Nifty ends March F&O expiry at 10,113, up a little over 10% in FY18

Benchmark indices slipped on Wednesday, as investors booked profit on the last trading day for financial year 2017-18 (FY18) that co-incided with the expiry of F&O contracts for the March 2018 series. That apart, weak global cues also weighed on the overall sentiment. 

The S&P BSE Sensex ended at 32,968, down 206 points while the broader Nifty50 index settled at 10,113, down 71 points. The indices posted a monthly loss of about 3.5 per cent, their steepest drop for the month of March since 2015. For FY18, the Nifty50 index gained around 10%.

"We expect the Indian equities to remain range bound in the coming sessions. Domestic macro data and global developments will dictate the further course of the market in the near term. In the coming week with the release of volume data for March, Auto stocks would remain in focus. Valuations at current levels are not cheap and India continues to trade at a premium to the other emerging markets. Hence, for this premium to sustain, continued reform implementation and revival in the corporate earnings is essential," said Jayant Manglik, President, Religare Broking.

Among sectoral indices, the Nifty Metal index closed 2.1% lower, led by a drop in shares of Tata Steel, SAIL and Jindal Steel & Power. The Nifty PSU bank index also fell over 2%.

"We expect the similar kind of returns from equity markets during the next fiscal too but with increased volatility due to large political events. While risk of higher yield may continue to persist in year ahead, we believe a healthy double digit growth in corporate earnings will aid markets to sustain high valuations," said Rakesh Tarway, Reserch Head at Reliance Securities in an emailed note.

Adding: "We do not find any solid reason for domestic savings to divert to other investment avenues and therefore benign domestic flow to equities is likely to support equity markets. Factors to watch during FY19 are hardening of USA Fed rates and movement of crude oil prices. Hardening of rates by USA Fed may impact flow of global liquidity to emerging markets."

TRUNCATED WEEK

Markets will remain closed on Thurday and Friday on account of Mahavir Jayanti and Good Friday, respectively. The bourses will now open on Monday, April 02. With effect from April 1, long-term capital gains— profits made on the sale of equity shares held for over 12 months—will be taxed at the rate of 10%.

GLOBAL MARKETS

Stocks toppled again on Wednesday, as jitters about a US-China trade war and regulatory crackdown on firms such as Facebook left investors facing their first quarterly fall in equity markets in two years.

Europe’s main bourses opened more than 1% weaker as the fifth sell-off in six days gathered momentum and sent risk-averse traders piling back to the safety of bond markets.

German bunds, seen as Europe’s most secure asset due to Berlin’s triple-A-rated finances, rallied hard to send 10-year yields back under 0.5% for the first time since early January.

(with Agency inputs)

3:59 PM IST MARKET COMMENT Madan Sabnavis, chief economist at CARE Ratings The Indian economy has displayed varying signs this year and while the general direction is towards a possible recovery in 2018-19, the issue of overhang of NPA resolution would be a fundamental factor affecting future growth as investment would require finance which will emanate mainly from banks. The focus next year will be on ensuring that the process of solution is on the right track.

3:46 PM IST Nifty Metal index declines 2.09%. Top losers: COMPANY LATEST PREV CLOSE LOSS() LOSS(%) VOLUME JINDAL STEEL 219.10 229.75 -10.65 -4.64 9495220 S A I L 70.20 73.20 -3.00 -4.10 10421653 JSW STEEL 288.15 298.85 -10.70 -3.58 5121150 TATA STEEL 571.05 590.00 -18.95 -3.21 18642014 VEDANTA 277.85 287.00 -9.15 -3.19 14697397

3:44 PM IST Nifty PSU Bank index ends 2.13% lower. Top losers: COMPANY LATEST PREV CLOSE LOSS() LOSS(%) VOLUME IDBI BANK 72.20 76.25 -4.05 -5.31 43260112 PUNJAB NATL.BANK 95.30 99.45 -4.15 -4.17 30081563 ORIENTAL BANK 91.60 94.45 -2.85 -3.02 4417827 SYNDICATE BANK 55.45 56.85 -1.40 -2.46 4885414 INDIAN BANK 299.80 306.70 -6.90 -2.25 1198361

3:41 PM IST Sectoral Trend

3:35 PM IST BSE Sensex gainers and losers of the day

3:32 PM IST Market at close   The S&P BSE Sensex ended at 32,968, down 206 points while the broader Nifty50 index settled at 10,113, down 71 points.

3:22 PM IST Disappointed stock market bulls find comfort in India profit revival In India, it’s becoming a ritual. Each year investors are assured that earnings are about to recover. Each year, they don’t. Anything that suggested that might change would be welcome news to stock bulls, who’ve watched last year’s rally hit a wall. Now there’s evidence it may, though you have to look pretty hard to see it. READ MORE

3:13 PM IST Eight of 10 worst-performing US emerging-market ETFs are focused on India Eight of this year’s 10 worst-performing U. S. emerging-market non-leveraged ETFs are focused on India. The biggest exchange-traded fund, BlackRock’s $5.2 billion iShares MSCI India ETF, lost more than 5 percent -- the least impressive start since its inception in 2012. READ MORE

2:55 PM IST Stocks that hit 52-week low on BSE500 COMPANY LATEST 52 WEEK LOW PREVIOUS LOW PREVIOUS DATE BALRAMPUR CHINI 76.65 76.35 79.90 12-MAR-2018 BLUE DART EXP. 3775.00 3754.50 3770.00 27-MAR-2018 CARE RATINGS 1210.00 1207.70 1211.10 23-MAR-2018 CUMMINS INDIA 699.40 670.95 696.00 26-MAR-2018 DHANUKA AGRITECH 542.05 536.55 538.00 27-MAR-2018

2:43 PM IST Eight of 10 worst-performing US emerging-market ETFs are focused on India Eight of this year’s 10 worst-performing U. S. emerging-market non-leveraged ETFs are focused on India. The biggest exchange-traded fund, BlackRock’s $5.2 billion iShares MSCI India ETF, lost more than 5 percent -- the least impressive start since its inception in 2012. READ MORE HERE

2:36 PM IST Jefferies on Eicher Rating  BUY (from   HOLD) Price Target Rs 31,880.00 (from Rs 31,271.00)   Eicher is in a transition phase with the waiting period going away for the first time in years. Reported growth is normalizing as it starts reflecting current demand vs. pent up demand. The stock has de-rated/underperformed over the last six months as a result. However, with underlying industry growth surprising positively and strong growth in low penetration states, which now account for 30% of sales, we expect the transition to be smoother

2:29 PM IST Titan, D-Mart, Venky's among 24 stocks that gain over 100% in FY18   The consumer discretionary goods & services sector companies such as Avenue Supermarts (owner of D-Mart), Jubilant FoodWorks, Venkys’ India, Titan Company, Avanti Feeds, Radico Khaitan and V-Mart Retail were among 24 stocks from the S&P BSE 500 index become mutli-baggers and rallied over 100% during the financial year 2017-18 (FY18).   HEG and Graphite India from graphite electrode manufacturers, Himadri Speciality Chemical, NOCIL and Philips Carbon Black from chemicals and Dilip Buildcon, Sunteck Realty and Indiabulls Real Estate from infrastructure too surged up to 1300% in FY18. On comparison, the S&P BSE Sensex and the S&P BSE 500 were up 12% during the fiscal. READ MORE

LIVE UPDATES

MARKET COMMENT Madan Sabnavis, chief economist at CARE Ratings

The Indian economy has displayed varying signs this year and while the general direction is towards a possible recovery in 2018-19, the issue of overhang of NPA resolution would be a fundamental factor affecting future growth as investment would require finance which will emanate mainly from banks. The focus next year will be on ensuring that the process of solution is on the right track.
Nifty Metal index declines 2.09%. Top losers:

COMPANY LATEST PREV CLOSE LOSS() LOSS(%) VOLUME
JINDAL STEEL 219.10 229.75 -10.65 -4.64 9495220
S A I L 70.20 73.20 -3.00 -4.10 10421653
JSW STEEL 288.15 298.85 -10.70 -3.58 5121150
TATA STEEL 571.05 590.00 -18.95 -3.21 18642014
VEDANTA 277.85 287.00 -9.15 -3.19 14697397

Nifty PSU Bank index ends 2.13% lower. Top losers:

COMPANY LATEST PREV CLOSE LOSS() LOSS(%) VOLUME
IDBI BANK 72.20 76.25 -4.05 -5.31 43260112
PUNJAB NATL.BANK 95.30 99.45 -4.15 -4.17 30081563
ORIENTAL BANK 91.60 94.45 -2.85 -3.02 4417827
SYNDICATE BANK 55.45 56.85 -1.40 -2.46 4885414
INDIAN BANK 299.80 306.70 -6.90 -2.25 1198361

Sectoral Trend


BSE Sensex gainers and losers of the day


Market at close
 
The S&P BSE Sensex ended at 32,968, down 206 points while the broader Nifty50 index settled at 10,113, down 71 points.
Disappointed stock market bulls find comfort in India profit revival

In India, it’s becoming a ritual. Each year investors are assured that earnings are about to recover. Each year, they don’t. Anything that suggested that might change would be welcome news to stock bulls, who’ve watched last year’s rally hit a wall. Now there’s evidence it may, though you have to look pretty hard to see it. READ MORE

Eight of 10 worst-performing US emerging-market ETFs are focused on India

Eight of this year’s 10 worst-performing U. S. emerging-market non-leveraged ETFs are focused on India. The biggest exchange-traded fund, BlackRock’s $5.2 billion iShares MSCI India ETF, lost more than 5 percent -- the least impressive start since its inception in 2012. READ MORE

Stocks that hit 52-week low on BSE500

COMPANY LATEST 52 WEEK LOW PREVIOUS LOW PREVIOUS DATE
BALRAMPUR CHINI 76.65 76.35 79.90 12-MAR-2018
BLUE DART EXP. 3775.00 3754.50 3770.00 27-MAR-2018
CARE RATINGS 1210.00 1207.70 1211.10 23-MAR-2018
CUMMINS INDIA 699.40 670.95 696.00 26-MAR-2018
DHANUKA AGRITECH 542.05 536.55 538.00 27-MAR-2018

Eight of 10 worst-performing US emerging-market ETFs are focused on India

Eight of this year’s 10 worst-performing U. S. emerging-market non-leveraged ETFs are focused on India. The biggest exchange-traded fund, BlackRock’s $5.2 billion iShares MSCI India ETF, lost more than 5 percent -- the least impressive start since its inception in 2012. READ MORE HERE
Jefferies on Eicher
Rating  BUY (from   HOLD)
Price Target Rs 31,880.00 (from Rs 31,271.00)
 
Eicher is in a transition phase with the waiting period going away for the first time in years. Reported growth is normalizing as it starts reflecting current demand vs. pent up demand. The stock has de-rated/underperformed over the last six months as a result. However, with underlying industry growth surprising positively and strong growth in low penetration states, which now account for 30% of sales, we expect the transition to be smoother
Titan, D-Mart, Venky's among 24 stocks that gain over 100% in FY18
 
The consumer discretionary goods & services sector companies such as Avenue Supermarts (owner of D-Mart), Jubilant FoodWorks, Venkys’ India, Titan Company, Avanti Feeds, Radico Khaitan and V-Mart Retail were among 24 stocks from the S&P BSE 500 index become mutli-baggers and rallied over 100% during the financial year 2017-18 (FY18).
 
HEG and Graphite India from graphite electrode manufacturers, Himadri Speciality Chemical, NOCIL and Philips Carbon Black from chemicals and Dilip Buildcon, Sunteck Realty and Indiabulls Real Estate from infrastructure too surged up to 1300% in FY18. On comparison, the S&P BSE Sensex and the S&P BSE 500 were up 12% during the fiscal. READ MORE
Volume Toppers

COMPANY PRICE() CHG() CHG(%) VOLUME
GUJARAT GAS 831.85 -4.40 -0.53 14442897
FORTIS HEALTH. 128.65 -13.80 -9.69 10522372
JP ASSOCIATES 19.15 0.05 0.26 8147987
IDBI BANK 74.15 -2.10 -2.75 6394054
REL. COMM. 22.25 -1.50 -6.32 5508072

IDBI Bank discloses fraud of $119 million, shares fall

IDBI Bank Ltd said on Tuesday fraudulent loans of 7.72 billion rupees ($118.8 million) were issued from five of its branches in Andhra Pradesh and Telangana, sending its shares lower on Wednesday. READ MORE
New $100 million limit to give NSE the edge in currency derivatives

The Securities and Exchange Board of India (Sebi's) decision to raise the limit for currency derivatives to $100 million from the earlier $45 million is likely to boost the currency derivatives market and give the National Stock Exchange of India (NSE) an edge in the segment.
 
Earlier, trading in currency derivatives had a limit of $15 million per exchange per client. This enabled trades to be spread across exchanges. The limit has now been raised to $100 million without any specified limit for each of these exchanges. READ MORE

Index watch

Index Current Pt. Change % Change
 
S&P BSE SENSEX 32,988.90 -185.49 -0.56
 
S&P BSE SENSEX 50 10,599.21 -51.98 -0.49
 
S&P BSE SENSEX Next 50 32,913.00 -141.00 -0.43
 
S&P BSE 100 10,514.59 -50.50 -0.48
 
S&P BSE Bharat 22 Index 3,456.02 -23.49 -0.68


(Source: BSE)
Sharekhan on Bajaj Holdings and Investment Limited (BHIL)

BHIL’s stock price has corrected sharply by around 14% in the past 3 months from its highs of Rs 3,036. Concerns around associate company Bajaj Auto's (BAL’s) performance has been the key reason for the decline. Increased competitive intensity in the two wheeler space coupled with margin pressures would impact BAL’s performance.

Consequently, we have downgraded our recommendation on BAL to HOLD. We believe BHIL’s stock correction adequately factors in the earnings slowdown for BAL. However, strong traction across BFS’s business is expected to sustain / improve further and this provides ample visibility for BHIL’s growth. At CMP, BHIL
offers scope for ~30% gains. We have retained Buy rating on the stock.
At Rs 805 bn, fundraising via IPOs in FY18 double the previous best

Fund raising through initial public offers (IPOs) has hit an all-time high during the financial year 2017-18 (FY18). Thus far in FY18, 43 companies have raised a combined Rs 805 billion through IPOs, surpassing its previous high recorded nearly a decade ago. Back in FY08, 84 companies had raised Rs 413 billion via IPOs, data sourced from PRIME Database suggests. READ MORE

Persistent Systems falls 11% on weak March quarter outlook

Persistent Systems has dipped 11% to Rs 697 on the BSE after the information technology (IT) company said it is expecting a decline in IP revenues in fourth quarter of current fiscal (Q4FY18), which will impact revenue and EBIDTA (earnings before interest, taxes, depreciation, and amortization) margin for the quarter. READ MORE
RBI policy preview: Morgan Stanley expects status quo
 
With growth tracking in line and inflation tracking slightly below the RBI’s projections, we don’t expect any changes to policy rates and stance at the upcoming meeting. Confidence on the growth outlook (and its impact on inflation) will be key to assess how the MPC’s stance will evolve thereafter.

Looking at the details of the inflation data, volatile food prices continued to drive the swings in headline inflation while the core measures – in particular inflation ex-food, fuel and housing (core-core) inflation have held steady at 4.3% in the previous two months. In a nutshell, the incoming data on inflation are unlikely to give rise to any fresh concerns on the upside as regards the inflation outlook.

(Source: Morgan Stanley report)

RBI logo

MARKET COMMENT Sameet Chavan, chief analyst for technical and derivatives, Angel Broking

Last two day’s move has caught so many traders on the wrong foot that went short after breaking the psychological five digit mark of 10,000.  Mostly, this is how market behaves when the consensus stat moving in the same direction. For this expiry, we were seeing 9950 – 9900 as a strong support zone, as a couple of key Fibonacci ratios were converging around it.

That said, the move does not change the broader picture for the markets and we expect the market to face some selling pressure if Nifty rebounds in the range of 10250 – 10350. Today being an expiry day, 10200 – 10230 would be seen as a strong hurdle for the index. A failure to surpass this would result in some profit booking towards 10160 – 10130 levels
TOP CONTRIBUTORS TO SENSEX TODAY

COMPANY LATEST CHG(RS) CHG(%) CONTRIBUTION
(POINTS)
MARUTI SUZUKI 9039.90 186.25 2.10 28.22
TCS 2865.40 23.55 0.83 13.67
HERO MOTOCORP 3518.50 52.65 1.52 7.79
WIPRO 278.35 5.80 2.13 4.41
COAL INDIA 276.75 1.35 0.49 1.94
TATA MOTORS 331.75 0.70 0.21 1.54

CD Equisearch on mayur Uniquoters

The stock currently trades at 23.3x FY18e EPS of Rs 20.46 and 18.7x FY19e EPS of Rs 25.50. With a current capacity utilization of 85%, significant increase in capacity utilization is anticipated on the backdrop of revival of demand in domestic economy, increasing population and rising disposable income and its potential admittance into the European markets.

The company is confident of getting approvals for orders by Mercedes Benz in FY19 and has been modifying its process to grab such approvals. This would doubtlessly accentuate greater exposure to other prospective customers in the European market. However, product obsolesce as a result of continuous technological innovation and government regulations pertaining to the harmful environmental effects of processing PVC may serve as major restraints for the market.

In view of vigorous recovery of sales in Q2 and Q3, we revise our FY19e EPS by 14.9% and assign ‘accumulate’ rating on the stock with a revised target of Rs 561 (previous target: Rs 444) based on 22x FY19e EPS (peg ratio: 1) over a period of 9-12 months
Kwality hits 32-month low; stock tanks 27% in two days

Shares of dairy firm Kwality continued to be under pressure for the second day in a row, falling to 32-month low of Rs 60.35, down 20% on BSE. The stock is trading at its lowest level since July 6, 2015. In past two trading sessions the market value of Kwality shares tanked 27% from Rs 82.15 on Monday, March 26, 2018, despite the company clarifying that there is no strategically significant development within the organisation and business. On Tuesday, the stock slipped 20% to Rs 65.65 in intra-day trade, settled 8% lower at Rs 75.40 on the BSE. READ MORE

Government's inflation bonds 2.0 pique interest among banks, investors

The government’s plan to reintroduce inflation-indexed bonds is being seen with some interest as previous issuances were not successful for a wide variety of reasons.
 
The most recent case in hand was the wholesale price index (WPI)-based bonds that failed miserably in the market after inflation rapidly started sliding, and the Reserve Bank of India (RBI) adopted consumer price index (CPI)-based inflation for its policy formulation. The government had to buy back Rs 65 billion of bonds two years down the line after they were issued in 2013. The original maturity of the bonds was 10 years. READ MORE

Market Check

S&P BSE Sensex 33,038.55 -0.41%
 
Nifty 50 10,140.45 -0.43%
 
S&P BSE 200 4,448.27 -0.26%
 
Nifty 500 8,945.75 -0.36%
 
S&P BSE Mid-Cap 16,028.08 -0.13%
 
S&P BSE Small-Cap 17,082.76 -0.41%

Top BSE500 losers

COMPANY PRICE() CHG() CHG(%) VOLUME
KWALITY 60.35 -15.05 -19.96 113229
DELTA CORP 266.60 -31.65 -10.61 785460
PERSISTENT SYS 700.85 -81.80 -10.45 94070
FORTIS HEALTH. 131.50 -10.95 -7.69 3932890
GLAXOSMITH C H L 6295.00 -356.65 -5.36 2697

Govt's lower-than-expected borrowing will be positive for PSBs and NBFCs

The government’s lower-than-expected borrowing programme for the first half of FY19 (H1FY19, or April-September 2018) will be positive for public sector banks (PSBs) and non-banking finance companies (NBFCs). Not surprising then, the Nifty PSU Bank Index surged about 3 per cent on Tuesday, while shares of some NBFCs were up over 1 per cent.
 
Investors reacted positively on account of expected benefits for these companies owing to a 29-basis point-(bps) decline in 10-year government bond (gilts) yields at 7.33 per cent. READ MORE

Hindalco, Vedanta trading at discount; firm outlook for base metal prices

Non-ferrous majors such as Vedanta and Hindalco have been in focus after tariff hike talks by the US on aluminum, and consequently, the volatility in global base metal prices. Correction in the markets added to the woes. The share prices of Vedanta and Hindalco have dropped 19-23 per cent from their highs in January. READ MORE
Fortis Healthcare falls on board nod to demerge hospital biz into Manipal

Fortis Healthcare has dipped 10% to Rs 128, extending its Tuesday’s 4% decline on the BSE, after the company said that it has decided to demerge hospital business into Manipal Hospitals, promoted by Dr Ranjan Pai and backed by TPG.
 
Fortis Healthcare shareholders will receive 10.83 shares of Manipal Hospitals for every 100 shares held in the company. READ MORE

Hindustan Aeronautics makes subdued debut; listing 5% below issue price

Hindustan Aeronautics (HAL) has made a subdued debut by listing at Rs 1,152, a 5% below against its issue price of Rs 1,215 per share on the National Stock Exchange (NSE). The country’s largest defence public sector undertaking’s was listed at Rs 1,169 on the BSE. The retail individual and eligible employees offered a discount of Rs 25 on the offer price. READ MORE
Kotak Securities on Engineers India Limited (EIL)

We believe that the weakness in EIL stock price over the last two months is predominantly driven by weak order inflows in the current quarter. We expect key large orders (including HPCL Barmer refinery order) to defer to Q1/Q2FY19. We retain long term positive view on EIL, however tweak FY19/20 estimates to factor in continued sluggish momentum in awarding of new large ticket size orders.
 
We expect EIL valuations to remain under pressure driven by sluggish ordering momentum. Further delays in the awarding of key orders can pose threat to our earnings estimate. We reduce our target PER and value EIL at 23x FY20 (25x earlier) core earnings and maintain BUY rating revised target price of Rs 204 (Rs 221 earlier).
Edelweiss on Persistent Systems

Persistent Systems (Persistent) has informed stock exchanges that the company’s Q4FY18 IP revenue is likely to dip by $8 million. While a $3-4 million fall was anticipated on account of seasonal weakness in the Alliance business, we believe the additional decline is on account of ramp down in one of its IP products.

However, we expect the company to recover the lost revenues over the next two quarters. Considering high margins in IP-led business, profitability too is expected to remain under pressure during the quarter. The slip notwithstanding, management reiterated strong business outlook and does not foresee any structural challenges. We await further clarity before revising our estimates. Maintain ‘BUY’ with a target price of Rs 1,014 (17x FY20E EPS).
Edelweiss on Tejas Networks

Tejas Networks (Tejas) has informed stock exchanges that its FY18 revenue is likely to dip YoY versus earlier 5% growth guidance. The company attributed the guidance change to delays in receiving certain large orders. However, it highlighted that order pipeline remains healthy and the company is set for strong revenue and profitability spurt in FY19. Tejas has also bagged BSNL’s Rs 3.4 billion BharatNet project order, which will be a key contributor to FY19 revenue growth. We are confident that the company will recover lost revenue in FY19. Maintain ‘BUY’ with Rs 530 as target price.
SECTOR RESEARCH – Indian Auto Component Sector: Strong demand traction, comfortable valuation
 
Auto component stocks suffered a sharp correction in the recent past despite no major change in the fundamental growth story. We believe revenue growth for most sector players is set to pick up given 1) likely strong vehicle sales across 2W, passenger vehicle, CV, 3W and tractor segments, 2) global OEMs more than keen to source from low-cost countries like India, 3) strong domestic replacement demand post GST rollout, and led by growing trend of vehicle servicing at authorized service centres and 4) expected growth in content per vehicle due to changing emission and safety norms.

Even the flip side is blessed with a silver lining given that 1) mounting raw material costs would be partially offset by operating leverage benefits and 2) India’s slowing vehicle exports, we believe, is a transient phenomenon considering plans of key OEMs including Hyundai, Nissan and Honda.

(Source: IIFL)
NIFTY /BSE/BANKNIFTY : SUPPORT / RESISTANCE LEVELS

Name CLOSE S2 S1 Pivot R1 R2
NIFTY 10184.15 10070 10120 10180 10240 10300
BSE SENSEX 33174.39 32,920 33,040 33,210 33,340 33500
BANKNIFTY F 24400.2 24,160 24,280 24,400 24,520 24640
 
(Source: Nirmal Bang)
143 winners you can cash out of before March 31, to save capital gains tax
 
The markets have been in a downward spiral since the proposed reintroduction of the long-term capital gains (LTCG) tax in the Union Budget. However, there are about 143 stocks that are currently trading above their base price (intra-day high of January 31). 
 
Long-term investors holding shares of these companies can minimise their capital gains tax outgo by booking profits on Wednesday, the last trading day of the current financial year. Starting April 1, LTCG — gains made on sale of equity shares held over a period of more than 12 months — will be taxed at 10 per cent. READ MORE
Market Check

 
S&P BSE Sensex 33,003.69 -0.51%
 
Nifty 50 10,135.75 -0.48%
 
S&P BSE 200 4,440.85 -0.43%
 
Nifty 500 8,928.20 -0.56%
 
S&P BSE Mid-Cap 15,988.44 -0.37%
 
S&P BSE Small-Cap 17,062.56 -0.53%

Nifty Metal index slips 1.3%. Top losers:

COMPANY LATEST PREV CLOSE LOSS() LOSS(%) VOLUME
JINDAL STEEL 224.30 229.75 -5.45 -2.37 1295882
TATA STEEL 576.00 590.00 -14.00 -2.37 1374763
HINDALCO INDS. 214.05 218.50 -4.45 -2.04 728978
S A I L 71.75 73.20 -1.45 -1.98 976668
MOIL 191.35 195.05 -3.70 -1.90 52267

Volume Toppers

COMPANY PRICE() CHG() CHG(%) VOLUME
M & M FIN. SERV. 459.55 2.05 0.45 2592894
ADANI PORTS 357.80 -7.55 -2.07 2505789
AARTI INDS. 1137.20 -6.30 -0.55 1709579
FORTIS HEALTH. 131.60 -10.85 -7.62 1701464
BHARTI INFRA. 332.80 -3.70 -1.10 1093254

Sectoral Trend

Top Sensex gainers and losers


Markets at open

At 9:15 am, the S&P BSE Sensex was trading at 33,029, down 144 points while the broader Nifty50 index was ruling at 10,126, down 57 points
Stocks in news

Avanti Feeds Limited  - Commencement of commercial production of the additional capacity of 1,75,000 MT of Shrimp feed at Shrimp feed plant Bandapuram, West Godavari District, Andhra Pradesh.

Board meeting of Balasore Alloy will be held on 30th March, 2018 for allotment of 1,30,00,000 Equity Shares of Rs. 5/- each at price of Rs. 21.50/- including premium of Rs. 16.50/- per Equity Shares in lieu of 1,30,00,000 Convertible Warrants to the Promoters on Preferential basis

Indoco Remedies has received 3 critical and 4 major observations for its Goa unit 1 from UK MHRA. Negative.

Dilip Buildcon incorporates new SPV to undertake six laning project in Andhra Pradesh

REC transfers transmission arm to PowerGrid

KEC International's Saudi Arabia JV becomes its subsidiary

RIL arm sells assets in Eagle Ford shale for USD 100 mn.

Wipro launches tech centre in Texas, to raise headcount to 2,000

Lupin has received US FDA nod for generic of Clobex Spray.

Ashok Leyland will be increasing vehicle prices by at least 2% from April

Tejas Networks gets expansion order of Rs 336 crore from BSNL for BharatNet.

GSK Consumer says parent is initiating a ‘strategic review’ of Horlicks, other products and 72.45% shareholding in the company.

Mercator raises Rs 100 crore via private placement of bonds to UTI. It is seeking to raise an additional Rs 100 crore via bond issuance.

Sical Logistics says JV has won contract from Damodar Valley Corporation for tubed Coal Mine.

Majesco gets deal from Tier 1 global insurer for billing software.

Fortis Healthcare’s hospital division will be hived off and merged with Manipal Hospitals apart from which it will sell a majority stake in its SRL Diagnostics unit to the same group. The transaction will lead to the listing of Manipal Hospitals as the largest hospital services provider in the country by revenue.

Hindustan Aeronautics Ltd to list today.


(Source: Nirmal Bang)
Today's picks: From Tata Motors to Hindalco, stocks to watch on Wednesday

Tata Motors
Current price: Rs 331
Target price: Rs 325
 
Keep a stop at Rs 335 and go short. Add to the position between Rs 326 and Rs 327
Book profits at Rs 325. READ MORE

Emkay Global on TCS, Infosys

We maintain Tata Consultancy Services (TCS) as our preferred pick among the Tier-I IT Services companies. Given the recent run-up in Technology stocks, we believe that the valuations are now stretched for certain companies as we do not see a meaningful fundamental recovery in growth prospects for FY19. We continue to remain selective in our approach and maintain TCS as our preferred pick among Tier-I IT Services plays. In our opinion, the recent rally offers a good opportunity to exit some of the names such as Infosys, as its discount to TCS would widen further from the current level of 10% to the ideal range of 20-30%, given its inferior business metrics.

Photo: @TCS_News

Markets at pre-open

Index Current Pt. Change % Change
 
S&P BSE SENSEX 33,113.43 -60.96 -0.18
 
S&P BSE SENSEX 50 10,630.76 -20.43 -0.19
 
S&P BSE SENSEX Next 50 32,895.96 -158.04 -0.48
 
S&P BSE 100 10,539.94 -25.15 -0.24
 
S&P BSE Bharat 22 Index 3,475.95 -3.56 -0.10

(Source: BSE)
Sector-wise rollover stats

·      Oil and Gas, Realty, Textile, FMCG and Media sectors witnessed higher rollovers compared to same day of  previous expiry.
 
·      Automobile, Pharma, Cement sectors witnessed lower rollovers compared to same day of previous expiry.
 
·      Highest rollover in current expiry: Technology, Textile, Oil and Gas, FMCG and Media.
 
·      Lowest rollover in current expiry: Infrastructure, Power, Cement, Fertilisers and Capital Goods.

(Source: Nirmal Bang)
·      
Rollover stats

·      The Nifty March expiry rollover is at 53.75% on Tuesday compared to 39.04% on same day of previous expiry.
 
·      The Bank Nifty March expiry rollover is at 54.36% on Tuesday compared to 36.33% on same day of previous expiry.
 
·      The Market wide March expiry rollover is at 59.25% on Tuesday as compared to 55.39% on same day of previous expiry.
 
·      The Nifty March rollover is higher than its Three months average of 43.65% and its six months average of 44.55%.
 
·       The Bank Nifty March rollover is higher than its Three months average of 42.94% and its six months average of 41.69%.
 
·      The market wide rollover is higher than with its three months average of 56.97% and six months average of 56.61%.

(Source: Nirmal Bang)
Nifty outlook and top stock picks by Motilal Oswal Securities

Nifty index opened gap up, tested the support of 10,141 zones and recovered towards 10,200 zones. However it got stuck in a range in second half of the trading session ahead of expiry and formed a Doji candle on the daily scale which implies indecisiveness in the market. Now it has to hold above 10,141 to extend its bounce towards 10,276 then 10,333 zones while on the downside supports are seen at 10,080 and 10,050 zones. READ MORE

Pullback Likely to extend up to 10,300 in Nifty: HDFC Securities

Nifty has witnessed a fall of almost 11% from the all-time high of 11,171 registered in Jan 2018 to the recent bottom of 9,951. Nifty Midcap and Smallcap indices plunged 16% and 21% respectively. Many stocks have seen a fall of than 40% from their 3 Month’s high. Due to this panic selling, stocks have turned extremely oversold on the daily and weekly chart. As a result of the same we saw Markets started rebounding from last two sessions. READ MORE

Buy Godrej Agrovet, JM Financial: Prabhudas Lilladher

BUY GODREJ AGROVET
CMP : Rs 650.75
TARGET : Rs 710
STOP LOSS : Rs 620
 
The stock has formed a higher bottom formation pattern in the daily chart taking support at the significant 34 WMA and is showing a positive bias and with the RSI indicating a trend reversal, the chart looks attractive for further rise from here on. We anticipate the stock to scale upwards till 710 levels and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 710 keeping a stop loss of 620. READ MORE

Markets on Tuesday

 
S&P BSE Sensex 33,174.39 0.33%
 
Nifty 50 10,184.15 0.53%
 
S&P BSE 200 4,459.96 0.64%
 
Nifty 500 8,978.10 0.72%
 
S&P BSE Mid-Cap 16,048.33 1.06%
 
S&P BSE Small-Cap 17,152.93 1.36%

SGX Nifty

The SGX Nifty was at 10,110.50, down 0.60% from the previous close.
Asian Markets

Asian shares pulled back on Wednesday as Wall Street was knocked hard on concerns about tighter regulations on the tech industry, denting a brief global equities recovery driven by hopes of easing fears of a trade war between China and the United States.
 
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4 per cent, with tech-heavy Korean shares falling 1.0 per cent. Japan's Nikkei fell 2.1 per cent.
Wall Street

US stocks sank in late trading on Tuesday, with faltering technology shares reversing a global stock rally that had swept through Asia and Europe. On Wall Street, the S&P 500 lost 1.73 per cent and the Nasdaq Composite dropped 2.93 per cent, making their fourth decline in five sessions.
Good Morning!

Welcome to Business Standard's live blog on markets.