 "Stock market: A roller coaster ride for Indian equities")
Markets have made a smart recovery from day’s low and are trading in positive zone led by renewed buying among Infosys, ONGC, Maruti Suzuki and Axis Bank.
Read more from our special coverage on "MARKETS"
At 10:15 am, the S&P BSE Sensex is up 53 points at 25,656 and the Nifty50 has gained 13 points to trade at 7,860.
Lupin, Maruti Suzuki, Axis Bank, ONGC and Cipla are the top five Sensex gainers, all surging between 1%-2%.
Lupin has strengthened its branded drug portfolio in the US market with the relaunch of a drug to control postpartum hemorrhage (post delivery blood loss).
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Updated at 9:30
Markets have kicked off the May series on a lower note mirroring weakness across the Asian peers after Bank of Japan (BOJ) stance dampened investors’ anticipation of some fresh stimulus.
Meanwhile, stock specific action is likely to continue in the ongoing earning season. Crude oil and rupee movement, FII stance and developments in the second half of the Budget session will dictate the trend.
At 9:15 am, the S&P BSE Sensex is down 54 points at 25,549 and the Nifty50 has shed 11 points to trade at 7,837.
Geojit BNP Paribas in a technical note says "successive days’ challenge for the Nifty from 8,000 region turned too much for the upside attempts, and the resultant loss in confidence led to sharp withdrawal in buying interest yesterday. This was not unexpected either with last few days’ commentary discussing similar indications from oscillators in the longer term periodicity. Such indicators are much more neutral now, allowing for 7,831 region to offer a platform for upswings today, aiming 8,200-8,300. However, direct fall below the same should dilute the near term upside possibilities, but sustained falls are less expected."
RESULT CALENDAR
ICICI Bank, IDFC, Interglobe Aviation, Shriram Transport Finance Company, Marico will unveil their fourth quarter earnings today.
GLOBAL MARKET
Asia markets have declined following weakness in the US equities amid strengthening of yen against the dollar. Also, Bank of Japan (BOJ) stance dampened investors’ anticipation of some fresh stimulus. Hong Kong’s Hang Seng, China’s Shanghai Composite and Singapore’s Straits Times have declined between 0.3%-1.5%.
Also, Major US indexes closed down, with the Dow Jones industrial average lower by 1.17%, Nasdaq composite down 1.19% and the S&P 500 shed 0.92%.
STOCKS IN FOCUS
Vedanta reported a consolidated net loss of Rs 11,181 crore for the quarter ended March 30 after accounting for exception losses of Rs 12,312 crore. However, the stock is up 2%.
Infosys, India’s second largest information technology services company, has made one more investment out of its global innovation fund. The Bengaluru-based firm said it has invested an undisclosed amount in Trifacta, which develops productivity platforms for data analysis, management and manipulation. The stock is trading with marginal gains.
ICICI Bank is trading 1.5% lower ahead of the Q4 results today.
Lupin has strengthened its branded drug portfolio in the US market with the relaunch of a drug to control postpartum hemorrhage (post delivery blood loss). The stock has soared over 1%.
Sajjan Jindal’s JSW Energy could be renegotiating a proposal to buy a 1,000-Mw power plant in Chhattisgarh from his brother Naveen Jindal’s Jindal Steel & Power (JSPL). JSW Energy has inched up.
TTK Prestige, the country’s largest kitchenware firm, is up 1% after the company decided to expand into home products space with mops, vacuum cleaners and floor polishers, as growth of its main business slows across the country.
Idea Cellular, third largest telecom company in subscribers, posted a 39% decline in net profit to Rs 575.6 crore in the quarter ended March, owing to higher finance costs. The net profit was Rs 941.8 crore in the same quarter a year before. The stock has slumped 4%.
Ambuja Cements, part of the Swiss cement giant Holcim, has posted a decline of 4.4% in its net profit at Rs 304 crore for the quarter ended 31 March, 2016. The company's net sales marginally declined to Rs 2,418 crore against Rs 2,425 crore in the same period last year- a drop of 0.3%. The stock is up 1%.
Tata Steel has sought more help from the British government to find a buyer for its steel plants in the UK. Bimlendra Jha, chief executive officer of Tata Steel UK told a committee of British lawmakers there were "structural disadvantages" in the steel industry in the UK which made production unprofitable and added Tata Steel was not prepared to split up its main British assets, such as its Port Talbot steel plant, as part of a plan to divest its UK steelmaking operations.
Dabur India’s March quarter net profit grew 17% year-on-year (y-o-y) to Rs 333 crore, despite loss of sales because of lower supply of Real fruit juices. The company had posted Rs 285 crore net profit during the same period last year. The stock is up 1%.
