Nifty ends above 11,900, Sensex up 168 points; IT stocks gain

CNBC

Market at close: Benchmark indices ended higher but off day's high on May 10 with Nifty finished above 11,900 level.

At close, the Sensex was up 168.62 points at 39784.52, while Nifty is up 52 points at 11922.70. About 967 shares have advanced, 1619 shares declined, and 172 shares are unchanged. 
Britannia Industries, Tech Mahindra, TCS, Infosys and Dr Reddy’s Labs were among major gainers on the Nifty, while losers were BPCL, Yes Bank, Coal India, GAIL and Tata Motors.
Among sectors, except energy and PSU bank all other indices ended higher led by IT, FMCG, pharma, metal and infra. 
Cipla received EIR from USFDA: This is to inform you that following the inspection by the United States Food and Drug Administration (USFDA) at the Kurkumbh manufacturing facility from March 11, 2019 to March 20, 2019, the company has received the establishment inspection report (EIR), indicating closure of the inspection.
Market Update: Indian indices erased most of its morning gains as Nifty trading below 11,900 level.
The Sensex is up 76.07 points at 39691.97, while Nifty is up 20.70 points at 11891.40. About 835 shares have advanced, 1448 shares declined, and 143 shares are unchanged.
BHEL bags 3 orders: Bharat Heavy Electricals (BHEL) has won three major orders in quick succession, for setting up Solar Photovoltaic (SPV) Power Plants totaling to 135 MW, on engineering, procurement and construction (EPC) basis, in Maharashtra and Gujarat. 
Market Update: The benchmark indices erased some of its morning gains but trading higher with Nifty around 11,950 level.
The Sensex is up 281.35 points at 39897.25, while Nifty is up 80.20 points at 11950.90. About 1031 shares have advanced, 784 shares declined, and 106 shares are unchanged.
Buzzing: Shares of Globus Spirits rose 4.6 percent in the early trade on Monday after upward revision of selling rates of country liquor in Rajasthan.
L&T bag orders: The construction arm of L&T has secured orders from prestigious clients across various Indian states for its varied businesses.
Crude Update: Oil prices rose on Monday after Saudi Arabia said producer club OPEC and Russia were likely to keep withholding supplies, and in relief that the United States and Mexico averted a trade war that would have damaged the global economy.
Market Opens: It is positive start for the benchmark indices on June 10 with Nifty above 11,900.
At 09:16 hrs IST, the Sensex is up 296.45 points at 39,912.35, while Nifty is up 86.10 points at 11,956.80. About 468 shares have advanced, 183 shares declined, and 46 shares are unchanged. 
Indiabulls Housing, Vedanta, Tata Steel, Zee Entertainment, Yes Bank, IndusInd Bank, SBI, DHFL, Edelweiss Financial, Manappuram Finance, India Cements are among major gainers on the indices in the early trade, while losers are J&K Bank, Reliance Power, Reliance Capital , Reliance infra and PC Jeweller.
All the sectoral indices are trading in the green led by PSU bank, infra, IT, FMCG, auto, metal and pharma.
Market at pre-open: The benchmark indices are trading positive in the pre-opening session on June 10.
At 09:02 hrs IST, the Sensex is up 111.69 points or 0.28% at 39727.59, and the Nifty up 56.90 points or 0.48% at 11927.60
US markets end higher on Friday: Wall Street’s major indexes charged higher on Friday, as sharply slowing US job growth boosted hopes for Federal Reserve interest rate cuts while optimism about potential progress in US trade fights with China and Mexico added to risk appetites.
Asian markets update: US stock futures and Asian shares rose on Monday after the United States dropped its threat to impose tariffs on Mexico in a deal to combat illegal migration from Central America, while weak US jobs data raised hopes for US interest rate cuts.
Citi on Monsoon 
Monsoon arrival delayed marginally, El Nino risk lingers on
44% of country’s area is under drought-like conditions vs 38% last year
CLSA on new NPA circular 
RBI offers leeway to banks; Onus of resolutions now on them
New framework addresses banks’ concerns by giving four concessions
There is no rule-based reference to NCLT
Nomura on new NPA circular 
Most changes to resolution for stressed assets are practical 
Changes rightly incentivise banks to find a time-bound resolution 
RBI has mandated additional provisions of 20-35% if lenders do not find resolution plan
Deutsche Bank on new NPA circular 
New NPA norms to provide flexibility in the resolution process
Expect some pick-up in the pace of resolution
Credit Suisse on new NPA circular 
RBI maintains its push towards IBC 
Focus on IBC positive for resolution as well as disincentive for poor creditor behaviour
Recent slowdown in IBC process remains a bottleneck for faster recoveries
China data watch 
May $-denominated exports up 1.1% YoY versus Reuters poll of 3.8% decline
May $-denominated imports down 8.5% YoY versus Reuters poll of 3.8% decline
May trade surplus at $41.65 billion vs Reuters poll of $20.5 billion surplus
Morgan Stanley on ITC 
Overweight call, target raised to Rs 360 from Rs 320 per share
Investors remain worried about sharp unexpected tax increases
Cigarette volumes are tracking ahead of expectations
Citi on Dabur 
Buy rating, target at Rs 455 per share 
Trends in the last two months are slightly better vs slowdown in March
Credit Suisse on HUL 
Maintain neutral call, target at Rs 1,850 per share
Co remains way ahead of the curve, but near-term growth may be muted
Jefferies on HUL 
Hold rating, target at Rs 1,820 per share 
Investor day highlighted company's superior execution & lead over peers 
Citi on HUL 
Neutral call, target at Rs 1,867 per share 
Data & digital increasingly important for company
CLSA on HUL 
Outperform call, target at Rs 1,950 per share 
Analyst meeting built on last year’s theme of re-imagining HUL
Deutsche Bank on Tata Motors 
Hold Rating, target at Rs 175 per share 
JLR focussing on costs & cash flows 
Deutsche Bank on Embassy REIT 
Buy rating, target at Rs 370 per share 
Indiabulls’ promoter stake sale in-line with its strategy to focus on fin services
Morgan Stanley on GSK Pharma 
Underweight call, target raised to Rs 1,134 from Rs 1,102 per share 
GSK India growth muted due to a recent industry slowdown 
CLSA on Gas Sector 
Weak gas consumption in April 
Weak gas consumption suggests QoQ vol decline for GAIL, GSPL & Petronet LNG
Strong retail volume growth for CGDs will continue 
Prefer CGDs in the gas space 
Credit Suisse on IT Sector 
Valuations reluctant to price in any slowdown risks 
HCL Tech stands out with extremely low expectations
If US slowdown manifests, growth expectations could get reset downwards
SGX Nifty: Trends on SGX Nifty indicate a positive start for the broader indices in India, a gains of 59 points or 0.50 percent. Nifty futures were trading around 11,956-level on the Singaporean Exchange.