Nifty ends above 11,750, Sensex up 336 points; auto stocks fall

CNBC

Market Close: Late buying helped benchmark indices to close the first day of May series near day's high level with Nifty finished above 11,750 mark.

At close, the Sensex was up 336.47 points at 39067.33, while Nifty was up 112.90 points at 11754.70. About 1085 shares have advanced, 1410 shares declined, and 153 shares are unchanged. 
Tata Steel, BPCL, GAIL, ICICI Bank and JSW Steel were the top gainers on the Nifty, while losers include Tata Motors, Bajaj Auto, Grasim Industries, Dr Reddy’s Labs and Bharti Airtel.
Among the sectors, except auto all other sectors ended in green led by metal, bank, energy, IT, pharma and FMCG.  
Market Update: Benchmark indices are trading at day's high level with Nifty around 11,750 mark.
The Sensex is up 325.85 points at 39056.71, while Nifty is up 100.70 points at 11742.50. About 1015 shares have advanced, 1294 shares declined, and 145 shares are unchanged. 
MCX Shares Climb 5% on Strong Earnings Growth in Q4
Multi Commodity Exchange of India shares rallied 5 percent intraday after healthy earnings growth in quarter ended March 2019.
Profit during the quarter increased 45 percent sequentially to Rs 61 crore.
Motilal Oswal, which has buy call on the stock with a target price at Rs 950 (implying 19 percent potential upside), said these numbers are significantly ahead of its estimate of Rs 34.8 crore, mainly due to the recognition of a minimum alternate tax (MAT) credit of Rs 20.6 crore for the year.  
Torrent Pharma Gains over 2%
Torrent Pharmaceuticals shares gained 2.6 percent intraday after its Ahmedabad unit received certain observations from the US health regulator.
The Ahmedabad-based pharma company informed exchanges that the US Food and Drug Administration has conducted an audit at its Indrad plant in current month.
The USFDA has issued certain observations to plant.
Torrent Pharma said these observations are procedural in nature and it is confident of addressing them satisfactorily. 
Companies which will announce their March quarter earnings on April 26 are:
Hero MotoCorp, Yes Bank, HDFC Asset Management Company, HDFC Life Insurance Company, Adarsh Plant Protect, Atul, Carborundum Universal, Classic Electricals, Deltron, DIC India, Foseco India, Hindustan Appliances, Indian Energy Exchange, Lloyds Steels Industries, Piramal Enterprises, Shikhar Leasing & Trading, Sujana Universal Industries and Supreme Petrochem. 
Market Update: Benchmark indices are witnessing the rangebound trade on Friday with Sensex trading higher by 100 points.
The Sensex is up 136.07 points at 38866.93, while Nifty is up 49.70 points at 11691.50. About 926 shares have advanced, 1242 shares declined, and 128 shares are unchanged. 
Rupee Update: The Indian rupee is trading near day's high at 70.12 per dollar. It is trading higher by 13 paise versus previous close 70.25.
Gold Update: Gold climbed on Friday, as signs of weak global growth rekindled investor interest in the safe-haven metal, keeping it on track for its first weekly gain in five, while a strong dollar ahead of the US GDP data capped gains for the bullion.
Torrent Pharma Plant Received Observations
Company informed exchanges that the audit at Indrad Plant of the company was carried out by US Food and Drug Administration in April 2019.
"We have received certain observations which are procedural in nature and the company is confident of addressing them satisfactorily," it said.   
Crude Update: Oil prices dipped on Friday on hopes that producer club OPEC will soon raise output to make up for a decline in exports from Iran following a tightening of sanctions on Tehran by the United States.
Buzzing: Shares of Tata Steel gained more than 4 percent in the early trade on Friday after company reported its fourth quarter numbers on April 25.
Market opens: It is a firm start for the May F&O series as Nifty opened around 11,700 level.
At 09:17 hrs IST, the Sensex is up 108.56 points at 38839.42, while Nifty is up 47.20 points at 11689. About 393 shares have advanced, 199 shares declined, and 30 shares are unchanged. 
The gainers in the morning session are Axis Bank, HCL Tech, Bharti Airtel, Sun Pharma, Yes Bank, GAIL, Dr Reddy's Lab, SBI, Tata Steel, Indiabulls Housing, Bharti Infratel and Zee Entertainment, while losers are Maruti Suzuki, Tata Motors, Hero Moto, M&M and Kotak Mahindra Bank.
Among the sectors, except auto all other sectors are witnessing buying led by metal, pharma, bank, infra, energy, IT and FMCG.
Rupee Opens: The Indian rupee gained in early trade on Friday. It opened higher by 16 paise at 70.09 per dollar versus previous close 70.25.
Market at pre-open: Benchmark indices are trading higher in pre-opening session with Nifty above 11,700.
At 09:01 hrs IST, the Sensex is up 89.76 points or 0.23% at 38820.62, and the Nifty up 68.20 points or 0.59% at 11710.
CLSA on Axis Bank
Maintain buy rating, target raised to Rs 890 from Rs 840 per share
NPLs stable but CASA disappoints
CLSA on Tata Steel
Maintain sell call, target at Rs 395 per share
Expect margin to remain under pressure in FY20
Credit Suisse? on Avenue Supermarts
Maintain underperform, target at Rs 1,150 per share
Key risk is a rise in competitive intensity from a well-resourced competitor
Jefferies on SBI Life
Buy rating, target raised to Rs 745 from Rs 728 per share
Distribution muscle key competitive advantage
Morgan Stanley on Tata Steel
Standalone EBITDA miss reflects weaker realisation
Europe performance drives broadly in-line consolidated EBITDA
Net debt reduced by Rs 6,200 crore sequentially & this remains a focus
Deutsche Bank on SBI Life
Buy rating, target raised to Rs 830 from Rs 800 per share
Persistency trends, surrender ratio remain favorable
Expect EV to compound at 17% over FY20-22
Morgan Stanley on Cyient
Overweight call, target at Rs 720 per share
Operating performance better than our lowered expectations 
Credit Suisse On Axis Bank
Maintain outperform, target raised To Rs 850 from Rs 780 per share
Asset quality trends improve further; operating performance stable
Jefferies on Axis Bank
Buy Rating, target at Rs 910 per share
Strong revenue momentum in-line although opex was 4% ahead
Macquarie on Axis Bank
Neutral call, target at Rs 760 per share
Strong fee income & lower opex lead to PAT beat 
Deutsche Bank on Axis Bank
Buy rating, target at Rs 875 per share
Asset quality improves; stable NIM below expectations
Deutsche Bank on Maruti Suzuki
Hold Rating, target at Rs 6,450 per share
Profitability disappoints; margin likely to settle at a new ‘Normal’
Morgan Stanley on Maruti Suzuki
Overweight call, target cut to Rs 8,149 from Rs 8,188 per share
Margin at cyclical low & may rebound sharply as volumes turn in H2FY20
Macquarie on Maruti Suzuki
Outperform call, target raised to Rs 7,600 from Rs 7,400 per share
Q4 EBITDA 12% lower than our expectations 
Jefferies on Maruti Suzuki
Buy rating, target raised to Rs 8,000 from Rs 7,600 per share
Margin disappoints again; growth to remain weak in Q1FY20
Credit Suisse On Maruti Suzuki
Maintain neutral, target raised to Rs 6,300 from Rs 6,100 per share
Stock correction has driven by earnings downgrades 
CLSA on Maruti Suzuki
Buy rating, target at Rs 8,000 per share
Demand weak but franchise strong & valuations finding support
Wall Street ends mixed: The S&P 500 closed just barely lower on Thursday, as a dive in industrial stocks and concerns about slowing global growth eclipsed gains in Facebook and Microsoft.
SGX Nifty: Trends on SGX Nifty indicate a flat start for the broader index in India, a fall of 3 points or 0.03 percent. Nifty futures were trading around 11,727.50-level on the Singaporean Exchange.