Sensex falls 230 points; RIL down 3% on MS downgrade
09 May 2019
Market close: It is another weak closing for the Indian stock market as benchmark indices finished lower for seventh straight day. Nifty broke the 11,300 level during intraday and touched a low of 11,255.05.
At close, the Sensex was down 230.22 points at 37558.91, while Nifty was down 57.70 points at 11301.80. About 1074 shares have advanced, 1370 shares declined, and 150 shares are unchanged.
Top losers on the Nifty were Reliance Industries, BPCL, Coal India, Asian Paints and NTPC, while gainers include Zee Entertainment, Yes Bank, Bajaj Finserv, Bajaj Finance and Hero Motocorp.
Among sectoral indices metal, infra, energy, pharma and bank ended in red, while some buying seen in the IT and FMCG.
JSW Steel April production: April crude steel production up 2% at 13.93 lakh tonnes against 13.61 lakh tonnes. Rolled products (Flat) production down 1 percent at 9.53 lakh tonnes versus 9.67 lakh tonnes, while Rolled products (Long) production up 4 percent at 3.36 lakh tonnes versus 3.24 lakh tonnes.
Asian Paints Q4: Consolidated net profit at Rs 487 crore versus Rs 496 crore, revenue up 11.7% at Rs 5,018 crore versus Rs 4,492 crore.
Rupee Update: The Indian rupee slipped further in today's session as it test 70.03 level. Currenctly, it is trading lower by 30 paise at 70.01 per dollar versus previous close 69.71.
Market Update: The benchmark indices are trading at day's low level with Nifty slipped below 11,300.
The Sensex is down 261.60 points at 37527.53, while Nifty is down 70.20 points at 11289.30. About 893 shares have advanced, 1272 shares declined, and 136 shares are unchanged.
Buzzing: Shares of Yes Bank declined 2.4 percent on Thursday after India Ratings has downgraded the company's long-term ratings.
Crude Update: Oil prices dropped on Thursday amid concerns over the escalating trade battle between the United States and China, despite a surprise fall in US crude stockpiles.
Market opens: It is weak start for the benchmark indices on May 9 with Nifty opened around 11,300 level.
At 09:17 hrs IST, the Sensex is down 150.24 points at 37638.89, while Nifty down 39.70 points at 11319.80.
Yes Bank, Adani Ports, BPCL, UPL, Grasim, Gail, Cipla, HDFC, Power Grid and RIL are trading lower, while on the other hand Hindalco, Britannia, Wipro, IOC, Coal India and Hero Motocorp are among major gainers.
Among sectors, except metal all other sectors are trading lower.
Market at pre-open: The Nifty is trading flat in the pre-opening. The Nifty is down 11.10 points at 11348.40.
Titan, Bajaj Finance, Asian Paints are trading lower in the pre-opening session.
Morgan Stanley on Reliance Industries
Downgrade to equal-weight, target at Rs 1,349 per share
Expect 2-year earnings upswing to reverse
Rising glut in gas & polyester markets could also slow growth into 2020
Morgan Stanley on Shriram Transport
Overweight call, target cut to Rs 1,350 from Rs 1,515 per share
AUM growth & NIM weaker than we expected
Cut revenue & EPS estimates, driven by lower AUM & NIM
Macquarie on Shriram Transport
Outperform rating, target cut to Rs 1,265 from Rs 1,320 per share
Weak operating performance due to go-slow in lending operations
NPL reduction is modest vs peers in a seasonally strong quarter
Jefferies on Shriram Transport
Buy Rating, target cut to Rs 1,200 from Rs 1,240 per share
Loan growth disappoints; asset quality improves
Deutsche Bank on Shriram Transport
Buy rating, target cut to Rs 1,400 from Rs 1,530 per share
AUM growth weak, high B/S liquidity impacting NIMs
CLSA on Titan
Maintain outperform; target raised to Rs 1,225 from Rs 1,100 per share
Jewellery division delivered revenue growth of >20% YoY
Macquarie on Titan
Maintain outperform, target raised to Rs 1,294 from Rs 1,186 per share
Simple thesis continues to be market share gains in jewellery,
Store additions should play a big part in gaining market share
Credit Suisse on Titan
Maintain outperform, raise target to Rs 1,250 from Rs 1,175 per share
Q4 adjusted PBT up 26% YoY, in-line with our estimate
Morgan Stanley on Titan
Overweight call, target at Rs 1,250 per share
Q4 results underscore our thesis of strong margin expansion for jewellery
Jefferies on Titan
Maintain hold rating, target at Rs 1,100 per share
Healthy topline growth led by 21% growth in jewellery segment
EBITDA & PAT missed estimates partly due to one-off
Asian shares hit fresh six-week lows: Asian shares hit six-week lows in early trade on Thursday as increased tensions ahead of key Sino-US trade negotiations fanned fresh concerns about the outlook for the global economy.
SGX Nifty: Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 25 points or 0.22 percent. Nifty futures were trading around 11,378-level on the Singaporean Exchange.