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MARKETS ON TUESDAY: Indices end higher, Nifty holds 10,400; Axis Bank up 6%

All that happened in the markets on Tuesday

SI Reporter  |  New Delhi 

Benchmark indices rose for the fourth straight session on Tuesday, tracking gains in Asian peers as conciliatory-sounding comments from Chinese President Xi Jinping helped soothe investor concerns about an escalating US-China trade spat. The S&P BSE Sensex ended at 33,880, up 92 points while the broader Nifty50 index settled at 10,402, up 23 points. Asian shares recovered from early falls to rise as much as 0.9% after Xi said China will take measures to sharply widen market access for foreign investors, raise the foreign ownership limit in the automobile sector and ...

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MARKETS ON TUESDAY: Indices end higher, Nifty holds 10,400; Axis Bank up 6%

MARKET COMMENT The Nifty50 index is getting a bit tired after seeing a decent relief rally in last 4 – 5 days and importantly as it approaches the major resistance zone of 10,400 – 10,500 levels.  For the coming session, 10,430 – 10,478 would be seen as immediate hurdles; whereas on the downside, 10381 – 10350 is likely to act as a key support zone.   Today’s small range in the index does not depict the right picture. There was a perfect balancing act seen from the few index heavyweights. Couple of major Private banking names, ICICI and Axis Bank had a stellar move and on the other hand, HDFC twins restricted the Nifty from extending its move. Going forward, do watch out for these counters along with Larsen and Toubro (Source: Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking)

MARKETS ON TUESDAY: Indices end higher, Nifty holds 10,400; Axis Bank up 6%

Nifty Realty index ends over 1% up. Top gainers: COMPANY LATEST PREV CLOSE GAIN() GAIN(%) OBEROI REALTY 531.00 502.60 28.40 5.65 DLF 213.10 206.05 7.05 3.42 H D I L 42.80 41.80 1.00 2.39 UNITECH 6.75 6.65 0.10 1.50

MARKETS ON TUESDAY: Indices end higher, Nifty holds 10,400; Axis Bank up 6%

Nifty Metal index ends over 2% higher. Top gainers: COMPANY LATEST PREV CLOSE GAIN() GAIN(%) HINDALCO INDS. 230.60 221.35 9.25 4.18 NMDC 123.60 119.15 4.45 3.73 NATL. ALUMINIUM 72.55 70.35 2.20 3.13 TATA STEEL 602.90 586.15 16.75 2.86 WELSPUN CORP 146.05 142.10 3.95 2.78

MARKETS ON TUESDAY: Indices end higher, Nifty holds 10,400; Axis Bank up 6%

Sectoral Trend

MARKETS ON TUESDAY: Indices end higher, Nifty holds 10,400; Axis Bank up 6%

BSE Sensex: gainers and losers of the day

MARKETS ON TUESDAY: Indices end higher, Nifty holds 10,400; Axis Bank up 6%

Market at close   The S&P BSE Sensex ended at 33,880, up 92 points while the broader Nifty50 index settled at 10,402, up 23 points.

MARKETS ON TUESDAY: Indices end higher, Nifty holds 10,400; Axis Bank up 6%

Nifty PSU Bank index up for fourth straight day Shares of public sector banks continued trade higher with the Nifty PSU Bank index gaining for the fourth trading sessions after the Reserve Bank of India (RBI) announced its first bi-monthly monetary policy for the financial year 2018-19 (FY19) on April 4, 2018. READ MORE

MARKETS ON TUESDAY: Indices end higher, Nifty holds 10,400; Axis Bank up 6%

Emkay Global on NBFCs We believe NBFC-AFCs are well poised to benefit from a cyclical upturn and early signs of recovery during H2FY18. Within the space, we like Shriram Transport as a preferred play, considering favorable risk-reward and improving demand. We continue to like Bajaj Finance’s differentiated business model and we believe the recent foray into Housing Finance further strengthens its current dominance as a retail lender. Magma Fincorp, L&T Finance Holding (LTFH)  and Mahindra Finance (MMFS) are also poised to benefit from the upturn in demand and declining credit costs

MARKETS ON TUESDAY: Indices end higher, Nifty holds 10,400; Axis Bank up 6%

Sharekhan on JSW Steel We retain positive stance and estimates FY2019/ FY2020. JSW Steel is the fastest growing and most efficient steel producer in India, both in terms of conversion cost per tonne as well as capital cost per tonne and should be the biggest beneficiary of anticipated fall in global iron ore and coking coal prices being the least integrated amongst large steel manufacturers. With limited capacity addition, that too by large steel manufacturers, domestic demand supply scenario should consolidate and turn favourable for existing players. We thus estimate consolidated EBITDA to compound at 13% annually during FY’17-’20 and continue with a positive outlook expecting 15-18% returns.

MARKETS ON TUESDAY: Indices end higher, Nifty holds 10,400; Axis Bank up 6%

COMMENT Q4 revenue growth seen at 9%, margin pain to ease: CRISIL Research Growth in corporate revenue – excluding that of banking, financial services & insurance and oil companies – is likely to print at ~9% on-year for the fourth quarter of fiscal 2018, CRISIL Research’s analysis of over 400 companies, which account for 65% of the market capitalisation of the National Stock Exchange shows.   That’s slower than the 12-quarter high of 10.9% seen in the third quarter, which had benefited from low-base effect following demonetisation in the corresponding year-ago period. The slowdown is largely on account of higher base for consumption-linked sectors, which had partially recovered from demonetisation in fourth quarter of last year.

MARKETS ON TUESDAY: Indices end higher, Nifty holds 10,400; Axis Bank up 6%

IMPACT NOTE Kotak’s best chance to merge Axis Bank, says Nomura Axis Bank CEO’s request to revise down her term to Dec-18 (earlier Jun-21) has been accepted by the board. Our assessment suggests that Axis Bank will have to look for an external CEO. We believe this presents a great opportunity for Kotak Bank (KMB IN, Buy) to acquire one of the largest liability/retail asset franchises.  At current prices, the deal would be +40% accretive to EPS/BPS of Kotak Bank This should make it possible for Kotak Bank to offer some premium to Axis Bank shareholders to make the deal attractive to Axis Bank minority shareholders. The deal would be +25% accretive for Kotak Bank even after paying a 10-30% premium for Axis Bank (Disclaimer: Kotak Mahindra and associates are significant shareholders in Business Standard Pvt Ltd)

First Published: Tue, April 10 2018. 15:30 IST
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MARKETS ON TUESDAY: Indices end higher, Nifty holds 10,400; Axis Bank up 6%

All that happened in the markets on Tuesday

Benchmark indices rose for the fourth straight session on Tuesday, tracking gains in Asian peers as conciliatory-sounding comments from Chinese President Xi Jinping helped soothe investor concerns about an escalating US-China trade spat. The S&P BSE Sensex ended at 33,880, up 92 points while the broader Nifty50 index settled at 10,402, up 23 points. Asian shares recovered from early falls to rise as much as 0.9% after Xi said China will take measures to sharply widen market access for foreign investors, raise the foreign ownership limit in the automobile sector and ...

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