MARKETS ON MONDAY: Indices end higher for eighth session, Infosys down 3%

Benchmark indices recovered lost ground to end higher for eighth straight session, their longest gaining run so far this year.

3:38 PM

Nifty Realty gained over 1.5%: Top gainers in the pack

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)	VOLUME
INDBULL.REALEST.	192.00	180.75	11.25	6.22	20645312
PRESTIGE ESTATES	303.50	295.60	7.90	2.67	229646
DLF	213.75	210.25	3.50	1.66	5850707
OBEROI REALTY	513.90	508.15	5.75	1.13	132667
H D I L	41.65	41.50	0.15	0.36	6323884

3:35 PM

Sectoral trend

3:34 PM

Top Sensex Gainers and Losers

3:30 PM

Markets at Close

The S&P BSE Sensex ended at 34,305, up 112 points while the broader Nifty50 index settled at 10,528, up 48 points

3:20 PM

Oil prices drop as fears about Syria strikes fallout wane

 

Oil fell nearly 2% on Monday after US drilling activity rose and fears waned about escalating tensions in the Middle East following air strikes on Syria over the weekend.

The United States, France and Britain launched 105 missiles on Saturday, targeting what they said were three chemical weapons facilities in Syria in retaliation for a suspected poison gas attack on April 7.

 

The oil price had risen nearly 10% in the run-up to the strikes, as investors bulked up on assets, such as gold or US Treasuries, that can shield against geopolitical risks.

3:10 PM

SBI drops out of India's top 10 most valued companies

 

State Bank of India (SBI), India’s largest state-owned bank, lost its place in the list of the country’s 10 most valued companies in terms of market capitalisation after the stock price of bank declined for the fourth straight trading days on the BSE.

 

With the m-cap of Rs 2,229 billion (Rs 2.229 trillion), SBI is currently stands at 11th rank, behind of Kotak Mahindra Bank, which has m-cap of Rs 2,231 billion (Rs 2.231 trillion) at 02:18 pm, the BSE data shows. READ MORE

3:00 PM

Indiabulls Group shares in focus; Indiabulls Ventures zooms 37% in two days

 

Shares of Indiabulls Group companies such as Indiabulls Ventures, Indiabulls Real Estate and Indiabulls Housing Finance were trading higher by up to 20% on the BSE on Monday.

 

Indiabulls Ventures hit a new high of Rs 381, up 20% in intra-day today, gaining 37% in past two trading days from Rs 278 on Thursday, on back of heavy volumes. READ MORE

2:45 PM

Global Markets Alert

 

US stock futures firmed and oil fell on Monday as investors wagered the latest U.S.-led strike on Syria would not escalate into a wider conflict, though Asian markets turned mixed as selling in bank shares slugged Chinese indexes.

 

EMini futures for the S&P 500 ESc1 rose right from the start and were last up 0.4%, while Eurostoxx 50 futures STXEc1 added 0.27%. Japan's Nikkei rose 0.3%. Yet MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.4% as Chinese blue chips skidded 1.7%.

2:31 PM

Supreme Court asks Jaiprakash Associates to deposit Rs 1 bn by May 10

 

The Supreme Court today directed realty firm Jaiprakash Associates Limited (JAL) to deposit Rs 1 billion with its Registry by May 10.

 

The bench headed by Chief Justice Dipak Misra also directed the Insolvency Resolution Professional (IRP) to consider the representation of JAL on revival plans as per law.

 

Meanwhile, the counsel for the firm told the apex court that it had already deposited Rs 1 billion on April 12 in pursuance of an earlier order. READ MORE

2:16 PM

Can RBI press for open currency?

 

The Reserve Bank of India’s (RBI’s) decision to lower the boom on crytocurrency will have multiple repercussions. Some of those may be unforeseen and unpleasant. The RBI has decreed that banks and non-banking financial companies must stop services and support to cryptocurrency exchanges, and to any entity for the purpose of cryptocurrency trading.

 

In effect, this cuts bitcoin and its siblings off the formal banking system. Does that mean that cryptocurrency trading will stop? No. All legitimate and legal trading in crypto will stop. READ MORE

2:01 PM

Markets at 2 pm

S&P BSE Sensex	34,277.79		0.25%
Nifty 50	10,506.60		0.25%
S&P BSE 200	4,620.61		0.34%
Nifty 500	9,292.30		0.27%
S&P BSE Mid-Cap	16,688.38		0.06%
S&P BSE Small-Cap	18,047.13		0.36%

1:46 PM

Borrowing plan: States edge out corporates from bond market

 

Rising state government borrowing has depressed sentiment in the market with investors staying away from investing in central government securities for fear of rising valuation-linked losses.

 

The supply of state paper, considered high-quality because of government backing, is raising yields across bonds. It has pushed up sovereign bond yields and, as a result, threatens corporate bond yields. Incessant supply means the private sector is elbowed out from the market by states. At a time when banks are not lending freely to companies, such crowding out does not augur well for them. READ MORE

1:31 PM

Coinsecure's search for stolen bitcoins begins, writes to 42 exchanges

 

Delhi-based cryptocurrency exchange Coinsecure's search for stolen bitcoins has begun. The firm has written to 42 global exchanges and roped in US-based blockchain investigative firm Chainalysis to track the movement.

 

Last week, Coinsecure reported to the police 438 bitcoins worth Rs 190 million were siphoned off to an unknown address on the internet, blaming one of its top executives for the heist. READ MORE

1:17 PM

This stock rallied over 40% in two days after tepid market debut

 

Shares state-owned Mishra Dhatu Nigam (Midhani) rallied more than 40% in past two trading sessions on back of heavy volumes.

 

The trading volumes on the counter jumped nearly three-fold with a combined 11.69 million equity shares representing 6% of total equity have changed hands on the NSE and BSE so far, the exchanges data shows. READ MORE

1:00 PM

Top BSE500 losers

COMPANY	PRICE( )	CHG( )	CHG(%)
UCO BANK	20.55	-1.80	-8.05
VAKRANGEE	126.00	-6.60	-4.98
JBF INDS.	106.15	-5.55	-4.97
TATA MOTORS-DVR	193.00	-9.80	-4.83
TATA MOTORS	339.50	-17.15	-4.81

12:47 PM

Tata Motors falls for second straight session; stock down 4%

 

Tata Motors dipped 4% to Rs 341 on Monday, extending Friday’s 0.4% decline on the BSE. Tata Motors was the largest loser among the S&P BSE Sensex and Nifty 50 index. The benchmark indices were down less than 1% at 34,111 and 10,465, respectively.

 

According to PTI report, Tata Motors- owned Jaguar Land Rover (JLR) is planning to cut jobs as it scales back production at some of its UK sites amid what it termed as "headwinds" impacting the automotive industry. READ MORE

12:30 PM

SBI MF re-classifies, categorise schemes; gives exit option to unit holders

 

SBI Asset Management Company has re-classified and categorised its several schemes, a move that will reduce clutter and make it simple to compare performance of various other mutual fund schemes.

 

Besides, the fund house has given the exit option to existing investors.

 

The move is part of the fund house effort to comply with markets regulator Sebi's directive. READ MORE

12:22 PM

MARKET COMMENT

Export growth accelerated to 9.8% YoY for F2018, from 5.2% in F2017 and a contraction of 15.5 in F2016. We continue to expect that export growth will hold up well, considering that the starting point of global demand is strong. While the possibility of trade protectionism is a risk factor, our base case view is that negotiations are still the likely outcome.

Robust import growth reflects continued strength in domestic demand conditions, which is consistent with other high-frequency indicators. We continue to expect these favorable consumption and exports conditions to drive the recovery and help pave the way for a private capex recovery this year.

(Source: Morgan Stanley)

12:08 PM

NEWS WATCH March WPI Inflation at 2.47% Vs 2.48% (MoM)

12:03 PM

Markets at noon

S&P BSE Sensex	34,115.80		-0.22%
Nifty 50	10,462.05		-0.18%
S&P BSE 200	4,600.80		-0.09%
Nifty 500	9,254.65		-0.14%
S&P BSE Mid-Cap	16,654.36		-0.14%
S&P BSE Small-Cap	17,976.82		-0.03%

11:52 AM

Nifty IT losers

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)
INFOSYS	1130.05	1171.45	-41.40	-3.53
INFIBEAM INCORP.	169.05	172.30	-3.25	-1.89
KPIT TECH.	226.45	229.55	-3.10	-1.35
TATA ELXSI	1061.00	1073.60	-12.60	-1.17
WIPRO	291.10	294.15	-3.05	-1.04

 

 

11:48 AM

Alarmed by active bidders, Jaypee Infratech tries to reclaim firm

 

As multiple bidders, starting with Sudhir Valia of Suraksha Asset Reconstruction Company to Adani Group, eye taking over beleaguered real estate biggie Jaypee Infratech (JIL), fears of the valuation of the company being slashed to less than half are making the promoters rush to the Supreme Court (SC) to reclaim the company.

 

While the bidders are making offers ranging between Rs 70 billion and Rs 80 billion, sources close to JIL said that the valuation of the company was not less than Rs 160 billion. “The company has over 3,300 acres, lying unused. That itself is worth over Rs 100 billion. The rest in assets makes the valuation of the firm to Rs 160 billion,” a source close to the company said. READ MORE

11:30 AM

Stocks at 52-week low

COMPANY	LATEST	52 WK LOW	PREV LOW	PREV DATE
B P C L	402.60	400.00	400.17	27-JUN-2017
BALRAMPUR CHINI	72.80	72.00	72.05	13-APR-2018
BLUE DART EXP.	3781.50	3579.00	3674.00	09-APR-2018
IDEA CELLULAR	71.10	70.75	71.50	10-OCT-2017
UCO BANK	20.55	19.15	19.40	13-MAR-2018

11:15 AM

Gruh Finance gains 6% post Q4 results; 1:1 bonus issue

 

Gruh Finance has rallied 6% to Rs 652 on the BSE in intra-day trade after the board of directors recommended the issue of bonus shares in the ratio of 1:1 i.e. one equity share for every one equity share held on the record date.

 

The board also recommended dividend of Rs 3.30 per equity share of face value of Rs 2 each for the financial year ended March 31, 2018. READ MORE

11:06 AM

IDEA: DOT awaits foreign direct investment clearance for Vodafone merger approval
 

Reportedly, the department of telecom (DOT) is awaiting the approval from the department of industrial policy and promotion (DIPP) for Idea Cellular (IDEA)’s raising of foreign direct investment limit to 100% before approving the merger of Vodafone India and sale of towers to ATC. Additionally reports suggest that the DOT is has insisted that IDEA and Vodafone pay in total Rs 188.7b towards disputed license fees and spectrum usage charge for excess spectrum. This dispute is now being fought in the Supreme Court. We have SELL on IDEA with target price of Rs 72

(Source: Maybank Kimeng Securities report)

10:58 AM

Hero MotoCorp: Expectations of normal monsoon to keep up rural demand

 

The Hero MotoCorp stock has gained nearly 10 per cent since its March-end lows on expectations of strong volume growth in FY19 led by robust rural demand. Given the positive rural sentiment following a good rabi season, higher minimum support prices for crops, and forecast of normal monsoon, brokerages, industry body SIAM and the company’s management predict that the current fiscal year should see a double-digit increase in for two-wheelers/motorcycles volumes. READ MORE

10:51 AM

STOCK CONTRIBUTION TO SENSEX TODAY

COMPANY	LATEST	CHG(RS)	CHG(%)	CONTRIBUTION (POINTS)
COAL INDIA	284.95	-0.40	-0.14	-0.85
BHARTI AIRTEL	376.60	-1.20	-0.32	-2.83
GAIL (INDIA)	323.00	-3.65	-1.12	-3.43
TATA STEEL	589.80	-5.50	-0.92	-6.20
O N G C	180.95	-1.55	-0.85	-6.92
ST BK OF INDIA	249.70	-1.50	-0.60	-7.84
AXIS BANK	535.65	-6.25	-1.15	-17.51
RELIANCE INDS.	931.85	-7.00	-0.75	-20.99
TATA MOTORS	347.00	-9.65	-2.71	-31.43
INFOSYS	1134.90	-34.10	-2.92	-114.72

 

10:48 AM

Nomura expects Infosys to slip further

We look for USD revenue/EPS CAGR of 6.6%/6.1%, and EBIT margins falling to 23% (vs 24.3% in FY18) over FY18-20F. We reset USD-INR assumptions to 65.25 (vs 64.5 earlier) and incorporate a buyback of $1.6 billion in 4QFY19 at Rs 1,300 per share. We raise our target price to Rs 1,020, implying 13% downside, on roll forward to Mar-20, based on 14x FY20F EPS of INR72.8. We believe the stock should trade at a discount to historical valuation on slowing growth and weakening margins

10:44 AM

UCO Bank plunges 14% after CBI books former CMD in Rs 6.21 billion fraud

 

UCO Bank plunged 14% to Rs 19.15 on the BSE in early morning trade after the media report suggested that the Central Bureau of Investigation (CBI) has booked former chairman-cum-managing director of the bank’s Arun Kaul and others in connection with an alleged Rs 6.21 billion loan fraud.

 

The stock was trading at its lowest level since September 7, 2006. It touched an all-time low of Rs 14.30 on July 19, 2006 on the BSE in intra-day trade. READ MORE

10:30 AM

Right execution of strategy to decide Infosys chief Salil Parekh's future

 

Salil Parekh has been at the helm at Infosys for a little over four months. And he is set on laying a strong foundation for growth instead of focusing on short-term gains.

 

Within these few months, Parekh has attempted and mostly succeeded in instilling a sense of confidence among employees, laying out the growth strategy and clearing the mess around two past acquisitions. The most important achievement, perhaps, was winning the trust of the board and to a certain extent that of the co-founders or promoter group, which was seen lacking in the regime under Vishal Sikka. READ MORE

Sahil Parekh