Sensex falls 382 points; Tata Motors loses 7%
21 May 2019
Market Close: Indian indices fell 1 percent as they failed to maintain the strong up move which was recorded on May 20, on the back on exit polls for Lok Sabha Election 2019.
At close, the Sensex was down 382.87 points at 38969.80, while Nifty was down 119.20 points at 11709.10. About 970 shares have advanced, 1560 shares declined, and 160 shares are unchanged.
Tata Motors, BPCL, Zee Entertainment, IndusInd Bank and Adani Ports were the top losers on the Nifty, while gainers were Dr Reddy’s Labs, Bharti Infratel, Britannia Industries, Titan Company and Reliance Industries.
All the sectoral indices ended in red led by auto, bank, pharma, energy, infra, metal, energy and IT.
Buzzing: Shares of Jet Airways rallied 9 percent after reports made round that Hinduja Group is finally set to bid for the grounded airline this week.
Market Update: Sensex is down 38.58 points or 0.10 percent at 39314.09, and the Nifty down 23.60 points or 0.20 percent at 11804.70. About 900 shares have advanced, 1374 shares have declined, and 123 shares are unchanged.
Reliance Industries, HDFC and Dr Reddys Labs are among the biggest gainers. Tata Motors, Tata Steel and BPCL are the biggest losers.
On the sectoral front, all sectors except financial services, FMCG, realty and pharma are trading in the red. Media stocks are the biggest loser, down 1.98 percent. FMCG stocks are the biggest gainers, up 0.59 percent on Nifty.
Market Update: Sensex is up 66.61 points or 0.17 percent at 39419.28, and the Nifty is up 7.50 points or 0.06 percent at 11835.80. About 898 shares have advanced, 1067 shares have declined, and 120 shares are unchanged.
On the sectoral front, all sectors except financial services, FMCG and pharma are trading in the red. Auto stocks are the biggest loser, down 1.34 percent. Pharma stocks are the biggest gainers, up 1.52 percent on Nifty.
Crude Update: Oil prices edged up on Tuesday on signs that producer club OPEC will continue withholding supply this year and as tensions between the United States and Iran escalated.
Glenmark Pharmaceuticals receives ANDA approval: Glenmark Pharmaceuticals Inc., USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Solifenacin Succinate Tablets, 5 mg and 10 mg, a generic version of Vesicare Tablets, 5 mg and 10 mg, of Astellas Pharma US, Inc.
Market Opens: After a strong closing in the previous session the benchmark indices opened on positive note on May 21 with Nifty and Sensex test a new record highs.
At 09:16 hrs IST, the Sensex is up 104.58 points at 39457.25, while Nifty is up 28.80 points at 11857.10. About 534 shares have advanced, 266 shares declined, and 64 shares are unchanged.
Adani Port, Dr Reddy's Lab, HDFC, RIL, Coal India and Bharti Infra are among major gainers on the indices, while losers are Tata Motors, BPCL, Tech Mahindra, HCL Tech, Infosys, Sun Pharma, TCS, Jindal Stainless, Astral Poly, Dhampur Sugar and Phillip Carbon.
Among the sectors, except IT all other sectoral indices are trading higher led by pharma, bank, metal, energy and FMCG.
Market at pre-open: It is a flat start for the Indian indices on May 21 with Nifty around 11,850 level.
At 09:01 hrs IST, the Sensex is up 27.40 points or 0.07% at 39380.07, and the Nifty up 21.70 points or 0.18% at 11850.
Wall Street ends lower: US stocks slid on Monday as the White House's restrictions on Chinese telecoms equipment maker Huawei Technologies Co Ltd weighed on the technology sector and raised concerns that the move would further inflame trade tensions between the United States and China.
CLSA on BPCL
Sell rating, target at Rs 300 per share
Weak core performance accompanied by lower-than-expected inventory gains
Deutsch Bank on BPCL
Buy rating, target at Rs 465 per share
Rate buy on estimated 28% increase in refining segment EBITDA over FY19-21
Nomura on BPCL
Maintain neutral call, target at Rs 360 per share
Reported numbers significantly ahead of estimates
Citi on BPCL
Buy rating, target at Rs 420 per share
Refining margin disappoints, primarily on lower inventory gains
Citi on HPCL
Buy rating, target at Rs 310 per share
Overall marketing segment profitability significantly beat expectations
Jefferies on HPCL
Underperform call, target at Rs 195 per share
There may be little respite in FY20
Nomura on HPCL
Maintain neutral, target at Rs 260 per share
Gross marketing margin of $13.90/bbl key reason for the beat
Deutsch Bank on HPCL
Buy rating, target at Rs 335 per share
Marketing more than offsets weak refining performance
CLSA on HPCL
Sell rating, target at Rs 210 per share
In-line refining but a miss on marketing
Limited tailwinds ahead
CLSA on Tata Motors
Sell call, target at Rs 150 per share
JLR outlook remains weak
Indian business margin slipped QoQ despite higher volume
Morgan Stanley on Tata Motors
Equal-weight call, target at Rs 184 per share
44 EBIT was weaker than expected
Citi on Tata Motors
Buy rating, target cut to Rs 220 from Rs 230 per share
Domestic EBITDA of Rs 1,354 crore, 11% below estimate on elevated capex
CLSA on Torrent Pharma
Outperform rating, target cut to Rs 1,800 from Rs 2,100 per share
Q4 earnings below estimate despite adjustments
Credit Suisse on Torrent Pharma
Maintain outperform, target cut to Rs 1,750 from Rs 1,830 per share
Weak prospects in the US in FY20
CLSA on Bharat Forge
Maintain sell call, target at Rs 420 per share
Cyclical pressure in trucks & industrial exports are peaking
Citi on Bharat Forge
Neutral call, target cut to Rs 520 from Rs 530 per share
Q4 slightly ahead, outlook is cautious
Morgan Stanley on Bharat Forge
Equal-weight call, target at 659 per share
Incrementally weak US & India truck demand keeps us EW
Nomura on Bharat Forge
Neutral call, target cut to Rs 498 from Rs 541 per share
New opportunities in PVs & defence have potential to offset decline
Credit Suisse on Bharat Forge
Maintain outperform, target cut to Rs 560 from Rs 570 per share
Steady delivery continues; outlook is a bit muted though
Citi on GSK Pharma
Sell call, target cut to Rs 1,240 from Rs 1,340 per share
Q4 saw sluggish revenues but healthy margin improvement
Citi on Dr Lal Pathlabs
Buy rating, target raised to Rs 1,400 from Rs 1,150 per share
Ended FY19 on a steady note; mgmt sees current trend to continue
Morgan Stanley on Dr Lal Pathlabs
Underweight call, target raised to Rs 919 from Rs 810 per share
FY20 & FY21 EPS estimates cut by 5.2% & 4.7% respectively
Asian markets trade lower?: Asian shares wobbled near four-month lows on Tuesday on mounting worries the White House's black-listing of Chinese telecom giant Huawei Technologies could further inflame already tense relations between the Washington and Beijing.
SGX Nifty: Trends on SGX Nifty indicate a positive start for the broader index in India, a gain of 17 points or 0.14 percent. Nifty futures were trading around 11,882-level on the Singaporean Exchange.