MARKETS ON FRIDAY: Sensex ends below 35,000; metal, pharma stocks drag
Markets dropped on Friday tracking global markets, as metal and pharma stocks pulled down the indices.
 "Markets, Stocks, BSE, NSE")
Markets, Stocks, BSE, NSE
Benchmark indices dropped on Friday tracking global markets, while metal and pharma stocks pulled down the indices ahead of elections in the key state of Karnataka.
The S&P BSE Sensex ended at 34,915, down 188 points while the broader Nifty50 index settled at 10,618, down 61 points.
Among sectoral indices, the Nifty Metal index was trading over 1% lower led by a fall in shares of Hindustan Zinc and Hindalco. The Nifty IT index, too, was down led by a fall in shares of Mindtree and Wipro. Among the FMCG counters, ITC, Emami, GSK Consumer slipped over 2% on the NSE.
Pharma stocks pushed both indices lower, with the Nifty Pharma index falling over 1.5%.
On the macro front, Activity in India's dominant service sector accelerated in April thanks to a pick up in new business that encouraged firms to hire at the fastest pace in seven years, a private survey showed on Friday.
GLOBAL MARKETS
Asian shares stepped back, while the dollar ran into some profit-taking after a strong week of gains as financial markets turned their attention to looming US payrolls data for fresh catalysts.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.26 per cent, while Japan’s Nikkei stock index slid 0.16 per cent.
(with Reuters input)
The S&P BSE Sensex ended at 34,915, down 188 points while the broader Nifty50 index settled at 10,618, down 61 points.
Among sectoral indices, the Nifty Metal index was trading over 1% lower led by a fall in shares of Hindustan Zinc and Hindalco. The Nifty IT index, too, was down led by a fall in shares of Mindtree and Wipro. Among the FMCG counters, ITC, Emami, GSK Consumer slipped over 2% on the NSE.
Pharma stocks pushed both indices lower, with the Nifty Pharma index falling over 1.5%.
Bajaj Auto, Mahindra & Mahindra (M&M), ITC, Reliance Industries (RIL), Mahindra & Mahindra Financial Services (MMFS) and JSW Steel are the six stocks that Morgan Stanley is betting on in India to play its 'growth at reasonable price' (GARP) investment strategy.
“Trends of the past 15 months suggest that growth stocks are making a comeback – indeed the market is detecting a new growth cycle and seems willing to back a nascent recovery in the performance of growth styles as a more sustainable outcome. We think this outperformance of growth over value (and quality) will continue in 2018,” said a Morgan Stanley report released on Friday.
ECONOMIC DATA
ECONOMIC DATA
On the macro front, Activity in India's dominant service sector accelerated in April thanks to a pick up in new business that encouraged firms to hire at the fastest pace in seven years, a private survey showed on Friday.
The Nikkei/IHS Markit Services Purchasing Managers' Index rose to a three-month high at 51.4 in April from March's 50.3, holding above the 50-mark that separates growth from contraction for a second month.
GLOBAL MARKETS
Asian shares stepped back, while the dollar ran into some profit-taking after a strong week of gains as financial markets turned their attention to looming US payrolls data for fresh catalysts.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.26 per cent, while Japan’s Nikkei stock index slid 0.16 per cent.
(with Reuters input)
3:45 PM
Nifty Metal index fell 1.07%. Top losers:
| COMPANY | LATEST | PREV CLOSE | LOSS() | LOSS(%) |
| NATL. ALUMINIUM | 78.35 | 80.45 | -2.10 | -2.61 |
| WELSPUN CORP | 140.25 | 144.00 | -3.75 | -2.60 |
| COAL INDIA | 271.30 | 276.95 | -5.65 | -2.04 |
| HIND.ZINC | 303.50 | 309.45 | -5.95 | -1.92 |
| VEDANTA | 281.65 | 286.20 | -4.55 | -1.59 |
3:41 PM
Nifty Pharma index ends 1.66% lower. Top losers:
| COMPANY | LATEST | PREV CLOSE | LOSS() | LOSS(%) |
| SUN PHARMA.INDS. | 517.85 | 536.00 | -18.15 | -3.39 |
| CIPLA | 597.00 | 609.30 | -12.30 | -2.02 |
| GLENMARK PHARMA. | 535.35 | 542.50 | -7.15 | -1.32 |
| PIRAMAL ENTERP. | 2495.00 | 2527.95 | -32.95 | -1.30 |
| CADILA HEALTH. | 389.10 | 393.80 | -4.70 | -1.19 |
3:37 PM
Sectoral Trend
3:35 PM
BSE Sensex: Adani Ports, Hindustan Unilever top gainers of the day, Sun Pharma top loser
3:32 PM
Market at close
The S&P BSE Sensex ended at 34,915, down 188 points while the broader Nifty50 index settled at 10,618, down 61 points.
3:24 PM
$2.7 bn shaved off PC Jeweller m-cap after promoter gifts shares to family
An Indian jeweller that saw its market worth reach $3.6 billion at the start of the year is now floundering at about a quarter of that value after one of its founders gifted some shares to family members, raising concern about the company’s governance.
PC Jeweller Ltd. slumped by about half after the company said last week that one of its founders P.C. Gupta made the gifts through off-market transactions. The stock has plunged 75 per cent from a record on January 19, taking its market capitalization to Rs 58.3 billion ($873 million). It climbed 21 per cent to Rs 146.85 as of 12.31 p.m. in Mumbai on Friday. READ MORE
3:18 PM
GST MEET
New model of return filing to be kick-started in 6 months
New model of return filing to be kick-started in 6 months
3:15 PM
GST MEET
GST council approves ownership change of GSTN structure. 51% held by private entities to be taken over by Govt. Central and state Govt to hold 50 each.
GST council approves ownership change of GSTN structure. 51% held by private entities to be taken over by Govt. Central and state Govt to hold 50 each.
3:13 PM
GST MEET IMPACT: SUGAR STOCKS FALL
| COMPANY | LATEST | PREV CLOSE | LOSS() | LOSS(%) | VOLUME |
|---|---|---|---|---|---|
| EID PARRY | 267.90 | 272.05 | -4.15 | -1.53 | 9419 |
| BAJAJ HINDUSTHAN | 8.50 | 8.57 | -0.07 | -0.82 | 330669 |
| SH.RENUKA SUGAR | 15.50 | 15.60 | -0.10 | -0.64 | 157326 |
3:07 PM
Godrej Properties Q4 net more than doubles to Rs 1.41 mn on robust sales
Realty firm Godrej Properties on Friday reported over two-fold jump in its consolidated net profit at Rs 1.41 billion for the January-March quarter of last financial year on higher sales.
Its net profit stood at Rs 625.9 million in the year-ago period, the company said in a filing to the BSE. READ MORE
EARNINGS IMPACT
EARNINGS IMPACT
2:59 PM
MARKET CHECK
(Source: BSE)
| Index | Current | Pt. Change | % Change |
| S&P BSE SENSEX | 34,911.11 | -192.03 | -0.55 |
| S&P BSE SENSEX 50 | 11,121.02 | -57.47 | -0.51 |
| S&P BSE SENSEX Next 50 | 33,866.71 | -176.94 | -0.52 |
| S&P BSE 100 | 10,998.73 | -56.92 | -0.51 |
| S&P BSE Bharat 22 Index | 3,547.87 | -34.19 | -0.95 |
(Source: BSE)
2:59 PM
Demonetisation, GST impact: India is fast ceding gold market share to China
The January-March period of 2018 has been the worst for India’s share in the global gold demand.
According to the World Gold Council’s gold demand trend report for the March quarter, released on Thursday, total global consumer gold demand (jewellery and investment) in 2017 stood at 3,198.6 tonnes, 2 per cent lower than that in 2010. READ MORE
2:59 PM
Angel Broking's top picks for May 2018
2:56 PM
Centrum Broking on HT Media
We maintain our Hold rating on HT Media and revise our target price to Rs 98. In last two month newsprint prices have increased by steep 40% led by China (world’s largest paper recycler) to ban imports of mixed paper in its campaign against environment pollution. We believe this would have an impact of 200bps on the operating margins of HT Media despite strategies taken by the management by increasing cover prices.
While the advertising revenue was impacted in both the English and Hindi print for FY18, we have modelled high single digit ad growth for FY19 on the back of low base and sectors such as auto, real estate bouncing back while government/political ad would be high on many state elections. Further there would be margin expansion in the radio business and probable lower losses in the digital business
We maintain our Hold rating on HT Media and revise our target price to Rs 98. In last two month newsprint prices have increased by steep 40% led by China (world’s largest paper recycler) to ban imports of mixed paper in its campaign against environment pollution. We believe this would have an impact of 200bps on the operating margins of HT Media despite strategies taken by the management by increasing cover prices.
While the advertising revenue was impacted in both the English and Hindi print for FY18, we have modelled high single digit ad growth for FY19 on the back of low base and sectors such as auto, real estate bouncing back while government/political ad would be high on many state elections. Further there would be margin expansion in the radio business and probable lower losses in the digital business
2:55 PM
HDFC Securities on Marico
With a recovery in margins, stabilizing trade channels and improving international biz we expect revenue/EBITDA/APAT CAGR of 15/27/30% over FY18-FY20E. We value Marico based on P/E of 35x Mar-20, and arrive at a target price of Rs 376. Maintain BUY.
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First Published: May 04 2018 | 3:30 PM IST