MARKET WRAP: Sensex dips 80 pts, Nifty below 11,600; India VIX up 2.3%

Markets ended in the red for the second consecutive session on Tuesday, weighed down by auto stocks, to hit their lowest levels in almost a month.

The BSE Sensex ended the day at 38,565, down 80 points, or 0.21 per cent, with Maruti, YES Bank, IndusInd Bank, TATA Steel and NTPC among the biggest losers.  Out of 30 components, 20 scrips ended in the red and rest 10 in the green. Broader index Nifty50 failed to hold the 11,600 level and ended the day at 11,576, slipping 18 points, or 0.16 per cent.  

India VIX, a guage to measure volatility, moved up over 2.3 per cent to 24.60 levels.

In the broader market, the S&P BSE MidCap index was trading 50 points higher at 15,199.01, while the S&P BSE SmallCap index was trading at 14,785, down 19 points or 0.13 per cent.

BUZZING STOCKS

Bharti Airtel ended the day at Rs 316.5, down 1.45 per cent, as the stock turns ex-date for rights issue today (on Tuesday). READ MORE

Shares of Avenue Supermarts slipped 2.75 per cent to settle at Rs 1289.30 on the BSE on concerns of flat operating margin in the March quarter (Q4FY19). READ MORE

HEG slipped 4.27 per cent to end at Rs 1,847.05 after hitting a 52-week low of Rs 1,839 earlier in the day after as institutional investors reduced their stake in the company in the March quarter. READ MORE

GLOBAL MARKETS

Despite the move by Washington, analysts said global oil markets would be able to cope with the Iran disruption as there was enough spare capacity from other suppliers. Brent crude futures were at $74.58 per barrel at 0628 GMT, up 0.7 per cent from their last close and their highest level since November 2018. US West Texas Intermediate (WTI) crude futures marked their strongest since October 2018 at $65.10 per barrel, up 0.8 per cent from their previous settlement.

(With inputs from Reuters)


4:13 PM IST We expect markets to continue to remain volatile in the near term given the earnings outcome and central election progress. On the global front, crude oil is trading at 2019 highs after US announcement of ending all Iran sanction waivers by May thereby putting pressure on importers. India is one of the key importers of Iranian oil and hence the developments on the sanction waiver would be closely monitored along with currency movement. We believe that any correction in quality large / mid cap companies with strong growth prospects should be considered as a good buying opportunity for long term investors

4:13 PM IST The market traded lower during the day and closed in the red mainly guided by the situation woven around the rising oil prices in international markets. The rise in oil prices was occasioned by the warning from the US that all oil imports from Iran should be stopped by this month-end, in the absence of which, the countries which import would face US sanctions. This is specifically addressed to the eight countries including India and China, which were granted waivers by the US when the sanctions were initially imposed. There is also a streak of profit booking after the momentum built up in the run up to general elections

3:38 PM IST COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME AEGIS LOGISTICS 188.85 -17.30 -8.39 156436 INFIBEAM AVENUES 43.55 -3.95 -8.32 1396079 REL. COMM. 1.99 -0.10 -4.78 6181111 HEG 1844.00 -85.35 -4.42 48397 RELIANCE POWER 7.65 -0.32 -4.02 7899435 » More on Top Losers

3:37 PM IST

3:36 PM IST

3:35 PM IST

3:23 PM IST

3:07 PM IST Maruti Suzuki, Hero Motocorp, IndusInd Bank biggest losers

2:44 PM IST

LIVE UPDATES

MARKET COMMENT :: Jayant Manglik, President - Retail Distribution, Religare Broking

We expect markets to continue to remain volatile in the near term given the earnings outcome and central election progress. On the global front, crude oil is trading at 2019 highs after US announcement of ending all Iran sanction waivers by May thereby putting pressure on importers.

India is one of the key importers of Iranian oil and hence the developments on the sanction waiver would be closely monitored along with currency movement. We believe that any correction in quality large / mid cap companies with strong growth prospects should be considered as a good buying opportunity for long term investors

MARKET COMMENT :: Dr Joseph Thomas, head research, Emkay Wealth Management

The market traded lower during the day and closed in the red mainly guided by the situation woven around the rising oil prices in international markets. The rise in oil prices was occasioned by the warning from the US that all oil imports from Iran should be stopped by this month-end, in the absence of which, the countries which import would face US sanctions. This is specifically addressed to the eight countries including India and China, which were granted waivers by the US when the sanctions were initially imposed. There is also a streak of profit booking after the momentum built up in the run up to general elections

Top losers on BSE500

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
AEGIS LOGISTICS 188.85 -17.30 -8.39 156436
INFIBEAM AVENUES 43.55 -3.95 -8.32 1396079
REL. COMM. 1.99 -0.10 -4.78 6181111
HEG 1844.00 -85.35 -4.42 48397
RELIANCE POWER 7.65 -0.32 -4.02 7899435
» More on Top Losers

MARKET CHECK


Nifty sectoral indices at close


Market at close


NEWS ALERT| Aviation Min says slots of Jet Airways will be returned once airline starts operations


Sudden slip in late trading hours, Sensex slips nearly 100 pts

Maruti Suzuki, Hero Motocorp, IndusInd Bank biggest losers

Nifty erases gains; Bank, Auto indices drag


SpiceJet to start 28 new daily flights connecting Delhi, Mumbai with key metros: Cogencis


Ahead of Earnings

At 2:10 pm,
ACC Ltd was trading 0.8 per cent higher at Rs 1,676 apiece
Indiabulls Integrated Services was trading 1.87 per cent higher at Rs 341 apiece 
Tata Global Beverages was trading 0.19 per cent lower at Rs 208.65 apiece


Oil check

Brent crude back at $74.40 after touching a low of $74.21 at 1:20 pm

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Motilal Oswal on Ipca Labs

Recommendation : BUY 
We expect IPCA to end FY19 with earnings similar to that in FY14 (pre-import alert from USFDA); despite the USFDA issues being unresolved. This implies healthy
performance in the branded generics segment. We raise our EPS estimate by 6 per cent/7 per cent) to Rs 45.3/Rs 54.4 for FY20/21. We continue to value IPCA at 21x 12M forward earnings to arrive at a price target of Rs 1,145 (from Rs 970 earlier). 

Jet Airways trades in green

The airline, which controlled 13.6 per cent of the local market as recently as January, needs Rs 85 billion to restart operations. So far, it isn’t clear whether Jet Airways will find a buyer to fly again, or if lenders will take it to a bankruptcy court. Over the weekend, local media reported Mukesh Ambani, Asia’s richest man, and salt-to-software conglomerate Tata Group are keen to pick up a stake or purchase Jet’s assets. READ MORE


COMPANY PRICE(Rs) CHG(rS) CHG(%) VOLUME
JET AIRWAYS 169.00 14.40 9.31 2943374
RELIANCE CAPITAL 144.70 9.20 6.79 2277957
BLISS GVS PHARMA 179.00 9.70 5.73 158126
SHILPA MEDICARE 422.00 22.15 5.54 7659
ZEE ENTERTAINMEN 416.20 19.55 4.93 398147
» More on Top Gainers

Bata India shares hit new high in range-bound market; jump 68% in 6 months

Bata India shares hit a new high of Rs 1,444, up 2 per cent on the BSE in the intra-day trade on Tuesday, on expectation of strong financial performance during March quarter of financial year 2018-19 (Q4FY19). The S&P BSE Sensex was up 0.23 per cent at 38,732 levels at 12:58 pm.
 
In the past six months, the stock of footwear retailer has outpaced the market by surging 68 per cent, on the back of foreign investors buying. In comparison, the S&P BSE Sensex has risen 15 per cent during the period. In the past one year, it has rallied 83 per cent against 12 per cent rise in the benchmark index. READ MORE


Neuland Labs jumps almost 11%


March foreign flows into Asian bonds the highest since January 2018

Foreign inflows into Asian bonds surged in March as lower US yields and hopes for a Sino-US trade deal boosted demand for regional assets. Overseas investors bought a net $5 billion of regional bonds in March, highest since January 2018, data from central banks and bond market associations in Malaysia, Thailand, Indonesia, South Korea and India showed. READ MORE



Avenue Supermarts down for seventh straight day; stock hits five-month low

Shares of Avenue Supermarts were trading lower for the seventh straight day, down 2 per cent, at Rs 1,304, to hit five-month low on the BSE on concerns of flat operating margin in the March quarter (Q4FY19). The stock was quoting at its lowest level since October 31, 2018. In the past seven trading sessions, it has slipped 14 per cent, as compared to 0.36 per cent rise in the benchmark S&P BSE Sensex in the same time period. READ MORE


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Buzzing stock | Neuland Labs jumps over 12%


Stock rises 1.5%


Reliance Securities on Tech Mahindra

Tech Mahindra’s stock price rose by 0.5% in yesterday’s trade, while the BSE Sensex declined 1.3%. Tech Mahindra’s Enterprise Business is expected to be the major revenue growth driver over the next few years, led by BFSI and Retail, apart from Digital initiatives; this business clocked healthy 4.2% QoQ USD revenue growth in 3QFY19. Outlook appears to be improving for FY20E, and we expect slight margin expansion and 13.2% EPS growth. We expect Tech Mahindra to report 12.8% EPS CAGR over the period FY19-FY21E. We have a positive outlook on Tech Mahindra.

Motilal Oswal Financial Services on Marico

Marico has not taken any pricing action, in line with its commentary. We believe the company may tweak promotional efforts, if required, and will only
take proactive pricing action if there a significant reduction in copra prices relative to expectations. As of Apr’19, there is no major change in consumer
offers for the Parachute Coconut Oil portfolio compared to the previous month.

Oil check

Brent crude trading at $ 74.47 per barrel 


Nifty PSU Bank index is trading 1.4% higher


Prabhudas Lilladher on Aviation sector

"Domestic capacity addition (ASK) grew moderately by 5 per cent while the industry reported PLFs of 87 per cent. IndiGo - the market leader, reported pax/ASK growth of 19%/26% YoY as it made the most from Jet's loss, further expanding its market share by 350bps MoM to 47 per cent. Impacted by grounding of Boeing 737 max, SpiceJet's growth momentum slowed down with Pax/ASK growing by 7%/13% while its market share declined marginally by 10bps MoM to 13.7 per cent. Given that the favorable yield environment led by capacity constraints is expected to continue in near term, we upgrade our assigned multiples (FY21 EV/EBITDAR) for IndiGo & SpiceJet to 8.8x (previously 8.5x) & 8.3x (previously 8x) respectively. Retain BUY on IndiGo & SpiceJet with revised target price of Rs1,623/- and Rs135/- respectively."

Jet Airways zooms nearly 11%


Intra-day future recommendation by ICICI Securities

 Buy Nifty in the range of 11,560-11,575
 
 Sell Bank Nifty in the range of 29,850-29,900
 
 Buy Infosys in the range of 728.00-729.00
 
 Sell Axis Bank in the range of 749.00-750.00

HEG shares hit 52-week low as FIIs reduce stake; tank 51% in 2019

Shares of HEG hit a 52-week low of Rs 1,839, down 5 per cent on Tuesday as institutional investors reduced their stake in the company in the March quarter. The stock has fallen 9 per cent in past two days. Institutional investors' stake in the company has declined by more than 3 percentage points at 15.29 per cent in January-March quarter, the graphite electrode manufacturer said in a statement on Thursday. READ MORE



Kotak Securities on oil, gas and consumable fuels

We expect global crude prices to remain elevated amid curtailment of supplies led by (1) ~1 mn b/d of reduction in Iran’s crude exports due to the US’s decision to end sanction waivers and (2) partial disruption of ~1.1 mn b/d of Libyan oil production amid escalating unrest. Potential increase in OPEC+ crude supplies may mitigate the impact gradually, albeit with significantly curtailed global spare capacity. We reiterate BUY on GAIL and ONGC, both being beneficiaries of elevated crude prices, while retaining SELL on BPCL, HPCL and IOCL, all of which are adversely impacted.

SpiceJet falls over 1%, Jet Airways extend surge

COMPANY NAME LATEST HIGH LOW CHG
(Rs)
CHG(%) VALUE
(Rs CR)
VOLUME
SPICEJET 123.45 129.70 120.70 -1.70 -1.36 36.86 2985841
JET AIRWAYS 164.30 168.00 158.00 9.70 6.27 20.63 1255834
INTERGLOBE AVIAT 1476.80 1520.60 1463.20 -12.30 -0.83 15.48 104793
GLOBAL VECTRA 117.20 119.80 110.90 5.40 4.83 0.10 8748
TAAL ENTERPRISES 259.05 259.05 245.00 -0.85 -0.33 0.00 3
 
 

Automakers face further earnings downgrades on weak earnings, low volumes

Though the BSE Auto index has shed over 23 per cent from its highs a year ago, it could see more downward pressure on the back of downgrade triggers. While muted volumes going ahead is one such pain point, the March quarter (Q4) earnings season is another reason why the Street would not fancy auto makers as well as auto component suppliers. READ MORE

Buzzing | Sun Pharma gains over 2%


Heatmap: S&P BSE Sensex


'Golden Cross' on 7 Nifty 500 stocks hints positive bias; take a look

A Golden Cross is said to occur when a short-term moving average crosses above the longer-term moving average. The significance shows bullishness, as trend reverses suggesting stocks rallying towards new highs. 
Majorly, a short-term moving average is 50-days and longer-term is 200-days. It has been identified on various charts that if any security manages to hold or stabilize above the crossover price, then can see a jump of 5 per cent to 7 per cent. READ MORE


Bharti Airtel trades firm as stock turns ex-date for rights issue

Bharti Airtel shares were quoting firm, up 1 per cent, at Rs 325 on the BSE in early morning deal as the stock turns ex-date for rights issue today (on Tuesday). On February 28, Bharti Airtel had announced rights issue to raise up to Rs 25,000 crore through issuance of fully paid up shares and an additional Rs 7,000 crore via foreign currency perpetual bond issue. The rights issue will be raised in the ratio of 19:67 (i.e., 19 shares for every 67 shares held) at a price of Rs 220 per share. READ MORE



Oil check

Brent crude tradiing at $74.28/barrel at 10:10 am


Market check


Market check


MARKET COMMENT | Deepak Jasani, Head of Retail Research, HDFC securities

Sale of stake in Essel Propack could improve sentiments for indebted groups/stocks like Zee. Defensive stocks in IT, FMCG and Pharma could outperform. The Nifty displays a downgap and an Island Reversal on daily charts both of which are bearish signs. Hence till 11,727 is breached on the upside, fear of sell-off will persist. On the upside, Nifty could face resistance at 11,667 while 11,550 is a crucial support. Among stocks under coverage, Alkyl Amines, DCB Bank, Mastek, Bharti Airtel, ICICI Pru Life could do well.

Nifty Media index leading gain, rises over 1%


ONGC up over 1%


Infibeam down over 8%


Opening gainers on S&P BSE Sensex

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
TEJAS NETWORKS 203.05 16.60 8.90 26128
LINDE INDIA 507.60 33.55 7.08 3804
JET AIRWAYS 162.95 8.35 5.40 379119
ADANI GREEN 46.10 1.45 3.25 43927
LUPIN 858.50 26.95 3.24 17839
» More on Top Gainers

NEWS ALERT | No buyers for projects being bid under TOT, NHAI to CNBC TV18

TOT refers to Toll-Operate-Transfer where highway assets are handed over to the entity that emerges as highest bidder for the project. The highway project has to be operated and maintained by the winning bidder.

Alert: Round two of TOT was scrapped due to abysmal bid response.

Lupin rises 3.4% higher


NEWS ALERT | Fund availability not an issue for land acquisition: NHAI to CNBC TV18

Nifty Pharma index is trading 1% higher


Nifty IT trading in red, falls over 7 points


NEWS ALERT | JSPL says, Co has delivered first ever rail order to Railways four months ahead of schedule


Zee Entertainment gains 5.7%


Most active stocks by volume

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
REL. COMM. 1.99 -0.10 -4.78 1722946
SPICEJET 127.45 2.30 1.84 894350
H P C L 252.45 2.15 0.86 851939
PC JEWELLER 125.60 -3.60 -2.79 733814
RELIANCE CAPITAL 134.15 -1.35 -1.00 635164
» More on Most Active Volume

Asian Paints up nearly Rs 3 per share

It has resumed operations at Vishakhapatnam plant. On April 8, a fire broke out at the facility which led to shut down of the operations. 

Tejas Network gains over 5.5% on Q4 results


GAIL slips almost 3.5%


Aviation stocks gain, Jet leads with over 5% rise

COMPANY NAME LATEST HIGH LOW CHG
(Rs)
CHG(%) VALUE
(Rs CR)
VOLUME
JET AIRWAYS 162.55 168.00 158.00 7.95 5.14 3.63 223215
SPICEJET 127.15 128.40 125.40 2.00 1.60 2.73 214599
INTERGLOBE AVIAT 1507.55 1510.20 1495.25 18.45 1.24 1.03 6828
GLOBAL VECTRA 110.90 111.50 110.90 -0.90 -0.81 0.00 35
 
 
 
 

Yes bank gains over 1% in early trade


NEWS ALERT | Reliance Industries in talks with Soft Banks's Vision Fund for stake sale in Jio, reports ET Now quoting sources

Bharti Airtel, M&M, Maruti gain in pre-opening trade


Momentum picks by ICICI Securities


Rupee opening

Rupee opens higher at 69.62/$ against Monday's close of 69.67 against the US dollar

Nifty at Pre open


Market at pre-open


Today's picks:

Nifty
 
Current: 11,594 (fut: 11,615),
Target: NA
Stop-long positions at 11,530. Stop-short positions at 11,700. Big moves could go till 11,750, 11,450. A long 11,600p (50), short 11,500p (22) could gain 15-20 if the futures drops till 11,550
 
Bank Nifty
 
Current: 29,688 (fut: 29,725),
Target: NA
Stop-long positions at 29,575. Stop-short positions at 29,875. READ MORE

Weekly future recommendation by ICICI Securities

Buy Bata India (BATIND) April future in the range of Rs 1,410-1,420. 
 
Target: Rs 1,520
 
Stop Loss: Rs 1,355
 
Rationale: Consumption stocks have continued their positive trend and were one of the few to make fresh life-time highs. Stocks like Bata India have seen continued delivery based buying in the recent up move. Open interest in the stock has declined almost 50% since the February series indicating ongoing short covering. Recently, within a range bound market, the stock has been hovering in the range of Rs 1,400 - Rs 1,440. However, we expect further upsides to be seen in the stock ahead of its quarterly results on the back of short covering.

 
 

Oil check

At 8.40 am, Brent crude was trading at $74.36 per barrel.

The United States, on Monday, decided "not to reissue waivers" on Iran sanctions and demanded all Iranian oil buyers to stop importing oil from Tehran

YES Securities on HDFC Bank

Diversified retail asset franchise and improvement in corporate credit demand should drive north of 20% pa loan growth for HDFC Bank over FY19-21. Firm NIM, contained cost growth and some moderation in credit cost should drive 23% pa growth in earnings, despite challenges in core fees. In our estimate, the two subsidiaries of the bank combined represent about Rs100/share today. Adjusting for this, HDFC Bank trades at 3.2x FY21 P/ABV. Re-iterate BUY and raise 12-month price target to Rs 2,700.

 

SGX Nifty

At 8:35 am, SGX Nifty was trading 9.5 points (0.08 per cent) higher at 11,626.5. 

Asian Markets check

Asian shares were little changed on Tuesday, hovering not far from nine-month peaks hit last week, with concerns China may slow the pace of policy easing curbing the market’s enthusiasm.

MSCI’s broadest index of Asia-Pacific shares outside Japan was almost flat, while Japan’s Nikkei average eased 0.2 per cent. Many markets around the world remained shut on Monday after the long Easter weekend.

Wall Street check

US stocks ended a low-volume trading session little changed on Monday, with the biggest gains in the energy sector as investors otherwise stayed on the sidelines ahead of quarterly earnings.

The Dow Jones Industrial Average fell 48.49 points, or 0.18 per cent, to 26,511.05, the S&P 500 gained 2.94 points, or 0.10 per cent, to 2,907.97 and the Nasdaq Composite added 17.21 points, or 0.22 per cent, to 8,015.27.

FII/FPI & DII trading activity on NSE, BSE and MSEI


Bulk deal on NSE as on Monday

Bulk Deals Historical Data
Data from 22-04-2019 to 22-04-2019
Date Symbol Security Name Client Name Buy / Sell Quantity Traded Trade Price /
Wght. Avg. 
Price
Remarks
22-Apr-2019 63MOONS 63 moons tech limited YASHVI LODHA BENEFICIARY TRUST SELL 2,70,000 119.92 -
22-Apr-2019 AMJUMBO A and M Jumbo Bags Ltd BHARGAV DEEPAK RAVANI SELL 10,000 46.50 -
22-Apr-2019 AMJUMBO A and M Jumbo Bags Ltd PARTH HITESHKUMAR SHAH BUY 10,000 46.50 -
22-Apr-2019 DHFL Dewan Housing Fin Corp CROSSLAND TRADING CO BUY 23,68,662 143.26 -
22-Apr-2019 DHFL Dewan Housing Fin Corp CROSSLAND TRADING CO SELL 23,68,662 143.38 -
22-Apr-2019 DHFL Dewan Housing Fin Corp TOWER RESEARCH CAPITAL MARKETS INDIA PRIVATE LIMITED BUY 17,73,054 144.97 -
22-Apr-2019 DHFL Dewan Housing Fin Corp TOWER RESEARCH CAPITAL MARKETS INDIA PRIVATE LIMITED SELL 17,73,054 145.03 -
22-Apr-2019 JETAIRWAYS Jet Airways (India) Ltd. A.P.T. PORTFOLIO PRIVATE LIMITED BUY 21,57,715 148.14 -
22-Apr-2019 JETAIRWAYS Jet Airways (India) Ltd. A.P.T. PORTFOLIO PRIVATE LIMITED SELL 21,57,715 148.21 -

Click here for complete list og Bulk Deals on NSE

Three stocks Jay Anand Thakkar of Anand Rathi is bullish on

SELL NIFTY TARGET 11685 STOP LOSS 11556
 
Nifty has fallen in a five wave declining structure on the hourly charts and a bounce of the same is expected. A minimum of 38.2% retracement of the same is expected, hence we recommend buying for the target of 11685 with a stop loss of 11556.

BUY TCS TARGET 2275 STOP LOSS 2099
 
The Stock has provided a breakout from the symmetrical triangular pattern with a buy crossover in MACD on its daily, weekly and monthly charts which is a positive sign. Hence, we recommend buying this stock. READ MORE


Essel Propack, GAIL, ACC and Indiabulls Real Estate top stocks to watch

Here's a look at the top stocks that may remain in focus today -
 
Earnings today: As many as 15 companies are slated to release their March quarter earnings today. Prominent among them include ACC, Sasken Technologies, Indiabulls Real Estate and Tata Global Beverages.
 
GAIL: State-owned Gail (India) has emerged as the highest bidder for seven operating wind power plants of Infrastructure Leasing and Financial Services (IL&FS) having a total generation capacity of 874 megawatts.
 
Essel Propack: Private equity major Blackstone said on Monday it was making its largest investment in the consumer sector in India by picking up a 51 per cent stake in Essel Propack for up to Rs 3,211 crore ($460 million). READ MORE


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