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15th Mar, 2019

Sensex settles above 38K; Kotak Mahindra Bank, Power Grid stocks surge

Published on: 3:32 pm

  • Benchmark indices ended higher in today’s trade however, the selling pressure seen in RIL, ITC, HUL, and Yes Bank.
  • The Sensex gained 269 points at 38,024, while Nifty rose 84 points at 11,427.
  • Kotak Mahindra Bank, Power Grid Corp, IOC, and Wipro were the top gainers, while HUL, YES Bank, RIL, and ITC were the top losers.

Nifty above 11,450 mark; Kotak Mahindra Bank, Power Grid stocks surge

Published on: 2:35 pm

  • Equity benchmark indices extended gain in the afternoon session on Friday’s trade led by buying in banking, media and IT stocks.
  • The Sensex rose 456 points to 38,211 levels, while the Nifty was up 134 points to 11,477. The market breadth was neutral with 869 shares advancing, 8535 shares declining, and 356 remaining unchanged on the NSE. 
  • The Nifty Bank index surged 2% led by Kotak Mahindra Bank, up 5%. Followed by Punjab National Bank (PNB), Bank of Baroda, State Bank of India (SBI), RBL Bank and Federal Bank were up in today’s trade. Yes Bank was the only stock trading in red in the index.

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ICICI Bank, UPL stock gains post block deal

Published on: 2:15 pm

  • Shares of ICICI Bank hit a 52-week high on the BSE in Friday’s afternoon session. ~14.4 lakh shares changed hands in a block deal.
  • Also, shares of UPL hit a new high in intraday trade on Friday. Around 2.3mn shares changed hands in a block deal. Read more

Titan extends gain; hits 52-week high

Published on: 1:07 pm

  • Shares of Titan Company extended gain for the second consecutive session and hit a new high of Rs1,112 compared to the previous close of Rs1,084.85 on the BSE.  The stock surpassed its previous high of Rs1,096 touched on Tuesday, March 12, 2019.
  • The company is set to join the elite club of Rs1 trillion market cap (market capitalization) on the BSE. Read more

Nifty IT gains 2% led by TCS, Wipro, Tata Elxsi

Published on: 12:57 pm

Tide Water gains 2% as company declares 1700% interim dividend

Published on: 12:37 pm

  • Shares of Tide Water Oil gained 2% in the noon session on Friday after the company declared a dividend of 1700% or Rs85/ordinary share for the year FY19.
  • The board of directors determined Monday, March 25, 2019, as the record date for the purpose of the aforesaid 2nd Interim Dividend distribution. "Dividend shall be paid within 30 days from the date of declaration (i.e.within Saturday, 13th April 2019)," the company said in a press note after markets hours to the exchanges on Wednesday. Read more

Tech Mahindra gains 1% as board approves acquisition of Japanese firm

Published on: 11:54 am

  • Shares of Tech Mahindra were trading 1% higher on Friday after the company’s board granted approval for the acquisition of K-Vision Co Ltd. through its wholly owned subsidiary Mahindra Engineering Services (Europe) Limited.
  • "The enterprise value of the deal is $19 1.5mn and it is expected to close by March 31, 2019. K-Vision is primarily engaged in providing network services for mobile communication carriers in Japan," the company said in a press note after markets hours to the exchanges on Thursday. Read more.

Nifty PSU Bank gains 2% led by Canara Bank, PNB, Bank of Baroda

Published on: 11:30 am

IDBI Bank gains 1% as RBI categories the bank as private lender

Published on: 10:39 am

  • Shares of IDBI Bank gained 1% intraday on Friday after the Reserve Bank of India (RBI) classified the bank as private lender post Life Insurance Corporation of India (LIC) took over control of the bank.
  • "IDBI Bank has been categorized as a Private sector bank’ for regulatory purposes by the RBI with effect from January 21, 2019, consequent upon Life Insurance Corporation of India acquiring 51% of the total paid-up equity share capital of the bank,” the RBI said in a press release on Thursday. Read more.

Glenmark Pharma gets ANDA approval for Clindamycin and Benzoyl Peroxide Gel; stock gains 2%

Published on: 10:36 am

  • Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for Clindamycin and Benzoyl Peroxide Gel, 1%|5%, a generic version of BenzaClin1 Gel, 1%|5%, of Valeant Bermuda. Reacting to this, shares of Glenmark Pharma gained 2% in Friday's morning trade.
  •  According to IQVIATM sales data for the 12-month period ending January 2019, the BenzaClin Gel, 1%|5% market2 achieved annual sales of approximately $99.4mn. Read more.

Rupee on a roll, gains 24 paise at 69.10/$

Published on: 10:03 am

  • The Indian rupee appreciated 24 paise to trade at day’s high level of 69.10 against the dollar. The domestic unit opened 6 paise higher at 69.28/$ compared to its previous close of 69.34/$.
  • At 9:50 AM, IST, the home currency was trading at 69.19/$.
  • The sharp rally in the Indian rupee could be attributed to robust foreign inflows ahead of general elections. Read more.

Sensex rallies over 200 points; Kotak Mahindra, ICICI Bank stocks gain

Published on: 9:56 am

  • Equity benchmark indices opened higher on positive cues from global markets. The stock market is set for its longest stretch of weekly gains in over six months.
  • On the sectoral front, banking, realty, IT, Financial services and pharma were trading higher by 1%, while FMCG, media, and metal were under pressure.
  • The Sensex rose 234 points to 37,990 levels, while the Nifty was up 66 points to 11,409. The market breadth was positive with 1,060 shares advancing, 464 shares declining, and 531 remaining unchanged on the NSE. Read more.

Coal India declares 2nd dividend of Rs5.85/share

Published on: 9:32 am

  • Coal India, in its filing to the exchanges, informed that the company’s board has approved the second interim dividend of Rs5.85/equity share for FY19.
  • "The interim dividend has been approved with the face value of Rs10 as recommended by the audit committee of CIL in its meeting held on March 14," the company said in a press note after markets hours to the exchanges. Read more.

SEBI directs Religare to recover loan from Singh brothers: Media reports

Published on: 9:26 am

  • The Securities and Exchange Board of India (SEBI) has directed Religare Finvest (RFL) and Religare Enterprises (REL) to recover loan worth Rs2,315cr, which were allegedly diverted towards erstwhile promoters of Religare namely Shivinder and Malvinder Singh, media reports said.
  • As per media reports, SEBI order stated that pending detailed investigation, remedial action is required to be taken by way of an interim ex-parte order to protect the interests of shareholders of REL as funds to the tune of ~Rs2,315.09cr have moved out from RFL for the ultimate benefit of erstwhile promoters of REL. Read more.

Jubilant FoodWorks says Delhi HC stays anti-profiteering authority order

Published on: 9:16 am

  • Jubilant FoodWorks stock in focus today as Delhi High Court stayed an order of National Anti-Profiteering Authority against the company and penalty proceeding, subject to deposit of Rs20cr on Central Consumer Fund.
  • “The National Anti-Profiteering Authority (NAA) ordered against the company. In this regard, we wish to inform that the Hon'ble Delhi High Court vide its interim order dated March 13, 2019, stayed the NAA order and the penalty proceedings subject to deposit of an amount of Rs20cr in the Central Consumer Welfare Fund within four weeks from the date of the order,” the company said in a press note after markets hours to the exchanges on Thursday. Read more.

Asian markets trade higher; Shanghai Composite up 1.5%

Published on: 9:11 am

  • Asian stock markets were trading higher on Friday despite a lacklustre session for US shares amid concerns over a delayed Sino-American trade deal. Treasuries steadied and the dollar held gains.
  • Equities in Japan and China outperformed, with modest gains seen in Hong Kong. Earlier, the S&P 500 spent most of the session fluctuating between gains and losses in thin trading, before edging lower at the close.
  • News that a meeting to end the trade war with China won’t happen this month had weighed on sentiment. Read more.

Top stocks in focus: Coal India, IDBI Bank, Jubilant Foodworks, Tech Mahindra

Published on: 8:50 am

  • Coal India declared a dividend of Rs5.85 per share, with record date set at March 25. This dividend will be the 2nd interim dividend for the financial year 2019.
  • The Reserve Bank of India categorized IDBI Bank as a private sector bank with effect from January 21, consequently upon LIC acquiring 51% of the total equity capital of the bank.
  • Delhi High Court stayed an order of National Anti-Profiteering Authority against Jubilant Foodworks and penalty proceeding, subject to deposit of Rs 20cr on Central Consumer Fund. Read more.

Brookfield acquires RIL's East West Pipeline for Rs13,000cr

Published on: 8:47 am

  • Brookfield has filed the preliminary placement memorandum, in terms of which India Infrastructure Trust, an InvIT set up by Brookfield as Sponsor and 90% investor, will invest Rs13,000cr to acquire the East West Pipeline.
  • As a part of the transaction, the InvIT will acquire 100% equity interest in Pipeline Infrastructure Private Limited, which currently owns and operates the Pipeline. Read more.

Broker Radar for March 15

Published on: 8:40 am

BofAML maintained ‘Buy’ on Aurobindo Pharma; cut a TP to Rs895 from Rs900.
  • Injectables portfolio launches to gain steam.
  • Facility diversification, product pipeline to help. Five plants in injectables, facility diversification adequate.
Credit Suisse maintained on Bajaj Auto ‘Neutral’ with a TP of Rs2,700.
  • One of the few Indian auto stocks to now trade at a premium to five year avg PE.
  • Volumes could decline 5% in H1FY20 on ABS cost and normalising channel inventory. Read more.

Current FII data

Published on: 8:18 am

FII/DII Data: In yesterday’s trading session, FIIs bought 1483cr worth of stock in cash, whereas DIIs sold 818cr worth of stock. In the derivative market, FIIs bought 485cr of Index futures and bought 274cr worth of Index options. In the Stock futures segment, FIIs bought 342cr worth of stock futures and sold 79cr stock options.

FII View: In Index future segment, FIIs index future long/short ratio shifted from 1.4x to 1.5x on account of marginal buying to the tune 2896 contracts of index futures. However for a change, for the first time in the March series they reduced their speculative index options positions as across the board unwinding was seen in their long and short positions in index call and puts, hinting a consolidation of the market momentum.

FII OI(000's) % Chg % Chg Since Expiry Long/Short Ratio Long/Short Since Expiry
Future Index Long 172 2 82 1.5 1.3
Future Index Short 116 (2) 42
Option Index Call Long 280 (5) (80) 3.4 3.4
Option Index Call Short 82 (7) (94)
Option Index Put Long 299 (7) (83) 1.2 1.2
Option Index Put Short 254 (6) (86)

SGX Nifty indicates a flat opening for Indian markets

Published on: 8:15 am

  • SGX Nifty is at 11380, down 2 points. For today, we expect mid-caps to see catch up as bears scurry for cover in the highest closing week in the last 5 months.
  • On Thursday, Nifty saw another day of consolidation with the index closing on a flat note. The Nifty IT index was weak as the Indian rupee hits almost 8-month highs. Nifty Banks, Realty, Metals, and Pharma stocks saw gains as markets witnessed sector specific rotation. Read more.

What not to miss today

Published on: 7:51 am

  • Markets to open down; Nifty support @11227, resistance 11400. 
  • Asian stocks higher; US down amid trade deal uncertainty.
  • FIIs bought 1483cr (cash), 485cr in Index futures. 
  • Rupee gains 20 paise at 69.34/$.
  • Coal India announced dividend of Rs5.85/share. Read more.

Bulk Deals

Published on: 7:45 am

  • Jubilant Foodworks Kotak Mahindra MF acquired 8 lakh shares or 0.6% equity at Rs1,312.4 each. ICICI Pru AMC acquired 8.2 lakh shares (0.6 %equity at Rs1,312.4 each. Promoter Jubilant Consumer sold 39.6 lakh shares (3% equity at Rs1,312.4 each.
  • Laurus Labs: Amansa Holdings acquired 33 lakh shares or 3.1% equity at Rs351 each. FIL Capital Management (Mauritius) sold 61.2 lakh shares or 5.7% equity at Rs351.2 each.
  • ICRA Reliance MF acquired 2.3 lakh shares or 2.4% equity at Rs2,877 each. Smallcap World Fund sold 2.3 lakh shares or 2.4% equity at Rs2,877 each. ISGEC Heavy Engineering Canara Robeco Mutual Fund acquired 52,500 shares or 0.7% equity at Rs5,499.8 each.
  • R M Drip & Sprink: Braja Gopal Pal bought 38,000 shares of the company at Rs52.27 per share.
  • Ruchi Soya Industries: Soyumm Marketing Pvt Ltd sold 20 lakh shares of the company at Rs7.93 per share.
  • The Byke Hospitality: Grandeur Peak Emerging Markets Opportunities Fund sold 6.05 lakh shares of the company at Rs34.1 per share.

Derivative watch

Published on: 7:24 am

  • The Nifty Realty index was among the top outperformer, closing ~2% higher led by the strong rally in DLF, which gained 5% at the close and managed to added fresh long positions.
  • The Nifty IT index remained under the selling pressure for the 6th day in a row along with rising PCR, indicating a negative bias.
  • Bank Nifty futures continued its upward momentum by adding fresh long positions.

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Disclaimer : All estimates (1 year forward) are based on Consensus View provided by Refinitiv.