Sensex rises 162 points, Nifty ends above 10,350; banks, FMCG lead
09 April 2018
3:30 pm Market Closing: Benchmark indices closed higher on positive global cues as trade war tensions eased.
The 30-share BSE Sensex was up 161.57 points at 33,788.54 and the 50-share NSE Nifty rose 47.80 points to 10,379.40.
Maruti Suzuki, HUL, ITC, IOC, HPCL and BPCL rallied up to 4 percent while Tata Motors, Infosys and Bharti Airtel were under pressure.
Nifty Midcap index was up 65 points.
Lemon Tree Hotels jumped 29 percent.
Bombay Dyeing, Tata Global, Delta Corp, Jet Airways, Dish TV, Venky's, Godrej Agrovet, Take Solutions, Allahabad Bank, Union Bank and South Indian Bank gained up to 13 percent.
Jaypee Infratech, Dalmia Bharat, Just Dial and Kajaria Ceramics fell up to around 3 percent.
3:20 pm Morgan Stanley on Titan: Morgan Stanley has maintained its Overweight rating on the stock with a target price at Rs 1,050, citing likely strong operating profit growth for jewellery and watch segments in Q4FY18.
Revenue growth and operating profits for jewellery and watches have been strong and Titan will achieve its guidance of 2.5x jewellery business revenues by FY22, the global brokerage house feels.
Morgan Stanely expects revenue/EBITDA/net profit to grow 16/63/55 percent in Q4FY18.
3:10 pm Buzzing: Nitesh Estates rallied more than 3 percent as the Company has obtained approval from Bangalore Development Authority ( BDA) for its Nitesh Virgin Island project.
This project is spread around 8 acre of land will have high rise towers with high-class residential units, aggregating to over million sq.ft of development.
The project will yield a turnover of around Rs 370 crore to the company, it said.
3:01 pm Market Update: Benchmark indices remained strong in afternoon, with the Sensex rising 177.90 points to 33,804.87 and the Nifty up 51.90 points at 10,383.50.
About 1,600 shares advanced against 1,052 declining shares on the BSE.
Nifty Bank, FMCG, PSU Bank and Private Bank indices gained 1 percent each.
2:50 pm Order Win: State-run transmission utility Power Grid Corporation said it has bagged project management consultancy contract of Rs 21 crore from Power Grid Company of Bangladesh.
"Power Grid has secured project management consultancy contract for construction of 1x500 MW HVDC back to back station at Comilla North (Bangladesh) to transfer power through Surjamaninagar (India) - Comilla North (Bangladesh) with an estimated project cost of Rs 1,064 crore and consultancy fee of Rs 21 crore from Power Grid Company of Bangladesh (PGCB)," a Power Grid Corp of India said in a statement.
2:40 pm HDFC Securities pick of the week: Shares of Omax Auto were locked in 5 percent upper circuit as investors could be cheering a positive bet on the stock by HDFC Securities.
The brokerage house has a buy call on the stock with sequential targets of Rs 189 and Rs 209.
HDFC Securities also highlighted that the stock is its pick of the week, citing five rationales. The auto ancillary firm has reduced its dependence on revenues only from the two-wheeler segment and is also expanding its customer base.
2:30 pm Market Check: The markets have further advanced their gains now. The Sensex is trading higher by over 200 points, while the Nifty is just a few points away from 10,400.
Strong gains are visible among banks, FMCG and infra names, while IT and pharma continue to be a drag.
Axis Bank, IndusInd Bank and BPCL and HPCL gained the most on both indices, while Tata Motors DVR, Infosys, Zee Entertainment and Lupin were the top losers.
2:20 pm Update: Som Distilleries & Breweries has commenced commercial production in subsidiary company Woodpecker Distilleries and Breweries Private Limited at Hassan, Karnataka.
2:05 pm RPP Infra surges: Shares of RPP Infra Projects added 2 percent intraday Monday on order win worth RS 138.2 crore.
The company has bagged an order from Maharashtra State Road Development Corporation of Rs 138.2 crore.
The work include, rehabilitation & up-gradation of newly declared Badnera road Nagzari Kharda and Murtizapur to Kherda NH161E Section from Dastapur to Karanja Ch 29.074 to 60.374 to Two lane with paved shoulders in the State of Maharashtra on Engineering, Procurement & Construction (EPC) mode.
The said work to be completed within 18 months.
1:50 pm Buzzing: DCM Shriram Industries is foraying into defence manufacturing. It is launching a light bullet proof vehicle (LBPV) — 'ZEBU' — for use by Indian Defence and Para-Military forces. The stock gained more than 3 percent.
The company has successfully, designed, developed and tested a LBPV. The vehicle will be displayed in the forth-coming DEFEXPO 2018 at Chennai.
The progress in the defence manufacturing project will be subject to the company's success in the bidding process of the concerned establishments.
1:40 pm Market Update: Benchmark indices continued to trade higher in afternoon, with the Sensex rising 161.42 points to 33,788.39, driven by banks (barring ICICI Bank), oil and FMCG stocks.
The 50-share NSE Nifty rose 47.70 points to 10,379.30.
About 1,565 shares advanced against 972 declining shares on the BSE.
Oil retailers HPCL, BPCL and IOC gained around 4 percent each while Titan Company gained nearly 3 percent after Motilal Oswal feels Q4 turned out to be a good quarter for the jewellery division.
Axis Bank extended gains, rising nearly 4 percent on value buying. Index heavyweight ITC was up 1.5 percent while HDFC, HDFC Bank and Reliance Industries rose over half a percent.
Infosys fell 1.5 percent ahead of March quarter earnings that will be announced on Friday.
1:25 pm Result Date: Indusind Bank said a meeting of the board of directors will be held on April 19 to consider and take on record, the audited financial results for the quarter / financial year ended March 31, 2018 (FY18) and to recommend dividend, if any.
1:15 pm Buzzing: Integrated Capital Services's wholly owned subsidiary, BTG IP Services Private Limited (BTGIP), granted recognition by Insolvency and Bankruptcy Board of India (IBBI) for rendering services as in Insolvency Professional Entity (IPE) per Insolvency and Bankruptcy Code, 2016 (IBC).
The stock gained 4 percent.
1:05 pm Market Check: Shares have extended their gains from the morning session, with the Sensex rising over 150 points, while the Nifty is seen advancing towards 10,400.
Except for traditional defensives of pharma and IT, all other sectoral indices are trading in the green. Midcaps are underperforming the benchmarks, with gains of one third of a percent.
IndusInd Bank, Axis Bank, HPCL and BPCL have gained the most, while Infosys, Tata Motors DVR and Zee Entertainment were the top losers.
12:58 pm Taking on the crypto ban: Indian cryptocurrency exchanges are considering to challenge the diktat of the RBI which prohibits entities under its regulation to work with companies which offer cryptocurrency services.
Startups like Unocoin, Coinsecure and Zebpay have expressed their reservations with the order and going by the statements they are considering to mount a legal challenge in the Supreme Court.
Coinsecure said that they were discussing the matter with industry stakeholders like Blockchain and Cryptocurrency Committee of India and the Internet and Mobile Association of India.
12:45 pm Buzzing Stock: Shares of DLF added 2 percent intraday Monday as foreign broking firm Morgan Stanley has resumed its coverage with equal-weight with a target of Rs 225 per share.
According to Morgan Stanley, the company has restructured its business and improved its balancesheet, which can be potentially debt-free.
The company appears to be fairly valued in terms of sector and earnings growth visibility, while the trigger will be strong sustained earnings/cash flows, it added.
12:22 pm Order Win: Reliance Infrastructure has received purchase order of Rs 1,081 crore from Nuclear Power Corporation of India for the engineering, procurement and construction (EPC) contract for common services system,
structure & components (SSC) package and allied civil works of Unit -3 and 4 of Kudankulam Nuclear Power Project at Tirunelveli District in Tamil Nadu.
12:10 pm Land Development: Autoline Industries informed exchanges that Autoline Industrial Parks Limited (subsidiary of the company) has received letter of intent from Collector, Pune for commencing the development activities of the 'Proposed Special Township Project' of the subsidiary company spread in its 104 acre land located at Chakan, Pune.
12:05 pm Order Win: RPP Infra Projects bagged order from Maharashtra State Road Development Corporation Limited for worth of Rs 138.2 crore. The stock gained 1 percent.
12:01 pm Auto Sales: Jaguar Land Rover, the UK’s largest automotive manufacturer, reported retail sales of 6,14,309 vehicles for the financial year ended March 2018, up 1.7 percent on the prior year.
New models including the Range Rover Velar and the all new Land Rover Discovery drove the increase, while the more recently launched 18 Model Year Range Rover and Range Rover Sport and the Jaguar E-PACE are still ramping up.
Retail sales for the financial year were up year-on-year in China (19.9 percent), North America (4.7 percent) and in Overseas markets (3.4 percent) but down in the UK (12.8 percent) and in Europe (5.3 percent), primarily driven by continuing uncertainty over diesel.
Retail sales for March were 83,732 and for the fourth quarter were 172,709 vehicles, down 7.8 percent and 3.8 percent, respectively, primarily due to lower UK sales and to a lesser extent lower sales in Europe.
UK industry sales were down 15.7 percent in March and 12.4 percent in the quarter, more than explained by lower diesel sales, although March 2017 was an all-time industry record with increased sales in advance of an increase in vehicle taxes in April 2017.
11:50 am Result Date: Amara Raja Batteries said a meeting of the board of directors is scheduled to be held on May 18, 2018 to consider the approval of audited financial statements for the financial year ended March 31, 2018 and recommendation of dividend, if any, on the equity shares of the company for the financial year ended March 31, 2018.
11:40 am Market Update: The market remained firm in trade, with the Sensex rising more than 100 points and the Nifty inching towards 10,400 levels.
Oil retailers HPCL, BPCL and IOC rallied more than 3 percent on steady crude oil prices
Lemon Tree Hotels is up around 7 percent at Rs 59.75 against issue price of Rs 56 per share.
10:59 am Steel Production: With the recently completed Basic Oxygen Furnace (BOF) at 5 MTPA integrated steel plant at Angul going operational, Jindal Steel and Power (JSPL) has posted its lifetime highest monthly crude steel production in the month of March 2018.
With a steel production of 0.45 million tonnes in March in India, at its integrated steel plants in Raigarh and Angul, JSPL also achieved its highest ever quarterly steel production at 1.26 million tonnes in Q4FY18.
JSPL also posted its highest ever monthly and quarterly sales by achieving 0.45 million tonnes in March and 1.18 MT during January- March (Q4) 2018.
The figures do not include the crude steel production at Jindal Shadeed, Oman.
10:45 am Technical Recommendation: Dinesh Rohira, Founder & CEO, 5nance.com said after a steep decline from levels of 187 to 145 in the past trading sessions, Gravita India made a decent rebound in last week’s trading despite the weak market breadth.
The scrip decisively broke out above its 50-days EMA level to form an uptrend channel on its weekly chart, and witnessed a strong volume growth to support uptrend.
Despite failing to hold Friday’s high level placed at 178, the scrip formed a strong bullish candlestick pattern on its weekly price chart coupled with bullish crossover just happening at MACD and Signal Line.
Further, weekly RSI level moved towards 61 level indicating a positive sentiment. The support level for scrip is currently placed at 162 and resistance level from the upper band at 197. We have a buy recommendation for Gravita India which is currently trading at Rs. 173.95
Disclaimer: The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
10:34 am Market Update: Frontline indices continued to trade higher, with the Sensex rising 145.47 points to 33,772.44, driven by HDFC Bank, HDFC, Reliance Industries and ITC.
The Nifty is inching towards 10,400 levels, rising 46.10 points to 10,377.70.
The market breadth remained in favour of advances. More than two shares advanced for every share falling on the BSE.
10:25 am Rupee Trade: The rupee strengthened by 6 paise to 64.90 against the US dollar on fresh selling of the greenback by banks and exporters.
Besides, a higher opening of the domestic equity market and weakness in the dollar against other global currencies, following data that showed the US economy created the least number of jobs in six months in March, supported the rupee, forex dealers said.
The domestic unit had ended flat at 64.97 against the US dollar in a quiet range-bound trade on Friday as local equities consolidated their recovery momentum.
10:15 am Buzzing: Shares of Wipro rose 5 percent as the company sold its stake in Wipro Airport IT to Antariksh Softtech.
The company sold 63 percent of its stake in Wipro Airport IT to Antariksh Softtech as part of divesture of the subsidiary for Rs 3,15,00,000.
Wipro Airport IT Services, a joint venture between Wipro (74 percent) and Delhi International Airport (26 percent), which provides various IT Services at Indira Gandhi International Airport, New Delhi.
Post the sale, company holds 11 percent stake in Wipro Airport IT, which will continue to outsource IT services of the airport to Wipro as per the existing arrangement.
The company's meeting of the board of directors will be held over April 24-25, 2018 to consider and approve, audited standalone and consolidated financial results for the quarter and year ended March 31, 2018.
It will also consider recommendation of final dividend, if any, for the financial year ended March 31, 2018.
10:05 am Listing Update: Lemon Tree Hotels share price is trading at Rs 60.25 on the National Stock Exchange, up 7.6 percent from issue price of Rs 56.
10:00 am Bank of India closes branch: Bank of India said the Central Bank of the UAE has allowed to closure of our Dubai Representative Office.
9:52 am Lemon's Pre-Opening: Lemon Tree Hotels share price settled at Rs 61.60, up 10 percent over issue price of Rs 56 on the National Stock Exchange.
9:42 am Buzzing stocks: ICICI Bank fell 2 percent as a media report indicated that directors are likely to meet this week and to discuss the way ahead for CEO Chanda Kochhar.
The ICICI Bank-Videocon case will be in focus this week since April 10 is the last date for reply of the showcause notice issued by the Income Tax Department. The Ministry of Corporate Affairs is also studying the complaint forwarded by the Serious Fraud Investigation Office in relation to the ICICI-Videocon case.
9:30 am Market Update: Benchmark indices extended early gains, with the Sensex rising 124.15 points to 33,751.12 and the Nifty gaining 44.90 points at 10,376.50.
About four shares advanced for every share falling on the BSE.
9:20 am Order Win: L&T Technology Services, a leading global pure-play engineering R&D services company, has signed an agreement with ExxonMobil Exploration Company, valued at more than USD 20 million in the first year.
“Combining our Hydrocarbon heritage, geospatial domain understanding and our digital engineering expertise, we are ideally positioned to help ExxonMobil in this initiative. Our solutions will provide geoscientists accelerated insights into their subsurface data. This in turn maximizes asset utilization, minimizes data pr eparationtime and reduces total cost of ownership,” said Dr Keshab Panda, CEO & Managing Director, L&T Technology Services Limited.
9:17 am Jubilant Foodworks gains 2%: CLSA has retained a buy call on the stock with a target of Rs 2,800. CLSA said that a change in GST will overstate same store sales growth and understate margins. It forecasts a 23 percent rise in Q4 same-store-sales growth. It highlighted that the firm is a strong play on recovery in consumer sentiment.
9:15 am Market Update: Benchmark indices opened mildly higher on Monday, tracking positive lead from Asian stocks.
The 30-share BSE Sensex rose 23.46 points to 33,650.43 and the 50-share NSE Nifty gained 3.20 points at 10,334.80.
Cipla, Titan Company, Yes Bank, Hindalco, Indiabulls Housing Finance, SBI, Bajaj Finance and Axis Bank were early gainers.
ICICI Bank fell more than 1.5 percent due to concerns related to top post.
Electrosteel Steels, IDBI Bank, Union Bank, Allahabad Bank, Syndicate Bank, UCO Bank, Binani Industries, L&T Technology, DHFL, L&T Finance and Shriram Transport gained up to 4 percent.
9:07 am USFDA Approval: Alembic Pharmaceuticals announced that the company has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Acyclovir ointment USP, 5 percent.
The approved ANDA is therapeutically equivalent to the reference listed drug product Zovirax ointment 5 percent, of Valeant Pharmaceuticals North America LLC.
Acyclovir ointment USP, 5 percent is indicated in the management of initial genital herpes and in limited non-life-threatening mucocutaneous Herpes simplex virus infections in immunocompromised patients.
9:05 am Technical Recommendations: We spoke to 5nance.com and here’s what they have to recommend:
Gravita India Ltd: BUY| Target Rs192 | Stop-loss Rs165 | Return 10%
Nath Bio-Genes Ltd: BUY| Target Rs574 | Stop-loss Rs530 |Return 6%
Adani Transmission Ltd: SELL | Target Rs170 | Stop Loss Rs184 |Return 5%.
9:02 am Stocks in news: Wipro sold 63% of its stake in Wipro Airport IT to Antariksh Softtech
Akzo Nobel: The Board has recommended a share buyback to the tune of Rs 235.20 crore.
Dabur India: The firm has completed the acquisition of two personal care products firms in South Africa.
Lemon Tree Hotels to make debut today
State Bank of India: Bank puts 15 NPAs worth Rs 1,063 crore for sale
Punjab National Bank: Bank puts 15 NPAs worth Rs 1,063 crore for sale
Shree Renuka Sugars: Company to divest Brazilian operations
Dewan Housing Finance: Company plans to raise up to Rs 1,000 crpre via debentures on private placement basis
Ballarpur Industries: Company to sell Malaysian unit for USD 310 million (approx Rs 2,011 crore)
9:00 am Market Check: Benchmark indices started off the week on a positive note, tracking recovery in Asian stocks and shrugging off weak cues from Wall Street.
The 30-share BSE Sensex was up 87.99 points at 33,714.96 and the 50-share NSE Nifty rose 47.70 points to 10,379.30.
However, trends on SGX Nifty indicated a negative opening for the broader index in India, a fall of 5 points.
Binani Industries was up 3.6 percent and GMR Infrastructure gained 9 percent.
US stocks dropped about 2 percent on Friday, with the Dow falling more than 570 points, as US President Donald Trump's latest tariff threat on Chinese imports fuelled increasing concern over a US trade war with China, Reuters reported.
Asian shares started flat on Monday as US President Donald Trump kept up his twitter war with China over trade just a couple of days before President Xi Jinping gives a keynote speech on his policy priorities, Reuters reported.
Losses across the region were minor with MSCI’s broadest index of Asia-Pacific shares outside Japan off just 0.05 percent. Japan’s Nikkei wavered either side of flat, and South Korea edged ahead by 0.1 percent.