MARKET WRAP: Sensex plunges 488 pts, Nifty ends at 11,359; RIL sheds 3%

Benchmark indices ended lower for the sixth consecutive session on Wednesday amid across-the-board selling and weak global cues. The S&P BSE Sensex lost 488 points or 1.27 per cent to settle at 37,790 with Reliance Industries (RIL) being the top loser and Asian Paints the biggest gainer. RIL alone contributed around 153 points to the Sensex's fall. 

The broader Nifty50 index of the National Stock Exchange (NSE) slipped below the crucial 11,400 level to end at 11,359, down 138 points or 1.2 per cent. Out of 50 constituents, 40 ended in the red and just 10 in the green. 

SECTOR WATCH

All the sectoral indices on NSE ended in the red. Media stocks took the hardest knock, followed by realty and PSU bank stocks. The Nifty Media index settled at 2,134, down 101 points or 4.53 per cent.

STOCKS THAT MADE NEWS

Reliance Industries: Shares of Reliance Industries (RIL) hit an eight-week low on the BSE on Wednesday. The stock has lost 7 per cent in the past three trading days. It ended at Rs 1,299.45 apiece on BSE, down over 3 per cent. READ MORE

Essel Group shares: Shares of Subhash Chandra-led Essel Group companies were under pressure on Wednesday with Zee Entertainment Enterprises (ZEEL) and Dish TV India falling more than 8 per cent each on the BSE. The fall comes despite the group's assurance that the stake sale process of Zee Entertainment Enterprises was at an "advanced stage." At close, ZEEL stood at Rs 333, down 10 per cent while Dish TV India settled nearly 2 per cent lower at Rs 31. 

Vodafone Idea: Vodafone Idea shares hit a new low of Rs 13.65, down 12 per cent on Wednesday, declining 17 per cent in past two trading days on the BSE, on back of two-fold jump in trading volumes. The stock ended at Rs 14.35, down over 7 per cent. 

BROADER MARKET 

In line with benchmarks, the S&P BSE MidCap index shed 139.50 points or 1 per cent to end at 14,383 while the S&P BSE SmallCap closed the day at 14,129 levels, down 172 points or 1.21 per cent.

NEW LISTING

Neogen Chemicals, one of India's leading manufacturers of bromine-based and lithium-based specialty chemicals, listed its shares at Rs 251 apiece on BSE, a premium of 16.74 per cent against the issue price of Rs 215. The stock, eventually, ended at Rs 263.55, up 22.58 per cent against its issue price.

GLOBAL CUES

World shares held near five-week lows on Wednesday as renewed trade tensions and fears for the global economy drove investors into the safety of bonds

MSCI’s Asia-Pacific share index excluding Japan, fell almost one per cent to touch its lowest level since late-March, while the pan-European EuroStoxx index was flat, clawing its way back from multi-week lows 

Japan Nikkei closed 1.66 per cent lower, KOSPI ended 0.41 per cent lower.  

(With inputs from Reuters)

3:39 PM IST

3:38 PM IST COMPANY PRICE() CHG() CHG(%) VOLUME VODAFONE IDEA 14.30 -1.15 -7.44 13858842 RELIANCE POWER 5.84 -0.21 -3.47 8151284 CG POWER & INDU. 39.05 2.55 6.99 3617787 DISH TV 31.05 -0.75 -2.36 2892561 REL. COMM. 2.15 0.10 4.88 2874574 » More on Most Active Volume

3:37 PM IST COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME ZEE ENTERTAINMEN 329.35 -39.85 -10.79 2870087 EVEREADY INDS. 90.65 -10.05 -9.98 168313 J & K BANK 54.10 -4.65 -7.91 80448 VODAFONE IDEA 14.30 -1.15 -7.44 13858842 REDINGTON INDIA 87.50 -6.60 -7.01 20024 » More on Top Losers

3:36 PM IST COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME CG POWER & INDU. 39.95 3.45 9.45 3526114 REL. COMM. 2.15 0.10 4.88 2871874 EDELWEISS.FIN. 146.40 6.70 4.80 225212 SCHNEIDER ELECT. 97.45 4.15 4.45 37233 VARDHMAN TEXTILE 1145.00 46.40 4.22 740 » More on Top Gainers

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LIVE UPDATES

Index contributors


Stocks most active by volume

COMPANY PRICE() CHG() CHG(%) VOLUME
VODAFONE IDEA 14.30 -1.15 -7.44 13858842
RELIANCE POWER 5.84 -0.21 -3.47 8151284
CG POWER & INDU. 39.05 2.55 6.99 3617787
DISH TV 31.05 -0.75 -2.36 2892561
REL. COMM. 2.15 0.10 4.88 2874574
» More on Most Active Volume

Top losers on BSE

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
ZEE ENTERTAINMEN 329.35 -39.85 -10.79 2870087
EVEREADY INDS. 90.65 -10.05 -9.98 168313
J & K BANK 54.10 -4.65 -7.91 80448
VODAFONE IDEA 14.30 -1.15 -7.44 13858842
REDINGTON INDIA 87.50 -6.60 -7.01 20024
» More on Top Losers

Top gainers on BSE

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
CG POWER & INDU. 39.95 3.45 9.45 3526114
REL. COMM. 2.15 0.10 4.88 2871874
EDELWEISS.FIN. 146.40 6.70 4.80 225212
SCHNEIDER ELECT. 97.45 4.15 4.45 37233
VARDHMAN TEXTILE 1145.00 46.40 4.22 740
» More on Top Gainers

Top gainers and losers on S&P BSE Sensex


Market at close


Market at close


Sectoral gainers and losers on NSE


Index contributors at this hour


Top gainers and losers on S&P BSE Sensex


Sectoral trends on NSE at this hour


Nifty below 11,400 levels


Market at day's low | Sensex sheds 400 points


NEWS ALERT | P&G Hygiene Q4 result

- Neyt profit at Rs 90.1 crore

- Revenue at Rs 699.3 crore



At day's low | M&M slides over 1%


RIL slips over 2% in trade


Dhanlaxmi Bank gains 5% on strong Q4 results


NEWS ALERT | Dhanlaxmi Bank Q4 result

- Net profit at Rs 27.6 crore vs loss Rs 17.2 crore y-o-y

- Gross NPA at Rs 496 crore (7.47%) vs Rs 508 crore (8.11%)

- Net NPA at Rs 152 crore (2.41%) vs Rs 172 crore (2.93%)

-NII at Rs 87 crore vs Rs 86 crore

- Stock reacts: gains 5% 

NEWS ALERT | RBI likely to cut rates in June; none thereafter on rising inflation: IHS Markit

The Reserve Bank of India (RBI) is likely to cut interest rates one more time in June before rising inflation pressures and elevated fiscal deficits leave little room for further accommodation in rest of the year, IHS Markit said Wednesday. RBI had cut interest rate by 25 basis points each in February and April to boost economic growth. READ MORE
 

NEWS ALERT | Satin Creditcare Q4 result

- Consolidated net profit at Rs 128 cr Vs Rs 85.6 cr, up 49.4% y-o-y

- Cons revenue at Rs 746.4 cr Vs Rs 554.4 cr, up 34.6% y-o-y



From net sales to profit, how Marico bucked the slowdown trend in Q4

Consumer goods major Marico reported its highest domestic volumes growth in three quarters as the Mumbai-based firm emerged an outlier in a market reeling from a slowdown. For the three months ended March 2019 (Q4), Marico's net sales, operating profit and net profit (excluding tax writebacks) grew 9 per cent, 12 per cent and 18 per cent, respectively, from a year earlier, surprising analysts, even as overall volume growth came in at 8 per cent. READ MORE

Bosch falls nearly 3%


NEWS ALERT | Rain Industries off highs on weak Q4 result

- Consolidated nert profit at Rs 68.8 crore, down 72.6% y-o-y

- Cons revenue at Rs 3,196.5 crore, down 3.3% y-o-y

- EBITDA at Rs 351.7 crore, down 45.2% y-o-y

- EBITDA margin at 11%, down 840 bps


UPL gains 2%, nears 52-week high as board considers bonus issue

Shares of UPL gained 2 per cent intra-day on Wednesday to quote Rs 968 apiece on the BSE in an otherwise weak market after the company announced its plan to issue bonus issue shares.
 
At 12:51 pm, the stock of the agrochemicals major was trading close to its 52-week high of Rs 975 - quoted on May 3, 2019 - on the S&P BSE, which was down 1 per cent at 37,921 levels.  READ MORE

Vodafone Idea slips up to 12%, hits new low as rights issue shares start trading

Vodafone Idea shares hit a new low of Rs 13.65, down 12 per cent on Wednesday, declining 17 per cent in past two trading days on the BSE, on back of two-fold jump in trading volumes. READ MORE

Once darling FMCG stocks turn sour as India's consumption engine sputters

Producers of household items have been India’s best stock market bets for years. But the consumption slowdown in the world’s fastest-growing major economy is rubbing the sheen off these shares.
 
The 74-member S&P BSE Fast-Moving Consumer Goods Index, which has had only one down year since 2006, has bucked the gains in the nation’s benchmark measure. And some of the biggest names in the gauge have accumulated double-digit losses five months into the year. READ MORE

Promoters use tepid market conditions to hike stake in group firms

A total of 205 large, mid-and small-cap firms saw their respective promoters hike stake in their group companies via open market purchases in the last financial year 2018 – 19 (FY19). 

Among the large-caps, Tata Motors, Bajaj Auto and JSW Steel saw their promoters hike stake in the last financial year, Srikalahasthi Pipes, Nandan Denim, Bodal Chemicals, Waterbase, Trident, WPIL, Sangam (India) and Voltamp Transformers that comprise the S&P BSE Small-cap index saw their respective promoters up their stake in the range of 2 per cent to 4 per cent during FY19. READ MORE 

Buzzing | Edelweiss Financials gains over 3%


NEWS ALERT | The Reserve Bank of New Zealand cuts official cash rate by 25 bps to 1.5%: Reuters

- Interest rate has been cut for the first time in two-and-a-half years.

- The central bank signaled a 50-50 chance of another round of easing.

- At the press conference after the decision, RBNZ Governor, Adrian Orr, flagged the ongoing US-China trade dispute as a major risk for the country's economy.

33 stocks hold positive trend despite three-day 300-pt fall in Nifty50

In the last two sessions, the Nifty 50 has slipped over 300 points, or 2.58 per cent to hit 11,400 levels. However, there are few stocks that continue to hold their upward trend or have seen minor losses. READ MORE

Anand Rathi on DFM Foods

We factor in 15%/23% CAGRs in revenue/earnings over FY19-21. We roll forward our target to FY21 and upgrade our recommendation to a Buy, with a higher target of Rs 361,based on 35x FY21e EPS. Risks: Keener competition, rise in input costs.

MARKET UPDATE | PSU bank stocks off lows


Prabhudas Lilladher on VIP Industries

We remain positive on VIP given market leadership (~50% revenue share) in the organized luggage industry, well-diversified product portfolio (six brands and multiple SKUs exceeding 1,500) and solid brand salience (brand-ex is ~5-7% of sales). We value the stock at 33x FY21E EPS in light of strong growth prospects (sales/PAT to grow at a CAGR of 21.8%/29.0% over FY19-21E) and the size of opportunity pie (transition towards organized market) VIP has at its disposal post GST. Maintain BUY with a TP of Rs564 (earlier Rs 579).

ICRA on road sector

The state-led road sector capex is expected to witness robust growth over next three years supported by several expressway projects launched/announced by the states of Maharashtra and Uttar Pradesh. In Maharashtra, the estimated spend in case of Nagpur-Mumbai expressway alone is Rs 35,000 crore over next three years in addition to proposed road improvement programme through hybrid annuity mode. Similarly, in UP, for Purvanchal and Ganga expressways together the estimated spend over next three years is around Rs 20,000 crore. 

MARKET UPDATE | Top gainers on BSE at this hour

CGPOWER 39.80 +3.30 +9.04
 
RCOM 2.15 +0.10 +4.88
 
RCF 58.10 +2.20 +3.94
 
JETAIRWAYS 132.20 +4.85 +3.81
 
INOXLEISUR 310.05 +10.30 +3.44

NEWS ALERT | Market at day's low

BSE Sensex - 37,942.29 levels, down 334.34 points

Nifty50 - 11,401.10 levels, down 96.80 points

Elara Capital on Supreme

Last close: Rs 1,037

Target price: Rs 1,393

Recommendation: Buy


Supreme Industries’ (SI IN) plastic piping segment, which contributed ~57% to total sales in FY19, posted volume growth of 14.7% and value growth of 14% for the quarter. Government initiatives, such as affordable housing, effective implementation of RERA, Swacch Bharat Mission, AMRUT Yojana and other infrastructure-related activities gave a boost to the plastic piping segment. Packaging products was up +13.6% and consumer furniture was up +3.2%, further bolstering total volume growth.

Anand Rathi on Supreme

Last close: Rs 1,037

Target price: Rs 1,202

Recommendation: Buy


Supreme's Q4 PAT came below our estimates, with EBITDA/PAT down 30%/32% y/y, held back primarily by lowrevenue growth (up only 4% y/y) and margin contraction across divisions. Per company, the packaging-products margin has bottomed out and other divisions are also in a recovery mode. We cut our FY20e/21e earnings ~8% each year owing to lower revenue growth expected. Expecting recovery in margins (packaging products bottoming out, continued focus on value-added products, etc.), we now expect a 17% EPS CAGR over FY19-21. We maintain a Buy, with a lower target of `1,202 (25x FY21e EPS vs. 28x the FY14-19 mean). Growth across keysegments and margin recovery are key monitorables.

Sectoral trends on NSE at this hour


Top gainers and losers on S&P BSE Sensex


Market check


Market check


Stocks near all-time low

COMPANY LATEST ALL TIME LOW PREV LOW PREV DATE VOLUME
ABG SHIPYARD 1.30 1.30 1.32 18-FEB-2019 3201
ADLABS ENTERT. 7.95 7.95 7.95 29-MAR-2019 6515
ASTER DM HEALTH. 141.00 140.00 140.10 13-MAR-2018 1072
ASTRON PAPER 90.35 87.00 90.00 06-MAY-2019 30269

Click here for the full list

Nomura on Ceat


Nomura on ICICI Bank

We lift our target price to Rs 500 (with implied upside of ~25%), implying 2.05x (2x earlier) FY21F book for the bank and Rs 115/share (Rs 105 earlier) of subsidiary value. With rising granularity of the balance sheet and visibility of +16% ROEs, we believe current valuation at 1.6x FY21F stress adjusted book is still undemanding. We maintain our Buy rating. ICICI remains one of our preferred sector picks.

BofA on liquidity

We continue to expect the money market to switch to reverse repo mode by end-May as cash demand from elections and the on-going harvest abates. After April 30 data, our liquidity model estimates that it will swing to surpluses of ~Rs80 billion by end-May and Rs 230 billion by June from a deficit of Rs 680 billion in April. We assume a RBI OMO purchase auction of Rs150 billion/ $2 billion in June atop Rs 250 billion/$3.5 billion in May and $5 billion 3-year FX swap auction in April

Essel Group shares under pressure; Zee Entertainment, Dish TV down over 6%

Stock price of the group’s flagship company ZEE slipped 7 per cent to Rs 343 during the intra-day trade, falling 21 per cent in past five trading days. The counter has seen huge trading volumes with a combined 12.3 million shares changing hands till 10:29 am. Relatively, on an average, less than 13 million shares were traded daily in past two weeks on the NSE and BSE. READ MORE

Buzzing | CG Power zooms over 10%


ICICI Securities on Mahindra CIE Automotive

We expect sales, EBITDA and PAT at MCI to grow at a CAGR of 7.7%, 10.4% and 15.1% respectively over CY18-20E, with attendant margin improvement in tow. MCI has demonstrated its turnaround capability in the past (CY18 margins at 13.1% vs. 8% in FY15) and continues to perform ahead of industry and its clients. The company’s healthy return ratios (~15% RoCE) and >10% CFO yield also provide valuation comfort. We value MCI at Rs 275 i.e. 8x EV/EBITDA on CY20E numbers and retain our BUY rating on the stock. 

Elara Capital on Supreme Industries

Management has guided for volume growth of 8-10% and sales growth of 12-15% for FY20. Margin guidance was in the range of 13.5- 15.0%. We keep our sales estimates unchanged while cut our EBITDA estimates by 9.0% for FY20 and 8.0% for FY21 and lower our PAT estimates by 8.8% for FY20 and 6.9% for FY21. We do not see any shift in business fundamentals and bullish. We reiterate Buy with a new TP Rs 1,393 from Rs 1,514 based on 30x (unchanged) FY21E P/E

Jet Airways soars over 5%


NEWS ALERT | Jet Airways Crisis

- Jason Unsworth's Atmosphere Airlines submits bid for Jet, reports CNBC TV18, quoting sources.

- Unsworth submitted bis along with Naresh Goyal, My World Ventures, Future Trend Cap Redcliffe Cap, Mallhar Hospitality.

- Banking sources tell the channel, can't vouch for seriousness of the bids.

- EoI submitted by Jason's consortium cannot be considered in the current trend. 

Nifty outlook by IIFL

Nifty finds support around 11,430, while 11,630 will act as resistance. Bank Nifty finds support around 29,000, while 29,500 will act as resistance on the upside. 
 

Nifty indices at day's low


Anand Rathi on Bajaj Consumer Care

Last close: Rs 332

Target price: Rs 429

Recommendation: Buy


The company aims to double its market share in hair oils to 20% by FY24/25. Success would be critical but the company has increased its market share in the past. We retain our Buy rating and target price of Rs 429.
 

Emami Paper Mills trading higher ahead of Q4 nos


Neogen Chemicals makes strong debut, lists at 17% premium over issue price

Neogen Chemicals, one of India's leading manufacturers of bromine-based and lithium-based specialty chemicals, listed its shares at Rs 251 apiece on BSE, a premium of 16.74 against the issue price of Rs 215.
 
The initial public offer (IPO) of Neogen Chemicals, which ran between April 24 and April 26, received huge response from the investors as the issue was overall subscribed 41.18 times. The price band for the issue was Rs 212 to Rs 215 per share. READ MORE

Reliance Capital dips 5%


We'd rather look at buying portfolios than a firm: M&M Financial MD & CEO

It has been tough for non-banking finance companies (NBFCs) for a while now, and it is clear that only the well-run will survive the ongoing crisis in the sector. While the liquidity crunch continues to haunt them, Ramesh Iyer, managing director and chief executive officer of Mahindra & Mahindra Financial Services, feels the current fiscal could turn out to be marginally better. READ MORE

Cox & Kings slips over 5%


New Listing | Neogen Chem up 5%


Dabur slips over 2%


Nifty Media index down over 2%

- Zee Entertainment, Sun TV drag, fall over 3%

- INOX Leisure up 2%


Artemis Global Life Sc trades higher ahead of Q4 nos


Punjab National Bank up over 1%


Nifty Metal trades in green


DHFL gains over 2%


NEWS ALERT | Neogen Chem settles at Rs 251/share on BSE

- The company got listed today

- Issue price was Rs 215 apiece.

Vakrangee down over 1%

The company had announced alliance with Dish TV


VIP continues slide, stock falls over 2%


Vedanta slips over 3% on weak Q4 performance


Star Cement is trading over 1% lower


Titan falls nearly 1% ahead of Q4 results announcement


MOFSL on Bharti Airtel

BHARTI has multiple moving levers in place such as a rebound in India wireless business, fund raising plans and peaking out of capex – which should help prune the ballooned net debt and make it self-sufficient. We have factored in an Rs 250 billion rights issue and ~15% reduction in capex (with an upward bias) in FY20. This will reduce cash burn and net debt-to-EBITDA to Rs 77b and 3.5x in FY20 versus ~ Rs 200b and 4.3x, respectively, in FY19. Incrementally, the Africa IPO and the Bharti Infratel stake sale could drive additional deleveraging. The stock is attractively priced at 7x FY21E EBITDA. Maintain Buy with an SOTP-based target price of Rs 410. 

BSE slips post Q4 results


Momentum Picks by ICICI Securities


Sectoral gainers and losers on NSE


Top gainers and losers on S&P BSE Sensex


OPENING BELL

At 09:16 am, the S&P BSE Sensex was trading 32 points or 0.08 per cent lower at 38,244 levels while the NSE's Nifty50 index was ruling at 11,448, down 50 points or 0.43 per cent. 

Activist hedge fund, leadership shift leave imprint on Cognizant

Once considered a worthy competitor to the likes of Accenture and IBM, investors of Cognizant got a rude shock last week when the company guided its worst-ever revenue growth since inception. READ MORE

NEWS ALERT | China Trade Data

- Trade surplus at $13.84 billion

- April imports up 4% year-on-year

- April exports down 2.7% y-o-y

Market check


Market at pre-open


Market at pre-open


RUPEE CHECK

Rupee opens at 69.55 against Tuesday's close of 69.43. 

Overseas funds making investments into India directly from home countries

Overseas funds investing in India from Mauritius and Singapore are either winding down or stopping fresh investments from the regions, in favour of home countries such as the US and the UK or even regions such as the Cayman Islands, Ireland, and Luxembourg. India had renegotiated its tax treaties with Mauritius and Singapore in 2016. READ MORE

NEWS ALERT | Japan's April Services PMI at 51.8: Reuters.

- Activity in Japan’s services sector expanded at a slightly slower pace in April than the previous month as growth in new business slowed. 

- The index stayed above the 50 threshold that separates contraction from expansion for the 31th straight month. It was 52 in March.

Reject ArcelorMittal's Essar Steel bid as it misled courts: Prashant Ruia

In a fresh twist to the insolvency saga of Essar Steel India, the largest stakeholder of the company has approached the National Company Law Appellate Tribunal (NCLAT) with a plea that ArcelorMittal India’s bid should be rejected as it had hid crucial facts regarding its shareholding in firms that have since turned non-performing assets (NPAs). The NCLAT has sought ArcelorMittal’s response to the petition and fixed May 13 as the next date of hearing. READ MORE

Derivatives outlook by Adroit Securities


Bharti Airtel's ARPU rises 20%, Reliance Jio's slips 3% in March quarter

Bharti Airtel has performed well on the average revenue per user (ARPU) front in the fourth quarter ended March 31, 2019, as the figure improved 20 per cent sequentially while Jio’s ARPU declined 3 per cent during the same period. Airtel’s ARPU in Q3 had fallen 15.50 per cent year-on-year (YoY) to Rs 104 from Rs 123 in Q3FY18. READ MORE

Reliance Securities on Escorts

Last close: Rs 649

Target price: Rs 600

Recommendation: Reduce
 

Escorts (ESC) has reported below par performance in 4QFY19 due to margin contraction and higher interest outgo. Its revenue, EBIDTA and adjusted PAT grew by 14% YoY (-1.4% QoQ), 9% YoY (-5% QoQ) and 8% YoY (-9% QoQ) to Rs16.3bn, Rs1.9bn and Rs1.2bn vs. our estimate of Rs16.6bn, Rs1.96bn and Rs1.3bn, respectively. Its EBIDTA margin fell by 47bps YoY/48bps QoQ to 11.6% (our estimate of 11.8%). Therefore, we maintain our REDUCE rating on Escorts with a revised Target Price of Rs600 (from Rs760 earlier).

High-single digit volume growth key for FMCG stocks to sustain valuation

A relatively optimistic volume outlook in key categories and a sturdy profitability improvement in the March 2019 quarter (fourth quarter, or Q4) boded well for the Marico stock — up about 6 per cent on Tuesday, when the Nifty FMCG (fast-moving consumer goods) index traded flat. READ MORE

Vedanta, Titan, Escorts, Vakrangee and Neogen Chemicals top stocks to watch

Here's a look at the top stocks that may trade actively in today's trade -
 
Earnings today: Around 43 companies including JK Paper, Dhanlaxmi Bank, Rain Industries, Titan and Tata Communications are slated to release their Q4 earnings today.
 
Vedanta: Vedanta on Tuesday reported a 45.5 per cent drop in fourth-quarter profit compared with the same period a year earlier, when it booked a hefty one-time gain. Revenue from operations came in at Rs 23,092 crore, compared with Rs 27,311 crore a year earlier.
 
Vakrangee: Vakrangee has announced an alliance with Dish TV India for distribution of subscription recharge and providing collection services for both its brands - DishTV and d2h.READ MORE

Nifty outlook by ICICI Securities

In the current scenario, as the Nifty has already corrected for the last three sessions, possibility of supportive efforts near the lower band of last six week’s consolidation (11,550) cannot be ruled out in a session or two. We expect prolonged consolidation to continue in the broader range of 11,850–11,550, going ahead. Meanwhile, volatility may remain elevated owing to trade war uncertainty while on the domestic front accelerating Q4FY19 earnings traction and fag end of General Election 2019, thereby stock specific action would remain in focus.

Nifty outlook by HDFC Securities

Nifty witnessed a sharp weakness today and closed the day lower. The crucial lower support of 11,550 levels, which was holding since last one month was broken on the down side and Nifty closed below it.
 
A long negative candle formed today, technically this could indicate a down side breakout of the support. Next lower levels to be watched at 11,400 in the short term

Bulk deal on NSE as on Tuesday

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


Rupee check

Source: Bloomberg


Oil check

At 7:56 am,  Brent crude futures were trading at $69.47 a barrel. 
.

SGX Nifty

At 7:55 am, SGX Nifty was down 61 points, or 0.53 per cent, and was trading at 11,477.50 levels. This indicates a flat start for domestic indices with negative bias. 

Asian Markets check

Source: Reuters


Wall Street check

Source: Reuters


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