MARKETS: Sensex ends 383 points up at 37,054; sees biggest jump in 6 months

Following Asian peers, the domestic equity market ended with sharp gains on Monday, led by across-the-board buying, barring IT counter. The S&P BSE Sensex reclaimed the crucial 37,000 mark to end at 37,054, up 383 points or 1 per cent. This is the biggest gain for the index in nearly six months. The 50-share Nifty added 133 points, or 1.23 per cent, to close at 11,068. Out of 50 constituents, 42 ended in the green.

Among sectoral indices, the Nifty PSU Bank index gained 2.25 per cent higher with IDBI Bank and Union Bank being the top gainers. The Nifty Metal index climbed nearly 3 per cent led by gains in Jindal Stainless (Hisar) and Welsun Corp.

In the broader market, the S&P BSE Midcap index ended up 290 points, or 1.96 per cent higher at 15,095, while the S&P BSE SmallCap index ended at 14,763, up 234 points, or 1.61 per cent.

SECTOR WATCH

Among individual stocks, Bharti Airtel zoomed over 8 per cent to end at Rs 335. Last week, news reports surfaced the Singapore government’s investment arm GIC will pick up 4 per cent stake in Bharti Airtel for Rs 5,000 crore by subscribing to the telco’s Rs 25,000 crore rights issue.

Shares of Godfrey Phillips India surged 11 per cent in the intra-day trade, hitting a 52-week high of the BSE after the company issued a clarification regarding alleged violation of the Foreign Direct Investment (FDI) laws of India. The cigarettes and tobacco products company said the allegations were"completely misconceived and misplaced". The stock closed at Rs 1,036 apiece, up 10 per cent.
GLOBAL MARKETS

Asian shares inched up on Monday as Chinese markets rebounded on hopes of more policy support for the slowing economy, but surprisingly weak U.S. employment data raised doubts about the strength of the global economy and limited gains.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4 percent, paring a quarter of Friday’s 1.6 per cent fall, its second-biggest decline so far this year. Japan’s Nikkei gained 0.5 per cent after four consecutive sessions in the red last week.

(With inputs from Reuters)

3:42 PM IST

3:42 PM IST

3:39 PM IST The S&P BSE Sensex ended at 37,054.10, up 382 points while the broader Nifty50 index settled at 11,068, up 132.60 points.

3:19 PM IST COMPANY PRICE (rs) CHG (rs) CHG(%) VOLUME INFIBEAM AVENUES 44.20 4.80 12.18 3962481 AVANTI FEEDS 455.05 44.20 10.76 289163 HIMATSING. SEIDE 194.05 17.95 10.19 31923 FORBES & CO 2398.55 218.05 10.00 4195 JUBILANT LIFE 844.85 76.35 9.93 74838 » More on Top Gainers

3:18 PM IST Our preferred overweight (OW) markets are Brazil, China, India, Indonesia and Singapore. We are UW Australia, Mexico and Philippines. We continue to OW Financials and Materials and selective cyclical areas, such as Chinese Autos whilst we are UW Telecoms and IT Hardware. Across our coverage, our preference hierarchy currently is for CSI300, Topix, MSCI EM (country allocation noted above), with MSCI Asia ex Japan likely to lag, held back by our UW Australia view. We also screen for mega cap stocks with the most upside and downside to MS bottom-up analysts targets. Photo: Shutterstock

3:16 PM IST With the uncertainty of regulations now behind, focus should now shift to core performance, which we believe is turning around well. The fixed charge under-recovery has started to decline as domestic coal availability has improved. RoE will improve from ~9% in FY18 to ~13% by FY21E as capitalisation outpaces capex and under-recoveries decline. The stock trades attractively at ~1.1x FY20E P/BV for strong double-digit earnings growth and improving RoE profile. Our revised DCF-based target price is Rs 197/share. Re-iterate Buy. NTPC

3:04 PM IST

2:51 PM IST COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME REL. COMM. 5.46 -0.39 -6.67 4793294 REC LTD 133.85 -9.25 -6.46 516778 BIRLA CORPN. 531.50 -33.30 -5.90 58509 DEWAN HSG. FIN. 132.60 -7.15 -5.12 2056195 NATL. ALUMINIUM 54.45 -2.40 -4.22 2126153 » More on Top Losers

2:35 PM IST Do most brokerages not provide any research services at all? Numbers from the stock market regulator seem to suggest so. The number of research analysts who have already undergone registration with the Securities and Exchange Board of India (Sebi) is 618. There are over 3,984 brokers. This works out to around one research analyst registration for every six brokers. READ MORE

2:25 PM IST COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME SUZLON ENERGY 7.39 0.06 0.82 8586495 REL. COMM. 5.51 -0.34 -5.81 4145014 RELIANCE POWER 11.98 0.01 0.08 4092308 INFIBEAM AVENUES 44.40 5.00 12.69 3795331 CG POWER & INDU. 36.65 0.45 1.24 3160690 » More on Most Active Volume

2:13 PM IST Shares of public sector banks (PSBs) continued their northward journey with the Nifty PSU Bank index gaining 10 per cent in past eight trading days on expectation of improving assets quality going forward. In comparison, the benchmark Nifty 50 index was up 3 per cent, while Nifty Bank index gained 4 per cent during the same period. At 01:43 pm, Nifty PSU Bank index, the largest gainer among sectoral indices, was up 2.5 per cent, against 1 per cent rise each in Nifty 50 and Nifty Bank indices. READ MORE

1:54 PM IST Saudi Arabia plans to cut its crude oil exports in April to below 7 million barrels per day (bpd), while keeping its output "well below" 10 million bpd, a Saudi official said on Monday, as the kingdom seeks to drain a supply glut and support oil prices. State-owned Saudi Aramco's oil allocations for April are 635,000 bpd below customers' nominations -- requests made by refiners and clients for Saudi crude, the Saudi official said. READ MORE

LIVE UPDATES

Sectoral trends on NSE


Top gainers and losers on S&P BSE Sensex


Market at close

The S&P BSE Sensex ended at 37,054.10, up 382 points while the broader Nifty50 index settled at 11,068, up 132.60 points.

Top gainers (BSE 500)

COMPANY PRICE (rs) CHG (rs) CHG(%) VOLUME
INFIBEAM AVENUES 44.20 4.80 12.18 3962481
AVANTI FEEDS 455.05 44.20 10.76 289163
HIMATSING. SEIDE 194.05 17.95 10.19 31923
FORBES & CO 2398.55 218.05 10.00 4195
JUBILANT LIFE 844.85 76.35 9.93 74838
» More on Top Gainers

MARKET VIEW :: Morgan Stanley

Our preferred overweight (OW) markets are Brazil, China, India, Indonesia and Singapore. We are UW Australia, Mexico and Philippines. We continue to OW Financials and Materials and selective cyclical areas, such as Chinese Autos whilst we are UW Telecoms and IT Hardware.

Across our coverage, our preference hierarchy currently is for CSI300, Topix, MSCI EM (country allocation noted above), with MSCI Asia ex Japan likely to lag, held back by our UW Australia view. We also screen for mega cap stocks with the most upside and downside to MS bottom-up analysts targets.

Photo: Shutterstock

Motilal Oswal Securities on NTPC

With the uncertainty of regulations now behind, focus should now shift to core performance, which we believe is turning around well. The fixed charge under-recovery has started to decline as domestic coal availability has improved. RoE will improve from ~9% in FY18 to ~13% by FY21E as capitalisation outpaces capex and under-recoveries decline. The stock trades attractively at ~1.1x FY20E P/BV for strong double-digit earnings growth and improving RoE profile. Our revised DCF-based target price is Rs 197/share. Re-iterate Buy.

NTPC

Top gainers and losers on S&P BSE Sensex


Top losers on BSE500

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
REL. COMM. 5.46 -0.39 -6.67 4793294
REC LTD 133.85 -9.25 -6.46 516778
BIRLA CORPN. 531.50 -33.30 -5.90 58509
DEWAN HSG. FIN. 132.60 -7.15 -5.12 2056195
NATL. ALUMINIUM 54.45 -2.40 -4.22 2126153
» More on Top Losers

Research analysts a fraction of the number of brokers, says Sebi data

Do most brokerages not provide any research services at all? Numbers from the stock market regulator seem to suggest so. The number of research analysts who have already undergone registration with the Securities and Exchange Board of India (Sebi) is 618. There are over 3,984 brokers. This works out to around one research analyst registration for every six brokers. READ MORE

Most active stocks by volume (BSE500)

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
SUZLON ENERGY 7.39 0.06 0.82 8586495
REL. COMM. 5.51 -0.34 -5.81 4145014
RELIANCE POWER 11.98 0.01 0.08 4092308
INFIBEAM AVENUES 44.40 5.00 12.69 3795331
CG POWER & INDU. 36.65 0.45 1.24 3160690
» More on Most Active Volume

PSBs in focus; Nifty PSU Bank gains 10% in 8 days

Shares of public sector banks (PSBs) continued their northward journey with the Nifty PSU Bank index gaining 10 per cent in past eight trading days on expectation of improving assets quality going forward. In comparison, the benchmark Nifty 50 index was up 3 per cent, while Nifty Bank index gained 4 per cent during the same period. At 01:43 pm, Nifty PSU Bank index, the largest gainer among sectoral indices, was up 2.5 per cent, against 1 per cent rise each in Nifty 50 and Nifty Bank indices. READ MORE

Saudi Arabia to cut crude oil exports in April 'despite strong demand'

Saudi Arabia plans to cut its crude oil exports in April to below 7 million barrels per day (bpd), while keeping its output "well below" 10 million bpd, a Saudi official said on Monday, as the kingdom seeks to drain a supply glut and support oil prices. State-owned Saudi Aramco's oil allocations for April are 635,000 bpd below customers' nominations -- requests made by refiners and clients for Saudi crude, the Saudi official said. READ MORE

NEWS ALERT | Sensex reclaims 37,000-mark


Sectoral trends on NSE


Pledging of shares: Do lenders need to rethink their strategy?

Ruchir Sinha, head of the PE and M&A practice at Nishith Desai Associates, and Mohammad Kamran, a senior member of the firm’s international litigation and dispute resolution practice, explain the laws that govern lenders, right to invoke pledged shares What is the issue regarding the pledge of shares that has come to light recently? The issue of invocation and sale of pledged shares by lenders has been drawing the headlines, particularly in case of Essel Group and Reliance ADAG. READ MORE

MARKET COMMENT :: Jitendra Gohil, Head India Equity Research, Credit Suisse Wealth Management

Currently, India is facing several headwinds, from stretched fiscal deficit targets to higher oil prices (YTD up ~21%) along with election-led uncertainty. General elections are now a couple of months away and we expect heightened volatility ahead of the elections. We reiterate that any major volatility ahead of the elections in April-May 2019 could offer a good buying opportunity in Indian equities. Given significant deterioration in mid-cap valuations we close our negative view on mid-caps and advise investors to start building exposure gradually

JItendra Gohil, India equity research head at Credit Suisse

Nomura on general elections

With the election dates announced, we expect government decision making to slow over the next three months. It comes amid an ongoing cyclical slowdown for the economy. We expect growth to soften to 6.0-6.5% in H1 CY19 from 6.6% in Q4 2018, due to the global slowdown, tighter financial conditions and reticence of private investment until political risks fade

RIL, ICICI Bank, SBI contribute maximum to Sensex's gain

(Image source: BSE)



Elara Capital On Automobiles

Our analysis of key MHCV firms’ state-wise growth and market share data in Q3FY19 shows total MHCV volume contracted by 12% YoY. The trucks segment (GC) fell 12% YoY and buses (PC) dipped 16% YoY. The east zone posted growth of +5% YoY and south at +3% YoY in 3Q. Among key states, MHCV (trucks+buses) volume growth of Maharashtra, Uttar Pradesh, Rajasthan and Haryana posted a sharp decline of 30%, 23%, 30%, 23%, respectively. Gujarat, AP+Tel, Tamil Nadu, Bihar and Orissa posted growths of 25%, 9%, 6%, 41% and 18%, respectively. States like UP and Rajasthan are expected to register a YoY decline in Q4FY19 as well as high base (overloading ban effect last year) catches up. The drop of Maharashtra needs monitoring.

Fundamental view on State Bank of India by ICICI Securities


DHFL stock slips 4% after rating downgrade by Brickwork Ratings

Shares of Dewan Housing Finance Corporation (DHFL) were down 4 per cent to Rs 134 in intra-day trade on the BSE, extending past two days' 6 per cent decline in otherwise firm market after rating agencies downgraded the housing finance company's various debt instruments. Brickwork Ratings (BWR), on March 8, 2019, downgraded DHFL's various debt instruments by one notch, citing de-growth in business on account of inability to raise funds. READ MORE

Balanced schemes are facing redemption pressure amid low dividend payouts

Balanced schemes, which invest in both equities and debt, are facing redemption pressure amid low dividend payouts and weak returns. In February, the category saw outflows of Rs 1,077 crore, taking their two-month net redemptions tally past Rs 2,000 crore. READ MORE

Market check


Top gainers and losers on S&P BSE Sensex


Aarti Drugs extends rally on share buyback proposal; hits 52-week high

Shares of Aarti Drugs hit a 52-week high of Rs 705, up 5 per cent, on the BSE in intra-day trade on Monday after the company said its board will meet on Friday, March 15 to consider a share buyback proposal. READ MORE

From Lemon Tree to Aavas Financiers, most IPOs of FY19 in the green

Despite choppy markets, two-thirds of companies listed this financial year post their initial public offerings (IPO) have managed to deliver positive returns. A total of 17 new listings have taken place since April 1, out of these 11 are currently trading above their issue price. READ MORE

Chart check | Sensex, Nifty cross their respective highs, will see a major breakout

The index is trading closer to its previous high of 11,118 levels. The crossing of the same will indeed strengthen the upward move, as per the chart. The strong support comes in at 10,869, which is its 200-DMA. The immediate support falls at 10,950 level. The nearest exponential moving averages, 7-EMA and 11-EMA have made a positive crossover on daily chart, which supports the buying scenario. READ MORE

Most active stocks by volume (BSE500)

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
SUZLON ENERGY 7.49 0.16 2.18 4817070
RELIANCE POWER 12.12 0.15 1.25 2573661
CG POWER & INDU. 37.80 1.60 4.42 1646329
REL. COMM. 5.79 -0.06 -1.03 1585527
VODAFONE IDEA 33.75 1.35 4.17 1449109
» More on Most Active Volume

We're less optimistic on India's medium-term prospects: Lambregts, Erken

JAN LAMBREGTS, managing director and global head of financial markets research at Rabobank International, and HUGO ERKEN, the firm’s senior economist and country analyst for North America, Mexico and India, share their views with Puneet Wadhwa on the outlook for the global economy and the markets amid developments in India ahead of the general election. READ MORE

Dilip Buildcon up 7% after NHAI declares firm lowest bidder for EPC project

Shares of Dilip Buildcon surged 7 per cent to Rs 601 on the BSE in intra-day trade after the company said it has been declared the lowest (L-1) bidder by the National Highways Authority of India (NHAI) for EPC (engineering procurement and construction) project worth of Rs 480 crore in the state of Maharashtra. READ MORE

Birla Corp slips 14% on NGT order to stop mining at Rajasthan unit

Shares of Birla Corporation dropped 14 per cent to Rs 485 on the BSE in the early morning trade on Monday after the company said National Green Tribunal (NGT) has ordered to stop all mining activities which are being carried on within the municipal limits of Chittorgarh City. READ MORE

Market check


Birla Corporation down more than 8%


Dilip Buildcon up over 4% after company declared lowest bidder for Maharashtra project


Ten things to monitor after you have invested in mid-cap stocks

Back in 1997, Havells was a largely unknown company in the electrical goods space. Had someone invested Rs 10,000 in Havells in 1997, it would be worth Rs 3.50 crore today. Of course, that would have been hard to envisage back in 1997 but that is what mid-cap stories are all about. You buy them for big returns when they eventually transform into large caps. READ MORE

Nifty Metal index down 1.50%, weighed by NMDC, APL Apollo Tubes


Top sectoral gainers and losers on NSE


Top gainers and losers on S&P BSE Sensex


Market at open

At 9:17 AM, the S&P BSE Sensex was trading at 36,818.28, up 146 points while the broader Nifty50 was ruling at 11082.25, up 46.85 points.

Market at pre-open


Rupee opening

Rupee opens at 70.01/$ vs its previous close of 70.14 against the US dollar

Stocks in focus

SBI: State Bank of India (SBI) will use the Reserve Bank of India’s (RBI’s) policy repo rate as a benchmark to set the savings deposit rates and those for short-term loans from May 1 this year. READ MORE

Market Outlook by Devang Shah

BUY CEAT
CLOSE – Rs 1,122
TARGET – Rs 1,180/1,220
 
CEAT closed weekly in positive territory. It looks like an end of medium-term correction. Its daily momentum indicators are in BUY. Risk Reward is favorable to BUY at current levels. One can buy with a stop loss of Rs 1,080 for the target of Rs 1,180/1,220 levels in the short term. READ MORE

Top trading ideas by Prabhudas Lilladher

BUY BAJAJ AUTO
CMP: Rs 2,955.70
TARGET: Rs 3,180
STOP LOSS: Rs 2,870
 
The stock has indicated a breakout above the Rs 2,945 levels in the daily chart and has improved the bias and implies further upward thrust in the coming days. The RSI is on the rise and with favourable indicators supporting our view, the stock looks attractive for more upward fresh targets. With decent volume participation seen, we recommend a buy in this stock for an upside target of Rs 3,180, keeping a stop loss of Rs 2,870. READ MORE

Rupee check

Halting its three-day winning run, the Indian rupee Friday edged lower by 14 paise to close at 70.14 to the US dollar in line with fall in domestic equities market. On a weekly basis, however, the domestic currency logged 78 paise gains.

Bulk deal on NSE as on Friday

08-Mar-2019 ADVENZYMES Advanced Enzyme Tech Ltd ATHARVA GREEN ECOTECH LLP SELL 34,82,350 176.95 -
08-Mar-2019 ADVENZYMES Advanced Enzyme Tech Ltd MULTIPLEX CAPITAL LTD. BUY 2,255 175.09 -
08-Mar-2019 ADVENZYMES Advanced Enzyme Tech Ltd MULTIPLEX CAPITAL LTD. SELL 6,49,755 181.56 -
08-Mar-2019 ADVENZYMES Advanced Enzyme Tech Ltd ORBIMED ASIA III MAURITIUS LIMITED BUY 55,26,624 176.43 -
08-Mar-2019 ANUP The Anup Engineering Ltd AVADH MATERIAL AND EQUIPMENT SUPPLIERS LLP BUY 1,39,369 548.35 -
08-Mar-2019 BEML BEML Limited ALPHAGREP SECURITIES PRIVATE LIMITED BUY 2,75,772 903.38 -
08-Mar-2019 BEML BEML Limited ALPHAGREP SECURITIES PRIVATE LIMITED SELL 2,75,772 903.66 -
08-Mar-2019 ELGIEQUIP Elgi Equipments Ltd SBI MUTUAL FUND BUY 18,26,000 257.40 -
08-Mar-2019 ELGIEQUIP Elgi Equipments Ltd SBI MUTUAL FUND SELL 18,26,000 257.40 -

Oil check

Oil prices rose on Monday, lifted by Saudi oil minister Khalid al-Falih saying an end to OPEC-led supply cuts was unlikely before June and a report of falling US drilling activity.

SGX Nifty

Nifty futures on Singapore Exchange (SGX) were trading at 11,043, down 15 points or 0.14 per cent in early trade

Asian Markets check

Asian shares fell in the early trade on Monday after US employment data raised doubts about the strength of the global economy while investor jitters ahead of crucial Brexit votes in the UK parliament this week weighed on the pound. MSCI’s broadest index of Asia-Pacific shares outside Japan was trading flat while Japan’s Nikkei gained 0.4 per cent in early trade.

Wall Street check

Wall Street's main indexes fell for a fifth straight session on Friday and posted their biggest weekly declines since the market tumbled at the end of 2018, as a weak US jobs report ignited more concerns about the global economy. The Dow Jones Industrial Average fell 22.99 points, or 0.09 per cent, to 25,450.24, the S&P 500 lost 5.86 points, or 0.21 per cent, to 2,743.07 and the Nasdaq Composite dropped 13.32 points, or 0.18 per cent, to 7,408.14.
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