global markets traded in the green on Friday after the yield on 10-year US Treasury softened to 2.97. The truce in the Korean peninsula also calmed the nerves of global investors, who have been concerned about escalating tensions between both nations. The top three gainers on the Sensex were banking stocks. Axis Bank rallied 9 per cent, the most among Sensex components, followed by SBI and ICICI Bank, which gained 4 per cent and 3.34 per cent, respectively. Investors lapped up banking shares after Shikha Sharma, Axis Bank chief executive officer, said the recognition of bad loans in this cycle was “nearly complete”. Axis Bank shares rose even as it posted its first-ever quarterly loss on account of higher provisioning for non-performing loans.
Other major gainers on the Sensex were Reliance Industries, which rose 2 per cent ahead of its results, and Larsen and Toubro, which added 2.2 per cent. The broader markets, too, remained buoyant on Friday with the BSE mid- and small-cap indices gaining 0.8 per cent and 0.4 per cent, respectively. Of the 19 sectoral BSE indices, 16 ended with gains. The BSE Bankex gained the most at 2 per cent. The NSE Volatility Index, a gauge for market volatility, fell 0.2 per cent. Analysts expect markets to remain range-bound with a positive bias.

Nifty PSU Bank index up for fourth straight day

Shares of public sector banks continued trade higher with the Nifty PSU Bank index gaining for the fourth trading sessions after the Reserve Bank of India (RBI) announced its first bi-monthly monetary policy for the financial year 2018-19 (FY19) on April 4, 2018.
At 02:57 pm; Nifty PSU Bank index was up 1% at 3,074, rallied 7.8% in past four trading days as compared to 2.8% rise in the Nifty 50 index.

Punjab National Bank (PNB), Allahabad Bank, Bank of India, Union Bank of India, Canara Bank, Indian Bank and Bank of Baroda were up in the range of 5% to 11% on the National Stock Exchange (NSE) in past one week.
Today, State Bank of India (SBI) has moved higher by 1.5% to Rs 265 in noon deal trade after a huge block deal executed on the counter. Around 1.85 million shares have changed hands state owned bank counter at 02:39 pm, the BSE data shows. So far, total 4.16 million shares have changed hands against an average 1.78 million shares were traded in past two weeks on the BSE.
The RBI said the Monetary Policy Committee (MPC) maintained its neutral monetary policy stance with a focus on maintaining medium-term inflation at 4%.

For fiscal 2019, the MPC revised down its inflation outlook supported by recent sharp moderation in food prices and the statistical downside that will accrue in mid-2018 as the impact of the Seventh Pay Commission payments fades. The inflation forecast for fiscal 2019 is revised down to ~4.7% average, from ~5% estimated earlier. Yet, given upside pressures, the MPC will stay vigilant on the evolving inflation scenario. The forecast for gross domestic product (GDP) has been kept unchanged at 7.4% for fiscal 2019.
CRISIL Research expects banking credit to grow 8-9% and 10-12% in fiscals 2018 and 2019, respectively, supported by improved economic growth and domestic demand. While deposit growth will likely reach 6.5-7% and 7-7.5%, respectively, credit growth will be marginally higher, leading to a higher credit-deposit (CD) ratio.
Earlier in current month, the RBI allowed banks to spread their mark-to-mark (MTM) losses on bonds over 4 quarters comes in as a bit of respite for banks.
The Nifty PSU Bank index has surged 13% from its recent low of 2,716 recorded on March 23, against 4% rise in the Nifty 50 index.

MARKETS ON MONDAY: Sensex ends 286 pts higher, Nifty reclaims 10,200

Benchmark indices rose on Monday, the first trading day of the new financial year, tracking gains in global equity markets, while auto stocks such as Tata Motors led gains after posting strong sales numbers for March.Benchmark indices rose on Monday, the first trading day of the new financial year, tracking gains in global equity markets, while auto stocks such as Tata Motors led gains after posting strong sales numbers for March.
Asian stocks began the new quarter with mild gains after Wall Street surged on Thursday, ending a tumultuous first quarter on a high note. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.13 per cent.
The Nifty auto index gained as much as 2.27 per cent. Tata Motors rose 4.2 per cent, after posting a 35 per cent jump in March domestic vehicle sales. India’s largest automaker Maruti Suzuki India climbed 1.7 per cent after reporting a 14.9 per cent rise in March vehicle sales.
Meanwhile, ICICI Bank plunged 6 per cent to a five-month low after media reported its lending practices were the subject of a police investigation and after the central bank fined the lender for not sticking to certain rules around the sale of government securities.
The domestic investors will now look forward to the Reserve Bank of India's first bi-monthly policy decision of FY19 to be held later this week.
(with inputs from Reuters)CATCH ALL THE LIVE UPDATES03:45 PMNifty Auto settles 2.19% higher. Top gainers:
COMPANY LATEST PREV CLOSE GAIN() GAIN(%) VOLUMETVS MOTOR CO. 660.45 619.30 41.15 6.64 1719021MOTHERSON SUMI 323.40 310.95 12.45 4.00 2583146TATA MOTORS 339.15 326.85 12.30 3.76 9868202TATA MOTORS-DVR 189.45 183.30 6.15 3.36 1229344BHARAT FORGE 721.00 699.65 21.35 3.05 157441003:41 PMNifty Pharma ends 3.14% higher. Top gainers:
COMPANY LATEST PREV CLOSE GAIN() GAIN(%) VOLUMEAUROBINDO PHARMA 594.70 557.85 36.85 6.61 3094427CIPLA 578.00 545.45 32.55 5.97 2823862LUPIN 779.00 735.85 43.15 5.86 2123664GLENMARK PHARMA. 553.00 526.30 26.70 5.07 501278SUN PHARMA.INDS. 507.50 495.10 12.40 2.50 292269903:37 PMNifty sectoral performers of the day
03:34 PMBSE Sensex: Top gainers and losers of the day
03:32 PMMarket at close The S&P BSE Sensex ended at 33,255, up 287 points while the broader Nifty50 index settled at 10,212, up 98 points.03:25 PMAuto shares on top gear post March sales
Shares of automobiles including auto ancillaries companies were in focus with Nifty Auto index gaining nearly two percentage points after auto majors reported good set of sales numbers for the month ended March 2018. READ MORE03:14 PMHDFC Life enters top-30 market cap league HDFC Standard Life Insurance (HDFC Life) entered the elite club of 30 stocks with highest market capitalization (market-cap) on the BSE, as its share price jumped nearly 7% on Monday in intra-day trade, extending its 7.4% gain in past five trading sessions. HDFC Life hit an intra-day high of Rs 484 on the BSE, trading close to its highest level since listing on November 17, 2017, up 66% against issue price of Rs 290 per share. It touched record high of Rs 493.75 on January 1, 2018 in intra-day deal. READ MORE03:01 PMStocks at 52-week high
COMPANY PRICE() 52 WK HIGH CHG() CHG(%)AVENUE SUPER. 1378.00 1393.00 51.00 3.84BHARAT FINANCIAL 1105.20 1114.75 7.65 0.70BRITANNIA INDS. 5102.20 5114.75 130.75 2.63DILIP BUILDCON 1094.95 1122.00 93.80 9.37FIRSTSOUR.SOLU. 54.50 55.65 1.50 2.8302:45 PMVolume Toppers
COMPANY PRICE() CHG() CHG(%) VOLUMEFEDERAL BANK 90.25 0.90 1.01 10499424JP ASSOCIATES 19.70 0.75 3.96 5538643KWALITY 54.35 -6.00 -9.94 4122166SOUTH IND.BANK 23.35 0.55 2.41 3412362IDBI BANK 70.75 -1.50 -2.08 334518002:32 PMMahindra tractor sales up 46.23 % pc in March at 28,277 units
Home-grown auto major Mahindra and Mahindra today reported 46.23 per cent jump in total tractor sales at 28,277 units in March. The company had sold 19,337 units in March 2017, Mahindra and Mahindra said in a statement. READ MORE
02:15 PMEscorts shares rise 7% on strong tractor sales in March
Shares of Escorts have moved higher by 7% to Rs 874 per share on the BSE in intra-day trade after the company reported a strong 65% year on year (yoy) growth in tractor sales of 11,790 units in March 2018. It had sold 7,079 tractors in March 2017. READ MORE02:00 PMMarket Check
 S&P BSE Sensex 33,185.84 Up 0.66% Nifty 50 10,189.85 Up 0.75% S&P BSE 200 4,468.56 Up 0.81% Nifty 500 8,998.30 Up 0.97% S&P BSE Mid-Cap 16,117.79 Up 0.97% S&P BSE Small-Cap 17,327.31 Up 1.96%01:45 PMNew Nifty50 constituents trade mixed: Bajaj Finserv up 1.5%, Titan flat New Nifty50 constituents, Bajaj Finserv, Grasim Industries and Titan Company were trading mixed on Monday after inclusion in the benchmark index Nifty50. While Bajaj Finserv and Grasim Industries gained as much as 1.8% and 3.7% respectively, Titan Company rose only 0.5% in intra-day trade. On the other hand, Ambuja Cements (up 1.4%) Aurobindo Pharma (up 4.8%) and Bosch (up 2.4%) also rose, despite exclusion from the index. READ MORE01:30 PMDividend yield stocks: How to navigate if the market turns bearish?
When the markets are down and stocks are cheap, it is an opportunity to look for high dividend yield stocks. As long as you hold the stock concerned and as long as the company continues to pay dividends at the same rate, your dividend yield is fixed for life, even if the market price of the stock changes subsequently. READ MORE01:16 PMBSE to auction investment limits for govt bonds worth Rs 110 bn
Leading stock exchange BSE will auction investment limits for foreign investors to purchase government bonds worth over Rs 110 billion on Tuesday. The auction for investment limits for such securities has been receiving a good response from foreign portfolio investors (FPIs) in recent past.
The auction will be conducted on BSE's ebidxchange platform from 3:30 pm to 5:30 pm, after the close of market hours, the bourse said in a notice today. READ MORE
01:03 PMNifty price-to-earnings down 10%, still above long-term average
The benchmark Nifty index currently trades at 16.8 times its 12-month forward earnings estimate. At January-end, when the index had climbed to a record high, the 50-share blue-chip index traded at a price-to-earnings (P/E) multiple of 18.6 times. The 10-year average P/E for the Nifty index is 15 times — nearly 14 per cent below the current level. Analysts say current market levels are close to their ‘fair-value’ and if the correction extends by another 5 to 10 per cent, valuations become ‘attractive’. READ MORE12:45 PMCan Fin Homes falls 9% after Canara Bank calls off divestment plan
Shares of Can Fin Homes have dipped 9% to Rs 441 per share, extending its 7% fall in past two trading sessions on the BSE after the Canara Bank, the promoter of the company called off move to divest its entire shareholding in housing finance subsidiary after receiving lower than expected price quotation. READ MORE12:31 PMKarda Constructions makes weak debut; lists 24% below issue price
Karda Constructions (KCL) has made a weak debut on the bourses by listing at Rs 136, 24% lower against its issue price of Rs 180 per share on the National Stock Exchange (NSE) and the BSE. The stock hit a low of Rs 129 on the NSE after its listing. READ MORE12:16 PMKwality down for third straight day; plunges 34% in three days
Shares of Kwality were down for the third straight trading day, falling 10% at Rs 54.35 per share, also its fresh 32-month low on the BSE on back of heavy volumes. In past three sessions, the stock of packaged foods company has plunged 34% from Rs 82.15 on Monday, March 26, 2018. READ MORE12:02 PMMarkets at noon
 S&P BSE Sensex 33,139.41 Up 0.52% Nifty 50 10,165.40 Up 0.51% S&P BSE 200 4,458.15 Up 0.58% Nifty 500 8,971.00 Up 0.66% S&P BSE Mid-Cap 16,055.38 Up 0.58% S&P BSE Small-Cap 17,270.49 Up 1.62%11:47 AMTitan helps Rakesh Jhunjhunwala beat markets in the March quarter
 A 10 per cent rise in the stocks of Titan Company during January – March 2018 (Q4FY18) helped Rakesh Jhunjhunwala outperform the market in March quarter, as his net worth declined less than 1 per cent compared to three per cent fall recorded by the S&P BSE Sensex. As on March 28, 2018, the combined net worth of Rakesh Jhunjhunwala and his family stood at Rs 130.21 billion, down 0.8 per cent or Rs 1.09 billion, as compared to Rs 131.30 billion at the end of December 31, 2017. READ MORE
11:30 AMSandhar Techno makes decent debut; lists 4% higher from issue price Sandhar Technologies has made a decent debut by listing at Rs 346, 4% higher against its issue price of Rs 332 per share on the National Stock Exchange (NSE). The stock opened at Rs 345 on the BSE. The Rs 5,125 million initial public offer (IPO) of auto component maker Sandhar Technologies was subscribed 6.19 times. The IPO received bids for 67 million shares against the total issue size of 10.87 million shares, data available with the stock exchanges show. READ MORE11:23 AMStocks near 52-week high
COMPANY LATEST 52 WK HIGH PREV HIGH PREV DATE VOLUMEBRITANNIA INDS. 5043.00 5057.25 4971.45 27-FEB-2018 1152HEXAWARE TECH. 391.70 394.60 375.35 24-JAN-2018 35537INDUSIND BANK 1802.30 1818.00 1795.60 12-SEP-2017 31603THOMAS COOK (I) 288.95 291.85 282.80 15-MAR-2018 173310CYIENT 686.75 698.00 688.80 28-MAR-2018 469511:21 AMMARKET COMMENT Jimeet Modi, CEO & Founder of Samco Securities
Market is undergoing through a state of rapid iteration with capital shifting from fundamentally weak businesses to stronger ones, particularly those companies that are catering to India-focused markets. Export-oriented businesses are expected to take a hit going forward in the new world order.
Currently domestic factors have taken a back seat, but beginning new financial year, when results are rolled out, the market will take important clues after assessing the corporate scorecard till that time market is expect to remain subdued to range bound. Selective investments in only bluest of the blue stocks can be done at these levels from long-term perspective11:18 AMMARKET COMMENT Lakshmi Iyer, CIO- Debt & Head of Products, Kotak Mutual Fund
The upcoming MPC meeting holds significance in terms of the guidance the RBI has to offer. General market view is that of an extended pause. Market would also want to see the MPCs reaction to the recent axe in government borrowing program and its view on the fisc thereof. Lastly, though our view is that of status quo, it would be interesting to see the MPCs accompanying stance in the light of moderation in CPI domestically and its reaction to the recent global developments11:16 AMWhere to invest in FY19? Experts suggest banking, oil & gas, capital goods The financial year 2017-18 (FY18) ended with S&P BSE Sensex index rising 12%, compared with a 16% rally in the previous year. On the other hand, the Nifty50 index gained 11% in FY18, as against 18% in the previous corresponding period. As the new financial year 2018-19 (FY19) kicks off today, most analysts expect the markets to remain choppy over the next one year. Upcoming state elections, oil prices, monetary policy of global central banks, geopolitical situation and the fear of an escalation in global trade war are some of the key concerns that can the markets volatile over the next 12 months, experts say. READ MORE
Photo: Shutterstock11:15 AMMotilal Oswal Research on Shree Cement
Shree Cement is likely to deliver EBITDA CAGR of 29% over FY18-20, led by healthy volume growth (driven by rapid capacity addition) and pricing improvement (driven by higher realisations in the underlying markets in the north). We, thus, value the stock at 15.5x FY20E EV/EBITDA to arrive at a target price of Rs 18,867. Maintain Buy.
(Source: MOSL report)11:14 AMMUST READ Churn in constituents to have negligible impact on Nifty's fundamentals
Grasim Industries, Titan, and Bajaj Finserv will enter the Nifty50 index from April 2, replacing Ambuja Cement, Aurobindo Pharma, and Bosch. Following the rejig, weight of the consumer discretionary sector on the index will increase by 82 basis points (bps), while that of non-banking finance companies (NBFCs) will go up by 61 bps and cement by 60 bps, analysts said.
On the other hand, the exits will lead to a fall of 55 bps, 47 bps and 34 bps, respectively, in the weight of auto, pharma and private banks. The number of financials will increase to 11 and their weight will increase to 36.6 per cent from 36.4 per cent. READ MORE HERE11:02 AMMarket Check
 S&P BSE Sensex 33,043.05 Up 0.23% Nifty 50 10,142.60 Up 0.29% S&P BSE 200 4,447.54 Up 0.34% Nifty 500 8,955.95 Up 0.49% S&P BSE Mid-Cap 16,024.54 Up 0.39% S&P BSE Small-Cap 17,226.25 Up 1.36%10:59 AMCOMMENT Will F2018 revised deficit target be met?
To meet the revised fiscal deficit target of 3.5% of GDP, expenditure growth would have to decline by 5.5% YoY alongside receipts growth of 14% for the month of March, by our estimates. We note that receipts growth could surprise on the upside considering the strong growth momentum and very favourable base effects, and hence the resulting required decline in expenditure could be smaller than indicated.
From a broader perspective, we expect the government to manage the expenditure growth so that it will be able to achieve the fiscal deficit target. Moreover, considering that the government is only to borrow 48% of its overall borrowing in the first half of the fiscal year, it does indicate that expenditure growth could be somewhat constrained in the coming months. The impact on GDP growth should, however, be offset by stronger private sector demand, which has remained robust in early 2018.
(Source: Morgan Stanley report)

Markets post second-biggest fall of 2018 on trade war, TDP no-trust vote

The benchmark Nifty on Friday posted its second-worst single-day fall of 2018 due to global and domestic political concerns.
The escalation of the war of words between the US and China, the world’s two largest economies, sparked fears of a global trade war. This, coupled with a no-confidence notice against the Narendra Modi-led government, weighed on investor sentiment.
US President Donald Trump’s new adviser sought a “coalition” of allies to act against China and the latter hit back, saying the US should “work hard and complain less”. The escalation forced International Monetary Fund (IMF) Managing Director Christine Lagarde to urge the two nations to not be sucked into a global trade war. This resulted in most Asian markets ending with losses. India was one of the worst-performing markets globally on Friday.
The Nifty 50 index ended 1.6 per cent lower to close at 10,195.15, the biggest fall since February 2, while the Sensex closed at 33,176, down 510 points or 1.51 per cent, the most since February 6. Shares of companies in export-oriented sectors such as automobiles, pharmaceuticals, technology and oil bore the brunt of this.
Tata Motors fell 3.7 per cent, the most among Sensex components, followed by Asian Paints, which fell 3.1 per cent. All 19 BSE sectoral indices ended with losses; the metal and oil & gas indices were the worst performers, falling over 2 per cent each. Major metal company stocks fell around 2 per cent each.
“The market slid on investors’ caution amid uncertainties around global trade and domestic politics.
Volatility in global markets brought the benchmark indices towards their 200-day moving averages,” said Vinod Nair, head of research, Geojit Financial Services.
Domestic and foreign investors were net sellers on Friday. Domestic institutional investors (DIIs) sold shares worth Rs 7.7 billion, while their foreign counterparts sold shares worth Rs 1.5 billion.
Market participants fear the bourses could trade weak as investors may pull money out from the secondary market to invest in a slew of initial public offerings (IPOs) lined up over the next two weeks. At least half-a-dozen IPOs will be launched before March 31. These IPOs are likely to cumulatively mop up over Rs 130 billion ($2 billion).
“Our markets are underperforming due to a combination of factors such as a big IPO pipeline, an uncertain political scenario and risk to earnings growth next year. The pressure is visible across sectors such as banking, automobiles and energy. We expect the markets to remain soft,” said Hemang Jani, head (advisory), Sharekhan.
Both benchmark indices have come off over 8 per cent from their 2018 highs. On a year-to-date basis, the Nifty is down 3.2 per cent while the Sensex has fallen 2.6 per cent.