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MARKETS ON THURSDAY: Nifty ends at 10,717, Midcaps slip; Realty stocks hit

The S&P BSE Sensex ended at 35,246, down 73 points. Realty stocks were among the top losers, followed by pharma scrips.

SI Reporter  |  New Delhi 

The markets ended marginally lower on Thursday despite firm global markets. The S&P BSE Sensex ended at 35,246, down 73 points while the broader Nifty50 index settled at 10,717, down 25 points. The BSE Midcap index and BSE Smallcap index, however, underperformed the frontline indices and lost over 1.5% and 1.4% respectively. Realty stocks were among the worst hit on Thursday with DLF, Unitech and HDIL slipping over 3% each. Weakness was also visible in Indiabulls Real Estate, Godrej Properties and Oberoi Realty. The Nifty Realty index ended nearly 2% lower at 311 ...

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MARKETS ON THURSDAY: Nifty ends at 10,717, Midcaps slip; Realty stocks hit

Sectoral losers of the day

MARKETS ON THURSDAY: Nifty ends at 10,717, Midcaps slip; Realty stocks hit

BSE Sensex: ONGC, Bharti Airtel among top gainers of the day, Dr. Reddy top loser

MARKETS ON THURSDAY: Nifty ends at 10,717, Midcaps slip; Realty stocks hit

Market at close   The S&P BSE Sensex ended at 35,246, down 73 points while the broader Nifty50 index settled at 10,717, down 25 points.

MARKETS ON THURSDAY: Nifty ends at 10,717, Midcaps slip; Realty stocks hit

Edelweiss on Mahindra Holidays Mahindra Holidays & Resorts’ (MHRL) Q4FY18 performance surpassed our estimate—member addition flat at ~6,300 (estimate 4,990) and EBITDA beat on cost optimisation. Another key highlight was improvement in Holiday Club Resorts (HCR)—PAT jumped ~3x to EUR7.4mn. The company’s overall cash balance also continued to improve. In FY18, MHRL focused on quality member addition and cash accumulation, which impacted member addition growth (down 2%). Going forward, given the underpenetration in vacation ownership segment, we estimate member growth to bounce back, which will be key monitorable. We value the standalone business on DCF basis leading to target price of Rs 429. Maintain ‘BUY

MARKETS ON THURSDAY: Nifty ends at 10,717, Midcaps slip; Realty stocks hit

MARKET CHECK Index Current Pt. Change % Change   S&P BSE SENSEX 35,260.16 -59.19 -0.17   S&P BSE SENSEX 50 11,223.05 -18.58 -0.17   S&P BSE SENSEX Next 50 33,298.95 -538.93 -1.59   S&P BSE 100 11,055.31 -42.81 -0.39   S&P BSE Bharat 22 Index 3,582.90 -21.97 -0.61 (Source: BSE)

MARKETS ON THURSDAY: Nifty ends at 10,717, Midcaps slip; Realty stocks hit

COMMODITY INSIGHT: OIL Given the current environment, we could experience volatility in the oil market in the near term. We are in a situation where geopolitical premium is overshadowing the fundamentals of crude oil and driving prices higher. The extent to which U.S. sanctions would impact Iranian oil exports remains to be seen. Although the markets were expecting such an action and had been factoring the same into oil prices, more upside from current levels cannot be ruled out. Over the medium term WTI crude oil could find support at $67-65 range and could extend the current rally towards 74-76 zone. (Source: Motial Oswal report)

MARKETS ON THURSDAY: Nifty ends at 10,717, Midcaps slip; Realty stocks hit

Prabhudas Lilladher on ABB ABB continues to focus on introduction of new products and tailor the technology to meet Indian requirement. ABB also continue to collaborate with customers, deploy solutions from digital portfolio and support the new era of growth through smarter, greener grids, electrification of transport and digitalizing industries for greater efficiency and productivity. We expect stock to deliver 20% earnings CAGR over CY16‐19E. We maintain ‘Accumulate with target price of Rs1,533

MARKETS ON THURSDAY: Nifty ends at 10,717, Midcaps slip; Realty stocks hit

MARKET COMMENT India Ratings and Research (Ind-Ra) believes India’s trade deficit will widen to a four-year high of 6.4% of GDP in FY19 ($178.1 billion). In FY18, merchandise trade deficit stood at $156.8 billion (6.0% of GDP) on account of a rise in oil and gold imports. Widening trade deficit, escalation in commodity prices, particularly oil, coupled with the expectation of the US Federal Reserve raising its rate further, is exerting pressure on the rupee. Even other emerging market currencies are facing headwinds. Rupee has depreciated below 67/USD mark in May 2018 from the high of Rs 63.35/USD in January 2018

MARKETS ON THURSDAY: Nifty ends at 10,717, Midcaps slip; Realty stocks hit

MARKET COMMENT Gautam Chhaochharia, head of India research at UBS Securities Rural-exposed stocks should continue to do well, irrespective of whether the rural/agri tilt is real or just rhetoric. Any major populism/stimulus would likely drive bond yields higher and possibly hurt the currency. We remain neutral on SOE banks. Our end-2018 Nifty base/ upside/downside scenarios of 10,500/11,900/8,800 imply an unattractive risk-reward for the market overall Gautam Chhaochharia Head of India research, UBS Securities

MARKETS ON THURSDAY: Nifty ends at 10,717, Midcaps slip; Realty stocks hit

Walmart has a lot riding on Flipkart For most, $16 billion might seem like a huge amount, but for Bentonville-based Walmart Inc it is a small price to pay as it looks to take on global e-commerce giant Amazon, which is now making rapid moves in offline retail.   For the money it is spending on acquiring a 77 per cent stake in Bengaluru-based online marketplace firm Flipkart, Walmart hopes to finally prop up a formidable opponent against the Jeff Bezos-run juggernaut that is out to create a one-stop solution for possibly every problem in the world. READ MORE

MARKETS ON THURSDAY: Nifty ends at 10,717, Midcaps slip; Realty stocks hit

BJP's spending analysis: Not populist in the election year How does one judge the performance of the government amid the clamour of paid reports, favoured opinions, generation bias, media management, and political fights? An unbiased approach, free from even personal opinions, is important. I choose data analysis precisely for this reason – data does not lie, and data is impartial. I have examined the government’s spending, both centre and state, on various sectors for the last five years in order to gauge its performance. READ MORE

First Published: Thu, May 10 2018. 15:30 IST
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MARKETS ON THURSDAY: Nifty ends at 10,717, Midcaps slip; Realty stocks hit

The S&P BSE Sensex ended at 35,246, down 73 points. Realty stocks were among the top losers, followed by pharma scrips.

The markets ended marginally lower on Thursday despite firm global markets. The S&P BSE Sensex ended at 35,246, down 73 points while the broader Nifty50 index settled at 10,717, down 25 points. The BSE Midcap index and BSE Smallcap index, however, underperformed the frontline indices and lost over 1.5% and 1.4% respectively. Realty stocks were among the worst hit on Thursday with DLF, Unitech and HDIL slipping over 3% each. Weakness was also visible in Indiabulls Real Estate, Godrej Properties and Oberoi Realty. The Nifty Realty index ended nearly 2% lower at 311 ...

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