Sensex, Nifty end with marginal gains to settle at record closing high

Benchmark indices ended Tuesday's volatile session with marginal gains, to close in the green and at record levels for the third consecutive session.

The indices were either flat or in the red for majority of the day, but were pulled up by a buying spree in the last half an hour.

The S&P BSE Sensex settled 66 points, or 0.17 per cent, higher at 39,750 levels, with YES Bank, Coal India, Infosys, Powergrid, and Vedanta being the top gainers. Out of the 30 BSE constituents, 17 ended the day with losses.

The broader index Nifty50 index ended the day at 11,929 levels, up 4 points or 0.03 per cent. The market breadth remained in favour of buyers. About 961 shares advanced and 793 stocks declined on the NSE.

Seven Nifty sectoral indices were in the red by the end of today's session. Nifty PSU Bank took the deepest cut, down 0.7 per cent, while Nifty Media and Nifty IT indices gained almost 2 per cent and 1.3 per cent, respectively.

In the broader market, the S&P BSE MidCap index was trading 13 points or 0.09 per cent higher at 15,127 while the S&P BSE SmallCap index was trading at 15,020, up 61 points or 0.41 per cent. 

 
BUZZING STOCKS

Shares of aviation companies were in focus with InterGlobe Aviation, the operator of IndiGo, hitting a new high of Rs 1,716, up 3 per cent, on the BSE in Tuesday's early morning trade, after its quarterly profit surged five-fold in March quarter (Q4FY19). However, the stock ended the session with losses, down 0.2 per cent at Rs 1,659.10.  READ MORE

Shares of Natco Pharma hit a new low of Rs 482, down 8 per cent on the BSE in early morning trade, after the company reported a decline in net profit for the second consecutive quarter, due to lower revenue growth The stock, however, recovered the losses to finish with 1 per cent gain at Rs 530.50.. READ MORE


4:05 PM IST

4:04 PM IST

4:03 PM IST

3:39 PM IST The S&P BSE Sensex ended at 39,750, up 67 points while the broader Nifty50 index settled at 11,929, up 4 points.

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Heatmap: S&P BSE Sensex


Nifty sectoral indices at close


Market at close


The S&P BSE Sensex ended at 39,750, up 67 points while the broader Nifty50 index settled at 11,929, up 4 points.

NEWS ALERT | Gruh Finance board approves raising FPI limit to 40% from 24%

BSE Filing by Gruh Finance

Motherson Sumi climbs over 4%


Market check


Market check


NEWS ALERT | Won't allow settlement with McDonald’s if Bakshi does not settle unpaid dues with HUDCO: NCLAT

Alert: HUDCO is Housing and Urban Development Corporation 
 

Elara Capital on IndiGo (Interglobe Aviation)

Rating: ACCUMULATE
 
Target Price : INR 1927
 
Upside : 16%
 
CMP : INR 1,662 

INDIGO IN Q4FY19 PAT adjusted for INR 105mn in forex gains was at INR 5.9bn, growth of 401% YoY and 575% QoQ, vs our estimates of INR 673mn. EBITDAR was up 82% YoY at INR 20.5bn, a positive surprise, vs our estimates of INR 14.4bn, on higher revenue per seat per km (RASK) at INR 3.6. It was a 5% YoY increase vs our estimates of INR 3.4, owing to higher yield (revenue per passenger per km) by 12%, partially offset by a 2.9% decline in PLF. The rise in yield was on route optimization contributed ~2.5% and Jet Airways fiasco added ~3.5% YoY. Cost per seat per km (CASK) remains flat YoY at INR 3.3 on an 8% decline in fuel CASK while non-fuel CASK increased 5% YoY on a ~4% rise in maintenance cost. Passenger growth was at 21% YoY on 58 aircraft addition YoY wherein nine aircrafts added during Q4FY19.

We change our rating to Accumulate from Buy with a revised TP of INR 1,927 from INR 1,945 as the stock has run up by 49% in three months and we lower our FY20E EPS, Our new TP is based on 7.5x (unchanged) FY21E EV/EBITDA, in line with global LCC peers.

 
 

Anand Rathi Financial Services on Ramco Cement

Rating: Buy
 
Target Price: Rs 921
 
Share Price: Rs 797
 
The better outlook in terms of lower costs (cost-optimisation), likely stable cement prices and benefits of the ongoing expansion plans would result in a better performance. We expect PAT to clock a 37% CAGR over FY19-21. We have a Buy rating on the stock, with a target of `921, based on 14x FY21e EV/EBITDA. Risks: High pet-coke/diesel costs and declining prices.

Emami nears 52-week low on disappointing Q4 results; stock down 5%

Emami shares dipped 5 per cent to Rs 340 on the BSE in intra-day deal on Tuesday, after the company’s Ebitda (earnings before interest, taxes, depreciation and amortisation) margin declined by 390 bps at 24.2 per cent in March quarter (Q4FY19), due to increase in raw material costs. The stock is trading close to its 52-week low of Rs 338, hit on February 11, 2019. The trading volumes on the counter more-than-doubled with a combined 404,113 shares changing hands on the BSE and NSE till 01:45 pm. READ MORE



Adani Transmission zooms over 3% on healthy Q4 nos

- Net profit at Rs 146.7 crore vs Rs 150.3 cr YoY

- Revenue at Rs 2545.6 cr vs Rs 809.9 cr YoY

 

PNB slips in trade after bank reports net loss in Q4


HDFC Securities on PSP Projects

RECO: BUY
 
TARGET PRICE: 579
 
PSP is maxing out on execution at current order book levels of Rs 30bn. It needs to replenish its order book and increase the average size of new order wins. Tailwinds provided by the SDB project execution augurs well for meeting qualification requirements of large government/private orders. PSP needs to increase its
share of order book in the Mumbai/Bengaluru regions and reduce reliance on Gujarat. We believe further re-rating is contingent on this successful transformation. We maintain BUY. 
 
Key risks: 
  • Delay in diversification;
  • Slow private capex recovery; and 
  • High interest rates.

DLF, India Cements among 7 stocks that are set to rally 10%, shows MACD

Moving average convergence divergence (MACD) uses two moving averages, 26-period exponential moving average (EMA) is subtracted from 12-period (EMA) resulting in a MACD line. To identify the potential trigger for buy and sell, a nine-period EMA is plotted on the MACD known as Signal Line. CLICK TO READ FULL ARTICLE 

Photo: iStock

Prabhudas Lilladher on IndiGo

Rating: BUY  
 
TP: Rs 1,948
 
We upgrade FY20 & FY21 EPS by 18% & 20% respectively given the 
 
1) strong yield environment following Jet suspending operations; 
 
2) industry leading capacity growth of 27% over FY19-21; and 
 
3) focus on expanding international footprint and optimizing network shall enable unit revenues (RASK) to grow 5% over FY19-21.

HDFC Securities on PNC Infratech

Being a strong local player, PNC is well placed to capture a large share of the upcoming NHAI and UPEIDA tendering (incl. Bundelkhand, Gorakhpur Link and Ganga Expressways). PNC has guided for ~Rs 70-80bn inflows in FY20E (~50% in HAM). Asset monetization is on track with PNC awaiting NOC from NHAI and lenders (receipt is likely by Sep-19) for Aligarh Ghaziabad project stake sale to Cube Highways. Of the total order book of Rs 131bn only ~Rs 9bn is yet to move into execution. Balance sheet is robust with FY19-end standalone net D/E of <0.1x. Our estimates for PNC are ~25% higher than consensus as we believe the management is conservatively guiding the analyst community. We maintain BUY.

PNB reports net loss of Rs 4,750 cr in Q4, asset quality improves

Net NPA stood at 6.56 per cent against 8.22 per cent in the previous quarter of FY19. Gross NPA came in at 15.5 per cent against 16.33 per cent in the December quarter of FY19. Domestic net interest margin was 2.45 per cent against 2.64 per cent QoQ. CLICK TO READ FULL ARTICLE

Zee Entertainment gains over 5%


Result impact: PNB slides 1.3% after reporting net loss of Rs 4,750 cr in Q4


PNB Q4 preview: Analysts see subdued profit; merger commentary eyed

The state-owned lender is projected to report up to 48 per cent y-o-y jump in NII against Rs 3,063.4 crore logged in the corresponding quarter of the previous fiscal. Analysts at Antique Broking, for instance, expect the numbers to come in around Rs 4,538.4 crore (up 48.2 per cent y-o-y), while those at Phillip Capital pegs it around Rs 4,411.3 crore. READ MORE


Manpasand Beverages tanks 20% for second straight day on GST fraud case

Shares of Manpasand Beverages were locked in the lower circuit for the second straight day on Tuesday on the BSE after the stock plunged 20 per cent at Rs 70.40 apiece. The stock has spiraled down after the company’s top management was arrested in a Rs 40 crore Goods and Services Tax (GST) fraud case. During the past two trading sessions, the leading fruit juice manufacturer's stock has tanked 36 per cent - from Rs 110 - since Friday, as compared to a 0.59 per cent rise in the S&P BSE Sensex. It was trading close to its all-time low level of Rs 58 per share touched on February 6, 2019. READ MORE



Adani Gas rallies 15% on strong Q4 results; stock hits record high

Shares of Adani Gas has rallied 15 per cent to Rs 164, also its record high on the BSE, after the company posted strong results for March quarter (Q4FY19). The Gautam Adani-led city gas distribution (CGD) company posted a 91 per cent year-on-year (Y-o-Y) growth in consolidated net profit at Rs 75.75 crore in Q4FY19. Operational revenue grew 25 per cent at Rs 494 crore on Y-o-Y basis. READ MORE



DLF, India Cements among 7 stocks that are set to rally 10%, shows MACD

The moving averages have always helped in identifying the trend of the stocks, whether it is simple moving average (SMA) or exponential moving average (EMA). Generally, averages are plot on the price charts; however, rigorous studies have helped to discover an indicator for appropriate utilisation. READ MORE

NSE Nifty50 gets new logo

NEWS ALERT | IFC to invest $35 m in Manappuram Fin: CNBC TV18

-  IFC's investment to help low-income groups get gold loans

Sectoral trend on NSE


Day after Modi win, global investors pumped in $216 mn into Indian bonds

Global investors piled a net $216.3 million into Indian bonds on Friday, the day after Prime Minister Narendra Modi’s sweeping election victory. The second-biggest daily inflow in two months turned foreign funds into net buyers of rupee-denominated notes for May, signaling the debt’s appeal may be rising as wagers grow that the Reserve Bank of India will soon add to its two interest-rate cuts this year. READ MORE



MARKET CHECK


ICICI Securities on ZEE Entertainment

Near term concerns like a softer outlook from key categories like FMCG & other consumers, NTO led transitory impact and relative delay of stake sale (possibility of financial investors taking up stake that could entail lower valuations) makes us cautious. Furthermore, steep and aggressive spending in content (also to enhance Zee5 offering) reflects the cash burn needs to stay relevant. We note that the company in FY19 has incurred a staggering ~ Rs 1,900 crore to beef up content (~ Rs 1,200 crore inventory increase and ~ Rs 693 crore as deposits for future output deals). Consequent FCF (free cash flow) was merely Rs 230 crore in FY19. We maintain HOLD and cut our target price to Rs 365/share, valuing it at 18x FY21E P/E (vs. 20x earlier).

Equirus Securities on Thyrocare Technologies

Thyrocare’s 4Q sales at Rs 1,056mn came in line with EE as lower growth in sickness care was compensated by robust growth in Aarogyam (preventive care). Despite price cuts, overall realizations were flattish yoy on higher contribution from Aarogyam. We believe the recent announcement by promoters to buy the loss-making NHL (Nuclear Healthcare) is a big positive; the move is expected to boost profitability and return ratios, appease concerns as well as remove a major stock overhang. We cut estimates to factor in the above-expected impact of price cuts, but believe the stock is attractively placed at current valuations (21x/16x PE on FY20/21 earnings) and offers a good entry point to investors. We restate LONG on the stock with a Jun’20 TP of Rs 611 (Mar’20 TP: Rs 685) set at 27x P/E(unchanged).

Reliance Industries gains over 1.5%


Elara Capital on PNC Infratech

We believe performance is likely to improve further with faster pace of execution, and, hence, we upgrade execution and earnings by 12% & 10% for FY20 and 16% & 14% for FY21E, respectively. We reiterate Buy with a new TP of Rs 247 from Rs 216, valuing construction at INR 228 on 15x (unchanged) FY21E P/E and operational assets (excluding the Ghaziabad-Aligarh project) at Rs 9 using a DCF method and under-construction HAM projects at Rs 9 on 1x equity invested.

Natco Pharma slips 8% on weak Q4 results; stock hits new low

Shares of Natco Pharma hit a new low of Rs 482, down 8 per cent on the BSE in early morning trade, after the company reported a decline in net profit for the second consecutive quarter, due to lower revenue growth. The pharma company’s consolidated net profit more-than-halved at Rs 120 crore in March 2019 quarter (Q4FY19). It had posted a profit of Rs 300 crore in the year-ago quarter. READ MORE




Natco Pharma slips 8% on weak Q4 results; stock hits new low

Shares of Natco Pharma hit a new low of Rs 482, down 8 per cent on the BSE in early morning trade, after the company reported a decline in net profit for the second consecutive quarter, due to lower revenue growth. The pharma company’s consolidated net profit more-than-halved at Rs 120 crore in March 2019 quarter (Q4FY19). It had posted a profit of Rs 300 crore in the year-ago quarter. READ MORE




DLF, India Cements among 7 stocks that are set to rally 10%, shows MACD

The moving averages have always helped in identifying the trend of the stocks, whether it is simple moving average (SMA) or exponential moving average (EMA). Generally, averages are plot on the price charts; however, rigorous studies have helped to discover an indicator for appropriate utilisation. Moving average convergence divergence (MACD) uses two moving averages, 26-period exponential moving average (EMA) is subtracted from 12-period (EMA) resulting in a MACD line. READ MORE

Nifty metal index gains


Reliance Capital gains over 2%


Aviation stocks gain; IndiGo hits new high on strong Q4 results

Shares of aviation companies were in focus with InterGlobe Aviation, the operator of IndiGo, hitting a new high of Rs 1,716, up 3 per cent, on the BSE in Tuesday's early morning trade, after its quarterly profit surged five-fold in March quarter (Q4FY19). SpiceJet's stock, too, rallied 5 per cent to Rs 153, and was trading close to its record high of Rs 156, hit on December 20, 2017, in intra-day trade. READ MORE




F&O highlights by ICICI Securities

As rollover activity is likely to pick up pace, we expect intraday volatility to be higher. However, the overall set-up remains positive. We feel the Nifty is well placed to test its highest Call base of 12000. The midcap space is likely to attract short covering while stocks like Century Textile, Raymond and Jubilant Foodworks can be a good expiry bet
 
Stock Analysis
  • Long build-up/short covering: OMCs, Bharti Infratel, RBL Bank, Century Textiles and L&T
  • Short build-up/profit booking: Page Industries, Tech Mahindra, Havells, Zee Entertainment and ITC

Anand Rathi on HG Infra Engineering

We slightly raise our earnings estimates to factor in the stronger-than-expected inflows. Also, we raise our PE multiple to 12x (from 10x earlier) due to the better growth prospects. Consequently, we revise our TP to Rs 374. At the ruling price, the stock (excl. investments) trades at PER of 10.6x FY20e and 9.4x FY21e. Risk. Any slower-than-expected pace of execution.

MOFSL on Tata Motors

  • A sustainable recovery in volumes of JLR, particularly in the profitable markets of China and LR portfolio, is the key to value-accretive growth and stock performance. This is particularly important due to the impending downcycle in the cash-cow CV business in FY21.
  • India business weakening outlook offsets for cost cutting-led recovery at JLR. FY21 could be challenging year for India as well as JLR (run-out of most profitable RR/RR Sport). Further, the noise around EVs, Brexit and trade-war adds to the uncertainty.
  • The stock trades at 12.1x FY21 consol. EPS, 3.1x EV/EBITDA and 0.9x P/BV (for ~7.6% RoE). Maintain Neutral with a target price of ~Rs 200 [Mar-21 SOTP].

MARKET CHECK


Momentum picks by ICICI Securities


Telecom stocks are trading mixed

COMPANY NAME LATEST HIGH LOW CHG
(rs)
CHG(%)
REL. COMM. 2.05 2.14 2.03 -0.07 -3.30
VODAFONE IDEA 13.30 13.35 12.90 0.25 1.92
M T N L 10.09 10.45 9.92 -0.12 -1.18
TATA TELE. MAH. 2.84 3.00 2.70 0.16 5.97
BHARTI AIRTEL 346.50 351.15 346.00 -3.50 -1.00
NETTLINX 36.05 36.05 35.90 0.10 0.28
TEJAS NETWORKS 185.00 185.00 184.00 -0.95 -0.51
TATA COMM 548.90 553.00 547.75 -2.60 -0.47

Nifty IT index is trading 1% higher


Most active stocks by volume

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
SPICEJET 150.30 4.55 3.12 1153025
YES BANK 152.50 5.85 3.99 735545
NHPC LTD 25.30 1.70 7.20 439449
PC JEWELLER 99.80 1.45 1.47 400806
RELIANCE POWER 7.40 -0.06 -0.80 381643
» More on Most Active Volume

Emami slips 2% after reporting dip in Q4 net profit


SpiceJet trades with gains ahead of Q4 results


Natco Pharma slips 4%


Manpasand Beverages tanks 20% for second consecutive session amid GST fraud case


Adani Ports gains over 3% after Q4 profit rises 41%


Interglobe Aviation rises almost 3% on five-fold increase in Q4 profit


Heatmap: S&P BSE Sensex


Nifty Bank opens at record high


Market at open


Market at open


Market at open

At 9:17 AM, the S&P BSE Sensex was trading at 39,744, up 61 points while the broader Nifty50 was ruling at 11,930, up 5 points or 0.05 per cent.

NEWS ALERT | Sony wants Zee promoters to reduce stake below 10%: CNBC TV18

- Sony meets Essel Group to revive stake sale talks for Zee Entertainment

- Sony, Essel to finalise valuation and structure model


NEWS ALERT | Sony to get right of first refusal for any future stake sale: CNBC TV18

Sony planning majority stake in Zee Ent

Nifty sectoral indices at pre-open


Market at pre-open


Rupee opening

Rupee opens lower at 69.65/$ vs Monday's close of 69.49 against the US dollar

Elara Capital on Bank of Baroda

Rating: SELL
 
Target Price : Rs 122
 
Downside : 11%

Recommendation: Sell


Near-term challenges persist in terms of merger synchronization, and we believe this will pose challenges to the bank’s near-term profitability outlook due to higher opex; although consolidated numbers (which are yet to be released) would provide more visibility. We are of an opinion that currently the standalone entity looks attractive, but there is no clear visibility on the merged entity, and this overrides our view on the bank. We therefore downgrade to Sell from Accumulate with a revised target price of Rs 122 from Rs 110 based on a SOTP valuation, including subsidiaries & JV value at Rs 6 per share (from Rs 8) and standalone value at 0.75x (unchanged) FY20E P/ABV.
 

Reliance Mutual Fund's offer for sale fails to garner full subscription

Shares meant for retail investors in Reliance Nippon Life Asset Management’s (popularly known as Reliance Mutual Fund) offer for sale (OFS) failed to garner full subscription.
 
The offering saw bids for 1.5 million shares, which was only 28 per cent of 5.3 million shares put on offer. Investment bankers said the unsubscribed shares in the retail book would be allotted to institutional investors. On Friday, the institutional investor portion of the OFS garnered 1.6 times more demand than the shares on offer. READ MORE

US H-1B visa rules to affect Indian IT profit margins in FY20: Report

Profitability of IT companies is set to be impacted by adverse policies like the one on H-1B visas in the key US market, with margins estimated to narrow by up to 0.80 per cent in 2019-20, a report said Monday.
 
Revenues are set to rise by 7-8 per cent in dollar terms for the over  $180 billion industry in this fiscal on the back of faster growth in digital services, ratings agency Crisil's research wing said in a note. READ MORE

HDFC Securities on Indraprastha Gas

TARGET PRICE: Rs 385

LAST CLOSE: Rs 314

MCap Rs 220bn

RECOMMENDATION: BUY


FY19 average volume was 5.9mmscmd, up 13.8% YoY, led by 13.4% increase in CNG volumes. CNG volume growth is attributable to 7.2% increase in consumption per vehicle to 4.04scm/vehicle/day and 5.8% growth in number of vehicles to 1.08mn. Industrial and commercial segment volume grew by 24.1% YoY to 0.69mmscmd owing to 20.8% increase in number of customers in the segment.

We do not foresee any crucial regulatory adversity in CGD either through a change in gas allocation or capping returns because the superior returns in CGD will be reinvested and will help increase the share of gas in India’s energy mix to 20% (from 6% currently) by 2025.
 

Now tea industry body on anvil for setting benchmark prices of tea leaves

The Indian Tea Association (ITA), the apex body of tea manufacturers, is in discussion with the Tea Board of India to set minimum benchmark prices for various grades of tea leaves. The ITA feels this will help ailing tea firms survive the cost-disparity crisis plaguing the sector. READ MORE

In 2 days after clear mandate for Modi, market wealth grows by Rs 3.86 trn

Investors' wealth has gone up by Rs 3.86 trillion in two days of market rise where the Sensex has gained 872 points after a decisive mandate for the Narendra modi-led Bharatiya Janata Party (BJP) in the general elections.
 
The 30-share BSE key index has gained 871.9 points in two days. The Sensex on Monday closed 248.57 points higher at 39,683.29. READ MORE

Sell the rally in India stocks as headwinds persist, says BofAML

The benchmark S&P BSE Sensex gauge of stocks has pulled back after briefly climbing above the record 40,000 level on Thursday when trends showed Prime Minister Narendra Modi’s party sweeping to a comfortable victory. While the election outcome assures policy continuity and stability, it comes up against the many headwinds facing investors. READ MORE

Fiat proposes merger with Renault to create world's third-biggest automaker

Fiat Chrysler proposed on Monday to merge with France's Renault to create the world's third-biggest automaker and save billions of dollars needed to invest in the race to make new electric and autonomous vehicles.
 
The merged company would reshape the global industry: it would make some 8.7 million vehicles a year, leapfrogging General Motors and trailing only Volkswagen and Toyota. READ MORE

10-yr govt bond slips by 7 bps to 7.17% amid FPI flow, fall in oil prices

The yield on the 10-year government bond fell 7 basis points to 7.17 per cent — the lowest closing level since April 5, 2018.
 
Fall in crude oil prices and the RBI’s announcement about buying government bonds through open market operations also boosted prices, bond dealers said.
 
The yield on 10-year G-sec (7.26 per cent 2029 benchmark) ended at 7.17 per cent on Monday, as against the previous close of 7.23 per cent on Friday. READ MORE

Higher raw material costs, adverse product mix weigh on Divi's Labs

Divi’s Laboratories' March quarter results did not meet the Street’s expectations, leading to a sharp 9.5 per cent correction in the stock on Monday. Though the company’s revenues grew 15.5 per cent year-on-year, they were lower than the Street’s estimates. READ MORE

PNB, IndiGo, SpiceJet, Sun Pharma and ZEE Entertainment top stocks to watch

Earnings Today: Over 380 companies are scheduled to release their March quarter results today including names such as Sun Pharma, Punjab National Bank, SpiceJet and IRCON International.
 
ZEE Entertainment: Zee Entertainment Enterprises (ZEEL) reported Rs 7,933.9 crore in consolidated revenue for the year ended March 31. This is up 18.7 per cent, from the total revenue reported in 2017-18 or FY18 (Rs 6,685.7 crore). Ebitda for the year was Rs 2,564 crore, up 23.5 per cent from FY18’s Rs 4,609.5 crore, while profit after tax (PAT) for the year was Rs 1,567.1 crore, up 6 per cent from Rs 1,479.1 crore last financial year. READ MORE

Motherson Sumi could see earnings downgrades over auto sector slowdown

Hemmed in by demand issues in the Indian and the global automotive markets, along with and higher start-up costs, Motherson Sumi reported a lower than expected March quarter performance. While revenue in the quarter was broadly in line with estimates, margins, especially in international operations, were affected as the company ramped up operations at new plants and recent acquisitions. READ MORE

GDP growth in Q4 may moderate to 6.1-5.9%, RBI likely to cut rates: SBI

The country's economic growth in the fourth quarter ended March 2019 is expected to moderate to 6.1-5.9 per cent, which could pull down growth rate for the entire fiscal 2018-19 to below 7 per cent, according to a report by SBI.
 
The slip in GDP growth may force the Reserve Bank of India to move with a deeper 0.50 per cent cut in rates at its next review to propel the sluggish economy, the SBI Ecowrap report said Monday. READ MORE

Fixing NBFCs, cleaning up bank balance sheets among govt's 100-day plan

The National Democratic Alli­ance government’s resounding return to power will signify policy continuity, and that’s a great relief for the investor community. Most of the important policies would be related to the financial sector, going by the tasks left undone by the previous government. READ MORE

Anil Ambani to sell BIG FM for Rs 1,050 cr to Jagran's Music Broadcast

Anil Ambani-led Reliance Group’s Reliance Capital and Reliance Land will divest the entire equity stake in Reliance Broadcast Network (RBNL) to Jagaran Prakashan-owned Music Broadcast (MBL).
 
RBNL operates 58 radio stations across the county under the brand name BIG FM Radio, while MBL operates radio stations under Radio City (39 stations).  READ MORE

Debt recast: RBI likely to relax voting threshold of lenders to 90%

The Reserve Bank of India (RBI) is likely to relax the voting threshold of lenders — for any corporate debt restructuring — to 90 per cent, as compared to the earlier 100 per cent under the February 12, 2018 circular. READ MORE

Mid, small-cap funds ride on Modi wave, post up to 5.4% gains in a week

Mid- and small-cap schemes, which had given tepid returns in recent years, have bounced back sharply in the last week following the euphoria surrounding election results. After the Bharatiya Janata Party’s stunning victory, market players now see scope for a broad-based market rally. READ MORE

Five things investors can infer from advance-decline ratio

One of the popular measures or ratios used to gauge the strength of the stock market is the Advance/Declines ratio or simply the A/D ratio. The A/D ratio is the ratio of the number of shares that advanced to the number of shares that declined. The extent of decline or rise in the stock price is not taken into consideration. On a particular trading day, if 1,300 stocks advanced, 1,100 stocks declined and 150 stocks were constant, then you can interpret the A/D ratio as 1300/1100 = 1.18. READ MORE


MCA prepares a list of offenders to prevent them from fleeing country

Widening its probe against economic offenders, the Ministry of Corporate Affairs has prepared a list of 20 individuals and requested the Intelligence Bureau (IB) to not allow them to flee the country.
 
The move comes in the wake of several such instances where offenders had fled the country soon after the investigation was launched. READ MORE

Full-fledged earnings recovery is still some quarters away: Jinesh Gopani

While the election results are positive for Indian equities, long-term structural changes will take time, says Jinesh Gopani, head of equity, Axis Mutual Fund. In an interview with Ashley Coutinho, he says that a full-fledged earnings recovery is still two-three quarters away and is closely linked to macro factors. READ MORE



Rural slowdown, funding pull down FMCG stocks; quick recovery unlikely

The Page Industries stock was down over 10 per cent, its steepest fall in a decade, on muted volume growth and liquidity issues. The management in an investor call had highlighted pressures on the trade channel, which have resulted in 1 per cent volume growth for the March quarter. READ MORE
.

Market outlook by HDFC Securities | Deepak Jasani, head of retail research

Technically, with the markets surging higher, the underlying trend remains up. Markets are trying to revisit Nifty highs of 12,041 made last week. Further upsides are likely in the near term once the immediate resistance of 11,957 is taken out. Crucial supports to watch for resumption of weakness is at 11,812-11,658.

From Larsen & Toubro to Tata Steel, hot stocks to watch on Tuesday

Nifty
 
Current: 11,925 (fut: 11,915)
 
Target: NA
 
Stop-long positions at 11,825. Stop-short positions at 12,025. Big moves could go till 11,750, 12,100. Trend is positive but one big session of profit-booking before settlement is likely. A long 11,800p (29), long 12,000c (37) has breakevens at 11,734, 12,066.
 
Bank Nifty
 
Current: 31,647 (fut: 31,579)
 
Target: NA
 
Stop long positions at 31400. Stop short positions at 31725. Big moves could go till 31900, 31250. Trend is positive. READ MORE

Top trading ideas by Anand Rathi: Buy ACC, Sadbhav Engineering and M&M

ACC: BUY
 
TARGET: Rs 1,846
 
STOP LOSS: Rs 1,686
 
The stock has provided a breakout from the multiple swing resistances with a clear buy crossover in its momentum indicator MACD on the daily, weekly and monthly charts. It seems to have started wave III on the upside and it is likely to inch towards Rs 1,846 levels. READ MORE

Bulk deal on NSE as on Monday

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


Rupee check

Source: Bloomberg


Oil check

At 7:40 am, Brent crude futures were trading at $68.66 per barrel.

SGX Nifty

At 7:40 am, SGX Nifty was absolutely flat at 11,924 levels. 

Asian Markets check

Source: Reuters


US Market check

Wall Street was shut for trading on Monday on account of Memorial day. 
Follow all the latest markets related news here
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