MARKETS ON TUESDAY: Indices end higher, Nifty holds 10,400; Axis Bank up 6%
All that happened in the markets on Tuesday
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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 protect intellectual property of foreign firms.
Global financial markets have been rattled over the past few weeks on fears that the tit-for-tat US-China tariffs will explode into a full-scale trade war in a blow to global growth.
Among sectoral indices, the Nifty Metal index rose around 1.5% higher led by a rise in the stocks of Hindalco Industries and National Aluminium Company.
Among indvidual stocks, Axis Bank gained 6% and was among the top percentage gainer on the NSE index after the country’s third-biggest private-sector bank by assets said on Monday its long-time chief executive, Shikha Sharma, will step down at the end of 2018.
Investors have now turned their focus to domestic cues such as March retail inflation data due later this week and corporate results.
(with Reuters inputs)
4:25 PM
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)
(Source: Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking)
3:39 PM
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 |
3:37 PM
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 |
3:35 PM
Sectoral Trend
3:33 PM
BSE Sensex: gainers and losers of the day
3:32 PM
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.
3:28 PM
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
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
3:20 PM
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
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
3:19 PM
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.
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.
3:17 PM
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.
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First Published: Apr 10 2018 | 3:30 PM IST