MARKETS ON WEDNESDAY: Nifty ends at 10,742, Sensex up 103 pts; IT cos gain

The markets ended higher despite weakness in their Asian counterparts.

The S&P BSE Sensex gained 103 points to close at 35,319 levels, while the broader Nifty50 index settled at 10,742 levels, up 24 points.

The oil marketing companies were under pressure today following Donald Trump's sanctions on Iran and its likely impact on global crude oil prices. HPCL and BPCL lost 0.6 per cent and 1.7 per cent, respectively. IOC, however, ended the day flat.

Among sectoral indices, the Nifty IT index ended higher led by a rise in the shares of Tata Consultancy Services, Tata Elxsi and HCL Technologies.

GLOBAL MARKETS & OIL

Crude oil prices jumped back to near three-and-a-half-year highs on Wednesday after US President Donald Trump pulled his country out of an international nuclear deal with Iran, sparking worries about global oil supplies.

The Asian shares ticked lower as renewed US sanctions on Tehran were seen as disruptive for many companies that have deals with Iran. Trump’s move is also seen as risking worsening already-tense relations between Iran and US allies in the region.

MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.2 per cent while Japan’s Nikkei fell 0.4 per cent.

 
(with Reuters inputs)


4:08 PM IST MARKET COMMENT Mustafa Nadeem, CEO, Epic Research Nifty50 may continue to trade in the range of 10780 to 10600 for next couple of days. Any upside breakout of 10780 on a closing basis will give us further direction and higher levels of 10900. Traders and investors are suggested to have positions being hedged since the increase in volatility is expected ahead of the event

3:45 PM IST Nifty IT index ends 0.55% higher. Top gainers: COMPANY LATEST PREV CLOSE GAIN() GAIN(%) TCS 3489.30 3441.20 48.10 1.40 TATA ELXSI 1192.45 1179.10 13.35 1.13 ORACLE FIN.SERV. 4269.50 4225.20 44.30 1.05 HCL TECHNOLOGIES 927.50 920.10 7.40 0.80 INFOSYS 1170.70 1165.55 5.15 0.44

3:37 PM IST Sectoral Trend

3:36 PM IST BSE Sensex: gainers and losers of the day

3:32 PM IST Market at close   The S&P BSE Sensex ended at 35,319, up 103 points while the broader Nifty50 index settled at 10,742, up 24 points.

3:15 PM IST EID Parry hits 52-week low on disappointing Q4 results Shares of EID Parry hit 52-week low of Rs 251 per share, down 7% on the BSE, after the company reported a sharp 87% year-on-year (y-o-y) drop in consolidated net profit at Rs 405 million for the quarter ended March 2018 (Q4FY18), on account of poor performance by sugar and nutrient and allied business. It had profit a of Rs 3 billion in year ago quarter. READ MORE

3:01 PM IST Enkei Wheels surges 14% on stake buys by Blue Lotus Capital Shares of Enkei Wheels (India) have surged 14% to Rs 475 per share on the BSE, after Blue Lotus Capital Multibagger Fund bought 0.55% stake in auto ancillary company through open market. On Tuesday, Blue Lotus Capital Multibagger Fund had purchased 85,000 equity shares representing 0.55% stake in Enkei Wheels (India) at price of Rs 421 per share, the BSE bulk deal data shows. READ MORE

2:40 PM IST Edelweiss on Godrej Consumer Godrej Consumer Products’ (GCPL) Q4FY18 consolidated revenue, EBITDA and PAT growth of 5.8%, 9.4% and 10.0% YoY, respectively, came in line with our estimates. Domestic volume growth was soft at 6% YoY, an outcome of 5% YoY revenue decline in HI segment and 3% YoY revenue growth for hair care segment (against run-rate of 14% over last 4 quarters). International business segment logged constant currency (CCY) growth of 6% YoY with Indonesia (-6% CCY) and Africa (7% CCY) both on slightly weaker footing. To support new launches, ad spends expanded 70bps YoY, a right strategy in our view. Going ahead, we believe the building blocks are in place in terms of innovation and new launches pipeline, which will bolster the company’s positioning and spur market share gains too. Maintain ‘BUY

2:29 PM IST Zenith Exports, SORIL Holdings, Sadhana Nitrochem zoom up to 400% in a month Three stocks – Zenith Exports, SORIL Holdings and Ventures and Sadhana Nitrochem – have seen their market price surge up to 400% in the past one month. While Zenith Exports has gained 376% from Rs 39 to Rs 186 levels, SORIL Holdings and Ventures has surged 138% to Rs 559 (Rs 235) and Sadhana Nitrochem is up by 100% at Rs 458 (Rs 229) on the BSE. READ MORE

2:16 PM IST Global shocks likely to spike gold prices this year, says GFMS report GFMS Thomson Reuters has painted a bullish outlook for the global price of gold this year. The average so far has been $1,360 an ounce, it said, and could “potentially briefly approach a 2018 peak towards $1,500/oz on any exogenous shocks later in the year”.   The price at present is $1,312 an ounce. The agency sees the geopolitical climate and equity markets as supportive for gold’s role as a risk hedge. Then, political uncertainty such as on Britain’s exit talks from the European Union, beside tensions in West Asia and North Africa. America is set to announce sanctions on Iran, further stoking the price of crude oil. READ MORE

2:01 PM IST Market Check   S&P BSE Sensex 35,367.81 0.43%   Nifty 50 10,751.75 0.32%   S&P BSE 200 4,695.86 0.18%   Nifty 500 9,429.60 0.10%   S&P BSE Mid-Cap 16,564.36 -0.43%   S&P BSE Small-Cap 18,124.34 0.08%

1:48 PM IST Bond yields up 7.65% after RBI revises open market purchase securities list India’s benchmark 10-year bond yield jumped in early trade on Wednesday after the central bank revised the list of securities it plans to buy back from the market at its open market purchase of debt on May 17.   The Reserve Bank of India on Tuesday removed the 6.84 per cent 2022 bonds from the list of government securities that it had announced it would buy at the OMO. This particular paper had been selected for a sale on May 11 as well and was seen by traders as a signal to support the government’s sovereign borrowing programme. READ MORE

LIVE UPDATES

MARKET COMMENT Mustafa Nadeem, CEO, Epic Research

Nifty50 may continue to trade in the range of 10780 to 10600 for next couple of days. Any upside breakout of 10780 on a closing basis will give us further direction and higher levels of 10900. Traders and investors are suggested to have positions being hedged since the increase in volatility is expected ahead of the event
Nifty IT index ends 0.55% higher. Top gainers:

COMPANY LATEST PREV CLOSE GAIN() GAIN(%)
TCS 3489.30 3441.20 48.10 1.40
TATA ELXSI 1192.45 1179.10 13.35 1.13
ORACLE FIN.SERV. 4269.50 4225.20 44.30 1.05
HCL TECHNOLOGIES 927.50 920.10 7.40 0.80
INFOSYS 1170.70 1165.55 5.15 0.44

Sectoral Trend


BSE Sensex: gainers and losers of the day


Market at close
 
The S&P BSE Sensex ended at 35,319, up 103 points while the broader Nifty50 index settled at 10,742, up 24 points.
EID Parry hits 52-week low on disappointing Q4 results

Shares of EID Parry hit 52-week low of Rs 251 per share, down 7% on the BSE, after the company reported a sharp 87% year-on-year (y-o-y) drop in consolidated net profit at Rs 405 million for the quarter ended March 2018 (Q4FY18), on account of poor performance by sugar and nutrient and allied business. It had profit a of Rs 3 billion in year ago quarter. READ MORE
Enkei Wheels surges 14% on stake buys by Blue Lotus Capital

Shares of Enkei Wheels (India) have surged 14% to Rs 475 per share on the BSE, after Blue Lotus Capital Multibagger Fund bought 0.55% stake in auto ancillary company through open market. On Tuesday, Blue Lotus Capital Multibagger Fund had purchased 85,000 equity shares representing 0.55% stake in Enkei Wheels (India) at price of Rs 421 per share, the BSE bulk deal data shows. READ MORE

Edelweiss on Godrej Consumer

Godrej Consumer Products’ (GCPL) Q4FY18 consolidated revenue, EBITDA and PAT growth of 5.8%, 9.4% and 10.0% YoY, respectively, came in line with our estimates. Domestic volume growth was soft at 6% YoY, an outcome of 5% YoY revenue decline in HI segment and 3% YoY revenue growth for hair care segment (against run-rate of 14% over last 4 quarters).

International business segment logged constant currency (CCY) growth of 6% YoY with Indonesia (-6% CCY) and Africa (7% CCY) both on slightly weaker footing. To support new launches, ad spends expanded 70bps YoY, a right strategy in our view. Going ahead, we believe the building blocks are in place in terms of innovation and new launches pipeline, which will bolster the company’s positioning and spur market share gains too. Maintain ‘BUY
Zenith Exports, SORIL Holdings, Sadhana Nitrochem zoom up to 400% in a month

Three stocks – Zenith Exports, SORIL Holdings and Ventures and Sadhana Nitrochem – have seen their market price surge up to 400% in the past one month. While Zenith Exports has gained 376% from Rs 39 to Rs 186 levels, SORIL Holdings and Ventures has surged 138% to Rs 559 (Rs 235) and Sadhana Nitrochem is up by 100% at Rs 458 (Rs 229) on the BSE. READ MORE

Global shocks likely to spike gold prices this year, says GFMS report

GFMS Thomson Reuters has painted a bullish outlook for the global price of gold this year. The average so far has been $1,360 an ounce, it said, and could “potentially briefly approach a 2018 peak towards $1,500/oz on any exogenous shocks later in the year”.
 
The price at present is $1,312 an ounce. The agency sees the geopolitical climate and equity markets as supportive for gold’s role as a risk hedge. Then, political uncertainty such as on Britain’s exit talks from the European Union, beside tensions in West Asia and North Africa. America is set to announce sanctions on Iran, further stoking the price of crude oil. READ MORE

Market Check

 
S&P BSE Sensex 35,367.81 0.43%
 
Nifty 50 10,751.75 0.32%
 
S&P BSE 200 4,695.86 0.18%
 
Nifty 500 9,429.60 0.10%
 
S&P BSE Mid-Cap 16,564.36 -0.43%
 
S&P BSE Small-Cap 18,124.34 0.08%

Bond yields up 7.65% after RBI revises open market purchase securities list

India’s benchmark 10-year bond yield jumped in early trade on Wednesday after the central bank revised the list of securities it plans to buy back from the market at its open market purchase of debt on May 17.
 
The Reserve Bank of India on Tuesday removed the 6.84 per cent 2022 bonds from the list of government securities that it had announced it would buy at the OMO. This particular paper had been selected for a sale on May 11 as well and was seen by traders as a signal to support the government’s sovereign borrowing programme. READ MORE

Tata Motors up 4% after rise in JLR April retail sales

Shares of Tata Motors have moved higher by 4.4% to Rs 347 per share on the BSE after the company owned car-maker in UK, Jaguar Land Rover (JLR) reported 11.9% year on year (y-o-y) growth in total retail sales of 45,180 vehicles in April 2018.
 
Sales were primarily driven by the introduction of new models including the Range Rover Velar (winner of the 2018 World Car Design of the Year award), Land Rover Discovery and the Jaguar E-PACE, the company said in a press release. READ MORE

MARKET CHECK



Rupee at fresh 15-month low, plunges 37 paise to 67.45 against US dollar

The rupee plunged by 37 paise to 67.45 against the US dollar in early trade today following surging demand for the greenback as crude oil prices zoomed past USD 76 per barrel level amid foreign capital outflows.
 
Forex dealers said the dollar strengthened against major global currencies overseas as crude oil prices rallied and pushed Treasury yields higher after US President Donald Trump pulled out from the international nuclear deal with Iran. READ MORE

Value offers spice up growth at Jubilant FoodWorks
 
Jubilant FoodWorks ended 2017-18 on a strong note, with its March quarter numbers beating estimates on all counts. Despite a lower base from the year-ago quarter, it reported 27.3 per cent increase in revenue, aided by a strong 26.5 per cent growth in same-store sales (SSS), its highest in six years for its core Domino’s Pizza business.
 
After a muted 0.6 per cent average SSS growth over FY14-17, things have improved since the beginning of FY18. Growth improved 6.5 per cent at the start of the year and increased to 18 per cent in the December quarter. READ MORE
 
MUST READ Asian emerging markets are open for business but the terms may be tough

Asia’s biggest emerging markets are flinging open their doors to court overseas investors, but there’s a catch -- and it’s a big one. China, India and Malaysia have pledged to open up channels for foreign money to flow through their markets, with policy makers and heads of state publicly proclaiming their wish to be full-fledged members of the global financial system READ MORE
Prabhudas Lilladher on Exide

Continued growth in the automotive and industrial segment has been impressive and further gains in the unorganized and replacement market post GST implementation has helped Exide lower its dependence on the declining inverter/UPS segment. Introduction of the cheaper brand Dynex has helped increase market share in the LCV and Tractor segment.

Increased traction in the e-Rickshaw and solar batteries will further aid revenues in the near-to-medium term. Management's focus on cost control and technology upgradation to improve performance has impacted margins positively and coupled with now softening lead prices (down 7% in Q1FY19TD over Q4FY18) will boost margins in the near term. We increase our margin estimates for FY19/20E by 80bps/110bps, respectively and maintain "Accumulate" with a price target of Rs281, based on 20xMar'20E standalone EPS plus value of investments.
Market Check

 
S&P BSE Sensex 35,264.95 0.14%
 
Nifty 50 10,726.35 0.08%
 
S&P BSE 200 4,686.71 -0.02%
 
Nifty 500 9,416.70 -0.03%
 
S&P BSE Mid-Cap 16,574.30 -0.37%
 
S&P BSE Small-Cap 18,123.43 0.08%

HEG surges 9% on robust Q4 results

Shares of HEG have moved higher by 9% to Rs 3,198 per share, extending their past three days 5% gain on the BSE, after the company reported net profit of Rs 6.34 billion in March quarter (Q4FY18), on back of strong operational income. It had posted net loss of Rs 34 million in year ago quarter. The company engaged in graphite electrodes business has seen its operational revenues grow nearly five-fold at Rs 12.92 billion in Q4FY18 as against Rs 2.67 billion in Q4FY17. READ MORE

Deccan Gold Mines zooms 20% after Supreme Court verdict on Hutti gold mines

Shares of Deccan Gold Mines were locked in upper circuit of 20% at Rs 62 per share, also its 52-week high on the BSE, after the positive verdict from the Supreme Court on Hutti gold mines. In past three trading sessions, the stock has outperformed the market by surging 43% from Rs 43.35 on Friday, May 4, 2018, as compared to 1% rise in the S&P BSE Sensex. READ MORE

Lack of Wall Street back-office deters crypto investments

Mundane back-office concerns are giving pause to potential investors in digital currency hedge funds who have otherwise warmed up to the volatile asset class.
 
Traditional custodian banks such as Bank of New York Mellon Corp and State Street Corp do not yet handle crypto assets like bitcoin. That means hedge funds have been forced far from Wall Street to places like Springfield, Pennsylvania, or Murray, Kentucky, to find auditors, custodians and record-keepers, according to fund disclosures and executives. READ MORE

Nomura on ICICI Bank

ICICI’s 4QFY18 performance was better than weak expectations, driven by: 1) ~90% of the corporate slippages coming from the declared stress book; and 2) core PPOP trends holding up in spite of large slippages.

With Rs 130bn of non-NPA stress (2.5% of FY18 loans), we believe we are getting closer to the end of the recognition cycle and, with some provisioning catch-up in FY19F, we expect the bank to get to normalised ROEs (excluding subs) of 13-14% by FY20F. FY19F earnings are cut by 33% (ramp-up in coverage) but FY20F earnings are up 4.5%.

We increase our TP to Rs 400/share (implying 1.7x Jun-20F book, 38% potential upside) with subsidiaries valued at Rs 130/share (holding discount of 15%). The current valuation, at 1.1x Mar-20F book, is undemanding.

Delivery-based volumes hit over eight - year low

Average monthly stock delivery volumes on the BSE and NSE have dipped to 35.6 per cent in April, the lowest since November 2009. In April 2018, a little over one-third of the total traded quantity was converted into delivery, as compared to over half of the traded shares converted into delivery in March 2017.
 
According to the month-wise data compiled by Business Standard Research Bureau, the delivery ratio---the percentage of shares actually changing hands in relation to the total traded quantity — was about 35.6 per cent in April, the lowest in nearly eight years. READ MORE

Mutual fund equity assets top Rs 8 trillion, shows Amfi data

ssets under management (AUM) for equity mutual funds (MFs) went past Rs 8 trillion for the first time in April, shows data released by the Association of Mutual Funds in India (Amfi). Assets for equity schemes, which include arbitrage funds and equity-linked savings schemes (ELSS), have soared 40 per cent in the past one year.
 
Overall, AUM for the industry has grown 20 per cent in the past year, to a record high of Rs 23.3 trillion. Equity schemes have been able to grow at a much faster clip, thanks to robust net inflow and the up-move in the market. READ MORE

OMCs under pressure as Trump dumps Iran nuclear deal; HPCL falls 5%

Shares of oil marketing companies (OMCs) were under pressure falling by up to 5% on the BSE in early morning trade as crude oil prices jumped back to near 3 1/2-year highs on Wednesday.
 
OMCs like Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC) were down between 3% and 5%, while Chennai Petroleum Corporation (CPCL) and Mangalore Refinery & Petroleum were down 1% to 3% on the BSE. READ MORE

Be selective while investing in metal stocks, say analysts

After witnessing a rally of 13.4 per cent in financial year 2017-18 (FY18), the Nifty Metal index has added another 5.2 per cent thus far in FY19. The up move in metal counters, analysts say, has been fueled by an upswing in base metal prices and crude oil, which they believe is likely to continue. From an investment perspective, they do caution against the steep valuation at which some of these stocks are trading at. READ MORE
Sebi rejects Kotak panel's data sharing norms, governance proposals

The Securities and Exchange Board of India (Sebi) rejected a key proposal made by the Uday Kotak committee for sharing of unpublished and price-sensitive information (UPSI) with controlling shareholders, reveal its board meeting agenda papers. “It is felt that giving any shareholder preferential treatment compared to other shareholders for getting access to information would have far-reaching implications and therefore may not be desirable. READ MORE
Market Check

 
S&P BSE Sensex 35,227.65 0.03%
 
Nifty 50 10,719.80 0.02%
 
S&P BSE 200 4,687.66 0.00%
 
Nifty 500 9,418.35 -0.02%
 
S&P BSE Mid-Cap 16,596.95 -0.23%
 
S&P BSE Small-Cap 18,147.00 0.21%

Interview of the Day It's not synergy, but entrepreneurship, says Shree Renuka Sugars MD

Eighteen years after dedicated work to bring Shree Renuka Sugars (SRSL) to the level of India’s largest sugar refiner, promoter and managing director Narendra Murkumbi is moving out of the company and selling his controlling stake to global multinational Wilmar International. He looks back and talks of the future in an interview with Dilip Kumar Jha. CLICK HERE TO READ MORE
Narendra Murkumbi

 

Newgen Software
Rating  BUY 
Price Target Rs 305

We initiate on Newgen with a Buy rating and price target of Rs305. Its product suite is particularly dominant in BFSI in India and Middle East. We expect continued shift towards digitization and several other drivers to lead to 23% revenue growth over FY18-20E. EPS should grow faster at 27% CAGR, helped by margin expansion as well. High debtor days is a key risk, which management plans to address.

(Source: Jefferies)
BSE Energy: Top losers

COMPANY LATEST PREV CLOSE LOSS() LOSS(%)
H P C L 293.20 306.95 -13.75 -4.48
C P C L 292.40 304.50 -12.10 -3.97
B P C L 379.80 392.80 -13.00 -3.31
I O C L 161.75 166.60 -4.85 -2.91
M R P L 103.75 106.30 -2.55 -2.40

BSE Sensex: gainers and losers


Sectoral Trend


Market at open
 
At 9:16 AM, the S&P BSE Sensex was trading at 35,160, down 56 points while the broader Nifty50 was ruling at 10,706, down 12 points.
Sebi rejects Kotak panel's data sharing norms, governance proposals

The Securities and Exchange Board of India (Sebi) rejected a key proposal made by the Uday Kotak committee for sharing of unpublished and price-sensitive information (UPSI) with controlling shareholders, reveal its board meeting agenda papers READ MORE
RUPEE WATCH

Rupee fell against the US dollar in yesterday’s session ahead of the US president announcement on the Iran nuclear deal. In line with expectation, US president Donald Trump has announced that the US pulled out of an international nuclear deal with Iran.

Renewing sanctions would make it much harder for Iran to sell its oil abroad or use the international banking system. The Trump administration kept the door open to negotiating another deal with allies, but it is far from clear if the Europeans would go for that and if they could convince Iran to accept it.

For the day, rupee is expected to quote in the range of 67.80 and 67.25 and volatility for the pair would continue to remain high.

(Source: Motilal Oswal report)
Markets at pre-open

Index Current Pt. Change % Change
 
S&P BSE SENSEX 35,264.29 +47.97 +0.14
 
S&P BSE SENSEX 50 11,220.25 +7.35 +0.07
 
S&P BSE SENSEX Next 50 34,038.17 -114.53 -0.34
 
S&P BSE 100 11,090.30 0.40 0.00
 
S&P BSE Bharat 22 Index 3,602.71 +5.03 +0.14

(Source: BSE)
Be selective while investing in metal stocks, say analysts

After witnessing a rally of 13.4 per cent in financial year 2017-18 (FY18), the Nifty Metal index has added another 5.2 per cent thus far in FY19. The up move in metal counters, analysts say, has been fueled by an upswing in base metal prices and crude oil, which they believe is likely to continue. From an investment perspective, they do caution against the steep valuation at which some of these stocks are trading at READ MORE
Investors pricing in Modi win in 2019; oil, rupee among key concerns: UBS

Investors have priced in a “Modi win in 2019” as the base case and expect India’s economic growth to gain momentum in financial year 2018 – 19 (FY19), albeit with widening macro stability risks (inflation, current account deficit and fiscal deficit), suggests a recent report by UBS.
 
The report, authored by Tanvee Gupta Jain, UBS’ economist, also highlights the key near-term risks investors are concerned about. Investors, it says, have also questioned the trends in household savings and the local flows in the backdrop of demonetisation. READ MORE
Today's picks: From BPCL to Wipro hot stocks to watch on Wednesday

BPCL
Current price: Rs 393 
Target price: Rs 387
 
Keep a stop at Rs 397 and go short. Add to the position between Rs 388 and Rs 390. Book profits at Rs 387. READ MORE

OIl price rise impact (Image source: BofAML report)



Top trading ideas by HDFC Securities

BUY ASTEC LIFESCIENCE
CMP: Rs 696
Stop Loss: Rs 650
Target: Rs 770
 
Stock price has given breakout from the consolidation on the long term quarterly charts. Stock was moving in the range of 500-700 for last 6 quarters. On the month ending April 2018, stock surpassed the crucial resistance of 700 with significant jump in volumes. Primary trend has been up with higher tops and higher bottoms. Oscillator and moving averages setup is bullish. We recommend buying Astec Life for the upside target of 770, keeping SL at 650. READ MORE
 
STOCKS IN NEWS

·         Hindalco's subsidiary Novelis posts strong results.
 
·         Lupin submits new drug application for Etanercept biosimilar in Japan.
 
·         MCX to launch options trading in crude oil on May 15.
 
·         Nestle clarifies that it will deposit money in consumer welfare fund formed under GST.
 
·         Tata Steel Europe explores potential sale of non-core operations.
 
·         Automotive Axles board approves expansion of Axle Housing and Brake capacity

(Source: IIFL report)
 
Top stock picks by Motilal Oswal Securities

NIIT TECH
Reco: BUY
Last Close: Rs 1059
Stop Loss: Rs 1020
Target: Rs 1130
 
Retest of previous breakout creates buying opportunity and it is trading above 50 & 200 EMA in all the time frame which indicates strength. READ MORE

MARKET COMMENT Amar Ambani, head of research, IIFL

The middle-east has once again entered a new period of uncertainty. US President Donald Trump has decided to withdraw from the 2015 Iran nuclear deal and reimpose sanctions as well as enforce new penalties. This will have repercussions across the world. To begin with, crude oil prices have surged to more than 3-year highs. On Tuesday, the Nifty held the psychological 10,700 level in a volatile session which closed flat.

The outlook is a cautious start with a weaker bias. US shares ended almost flat. Asian shares are trading mixed. Eicher Motors, Federal Bank, Jindal Steel & Power, Jubilant Life Sciences and Oriental Hotels will announce their results. The IPO of Indostar Capital will open today. Mutual funds saw a sharp recovery in inflows as investors pumped in Rs. 1.4 lakh crore into domestic funds in April.
 
Nifty outlook from Prabhudas Lilladher for today

Nifty has given a pullback from the low of 10600 levels but has shown resistance near around 10750 levels. On the downside, we maintain the level of 10530 as a strong support and at the higher end, we anticipate 10800 level would be crucial and a breakout above that level would find the index in a new territory for more upside movement. However, the support for the day is seen at 10650 while resistance is seen at 10770. READ MORE
Value offers spice up growth at Jubilant FoodWorks

Jubilant FoodWorks ended 2017-18 on a strong note, with its March quarter numbers beating estimates on all counts. Despite a lower base from the year-ago quarter, it reported 27.3 per cent increase in revenue, aided by a strong 26.5 per cent growth in same-store sales (SSS), its highest in six years for its core Domino’s Pizza business CLICK HERE FOR MORE
IPO CORNER The initial public offering (IPO) of equity from Indostar Capital Financeh is opening today. Should you invest? READ HERE
Oil shines, shares rattled as Trump dumps Iran nuclear deal

Crude oil prices jumped back to near 3 1/2-year highs on Wednesday after U.S. President Donald Trump pulled his country out of an international nuclear deal with Iran, sparking worries about global oil supplies. Asian shares ticked down as renewed U.S. sanctions on Tehran were seen as disruptive for many companies that have deals with Iran. READ MORE
MUST READ Iran nuclear deal: Trump announces US withdrawal, reinstates sanctions

US President Donald Trump on Tuesday announced the withdrawal of the landmark Iran nuclear deal, an Obama-era accord which he has repeatedly criticised and signed a fresh set of sanctions against the country. Trump also warned countries against any cooperation with Iran on its nuclear weapons programme CLICK HERE FOR MORE


Markets on Tuesday

 
S&P BSE Sensex 35,216.32 0.02%
 
Nifty 50 10,717.80 0.02%
 
S&P BSE 200 4,687.65 0.01%
 
Nifty 500 9,419.85 0.01%
 
S&P BSE Mid-Cap 16,635.31 -0.10%
 
S&P BSE Small-Cap 18,109.38 0.10%

SGX Nifty

The SGX Nifty was at 10,720.50, down 0.19 per cent from the previous close.
Crude Oil

Crude oil prices jumped back to near three-and-a-half-year highs on Wednesday after US President Donald Trump pulled his country out of an international nuclear deal with Iran, sparking worries about global oil supplies.

US West Texas Intermediate (WTI) crude futures CLc1 traded at $70.24 per barrel, up 1.7 per cent and near Monday’s high of $70.84, which was its highest level since November 2014.
Asian Markets

The Asian shares ticked down as renewed US sanctions on Tehran were seen as disruptive for many companies that have deals with Iran.
 
MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.1 per cent in early trade while Japan's Nikkei fell 0.4 per cent.
 
Wall Street

The Wall Street cut losses to end little changed on Tuesday while energy stocks rallied after US President Donald Trump said the United States would quit the Iran nuclear deal, confirming what many investors had expected.
 
The Dow Jones Industrial Average ended 0.01 per cent higher at 24,360.21, while the S&P 500 ended down 0.03 per cent to 2,671.92. The Nasdaq Composite added 0.02 per cent to 7,266.90.
 
Good Morning!

Welcome to Business Standard's live blog on markets.

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel