MARKET WRAP: Sensex slips 335 pts; Infosys sees biggest 1-day fall in 6 yrs

Panic selling in IT services major Infosys along with profit-booking in recent outperformers sent the benchmark indices nearly a per cent lower on Tuesday. Shares of Infosys came under heavy pressure after the revelation that a group describing itself as ‘whistle-blower staffers’ had accused the management of hiding the true financial picture. The stock recorded its sharpest intra-day fall in more than six years. Earlier on April 12, 2013 it fell 22 per cent in the intra-day trade. The stock contributed 451 points to the benchmark S&P BSE Sensex's fall. READ MORE

The S&P BSE Sensex lost 335 points or 0.85 per cent to settle at 38,964, with ICICI Bank (up over 3 per cent) being the top gainer and Infosys (down over 16 per cent) the biggest loser. Out of 30 components, 15 ended in the red and rest 15 in the green. During the day, the index hit a high and low of 39,426 and 38,925, respectively. While Infosys, Bajaj Finance, and Bharti Airtel contributed the most to the index's fall, counters such as ICICI Bank, HDFC Bank, and HDFC supported the bulls. 

In the broader market, both the mid and small-caps indices pared morning gains; however, they fared better than the headline indices. The S&P BSE MidCap index ended at 14,407, down 13 points or 0.09 per cent. The S&P BSE SmallCap index gained around 64 points or half a per cent to settle at 13,190 levels.

On the NSE, the broader Nifty50 index settled at 11,590, down 72 points or 0.62 per cent. 

Volatility index India VIX added around 5 per cent to 16.67 levels. 

On the sectoral front, IT stocks bled the most, followed by media, metal, and auto counters. Pharma stocks gained the most with the Nifty Pharma index rising around 2 per cent to 7,758 levels. Nifty Financial Services index advanced over 1 per cent to 13,352 levels.

BUZZING STOCKS

Shares of Granules India surged 18 per cent to Rs 119.70 on the BSE on Tuesday after the company's net profit jumped 59 per cent year on year (YoY) to Rs 96 crore in September quarter (Q2FY20) on the back of strong operational performance. At close, the stock settled at Rs 114, up over 12 per cent. 

Shares of DLF traded higher for the seventh straight day on the BSE on the back of heavy volumes. The stock ended at Rs 178 apiece, up 5.60 per cent. 

Click here for more buzzing stocks

GLOBAL MARKETS

World stock indexes rose on Monday as hopes for resolving the US-China trade war bolstered investor optimism, and the US dollar index edged higher. MSCI's world equity index, which tracks shares in 47 countries, gained 0.6 per cent. The Euro STOXX 600 added 0.6 per cent, while the S&P 500 index was also up 0.6 per cent. The dollar index was up 0.1 per cent in afternoon trading, while sterling was last trading at $1.2963, down 0.06 per cent on the day.

In commodities, oil prices edged lower as lingering worries over a global economic slowdown that could hurt demand offset some signs of progress in US-China trade talks. Brent crude oil futures were down 10 cents, or 0.2 per cent, at $58.86 a barrel, while US West Texas Intermediate (WTI) crude futures were down 12 cents, or 0.2 per cent, at $53.19 per barrel.

(With inputs from Reuters)

3:43 PM IST

3:42 PM IST

3:41 PM IST Whistle blowers have alleged unethical practices by the CEO & CFO, particularly around large deals. The key allegation is many recent large deals wins have negligible margins and revenue & cost recognition have not adhered to accounting norms to help improve near-term profitability. The issue is likely to remain an overhang pending further clarity. We note every 100bps lower EBIT margin impacts FY20/21E EPS by ~4.3% but P/E de-rating could be the bigger risk.

3:40 PM IST

3:39 PM IST

3:38 PM IST

3:36 PM IST The S&P BSE Sensex lost 335 points or 0.85 per cent to end at 38,964 levels while NSE's Nifty50 index ended at 11,590, down 72 points or 0.62 per cent. 

3:17 PM IST

3:03 PM IST Moderation in steel demand is largely attributable to the weakness in the automobile and construction sectors. Auto sector continued to witness a fall in sales, with sales de-growth during Q2 FY2020 remaining higher at 18.1% than Q1 FY2020 de-growth of 10.5%. Even the construction sector output growth deteriorated to a seven-quarter low of 5.7% in Q1 FY2020 from 9.6% in Q1 FY2019 which, along with a softening of growth in gross fixed capital formation (GFCF) to 4% in Q1 FY2020 from 13.3% in Q1 FY2019, reflects the headwinds being faced by the steel sector.

2:57 PM IST

2:56 PM IST The approval by the US Food and Drug Administration (USFDA) is for Clobetasol Propionate topical solution USP, 0.05 per cent, which is therapeutically equivalent to the reference listed drug product Temovate Topical Solution, 0.05 per cent, of Fougera Pharmaceuticals Inc, the company said in a regulatory filing.   The medicine is indicated for short-term topical treatment of inflammatory and pruritic manifestations of moderate to severe corticosteroid-responsive dermatoses of the scalp, it added. READ MORE

2:56 PM IST

LIVE UPDATES

IT stocks dip on weak sentiment


Nifty snapshot


Jefferies on Infosys

Whistle blowers have alleged unethical practices by the CEO & CFO, particularly around large deals. The key allegation is many recent large deals wins have negligible margins and revenue & cost recognition have not adhered to accounting norms to help improve near-term profitability. The issue is likely to remain an overhang pending further clarity. We note every 100bps lower EBIT margin impacts FY20/21E EPS by ~4.3% but P/E de-rating could be the bigger risk.

Infosys, Bharti Airtel contribute most to Sensex's fall today


Sensex heat map :: Infosys tanks 16%


Index watch


CLOSING BELL

The S&P BSE Sensex lost 335 points or 0.85 per cent to end at 38,964 levels while NSE's Nifty50 index ended at 11,590, down 72 points or 0.62 per cent. 

MARKET CHECK


Domestic steel prices drop below anti-dumping duty threshold level: ICRA

Moderation in steel demand is largely attributable to the weakness in the automobile and construction sectors. Auto sector continued to witness a fall in sales, with sales de-growth during Q2 FY2020 remaining higher at 18.1% than Q1 FY2020 de-growth of 10.5%. Even the construction sector output growth deteriorated to a seven-quarter low of 5.7% in Q1 FY2020 from 9.6% in Q1 FY2019 which, along with a softening of growth in gross fixed capital formation (GFCF) to 4% in Q1 FY2020 from 13.3% in Q1 FY2019, reflects the headwinds being faced by the steel sector.

Market check


Alembic Pharma gets USFDA nod for ointment to treat various skin disease

The approval by the US Food and Drug Administration (USFDA) is for Clobetasol Propionate topical solution USP, 0.05 per cent, which is therapeutically equivalent to the reference listed drug product Temovate Topical Solution, 0.05 per cent, of Fougera Pharmaceuticals Inc, the company said in a regulatory filing.
 
The medicine is indicated for short-term topical treatment of inflammatory and pruritic manifestations of moderate to severe corticosteroid-responsive dermatoses of the scalp, it added. READ MORE

YES Bank gives up day's gains, slips over 1%


Earnings Alert | Jubliant Food Q2 results

-- Net profit at Rs 73.4 cr, down 2.8% YoY

-- Revenue at Rs 998 cr, up 12.2% YoY

-- EBITDA at Rs 234.1 cr, up 59.9% YoY

-- Margin at 23.5%, up 700 bps


Granules India trades near 52-wk high, surges 18% after PAT jumps 59% in Q2

Shares of Granules India surged 18 per cent to Rs 119.70 on the BSE on Tuesday after the company's net profit jumped 59 per cent year on year (YoY) to Rs 96 crore in September quarter (Q2FY20) on the back of strong operational performance. The pharmaceutical company had logged profit of Rs 60 crore in the year ago quarter. The stock was trading close to its 52-week high of Rs 120 touched on April 22, 2019. READ MORE

Whistleblower crisis: Infosys may need some private time to fix itself

It’s a deja vu moment for co-founder and non-executive Chairman Nandan Nilekani, who returned to the Bangalore-based company two years ago during a previous crisis — sparked by a set of different anonymous charges against Parekh’s predecessor, the former SAP executive Vishal Sikka, who was accused of impropriety in a $200 million acquisition in Israel. READ MORE  

BROKERAGE RADAR | Anand Rathi on Dalmia Bharat

Cost savings (due to falling commodity prices) and industry-beating volume growth led to Dalmia's Q2 FY20 revenue and EBITDA rising 7% and 22% y/y respectively. Further, its continuous debt reduction led to interest cost declining. However, its restructuring resulted in depreciation increasing. With demand expected to revive in H2 FY19, the growing proportion of its premium products and its proposed WHR expansion, Dalmia is expected to do well. We retain our Buy, with a lower target of Rs 1,270 (10x FY21e EV/EBITDA) earlier Rs 1,378. 

Market check | Indices decline further

-- S&P BSE Sensex tanks 276 points, or 0.7 per cent, at 39,022 levels

-- Nifty50 breaches psychological level of 11,600 to trade at 11,598, down 64 points, or 0.55 per cent.

MARKET CHECK | Sensex down over 200 pts


Earnings Alert | Bank of Maharashtra Q2 results

-- Gross NPA at 16.86%; NNPA at 5.48%

-- NII at Rs 1,073 crore, up 7% YoY

-- Provisions at Rs 359.2 cr 

-- Net profit at Rs 114.6 crore vs Rs 27 cr YoY

Market check | Sharp decline in Sensex


Bajaj Fin slips in trade after slippages rise in Q2

-- Slippages at Rs 786 cr vs Rs 702 cr QoQ


NEWS ALERT | 0.3% equity of YES Bank exchanged: CNBC TV18


Earnings Alert | Bajaj Finance Q2 results

-- Consolidated net profit at Rs 1,506.3 cr

-- Gross NPA at 1.61%; NNPA at 0.65% (vs QoQ)

-- Cons NII at Rs 3,999 cr

-- Provision covergae ratio at 60%

-- AUM up 38% YoY

-- Provisions at Rs 554 crore

-- New loans booked up 23% YoY

MCX the first bourse to offer one gram gold futures with delivery option

Multi Commodities Exchange, a market leader in non-farm commodity derivatives, has launched a contract with delivery-based settlement with a trading lot size of one gram. Following this, retail investors will now have one more option of buying a gram of gold that can be stored in a vault of his choice.
 
MCX had a gold petal futures contract with delivery option for eight gram coins. This has now been converted to a one gram deliverable contract, making it the first product with such a low denomination anywhere in the world. READ MORE

AHEAD OF Q2 EARNINGS | Asian Paints down over 0.50%


RESULTS IMPACT | Granules India jumps 11% after strong Q2 nos


Kotak Securities on Reliance Jio

R-Jio’s 2QFY20 EBITDA of Rs 51.4 bn (+10% qoq, +44% yoy) was in line with our estimated Rs 51.3 bn even as revenues came in 1.4 per cent below our expectation. ARPU decline continued as the share of Jiophone subs continued to rise. Capex intensity slowed materially and the company indicated that the investment cycle in wireless is close to ending. Operating leverage has not yet showed up in a meaningful way yet and remains a meaningful margin expansion driver for the future.

MARKET CHECK | Top losers on the BSE at present


BROKERAGE RADAR | HDFC Securities on RIL

RIL’s core refining business gains from upcoming IMO regulations. However, both refining and petchem face demand slack with impending capacity additions over
CY19/20E. We expect a near term topping out from these businesses. While the Grocery and F&L businesses will continue to grow in the near term, CDIT’s growth (36.4% of total sales) should cool off as Jio sub adds moderate. Monetisation of Jio’s infrastructure is a positive trigger, but timing/pricing are crucial. Maintain NEUTRAL.

MARKET CHECK | Top gainers on the BSE at this present


Insurance companies gain, HDFC Life, ICICI Lombard, SBI Life hit new high

Analysts at JP Morgan remain confident on India life insurers’ strong new business value (NBV) growth outlook in the next 10 years given the low penetration. That said, moving into 2Q20, we expect near-term softening in NBV growth rate as premium growth starts to moderate. We forecast 15-38 per cent YoY Q220 NBV growth potential for top three private life insurers. For the non-life sector, we would see relatively smaller underwriting improvement potential in the next couple of months due to competitive pricing in the motor own damage (OD) and lower auto sales volume. READ MORE  

BUZZING STOCK | Century Textiles jumps 13%


Samvat 2076 :: Markets to remain choppy as slowdown, global sentiment weigh

On the domestic front, health of the economy, fiscal and current deficits, flows – both from foreign and domestic investors -- into equites as an asset class, interest rates, liquidity issues, policy initiatives by the government and modest growth in corporate earnings are some of the factors likely to impact sentiment. At the global level, trade war tussle, monetary policy of major central banks and oil prices, analysts feel, are the factors that will dictate market direction.READ MORE


NBFC crisis: Indian banks could face a $50-billion capital shortfall: Fitch

A stress test conducted on Indian banking entities showed that credit profiles of state banks would come under significant pressure. The weakest, including those with Viability Ratings in the 'b' range, would face heightened solvency risks without capital injections from the government, the rating agency said.
 
The sector is already $7 billion short of the capital required to meet a 10 per cent weighted-average common equity Tier-I (CET1) ratio — the level that would give it an adequate buffer above regulatory minimums. The gap is estimated to rise to about $50 billion by FY21 under the stress scenario. Banks would also be $10 billion short of the capital required to meet the regulatory minimum of 8 per cent set to apply from the end of March 2020. READ MORE

BROKERAGE RADAR | HDFC Securities on Ambuja Cements

We recommend BUY with a SOTP based TP of Rs 240. We value Ambuja Cements' standalone cement biz 11x its Jun-21E EBITDA and its 50 per cent stake in ACC at a 20 per cent holding disc. While ACEM’s upcoming expansions would not arrest market share, robust profitability has made its valuations attractive. The stock currently trades at 10.5/9.2x its CY20/21E EBITDA and at an EV of USD 120/MT.

MARKET CHECK | S&P BSE IT index slips over 6%


Seven of top 10 drug brands sold in India are from multinational companies

Home-grown drug firms have 80 per cent of the Rs 1.36 trillion domestic pharmaceuticals market but when it comes to the top selling medicine brands in India, multinational companies (MNCs) rule. Of the top 10 drug brands by sales, seven belong to MNCs.
 
The top selling ones is of Danish drug major Novo Nordisk — an insulin medicine called Mixtard that had sales of Rs 539 crore in September on an MAT (moving annual turnover or past 12 months' sales) basis. READ MORE

RIL gains 1.5% after it posts over 18% rise in Q2 profit at Rs 11,262 cr

Revenue from the refining and marketing segment decreased by 1.6% to Rs 97,229 crore in Q2 September 2019 over Q2 September 2018, reflecting lower crude prices. Revenue from the petrochemicals segment decreased by 11.9% to Rs 38,538 crore in Q2 September 2019 over Q2 September 2018, reflecting fall in prices of petrochemical products. CLICK TO READ FULL REPORT 

Samvat 2076 will be a better year for investors: Jyotivardhan Jaipuria

As an eventful Samvat 2075 draws to a close this week and investors prepare to usher in the new Hindu calendar year, Jyotivardhan Jaipuria, founder and managing director, Valentis Advisors, tells Puneet Wadhwa that the markets hope the economy is close to bottoming out.
 
Investors, he says, are now waiting for signs of an economic and earnings revival. READ FULL INTERVIEW HERE
Jyotivardhan Jaipuria, Founder & MD, Valentis Advisors

Reducing taxes to boost investments is a myth, says Abhijit Banerjee

How do you spur demand in an economy? By raising direct taxes and distributing the money among the poor, says this year’s winner of the Nobel prize for economics.
 
Reducing taxes to boost investments is a myth spread by businesses, says Abhijit Banerjee, who won the prize along with Esther Duflo of the Massachusetts Institute of Technology and Michael Kremer of Harvard University for their approach to alleviating global poverty. “You are giving incentives to the rich who are already sitting on tons of cash.” READ MORE

HDFC Bank adds 2% after PAT jumps 27% in September quarter

Shares of private lender HDFC Bank rose 2.3 per cent at Rs 1,257 apiece on the BSE on Tuesday after the bank reported strong September quarter results on Saturday.
 
The bank's standalone net profit jumped 26.8 per cent year-on-year (YoY) to Rs 6,345 after providing Rs 2,652.40 crore for taxation. Its profit in the year-ago quarter stood at Rs 5,005.73 crore profit. According to the management, the impact of recent tax rule changes on its profitability was about Rs 450 crore. READ MORE

Momentum Picks by ICICI Securities


Infosys tumbles 16% as whistleblowers accuse of unehtical practices

Shares of Infosys tanked as much as 16 per cent to Rs 645 apiece on the BSE on Tuesday after the revelation that a group describing itself as ‘whistle-blower staffers’ had accused the management of hiding the true financial picture.
 
The latest charge is from an anonymous group, calling itself ‘Ethical Employees’. Their letter, dated September 20, was addressed to the board of directors and to the US markets regulator, the Securities and Exchange Commission (SEC). Infosys issued a statement that its audit committee was examining the allegations, in line with its policy on whistle-blowers. READ MORE

Market check


Rupee gains 24 paise against US dollar in early trade

The rupee on Tuesday opened 24 paise higher at 70.90 against the US dollar amid rise in Asian equities. The domestic currency on Friday closed almost flat at 71.14 per US dollar amid hardening crude oil prices and lacklustre global cues. Persistent foreign fund inflows propped up the local unit though the gains were capped by crude oil hitting the $60 per barrel mark, forex brokers said.
 
Forex market was closed on Monday on account of assembly elections in Maharashtra. READ MORE

HDFC Bank gains over 1% after Q2 nos


Infosys hits 10% lower circuit on whistleblower complaint


Sectoral gainers and losers on the NSE


Top gainers and losers on the S&P BSE Sensex


OPENING DEALS

At 09:18 am, the S&P BSE Sensex was ruling at 39,328.20, up 30 points or 0.08 per cent while NSE's Nifty50 index was trading 13 points or 0.11 per cent higher at 11,675 levels. 

 
11,674.65

Top gainers and losers on S&P BSE Sensex during Pre-open


Result today | Axis Bank Q2 results preview: Here's what leading brokerages expect

Subdued loan growth and flat net interest margin (NIM) could dull the September quarter earnings of Axis Bank, which is slated to report its July-September quarter earnings for the financial year 2019-20 (Q2FY20) this week.
 
Analysts, however, seem to be divided on the growth in net profit due to ambiguity over whether the bank would provide a one-time mark-down in its deferred tax asset (DTA) or would the mark-down be spread evenly over the financial year. READ FULL PREVIEW HERE

Market at Pre-open


Market at Pre-open


Rupee Opening Alert

Rupee opens higher at 70.90/$ vs Friday's close of Rs 71.14/$

NEWS ALERT | Complaints are being dealt with in an objective manner: Nandan Nilekani, Chairman, Infosys

-- Says, Pursuant to our whistleblower practice we have placed both Complaints before the Audit Committee on October 10, 2019 and before the non-executive members of the Board on October 11, 2019.

-- The undated whistleblower complaint largely deals with allegations relating to the CEO’s international travel to the US and Mumbai.

-- Although we have not been provided any of the emails or voice recordings, we will ensure that the generalized allegations are investigated to the fullest extent, he adds
 

NEWS ALERT | To ensure independence in these investigations the CEO & CFO have been recused from this matter: Nilekani

-- Post the Board Meeting of October 11, 2019 the Audit Committee began consultation with the independent internal auditors (Ernst &Young) on terms of reference for their prima facie investigation.

-- The Audit Committee has now retained the law firm of Shardul Amarchand Mangaldas & Co. (October 21, 2019), to conduct an independent investigation. The Board, in consultation with the Audit Committee, will take such steps as may be appropriate based on the outcome of the investigation.

-- Our statutory auditors, Deloitte, India have also been completely updated on this matter post the Board meeting of October 11, 2019.

Inflation isn't a bad thing; it keeps labour demand up: Abhijit Banerjee

Cutting interest rates will hardly help revive the massive demand deficit in the economy, claims Abhijit Banerjee, the co-winner of the Sveriges Riksbank Prize in Economic Sciences — popularly, the Nobel Prize in Economics — this year, along with Esther Duflo and Michael Kremer.
 
In India to promote his new book, Good Economics for Hard Times: Better Answers to Our Biggest Problems — co-authored with Duflo, to whom he is married — Banerjee spoke to Rajesh Kumar about concerns of global and Indian economy. READ FULL INTERVIEW HERE
Abhijit Banerjee

Weak demand, drop in prices may keep steel sector Q2 performance muted

With domestic steel prices having slipped significantly in the September quarter on the back of dull demand for the commodity, primary producers of the alloy are expected to take a hit on their margins in Q2 results.
 
Domestic hot-rolled-coil price has fallen below Rs 35,000 a tonne for the first time since August 2016, said industry officials. READ MORE

HDFC Bank: As retail growth hits 3-yr low, key financials put to test in Q2

Is the glass almost full or a little empty? That’s how one would have to judge the recently published September quarter (Q2) results of HDFC Bank. Net profit (Rs 6,345 crore) growing by 27 per cent year-on-year, despite loan book growing only by 19 per cent year-on-year in Q2 is worth noteworthy. Gross non-performing assets ratio, which have lately been in the rise was contained at 1.4 per cent, near about last quarter’s numbers is also positive. READ FULL REPORT HERE

$8 bn fund manager Axis Mutual Fund adds battered auto stocks to portfolio

The investor is slowly increasing exposure to select companies as it sees “some signs” of demand revival with a better-than-expected monsoon and lower corporate tax rates supporting sentiment.
 
“We are adding auto to our portfolio,” Jinesh Gopani, head of equity for Axis Asset Management Co., overseeing about 570 billion rupees ($8 billion) of assets, said in an interview on Friday. “In another two years, the sector could come back.” READ MORE

Stocks to watch: Infosys, RIL Axis, HDFC Bank, Bajaj Finance, Asian Paints

Here's a list of top stocks that may remain in focus today.
 
Infosys: Information technology major Infosys saw its American Depositary Receipts (ADRs) on the NYSE sink by 12.91 per cent on Tuesday (as of 12.22 am), after the revelation that a group describing itself as ‘whistle-blower staffers’ had accused the management of hiding the true financial picture. READ MORE
 
Tata Motors: The stock of the company are likely to hog the limelight as the British lawmakers on Saturday voted to delay a decision on Prime Minister Boris Johnson's Brexit deal. READ MORE HERE

Infosys ADR sinks 13% over whistleblower's window dressing allegations

The Indian stock exchanges were closed on Monday, due to state elections. Brokerages say they expect Tuesday to see similar selling pressure on the company’s shares. Infosys had faced allegations from whistle-blowers in 2016-17. The developments set in motion eventually led to the exit of then chief executive officer (CEO), Vishal Sikka. READ MORE

NEWS ALERT | Officers of ED visited one of co's offices raising certain queries: DHFL

-- Co clarifies to exchanges w.r.t ED raids

-- Says,, have provided necessary documents & clarifications to the ED

NEWS ALERT | Lupin gets US FDA nod for Divalproex Sodium tablet: BSE filing

-- Tablet of 250-500 mg

-- Drug used to treat bipolar disorder, epilepsy & migraine headaches

Commodity picks: October 22, 2019

Soy meal
 
Soy meal prices at the benchmark Indore markets are trading at Rs 32,525 per tonne. During the this week, prices are expected to head towards Rs 32,000 per tonne. Increasing pressure due to new crop arrival of soy beans and disparity in meal exports would keep meal prices under pressure. READ MORE

Two stocks that Vaishali Parekh of Prabhudas Lilladher is bullish on

BUY LARSEN TOUBRO
 
CMP: Rs 1,447.80
 
TARGET: Rs 1,580
 
STOP LOSS: Rs 1,390
 
The stock has indicated a higher bottom formation pattern on the daily chart, taking support near the 200-DMA level of Rs 1,390 and has improved the bias with a pullback to show strength and has potential to rise further upside in the coming days. The relative strength index (RSI) has been maintained positive and with decent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 1,580 levels, keeping the stop loss at Rs 1,390. READ MORE

Top stock picks by Angel Broking: Buy Kansai Nerolac Paints, Godrej Agrovet

NSE Code – KANSAINER
 
View – Bullish
 
Last Close – Rs. 541.20
 
The paint stocks are on a roll since last three months and in fact, some of the marquee names like Asian Paints and Berger Paints have given stupendous moves. They are still not done with it, and continue with their gravity defying journey with no sign of weakness yet. ‘KANSAINER’ is also not behind as we have been witnessing decent moves in this stock. The relative performance may be lacking with compared to larger names but now the way charts are shaped up, we expect catch up rally to unfold. Prices have finally broken above 520, which thrice acted as stiff resistance in last one year. The said breakout is supported with a good increase in volume and looking at all the above evidence we sense a strong upside in the counter in the near term. We recommend buying this stock at current levels for a target of Rs.580 over the next 14 sessions. The stop loss should be fixed at Rs.518. READ MORE HERE

Nifty Outlook and top trading ideas by CapitalVia Global Research Limited

Markets gains for 6th consecutive trading session; Nifty likely to face resistance at 11,700 for the next week
 
Markets traded higher on Thursday on firm global cues along with inflow from the FII’s. After six-day rally, markets are likely to face stiff resistance at 11,700. Nifty closed at 11,661.90 adding 75.50 points and managed to hold 11,600 level. Metal, PSU banks and reality stocks traded with positive sentiments throughout the day and gained the most among indices. Nifty Bank closed at 29,120.30 adding 130.85 points positive from the previous day’s closing. READ MORE

Rupee Check

Source: Bloomberg


Oil Check

At 8:20 am, Brent Crude Futures were at $58.94 per barrel mark.

SGX Nifty

At 8"15 am, the Singaporen Exchange for Nifty Futures was trading 54 points lower at 11,644 level.

Asian Market Check

Source: Reuters


US Market Check

Source: Reuters


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