MARKETS ON MONDAY: Nifty ends above 10,700, IT stocks gain, RIL down 3%

Benchmark indices hit a near three-month high on Monday, as technology shares gained.

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  • Benchmark indices hit a near three-month high on Monday, in tandem with global markets, as technology shares gained during the day.

    The S&P BSE Sensex ended at 35,160, up 191 points while the broader Nifty50 index settled at 10,739, up 47 points.

    IT stocks rose, with the Nifty IT index gaining as much as 1.5% aided by the recent weakness in the rupee.
    Gains were, however, capped as index heavyweight Reliance Industries fell as much as much as 3.5%, its biggest percentage loss since February 2, after result from the oil-to-retail conglomerate’s telecoms arm Jio failed to cheer investors.

    Equity markets will be closed on Tuedsay on account of Maharashtra Day.

    On the global front, US Federal Reserve’s Federal Open Market Committee (FOMC) will announce the decision on the interest rate on Wednesday. It is widely expected that the central bank will keep rates unchanged in May 2018, but will raise them again in June 2018.
    Asian shares extended gains as tensions in the Korean Peninsula eased and first-quarter earnings shone, even though some investors were cautious about the outlook amid the backdrop of a simmering U.S.-China trade dispute.
    • 03:43 PM

      RIL ends 3.29% down on the NSE

    • 03:41 PM

      Nifty IT index rises 1.39%. Top gainers:

      COMPANY LATEST PREV CLOSE GAIN() GAIN(%)
      KPIT TECH. 258.60 247.85 10.75 4.34
      TATA ELXSI 1237.80 1198.65 39.15 3.27
      MINDTREE 1084.60 1050.70 33.90 3.23
      TCS 3532.10 3451.95 80.15 2.32
      INFOSYS 1199.50 1185.20 14.30 1.21
    • 03:36 PM

      Sectoral performers

    • 03:35 PM

      BSE Sensex: Yes Bank, HUL among top gainers of the day, Axis Bank top loser

    • 03:32 PM

      Market at close
      The S&P BSE Sensex ended at 35,160, up 191 points while the broader Nifty50 index settled at 10,739, up 47 points.
    • 03:14 PM

      Gold falls Rs 120 on weak global cues, low demand
      Gold prices fell by Rs 120 to Rs 32,200 per 10 gram at the bullion market today, tracking a weak trend overseas and muted demand from local jewellers.
      Silver also dropped by Rs 150 to Rs 40,300 per kg due to reduced offtake by industrial units and coin makers.
    • 02:55 PM

      Buy Interglobe Aviation only on a correction, say analysts

      Interglobe Aviation, the parent company of IndiGo, lost ground in trade after a steady start. The stock hit a high of Rs 1,443 on the NSE before slipping to around 1,400 levels in intraday trade. By comparison, the Nifty50 index gained 0.6 per cent to 10,754 levels.
      The weakness in the stock, analysts say, is a knee-jerk reaction to the news of its president, Aditya Ghosh, unexpectedly quitting on Friday. They believe the slide mostly factors in the development and stability – at last from a short-term perspective – should return once a successor is named

      IndiGo
    • 02:54 PM

      Buy Interglobe Aviation only on a correction, say analysts
      Interglobe Aviation, the parent company of IndiGo, lost ground in trade after a steady start. The stock hit a high of Rs 1,443 on the NSE before slipping to around 1,400 levels in intraday trade. By comparison, the Nifty50 index gained 0.6 per cent to 10,754 levels.
      The weakness in the stock, analysts say, is a knee-jerk reaction to the news of its president, Aditya Ghosh, unexpectedly quitting on Friday. They believe the slide mostly factors in the development and stability – at last from a short-term perspective – should return once a successor is named. Surprisingly the stock, as if anticipating the move, had lost over 6 per cent in trade ahead of the announcement on Friday.
      IndiGo
    • 02:41 PM

      Crude Update

      Oil prices dipped after a rising rig count in the United States pointed to higher production there, but markets held near their highest in over three years and remained set for a second straight month of gains.

      Oil prices were supported by supply concerns amid prospects that the United States could reimpose sanctions on Iran, while OPEC-led producers continue to withhold output.
      Brent crude futures, the international benchmark, dipped 1.33 per cent, to $73.65 a barrel. Prices climbed as high as $75.47 last week, levels not seen since November, 2014.
    • 02:34 PM

      UBS ON REAL ESTATE SECTOR

      Reports suggest that new Mumbai development plan 2034 has been approved, allowing for horizontal and vertical growth of developable area in Mumbai. Potential developable area caps for commercial real estate have been almost doubled (linked proportional to the road width) and for residential has been increased by ~10- 20%.

      Developers/landowners would benefit from increase in developable value of their lands (providing some support to sluggish land prices), however availability of more potential supply could imply that property price appreciation over long term would be lower than earlier expected especially in areas where land has been opened up for development.

      With property affordability at 15 year best levels, new regulations increasing customer confidence and favourable government policies, we think property volumes should recover over medium term and more for organised developers as they would gain share aided by new regulations

    • 02:32 PM

      MARKET COMMENT Ajay Bodke CEO & Chief Portfolio Manager PMS, Prabhudas Lilladher

      The just concluded historic summit between the Presidents of two Koreas has rekindled global hopes of a lasting détente.  If a clearly agreed path between the two sides leads to a signing of an armistice and eventual denuclearization of the Korean peninsula, it has the potential to fuel heightened risk appetite and will be positive for risk assets.
      Japanese Yen (JYP) in particular would be one of the biggest beneficiaries to reap this ‘Peace Dividend’. During times of heightened geo-political & security tensions global investors tend to rush to buy safe-haven assets like JPY creating headwinds for an export-dependent economy like Japan
    • 02:15 PM

      Indiabulls Ventures spurts on share issue plan
      Indiabulls Ventures rose 7.01% to Rs 481.10 on BSE after the company said its board will meet on 4 May 2018 to consider preferential issue of equity shares.
      The announcement was made during trading hours today, 30 April 2018. Meanwhile, the S&P BSE Sensex was up 196.93 points, or 0.56% to 35,166.63.
    • 01:58 PM

      Market Check

      S&P BSE Sensex 35,160.25 Up 0.54%
      Nifty 50 10,738.80 Up 0.43%
      S&P BSE 200 4,722.98 Up 0.54%
      Nifty 500 9,489.85 Up 0.49%
      S&P BSE Mid-Cap 17,020.92 Up 0.61%
      S&P BSE Small-Cap 18,361.61 Up 0.67%
    • 01:47 PM

      Govt seeks proposals for debt exchange traded fund by May 16
      The government plans to launch its first debt exchange traded fund (ETF) early in the second half of 2018-19. The ETF’s basket is expected to contain debt offerings from 12-15 state-owned companies, including banks and central public sector enterprises (CPSE), Business Standard has learnt.
      The Centre will also discuss how to attract more retail investors into corporate bond markets, with market regulator Securities and Exchange Board of India (Sebi), starting with the planned debt ETF.
    • 01:30 PM

      Top BSE500 gainers

      COMPANY PRICE() CHG() CHG(%) VOLUME
      REPCO HOME FIN 643.00 45.70 7.65 68974
      INDIABULLS VENT. 482.00 32.40 7.21 633570
      BOMBAY DYEING 308.00 17.90 6.17 1344376
      LAK. MACH. WORKS 8410.00 450.85 5.66 3026
      GATI 119.75 6.35 5.60 587271
    • 01:16 PM

      Has LTCG tipped the balance in favour of Ulips?
      The introduction of long-term capital gains (LTCG) tax on equities seems to be harsh for retail investors. But it also seems to have made unit-linked insurance plans a better option than mutual funds. The tax, which will be levied at the rate of 10 per cent if equities are sold after one year, will be imposed without any indexation benefit. The relief: long-term capital gains up to Rs 100,000 will be exempt. Since there is no LTCG tax on Ulips, many mutual fund investors would wonder if the former is a better option after this recent tweak in taxation. Here’s a comparison of these two products across various parameters to help investors decide.
    • 01:00 PM

      Market Mind: Some interesting stories
      These are interesting stories one has picked up across travels of the last month.
      Somany Ceramics’ 2017-18 has been a washout of a year due to GST (goods and services tax). This intrigued; most companies had got over the GST-induced destocking pains by the second quarter. Somany explained how the unorganised trade in Gujarat has figured out a way to beat GST and the differential they enjoy (presently!) over the organised manufacturers (who pay taxes and are therefore priced higher) has increased after GST — and that GST implementation could still take a year to stabilise.
    • 12:48 PM

      Disaster recovery sites of exchanges under focus as NCDEX volumes fall
      Volumes on the National Commodity & Derivatives Exchange (NCDEX) fell sharply after the bourse shifted trading to a disaster recovery (DR) site mid-April. A DR site is an alternative scaled-down trading facility that exchanges use when the primary set-up becomes dysfunctional.
      The decision to migrate had to be taken after some cables were damaged in an accidental fire on April 16, in the building that houses the NCDEX office in Kanjurmarg, Mumbai. Trading operations were normalised a day after the exchange moved site.
    • 12:33 PM

      Don’t let doubts about blockchains close your mind
      Many people, when they hear the word “blockchain,” think of Bitcoin and other cryptocurrencies. Yet there is another feature of the blockchain afoot, one which promises to bring a new and radical decentralisation to technology, including social media. Or as it was reported on Twitter: “Silicon Valley used to be a counterculture. It’s not anymore. It is the establishment. The crypto community is the new counterculture.”
      The basic idea of a blockchain, in its purest form, is to set up a record-keeper and adjudicator that does not rely on any specific third party or outside institution. The details are complex, and I will put aside the cryptographic elements of the mechanism, but imagine paying caretakers who update or validate a public ledger for recording who owns what.
    • 12:16 PM

      DSP Group, BlackRock may part ways in asset management venture
      DSP Group and BlackRock, the world’s largest investment management firm, have entered into discussions to end their existing 60:40 joint venture (JV) in asset management company DSP BlackRock Investment Managers, said two people in the know.

      DSP BlackRock is among the top 10 fund houses in the country and managed assets worth about Rs 860 billion as of March 2018. The DSP Group, headed by Hemendra Kothari, is one of the oldest financial services firms in India. BlackRock is the world’s largest asset manager with over $6 trillion in assets under management (AUM) as of December 2017.

    • 12:02 PM

      Market Check

      S&P BSE Sensex 35,197.47 Up 0.65%
      Nifty 50 10,751.00 Up 0.55%
      S&P BSE 200 4,727.31 Up 0.63%
      Nifty 500 9,496.75 Up 0.56%
      S&P BSE Mid-Cap 17,000.50 Up 0.49%
      S&P BSE Small-Cap 18,361.95 Up 0.67%
    • 11:51 AM

      DBS Q1 profit jumps 26% to record on strong loans growth
      DBS Group Holdings, Singapore’s biggest lender, beat market estimates with a 26 percent rise in first-quarter net profit to a record high, powered by strong loan growth in a strengthening economy.
      The robust showing by DBS, which kicked off results for the sector, comes after the bank and its peers OCBC and United Overseas Bank posted record profits last year on broad-based growth in businesses such as wealth management.
    • 11:30 AM

      RBI removes minimum maturity cap for FPI investment in bond market
      The Reserve Bank of India (RBI), in an attempt to keep foreign investors invested in the local bond market, late on Friday said they could invest in any maturity they wished for instead of the restrictive clause earlier that the investment must be in paper that had at least three years left to mature.
      “The minimum residual maturity requirement for central government securities and state development loan categories stands withdrawn, subject to the condition that investment in securities with residual maturity below one year by an FPI under either category shall not exceed, at any point of time, 20 per cent of the total investment of that FPI in that category,” the RBI said in a notification on its website.
    • 11:15 AM

      Stocks at 52-week high

      COMPANY PRICE() 52 WK HIGH CHG() CHG(%)
      ASHOKA BUILDCON 285.00 294.95 9.85 3.58
      AVENUE SUPER. 1523.90 1534.00 40.15 2.71
      BERGER PAINTS 283.15 287.30 3.55 1.27
      BOMBAY DYEING 305.25 310.05 15.15 5.22
      BRITANNIA INDS. 5495.40 5532.00 38.55 0.71
    • 11:01 AM

      RBI’s days of heavy currency intervention may have started
      The Reserve Bank of India (RBI) has started intervening in the currency market, a move, many players say, would be a one-way street because the rupee is expected to remain volatile and weaken further.
      The RBI’s official stand is that it doesn’t target a level for the rupee but irons out volatility. The volatility in the currency market increased recently.
    • 10:43 AM

      Aditya Ghosh quits as IndiGo prez; stock rebounds after 6% fall on Friday
      Shares of Interglobe Aviation rebounded, gaining 1% on Monday after falling over 6% on Friday after IndiGo announced today that Aditya Ghosh will step down as President and is likely to be replaced by one of its former executives Gregory Taylor. It said Rahul Bhatia, a promoter of the company, has been appointed as the interim CEO.
    • 10:26 AM

      MUST READ Party in mid-cap IT stocks to continue: MindTree, Zensar gain of over 35%

      Mid-cap IT stocks have been in the limelight, gaining 20-40 per cent over the last month with a large chunk of the gains coming over the last couple of weeks driven by improving deal pipeline, growing digital business and rupee depreciation. While MindTree and Zensar Technologies posted gains of over 35 per cent, Mphasis, NIIT Tech and the L&T software twins gained upwards of 19 per cent

    • 10:20 AM

      Anand Rathi on Indoco Remidies

      We believe that the recent non-compliance certificate from the UK MHRA would hurt Indoco’s revenue from Europe (EU) for 3-4 months. Also, delay in supply to the US from its Goa plant II would drag down overall revenue and earnings. Considering the sharp fall in the stock price, we retain our Hold on the stock, with a revised target price of Rs 227

    • 10:18 AM

      Reliance Industries falls over 2% post Q4 earnings results
      Reliance Indutries (RIL) fell over 2% after the company’s consolidated finance cost jump to Rs 25.66 billion as against Rs 5.56 billion in the last quarter of 2016-17, and Rs 21 billion in the December 2017 quarter.
      The company reported a consolidated net profit of Rs 94.35 billion for the quarter ending March 31 (Q4) on the back of improved performance of its petrochemical and retail businesses. The profit was largely in line with the estimates and represents a 17.3 per cent increase over Rs 80.46 billion reported in the year ago quarter.
    • 10:04 AM

      Elara Capital on SAIL

      Domestic demand is expected to improve on the back of the government thrust on infrastructure and improvement in economic activities. We believe higher volume and realization, aided by improving macro, will bolster earnings. Since our Q3FY18 quarterly update, we have reduced our volume estimates to 18mn tonnes from 19mn tonnes for FY20 and increase our tax outflow estimates by 120%, given no clarification from the company on deferred tax assets.

      Reiterate Buy with a revised target price of Rs 107 from Rs 114 based on 1.1x (unchanged) FY20E P/B, given expected improvement in operational performance and favorable macros.

    • 10:03 AM

      Antique Stock Broking on Bajaj Corp

      We forecast Bajaj Corp’s revenue to grow by 11% and 15% during FY19 and FY20e respectively driven by direct reach expansion, investment behind brands coupled with pick-up in rural demand. We value Bajaj Corp at 28x FY20e EPS, which is at a discount of ~30% to its peers. We maintain BUY with a target price of INR536.

    • 10:01 AM

      Jefferies on Idea Cellular

      Idea reported muted 4Q18 with ARPU down 8% QoQ and sub. adds below expectation. Reported earnings had one-offs of Rs 4.4bn ex of which margins were down 240bps QoQ. With peers focusing aggressively on subscriber addition, we expect competitive intensity to remain high for another 12-18m. High leverage, integration woes and lack of ancillary business will lead to mkt share loss for Idea and recovery will also be gradual post FY20. Retain Underperform

    • 10:01 AM

      Market Check

      S&P BSE Sensex 35,125.18 Up 0.44%
      Nifty 50 10,735.90 Up 0.41%
      S&P BSE 200 4,718.66 Up 0.45%
      Nifty 500 9,482.00 Up 0.41%
      S&P BSE Mid-Cap 16,963.35 Up 0.27%
      S&P BSE Small-Cap 18,349.64 Up 0.60%
    • 10:01 AM

      IIFL on Reliance Industries (RIL)

      Future outlook for refining and petrochemical segments look upbeat as the company ramps up off gas cracker and commences operations of petcoke gasifiers. We are raising estimates for retail and petrochemicals segment, while we maintain our forecasts for refining segment. Estimates for Jio have been trimmed to factor lower ARPUs. We retain our BUY rating with a two-year price target of Rs1,600 (Rs1,500 earlier). Top pick in the Oil & Gas sector.

    • 10:00 AM

      IIFL maintains BUY rating on Maruti Suzuki (MSIL)

      MSIL is one of the best proxies to improving economic growth in India wherein consumer sentiment has been improving post demonetization and GST. Further, we believe that underlying demand growth for passenger car in India would remain strong as macro factors continue to improve.

      MSIL, being capacity constrained, will be able to manage its production profile towards higher margin products resulting in FY18-20E earnings CAGR of 21%. We maintain our BUY rating on the stock with a revised one year target of Rs10,100 (earlier Rs10,800)

    • 09:58 AM

      MARKET COMMENT

      We feel with the result season reaching to its peak, the impact of good result will start diminishing as valuations are already at peak and fear of macro factors in addition to the result of Karnataka assembly election will dominate market. Hence, we may see a correction in the May series

      (Source: Nirmal Bang report)

    • 09:47 AM

      Lodha Developers IPO looks to defy poor scorecard of realty companies
      Lodha Developers is aiming to defy the poor stock market scorecard of realty companies with its proposed Rs 55-billion initial public offering (IPO).
      The Mumbai-based developer known for its tall residential buildings has filed its offer document with Securities and Exchange Board of India. Its IPO will be the first by a real estate company in eight years and only the sixth Rs10-billion-plus offering by a home developer. It is no secret that Dalal Street has been averse to real estate IPOs given their poor show amid stagnation in realty prices.
    • 09:33 AM

      Interview of the day Earnings will take markets higher, probability of a 35% upside: Bhatnagar

      Apart from global cues and corporate results, the markets are eyeing the outcome of the Karnataka Assembly polls to gauge political mood in the run-up to the 2019 general elections, VINEET BHATNAGAR, managing director and chief executive officer, Phillip Capital (India), tells that BJP loss in Karnataka will be a short-term sentiment dampener, from which markets should recover.
      PhillipCapital MD CEO Vineet Bhatnagar, PhillipCapital

      VINEET BHATNAGAR Managing director and chief executive officer, Phillip Capital (India)
    • 09:22 AM

      EARNINGS IMPACT: RIL

    • 09:18 AM

      Sectoral Trend

    • 09:17 AM

      Top gainers and losers

    • 09:16 AM

      Markets at open

      At 9:16 am, the S&P BSE Sensex was trading at 35,064, up 95 points while the broader Nifty50 index was ruling at 10,739, up 47 points

    • 09:01 AM

      Markets at pre-open

      Index Current Pt. Change % Change
      S&P BSE SENSEX 35,147.49 +177.79 +0.51
      S&P BSE SENSEX 50 11,222.57 +33.94 +0.30
      S&P BSE SENSEX Next 50 34,739.44 +38.53 +0.11
      S&P BSE 100 11,127.04 +29.91 +0.27
      S&P BSE Bharat 22 Index 3,605.25 +13.76 +0.38
    • 08:51 AM

      Street signs: Was Aditya Ghosh’s exit from IndiGo expected?

      On Friday evening, Interglobe Enterprises, the company that runs IndiGo, informed the stock exchanges that the company’s president Aditya Ghosh was quitting the firm. However, the company’s stock price had reacted to the possibility of this news earlier. On a day, when the Bombay Stock Exchange Sensitive Index, or Sensex, rose 250 points to close just short of 35,000 points, Interglobe shares fell 6.31 per cent. In the past month, the stock had risen by 16 per cent to Rs 1,498 – before taking the knock on Friday to close at Rs1,404 . Market players say there was some anticipation of change in management.

    • 08:47 AM

      Commodity Picks: 30 April 2018
      Sugar
      Sugar is trading at Rs 2,700 per quintal at the Rajkot market. In the coming days, prices are expected to fall to Rs 2,650 per quintal. Distress sales by mills due to higher sugar output, and poor off-take from stockists and bulk consumer are keeping prices under pressure. Storage problems due to record output will further weigh on prices.
    • 08:45 AM

      Short-term outlook for the market remains positive: Devang Shah
      The short-term outlook for the market remains positive till Nifty trades above 10279 levels and expecting targets in the range of 10850-10900 levels in short term. Medium term outlook for the market remains positive till Nifty trades above 8,968 levels and expecting targets in the range of 12,000-12,200 levels in the medium term.
    • 08:40 AM

      Nifty outlook and top trading ideas from Prabhudas Lilladher for today
      Nifty after crossing the much awaited resistance of 10,640 has reached the target of 10,700, view still remains bullish but 10,800-10,850 should be a level to watch as this would be a gain of 900 points from its correction which may witness profit booking. The support for the week is seen at 10,550 while resistance is seen at 10,850.
    • 08:37 AM

      Markets on Friday

      S&P BSE Sensex 34,969.70 Up 0.74%
      Nifty 50 10,692.30 Up 0.70%
      S&P BSE 200 4,697.51 Up 0.67%
      Nifty 500 9,443.65 Up 0.66%
      S&P BSE Mid-Cap 16,917.18 Up 0.79%
      S&P BSE Small-Cap 18,239.96 Up 0.42%
    • 08:35 AM

      SGX Nifty

      The SGX Nifty was at 10,763.50, up 0.31 per cent from the previous close.

    • 08:33 AM

      Asian Markets

      Asian shares rose again on Monday as tensions in the Korean Peninsula eased and first-quarter earnings shone, although some investors pondered whether this sunny outlook could dim in the near future.
      MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.1 per cent following a jump of more than 1 per cent on Friday. South Korea’s KOSPI index gained 0.5 per cent.
    • 08:31 AM

      Wall Street

      Wall Street closed nearly flat on Friday as inflation worries and struggling technology and energy stocks were offset by an advance in the consumer discretionary sector led by Amazon.
      The Dow Jones Industrial Average fell 11.15 points (0.05 per cent) to 24,311.19, the S&P 500 gained 2.97 points (0.11 per cent) to 2,669.91 and the Nasdaq Composite added 1.12 points (0.02 per cent) to 7,119.80.
Source business-standard.com
Via business-standard.com

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