Sensex jumps 537 points; auto stocks rally

CNBC

Market close: Sensex and Nifty rallied over 1 percent each, closing near their day's high level on May 17 ahead of exit poll of Lok Sabha election 2019.

At close, the Sensex was up 537.29 points at 37930.77, while Nifty was up 150.10 points at 11407.20. About 1381 shares have advanced, 1112 shares declined, and 140 shares are unchanged. 
Zee Entertainment, Bajaj Finance, Bajaj Finserv, Hero Motocorp and Maruti Suzuki were among major gainers on the Nifty, while losers include Yes Bank, Dr Reddy’s Labs, Vedanta, Hindalco and Infosys.
Among sectors, auto and FMCG index gained 2.5 percent followed by bank and Infra, while selling witnessed in IT, metal and pharma sectors.  
GIC to invest Indian Hotels: Indian Hotels Company has signed a strategic partnership with Singapore''s sovereign wealth fund, GIC for an investment framework to the tune of about Rs 4000 crore or USD 600 million over a period of three years from the date of signing.
Buzzing: Shares of Hindalco Industries fell more than 2 percent after the company reported a 17.9 percent YoY decline in profit for the quarter ended March 2019 at Rs 506 crore, compared to Rs 616 crore in the year-ago period.  
Market Update: The benchmark indices are trading higher on May 17 with Nifty around 11,350 level.
At 12:15 hrs IST, the Sensex is up 333.33 points or 0.89% at 37726.81, and the Nifty up 88.40 points or 0.79% at 11345.50. About 1119 shares have advanced, 966 shares declined, and 121 shares are unchanged. 
Rupee Update: The Indian rupee has recovered from the day's low hit in the early trade on Friday. It is trading lower by 14 paise at 70.17 per dollar versus previous close 70.03.
Buzzing: Share price of Aurobindo Pharma fell 6 percent in the early trade on Friday after USFDA classified the inspection as Official Action Indicated (OAI).
Crude Update: Oil prices edged higher on Friday, extending gains into a fourth session as rising tensions in the Middle East stoked fears of potential supply disruptions.
Market opens: Benchmark indices opened on flat with positive baas on May 17 amid mixed global cues with Nifty above 11,250.
At 09:17 hrs IST, the Sensex is up 80.26 points at 37473.74, while Nifty is up 21.40 points at 11278.50. About 419 shares have advanced, 327 shares declined, and 33 shares are unchanged. 
Yes Bank, Zee Entertainment, DHFL, TCS, RIL, M&M, ITC, Wipro, Manapparum Finance and Reliance Capital are among major gainers on the indices, while losers are BPCL, NTPC, Eicher Motors, Sun Pharma, Tata Steel, SBI, PNB, PNB Housing, Interglobe Aviation and JSW Steel.
On the sectoral front IT, bank and FMCG are witnessing buying interest, while pharma, metal, infra and energy are trading lower.
Rupee Opens: The Indian rupee slipped in the early trade on Friday. It has opened lower by 23 paise at 70.26 per dollar versus previous close 70.03.
Market at pre-open: Benchmark indices are trading flat to positive in the pre-opening session.
At 09:02 hrs IST, the Sensex is up 49.34 points or 0.13% at 37442.82, and the Nifty up 11.40 points or 0.10% at 11268.50.
Wall Street rises for third straight day: Wall Street closed higher on Thursday as upbeat earnings and strong economic data put investors in a buying mood, with technology companies leading the charge.
CLSA on Hindalco
Retain sell call, target at Rs 180 per share
Q4 weak for India but decent performance from Novelis
Credit Suisse on Hindalco 
Maintain outperform rating, target at Rs 300 per share
Beat was driven by higher profitability in aluminium & higher copper Volume
Cut FY19/20 EPS estimate by 3%/8% 
Morgan Stanley on Hindalco 
Equal-weight call, target at Rs 211 per share
Aluminum segment EBITDA below estimate on higher costs
CLSA on DB Corp
Buy rating, target raised to Rs 240 from Rs 215 per share
Revenue missed estimates; EBITDA, profit ahead 
CLSA on Phoenix Mills
Retain buy; target raised to Rs 827 from Rs 811 per share
Strong P&L on completion-linked rev recognition at Kessaku project
Deutsche Bank on Tata Motors
Hold rating, target at Rs 170 per share
US may delay imposition of auto tariffs
It’s a short term relief for JLR
Deutsche Bank on Gujarat Pipavav
Buy rating, target cut to Rs 101 from Rs 114 per share
Margin outlook weak, robust volumes to drive 16% EPS CAGR
Cut our FY20-21 EPS estimate by 10-14%
Credit Suisse on Bajaj Finance
Maintain underperform, target raised to Rs 1,930 from Rs 1,660 per share
Good set of results with consolidated loan growth of 41% YoY
Deutsche Bank on Bajaj Finance
Hold Rating, target raised to Rs 2,700 from Rs 2,400 per share
Strong growth sustains; asset quality steady
Morgan Stanley on Bajaj Finance 
Equal-weight call, target raised to Rs 2,950 from Rs 2,600 per share
Raise earnings estimates; FY20/21 EPS raised by 9%, 8% 
Jefferies on Bajaj Finance
Buy rating, target raised to Rs 3,600 from Rs 3,100 per share
Asset quality was stable; strong growth seen in new customers
Credit Suisse on Bank of India
Stay underperform, target cut to Rs 72 from Rs 78 per share
Q4 results ahead of estimates as credit costs moderated
Overall loan growth saw some pick-up, but remains muted 
Morgan Stanley on Bank of India 
Underweight call, target at Rs 80 per share
Key positive was good asset quality, with slippages moderating Qo
SGX Nifty: Trends on SGX Nifty indicate a flat opening for the broader indices in India, a fall of 13.50 points or 0.12 percent. Nifty futures were trading around 11,291.50-level on the Singaporean Exchange.