Benchmark indices finished Monday's session at a record closing high, lifted by HDFC twins and Larsen & Toubro.
The S&P BSE Sensex settled 249 points, or 0.6 per cent, higher at 39,683, with Tata Steel, YES Bank, NTPC, Larsen & Toubro, and Axis Bank among the top gainers. Out of the 30 BSE constituents, 12 ended in the red.
The broader Nifty50 broke past the 11,900-mark to end the day at 11,925, up 81 points, or 0.68 per cent. The market breadth was tilted in favour of buyers. About 1,331 stocks gained and 470 shares declined on the NSE.
Among sectoral indices, eight of the 11 indices finished the session in the green, with Nifty Metal, Nifty Realty and Nifty PSU Bank, all rising over 2 per cent.
The broader markets fared even better. The S&P BSE MidCap index gained 1.1 per cent or 169 points to settle at 15,114 levels, while the S&P BSE SmallCap index rose 260 points, or 1.8 per cent, to finish at 14,959.
Manpasand Beverages (MBL) shares were on Monday locked in lower circuit, down 20 per cent at Rs 88, on the BSE, with huge sell orders on the counter, after the company’s top management was arrested in a Rs 40 crore Goods and Services Tax (GST) fraud case. READ MORE
Lupin shares slipped 2.5 per cent to Rs 744.10 on the BSE after the US health regulator classified the inspection of the company's Goa facility as Official Action Indicated (OAI). READ MORE
Shares of Page Industries hit a 52-week low of Rs 19,730 apiece on Monday, plunging 10 per cent on the BSE before ending the day 10.4 per cent lower at Rs 19,678.5 after the company delivered its worst-ever quarterly performance. While the revenue grew flat, earnings declined mainly due to weak demand, high base and intensifying competition in the March quarter (Q4FY19) earnings. READ MORE
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3:34 PM IST The S&P BSE Sensex ended at 39,683, up 249 points while the broader Nifty50 index settled at 11,920.5, up 76 points.
The S&P BSE Sensex ended at 39,683, up 249 points while the broader Nifty50 index settled at 11,920.5, up 76 points.
NEWS ALERT | Midcaps to shine once GDP growth picks up: Axis Capital to CNBC TV18
- Midcap valuations very supportive of upside
- Infra and Investment cycle will trigger growth cycle
- Expect strong investment push from Govt
Axis Bank hits fresh 52-week high on NSE
Result impact | Force Motors slips in trade
NEWS ALERT | Force Motors Q4 results
- Net profit at Rs 39.2 crore, down 35.3% YoY from Rs 60.6 crore
- Revenue at Rs 1060.5 crore, up 1.9% YoY from Rs 1041 crore
- Ebtida at Rs 73 crore, down 33.9% YoY from Rs 110 crore
- Ebtida margin at 6.9% vs 10.6% YoY
Zee Entertainment slips ahead of Q4 nos
NEWS ALERT | Trade body Ficci issues budget wish-list
- Urgent need to address consumption slowdown
- Recovery in investment remains elusive owing to weaker business sentiment
- Focus in budget: Agrarian distress and revival of rural economy
Buzzing | Tata Power gains 4% in trade
Salzer Electronics to buy 72% stake in Kaycee Industries in all cash deal
Salzer Electronics Limited, which offers electrical solutions, on Monday signed a deal to acquire a 72.32 per cent stake in Kaycee Industries Limited in an all cash deal. Salzer will make an offer to purchase a 26 per cent additional stake from public for a total equity value of Rs 22 crores.
Salzer Electronics will fund this transaction through a mix of internal accruals and debt. The acquisition is subject to regulatory approvals. READ MORE
Nifty sectoral indices at this hour
NEWS ALERT | Adani Gas Q4 result
- Net profit at Rs 75.7 crore vs Rs 47.2 crore (Q3FY19)
- Revenue at Rs 494.2 crore vs Rs 484.8 crore
- Revenue at Rs 139.6 crore vs Rs 107 crore
- Ebitda margin 28.3%
Result impact | GAIL rises over 2% higher
NEWS ALERT | GAIL Q4 result
- Net profit at Rs 1122.2 crore
- Revenue at Rs 18,763.9 crore
- Ebitda at Rs 1,684.1 crore
JSPL gains almost 4%
BHEL gains over 4% after posting 49% rise in Q4 net profit
Shares of Bharat Heavy Electricals Limited (BHEL) surged as much as 4.13 per cent in the afternoon trade on Monday after the company reported a 49 per cent year-on-year (YoY) rise in its net profit at Rs 682.70 crore against Rs 457.17 crore logged in the year-ago period. At 01:07 pm, the stock was trading at Rs 71.10, up 3.04 per cent on the BSE against 0.77 per cent rise in the S&P BSE Sensex at 39,740 level. READ MORE
Tata Steel gains 5%
Capital Goods index surges 3%; L&T, Honeywell Automation hit record highs
Shares of capital goods companies were in focus on Monday with the S&P BSE Capital Goods index surging nearly 3 per cent intra-day on the BSE. The index hit 52-week high on expectation of pick up in investment activities. At 12:27 pm, the index was up 2.6 per cent as compared to a 0.73 per cent rise in the benchmark S&P BSE Sensex. The index, which was the biggest gainer among sectoral indices, touched an intra-day high of 20,209 levels - its highest since February 2, 2018. READ MORE
NEWS ALERT | Manpasand Beverages' independent director Bharat Vyas and director Dhruv Agrawal resign
NCC witnessed highest ever inflow, revenues & orderbook in FY19. Despite this, it showed a marked improvement in its balance sheet strength through better debtors collection. Going ahead, we anticipate its earnings will grow at a CAGR of 15.0 per cent during FY19-21E on account of strong orderbook, huge opportunities and a strong balance sheet position. Hence, we maintain BUY recommendation on NCC with a target price of Rs 160/share. We value its EPC business at Rs 155/ share (7.5x FY20 EV/EBITDA implying 14.9x FY20 PE multiple) and real estate business at Rs 8/share (0.5x P/BV).
Result impact: BHEL rises almost 3%
-- BHEL Q4 net profit at Rs 683 cr
Anand Rathi on Ashoka Buildcon
Accounting for the stronger-than-expected pace of execution and as we factor in FY19 actuals, FY20 earnings come ~5% higher (and ~4% for FY21). At the ruling price, (excl. investments) it trades at PER of 10.8x FY20e and 9.9x FY21e construction EPS. Risk. Any slow order execution.
Revenue growth in Q4 FY2019 hits six quarter low: ICRA
The financial results of Indian corporate sector (ICRA’s sample of 304 companies) have hit a six-quarter low, registering a revenue growth of 10.7 per cent in Q4 FY2018-19. The key reason for decline in revenue growth was weak consumer sentiments and softening of commodity prices. The revenue growth in consumer-linked sectors in the sample was 2.3 per cent in Q4 FY2019 on a Y-o-Y basis, down from 9.8 per cent in Q3 FY2019. Comparatively, the revenue growth in commodity-linked sectors was at 12.4 per cent in Q4 FY2019 on a Y-o-Y basis, down from 31 per cent in Q3 FY2019.
Transport Corporation of India is trading over 6% higher
Allcargo Logistics rises over 4%
Result impact | Motherson Sumi rises over 2% on Q4 nos
- Net Debt at lowest level in FY19
- Consolidated net profit down 20.9% YoY at Rs 410 crore
- Cons revenue up 11% YoY at Rs 17,170 crore
NEWS ALERT | Japan to limit foreign ownership of firms in its IT, telecom sectors: Reuters
- High-tech industries will be added to a list of businesses for which foreign ownership of Japanese firms is restricted.
Alert: Visiting US President Donald Trump and Japanese Prime Minister Shinzo Abe are holding talks in Tokyo on trade and other issues.
Market outlook by Religare Broking
Nifty may take a breather after the recent surge and consolidate in a broader range of 11,500-12,000. We feel the focus would return to quality midcap and smallcap counters, after a long spell of underperformance. On sectoral front, banking and auto looks strong for the next week while metal and IT may continue to underperform. Traders should align their positions accordingly.
Decisive election mandate removes key risk for India Inc, says S&P
Rating agency Standard & Poor's on Monday said that the decisive victory for the incumbent government led by the Bharatiya Janata Party (BJP) in India's Lok Sabha elections removes one significant source of uncertainty for corporates in India.
The potential for reforms following the victory is likely to maintain buoyancy in local funding markets and improve the flow of foreign capital for corporates in India, S&P said in a statement said. READ MORE
Nifty PSU Bank index is trading over 2% higher
ICICI Prudential rises over 4%
Divi's Labs falls 8% as Q4 profit misses Street estimates
Divi’s Laboratories shares slipped 8 per cent to Rs 1,618 in intra-day trade on the BSE on Monday after the company reported a lower-than-expected 10 per cent year-on-year (YoY) growth in net profit at Rs 289 crore in March quarter (Q4FY19). Total revenue grew 15 per cent at Rs 1,256 crore on YoY basis. Analysts, on an average, had expected a profit of Rs 382 crore and revenue of Rs 1,326 crore for the quarter. READ MORE
Asian Paints slips 1% in trade
Nifty Infra index is trading nearly 2% higher led by Suzlon Energy
Hindustan Copper is trading over 5% higher
Nifty50 hits 11,900 mark
Adani Power rises nearly 4%
Apollo Tyres rises over 2%
Buzzing | Bombay Dyeing up over 10%
Glenmark Pharma receives final approval from USFDA for antiplatelet drug
Glenmark Pharmaceuticals Monday said it has received final approval from the US health regulator for antiplatelet agents Aspirin and extended-release Dipyridamole capsules.
The approved product is a generic version of Aggrenox capsules of Boehringer Ingelheim Pharmaceuticals Inc. READ MORE
SBI, Oriental Bank and Allahabad Bank: Should you buy PSU bank stocks?
A landslide victory to the incumbent Narendra Modi-led BJP (Bharatiya Janata Party) in the 2019 Lok Sabha elections boosted investor sentiment in a big way last week that saw benchmark indices S&P BSE Sensex and Nifty50 rallying nearly 4 per cent. Sectorally, banks led the rally with the Nifty Bank index surging over 1,960 points or 7 per cent. READ MORE
NEWS ALERT | L&T hits 52-week high
Anand Rathi Financial Services on Sagar Cements
Last close: Rs 635
Target price: Rs 808
Outlook: Consolidated gross debt was `5bn on 31st Mar?019, which management said would peak at `8bn. On the completion of the Satguru expansion (of 1 m tons), and that of Jajpur (1.5m tons), Sagar?s capacity is set to touch 8.5m tons in FY21, enhancing its access to the East and Central markets. Due to the high base and elections, its key operating region (AP/Telengana) is expected to grow ~3-4% in FY20. We expect that, with the better pricing environment and cost reduction, the company?s operating performance will further improve.
Valuation: We retain our Buy rating, with a lower target price of `808, valuing the stock at 8.5x FY21e EV/EBITDA and an EV/ton of $50. Risk: Rising pet-coke and diesel prices.
Shares of Page Industries hit a 52-week low of Rs 19,730 apiece on Monday, plunging 10 per cent on the BSE in intra-day deal after the company delivered its worst-ever quarterly performance. While the revenue grew flat, earnings declined mainly due to weak demand, high base and intensifying competition in the March quarter (Q4FY19) earnings. READ MORE
Mid, small caps outperforming benchmark indices
Future Retail climbs 3%
KIOCL rises over 3%
NEWS ALERT | Federal Bank hits 52-week high
Power Grid Corp rises nearly 2%
Swaraj Automotives is trading over 3% lower
Buzzing | Nitco Ltd zooms over 8%
Lupin slips 5% as USFDA classifies Goa facility's inspection as OAI
Lupin shares slipped 5 per cent to Rs 722 in early morning trade on the BSE after the US health regulator classified the inspection of the company's Goa facility as Official Action Indicated (OAI). The stock was trading close to its 52-week low of Rs 720, touched on March 28, 2019, in intra-day deal. READ MORE
Stocks of Alcoholic beverages under pressure
- Andhra-CM has hinted at limiting availability of alcohol to 5-star hotels
NEWS ALERT | See growth rising to 10% over the next 5 years: Goldman Sachs on CNBC TV18
Narendra Modi's thumping election victory is dividing analysts on rupee
Prime Minister Narendra Modi's thumping election victory is dividing analysts on India’s rupee.
Citigroup Inc. is positioning for a weaker rupee using options after the currency’s recent outperformance, while Nomura Holdings Inc. expects the sweep of Modi’s win to attract robust overseas flows to the nation’s assets, giving another leg to the rally. READ MORE
Zee Entertainment trades lower ahead of Q4 results
Dish TV zooms 4%
Manpasand Beverages tanks 20% after MD, CFO arrested for GST fraud
Manpasand Beverages (MBL) shares were on Monday locked in lower circuit, down 20 per cent at Rs 88, on the BSE, with huge sell orders on the counter, after the company’s top management was arrested in a Rs 40 crore Goods and Services Tax (GST) fraud case. Till 09:23 am, a combined 77,637 shares had changed hands on the NSE and BSE, while there were pending sell orders for 12.48 million shares, representing 11 per cent of total equity of MBL, the exchanges data shows. READ MORE
Buzzing | Ashoka Buildcon zooms over 11%
Ashok Leyland slips over 4%
Jet Airways revival plan expected by Wednesday: CNBC TV18
- Bidders, lenders met over the weekend
- Firm plan expected by Wednesday
- Banks looking at selling 70% stake to bidders, including Etihad
- Hinduja Group planning to hold 24-26% stake along with a partner
- Etihad to hold 24%, NIIF tohold about 20% stake in Jet Airways
NTPC rises over 4.5% after reporting 48.7% jump in March quarter standalone net profit
NIIT dips 3% post Q4 results
NTPC gains over 3% on strong Q4 nos.
State-run power giant NTPC on Saturday posted a 48.7 per cent jump in its standalone net profit at Rs 4,350.32 crore for the March quarter compared to the year-ago period mainly on the back of lower expenses.
Page Industries slips over 9% after ratings downgrade
According to news reports, Credit Suisse has downgraded the stock to underperform after disappointing March quarter results.
Momentum Picks by ICICI Securities
Rupee opens 12 paise higher at 69.41 against US dollar
The rupee on Monday opened 12 paise higher at 69.41 against the US dollar. The domestic currency on Friday rallied 49 paise to close at 69.53 following a decisive mandate for Narendra Modi-led BJP (Bharatiya Janata Party) in the general elections.
On weekly basis, the Indian currency gained 70 paise helped by a host of domestic and global factors like stable political outlook with NDA government's return, sustained fund inflows, lower crude oil prices and strengthening Asian currencies. READ MORE
Top gainers and losers on S&P BSE Sensex at opening
Market at open
Market at open
Renault and Fiat set to announce talks for a potential merger: Report
French and Italian-US auto giants Renault and Fiat Chrysler are set to announce talks on an alliance, with a view to a potential merger, informed sources said on Sunday.
Renault and Fiat Chrysler Automobiles (FCA) are likely to unveil the move "within hours, perhaps tomorrow (Monday), before the (Paris) bourse opens," one of the sources told AFP on condition of anonymity, adding an eventual "merger" was on the agenda. READ MORE
Manpasand Beverages plummets 20%
NEWS ALERT | Glenmark Pharma granted final approval by US FDA for Aspirin: CNBC TV18
Glenmark Pharma also recieves approval for Extended‐Release Dipyridamole Capsules, 25 mg/200 mg, a generic version of Aggrenox capsules
Sectoral trend on NSE at pre-open
Market at pre-open
Rupee opens higher at 69.41/$ vs Friday's close of 69.52 against the US dollar
Top trading ideas by Prabhudas Lilladher: Buy Nalco
BUY NATIONAL ALUMINIUM COMPANY
CMP: Rs 49.65
TARGET: Rs 57
STOP LOSS: Rs 46
The stock has got a strong support zone near the 47 levels where it has taken support on thrice occasions and currently the RSI has indicated a rising trend to improve the bias and has potential to carry the stock further upward in the coming days. The chart looks attractive with favourable indicators and with decent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 57 keeping a stop loss of Rs 46.
Market Ahead, May 27: All you need to know before the Opening Bell
As the election-related uncertainties are clear, investors will now shift their focus to the Union Cabinet formation that is expected to take place this week. Additionally, the next batch of corporate earnings, GDP growth data, movement of rupee against US dollar, and global cues will guide the markets this week.
Maruti Suzuki (MSIL IN) management says it would stop selling diesel vehicles from April 2020, due to cost increases in the upcoming BSVI regulations. It says it would gauge consumer interest for diesel vehicles and then introduce them if needed. However, Hyundai Motor India (Not Listed) and some others are likely to continue with diesel variants.
We analyze MSIL’s competitive scenario of models, which have a diesel option currently but would not get one in a BSVI scenario. Diesel vehicles demand would remain only in larger engines (>1.5L), that too with a reduced share, in our view. Based on our segment-wise and model-wise pricing analysis, we expect diesel share of sales in PV to dip from 35% in FY19 to ~12% in FY21E. We do not expect meaningful negative impact on MSIL’s market share from diesel exit.
Market outlook by HDFC Securities
Markets bounced back smartly on Friday after the sell off seen in the previous session. Indian equity indices closed at record highs post the Narendra Modi-led government being re-elected for a second term. A strong mandate for the NDA was interpreted positively by market participants as economic reforms would be decisively implemented. A slide in Crude oil prices also helped boost the market sentiments. The Nifty index ended the week on a euphoric note 187.05 points or 1.6% higher at 11,844.1.
Technically, with the markets surging higher, the underlying trend remains up. Further upsides are likely in the coming week once the immediate resistances of 11,858-11,884 are taken out. Crucial supports to watch for resumption of weakness is at 11,658-11,591.
RBI risk draft may hit NBFCs; FIDC asks to address liquidity problem first
The Reserve Bank of India’s (RBI’s) draft guidelines on liquidity risk management for non-banking financial companies (NBFCs), announced on Friday last week, could dilute the latter’s profitability in the near term, albeit marginally.
Though in draft form, the guidelines were anticipated by market/industry experts and are in the right direction because the sector has been reeling from liquidity problems after the IL&FS crisis in September last year. READ MORE
Good economics is good politics, NDA won't give doles: Gopal Agarwal
As the Narendra Modi government comes back with a thumping majority, Bharatiya Janata Party’s National Spokesperson for Economic Affairs Gopal Krishna Agarwal talks to Aditi Phadnis on the government’s priority and how it plans to manage the economy in its second innings. READ MORE
Elections over, now stick to stocks witnessing recovery in earnings growth
The equity markets were volatile both around the exit polls and on the day when the election results were announced. The Sensex rose 3.75 per cent on the day after the exit polls (May 20) were published, but lost 0.97 per cent the next day.
On the day the election results came (May 23), the Sensex zoomed to an intra-day high of 40,100.5, but then gave up those gains during the second half and ended 0.76 per cent lower by the end of the day. READ MORE
Manpasand Beverages, NIIT Tech, Page Ind, BHEL & ZEEL top stocks to watch
Here's a look at the top stocks that may remain in focus today -
Manpasand Beverages: The company's top exceutives (MD and CFO) have been arrested by the Goods and Services Tax (GST) department for creating fake company units and committing tax invasion.
Earnings today: As many as 232 companies are slated to release their March quarter results today including GAIL, BHEL, IndiGo, Adani Ports, Adani Gas, Hindustan Aeronautics (HAL) and ZEE Entertainment.
Jet Airways: The Hinduja Group is evaluating options to pick up a stake in crisis-ridden Jet Airways, said Dheeraj G Hinduja, chairman of commercial vehicle maker Ashok Leyland, which is part of the business conglomerate, reported Business Standard on Friday after market hours. READ MORE
Foreign investors pull out Rs 4,375 cr in May so far
Foreign investors have pulled out a net amount of Rs 4,375 crore from the Indian capital markets in May so far, driven by global and domestic factors.
Prior to this, overseas investors had infused a net amount of Rs 16,093 crore in April, Rs 45,981 crore in March and Rs 11,182 crore in February in the capital markets (both equity and debt). READ MORE
Prabhudas Lilladher on Ajanta Pharma
RECOMMENDATION : BUY
CMP : Rs 1,039.25
TARGET : Rs 1,150
STOP LOSS : Rs 980
The stock has maintained a strong base near 1000 levels and currently has moved past the significant 50 DMA moving average signify strength and has potential to rise further in the coming days. The RSI also has indicated a trend reversal and with favourable indicators supporting our view for a positive bias, we recommend a buy in this stock for an upside target of 1150 keeping a stop loss of 980.
Intellectual property lawsuits pose risk to Indian IT firms' growth
Experts are of the opinion that as domestic IT firms eye bigger product and platform play through development of their own IPs (intellectual properties), they have to draw watertight compartments between product and services business to stay clear from such litigations. The workforce also has to be sensitised on IP-related matters in a project for any inadvertent exposure, they added. READ MORE
Seven of top 10 firms add Rs 1.42 trillion in m-cap; RIL best performer
Seven of the 10 most valued Indian firms together added Rs 1.42 trillion in market valuation last week, propelled by a broad rally in the equity markets amid the ruling BJP's emphatic victory in the general elections.
The 30-share BSE Sensex touched its lifetime (intra-day) high of 40,124.96 on Thursday, the day election results were announced. READ MORE
Air India sale back on table, govt may divest entire stake in carrier
Big businesses are being approached all over again to assess their interest in Air India and convince them to bid once the divestment process takes off, according to sources in the know. The civil aviation ministry and the Department of Investment and Public Asset Management (DIPAM) in the finance ministry are already on the job. READ MORE
Ashok Leyland is eyeing top 10 slot in CV space in 9 years: Dheeraj Hinduja
Ashok Leyland is among the top 10 makers of medium and heavy commercial vehicles (M&HCVs), and in the top five among bus makers. Dheeraj Hinduja, chairman of the company, shares with T E Narasimhan what’s next on their agenda. READ MORE
Commodity Picks: May 27, 2019
Chana prices have been moving up on the back of aggressive government procurement and concerns over poor monsoon. This trend could continue and prices could move higher from Rs 4,750 in Delhi market towards Rs 4,850. However, the upside is unlikely to sustain and we could see a gradual decline in the medium term once the government starts liquidating old stocks. READ MORE
Fair value for market at least 15% below current levels: Saurabh Mukherjea
With PM Narendra Modi receiving a stronger mandate for his second term, Saurabh Mukherjea, founder, Marcellus Investment Managers, elaborates on expectations from the new government and the markets, in a conversation with Hamsini Karthik. Edited excerpts: What are your expectations from the new government and for the market? Governments and markets are two different things. READ MORE
FMCG firms pin hopes on new govt's rural reforms for demand revival
The Narendra Modi government, voted back to power last week, will take oath amid a consumer slowdown in staples and discretionary categories. Billed as the worst in two years, chief executive officers (CEOs) of retail and fast-moving consumer goods companies (FMCG) say that the government will have to hit the ground running if it wishes to contain the damage.
Already, Q4 numbers of most FMCG and retail firms have been weak as they show signs of stress. Rural sales growth, which was ahead of urban sales growth by at least 100 to 200 basis points for most companies over the past few quarters, has now moderated, data by market research agency Nielsen shows. READ MORE
Nifty outlook by Prabhudas Lilladher
Market witnessed good acceleration post the exit poll forgetting all pain witnessed over a period of time. Trend of all periodicities are back in positive for both Nifty & Bank Nifty. The support for the week is seen at 38,630/11,580 while resistance is seen at 40,100/12,060. Bank Nifty would have a range of 30,400-31,880. View is again positive & mid cap sector too has started with its momentum; view for now is buy at every decline.
Weekly market outlook and top stocks that Devang Shah is bullish on
CLOSE- 11844.10 (24.05. 2019)
Market closed in the positive territory for the second consecutive week in the week gone by. It has achieved my short term target near recent high as expected last week. It made a high of 12,041 levels. It was highly volatile week due to election events. One needs to watch out market behavior at these crucial levels till these recent high gets surpassed. Close and sustenance above these levels will finally confirm trend towards further higher levels as mentioned below in short- to-medium term. READ MORE
Nifty outlook and top stock picks by Angel Broking; Buy Raymond, HSIL
Market cheers second reign for PM Modi; finally party begins for mid and small caps
This has been a splendid week for our market and the kind of comeback we made, is quite remarkable. Notably, the global markets had no influence over it as the rally was mainly led by the domestic factors. This all started with a massive bump up at the opening on Monday after exit polls indicated the BJP led NDA government would come back to power with thumping majority. This was followed by couple of muted sessions ahead of the final verdict. On the actual day, we saw tremendous optimism to reach yet another milestone of 12,000 as the counting finally validated the exit poll numbers. READ MORE