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.