MARKET WRAP: Sensex, Nifty end marginally lower after a volatile session

Benchmark indices ended a volatile session marginally lower on Thursday with IT and Pharma stocks dragging the indices down.

 
The Sensex dropped 50 points, or 0.13 per cent, to finish at 38,981 levels, with TATA Motors, ICICI Bank, IndusInd Bank, Infosys and HCL Tech among the biggest losers. Of the 30 constituents, 15 ended the day in green while as many were painted red.

Nifty50 failed to hold the 11,750 level and closed at 11,725 levels, down 23 points, or 0.20 per cent. About 1,053 shares advanced, 1,442 shares declined, and 163 shares remained unchanged. 

India Vix rose 5.19 per cent to 22.96.

Among sectoral indices, Nifty IT index was the biggest loser, down 1.8 per cent, led by a fall in Infosys, TCS and HCL Technologies. The Nifty Media index also dipped over 1 per cent.

The broader market fared worse with the S&P BSE MidCap index tumbling 91 points, or 0.61 per cent, to 14,798, while the S&P BSE SmallCap index ended the dat at 14,593, down 31 points, or 0.21 per cent.

BUZZING STOCKS

Escorts shares dipped almost 8 per cent to Rs 58.90 after the farm equity major reported a 15 per cent decline in tractor sales to 5,264 units in April 2019. The company had sold 6,186 tractors in the same month last year. READ MORE

Jet Airways (India) shares saw a late recovery to end the day at Rs 135.40, down 11.71 per cent, after skidding 20 per cent to hit its 52-week low of Rs 123 on the BSE in early morning trade, on report that bidders have not shown interest in following up their offers for the debt-laden airline with a few days left to submit their final bids. The stock is trading close to its all-time low level of Rs 115 touched on March 12, 2009 in intra-day trade. READ MORE

Ashok Leyland shares rose over 3 per cent to Rs 89.70 on the National Stock Exchange (NSE), after the company reported 10 per cent rise in the domestic vehicles sales at 13,141 units in April 2019. The commercial vehicles company had sold 11,951 vehicles in domestic market during the same month last year. READ MORE

 
GLOBAL MARKETS

 
Asian markets marked time on Thursday with two major centers - Japan and China - shut for holidays while the dollar held on to overnight gains after the US central bank poured cold water on rate cut expectations.

Australian shares slipped 0.7 per cent while New Zealand was up 1.2 per cent and South Korea’s KOSPI index added 0.4 per cent.

(With inputs from Reuters)


3:40 PM IST COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME SHARDA CROPCHEM 405.00 39.30 10.75 4741 AJANTA PHARMA 1070.75 81.30 8.22 122501 CAN FIN HOMES 340.45 22.90 7.21 179282 BOMBAY DYEING 120.00 7.40 6.57 572049 HEG 1730.15 103.90 6.39 86249 » More on Top Gainers

3:39 PM IST COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME JET AIRWAYS 136.00 -17.30 -11.29 3505874 RELIANCE POWER 5.38 -0.67 -11.07 32442190 ESCORTS 679.00 -60.90 -8.23 203858 DILIP BUILDCON 496.00 -44.35 -8.21 25433 BANK OF MAHA 16.85 -1.32 -7.26 385541 » More on Top Losers

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LIVE UPDATES

Top gainers on BSE500

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
SHARDA CROPCHEM 405.00 39.30 10.75 4741
AJANTA PHARMA 1070.75 81.30 8.22 122501
CAN FIN HOMES 340.45 22.90 7.21 179282
BOMBAY DYEING 120.00 7.40 6.57 572049
HEG 1730.15 103.90 6.39 86249
» More on Top Gainers

Top losers on BSE500

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
JET AIRWAYS 136.00 -17.30 -11.29 3505874
RELIANCE POWER 5.38 -0.67 -11.07 32442190
ESCORTS 679.00 -60.90 -8.23 203858
DILIP BUILDCON 496.00 -44.35 -8.21 25433
BANK OF MAHA 16.85 -1.32 -7.26 385541
» More on Top Losers

Heatmap: S&P BSE Sensex


Nifty sectoral indices at close


Market at close


Escorts down almost 8%


Kansai Nerolac slides 5% after Q4 results announcement


Is the time right to book profit in Nifty stocks? Here's what charts say

The ongoing trend in the indices suggests resistance at higher levels, although they are not indicating any correction as higher levels are tested again and again. It could be a case wherein the selling pressure is getting absorbed; however time will unfold the next move. During the uncertain scenario, the question arises as to what should be done to safeguard one’s investment in Nifty50 stocks. There are eighteen stocks in the index which are trading near their 52-weeks high and two of them are close to hit a new high (Kotak Mahindra Bank and Larsen and Turbo). READ MORE



NEWS ALERT | Sharesholders'at Apollo pledge 3.4% shares

- In a BSE filing, Apollo Hospital Enterprise said PCR Investments Ltd has pledged shares on April 30, 2019.



NEWS ALERT | NCLAT on IL&FS case

- NCLAT reinforces moratorium on assets of ILFS Group 
 
- NCLAT says even if declared as NPA, no money shall be debited from the Co's account
 
- Lenders must not withdraw support until a resolution is found
 
- Lenders to help in maintaining status of group cos as going concerns


Sectoral trend on NSE


Results impact | Dabur tanks 4%


NEWS ALERT | Gruh Finance to hold shareholders' meet on June 4

Agenda: Approval of merger with Bandhan Bank


NEWS ALERT | SpiceJet announces 19 new flights connecting Mumbai with other domestic cities




MRF Q4 results: Revenue up 6.2% at Rs 4,073.5 crore (YoY)


Prabhudas Lilladher on Exide Industries

Recommendation: ACCUMULATE

Exide Industries’ Q4FY19 operating performance surpassed our estimates, wherein operating margins stood at 14.4%, up 70bps YoY / 190bps QoQ, against PLe of 13.5%. With lead prices lower ~20% YoY (down ~3% QoQ), gross margins were higher 30bps YoY / flat QoQ. Staff costs as a % of sales too dipped 60bps YoY (lower 80bps QoQ) while other expenses as a % of sales rose 20bps YoY (up 110bps QoQ). 
 

PNB Housing Finance hits new low after CARE places rating on watch

Shares of PNB Housing Finance (PNBHFL) hit a new low of Rs 683, down 4 per cent, in intra-day trade on Thursday after CARE Ratings placed the company’s ratings on "watch". The stock has fallen 12 per cent in the past two trading days on the BSE with concerns over raising money to maintain comfortable capital adequacy and gearing level.  READ MORE
 
 

NEWS ALERT | PNB housing to consider raising up to $1 Bn

- Amt to be raised via external commercial borrowing, on May 9
 
- The board will also mull issuing NCDs worth up to Rs 10,000 cr in various tranches, on May 9

Source: BSE filing 

NEWS ALERT | CARE Ratings revises its stance on Indiabulls Housing on Lakshmi Vilas Bank merger

Puts debt instruments and bank facilities on credit watch with developing implications. 

Heatmap: S&P BSE Sensex


Sectoral trends on NSE at this hour


Gainers and losers on S&P BSE Sensex at this hour


Market check


Market check


Gruh Finance rallies after Bandhan Bank declares Q4 nos

Alert: Bandhan bank and Gruh Finance will be merged soon

63 Moons rallies 21% in two days as SC rules against NSEL merger

Shares of 63 Moons Technologies (formerly known as Financial Technologies India) were locked in upper circuit for the second straight day on Thursday after they rallied 10 per cent to hit Rs 137 apiece level.
 
The financial services firm was witnessing the rally after the Supreme Court on Tuesday set aside the Centre’s decision to merge National Spot Exchange (NSEL) with the company. In two days, the stock has surged 21 per cent. READ MORE

Bandhan Bank surges over 3% on healthy Q4 nos


NEWS ALERT | Bandhan Bank Q4 result

- Net profit: Rs 651 crore vs Rs 388 crore YoY
 
- Net NPA: 0.58% vs 0.7% QoQ
 
- Gross NPA: 2.04% vs 2.41% QoQ
 
- Net Interest Income: Rs 1,258 crore vs Rs 864 crore YoY 

 

63 Moons rallies 21% in two days as SC rules against NSEL merger

Shares of 63 Moons Technologies (formerly known as Financial Technologies India) were locked in upper circuit for the second straight day on Thursday after they rallied 10 per cent to hit Rs 137 apiece level. The financial services firm was witnessing the rally after the Supreme Court on Tuesday set aside the Centre’s decision to merge National Spot Exchange (NSEL) with the company. In two days, the stock has surged 21 per cent. READ MORE

DCM Limited gains almost 13%


YES Bank zooms over 4%


DCM Shriram surges 12% on strong March quarter results

Shares of DCM Shriram surged 12 per cent to Rs 485 on the BSE on Thursday after the company reported a six-fold jump in the consolidated net profit at Rs 293 crore in March quarter of FY19. It had posted profit of Rs 51 crore during the same quarter last year.
 
Operational revenue during the quarter under review rose to Rs 1,888 crore, up 21 per cent from Rs 1,566 crore, on quarterly basis. The company’s PBDIT (profit before depreciation, interest and tax) grew five-times at Rs 439 crore from Rs 95 crore. READ MORE

Buzzing | Escorts down over 7%


Global gold demand up 7% in Q1; gold jewellery demand in India at 4-yr high

Central banks bought 145.5 tonnes of gold, the largest Q1 increase in global reserves since 2013. “Diversification and a desire for safe, liquid assets were the main drivers of buying here. On a rolling four-quarter basis, gold buying reached a record high for our data series of 715.7 tonnes,” the WGC report said.

India’s demand for gold jewellery hit a four-year high in Q1CY19 at 125.4 tonnes. This, WGC said, helped the overall gold demand for jewellery at the global level inch nearly one per cent higher to 530.3 tonnes, worth $22.2 billion during the recent concluded quarter despite a 2 per cent decline in China’s demand for gold jewellery, estimated at 184.1 tonnes. READ MORE


Majority of pharma stocks trading in red


Nifty IT slips over 1%; TCS biggest loser


Prabhudas Lilladher on TVS Motors

Rating: HOLD | CMP: Rs 492 | TP: Rs 474
 
We are downgrading our rating from Accumulate to Hold due to sustained disappointment on margins and weak industry outlook. For Q4FY19, TVS motor's revenues grew ~10% YoY, ahead of our expectations, to Rs43.8bn. However, its operating performance disappointed with EBITDA margins at 7%, against PLe of 8.3%. Management anticipates a marginal growth for the industry over FY20 while TVS is expected to continue to outperform the industry with growth being driven by success of the new launches (Ntorq and Radeon) and strong outlook for exports. While the management also expects improvement in margins on the back of commodity costs softening along with cost reduction efforts, given FY19 margins at 7.9%, we remain cautious on the margin outlook, especially with the incremental costs related to the implementation of BSVI norms in a muted demand environment wherein full pass-on of these costs might be challenging. Factoring in the above, we have built-in overall volume growth of ~8%/5% and margins at 8.4/8.8% for FY20/21E respectively. We arrive at price target of Rs474, based upon a PE of 22x (earlier 24x) FY21E.

HDFC Securities on Reliance Nippon Life Asset Management

Recommendation: BUY

Led by a 47.1/25.6% YoY/QoQ drop in other expenses RNAM reported an EBITDA of Rs 1.14bn (+4.5/19.7% YoY/QoQ) and 17.7% above our estimates. We expect exit of ADAG to positively impact both performance. We value RNAM at 26x on its FY21E NOPLAT + value of investments to arrive at TP of Rs 254 (+29.7%) i.e. 5.5% of FY21E AUM

Ashok Leyland gains 4% post April sales number, rating upgrade

Ashok Leyland shares rose 4 per cent to Rs 90.40 on the National Stock Exchange (NSE), after the company reported 10 per cent rise in the domestic vehicles sales at 13,141 units in April 2019. The commercial vehicles company had sold 11,951 vehicles in domestic market during the same month last year. READ MORE


Photo: Reuters

Sectoral trends on NSE at this hour


Top gainers and losers on S&P BSE Sensex at this hour


Market check


Market check


Most active stocks by volume

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
RELIANCE POWER 5.58 -0.47 -7.77 20964859
YES BANK 175.00 7.00 4.17 5368014
JET AIRWAYS 127.00 -26.30 -17.16 1830484
ITC 303.75 2.20 0.73 1542826
RELIANCE CAPITAL 140.50 7.65 5.76 1317890
» More on Most Active Volume

NEWS ALERT | Capacite Infra bags contract worth Rs 229 Crore

The scope of work includes civil & shell works for Aspirational Towers A, B, C and MLCP Building at Raymond Limited, Thane

NEWS ALERT | Dilip Buildcon says entitled to bonus

The infra major has completed four laning of Lucknow-Sultanpur Section of NH-56, 188 days before the scheduled completion time. Hence, the company said, it is entitled to a bonus of Rs 37.9 crore

NEWS ALERT | Ashok Leyland: April sales figure

- Total sales: 13,626 units vs 12,677 units in April 2018
 
- M&HCV: 9,346 units vs 8,968 units (up 4% YoY)
 
- LCV sales: 4,280 units vs 3,709 units (up 15%)


NEWS ALERT | Binoy Kumar, secretary, Steel ministry, to CNBC TV18

- Believe infrastructure and real estate sector will drive steel demand

- Looking at improving iron ore supply

- Industry has requested for protection against ferrous imports

Escorts slips 7% to Rs 684 on weak April tractor sales

Escorts shares slipped 7.5 per cent to Rs 684 after the farm equity major reported a 15 per cent decline in tractor sales to 5,264 units in April 2019. The company had sold 6,186 tractors in the same month last year. Domestic tractor sales were down 18 per cent at 4,986 tractors against 6,094 tractors in previous year month. Exports in April stood at 278 units as compared to 92 units in the same month last year, Escorts said in a press release. READ MORE



ICICI Direct on Tata Steel result update

For Q4FY19, while domestic prices declined QoQ, on an absolute EBITDA basis, Tata Steel’s standalone operations reported a decent performance driven by a healthy volume push. Since February 2019, domestic steel prices have inched upwards, auguring well for the company. We continue to value the company on an SOTP basis and arrive at a target price of Rs 635. We maintain our BUY recommendation on the stock.

Nifty Bank trades in green; YES Bank biggest gainer, ICICI Bank biggest loser


Shoppers Stop down over 2%

The retail chain reported nearly 45 per cent decline in its standalone net profit at Rs 11.45 crore for the March quarter of FY19. 

ICICI Securities on Tata Steel

For Q4FY19, while domestic prices declined QoQ, on an absolute EBITDA basis, Tata Steel’s standalone operations reported a decent performance driven by a healthy volume push. Since February 2019, domestic steel prices have inched upwards, auguring well for the company. We continue to value the company on an SOTP basis and arrive at a target price of Rs 635. We maintain our BUY recommendation on the stock.

IDBI Capital on Ambuja Cements

Ambuja reported weak Q1CY19 numbers with EBITDA of Rs 4.63 billion, 11% below ours and 15% below consensus estimates. Key reasons for disappointing earnings were lower than expected realization and weak volumes. Ambuja reported volumes of 6.37 million for the quarter which is up only 2.4% YoY compared to our expectation of 5% growth. Realizations declined by 1.6% QoQ against our estimate of 2% growth. Improved operating costs, which declined by 3.6% QoQ, restricted further slide in margins. EBITDA/mt came in at Rs 727 vs Rs 659 in Q3FY19. PAT at Rs 4.27 billion was higher on account of higher other income. We have rolled our valuation forward to CY20E EBITDA and our revised target price on the stock is Rs 211 (Rs 207 earlier) with HOLD (unchanged) rating.

NEWS ALERT | M&M: April sales figures

Tractors segment

- Total sales: 28,552 units, down 8% YoY, from 30,925 units
 
- Exports: 1,057 units, up 2% YoY
 
- Domestic sales: 27,495, down 8% YoY

Total figures

- Total sales:
43,721 units, down 9% YoY

- Exports: 2,118 units, down 26% YoY

- Domestic Sales: 41,603 units, down 9% YoY


Jet Airways skids 20% as bidders show disinterest in following up on offers

Jet Airways (India) shares skid 20 per cent to hit its 52-week low of Rs 123 on the BSE in early morning trade, on report that bidders have not shown interest in following up their offers for the debt-laden airline with a few days left to submit their final bids. The stock is trading close to its all-time low level of Rs 115 touched on March 12, 2009 in intra-day trade. READ MORE



TVS Motors slips over 3%


Ambuja Cements up over 1%

It reported a 57 per cent growth in its standalone net profit to Rs 427 crore for the January-March quarter of 2019, as compared to Rs 272 crore in the corresponding period last year.


NEWS ALERT | SBI Ch'man, Rajnish Kumar, to CNBC

- Need to fix distress around agriculture

- Indian economy is growing around 7%

- Expect good credit growth in FY20

- Most PSBs coming out of loss, stressed asset sitution

Federal Reserve keeps interest rates unchanged: Top highlights from policy review

“We think our policy stance is appropriate at the moment; we don’t see a strong case for moving it in either direction,” Federal Reserve Chairman Jerome Powell said in a press conference following the end of the central bank’s two-day policy meeting. CLICK TO READ FULL REPORT

 

Nifty indices trading flat


Indian Hotels Co up over 3%

The group reported 54.55 per cent rise in consolidated profit after tax (PAT) at Rs 122.56 crore for the fourth quarter ended March 31, 2019.

Intra-day future recommendations by ICICI Securities


Yes Bank trades in green


YES Securities on Biocon

Earnings fully priced in at extant valuation

RECOMMENDATION: SELL
 
Looking at the biosimilar landscape in US, we believe competition is likely to heat up in Trastuzumab with at least 3 approved biosimilars apart from Mylan/Biocon. While Biocon has covered a large road in biosimilars and is on its way to unlocking value, we believe near term upsides have been capped in the stock at 28x FY21 PE which leaves no room for disappointment. 
 
 
 

TVS Motor down almost 8%


Infosys dips over 1%


NEWS ALERT | L&T Cons bags gold processing contract

The contract is likely to be within the range of Rs 2,500 crore - Rs 5,000 crore. 

NEWS ALERT | Bajaj Auto: April sales figures

Total sales: 4.32 lakh units vs 4.15 lakh units (April 2018)
 
Exports up 3% YoY at 1.91 lakh units
 
Domestic sales: 2.32 lakh units, up 1% YoY


Britannia Industries climbs over 1%


Momentum Picks by ICICI Securities

 

Rupee opens 5 paise lower against US dollar amid decline in oil prices

The rupee on Thursday opened 5 paise lower at 69.61 against the US dollar amid fall in crude oil prices and subdued Asian equities. The domestic unit on Tuesday ended at 69.56, up 46 paise, mainly on account of slip in crude oil prices. READ MORE



Reliance Power tanks almost 11%


Nifty Auto index is trading 1.6% lower


Tata Motors down over 2.5%


Eicher Motors down 2%


Jet Airways slips 15%


Sectoral trend on NSE


First trade


Sectoral trends on NSE during Pre-open


Gainers and losers during pre-opening trade


Nifty at Pre-open


Market at pre-open


Rupee opening

Rupee opens lower at 69.61 vs Tuesday's close of 69.56 against the US dollar

Traders need to brace for violent swings as a result of news flows

The Nifty hit a new high in mid-April and has since been range-traded near the level with a small correction. We are well into results season and half-way through the election campaign. The market continues to have some undertone of nervousness, but the stable price line is backed up by a dip in the Vix from overbought levels. READ MORE

Stocks in focus

Earnings today: Around 40 companies are slated to release their Q4 earnings for financial year 2018-19 later in the day. These will include Bandhan Bank, Bombay Dyeing, Dabur, MRF and Tata Power.
 
Indian Hotels Company: Tata Group firm Indian Hotels Company on April 30 reported 54.55 per cent rise in consolidated profit after tax (PAT) at Rs 122.56 crore for the fourth quarter ended March 31, 2019. READ MORE

Icra optimistic on Ashok Leyland this year; revises rating to stable

Ratings agency Icra has revised upwards its long-term assessment for commercial vehicle (CV) maker Ashok Leyland. The rating was revised from AA (positive) to AA+(Stable), while the short-term rating was reaffirmed at A1-Plus. Icra pointed to sustained improvement in Leyland’s credit profile in the three-year period ending 2018-19. The rationale included strong volume growth in medium and heavy CVs (M&HCV), with 10 per cent compound annual growth in those three years, stable market share at 34 per cent, improving profitability and scale economies, increasing skew towards higher tonnage vehicles, various cost control initiatives, healthy liquidity and robust debt protection metrics, said its report. READ MORE

Rich valuations can trip investors; look for stock-specific opportunities

With the Sensex trading at a trailing price-to-earnings (P/E) ratio of 29 currently, market participants have begun to worry about rich valuations. Experts have warned that the headline index has crossed the P/E of 26 only thrice—in April 2000, December 2007 and March 2019. The market had crashed each time on the earlier two occasions. READ MORE

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


Bulk deals on the NSE as on Tuesday

Click here for the full list

30-Apr-2019 63MOONS 63 moons tech limited ALPHA LEON ENTERPRISES LLP BUY 2,49,450 125.24 -
30-Apr-2019 63MOONS 63 moons tech limited ALPHA LEON ENTERPRISES LLP SELL 3,36,601 125.28 -
30-Apr-2019 63MOONS 63 moons tech limited GOGIA CAPITAL SERVICES LIMITED BUY 2,35,914 123.85 -
30-Apr-2019 AKG AKG Exim Limited AMS SHARES & STOCK LTD. SELL 96,000 34.65 -
30-Apr-2019 AKG AKG Exim Limited CHANDRAKUMAR LAXMINARAYAN RATHI BUY 40,000 34.50 -
30-Apr-2019 AKG AKG Exim Limited RADHIKA CHANDRAKANT RATHI BUY 60,000 34.80 -
30-Apr-2019 BALAXI Balaxi Ventures Ltd ALAGAPPAN V. SELL 20,000 94.83 -
30-Apr-2019 BANARBEADS Banaras Beads Ltd INDUS PORTFOLIO (P) LTD BUY 40,965 58.56 -
30-Apr-2019 BANARBEADS Banaras Beads Ltd INDUS PORTFOLIO (P) LTD SELL 40,965 58.36 -
30-Apr-2019 DHFL Dewan Housing Fin Corp SEI TRUST COMPANY LMCG EMERGING MARKETS COLLECTIVE FUND BUY 21,14,495 133.68 -

Govt okays NBCC's revised offer to take over debt-ridden Jaypee Infratech

State-owned NBCC Ltd has received go-ahead from government departments on its revised offer to acquire debt-ridden Jaypee Infratech within a week after its bid was rejected by a lenders' panel due to lack of necessary approvals, sources said.
 
In its meeting on April 26, the committee of creditors (CoC) decided not to consider NBCC's revised bid to takeover Jaypee Infratech as the same was subject to approval of various government authorities. READ MORE

Maruti's April sales drop worst in seven years, Hyundai's skids 10%

Sales at India’s top two manufacturers of passenger vehicles (PVs) fell sharply in April over the same month a year ago as the companies curtailed dispatches to dealers amid weak buyer sentiment and slowing sales.
 
While Maruti Suzuki’s PV sales in the domestic market dropped 19.6 per cent in April, for Hyundai the fall was 10 per cent over last year, the companies said in a statement on Wednesday. READ MORE


Derivatives Strategies: Signals bullish, breadth shows improvement

The Nifty continues to run up after its breakout from a trading range at 11,000. It has now run up 6 per cent within the settlement — actually in less than 3 weeks. It is now hitting resistance as it nears the all-time high.
 
Since the next 2 months involve general elections, the uptrend is likely to be heavily influenced by political news flow. The target of the breakout was till about 11,500-11,600 and it has hit resistance above 11,500. Backgro­u­nd signals are bullish. Breadth has improved with a rally in small- and mid-cap stocks. READ MORE

Return of the DIIs is not priced into the market yet, says Elara Capital MD

DIIs have been sceptical of the current rally and have preferred to be on the sidelines. They are happy to wait for the outcome before re-positioning their bets. Their ears are closer to the ground and they are still keeping an eye on the soft macro numbers and are not swayed so much by the political noise. READ MORE

Technical calls from HDFC Securities: Buy Reliance, Ultratech Cement

Remain long with 11,550 stoploss in Nifty
 
The Nifty has been trading in the narrow range of 11,787 to 11,564 for the last month. A close above 11,800 would bring fresh momentum buying in the Nifty, as primary trend has been bullish. Above 11,800, the Nifty could move to 12,000 and 12,430 targets in short term. On the downside, 11,550 has been the crucial support at which stop loss can be kept. READ MORE

Technical calls by Religare Broking: Buy Indian Oil Corporation, Lupin

Indian Oil Corporation Limited
 
Recommendation: Buy
 
Last Close: Rs 158.05
 
Initiation range: Rs 155-157
 
Target: Rs 165
 
Stop loss: Rs 153
 
IOC has been gradually inching higher for the last two months, after retesting its monthly support zone. Currently, it’s trading well above the support zone of long term averages on the daily chart and has formed a fresh buying pivot. Its current chart pattern combined with positioning of indicators is adding to the confirmation. We advise initiating fresh longs in the given range. READ MORE


Trading ideas by Prabhudas Lilladher: Buy Torrent Pharma, Greaves Cotton

NIFTY VIEW
 
Amid all the choppiness and individual stocks witnessing whiplashes, Nifty is managing to sustain well in its range. The support for the day is seen at 38,770/11,680 for Sensex and Nifty, respectively, while resistance is seen at 39,320/11,820. Bank Nifty would have a range of 29,470-30,060. IT sector continues to outperform, while auto sector has been taking the beating. Metal and Energy look positive, mid-cap sector has corrected to take support of 200-day moving average (DMA) for now. Besides tech stocks, Tata Steel, JSPL and JSW steel look promising. READ MORE

Rupee check

Source: Bloomberg 


SGX Nifty

At 8:05 am, SGX Nifty was trading at 11,793.50 level, down 55.50 points. 

Oil check

At 8:01 am, Brent crude futures were trading at $71.98 a barrel 

Asian Markets check

Source: Reuters

Wall Street check

Source: Reuters


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