Sensex up 140 points ahead of counting day; IndusInd Bank jumps 5%
22 May 2019
Market close: It is a positive close for the Indian market in a volatile day ahead of counting of Lok Sabha Election 2019.
At close, the Sensex was up 140.41 points at 39110.21, while Nifty was up 28.80 points at 11737.90. About 1356 shares have advanced, 1147 shares declined, and 183 shares are unchanged.
IndusInd Bank, Sun Pharma, Bajaj Auto, BPCL and Eicher Motors were among major gainers on the Nifty, while losers were Tech Mahindra, Indiabulls Housing, Bharti Infratel, ITC and Yes Bank.
Among sectors, except IT and FMCG other sectors ended higher led by bank, auto, infra, energy, pharma and metal.
Market update: Benchmark indices are trading higher in the volatile trade with Nifty holding 11,700 level.
At 14:58 hrs IST, the Sensex is up 110.78 points at 39080.58, while Nifty is up 14.80 points or 0.13% at 11723.90. About 1225 shares have advanced, 1143 shares declined, and 155 shares are unchanged.
Buzzing: Shares of Jet Airways surged nearly 7 percent intraday on reports that Etihad Airways, along with the Hinduja Group, has joined hands with AdiGro Aviation and Jet Airways founder Naresh Goyal to revive the Indian airline, which suspended operations on April 17.
Buzzing: Shares of Jindal Steel and Power crashed nearly 10 percent after the company reported a net loss of Rs 2,713.34 crore for the quarter ended March 2019.
CLSA on Tech Mahindra
Outperform call, target at Rs 810 per share
Growth dragged by declines seen segments
Telecom grows for a 3rd consecutive qtr
Jefferies on Tech Mahindra
Buy rating, target At Rs 880 per share
Growth disappoints but FY20 guidance maintained risk-reward favorable
Cut estimates for FY20-21 slightly to reflect the lower revenue base
Credit Suisse on Tech Mahindra
Maintain outperform, target cut to Rs 910 from Rs 950 per share
A mixed bag although telecom business looking good
Cut EPS estimate by 3%
PhillipCap on Tech Mahindra
Sell call, target at Rs 650 per share
Remain structurally negative on the stock
Credit Suisse on Bosch
Maintain outperform, target cut to Rs 22,700 from Rs 23,000 per share
Auto industry weakness manifests; BS-6 thesis intact
Credit Suisse on Eris Life
Maintain outperform, target cut to Rs 692 from Rs 770 per share
Cut FY19/20/21 EPS estimates by 3%/9%/13%
Nomura on L&T
Maintain buy rating, target raised to Rs 1,745 from Rs 1,675 per share
Strong order growth prospects in FY19-22
Order inflows guidance may be conservative
Jefferies on Hindalco
Buy rating, target cut to Rs 263 from Rs 282 per share
Stay positive as risk-reward remains favourable
Cut FY20-21 EBITDA by 7-8% factoring lower Al LME, lower Novelis EBITDA
Buzzing: Share price of Triveni Engineering and Industries declined 3 percent despite company reported profit in the quarter ended March 2019.
Gold Update: Gold edged lower on Wednesday to hover near a two-week low, as a stronger dollar and signs of easing Sino-US friction dented demand for bullion ahead of the minutes from US Federal Reserve's latest meeting.
Market update: Sensex is up 171.85 points or 0.44 percent at 39141.65, while Nifty is up 33.50 points or 0.29 percent at 11742.60.
Sun Pharma, ICICI Bank and Kotak Mahindra are the biggest gainers. Yes Bank, Indiabulls Housing and IndusInd Bank are the biggest losers.
On the sectoral front, bank, financial service, pharma and realty are in the green, with financial service being the biggest gainer, up 0.74 percent. FMCG is the biggest loser, down, 1.14 percent on Nifty
Buzzing: ?Sintex Plastics Technology rose 5.5 percent on Wednesday after board of directors of the company approved to explore the sale of auto division of Sintex-BAPL, the wholly owned material subsidiary of the company.
DLF gains on strong Q4 earnings??: Shares of DLF added nearly 4 percent on May 22 after the real estate developer reported strong earnings for the quarter ended March 2019.
Buzzing: Shares of Dewan Housing Finance Ltd (DHFL) fell up to 17 percent intraday on May 22 after the company announced that it has stopped accepting fresh public deposits and renewals of existing deposits with immediate effect.
Crude Update: Oil prices fell on Wednesday after industry data showed an increase in US crude inventories and as Saudi Arabia pledged to keep markets balanced.
Market opens: Benchmark indices opened flat to positive on May 22 ahead of Lok Sabha Election 2019 counting on May 23.
At 09:16 hrs IST, the Sensex is down 14.55 points at 38955.25, while Nifty is down 23.10 points at 11686. About 368 shares have advanced, 237 shares declined, and 38 shares are unchanged.
DHFL, Tech Mahindra, JSPL, Indiabulls Housing, Yes Bank, ITC, HUL, IndusInd Bank and HUL are among major gainers, while losers are BPCL, IOC, ICICI Bank, Bajaj Auto, Britannia, HDFC Bank and Kotak Mahindra Bank.
Among the sectors, IT, metal, FMCG and auto indices are trading with marginal loss, while energy, infra and pharma are trading higher.
Rupee Opens: The Indian rupee opened higher at 69.67 per dollar on Wednesday versus previous close 69.71.
Market pre-open: Benchmark indices are trading higher in the pre-opening session on May 22 with Nifty above 11,750.
At 09:01 hrs IST, the Sensex is up 136.74 points or 0.35% at 39106.54, and the Nifty up 63.40 points or 0.54% at 11772.50.
SGX Nifty: Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 12 points or 0.10 percent. Nifty futures were trading around 11,738.50-level on the Singaporean Exchange.
Asian markets trade mixed?: Asian stocks were on shaky ground on Wednesday, as earlier relief over Washington's temporary relaxation of curbs against China's Huawei Technologies failed to offset deeper worries about trade frictions between the world's two largest economies.
Wall Street ends higher: Shares of technology companies helped push Wall Street forward on Tuesday after the United States temporarily eased curbs on China's Huawei Technologies Co Ltd, alleviating investor concerns about pressure on future corporate results in the sector.