Sectoral losers of the day BSE Sensex: ONGC, Bharti Airtel among top gainers of the day, Dr. Reddy top loser Market at close The S&P BSE Sensex ended at 35,246, down 73 points while the broader Nifty50 index settled at 10,717, down 25 points. Edelweiss on Mahindra Holidays Mahindra Holidays & Resorts’ (MHRL) Q4FY18 performance surpassed our estimate—member addition flat at ~6,300 (estimate 4,990) and EBITDA beat on cost optimisation. Another key highlight was improvement in Holiday Club Resorts (HCR)—PAT jumped ~3x to EUR7.4mn. The company’s overall cash balance also continued to improve. In FY18, MHRL focused on quality member addition and cash accumulation, which impacted member addition growth (down 2%). Going forward, given the underpenetration in vacation ownership segment, we estimate member growth to bounce back, which will be key monitorable. We value the standalone business on DCF basis leading to target price of Rs 429. Maintain ‘BUY MARKET CHECK Index Current Pt. Change % Change S&P BSE SENSEX 35,260.16 -59.19 -0.17 S&P BSE SENSEX 50 11,223.05 -18.58 -0.17 S&P BSE SENSEX Next 50 33,298.95 -538.93 -1.59 S&P BSE 100 11,055.31 -42.81 -0.39 S&P BSE Bharat 22 Index 3,582.90 -21.97 -0.61 (Source: BSE) COMMODITY INSIGHT: OIL Given the current environment, we could experience volatility in the oil market in the near term. We are in a situation where geopolitical premium is overshadowing the fundamentals of crude oil and driving prices higher. The extent to which U.S. sanctions would impact Iranian oil exports remains to be seen. Although the markets were expecting such an action and had been factoring the same into oil prices, more upside from current levels cannot be ruled out. Over the medium term WTI crude oil could find support at $67-65 range and could extend the current rally towards 74-76 zone. (Source: Motial Oswal report)
The markets ended marginally lower on Thursday despite firm global markets.
The S&P BSE Sensex ended at 35,246, down 73 points while the broader Nifty50 index settled at 10,717, down 25 points. The BSE Midcap index and BSE Smallcap index, however, underperformed the frontline indices and lost over 1.5% and 1.4% respectively.
Realty stocks were among the worst hit on Thursday with DLF, Unitech and HDIL slipping over 3% each. Weakness was also visible in Indiabulls Real Estate, Godrej Properties and Oberoi Realty. The Nifty Realty index ended nearly 2% lower at 311 levels.
Asian stocks rose on Thursday, with energy shares leading the way as crude oil prices bolted higher after US President Donald Trump's decision to pull out of a nuclear deal with Iran.
MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.4 per cent, while Japan’s Nikkei climbed 0.1 per cent. South Korea’s KOSPI rose 0.4 per cent and Shanghai edged up 0.3 per cent.
Oil price rose on Thursday and was set for its largest weekly increase in a month, as the market prepared for potential disruption to crude flows from major exporter Iran in the face of US sanctions.
(with inputs from Reuters)