Nifty ends May series near 11,950, Sensex up 329 points; NTPC gains 3%

30 May 2019

Market Close: It is strong close for the May F&O series on Thursday with Nifty finished near 11,950 level.

At close, the Sensex was up 329.92 points at 39,831.97, while Nifty was up 84.80 points at 11,945.90. About 1236 shares have advanced, 1301 shares declined, and 153 shares are unchanged.

NTPC, Yes Bank, Bharti Airtel, Bajaj Finance and BPCL were among major gainers on the Nifty, while losers were Sun Pharma, M&M, Zee Entertainment, Eicher Motors and JSW Steel.

Among the sectors, auto, pharma and metal ended lower, while buying seen in the infra, IT, PSU bank and energy.

Natco Pharma settles patent litigation in US market: The company has reached a settlement agreement with Onyx Therapeutics, Inc. on patent litigation related to generic versions of 10mg, 30mg and 60mg of Kyprolis.

Talwalkars Better value Fitness Q4:

Net profit was down 11% at Rs 22 crore versus Rs 24.7 crore, revenue was down at Rs 75.3 crore versus Rs 76.5 crore.

Operating profit or EBITDA down 29.9% at Rs 36.7 crore and margin was at 48.7 percent.

CL Educate Q4: Net loss at Rs 1.1 crore against loss of Rs 2.4 crore, revenue down 1% at Rs 40.3 crore versus Rs 40.7 crore, YoY.

Vaibhav Global approves buyback: Vaibhav Global approved a proposal to buyback its own fully paid-up equity shares of face value of Rs 10 from the equity shareholders of the company for a price not exceeding Rs 1,000 per equity share.

Market Update: Benchmark indices are trading near the day's high level with Nifty hit 11,950 level.

At 13:15 hrs IST, the Sensex is up 339.30 points at 39,841.35, while Nifty is up 86.90 points at 11,948. About 1128 shares have advanced, 1171 shares declined, and 133 shares are unchanged.

M&M Under Pressure

CLSA said M&M's operational outlook has deteriorated, led by weakening tractor industry demand and a sharp fall in legacy SUV volumes eating into the benefit of new launches. Its higher exposure to diesel also makes it more vulnerable to upcoming emission norms.

The global brokerage downgraded the stock from buy to underperform and cut target price from Rs 850 to Rs 690.

Buzzing: Shares of SJVN surged nearly 5 percent after its standalone net profit rose nearly three-and-a-half times for the quarter ended March 2019.

Crude update: Oil prices rose on Thursday after a bigger-than-expected decline in U.S. crude inventories, although concerns that the US-China trade war will trigger an economic downturn kept a lid on gains.

Market Update: Benchmark indices are trading higher with Nifty above 11,900 level.

At 10:31 hrs IST, the Sensex is up 228.45 points or 0.58% at 39730.50, and the Nifty up 57.90 points or 0.49% at 11919. About 1132 shares have advanced, 809 shares declined, and 93 shares are unchanged.

Manpasand Beverages Under Pressure for Fourth Day in a Row

Shares of Manpasand Beverages plummeted 10 percent intraday, hitting another 52-week low, after the officials of the company arrested for GST fraud were reportedly denied bail.

According to CNBC-TV18 sources, the company's Managing Director Abhishek Singh, his brother Harshvardhan Singh and the Chief Financial Officer Paresh Thakkar, who were arrested following a raid by the CGST Commissionerate Vadodara-II sleuths on May 23, have been denied bail.

On May 23, the CGST Commissionerate conducted multi-locational searches across various premises of Manpasand Beverages.

United Spirits falls nearly 4%: Shares of United Spirits shed nearly 4 percent intraday Thursday on the back of weak set for numbers for Q4FY19.

Buzzing: Shares of Gujarat Narmada Valley Fertilizers & Chemicals tanked nearly 6 percent after the company reported a 71.6 percent decline in profit for the quarter ended March 2019.

Dollar update: The dollar held steady against its key rivals on Thursday as escalating Sino-US trade tensions forced investors to take shelter in safe-haven assets, including government bonds.

Crude Update: Oil prices climbed on Thursday after an industry report showed a decline in US crude inventories that exceeded analyst expectations.

Market opens: It is flat opening for the Indian indices with Nifty around 11,900 ahead of F&O expiry of May series.

At 09:16 hrs IST, the Sensex is up 36.91 points or 0.09% at 39538.96, and the Nifty up 14.60 points or 0.12% at 11875.70. About 511 shares have advanced, 349 shares declined, and 27 shares are unchanged.

Power Grid, Tech Mahindra, TCS, Wipro, Bajaj Auto, Tata Motors, RIL, West Coast Paper are some of the major gainers in the early trade, while losers are Sun Pharma, Yes Bank, ONGC, Cipla, Zee Entertainment, HDFC, UPL, Glenmark Pharma, BEL, United Spirits and Hero Motocorp

On the sectoral front, energy, infra, IT and pharma are trading with marginal gains.

Market at pre-open: Indian indices are trading higher in the pre-opening session on May 30.

At 09:01 hrs IST, the Sensex is up 47.27 points or 0.12% at 39549.32, and the Nifty up 29.60 points or 0.25% at 11890.70.

Asian markets trade lower: Asian stocks tracked Wall Street losses on Thursday as rhetoric from Beijing and Washington over trade matters kept alive investor concerns about the tariff war's impact on global economic growth.

Citi on Havells

Buy rating, target cut to Rs 850 from Rs 886 per share

Q4 revenue below estimates due to the slowdown in demand

Credit Suisse on Havells

Maintain neutral, target cut to Rs 720 from Rs 780 per share

Weak quarter across segments; Lloyd faces severe pressure

Nomura on Havells

Maintain neutral, target at Rs 750 per share

Earnings miss due to demand slowdown & delayed start of summer

HSBC on Havells

Retain buy, target raised to Rs 775 from Rs 765 per share

Weak Q4 was predominantly due to disappointing Lloyd segment

Jefferies on Havells

Maintain buy rating, target at 830 per share

Delayed summer impacts Lloyd; core growth robust

CLSA on Havells

Outperform rating, target cut to Rs 780 from Rs 815 per share

Seasonality impacts Lloyd’s, ECD performance

Macquarie on Cadila Health

Maintain outperform, target cut to Rs 340 from Rs 372 per share

Lower FY20/21 EPS estimates by 13%/12%, build in OAI for Moraiya

Nomura on Cadila

Maintain buy, target at Rs 426 per share

Operating performance below estimates

Credit Suisse on Cadila Health

Maintain neutral, target cut to Rs 283 from Rs 330 per share

Weak outlook with earnings flat for the next four years

Citi on Cadila Health

Sell call, target cut to Rs 255 from Rs 330 per share

In-line result though guidance underwhelming

CLSA on M&M

Downgrade to underperform from buy, target cut to Rs 690 from 850 per share

Waning tractor demand, legacy SUVs under pressure

Jefferies on M&M

Hold rating, target at Rs 780 per share

Beat in revenue & EBITDA; multiple headwinds remain

Citi on M&M

Maintain neutral, target cut to Rs 720 from Rs 740 per share

Peaking tractor cycle makes it difficult to be positive

Macquarie on United Spirits

Maintain neutral, target at Rs 583 per share

Pressure on gross margin may continue in near term

CLSA on Power Grid

Delay in HVDC project & dwindling visibility worry

Large year-end adjustments make Q4 incomparable

Citi on Power Grid

Buy rating, target at Rs 219 per share

Capex guidance does not factor capex on new projects

Credit Suisse on TTK Prestige

Downgrade to underperform from neutral, target raised to Rs 6,000 from 5,833 per share

Cut FY20/21 earnings by 4-9%

Management sees no challenge in maintaining current margin

Wall Street ends lower: US stocks fell on Wednesday, with the S&P 500 and Nasdaq closing just above key support levels, as worries that a lengthy US-China trade war would crimp global growth pushed investors into the safety of government bonds.

SGX Nifty: Trends on SGX Nifty indicate a flat opening for the broader indices in India, a gain of 1 points or 0.01 percent. Nifty futures were trading around 11,865-level on the Singaporean Exchange.