Sensex ends 247 down, Nifty below 11,900; PSU banks close lower

29 May 2019

Market close: Indian indices ended lower but off day's low on Wednesday ahead of F&O expiry on May 30.

At close, the Sensex was down 247.68 points at 39,502.05, while Nifty was down 67.70 points at 11,861.10. About 1051 shares have advanced, 1493 shares declined, and 156 shares are unchanged.

JSW Steel, SBI, Tata Steel, Cipla and Zee Entertainment were major losers on the Nifty, while gainers were Sun Pharma, Bharti Infratel, TCS, GAIL and HCL Tech.

Among the sectors, except IT all other indices are trading in the red led by PSU Bank, infra, auto, metal, energy, FMCG and pharma.

TCS and Scandinavian Airlines sign new partnership: Tata Consultancy Services has signed a new strategic partnership with Scandinavia's leading airline, SAS, the flag-carrier of Sweden, Norway and Denmark.

TTK Prestige Q4:

Net profit up 18.4% at Rs 43.8 crore versus Rs 37 crore and revenue up 6.8% at Rs 444.9 crore versus Rs 416.4 crore.

Operating profit or EBITDA up 10.9% at Rs 64.1 crore against Rs 57.8 crore and tax expense was at Rs 21.3 crore versus Rs 18.5 crore, YoY.

Adani Enterprises Q4 result: Consolidated net profit rose 50.5% at Rs 283.4 crore against Rs 188.3 crore, revenue up 35.5% at Rs 13,236 crore against Rs 9,767 crore, YoY.

One-time loss at Rs 160.5 crore, EBITDA up at Rs 707 crore and margin at 5.3%

Market Update: Benchmark indices extended the losses and trading at day's low with Nifty around 11,850.

The Sensex is down 232.44 points or 0.58% at 39517.29, and the Nifty down 70.10 points or 0.59% at 11858.70. About 949 shares have advanced, 1469 shares declined, and 131 shares are unchanged.

Ipca Labs Doubled its Q4 Profit

Net profit increased to Rs 109.5 crore in March quarter, against Rs 51.3 crore in same period last year driven by strong operating income.

Revenue grew by 6.7 percent to Rs 834 crore. EBITDA shot up 60.7 percent to Rs 174.7 crore and margin expanded 700 bps to 20.9 percent YoY.

Arun Jaitley Won't Be a Part of Modi 2.0

Arun Jaitley in his letter said he requested Prime Minister Narendra Modi to not include him in the new government.

"I have had some serious health challenges in last 18 months. I need time for myself, treatment and my health," he added.

Market Update:

Indian indices are continue to trade lower on May 29 with Nifty hovering around 11,900.

At 12:30 hrs IST, the Sensex is down 94.29 points or 0.24% at 39655.44, and the Nifty down 25.80 points or 0.22% at 11903. About 975 shares have advanced, 1263 shares declined, and 126 shares are unchanged.

Man Industries declines 10%: Shares of Man Industries plummeted more than 10 percent after the carbon steel pipes manufacturer reported dismal numbers for the quarter ended March 2019.

Prestige Estates Projects Hit 52-week High

CLSA said Prestige's Q4 was strong both operationally and financially as pre-sales surged to an 18-quarter high and profits more than doubled QoQ.

Management said that it is in aggressive mode now as it looks to capitalise on a market upturn as well as industry-wide consolidation.

Pre-sales could rise 30 percent and lease income could grow by 20 percent in FY20 if the upper end of guidance gets hit, according to CLSA which maintains buy and raised price target to Rs 345 from Rs 268.

Buzzing: Shares of Hindustan Copper added more than 3 percent after the company reported strong earnings in the quarter ended March 2019.

Buzzing: Shares of Jaypee Infratech surged nearly 5 percent after Adani Group submitted a non-binding bid for the beleaguered company.

Crude Update: Oil prices fell on Wednesday on concerns the Sino-US trade war could trigger a global economic downturn, but relatively tight supply amid OPEC output cuts and political tensions in the Middle East offered some support.

Gold Update: Gold held steady on Wednesday as worries about the global economic outlook kept investors focused on safe-haven assets, with no signs of an easing in the Sino-US trade-war.

Market Opens: Benchmark indices opened lower on May 29 with Nifty around 11,900 level.

At 09:17 hrs IST, the Sensex is down 47.14 points at 39702.59, while Nifty is down 11.50 points at 11917.30. About 418 shares have advanced, 418 shares declined, and 29 shares are unchanged.

Zee Entertainment, Vedanta, Bharti Airtel, ICICI Bank, SBI and UltraTech Cement are among major losers on the Indices in the opening trade, while gainers are HDFC, TCS, Gail, Eicher Motors, HDFC Bank and L&T.

Among the sectors, except IT and Pharma all other indices are trading lower.

Rupee Opens: The Indian rupee opened lower at 69.75 per dollar on Wednesday versus previous close 69.69.

Market at pre-open: Benchmark indices are trading flat in the pre-opening session.

At 09:01 hrs IST, the Sensex is up 21.59 points or 0.05% at 39771.32, and the Nifty down 12.50 points or 0.10% at 11916.30.

Asian markets trade lower: Asian shares stumbled on Wednesday and global bonds rallied as investors fretted over the outlook for world growth with trade tensions between Washington and Beijing showing no signs of abating.

Citi on Sun Pharma

Buy rating, target at Rs 540 per share

Reported Q4 numbers impacted by one-time adjustment

Underlying numbers & trends indicate improvement QoQ

Nomura on Sun Pharma

Buy rating, target at Rs 536 per share

Adjusted Q4 sales 2.5% below our estimate

Jefferies on Sun Pharma

Buy rating, target cut to Rs 520 from Rs 540 per share

Weak quarter led by investment in Ilumya

FY20 guidance is mixed

Credit Suisse on Sun Pharma

Maintain neutral, target at Rs 470 per share

Weak investment case with upside dependent on Ilumya

Investment phase not over; high promotion spend expected in FY20 too

CLSA on Sun Pharma

Maintain buy call, target cut to Rs 520 from Rs 560 per share

FY20 a critical year for US specialty product ramp-up

Morgan Stanley on Sun Pharma

Underweight call, target at Rs 470 per share

Generic business is stabilising

UBS on Sun Pharma

Buy rating, target cut to Rs 500 from Rs 515 per share

Foresee a valuation discount for co to other large cap Indian pharma peers

CLSA on IRB Infra

Maintain buy rating, target at Rs 250 per share

FY19 earnings in-line despite economic slowdown led by construction

Deutsche Bank on IRB Infra

Buy rating, target raised to Rs 185 from Rs 215 per share

Q4 result misses estimate on lower EPC margin

Citi on IRB Infra

Sell rating, target at Rs 139 per share

Profit fell due to increase in effective tax rate & higher interest costs

CLSA on Info Edge

Buy rating, target raised to Rs 2,400 from Rs 2,070 per share

All cylinders continued to fire for company in Q4

Jefferies on Info Edge

Hold rating, target at Rs 1,715 per share

Q4 revenue largely in-line across key businesses

Morgan Stanley on PNB

Underweight call, target at Rs 75 per share

Balance sheet is weak given CET-I ratio at just 6.2%

PPoP is weak; any improvement will be gradual

Morgan Stanley on Prestige Estates

Overweight rating, target raised to Rs 347 from Rs 320 per share

Co a strong real estate brand in South India with steady growth visibility

CLSA on Prestige Estates

Maintain buy rating, target raised to Rs 345 from Rs 268 per share

Q4 strong both operationally & financially; pre-sales at 18-qtr high

Citi on NMDC

Buy rating, target cut to Rs 120 from Rs 127 per share

Cut FY20-21 EBITDA estimates by 8-16% on lower volumes

SGX Nifty: Trends on SGX Nifty indicate a flat to negative opening for the broader index in India, a fall of 16.50 points or 0.14 percent. Nifty futures were trading around 11,912.50-level on the Singaporean Exchange.

Wall Street ends lower: US stocks closed lower on Tuesday, with initial gains giving way to declines as the likelihood of a prolonged trade war between the United States and China once again kept risk appetite in check.