MARKET WRAP: Indices end flat after 3-day rally; Sun Pharma gains 3%

All that happened in markets today

3:37 PM

Sectoral gainers and losers on NSE

3:36 PM

Top gainers and losers on S&P BSE Sensex

3:35 PM

Markets at close

The S&P BSE Sensex gained 2.72 points or 0.01 per cent to settle at 37,754 while NSE's Nifty50 index ended at 11,343, up 1.55 points or 0.01 per cent.

3:11 PM

Pidilite Industries: Margin-improving levers spur market sentiment

Pidilite Industries, the maker of popular adhesive brands such as Fevicol, Fevikwik, Dr Fixit and M-Seal, is again finding favour among investors after under performing leading indices in the past couple of months. On Wednesday, the stock rose over four per cent to close at Rs 1,176.6 on the BSE. READ MORE

3:02 PM

Market check

2:53 PM

Commodity watch :: Copper

Copper prices have been higher this year, benefitting from growing optimism surrounding the US/Chinese trade talks and drawdown in LME inventories which are off by 70% from year-ago levels. In fact, aggregate exchange inventories on COMEX, LME and SHFE remain at four-year low. This indicates that smelting bottlenecks are going to persist this year as well, as they were for much of 2018. 

Moreover, refined copper and concentrate imports into China are running at a decent pace, quite understandable given the supply tightness emanating from copper scrap imports. Slowing mine output and a consequential global deficit will ensure that prices hold up well in the coming years. We see prices fluctuating between $5,800-7,200/ton for this year.

(Source: YES Securities)

 

 

2:53 PM

NEWS ALERT | Reliance Infra agrees to sell its Delhi-Agra Toll Road stake to Cube Highways

2:50 PM

COMMENT :: CARE Ratings on WPI numbers

We expect wholesale inflation to move upwards in the coming months driven by rise in the prices of food articles and manufactured products. The oil prices too are likely to increase in the coming months that will further exert an upward pressure on the prices. It will cross 3% in March 2019 and be in the range of 3-3.2%.

2:42 PM

Nifty Realty index is trading over 2% higher

2:26 PM

Westlife Development nears record high; stock surges 9%

Shares of Westlife Development have rallied 9 per cent to Rs 444 in intra-day trade on the BSE in otherwise range-bound market on Thursday. The stock is trading close to its record high price of Rs 464, touched on May 8, 2018 in intra-day trade. In the past 10 trading sessions, the stock outpaced the market by surging 29 per cent, as compared to 5 per cent gain in the S&P BSE Sensex. READ MORE

2:14 PM

HDFC's loan exposure to wholesale, developer segments may impact its stock

Housing finance major HDFC has been one of the noticeable laggards among heavyweight stocks in recent times. Since the beginning of 2019, the stock has lost about six per cent against the BSE Sensex’s four per cent gain. But first, the positives. READ MORE

2:00 PM

Market check

1:45 PM

Sectoral trends on NSE

1:35 PM

From Axis to ICICI: Mutual funds lap up private bank stocks ahead of rally

Domestic money managers aggressively bought shares of private sector banks in February. Kotak Mahindra Bank and Axis Bank were the two most-bought stocks by domestic mutual funds (MFs) last month, according to an analysis of monthly scheme disclosure data. The buying came at an opportune time as shares of most banks have rebounded sharply from their February lows. READ MORE

1:17 PM

Top losers on BSE500

COMPANY	PRICE(rs)	CHG(rs)	CHG(%)	VOLUME
RELIANCE CAPITAL	175.45	-12.50	-6.65	1142628
MANPASAND BEVER.	120.00	-7.50	-5.88	167648
RELIANCE POWER	10.85	-0.67	-5.82	5974012
TAKE SOLUTIONS	125.65	-7.00	-5.28	46352
V-MART RETAIL	2688.35	-117.75	-4.20	354

1:12 PM

WEB EXCLUSIVE :: Tech view: Will the Nifty Auto index move higher in the coming days?

The benchmark indices S&P BSE Sensex and Nifty50 have rallied over 1.50 per cent in the last two days. The Nifty Auto index, however, has mostly remnained range-bound. The index lost 0.50 per cent at 8,710 levels on Thursday.

 

Except for Bajaj Auto and Bharat Forge which showed minor improvement over their previous close, no other stock in the Nifty Auto index has managed to show a promising trend. Maruti Suzuki, HeroMotocorp, Ashok Leyland and Tata Motors witnessed less participation from the market participants READ MORE HERE

1:08 PM

February WPI inflation rises to 2.93% on jump in food, fuel prices

India's annual wholesale price inflation in February accelerated to 2.93 percent, government data showed on Thursday, pushed by a jump in the prices of food and fuel products, after falling to a 10-month low of 2.76 percent in January. READ MORE

12:59 PM

Sebi action likely on AMCs that missed March 12 crossholding deadline

Companies that have failed to comply with the Securities and Exchange Board of India’s (Sebi’s) 10 per cent cross-shareholding norm for asset management companies (AMCs) may now face the consequences. Sources said the market regulator might issue strictures against the firms as well as principal shareholders who have missed the March 12 deadline for reducing the stake to 10 per cent. READ MORE

12:45 PM

Top gainers on BSE500

COMPANY	PRICE(rs)	CHG(rs)	CHG(%)	VOLUME
WESTLIFE DEVELOP	434.00	24.70	6.03	124489
HIMATSING. SEIDE	223.60	12.10	5.72	56737
REDINGTON INDIA	100.40	5.25	5.52	49667
DCM SHRIRAM	473.30	24.50	5.46	14738
FUTURE LIFESTYLE	473.50	23.75	5.28	13645

12:34 PM

NEWS ALERT | BSE to consider share buyback on May 7

12:22 PM

Sharp rise in domestic equities brings India at par with EM peers

The sharp rise in domestic equities has helped India play catch-up with emerging market (EM) peers. The six-month return of the benchmark Nifty is now at par with the MSCI EM and MSCI Asia Pacific (excluding Japan) indices. The index of 50 blue-chip companies has rallied 7 per cent from 2019 lows, amid strong buying by global funds. READ MORE

12:13 PM

Market check

12:06 PM

NEWS ALERT | February WPI Core inflation at 2.3% vs 2.9% (MoM)

12:04 PM

NEWS ALERT | Food inflation at 3.29% 1.84%

12:02 PM

NEWS ALERT | February WPI inflation at 2.93% vs 2.76% (MoM)

11:59 AM

Centrum Broking on Financials

We believe banks will continue to gain market share from NBFCs. We prefer banks that have higher-rated corporate loan books coupled with strong CASA and retail term-deposit franchises, given the current tight liquidity condition. In our coverage universe, we prefer State Bank of India, Axis Bank and ICICI Bank among larger banks and Federal Bank, Karnataka Bank and DCB Bank, among smaller banks.

11:54 AM

Kotak Securities on Insurance companies

Most players fare well. Individual APE growth for private sector life insurance companies picked up to 16% from 10% in January 2019 translating into YTD growth of 11%. HDFC Life was the only large player that reported a decline (individual APE down 6% yoy) while other large players were up 9-30%. In the meanwhile, net mutual fund equity inflows continue to weaken. Against this backdrop, improving share of the protection business augurs well for supporting VNB growth of key players and in that sense, makes APE growth less relevant.

 

11:45 AM

JM Financial on Voltas

We met with the management of Voltas to get an update on business activity and following were the key takeaways: 

 

a) Southern India (mainly Kerala) saw a healthy pick up in primary volumes, thus easing off inventory concerns to some extent, but secondary volumes are yet to improve, 

 

b) unable to pass through price hikes as competitive intensity remains high; maintained UCP segment margins guidance at 11% for FY19 (vs 14.7% in FY18), implying a 500bps drop in 4Q19, 

 

c) Voltbek JV inventory build-up was slow due to an adverse movement in USD/INR rate, but most large centres with high churn rate are now covered; to focus on setting up exclusive outlets in tier-2/3 towns through franchise route, 

 

d) EMP segment order inflows to see a temporary lull in domestic market due to elections as nearly 2/3rd of order book is through government funded projects and e) local manufacturing plants of compressor manufacturers and new unit at Tirupati is likely to reduce imports over next 2-3 years. 

 

We maintain BUY with SOTP based TP of Rs 625.

11:40 AM

Anand Rathi on Pidilite Industries

We expect Pidilite Industries revenues to grown at a CAGR of 15.8% from FY-19E through FY-20E. Its consolidated revenues are expected to be around Rs 8,156 Crores by FY20E. We have a Buy rating on Pidilite Industries Ltd with a target price of Rs 1,345 per share based on 47.86x FY20E EPS of 28.10 per share.

11:33 AM

NEWS ALERT | Blue Star launches 75 new air conditioner models to celebrate 75th anniversary