MARKET WRAP: Sensex gains 490 pts to end above 39k ahead of F&O expiry

A last hour surge led by gains in financials and IT stocks helped the benchmark indices snap their 3-day losing streak and close Wednesday's session at day's high.

The BSE Sensex ended the day at 39,055, up 490 points, or 1.27 per cent, with the highest gains in HCL Tech, ONGC, IndusInd Bank, YES Bank and Bharti Airtel. Out of 30 components, 23 scrips ended in the green and rest seven in the red. Broader index Nifty50 surged 150 points to close at 11,726. About 1,232 shares advanced while 1,237 shares declined, and 157 shares remained unchanged. 

Market breadth was in favour of advances with advance-decline ratio at 1:1

Among sectoral indices, only the Nifty Auto index ended in red, with the Nifty PSU Bank index being the biggest gainer, up 1.5 per cent.

BUZZING STOCKS

ACC shares ended the day at Rs 1,600.70, a decline of 3.67 per cent on the National Stock Exchange (NSE) after the company reported a lower-than-expected operating performance in the quarter ended March, 2019 or Q1CY19. READ MORE

Shares of Oil and Natural Gas Corporation (ONGC) hit a 6-month high of Rs 170, up 4 per cent, in intra-day trade on Wednesday, and ended the day at Rs 168.35, a gain of 2.81 per cent, on the expectations of strong earnings in the January-March quarter (Q4FY19). READ MORE

Indiabulls Real Estate surged 10 per cent to close the day at Rs 115.70 on the NSE on the back of heavy volumes after the company said it has decided to divest Century, the parent company that houses Hanover Square property, London. The company has decided to focus only on Mumbai & National Capital Region (NCR) markets. READ MORE

GLOBAL MARKETS

Equity markets in Asia faltered on Wednesday amid losses in South Korea and uncertainty over China’s plans for further stimulus as the economy shows signs of regaining its footing.

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.3 per cent lower, erasing early gains in the wake of record closing highs on Wall Street overnight. Japan’s Nikkei stock index ended down 0.3 per cent.

(with Reuters input)

3:48 PM IST COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME BANK OF MAHA 18.02 1.77 10.89 1580092 RELIANCE NIP.LIF 207.70 20.30 10.83 368606 INDBULL.REALEST. 115.65 10.10 9.57 4258322 RELIANCE CAPITAL 155.90 12.10 8.41 2720464 CG POWER & INDU. 37.50 2.65 7.60 1198761 » More on Top Gainers

3:47 PM IST

3:45 PM IST

3:44 PM IST

3:21 PM IST COMPANY PRICE(rs) 52 WK LOW CHG(rs) CHG(%) ASAHI INDIA GLAS 239.50 235.00 -4.65 -1.90 EVEREADY INDS. 155.55 155.00 -10.70 -6.44 HEG 1794.00 1767.80 -53.05 -2.87 REL. COMM. 1.90 1.90 -0.09 -4.52 RELIANCE POWER 7.68 7.31 0.02 0.26 » More on 52 Week Low

3:20 PM IST COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME BANK OF MAHA 18.20 1.95 12.00 1482686 RELIANCE NIP.LIF 205.75 18.35 9.79 328542 INDBULL.REALEST. 115.10 9.55 9.05 3979185 CG POWER & INDU. 37.60 2.75 7.89 1067312 RELIANCE CAPITAL 153.90 10.10 7.02 2435041 » More on Top Gainers

2:48 PM IST

2:47 PM IST

LIVE UPDATES

Top gainers on BSE500

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
BANK OF MAHA 18.02 1.77 10.89 1580092
RELIANCE NIP.LIF 207.70 20.30 10.83 368606
INDBULL.REALEST. 115.65 10.10 9.57 4258322
RELIANCE CAPITAL 155.90 12.10 8.41 2720464
CG POWER & INDU. 37.50 2.65 7.60 1198761
» More on Top Gainers

Heatmap: S&P BSE Sensex


Nifty sectoral indices at close


Market at close


Stocks that hit 52-week low on S&P BSE Sensex

COMPANY PRICE(rs) 52 WK LOW CHG(rs) CHG(%)
ASAHI INDIA GLAS 239.50 235.00 -4.65 -1.90
EVEREADY INDS. 155.55 155.00 -10.70 -6.44
HEG 1794.00 1767.80 -53.05 -2.87
REL. COMM. 1.90 1.90 -0.09 -4.52
RELIANCE POWER 7.68 7.31 0.02 0.26
» More on 52 Week Low

Top gainers on BSE500

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
BANK OF MAHA 18.20 1.95 12.00 1482686
RELIANCE NIP.LIF 205.75 18.35 9.79 328542
INDBULL.REALEST. 115.10 9.55 9.05 3979185
CG POWER & INDU. 37.60 2.75 7.89 1067312
RELIANCE CAPITAL 153.90 10.10 7.02 2435041
» More on Top Gainers

Sectoral trend at this hour


Market check


Market check

Sensex at day's high: touches 38,865.35 level

Markets at day's high


Ultratech Cement gains 1.3% after Q4 results


Eveready Industries hits four-year low; falls 12% in three days

Eveready Industries shares hit an over four-year low of Rs 156, down 5 per cent in the intra-day trade on Wednesday. It has fallen 12 per cent in the past three days after the company said its promoters' holding in the company declined due to invocation of shares. The stock of non-durable household products company was trading at its lowest level since November 14, 2014. READ MORE



Stocks that hit 52-week high on S&P BSE Sensex

COMPANY PRICE(rs) 52 WK HIGH CHG(rs) CHG(%)
BANK OF MAHA 17.87 18.23 1.62 9.97
BATA INDIA 1454.90 1458.40 12.35 0.86
VINATI ORGANICS 1765.00 1801.10 18.30 1.05
» More on 52 Week High

DHFL up 3.5%


Sectoral trend on NSE


Infibeam climbs almost 5%


MARKET CHECK


Jet example shows that Indian capitalism needs to be saved from capitalists

The grounding of Jet Airways India Ltd., the country's oldest private-sector carrier, isn't just bad news for customers and its 23,000 employees. It raises yet again a question that's puzzled two successive governments and will continue to be devil whichever party takes power after elections conclude next month: What's killing capitalism in India? CLICK TO READ FULL ARTICLE


CURRENCY CHECK | Rupee slips further to 69.93

 

Maruti, Tata Motors: How to trade auto stocks ahead of Q4 results

NIFTYAUTO: The index has halted around 9,000 levels, a trend line support of an earlier breakout which now looks like a resistance, as it failed to nurture the upside. The technical indicators RSI (Relative Strength Index) and MACD (moving average convergence and divergence) have witnessed selling pressure in the overbought territory around the same levels. CLICK TO READ FULL ARTICLE


Motilal Oswal Financial Services initiates coverage on Lemon Tree Hotels

The Indian hospitality industry is at the cusp of an upcycle with occupancy rates already breaching the optimum level of 65%. Cashing in on this upswing, Lemon Tree Hotels plans to increase owned rooms by 1.5x to 4,899 rooms over FY18-21; 68% of this incremental room addition is in the demand-dense and high ARR markets of Mumbai and Udaipur. We ascribe one-year forward EV/EBITDA of 22x to LEMONTRE (10% premium to Indian Hotels 14-year average of ~20x) considering its strong growth prospects. We arrive at a target price of INR90 and initiate coverage on LEMONTRE with a Buy rating.


ACC falls 5% to Rs 1,578 on lower-than-expected Q1 operating performance

ACC shares dipped 5 per cent to Rs 1,578 on the National Stock Exchange (NSE) in the early morning trade on Wednesday after the company reported a lower-than-expected operating performance in the quarter ended March, 2019 or Q1CY19. READ MORE



NEWS ALERT | USFDA retains official action indicated (OAI) status for Indoco Remedies's Goa fcility, reports CNBC TV18

The unit was inspected by the US regulator in January, 2019.

Prabhudas Lilladher on ACC

While the profitability is under pressure for the sector due to intense competition, unabated capacity addition and weakness in high margin Trade segment, cement prices continue to remain firm in ACC’s key markets of Central UP, MP, Jharkhand, Odisha, etc thereby fetching higher realisations. Hence, we maintain our earnings estimates for CY20e/CY21e. Given the attractive valuations and improved quality of operations, we maintain BUY with TP of Rs1,735, EV/EBITDA of 13x CY20e.

Nifty FMCG down over 200 points

Tata Global Beverages slips over 3% followed by ITC with 1.52% 



HDFC Securities on AU Small Finance Bank

AU Small Finance Bank’s scorching growth and near-flawless execution will keep valuations sustainably higher than peers. It holds the best of two worlds – NBFCs (high yielding, granular retail assets) and SFBs (rapidly expanding deposit franchise). Maintain BUY post the 4QFY19 beat. Our TP is Rs 680 (4.5x Mar-21E ABV of Rs 151).

Equirus Securities on Infosys

While commentary suggests re-investments (sales done; localization ending in FY20E) are likely concluding, segmental yoy margin performance suggests unabating large-deal transition pressures. We trim our below-consensus margin/EPS estimates but maintain ADD on the stock with a Jun’20 TP of Rs 765 (Rs 770 earlier) set at 19x (unchanged) Jun’20 TTM EPS of Rs 39.4. Weakness in the US, Europe and further margin deterioration are key risk to estimates.

Rupee check | Rupee nears Rs 70/$

Source: Bloomberg

HCL Tech up over 2% on broad-based IT sector gains


PC Jeweller up over 7%


NEWS ALERT| Rel Nippon says, in a BSE filing, promoters pledged 8.66% equity on April 15


Auto sector Q4 earnings preview: Muted revenue, drop in EBITDA margin seen

Automobile companies have shifted to low gear and demand has flattened across the board. NBFC crisis, followed by lower off-tick of volumes and increasing competition has taken a major toll on automobile original equipment manufacturer (OEMs). Major dealers across the country have been burdened with high inventory prompting OEMs to re-align their production.  READ MORE



MARKET CHECK


ICICI Securities up nearly 3%

The company has recommended a final dividend of Rs 5.70 per equity share of face value of Rs 5 each to the shareholders during Q4 results.

 
 
 

Tata Motors slips 3.6%


Lupin slides 2% after US health regulator cautions firm's Pithampur facility


Tata Global Beverages down over 1%

Tata Global Beverages (TGBL) on Tuesday reported 49.70 per cent fall in consolidated net profit at Rs 35.99 crore for the March quarter of 2018-19 financial year. 



Most active stocks by volume

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
REL. COMM. 1.90 -0.09 -4.52 11560437
INDBULL.REALEST. 113.80 8.25 7.82 1001130
SUZLON ENERGY 7.33 0.17 2.37 986454
RELIANCE POWER 7.54 -0.12 -1.57 718197
PC JEWELLER 131.25 4.60 3.63 554036
» More on Most Active Volume

Sasken Technologies up over 3%

The company's board has recommended a final dividend of Rs 7.50 per equity share of Rs 10 each for the year ended March 31, 2019.



Opening losers on S&P BSE Sensex

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
REL. COMM. 1.90 -0.09 -4.52 10845165
ACC 1594.65 -63.20 -3.81 10668
STAR CEMENT 103.35 -3.15 -2.96 54
SYMPHONY 1375.00 -33.85 -2.40 267
AMBUJA CEM. 221.60 -5.20 -2.29 10739
» More on Top Losers

Indiabulls Real surges 8% after Q4 results


Rollover stats

Nifty rollover stands at 42% on the D-2 which is in line compared to average rollovers of 41% (three series). Nifty future holds an OI of 19.5mn shares (Rs 226bn) as compared to 25mn shares (Rs 288bn) on D-2 of March expiry. As against 75 points (cost to long roller) yesterday, roll levels moved upto ~80 points (~66-68bps) today. Around 33.2k Nifty contracts were rolled while ~9.3k contracts were added in the next month.
 
Rollover activity saw pick up in Cement (49%/23%), Metals (46%/22%) and Oil & Gas (45%/23% on the D-2. Counters where rolls have picked up are TECHM (51%/15%), JSTL (54%/19%) and LPC (46%/16%).

(Source: Edwlweiss Research)

BPCL climbs over 2%


Jefferies on NTPC

NTPC should see twin benefits of operational improvement and capacity addition in the next five years. Potential earnings upside of 5-6% from power demand driven PLF recovery is an additional benefit. Favourable regulation has largely offset the impact of delayed capacity addition near term. We believe 1.1x P/B FY21E, regulated ROE of 15.5% and 13% earnings CAGR during FY18-21E make it a good near-term and medium-term portfolio holding.

Edelweiss on ACC

While investors can stomach the miss on realisations (as cement prices improved recently in North and East while staying firm at higher levels in South), the cost disappointment will remain an overhang. That said, ACC will certainly benefit from the improved pricing scenario and outlook which (despite adjusting for increased cost) drives an EBITDA upgrade of 2% for CY19 and 7% for CY20. However, our valuation framework (12x EV/EBITDA rolling over to Q3CY20E EBITDA) offers limited upside. Hence, we downgrade ACC to ‘HOLD’ with revised target of Rs 1,799 (Rs 1,653 earlier) even as we continue to stay positive on the cement sector.

OMCs largely gain in early trade


Nifty Auto down 0.5%

Tata Motors, Hero Motocorp, Maruti biggest losers

Cement industry sees pressure after ACC announces weak Q4 result


Indiabulls Real Estate rallies over 6% on healthy Q4 numbers


Nifty Bank leads in early trade, up over 100 pts


ONGC gains nearly 3% on crude supply assurance


Momentum picks by ICICI Securities


ACC down over 3% on weak Q4 numbers


Market check


Market at open

Nifty50 opens at 11,601.50 vs Tueday's close of 11,575.95

Market at open

Sensex opens at 38,672.63 vs Tuesday's close of 38,564.88

Divis Laboratories on strong growth trend, experts expect margins to expand

Divis Laboratories is trading near its all-time high and has returned about 38 per cent to investors in the last six months. The firm remains an exporter of generic active pharmaceutical ingredients (about 56 per cent of FY18 revenues) and custom synthesis (CRAMS, about 44 per cent of FY18 revenues). READ MORE

Nifty sectoral indices during pre-opening


Gainers and losers during pre-opening trade


Nifty at Pre-open


Rupee opening

Rupee opens lower at 69.81/$ against Tuesday's close of 69.62 against the US dollar

Market at pre-open


Market outlook by ICICI Securities

Indian markets are expected to open flattish on the back of mixed global cues. Market participants are likely to closely track crude & currency levels coupled with Q4 earnings traction.

GST investigation arm finds P&G India guilty of profiteering Rs 250 cr

The GST profiteering investigation arm has found leading FMCG firm P&G India guilty of not passing on GST rate cut benefits to the tune of about Rs 250 crore by a commensurate reduction in prices.
 
Based on a complaint filed before the standing committee, the Directorate General of Anti profiteering (DGAP) investigated the books of accounts of P&G India pre and post November 15, 2017, and concluded that the consumer goods manufacturer has not lowered prices of certain of its products despite cut in GST rate to 18 per cent from 28 per cent. READ MORE

Saudi, Iraq and UAE may fill in Iran gap as US ends sanctions waiver

India’s crude oil imports from Iran during 2018-19 increased by 4.4 per cent to 23.6 million tonnes (mt), compared to 22.6 mt during the previous financial year. This is likely to be replaced in 2019-20 by oil imports from countries like Saudi Arabia, Iraq, and the United Arab Emirates. READ MORE

Commodity outlook: Gold in desperate need of a renewed safe-haven buying

With gold coming under attack from the twin threats of a strengthening US currency and dwindling safe-haven demand, investors are wondering what can revive interest in the metal. In today’s report, I’ll make the case that there are at least three economic threats which could easily resuscitate gold’s fortunes among safety-conscious investors. These threats include, the still-fragile emerging markets, a weak euro zone economy, and a distant (but possible) scare in the US equity market later this summer.READ MORE


Ultratech Cement, ITC, Hotel Leela, Tata Global, ACC top stocks to watch

Here's a look at the top stocks that may remain in focus today -
 
 
Earnings today: Hexaware Technologies, Indiabulls Housing Finance, ICICI Prudential Life, Bharti Infratel, Ultratech Cement, Mahindra & Mahindra Financial Services and Muthoot Capital Services are among the 15 companies that are slated to release their Q4 earnings today.
 
ITC, Hotel Leela: Barely a month after Brookfield closed a deal to buy four hotels and a property of Hotel Leelaventure, ITC, which has a 8.72 per cent stake in the hospitality firm, has filed a petition in the National Company Law Tribunal (NCLT), accusing the company of oppression and mismanagement.
 
ACC: Cement maker ACC Tuesday reported a 38.19 per cent increase in its consolidated profit at Rs 346.02 crore for the first quarter ended March 2019, helped by increase in sales volume.  READ MORE 

Bulk deals on the NSE as on Tuesday

23-Apr-2019 BEML BEML Limited TOWER RESEARCH CAPITAL MARKETS INDIA PRIVATE LIMITED BUY 2,30,425 901.76 -
23-Apr-2019 BEML BEML Limited TOWER RESEARCH CAPITAL MARKETS INDIA PRIVATE LIMITED SELL 2,30,425 902.34 -
23-Apr-2019 BLISSGVS Bliss GVS Pharma Ltd ACHINTYA SECURITIES PRIVATE LIMITED BUY 7,02,499 176.82 -
23-Apr-2019 BLISSGVS Bliss GVS Pharma Ltd ACHINTYA SECURITIES PRIVATE LIMITED SELL 5,89,499 174.59 -
23-Apr-2019 CGPOWER CG Power & Ind. Sol. Ltd. BHARTI SBM HOLDINGS PRIVATE LIMITED BUY 71,50,000 34.88 -
23-Apr-2019 DHFL Dewan Housing Fin Corp CROSSLAND TRADING CO BUY 15,93,459 142.76 -
23-Apr-2019 DHFL Dewan Housing Fin Corp CROSSLAND TRADING CO SELL 15,93,459 142.88 -
23-Apr-2019 DHFL Dewan Housing Fin Corp TOWER RESEARCH CAPITAL MARKETS INDIA PRIVATE LIMITED BUY 25,26,868 143.38 -
23-Apr-2019 DHFL Dewan Housing Fin Corp TOWER RESEARCH CAPITAL MARKETS INDIA PRIVATE LIMITED SELL 25,26,868 143.56 -
23-Apr-2019 GSS GSS Infotech Limited VIBHA VIJAY SHAH SELL 94,500 122.10 -

Click here for the full list

SGX Nifty

At 8:35 am, SGX Nifty was trading at 11,599 level  

Neogen Chemicals' steep valuations a concern. Give IPO a miss: Analysts

The IPO comprises an offer for sale (OFS) of 2.9 million equity shares, aggregating Rs 62.4 crore and fresh issue of 3.2 million equity shares aggregating Rs 70 crore in a price band of Rs 212 - Rs 215. READ MORE 


Top trading ideas by Prabhudas Lilladher: Buy Infosys and Sun Pharma

NIFTY VIEW
 
Market at crucial support levels bringing panic to bulls as a break of 11,540 calls for a further corrective view to 11,300. Bank Nifty has already eroded over 1,000 points in last three days. Support for the day is seen at 38,270/11,500 for Sensex and Nifty, respectively, while resistance is seen at 38,850/11,630. Bank Nifty would have a range of 29,160-29,780. IT sector is still holding well with some momentum seen in pharma sector. Sun Pharma looks promising from here on. VIX also continues to be high, cautious view.
 
 
BUY INFOSYS 
 
CMP: Rs 728.20
 
TARGET: Rs 760
 
STOP LOSS: Rs 710
 
The stock has made a double-bottom formation pattern at around Rs 710 levels on the daily chart and has indicated a positive candle to signify strength and has potential to rise further in the coming days. The relative strength index (RSI) has indicated a trend reversal to signal a buy and has improved the bias. We recommend a buy in this stock for an upside target of Rs 760, keeping a stop loss of Rs 710. READ MORE

Rupee check

Rupee closed at Rs 69.63 against a dollar marginally higher than Monday’s close of Rs 69.67.


Oil check

Brent crude futures is trading $74.09 a barrel


Asian Markets check


Wall Street check




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