Sensex ends flat, Nifty holds 11,700; Indiabulls Housing up 4%

03 May 2019

Market Close: It was flat close on May 3 after benchmark indices gave all its intraday gains in the final hour of trading.

At close, the Sensex was down 18.17 points at 38963.26, while Nifty was down 12.50 points at 11712.30. About 1027 shares have advanced, 1462 shares declined, and 190 shares are unchanged.

Indiabulls Housing, NTPC, Yes Bank, Bharti Airtel and ICICI Bank were top gainers on the Nifty, while losers include TCS, Britannia Industries, Tech Mahindra, Adani Ports and HUL.

Among sectors, FMCG, IT, pharma and metal ended in red, while some buying seen in the auto, bank, energy and infra.

Market Update: Benchmark indices are trading higher but off day's high with Nifty around 11,750 level.

The Sensex is up 109.17 points at 39090.60, while Nifty is up 22.40 points at 11747.20. About 959 shares have advanced, 1144 shares declined, and 143 shares are unchanged.

Buzzing: Shares of DLF surged more than 2 percent after the realty major transferred a shopping mall in Noida, UP to its subsidiary firm for Rs 2,950 crore. Read more

Buzzing: Shares of Tata Motors added nearly 3 percent despite the company reporting muted sales for April 2019. Domestic sales dropped by 20 percent, commercial sales went down by 18 percent, exports declined 53 percent compared to the year-ago period. Read more

Buzzing: Shares of Bombay Dyeing and Manufacturing Company rose nearly 12 percent in the early trade on Friday after company turns profitable in the quarter ended March 2019.

Market Opens: It is flat start for the benchmark indices on May 3 with.

The Sensex is up 41.39 points at 39022.82, while Nifty is up 10.90 points at 11735.70. About 318 shares have advanced, 187 shares declined, and 31 shares are unchanged.

Yes Bank, IOC, Sun Pharma, Bharti Infratel, Coal India, HDFC, Bombay Dyeing, Suntech Realty, NFL, Orient Papers, Tata Power are among major gainers, while losers are Laurus Lab, Jet Airways, L&T Infotech, TCS and Infosys.

Among sectors, except IT and FMCG all other indices are trading in green.

Market at pre-open: Indian indices are trading higher in the pre-opening session.

At 09:01 hrs IST, the Sensex is up 104.26 points or 0.27% at 39085.69, and the Nifty up 30.70 points or 0.26% at 11755.50.

Citi on Dabur

Buy rating, target cut to Rs 455 from Rs 520 per share

Can deliver 11%/12% revenue/EPS CAGR over FY19-22

Co sees high-single-digit volume + 2-3% pricing growth in India in FY20

Morgan Stanley on Dabur

Overweight call, target at Rs 500 per share

Both domestic & international business performed below expectations during Q4

Credit Suisse on Dabur

Maintain outperform, target cut to Rs 460 from Rs 500 per share

Weak quarter further marred by one-offs

Cut FY20/FY21 earnings estimate by 8-9%

Macquarie on Dabur

Neutral call, target raised to Rs 430 from Rs 421 per share

Like aggressiveness on market share, but it lead to near-term margin pressure

Macquarie on Britannia

Underperform rating, target raised to Rs 2,473 from Rs 2,104 per share

Cut FY20/21 EBITDA by 1%

Credit Suisse on Britannia

Maintain outperform, target cut To Rs 3,250 from Rs 3,400 per share

EBITDA growth moderating due to macro slowdown

Citi on Britannia

Buy rating, target at Rs 3,250 per share

Market share gains have accelerated in the past 6 months

CLSA on Britannia

Outperform rating, target cut To Rs 3,125 from Rs 3,400 per share

In-line volume growth but EBITDA miss

Citi on Tata Power

Neutral call, target at Rs 77 per share

Mundra UMPP's FY19 EBITDA loss widened to Rs 194 crore from Rs 153 crore In FY18

Q4 under-recoveries reduced to Rs 0.64/Unit from Rs 0.94/Unit YoY

Citi on Hindustan Zinc

Neutral call, target raised to Rs 255 from Rs 250 per share

EBITDA was 5% below Citi estimates on higher costs

Metal production fell YoY on lower mine output

Credit Suisse on Hindustan Zinc

Maintain neutral call, target at Rs 274.45 per share

Q4 results largely in-line with EBITDA/PAT +1%/-5% versus our estimates

Morgan Stanley On Coal India

Overweight call, target at Rs 268 per share

Headline growth muted; reflects base impact

For FY20, estimate production growth at 6% YoY

Nomura o Bandhan Bank

Downgrade to neutral from buy, target raised to Rs 625 from Rs 570 per share

Good show but valuations near full now

Nomura on Tata Motors

Neutral call, target at Rs 187 per share

Factoring in A 3% decline in global wholesales for JLR in April

CLSA on Kansai Nerolac

Sell rating, target at Rs 385 per share

Impact of auto slowdown was clearly visible

Management cautious on its near-term demand outlook

Credit Suisse on L&T Finance

Downgrade to underperform, target cut to Rs 110 from Rs 125 per share

Acceleration in developer loans concerning in current turbulent times

Deutsche Bank on MRF

Hold Rating, target cut to Rs 55,000 from Rs 62,000 per share

Margin trajectory continues to disappoint

Macquarie on Tata Motors

Maintain outperform, target at Rs 260 per share

JLR reported 10% growth in sales in the US in April

Macquarie on Bandhan Bank

Underperform call, target at Rs 400 per share

Expensive Gruh acquisition, promoter stake sale overhang

Macquarie on Tata Power

Neutral call, target at Rs 83 per share

Reported in-line operational results in Q4

Balance sheet improvement is underway with non-core asset sales

Macquarie on L&T Info

Outperform call, target raised to Rs 2,368 from 2,240 per share

Deal wins set stage for strong growth in FY20

Wall Street ends lower: US stocks eased further from recent record highs on Thursday as energy shares dropped along with oil prices and investors continued to digest comments by Federal Reserve Chairman Jerome Powell.

Asian markets trade lower: Asian share markets were subdued on Friday amid thin holiday trade although the dollar found support as investors pared expectations for a US rate cut this year while oil prices loitered near one-month lows on oversupply fears.

SGX Nifty: Trends on SGX Nifty indicate a flat start for the broader indices in India, a fall of 9.50 points or 0.08 percent. Nifty futures were trading around 11,745.50-level on the Singaporean Exchange.

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