Here are the top headlines from Moneycontrol News' Anchal Pathak
May 21, 10:19 AM (IST)
Market Update: Benchmark indices are rangebound as investors shifted their focus from Karnataka to the movement in crude oil prices and rupee.
The 30-share BSE Sensex was down 38.99 points at 34,809.31 and the 50-share NSE Nifty fell 20.30 points to 10,576.10.
About 1,203 shares declined against 764 advancing shares on the BSE.
May 21, 10:05 AM (IST)
Listing: Non-banking finance firm Indostar Capital Finance started off trade at Rs 600.60 on the National Stock Exchange, a 5 percent premium to the issue price of Rs 572.
May 21, 09:54 AM (IST)
Pre-Opening Rate: Indostar Capital Finance share price settled at Rs 600 on the National Stock Exchange, up 4.9 percent compared to issue price of Rs 572.
May 21, 09:49 AM (IST)
Market Update: Benchmark indices continued to consolidate as investors after digesting the Karnataka government formation started focusing on corporate earnings, movement in crude oil prices and rupee.
The Sensex is inching towards 35,000 levels while the Nifty firmly traded above 10,600 levels while the Nifty Midcap index is off its early lows.
The Sensex was up 42.77 points at 34,891.07 and the Nifty gained 7.80 points at 10,604.20.
UltraTech Cement is top gainer among Nifty50 stocks, rising 2 percent but Century Textiles fell 5 percent after cement business deal.
May 21, 09:41 AM (IST)
Buzzing: Shares of Century Textiles and Industries touched 52-week low of Rs 976.75, slipping 8.5 percent intraday post demerger of its cement business.
The board approved a scheme of arrangement for demerger of the cement business of the company into UltraTech Cement.
The cement division of the company consists of 3 integrated cement units with a total capacity of 11.4 MTPA (excludes 1.2 MTPA for which statutory clearance is pending) and 1 grinding unit of 2 MTPA.
According to the scheme, the shareholders of Century would get 1 equity share of UltraTech for every 8 equity shares of Century of face value Rs 10 each.
May 21, 09:38 AM (IST)
Market Outlook: Dinesh Rohira of 5nance.com said the index closed at 10,596 levels, down 1.94 percent on a weekly basis. With a negative breakout from its short-term moving average, the index has formed a long bearish candlestick pattern on its daily price chart indicating the possibility of further pressure on the index. It also witnessed a negative crossover on the moving average convergence divergence (MACD), with price trading below the Signal Line, thus indicating negative sentiment.
Rising crude oil prices will add to the inflationary pressure in the domestic economy, coupled with weakening of the rupee against the dollar and dramatic political scenario in Karnataka.
The overall market breadth is currently in the negative trajectory. The index breaching of its crucial levels in the last session indicates it will trade further at lower levels.
It is advisable to continue with selective sectors and stocks that are showing a positive momentum. We expect the Nifty to trade rangebound with a negative bias on a weekly basis at 10,670 levels on the upside and 10,510 levels on the downside.
May 21, 09:30 AM (IST)
CLSA's India Strategy: The research house believes the consumption theme is a no-brainer in times of macro uncertainty. "Consumption will benefit from government increased popularity on spending on welfare programs."
It said Q4 results indicated urban discretionary consumption has been doing well and management commentary indicated rural consumption is growing.
CLSA's top picks are M&M, ITC, Emami, Crompton Consumer, GSK Consumer, Zee Entertainment, Dr Lal PathLabs, DB Corp, HDFC and ICICI Prudential life.
May 21, 09:27 AM (IST)
Buzzing: Shares of Strides Shasun were trading over 4 percent lower after falling over 25 percent on Friday as brokerages downgraded their ratings and target prices on the stock post its dismal Q4. Analysts are seeing a downside of upto 57 percent in the stock.
The drug firm’s stock tumbled nearly 25 percent after the company reported a consolidated net loss of Rs 4.40 crore from its continuing operations for the quarter ended March. The stock slumped 23.03 percent to end at Rs 387.10 on BSE. During the day, it crashed 24.70 percent to Rs 378.70 -- its 52-week low.
The company's market valuation fell by Rs 1,034.56 crore to Rs 3,466.44 crore.
Brokerage: Macquarie | Rating: Downgrade to Neutral | Target: Cut to Rs 398 from Rs 860 | Downside: 54%
The global research firm said that the company’s March quarter performance was a huge dampener. Going forward, it expects margin recovery to be protracted and has also cut FY19/20 earnings per share (EPS) estimates by 52/50 percent.
Brokerage: ICICI Sec | Rating: Downgrade to Add from Buy | Target: Cut to Rs 430 from Rs 990 | Downside: 57%
ICICI Securities termed the March quarter performance to be disappointing and a recovery is only likely in the second half. It expects 10% revenue & 41.3% Adj PAT CAGR Over FY18-20.
Brokerage: Jefferies | Rating: Buy | Target: Cut to Rs 600 from Rs 1,040 | Downside: 43%
Jefferies believes that the company had a muted quarter and the stock price is now factoring the worst case scenario. Further, the management expects impact to continue in the first half, but a recovery is possible only from the second half. It also expects 35 percent EBITDA CAGR over FY19-20.
May 21, 09:24 AM (IST)
Market Update: Frontline indices erased opening gains to trade lower amid consolidation after digesting the formation of government in Karnataka by Congress and JD(S).
The 30-share BSE Sensex was down 34.36 points at 34,813.94 and the 50-share NSE Nifty fell 9 points to 10,587.40.
About three shares declined for every two shares rising on the BSE.
Market Opening: Benchmark indices started off trade marginally higher, following positive trend in Asian stocks. Investors digested final outcome of Karnataka election.
The Sensex was up 78.21 points at 34,926.51 and the Nifty gained 13.50 points at 10,609.90.
SBI gained 1.5 percent after Bhushan Steel-Tata Steel deal. ICICI Bank was up 1 percent.
UltraTech Cement was up 1.6 percent and Century Textiles fell 8 percent after cement business deal.
HPCL, TCS, Hindalco Industries, Coal India, Grasim Industries
Indiabulls Housing Finance, Bajaj Finance, Maruti, Infosys, Axis Bank, Wipro, ITC, Hero Motocorp and Sun Pharma were under pressure.
The Nifty Midcap index was down 55 points.
Kitex Garments plunged 16 percent post disappointing earnings. Amara Raja Batteries, Capcite Infra, Balaji Telefilms, Future Lifestyle, Thermax, Ashok Leyland, Strides Shasun, Crompton Consumer and Inox Wind fell up to 5 percent.
Market Update: Benchmark indices remained flat in trade as the Sensex was up 24.86 points at 34,873.16 and the Nifty gained 20.30 points at 10,616.70.
May 21, 09:07 AM (IST)
Rupee Update: The Indian rupee declined on Monday. It has opened lower by 11 paise at 68.12 per dollar versus 68.01 Friday.
According to Motilal Oswal, rupee, on Friday, consolidated in a narrow range as most market participants were cautious ahead of the important floor test in state elections of Karnataka. Despite the impact of state elections is expected to be short lived, rise in global crude oil prices will continue to drive currency in the short term. Higher crude oil prices and political risk premium could keep the rupee under pressure.
Consistent fund outflows by FIIs in equity and debt segment will continue to weigh on the rupee. Volatility for the currency has been restricted in the past few sessions on backof suspected RBI intervention. Latest RBI data showed India's FX reserves for the week ended May 11, fell by USD 1.2 billion to USD 417.7billion.
May 21, 09:04 AM (IST)
Market Pre-Opening: Benchmark indices were flat in pre-opening trade despite positive Asian stocks post some good developments over the weekend US-China trade talks.
The 30-sahre BSE Sensex was up 33.19 points at 34,881.49 and the 50-share NSE Nifty fell 85.70 points to 10,510.70.
UltraTech Cement rallied 10 percent while Century Textiles fell 10 percent post cement business deal.
Ashok Leyland fell 2 percent. Amara Raja Batteries was flat post earnings.
Here are the top headlines from Moneycontrol News' Anchal Pathak
Market Update: Benchmark indices are rangebound as investors shifted their focus from Karnataka to the movement in crude oil prices and rupee.
The 30-share BSE Sensex was down 38.99 points at 34,809.31 and the 50-share NSE Nifty fell 20.30 points to 10,576.10.
About 1,203 shares declined against 764 advancing shares on the BSE.
Listing: Non-banking finance firm Indostar Capital Finance started off trade at Rs 600.60 on the National Stock Exchange, a 5 percent premium to the issue price of Rs 572.
Pre-Opening Rate: Indostar Capital Finance share price settled at Rs 600 on the National Stock Exchange, up 4.9 percent compared to issue price of Rs 572.
Market Update: Benchmark indices continued to consolidate as investors after digesting the Karnataka government formation started focusing on corporate earnings, movement in crude oil prices and rupee.
The Sensex is inching towards 35,000 levels while the Nifty firmly traded above 10,600 levels while the Nifty Midcap index is off its early lows.
The Sensex was up 42.77 points at 34,891.07 and the Nifty gained 7.80 points at 10,604.20.
UltraTech Cement is top gainer among Nifty50 stocks, rising 2 percent but Century Textiles fell 5 percent after cement business deal.
Buzzing: Shares of Century Textiles and Industries touched 52-week low of Rs 976.75, slipping 8.5 percent intraday post demerger of its cement business.
The board approved a scheme of arrangement for demerger of the cement business of the company into UltraTech Cement.
The cement division of the company consists of 3 integrated cement units with a total capacity of 11.4 MTPA (excludes 1.2 MTPA for which statutory clearance is pending) and 1 grinding unit of 2 MTPA.
According to the scheme, the shareholders of Century would get 1 equity share of UltraTech for every 8 equity shares of Century of face value Rs 10 each.
Market Outlook: Dinesh Rohira of 5nance.com said the index closed at 10,596 levels, down 1.94 percent on a weekly basis. With a negative breakout from its short-term moving average, the index has formed a long bearish candlestick pattern on its daily price chart indicating the possibility of further pressure on the index. It also witnessed a negative crossover on the moving average convergence divergence (MACD), with price trading below the Signal Line, thus indicating negative sentiment.
Rising crude oil prices will add to the inflationary pressure in the domestic economy, coupled with weakening of the rupee against the dollar and dramatic political scenario in Karnataka.
The overall market breadth is currently in the negative trajectory. The index breaching of its crucial levels in the last session indicates it will trade further at lower levels.
It is advisable to continue with selective sectors and stocks that are showing a positive momentum. We expect the Nifty to trade rangebound with a negative bias on a weekly basis at 10,670 levels on the upside and 10,510 levels on the downside.
CLSA's India Strategy: The research house believes the consumption theme is a no-brainer in times of macro uncertainty. "Consumption will benefit from government increased popularity on spending on welfare programs."
It said Q4 results indicated urban discretionary consumption has been doing well and management commentary indicated rural consumption is growing.
CLSA's top picks are M&M, ITC, Emami, Crompton Consumer, GSK Consumer, Zee Entertainment, Dr Lal PathLabs, DB Corp, HDFC and ICICI Prudential life.
Buzzing: Shares of Strides Shasun were trading over 4 percent lower after falling over 25 percent on Friday as brokerages downgraded their ratings and target prices on the stock post its dismal Q4. Analysts are seeing a downside of upto 57 percent in the stock.
The drug firm’s stock tumbled nearly 25 percent after the company reported a consolidated net loss of Rs 4.40 crore from its continuing operations for the quarter ended March. The stock slumped 23.03 percent to end at Rs 387.10 on BSE. During the day, it crashed 24.70 percent to Rs 378.70 -- its 52-week low.
The company's market valuation fell by Rs 1,034.56 crore to Rs 3,466.44 crore.
Brokerage: Macquarie | Rating: Downgrade to Neutral | Target: Cut to Rs 398 from Rs 860 | Downside: 54%
The global research firm said that the company’s March quarter performance was a huge dampener. Going forward, it expects margin recovery to be protracted and has also cut FY19/20 earnings per share (EPS) estimates by 52/50 percent.
Brokerage: ICICI Sec | Rating: Downgrade to Add from Buy | Target: Cut to Rs 430 from Rs 990 | Downside: 57%
ICICI Securities termed the March quarter performance to be disappointing and a recovery is only likely in the second half. It expects 10% revenue & 41.3% Adj PAT CAGR Over FY18-20.
Brokerage: Jefferies | Rating: Buy | Target: Cut to Rs 600 from Rs 1,040 | Downside: 43%
Jefferies believes that the company had a muted quarter and the stock price is now factoring the worst case scenario. Further, the management expects impact to continue in the first half, but a recovery is possible only from the second half. It also expects 35 percent EBITDA CAGR over FY19-20.
Market Update: Frontline indices erased opening gains to trade lower amid consolidation after digesting the formation of government in Karnataka by Congress and JD(S).
The 30-share BSE Sensex was down 34.36 points at 34,813.94 and the 50-share NSE Nifty fell 9 points to 10,587.40.
About three shares declined for every two shares rising on the BSE.
Rupee heading towards the elusive 70-mark? Macros and technicals suggest it could
US President's decision to re-impose sanctions on Iran will not only hit the dynamics of the global oil trade, it will also force India to revisit at its ties with the Middle Eastern oil nations
Market Opening: Benchmark indices started off trade marginally higher, following positive trend in Asian stocks. Investors digested final outcome of Karnataka election.
The Sensex was up 78.21 points at 34,926.51 and the Nifty gained 13.50 points at 10,609.90.
SBI gained 1.5 percent after Bhushan Steel-Tata Steel deal. ICICI Bank was up 1 percent.
UltraTech Cement was up 1.6 percent and Century Textiles fell 8 percent after cement business deal.
HPCL, TCS, Hindalco Industries, Coal India, Grasim Industries
Indiabulls Housing Finance, Bajaj Finance, Maruti, Infosys, Axis Bank, Wipro, ITC, Hero Motocorp and Sun Pharma were under pressure.
The Nifty Midcap index was down 55 points.
Kitex Garments plunged 16 percent post disappointing earnings. Amara Raja Batteries, Capcite Infra, Balaji Telefilms, Future Lifestyle, Thermax, Ashok Leyland, Strides Shasun, Crompton Consumer and Inox Wind fell up to 5 percent.
Stocks in the news: Sobha, AU Small, Indoco Remedies, Atul Auto, Indiabulls Real, Thermax, UltraTech
Sobha | AU Small Finance Bank | Tata Chemicals | Sheela Foam | Amara Raja Batteries | Advanced Enzyme | Atul Auto | Gulf Oil Lubricants | Century Textiles | Parag Milk Foods | Manappuram Finance | Emami and Bhushan Steel are stocks which are in the news today.
Markets@Moneycontrol: Nifty likely to open flat; 3 stocks which can give up to 11% return
The Nifty futures on Singaporean exchange, SGX, were trading absolutely flat with a positive bias, indicating a similar opening on the market in India. The SGX Nifty was trading around 10,624-mark, up just 10 points.
Market Update: Benchmark indices remained flat in trade as the Sensex was up 24.86 points at 34,873.16 and the Nifty gained 20.30 points at 10,616.70.
Rupee Update: The Indian rupee declined on Monday. It has opened lower by 11 paise at 68.12 per dollar versus 68.01 Friday.
According to Motilal Oswal, rupee, on Friday, consolidated in a narrow range as most market participants were cautious ahead of the important floor test in state elections of Karnataka. Despite the impact of state elections is expected to be short lived, rise in global crude oil prices will continue to drive currency in the short term. Higher crude oil prices and political risk premium could keep the rupee under pressure.
Consistent fund outflows by FIIs in equity and debt segment will continue to weigh on the rupee. Volatility for the currency has been restricted in the past few sessions on backof suspected RBI intervention. Latest RBI data showed India's FX reserves for the week ended May 11, fell by USD 1.2 billion to USD 417.7billion.
Market Pre-Opening: Benchmark indices were flat in pre-opening trade despite positive Asian stocks post some good developments over the weekend US-China trade talks.
The 30-sahre BSE Sensex was up 33.19 points at 34,881.49 and the 50-share NSE Nifty fell 85.70 points to 10,510.70.
UltraTech Cement rallied 10 percent while Century Textiles fell 10 percent post cement business deal.
Ashok Leyland fell 2 percent. Amara Raja Batteries was flat post earnings.