Here are the top headlines from Moneycontrol News' Anchal Pathak
May 14, 10:22 AM (IST)
Petrol, Diesel Price Hike: After a 19-day pre-Karnataka poll hiatus, petrol price was today hiked by 17 paise a litre and diesel by 21 paise as PSU oil firms began passing on the spike witnessed in international rates to consumers.
Petrol price in Delhi was hiked to Rs 74.80 per litre from Rs 74.63 while diesel rates were increased to Rs 66.14 a litre from Rs 65.93, according to a price notification issued by state-owned oil marketing companies.
With this, diesel prices have touched a record high while petrol is at a 56-month peak, reports PTI.
May 14, 10:10 AM (IST)
Dena Bank trades at 15-year low:
May 14, 10:07 AM (IST)
No USFDA Observations: Pharma major Lupin announced the successful completion of a n inspection carried out by the US FDA at its Nagpurfacility.
The inspection concluded without any observations, the company said in its filing.
Lupin's Nagpurfacility is the company's latestfacility and manufactures oral solid products.
May 14, 10:03 AM (IST)
Results Reaction: Broadcaster Sun TV Network share price rallied 11 percent after it reported a 22.82 percent increase in net profit at Rs 289.76 crore for the fourth quarter ended March 31, 2018. The company had reported a net profit of Rs 235.91 crore during the corresponding quarter last year.
Total income from operations during the quarter under review stood at Rs 753.79 crore, up 21.60 percent, as against Rs 619.85 crore during the same period previous fiscal, it said in a BSE filing.
May 14, 09:59 AM (IST)
Buzzing: Mphasis share price fell a percent after Blackstone sold 8 percent stake in the company at Rs 960 per share.
PE investor Blackstone held 60.38 percent stake in the IT company till March 31, 2018.
May 14, 09:51 AM (IST)
May 14, 09:47 AM (IST)
Market Update: The market is trading in a tight range of around 20 points on the Nifty. Traders prefer to await Karnataka elections results before taking any big positions as exit polls announced on Saturday indicated hung assembly.
The 30-share BSE Sensex was up 61.10 points at 35,596.89 and the 50-share NSE Nifty rose 17.90 points to 10,824.40.
All sectoral indices are in the green barring Auto and IT.
HDFC twin, ITC continue to support the market while ICICI Bank, Infosys, TCS, Tata Motors are under pressure
Canara Bank rebounds sharply from opening lows despite it posted a loss of Rs 4,860 cr in March quarter due to spike in provisions and NPAs.
May 14, 09:36 AM (IST)
Rupee Update: The rupee strengthened by 9 paise to 67.24 against the dollar on fresh selling of the US currency by exporters and banks amid higher opening in the domestic equity market.
Forex dealers attributed the rise in the rupee to weakness of the dollar against other currencies overseas.
However, industrial output growing by 4.4 per cent in March, the slowest in five months, capped the rupee gains, they added.
On Friday, the rupee had settled almost flat at 67.33 against the US currency in highly volatile trade amid weak dollar cues.
May 14, 09:32 AM (IST)
Buzzing: Shares of Ahluwalia Contracts India rose 6.6 percent as company secured new orders worth Rs 390 crore.
The orders include construction of institutional, commercial including electrical, plumbing and fire fighting services.
The orders include, construction of renovation & modernization of Milan Mela at Kolkata worth of Rs 261.33 crore & Rs 106.20 crore of order for construction of building, renovation of building for Bennett Coleman & Co.
Also, order worth of Rs 22.28 crore for other construction work.
The total order inflow during the FY 2018- 2019 stands at Rs 1624.81 crore, as per company release.
May 14, 09:26 AM (IST)
Market Outlook: Shubham Agarwal, CEO & Head of Research at Quantsapp Private Limited said positive momentum in the market continues with the Nifty inching higher by 1.7 percent week-on-week. Bank Nifty outperforms Nifty, gaining 2.72 percent on a weekly basis.
Nifty May series option data suggests the highest congestion placed at 11,000CE, with open interest (OI) of 59 lakh shares, and 10,500PE, with OI of 63 lakh shares, indicating a broader trading band with a faraway resistance and closer interim support base.
With state elections around the corner, intra-week volatility was seen in the market. On a weekly basis, Put accumulation of over 15 lakh shares was witnessed in 10,700 to 10,500 strikes indicating strong base formation.
Short covering in 10,700 and 10,800 strikes provided a momentum boost to the market. On an immediate basis, major resistance remains at 11,000.
Based on exit polls, indecisiveness in the market should remain till the results are declared. This should get reflected with VIX in the 13-15 percent range.
May 14, 09:20 AM (IST)
Benchmark indices started off the week on quiet note after Karnataka exit polls that indicated hung assembly. Investors prefer to wait for Karnataka elections results due on Tuesday.
The 30-share BSE Sensex was up 31.27 points at 35,567.06 and the 50-share NSE Nifty rose 12 points to 10,818.50.
HPCL, BPCL, IOC, Sun Pharma, HUL, Titan Company, Hero Motocorp and HDFC were early gainers.
Tata Steel, Infosys, SBI, HCL Technologies, Coal India and Asian Paints were losers in early trade.
Tata Global Beverages, Allahabad Bank and UCO Bank fell up to 4 percent.
Allcargo Logistics, Patel Integrated, Gati, VST Tillers, Sun TV, Gujarat Gas and Canara Bank rallied up to 7 percent.
May 14, 09:09 AM (IST)
Technical Recommendations:
We spoke to 5nance.com and here’s what they have to recommend:
Disclaimer: The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Ashoka Buildcon executed a concession agreement with NHAI
Canara Bank: Sharp rise in provisions widens the bank’s net loss to Rs 4,859 crore
JBM Auto enters into the shareholder's agreement with Jay Bharat Maruti and Ogihara (Thailand)
Federal Bank and its subsidairy entered into definitive agreements for Fedfina to issue fresh equity shares
Infosys: Ravi Venkatesan steps down as Independent Director 'to pursue a new role'
Sical Logistics approves proposal to purchase 11% stake held by L&T Infrastructure Development Projects in Sical Iron Ore Terminals
Graphite India: Net profit soars to Rs 453.7 crore
Dena Bank: RBI restricts bank from assuming fresh credit exposure & recruitment of staff
JK Cement to raise fund by issue of secured/redeemable NCDs for an amount upto Rs 500 crore during 2018-19
Oriental Bank of Commerce: Net loss for Q4 widens to Rs 1,650 crore
Allahabad Bank approved raising of equity capital aggregating upto Rs 1900 crore through various modes
May 14, 09:08 AM (IST)
May 14, 09:06 AM (IST)
Moneycontrol News
Benchmark indices were higher in pre-opening trade after Karnataka exit polls which indicated hung assembly.
The 30-share BSE Sensex was up 138.74 points at 35,674.53 and the 50-share NSE Nifty rose 20.20 points to 10,826.70.
Asian shares held near one-month highs on Monday on signs the United States and China were toning down their trade war rhetoric, while the dollar dipped again as investors wagered on a slower pace of US interest rate hikes, Reuters reported.
Over 65 BSE firms will announce their March quarter earnings on Monday, which the Street will keep an eye on. Among those include Bombay Dyeing, Hindustan Unilever, Dr Lal PathLabs, and South Indian Bank, among others.
Here are the top headlines from Moneycontrol News' Anchal Pathak
Petrol, Diesel Price Hike: After a 19-day pre-Karnataka poll hiatus, petrol price was today hiked by 17 paise a litre and diesel by 21 paise as PSU oil firms began passing on the spike witnessed in international rates to consumers.
Petrol price in Delhi was hiked to Rs 74.80 per litre from Rs 74.63 while diesel rates were increased to Rs 66.14 a litre from Rs 65.93, according to a price notification issued by state-owned oil marketing companies.
With this, diesel prices have touched a record high while petrol is at a 56-month peak, reports PTI.
Dena Bank trades at 15-year low:
No USFDA Observations: Pharma major Lupin announced the successful completion of a n inspection carried out by the US FDA at its Nagpurfacility.
The inspection concluded without any observations, the company said in its filing.
Lupin's Nagpurfacility is the company's latestfacility and manufactures oral solid products.
Results Reaction: Broadcaster Sun TV Network share price rallied 11 percent after it reported a 22.82 percent increase in net profit at Rs 289.76 crore for the fourth quarter ended March 31, 2018. The company had reported a net profit of Rs 235.91 crore during the corresponding quarter last year.
Total income from operations during the quarter under review stood at Rs 753.79 crore, up 21.60 percent, as against Rs 619.85 crore during the same period previous fiscal, it said in a BSE filing.
Buzzing: Mphasis share price fell a percent after Blackstone sold 8 percent stake in the company at Rs 960 per share.
PE investor Blackstone held 60.38 percent stake in the IT company till March 31, 2018.
Market Update: The market is trading in a tight range of around 20 points on the Nifty. Traders prefer to await Karnataka elections results before taking any big positions as exit polls announced on Saturday indicated hung assembly.
The 30-share BSE Sensex was up 61.10 points at 35,596.89 and the 50-share NSE Nifty rose 17.90 points to 10,824.40.
All sectoral indices are in the green barring Auto and IT.
HDFC twin, ITC continue to support the market while ICICI Bank, Infosys, TCS, Tata Motors are under pressure
Canara Bank rebounds sharply from opening lows despite it posted a loss of Rs 4,860 cr in March quarter due to spike in provisions and NPAs.
Rupee Update: The rupee strengthened by 9 paise to 67.24 against the dollar on fresh selling of the US currency by exporters and banks amid higher opening in the domestic equity market.
Forex dealers attributed the rise in the rupee to weakness of the dollar against other currencies overseas.
However, industrial output growing by 4.4 per cent in March, the slowest in five months, capped the rupee gains, they added.
On Friday, the rupee had settled almost flat at 67.33 against the US currency in highly volatile trade amid weak dollar cues.
Buzzing: Shares of Ahluwalia Contracts India rose 6.6 percent as company secured new orders worth Rs 390 crore.
The orders include construction of institutional, commercial including electrical, plumbing and fire fighting services.
The orders include, construction of renovation & modernization of Milan Mela at Kolkata worth of Rs 261.33 crore & Rs 106.20 crore of order for construction of building, renovation of building for Bennett Coleman & Co.
Also, order worth of Rs 22.28 crore for other construction work.
The total order inflow during the FY 2018- 2019 stands at Rs 1624.81 crore, as per company release.
Market Outlook: Shubham Agarwal, CEO & Head of Research at Quantsapp Private Limited said positive momentum in the market continues with the Nifty inching higher by 1.7 percent week-on-week. Bank Nifty outperforms Nifty, gaining 2.72 percent on a weekly basis.
Nifty May series option data suggests the highest congestion placed at 11,000CE, with open interest (OI) of 59 lakh shares, and 10,500PE, with OI of 63 lakh shares, indicating a broader trading band with a faraway resistance and closer interim support base.
With state elections around the corner, intra-week volatility was seen in the market. On a weekly basis, Put accumulation of over 15 lakh shares was witnessed in 10,700 to 10,500 strikes indicating strong base formation.
Short covering in 10,700 and 10,800 strikes provided a momentum boost to the market. On an immediate basis, major resistance remains at 11,000.
Based on exit polls, indecisiveness in the market should remain till the results are declared. This should get reflected with VIX in the 13-15 percent range.
Benchmark indices started off the week on quiet note after Karnataka exit polls that indicated hung assembly. Investors prefer to wait for Karnataka elections results due on Tuesday.
The 30-share BSE Sensex was up 31.27 points at 35,567.06 and the 50-share NSE Nifty rose 12 points to 10,818.50.
HPCL, BPCL, IOC, Sun Pharma, HUL, Titan Company, Hero Motocorp and HDFC were early gainers.
Tata Steel, Infosys, SBI, HCL Technologies, Coal India and Asian Paints were losers in early trade.
Tata Global Beverages, Allahabad Bank and UCO Bank fell up to 4 percent.
Allcargo Logistics, Patel Integrated, Gati, VST Tillers, Sun TV, Gujarat Gas and Canara Bank rallied up to 7 percent.
Technical Recommendations:
We spoke to 5nance.com and here’s what they have to recommend:
Welspun India Ltd: Buy | Target: Rs 74 | Stop-loss: - Rs. 57 |Upside: 12%
Rain Industries Ltd: Sell | Target: Rs 256 | Stop-loss: - Rs. 290 |Upside: 7%
Mahindra Lifespace Developers Ltd: Buy | Tartet: Rs 545 | Stop-loss: - Rs. 495 | Upside: 5%
Disclaimer: The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Stocks in news:
Ashoka Buildcon executed a concession agreement with NHAI
Canara Bank: Sharp rise in provisions widens the bank’s net loss to Rs 4,859 crore
JBM Auto enters into the shareholder's agreement with Jay Bharat Maruti and Ogihara (Thailand)
Federal Bank and its subsidairy entered into definitive agreements for Fedfina to issue fresh equity shares
Infosys: Ravi Venkatesan steps down as Independent Director 'to pursue a new role'
Sical Logistics approves proposal to purchase 11% stake held by L&T Infrastructure Development Projects in Sical Iron Ore Terminals
Graphite India: Net profit soars to Rs 453.7 crore
Dena Bank: RBI restricts bank from assuming fresh credit exposure & recruitment of staff
JK Cement to raise fund by issue of secured/redeemable NCDs for an amount upto Rs 500 crore during 2018-19
Oriental Bank of Commerce: Net loss for Q4 widens to Rs 1,650 crore
Allahabad Bank approved raising of equity capital aggregating upto Rs 1900 crore through various modes
Moneycontrol News
Benchmark indices were higher in pre-opening trade after Karnataka exit polls which indicated hung assembly.
The 30-share BSE Sensex was up 138.74 points at 35,674.53 and the 50-share NSE Nifty rose 20.20 points to 10,826.70.
Asian shares held near one-month highs on Monday on signs the United States and China were toning down their trade war rhetoric, while the dollar dipped again as investors wagered on a slower pace of US interest rate hikes, Reuters reported.
Over 65 BSE firms will announce their March quarter earnings on Monday, which the Street will keep an eye on. Among those include Bombay Dyeing, Hindustan Unilever, Dr Lal PathLabs, and South Indian Bank, among others.