MARKET WRAP: Sensex dips 80 pts, Nifty below 11,600; India VIX up 2.3%

All that happened in the markets today

4:13 PM

MARKET COMMENT :: Jayant Manglik, President - Retail Distribution, Religare Broking

We expect markets to continue to remain volatile in the near term given the earnings outcome and central election progress. On the global front, crude oil is trading at 2019 highs after US announcement of ending all Iran sanction waivers by May thereby putting pressure on importers.

India is one of the key importers of Iranian oil and hence the developments on the sanction waiver would be closely monitored along with currency movement. We believe that any correction in quality large / mid cap companies with strong growth prospects should be considered as a good buying opportunity for long term investors

4:13 PM

MARKET COMMENT :: Dr Joseph Thomas, head research, Emkay Wealth Management

The market traded lower during the day and closed in the red mainly guided by the situation woven around the rising oil prices in international markets. The rise in oil prices was occasioned by the warning from the US that all oil imports from Iran should be stopped by this month-end, in the absence of which, the countries which import would face US sanctions. This is specifically addressed to the eight countries including India and China, which were granted waivers by the US when the sanctions were initially imposed. There is also a streak of profit booking after the momentum built up in the run up to general elections

3:38 PM

Top losers on BSE500

COMPANY	PRICE(rs)	CHG(rs)	CHG(%)	VOLUME
AEGIS LOGISTICS	188.85	-17.30	-8.39	156436
INFIBEAM AVENUES	43.55	-3.95	-8.32	1396079
REL. COMM.	1.99	-0.10	-4.78	6181111
HEG	1844.00	-85.35	-4.42	48397
RELIANCE POWER	7.65	-0.32	-4.02	7899435

3:37 PM

MARKET CHECK

3:36 PM

Nifty sectoral indices at close

3:35 PM

Market at close

3:34 PM

Market at close | NSE Nifty sheds 18 points to close at 11,576

3:33 PM

Market at close | BSE Sensex closes 80 points lower at 38,565

3:23 PM

NEWS ALERT| Aviation Min says slots of Jet Airways will be returned once airline starts operations

3:07 PM

Sudden slip in late trading hours, Sensex slips nearly 100 pts

Maruti Suzuki, Hero Motocorp, IndusInd Bank biggest losers

2:44 PM

Nifty erases gains; Bank, Auto indices drag

2:42 PM

NEWS ALERT | Tata Power to sell 32 MW wind assets in Maharashtra, reports CNBC TV 18

2:29 PM

SpiceJet to start 28 new daily flights connecting Delhi, Mumbai with key metros: Cogencis

2:14 PM

Ahead of Earnings

At 2:10 pm,
ACC Ltd was trading 0.8 per cent higher at Rs 1,676 apiece
Indiabulls Integrated Services was trading 1.87 per cent higher at Rs 341 apiece 
Tata Global Beverages was trading 0.19 per cent lower at Rs 208.65 apiece

1:59 PM

Oil check

Brent crude back at $74.40 after touching a low of $74.21 at 1:20 pm

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1:50 PM

NEWS ALERT | ITC files petition against Hotel Leela for oppression, mismanagement

1:50 PM

Motilal Oswal on Ipca Labs

Recommendation : BUY 
We expect IPCA to end FY19 with earnings similar to that in FY14 (pre-import alert from USFDA); despite the USFDA issues being unresolved. This implies healthy

performance in the branded generics segment. We raise our EPS estimate by 6 per cent/7 per cent) to Rs 45.3/Rs 54.4 for FY20/21. We continue to value IPCA at 21x 12M forward earnings to arrive at a price target of Rs 1,145 (from Rs 970 earlier). 

1:36 PM

Jet Airways trades in green

The airline, which controlled 13.6 per cent of the local market as recently as January, needs Rs 85 billion to restart operations. So far, it isn’t clear whether Jet Airways will find a buyer to fly again, or if lenders will take it to a bankruptcy court. Over the weekend, local media reported Mukesh Ambani, Asia’s richest man, and salt-to-software conglomerate Tata Group are keen to pick up a stake or purchase Jet’s assets. READ MORE

COMPANY	PRICE(Rs)	CHG(rS)	CHG(%)	VOLUME
JET AIRWAYS	169.00	14.40	9.31	2943374
RELIANCE CAPITAL	144.70	9.20	6.79	2277957
BLISS GVS PHARMA	179.00	9.70	5.73	158126
SHILPA MEDICARE	422.00	22.15	5.54	7659
ZEE ENTERTAINMEN	416.20	19.55	4.93	398147

1:30 PM

Bata India shares hit new high in range-bound market; jump 68% in 6 months

Bata India shares hit a new high of Rs 1,444, up 2 per cent on the BSE in the intra-day trade on Tuesday, on expectation of strong financial performance during March quarter of financial year 2018-19 (Q4FY19). The S&P BSE Sensex was up 0.23 per cent at 38,732 levels at 12:58 pm.
 

In the past six months, the stock of footwear retailer has outpaced the market by surging 68 per cent, on the back of foreign investors buying. In comparison, the S&P BSE Sensex has risen 15 per cent during the period. In the past one year, it has rallied 83 per cent against 12 per cent rise in the benchmark index. READ MORE

1:05 PM

Neuland Labs jumps almost 11%

12:51 PM

NEWS ALERT | Thomas Cook Plc stock up 20% on LSE on reports of buyout

12:27 PM

March foreign flows into Asian bonds the highest since January 2018

Foreign inflows into Asian bonds surged in March as lower US yields and hopes for a Sino-US trade deal boosted demand for regional assets. Overseas investors bought a net $5 billion of regional bonds in March, highest since January 2018, data from central banks and bond market associations in Malaysia, Thailand, Indonesia, South Korea and India showed. READ MORE

12:11 PM

Avenue Supermarts down for seventh straight day; stock hits five-month low

Shares of Avenue Supermarts were trading lower for the seventh straight day, down 2 per cent, at Rs 1,304, to hit five-month low on the BSE on concerns of flat operating margin in the March quarter (Q4FY19). The stock was quoting at its lowest level since October 31, 2018. In the past seven trading sessions, it has slipped 14 per cent, as compared to 0.36 per cent rise in the benchmark S&P BSE Sensex in the same time period. READ MORE

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12:10 PM

Buzzing stock | Neuland Labs jumps over 12%

12:01 PM

Stock rises 1.5%

11:59 AM

NEWS ALERT | Cholamandalam Finance Company Board to consider stock split on April 27

11:50 AM

Reliance Securities on Tech Mahindra

Tech Mahindra’s stock price rose by 0.5% in yesterday’s trade, while the BSE Sensex declined 1.3%. Tech Mahindra’s Enterprise Business is expected to be the major revenue growth driver over the next few years, led by BFSI and Retail, apart from Digital initiatives; this business clocked healthy 4.2% QoQ USD revenue growth in 3QFY19. Outlook appears to be improving for FY20E, and we expect slight margin expansion and 13.2% EPS growth. We expect Tech Mahindra to report 12.8% EPS CAGR over the period FY19-FY21E. We have a positive outlook on Tech Mahindra.

11:47 AM

Motilal Oswal Financial Services on Marico

Marico has not taken any pricing action, in line with its commentary. We believe the company may tweak promotional efforts, if required, and will only

take proactive pricing action if there a significant reduction in copra prices relative to expectations. As of Apr’19, there is no major change in consumer

offers for the Parachute Coconut Oil portfolio compared to the previous month.

11:47 AM

Oil check

Brent crude trading at $ 74.47 per barrel 

11:45 AM

Nifty PSU Bank index is trading 1.4% higher