10:07 AM Broader markets underperform
The BSE Midcap and the BSE Smallcap indices shed morning gains to slip 0.8% each.
10:04 AM Markets check
Benchmark indices wiped off early gains. At 10:00 am, the Sensex was trading at 32,111, down 162 points, while the broader Nifty50 was ruling at 10,007, down 42 points.
9:52 AM
L&T and ITC were trading flat in today's trade.
9:45 AM
Hindalco hits 52-week high
Hindalco has gained 7% to Rs 245, also its 52-week high on BSE in early morning trade, after its overseas subsidiary, Novelis Inc reported a four-fold jump in net income at $101 million for the first quarter of FY18 (Q1FY18). The company had posted net income of $24 million in the corresponding period of previous year.
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9:33 AM Sectoral trend: Banking stocks trade in red
Source: NSE
9:30 AM
EDELWEISS RESEARCH ON TATA STEEL
We remain upbeat on the stock as: 1) consolidated EBITDA/t is likely to sustain at Rs 8,000-8,500 on higher share of domestic shipments and improved profitability in TSE post restructuring; 2) better probability of resolution of pension liabilities; and 3) Rs 40-45bn free cash flow accretion over FY18-19.
Factoring in Q1FY18 performance, we revise up FY18/19E EBITDA by 9%/4%. Maintain ‘BUY’ with revised SoTP-based TP of Rs 720 (Rs 650 earlier), implying an exit multiple of 6.5x FY19E EBITDA — at a discount to peers’ 7.0x average
9:29 AM Top Sensex gainers and losers
Source: BSE
9:28 AM
COMMENT: EDELWEISS ON HINDALCO
We believe, in ensuing quarters, the company should be able to maintain both high spread and EBITDA margin between 10% and 11% driven by higher auto shipments in the product mix, sustained operating cost efficiencies and benign LME aluminium (Al) prices.
Taking cognizance of robust Q1FY18 numbers, we revise up FY18/FY19E EBITDA 3%/2%, respectively. Retain ‘BUY’ with revised target price of Rs 267 (earlier Rs 250), implying an exit multiple of 6.5x FY19E EBITDA, which is at a discount to global peer average.
9:26 AM
Broader markets
Broader markets mirrored gains in the frontline indices. The BSE Midcap and the BSE Smallcap indices were up 0.2% each.
9:24 AM Earnings impact
Tata Steel extended gains for the second straight day rising over 3% to Rs 619 after the company came back to the black by reporting a consolidated net profit of Rs 921 crore in the April-June quarter, as strong performance of domestic operations continued to lead the show followed by improved earnings scenario from European operations. The stock was the top Sensex gainer.
9:20 AM Markets at open
At 9:18 am, the Sensex was trading at 32,353, up 79 points, while the broader Nifty50 was trading at 10,082, up 24 points.
9:15 AM
STOCKS TO WATCH
Tata Steel, Jindal Steel, Bharti Airtel, ITC, Larsen & Toubro, GAIL (India) and ONGC etc
9:09 AM MERKET TRENDS: Watch Anand Radhakrishnan, CIO (Equity) at Franklin Templeton talk on equity valuations, earnings growth, impact of GST and more https://youtu.be/AyG672EJ5W8
9:09 AM
Nifty outlook by Angel Broking
We expect the index to remain within a range of 10,150-9,944 for a while and hence, one should ideally continue focusing on individual stocks that are offering much better trading opportunities. Within this range, intraday support and resistance is seen at 10,020 and 10,090, respectively.
9:06 AM
Pre-open trade
The S&P BSE Sensex added over 100 points to trade above 32,350, while the broader Nifty50 was up about 20 points at 10,075
9:06 AM MARKET STRATEGY: Watch Santosh Kamath, CIO for Fixed Income at Franklin Templeton on the road ahead for the fixed income market https://youtu.be/nIcmIgbTfsY
9:03 AM
Investor categorywise turnover
On Monday, foreign institutional investors sold equities worth Rs 199 crore, while the domestic institutional investors bought equities worth Rs 308 crore, provisional data vailable with BSE showed.
9:02 AM
AUTO SECTOR UPDATE: Shrikant Akolkar, Research Analyst - Automobiles, Angel Broking on cess hike for luxury vehicles
The likely hike in the cess rate from current 15% to 25% is not expected to see a materially negative impact on the demand for the premium automobiles. The underlying demand remains healthy which is the driving force for the automobile sector. We believe that companies will be able to pass on the cess hikes on luxury vehicle s/UVs to customers by price revision
9:01 AM
FPI ownership in Indian equities hits a life-time high
The total ownership of foreign portfolio investors (FPIs) in Indian equities hit a record high during the quarter ending June (Q1) as overseas funds continued to invest aggressively. In total, FPIs own 27.5 per cent in the top 75 listed companies, data compiled by Morgan Stanley showed. The FPI ownership increased 59 basis points during the June quarter when these funds net purchased equities worth Rs 11,340 crore ($1.8 billion) from the Indian markets.
READ THE FULL STORY HERE9:00 AM
Sebi may extend trading hours for derivatives market
In a bid to bring back some of the lost zing, the markets regulator, the Securities and Exchange Board of India (Sebi), is looking to extend the trading hours for the derivatives market. Sources said Sebi was considering if trading in index futures could be kept open even after the cash market closed. The move will provide investors the tool to price in news flow that comes after market hours.
READ THE FULL STORY HERE8:59 AM Asian markets
Asian shares neared decade peaks. MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.2% and to within a whisker of its recent high. South Korea's market rose 0.4%, while in Japan, the broad TOPIX held near its highest in two years and the Nikkei was flat. China's Shanghai Composite was down 0.2%, while Hong Kong's Hang Seng was trading flat.
8:59 AM CLICK HERE for top trading calls from Prabhudas Lilladher
8:56 AM
MARKET TECHNICALS FROM ANAND RATHI RESEARCH
Momentum indicators are reversing from buy to sell, however, they haven’t still provided a sell crossover, hence we continue to maintain our short term bias sideways to positive. Last week was a fifth weekly positive close, hence there isn’t sign for reversal on weekly charts too.
A breakout or breakdown from the range of 9900-10150 levels will set the trend ahead wither for a target of 9700 or 10400 levels. In yesterday’s trading session, it closed mildly in the negative territory, hence there is indecisiveness among the market participants.
8:56 AM Wall Street
The Dow edged up to its ninth record closing high in a row while the S&P ended slightly higher on Monday, with consumer and technology sector gains offsetting losses in energy. The Dow Jones Industrial Average rose 25.61 points, or 0.12% to close at 22,118.42. The last time the Dow had nine straight record closes was in February when it boasted 12 in a row. The S&P 500 climbed 4.08 points, or 0.16% to 2,480.91 and the Nasdaq Composite added 32.21 points, or 0.51% to end at 6,383.77.
8:54 AM
G Chokkalingam, founder, Equinomics Research recommends J B Chemicals
JB Chemicals' stock price has corrected 25% from its 52-week in line with the poor performance of the pharma sector (which got impacted mainly by the stringent practices of US FDA) and also due to subdued performance of the company in the last quarter. However JB Chem has the least exposure to the US markets in comparative terms. We reiterate our BUY recommendation with a target price of Rs 400
8:51 AM
COMMENT: Emkay Global on Berger Paints
Berger Paints has been consistently gaining market share and benefiting from mix improvement. We maintain Hold rating with revised target price of Rs 255
8:49 AM
COMMENT: Amar Ambani, head of research at IIFL on Tata Steel
Tata Steel Q1 FY18’s strong outperformance was led by European operations and forex gains. We maintain our positive view on the company post the Q1 FY18 performance as operating performance in Europe is expected to be robust on the back of restructuring measures taken by the company, revival in global steel prices and anti-dumping measures implemented in European region.
Domestic operations’ performance would improve from higher output from Kalinganagar and increase in share of exports. Debt levels are expected to decline led by selling of non-core assets, lower cash burn in Europe and strong cash flows in the domestic operations. We maintain our Buy recommendation on the stock with a revised target price of Rs 695.
8:48 AM Singapore Nifty
At 8:45 am, SGX Nifty, the Nifty50 futures on the Singapore Stock Exchange, were trading at 10,100, up 11 points of 0.11%.
8:46 AM Good Morning!
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