Sensex falls 362 points on weak global cues; metal stocks drag
06 May 2019
Market close: Benchmark indices ended lower but off day's low on Monday amid fresh trade worries between US-China.
The Sensex was down 362.92 points at 38600.34, while Nifty was down 114 points at 11598.30. About 887 shares have advanced, 1581 shares declined, and 166 shares are unchanged.
Zee Entertainment, Titan Company, Yes Bank, Tata Motors and JSW Steel were among major losers on the indices, while gainers were BPCL, TCS, ITC, Bajaj Finserv and Bharti Airtel.
Except IT, all other sectoral indices ended in red led by metal, infra, bank, auto, pharma and FMCG.
Market Update: Benchmark indices are trading at day's low level on Monday afternoon with Nifty below 11,600.
The Sensex is down 400.57 points at 38562.69, while Nifty is down 129.40 points at 11582.90. About 742 shares have advanced, 1585 shares declined, and 151 shares are unchanged.
Oil prices tumble after Trump announces new tariffs: Oil prices tumbled by more than 2 percent on Monday after US President Donald Trump on Sunday said he would sharply hike tariffs on Chinese goods this week, risking derailing months of trade talks between the world's two biggest economies.
Gold Update: Gold prices climbed on Monday after US President Donald Trump threatened to raise tariffs on Chinese goods, escalating Sino-US trade tensions, which prompted risk-off sentiment and boosted safe-haven assets.
Market Opens: It is a gap-down opening for the Indian indices on Monday with Nifty slipped below 11,600 level.
At 09:17 hrs IST, the Sensex is down 380.44 points or 0.98% at 38582.82, and the Nifty down 111.90 points or 0.96% at 11600.40.
HDFC Bank, SBI, Maruti Suzuki, RIL, Titan, Yes Bank, Tata Steel, Vedanta, Tata Motors, Hindalco, Infosys, Indiabulls Housing, HUL are among major losers on the indices, on the other hand gainers are BPCL, Power Grid, Asian Paints and Eicher Motors.
All the sectoral indices are trading red led by metal, IT, infra, bank, auto, pharma and FMCG.
Rupee Opens: The Indian rupee opened lower by 7 paise at 69.29 per dollar on Monday versus Friday's close 69.22.
Market at pre-open: Sensex and Nifty are trading lower in the pre-opening session with Nifty around 11,650 level.
At 09:02 hrs IST, the Sensex is down 43.32 points or 0.11% at 38919.94, and the Nifty down 75.10 points or 0.64% at 11637.20.
Wall Street ends higher on Friday: US stocks rose in a broad-based rally on Friday as stronger-than-expected job growth in April coupled with muted wage gains left investors upbeat about the outlook for the economy and interest rates.
Jefferies on Federal Bank
Buy rating, target raised to Rs 114 from Rs 104 per share
Asset quality surprises positively; margin should remain at 3.2% levels
Increase EPS estimate by 2.5-3%
Citi on Federal Bank
Neutral Call, target raised to Rs 110 from Rs 90 per share
Healthy loan growth; margin outlook stable
Jefferies on HUL
Hold Rating, target raised to Rs 1,820 from Rs 1,770 per share
Q4 results better than peers but not good enough
CLSA on HUL
Outperform rating, target cut to Rs 1,950 from Rs 2,010 per share
Volume growth of 7% looks good in the context of peer performance
Morgan Stanley on LIC Housing
Equal-weight call, target at Rs 500 per share
Valuation cheap, but growth mix & rising NPLs keep us equal-weight
Nomura on LIC Housing
Buy rating, target at Rs 500 per share
Q4 performance mixed, with strong NII performance
Jefferies on LIC Housing
Q4 PAT beat our estimates on stronger NIMs & lower provisions
Core home loan disbursal growth was strong, which is encouraging
Morgan Stanley on Indiabulls Housing
Underweight call, target at Rs 600 per share
Will be open to merge company into LVB if required
Other proposed terms w.r.t effective swap ratio etc. remain unchanged
Asian markets trade lower: Asian equities tumbled, oil prices plunged and the safe-haven yen strengthened early on Monday as trade negotiations between China and the United States deteriorated suddenly, reversing apparent progress made in recent months.
SGX Nifty: Trends on SGX Nifty indicate a negative opening for the broader indices in India, a fall of 53 points or 0.45 percent. Nifty futures were trading around 11,707.50-level on the Singaporean Exchange.