MARKETS ON FRIDAY: Sensex ends below 35,000; metal, pharma stocks drag

Markets dropped on Friday tracking global markets, as metal and pharma stocks pulled down the indices.

Bear and Bull stock market mascots charging each other on a white background with a New York street light between them
44

Benchmark indices dropped on Friday tracking global markets, while metal and pharma stocks pulled down the indices ahead of elections in the key state of Karnataka.

The S&P BSE Sensex ended at 34,915, down 188 points while the broader Nifty50 index settled at 10,618, down 61 points.


Among sectoral indices, the Nifty Metal index was trading over 1% lower led by a fall in shares of Hindustan Zinc and Hindalco. The Nifty IT index, too, was down led by a fall in shares of Mindtree and Wipro. Among the FMCG counters, ITC, Emami, GSK Consumer slipped over 2% on the NSE.

Pharma stocks pushed both indices lower, with the Nifty Pharma index falling over 1.5%.

Bajaj Auto, Mahindra & Mahindra (M&M), ITC, Reliance Industries (RIL), Mahindra & Mahindra Financial Services (MMFS) and JSW Steel are the six stocks that Morgan Stanley is betting on in India to play its ‘growth at reasonable price’ (GARP) investment strategy.
“Trends of the past 15 months suggest that growth stocks are making a comeback – indeed the market is detecting a new growth cycle and seems willing to back a nascent recovery in the performance of growth styles as a more sustainable outcome. We think this outperformance of growth over value (and quality) will continue in 2018,” said a Morgan Stanley report released on Friday.

ECONOMIC DATA

On the macro front, Activity in India’s dominant service sector accelerated in April thanks to a pick up in new business that encouraged firms to hire at the fastest pace in seven years, a private survey showed on Friday.

The Nikkei/IHS Markit Services Purchasing Managers’ Index rose to a three-month high at 51.4 in April from March’s 50.3, holding above the 50-mark that separates growth from contraction for a second month.

GLOBAL MARKETS

Asian shares stepped back, while the dollar ran into some profit-taking after a strong week of gains as financial markets turned their attention to looming US payrolls data for fresh catalysts.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.26 per cent, while Japan’s Nikkei stock index slid 0.16 per cent.

  • 03:45 PM

    Nifty Metal index fell 1.07%. Top losers:

    COMPANY LATEST PREV CLOSE LOSS() LOSS(%)
    NATL. ALUMINIUM 78.35 80.45 -2.10 -2.61
    WELSPUN CORP 140.25 144.00 -3.75 -2.60
    COAL INDIA 271.30 276.95 -5.65 -2.04
    HIND.ZINC 303.50 309.45 -5.95 -1.92
    VEDANTA 281.65 286.20 -4.55 -1.59
  • 03:41 PM

    Nifty Pharma index ends 1.66% lower. Top losers:

    COMPANY LATEST PREV CLOSE LOSS() LOSS(%)
    SUN PHARMA.INDS. 517.85 536.00 -18.15 -3.39
    CIPLA 597.00 609.30 -12.30 -2.02
    GLENMARK PHARMA. 535.35 542.50 -7.15 -1.32
    PIRAMAL ENTERP. 2495.00 2527.95 -32.95 -1.30
    CADILA HEALTH. 389.10 393.80 -4.70 -1.19
  • 03:37 PM

    Sectoral Trend

  • 03:35 PM

    BSE Sensex: Adani Ports, Hindustan Unilever top gainers of the day, Sun Pharma top loser

  • 03:32 PM

    Market at close
    The S&P BSE Sensex ended at 34,915, down 188 points while the broader Nifty50 index settled at 10,618, down 61 points.
  • 03:24 PM

    $2.7 bn shaved off PC Jeweller m-cap after promoter gifts shares to family
    An Indian jeweller that saw its market worth reach $3.6 billion at the start of the year is now floundering at about a quarter of that value after one of its founders gifted some shares to family members, raising concern about the company’s governance.
    PC Jeweller Ltd. slumped by about half after the company said last week that one of its founders P.C. Gupta made the gifts through off-market transactions. The stock has plunged 75 per cent from a record on January 19, taking its market capitalization to Rs 58.3 billion ($873 million). It climbed 21 per cent to Rs 146.85 as of 12.31 p.m. in Mumbai on Friday.
  • 03:18 PM

    GST MEET

    New model of return filing to be kick-started in 6 months

  • 03:15 PM

    GST MEET

    GST council approves ownership change of GSTN structure. 51% held by private entities to be taken over by Govt. Central and state Govt to hold 50 each.

  • 03:13 PM

    GST MEET IMPACT: SUGAR STOCKS FALL

    COMPANY LATEST PREV CLOSE LOSS() LOSS(%) VOLUME
    EID PARRY 267.90 272.05 -4.15 -1.53 9419
    BAJAJ HINDUSTHAN 8.50 8.57 -0.07 -0.82 330669
    SH.RENUKA SUGAR 15.50 15.60 -0.10 -0.64 157326
  • 03:07 PM

    Godrej Properties Q4 net more than doubles to Rs 1.41 mn on robust sales
    Realty firm Godrej Properties on Friday reported over two-fold jump in its consolidated net profit at Rs 1.41 billion for the January-March quarter of last financial year on higher sales.
    Its net profit stood at Rs 625.9 million in the year-ago period, the company said in a filing to the BSE. 

    EARNINGS IMPACT

  • 02:59 PM

    MARKET CHECK

    Index Current Pt. Change % Change
    S&P BSE SENSEX 34,911.11 -192.03 -0.55
    S&P BSE SENSEX 50 11,121.02 -57.47 -0.51
    S&P BSE SENSEX Next 50 33,866.71 -176.94 -0.52
    S&P BSE 100 10,998.73 -56.92 -0.51
    S&P BSE Bharat 22 Index 3,547.87 -34.19 -0.95
  • 02:59 PM

    Demonetisation, GST impact: India is fast ceding gold market share to China
    The January-March period of 2018 has been the worst for India’s share in the global gold demand.
    According to the World Gold Council’s gold demand trend report for the March quarter, released on Thursday, total global consumer gold demand (jewellery and investment) in 2017 stood at 3,198.6 tonnes, 2 per cent lower than that in 2010.
  • 02:59 PM

    Angel Broking’s top picks for May 2018

  • 02:56 PM

    Centrum Broking on HT Media

    We maintain our Hold rating on HT Media and revise our target price to Rs 98. In last two month newsprint prices have increased by steep 40% led by China (world’s largest paper recycler) to ban imports of mixed paper in its campaign against environment pollution. We believe this would have an impact of 200bps on the operating margins of HT Media despite strategies taken by the management by increasing cover prices.

    While the advertising revenue was impacted in both the English and Hindi print for FY18, we have modelled high single digit ad growth for FY19 on the back of low base and sectors such as auto, real estate bouncing back while government/political ad would be high on many state elections. Further there would be margin expansion in the radio business and probable lower losses in the digital business

  • 02:55 PM

    HDFC Securities on Marico

    With a recovery in margins, stabilizing trade channels and improving international biz we expect revenue/EBITDA/APAT CAGR of 15/27/30% over FY18-FY20E. We value Marico based on P/E of 35x Mar-20, and arrive at a target price of Rs 376. Maintain BUY.
  • 02:54 PM

    RESULT UPDATE Godrej Properties Q4 Net More Than Doubles To Rs 1.41 Mn On Robust Sales

    Realty firm Godrej Properties on Friday reported over two-fold jump in its consolidated net profit at Rs 1.41 billion for the January-March quarter of last financial year on higher sales. Its net profit stood at Rs 625.9 million in the year-ago period, the company said in a filing to the BSE
  • 02:52 PM

    UBS on Britannia Industries (Image source: UBS report)

  • 02:46 PM

    Adani Ports up 3% on post Q4 results
    Adani Ports and Special Economic Zone was trading 3% higher at Rs 408 on the BSE, after the company reported mixed set of numbers with consolidated revenue from operations up 43% year on year (YoY) at Rs 31.83 billion during March quarter (Q4FY18), on back of higher cargo volumes.
    The consolidated net profit declined 20% YoY at Rs 9.29 billion in Q4FY18, due to weak product mix and higher tax outgo. Consolidated cargo for Q4FY18 increased by 6% to 45.44 MMT as against 42.67 MMT in Q4FY17.
  • 02:30 PM

    Volume Toppers

    COMPANY PRICE() CHG() CHG(%) VOLUME
    PC JEWELLER 147.65 26.20 21.57 10294300
    HIND.CONSTRUCT. 17.90 0.35 1.99 8580264
    REL. COMM. 15.20 0.15 1.00 6564009
    MAX INDIA 82.60 1.25 1.54 3881569
    JP ASSOCIATES 18.90 -0.40 -2.07 3261738
  • 02:27 PM

    Q4 result snapshot: NIIT Technologies (Image source: Company release)

  • 02:17 PM

    Prabhudas Lilladher on Thyrocare Technologies

    The stock trades at PER of 35x and 29x FY19E and FY20E respectively. We expect Thyrocare to achieve 20% growth in revenue and 35% EBITDA margins in FY19E. Management guided that lower rationalisations and advertisement (guided at 4-5% of sales) costs will impact EBITDA margin by 400-500bps. While management maintains its guidance of 25% (+/-2%) sustainable annual growth, we have become more conservative and expect revenues to grow at 20% and 21% in FY19E and FY20E

  • 02:15 PM

    HDFC Securities on Interglobe Aviation

    We  believe  margins will remain under pressure until competitive intensity eases  or  crude prices reduce. In addition to building in lower yields, we have  adjusted  our  crude assumption to $68/65 bbl and US$ to INR67/67 for FY19E/20E.

    As  a result of these changes our EPS forecasts for FY19E/FY20E stand  reduced  by 44.1/32.9% to Rs51.3/77.6 respectively. While we believe Interglobe  offers to be the lowest cost operator in an underpenetrated and structurally growing aviation market, current market dynamics need to improve for us to get constructive on the name. Consequently, we maintain NEUTRAL rating with a target price of Rs 1,125 (-6.2%) based on 14.5x FY20 EPS

  • 02:14 PM

    NEWS ALERT Flipkart board said to have okayed $15-bn deal to sell 75% stake to Walmart

    The board of Flipkart Online Services Pvt has approved an agreement to sell about 75 per cent of the company to a Walmart Inc.-led group for approximately $15 billion, according to people familiar with the matter, an enormous bet by the American retailer on international expansion

    Walmar, Flipkart

  • 02:00 PM

    Market Check

    S&P BSE Sensex 34,955.95 Up -0.42%
    Nifty 50 10,626.80 Up -0.49%
    S&P BSE 200 4,654.73 Up -0.38%
    Nifty 500 9,343.35 Up -0.48%
    S&P BSE Mid-Cap 16,551.08 Up -0.41%
    S&P BSE Small-Cap 18,004.12 Up -0.18%
  • 01:51 PM

    India’s private banks have been biggest winners from note ban: Here’s how
    India’s clampdown on unaccounted cash has sent a flood of money into the private banking industry, prompting a major lender to embark on a hiring binge for wealth managers.
    HDFC Bank Ltd. — the most preferred wealth manager in India among high net worth clients surveyed by Euromoney — plans to add as many as 150 relationship managers by the end of 2020 to the current 250, said Rakesh Singh, group head of private banking. He started hiring at a faster pace last year, when he added about 50.
  • 01:38 PM

    Classic investing error? This billionaire has put half his wealth into gold
    Investors are advised to look sceptically at anyone promoting an investment position that they already have a substantial stake in. Consider the gold miners as a class. Since inception in 1993, the NYSE Arca Gold Miners Index has returned about 15 per cent. During the same time period, gold has returned 268 per cent, while the Standard & Poor’s 500 Index has gained roughly 800 per cent.

  • 01:16 PM

    Pre-poll political limbo in Pakistan threatens best stock rally in Asia
    A period of pre-election political limbo coinciding with an increasingly perilous economic backdrop is prompting predictions that a rally in Pakistan stocks is set for a reversal.
    The benchmark KSE100 Index will probably fall 10-15 percent in the run-up to elections in July or August, said Muhammad Rameez, the head of international sales at Foundation Securities Pvt. in Karachi. That would wipe out this year’s 10.6 per cent gain in local-currency terms, the best performance in Asia.
  • 01:01 PM

    India Inc lines up to hedge forex exposures before it is too late
    The recent movement in the rupee is being taken in all seriousness by corporates in India, and they are queuing up to hedge their foreign exchange (forex) exposures, say currency consultants. But there is still some way to go before Corporate India, particularly importers, can say it is fortified against sudden shocks. “Most companies do not hedge in a disciplined manner.
  • 12:47 PM

    Stocks at 52-week low

    COMPANY PRICE() 52 WK LOW CHG() CHG(%)
    ALLCARGO LOGIST. 136.00 135.15 -1.45 -1.05
    BEML LTD 1019.00 971.45 10.95 1.09
    BLUE DART EXP. 3600.45 3505.00 -82.25 -2.23
    C P C L 301.20 292.55 0.80 0.27
    DCM SHRIRAM 297.40 277.90 5.55 1.90
  • 12:33 PM

    PC Jeweller up 58% in two days from 52-week low; down 52% in 1 month
    PC Jeweller has moved higher by 24% to Rs 150 on the BSE on Friday in intra-day trade in an otherwise weak market. The stock of jewellery firm rallied 58% from its 52-week low of Rs 95 recorded on Thursday during intra-day trade after PC Jeweller denied reports of CBI search.
    “We would like to clarify that the abovementioned news item published in “BTVI” dated 3rd May, 2018 is factually incorrect and Shri Balram Garg, Managing Director of the Company has already appeared on Zee Business for a live interview and clarified the position,” the company said with reference to news appeared in Bloomberg TV dated May 03, 2018 quoting “CBI arrests owner of PC Jeweller.”
  • 12:15 PM

    Growth at reasonable price: Morgan Stanley bets on Bajaj Auto, ITC, RIL

    Bajaj Auto, Mahindra & Mahindra (M&M), ITC, Reliance Industries (RIL), Mahindra & Mahindra Financial Services (MMFS) and JSW Steel are the six stocks that Morgan Stanley is betting on in India to play its ‘growth at reasonable price’ (GARP) investment strategy.
    “Trends of the past 15 months suggest that growth stocks are making a comeback – indeed the market is detecting a new growth cycle and seems willing to back a nascent recovery in the performance of growth styles as a more sustainable outcome,” writes Ridham Desai, head of India research and India equity strategist at Morgan Stanley in a co-authored report with Sheela Rathi.

    morgan stanley, morgan

  • 12:01 PM

    Market Check

    S&P BSE Sensex 34,923.10 Up -0.51%
    Nifty 50 10,621.75 Up -0.54%
    S&P BSE 200 4,653.79 Up -0.40%
    Nifty 500 9,346.50 Up -0.45%
    S&P BSE Mid-Cap 16,587.16 Up -0.19%
    S&P BSE Small-Cap 18,024.45 Up -0.06%
  • 11:46 AM

    HUDCO hits lowest level since listing
    Housing and Urban Development Corporation (HUDCO) hit its lowest level since listing at Rs 63.45, down 1% on the BSE. The stock of state-owned housing finance company was quoting lower for the ninth straight trading days, falling 7% during the period. It is trading close to its issue price of Rs 60 per share.
    Since listing on May 19, 2017, HUDCO underperformed the market by falling 12% as compared to 15% rise in the S&P BSE Sensex.
  • 11:29 AM

    Services growth surged to 3-month high in Apr on improved demand: PMI data
    Activity in India’s dominant service sector accelerated in April thanks to a pick up in new business that encouraged firms to hire at the fastest pace in seven years, a private survey showed on Friday.
    The Nikkei/IHS Markit Services Purchasing Managers’ Index rose to a three-month high at 51.4 in April from March’s 50.3, holding above the 50-mark that separates growth from contraction for a second month.

  • 11:17 AM

    Castrol India dips 7% on disappointing Q4 results
    Castrol India dipped 7% to Rs 181 on the BSE in early morning trade after the company reported single digit 2% year-on -year growth in net profit at Rs 1.82 billion in March quarter (Q4FY18), due to sharp rise in input costs. It had profit of Rs 1.79 billion in the same quarter year ago.
    On a comparable basis without the change in indirect tax treatment, net sales in the quarter under review increased by 5% over the same period last year at Rs 92.7 billion driven by volume growth across categories.
  • 11:02 AM

    HCL Tech stock: Brokerages believe correction offers attractive entry point
    The HCL Technologies stock is down 12 per cent over the past couple of trading sessions on muted March quarter results and weak forecast, which has prompted revision in revenue estimates for 2018-19.
    While the immediate trigger was the sub-par performance in the quarter as the company posted a 1.2 per cent revenue growth on a constant currency basis (50-60 basis points lower than analyst estimates), the disappointment on account of growth outlook was the key worry.
  • 10:45 AM

    AUMs of mutual funds are growing and eating into share of bank deposits
    Assets under management (AUMs) of mutual funds (MFs) are growing exponentially and eating into the share of bank deposits. Since 2014-15, share of MF AUM in bank deposits has increased from 12.7 to 18.6 per cent. The share of MFs in incremental bank deposits and AUM is 28 per cent, signaling that investors are moving away from traditional investment avenues.
  • 10:33 AM

    Sebi hurdle for distributor quota in HDFC Mutual Fund’s Rs 35-billion IPO
    The Securities and Exchange Board of India (Sebi) is unlikely to accept HDFC Mutual Fund’s plea to allow a special quota for its distributors in its proposed Rs 35-billion initial public offering (IPO). The country’s leading asset manager has requested the market regulator to allow it to reserve 720,000 shares—2.8 per cent of the 25.5 million shares to be offered in the IPO—for its “empaneled distribution partners.”
  • 10:18 AM

    Edelweiss on Emami

    Emami’s Q4FY18 revenue growth of 6.8% YoY came in line, while 2.7% and 25.6% YoY EBITDA and PAT decline, respectively, was below estimate. The PAT slip was sharper owing to one-time MAT credit reversal of Rs 1.4bn. Domestic volumes recovered partially—up 9% YoY on a base of -1.5%. Rebound in volumes was partially aided by 6% YoY value growth in Kesh King (19%/16% value dip in Q3FY18/Q2FY18).

    International business sprung a positive surprise—jumped 37% YoY—albeit on a soft base. However, factoring slower off take and heightened ad spends, we prune FY19/20E EPS 15.0%/9.4%. We retain 35x target multiple to arrive at revised target price of Rs 1,244 (earlier Rs 1,328). Maintain ‘BUY’ factoring in anticipated rural recovery (~50% revenue contribution)

  • 10:15 AM

    STOCK ALERT Hexaware Tech falls 10% on profit booking post March quarter results

    Hexware Technologies has dipped 10% to Rs 408 on the BSE in early morning trade despite strong March quarter results. The numbers came in as a suprise for analysts as the company did not raise its revenue guidance, which put a question on whether the growth momentum seen till now will continue going ahead

  • 10:04 AM

    Buffett’s Berkshire Hathaway bought 75 million more Apple shares in first quarter: Reports
    Berkshire Hathaway Inc bought 75 million additional Apple Inc shares in the first three months of the year, CEO Warren Buffett told CNBC on Thursday, aggressively ramping up its bets on the iPhone maker.
    Buffett’s Apple commitment over the past two years has surprised many, given his historical aversion to companies associated with the technology sector. READ MORE

    Warren Buffett | Photo: Reuters
  • 10:02 AM

    Market Check

    S&P BSE Sensex 35,007.29 Up -0.27%
    Nifty 50 10,640.90 Up -0.36%
    S&P BSE 200 4,663.39 Up -0.20%
    Nifty 500 9,365.10 Up -0.25%
    S&P BSE Mid-Cap 16,635.40 Up 0.10%
    S&P BSE Small-Cap 18,043.20 Up 0.04%
  • 09:47 AM

    Time-wise correction due in large-cap IT stocks; TCS, NIIT Tech top picks
    A number of information technology (IT) companies have announced their earnings for the March 2018 quarter, which were mostly mostly in line with the analysts’ expectations. In some cases, the companies tweaked the guidance for financial year 2018-19 (FY19) to reflect the challenging business environment.

  • 09:32 AM

    Sebi’s risk management measures for derivatives likely to impact volumes
    The Securities and Exchange Board of India’s (Sebi’s) additional risk management measures for the derivatives market are likely to impact volumes and increase trading costs. According to brokers, the higher margin requirements could lead to up to a 30 per cent drop in volumes in certain segments, particularly option writing. Increasing the margin or capital requirements for dealing in the derivatives segment, the market regulator in a circular on Wednesday asked brokers to mandatorily levy ‘initial margin’, ‘exposure margin’ and ‘calendar spread margins’ on their clients.
  • 09:19 AM

    Sectoral Trend

  • 09:17 AM

    Top Sensex gainers and losers

  • 09:16 AM

    Markets at open

    At 9:16 am, the S&P BSE Sensex was trading at 35,084 down 18 points while the broader Nifty50 index was ruling at 10,670 down 9 points

  • 09:03 AM

    MARKET COMMENT Chris Wood of CLSA

    There is also growing evidence that some of the best shale fields already have seen peak production while there continues to be a remarkable divergence between the collapse in exploration activity and the ongoing increase in oil demand, driven by the emerging markets.
    The dramatic collapse in oil exploration in part reflects the hangover from the 2016 oil bust. But it also reflects the taxpayer subsidised alternative energy and related electric vehicle hype which has generated so much attention in recent years. The reality remains that cars are going to be powered in the conventional manner for many years yet. Yet the stock market still seems to be rewarding those energy majors who announce share buybacks rather than capital spending increases.
    If rising oil adds to the inflation noise in the short term, but increases deflationary risks longer term, it is a different macro story for oil producers in the emerging markets. This is why GREED & fear favours having bigger holdings in the emerging markets outside Asia than last year with Russia remaining the best option for hedging exposure to countries in Asia vulnerable to a rising oil price, such as India.

    Christopher Wood

    CLSA Managing Director & Equity Strategist Christopher Wood
  • 09:03 AM

    Markets at pre-open

    Index Current Pt. Change % Change
    S&P BSE SENSEX 35,182.73 +79.59 +0.23
    S&P BSE SENSEX 50 11,200.91 +22.42 +0.20
    S&P BSE SENSEX Next 50 34,133.20 +89.55 +0.26
    S&P BSE 100 11,078.90 +23.25 +0.21
    S&P BSE Bharat 22 Index 3,589.03 +6.97 +0.19
  • 09:00 AM

    Emkay Global on Radico Khaitan

    Reiterate BUY with 35% upside to our revised target price of Rs 547. FY18 profit increased 54% backed by sales volume recovery, EBITDA margin expansion and debt reduction. We forecast earnings CAGR of 30% in FY18-20E. We upgrade our FY19/20E earnings by 11/9% on the back of benefits from premiumization, low raw material costs and faster debt reduction. The company reduced debt by Rs 2.1bn in FY18. We expect debt reduction to accelerate in FY19-20 on solid free cash flow (FCF) generation

  • 08:58 AM

    Nomura on HCL Technologies

    We look for USD revenue/EPS CAGR of 9/8% with stable EBIT margins of ~19.8% over FY18-20F. We reset USD-INR assumptions to 66 vs 64.5 earlier and incorporate C3i and Actian acquisitions. Overall, we stay cautious on the sector and retain relative preference for HCL Tech on reasonable valuations. Our target multiple is down one notch to 14.5x, in line with historical average
  • 08:57 AM

    IIFL on Vedanta

    The company would witness improvement in earnings, led by asset sweating, steady commodity prices and improvement in availability of coal for captive players. The company has given strong volume guidance over the next two years for its zinc, aluminium and O&G business. However, input cost pressures would curtail the impact of higher volumes on FY19 earnings. With an earnings CAGR of 58% over FY18-20E, valuations at 3.4x FY20E EV/EBIDTA appear quite attractive. We maintain our Buy recommendation on the stock with a target price of Rs.385

  • 08:56 AM

    MARKET COMMENT Amar Ambani, head of research, IIFL

    The market seems to be on a wait and watch mode treading cautiously in a range.  Oil prices moved higher following expectations of new US sanctions against Iran. Brent crude oil futures remained above $73 per barrel. The first day of trade talks between US and China was described as “fairly positive.” Market will pay attention to the talks which will resume today.

    Data on US economy will drive global markets later in the day. Back home, the GST Council will meet to consider introduction of simplified tax return form among others. The Indian market is set for a flat start with a weak bias in the early hours. On Thursday, the Nifty closed below its psychological support level of 10,700. Sectors such as IT, realty and capital goods slipped, adding to the losses. The Indian rupee which closed marginally higher will also be eyed

  • 08:55 AM

    Today’s picks: From Tata Steel to Coal India hot stocks to watch on Friday
    Tata Steel
    Current price: Rs 585
    Target price: Rs 595
    Keep a stop at Rs 580 and go long. Add to the position between Rs 591 and Rs 593. Book profits at Rs 595.
  • 08:53 AM

    Commodity outlook and top trading ideas by Tradebulls for today
    Gold is trading at critical support of 50% retracement and 200 day moving average in COMEX. $1304 is the level that we are watching for. We expect Gold to get support in range of $1280-$1300. At present it is trading at 2 month low and is at complete mercy of US Dollar. Any correction in green back can only lift gold prices. Gold is trading in the upper channel line since Feb 2018 and the trend is under threat if it breaks 30800 on the downside. As we have said, gold is at critical support both in COMEX and MCX. If 30800 are breached, next support comes at 30500. Any long position can only be added if gold manages to move above 31000 as the event of US Fed is already over so we may see some bounce in prices.
  • 08:52 AM

    Derivatives strategy on Divis’s Lab futures by HDFC Securities
    Buy Divis’s lab May 1200 call at Rs 45
    Stop loss of Rs 35
    Target Rs 70
    Rationale: We have seen long positions being built in Divi’s Lab futures today where we have seen 4% rise in open interest with price rise of 1%. Stock price is trading above its 5,20 and 200 Dma, Indicating positive trend for the short, medium and long-term. Oscillators like RSI is showing strength in the stock for the short to medium term. Divi’s lab has been outperforming for over one year now and Technical and derivative Indicators indicates that out performance is likely to continue for the coming days.
  • 08:50 AM

    Top trading ideas from Prabhudas Lilladher: Buy Jindal Steel, ONGC
    BUY JINDAL STEEL
    CMP: Rs 240.30
    TARGET: Rs 270
    STOP LOSS: Rs 228
    The stock has moved past the significant 50 DMA to signify potential and strength for an up move and also it has been maintaining above the 200 DMA level which act as a major support level in the daily chart. We anticipate the stock to move further up till 265 -270 levels and with good volume activity seen, we recommend a buy in this the stock for an upside target of 270 keeping a stop loss of 228.
  • 08:45 AM

    SGX Nifty

    The SGX Nifty was at 10,668.50, down 0.36 per cent from the previous close.

  • 08:40 AM

    Markets on Thursday

    S&P BSE Sensex 35,103.14 Up -0.21%
    Nifty 50 10,679.65 Up -0.36%
    S&P BSE 200 4,672.71 Up -0.56%
    Nifty 500 9,388.65 Up -0.59%
    S&P BSE Mid-Cap 16,619.36 Up -1.16%
    S&P BSE Small-Cap 18,035.96 Up -0.84%
  • 08:38 AM

    Asian Markets

    Asian shares stepped back while the Japanese yen held onto overnight gains in early trading on Friday as financial markets turned their attention to the looming US payrolls data for fresh catalysts.

    MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.26 per cent, while Japan’s Nikkei stock index slid 0.16 per cent.
  • 08:36 AM

    Wall Street

    US stocks cut sharp early losses to end mostly down slightly on Thursday as some disappointing earnings reports offset strong economic data, while bond yields slid after a surprising drop in euro zone inflation data. Investors also were cautious ahead of Friday’s US jobs data for April. The US dollar fell in choppy trading.

    The Dow Jones Industrial Average rose 5.17 points, or 0.02 per cent, to end at 23,930.15, the S&P 500 lost 5.94 points, or 0.23 per cent, to 2,629.73 and the Nasdaq Composite dropped 12.75 points, or 0.18 per cent, to 7,088.15.
Source business-standard.com
Via business-standard.com

You might also like More from author

Leave A Reply

Your email address will not be published.