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19th Mar, 2019

Markets extend 6-day gain; Nifty settles above 11,500-mark

Published on: 3:41 pm

  • Equity benchmark indices extended its rally for the seventh consecutive trading session on Tuesday. The Sensex gained 268 points to close at 38,369 levels. The Nifty also gained 70 points to settled at 11,532 levels, well above its key level of 11,500.
  • Among stocks, HCL Tech, Infratel, RIL, Infosys, and Zee were the biggest gainers. Conversely, Eicher Motors, JSW Steel, Hero MotoCorp, L&T, and Maruti lost the most.
  • All sectoral indices ended in the green except Nifty auto and metal indices. The Nifty PSU Bank gained 2% followed by Nifty IT, FMCG, and Media indices, which gained 1%.
  • Market breadth was positive on the NSE with 924 shares advancing, 827 share declining, and 338 remaining unchanged.

Rupee erases gain; depreciates 48 paise at 69.01/$

Published on: 3:28 pm

  • The Indian rupee erased its morning gains on Tuesday and depreciated 48 paise against the dollar to trade at day’s low level of 69.01/$. The currency had gained 19 paise to record 68.34/$ as day’s high level in the morning.
  • At 3:20PM, IST, the domestic unit was trading at 68.94/$.
  • The depreciation could be attributed to the increasing crude oil prices. Further, investors would have booked profit at higher level, which dragged rupee down. Read more.

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Nifty above 11,500-mark, Sensex gains 200 pts; PSU Bank stocks surge

Published on: 2:44 pm

  • Equity benchmark indices gained in the last trading hours on Tuesday with the Sensex gaining 209 points at 38,303 levels. The Nifty also climbed 50 points to trade at 11,512 levels, well above its key level of 11,500.
  • Among stocks, Infratel, ONGC, NTPC, and HCL Tech were the top gainers. On the flip side, Eicher Motors, Hero MotoCorp, L&T, JSW Steel, and Bajaj Auto were the biggest losers.
  • All the sectoral indices were in the green on the NSE except the Nifty Auto index. The Nifty PSU Bank climbed 2% followed by FMCG, Media, and Pharma indices which gained 1% each.
  • Market breadth was on positive on the NSE with 957 share advancing, 776 shares declining, 356 shares remaining unchanged.

Kaveri Seeds sets up corn cob drying facility in Telangana; stock up 3%

Published on: 2:20 pm

  • Kaveri Seeds, one of India's premier seed companies with a strong R&D base for developing quality hybrids of key Indian crops announced the commencement of its corn cob drying facility at Molangur - Karimnagar in Telangana.
  • The plant is Asia's largest and the first of its kind cob dryer. This plant has a bio mass, double pass dryer Corn cob drying unit, which is fully automated and has the best and state of art infrastructural capability. The capacity of the cob drying facility is 1,456 Mt per cycle which is distributed across 36 Bins. Read more

Coffee Day slips 3% after promoter sells Mindtree stake

Published on: 1:59 pm

  • Shares of Coffee Day Enterprises slipped 3% on Tuesday after the promoter of the company sold his entire stake of Mindtree to Larsen & Toubro Limited.
  • "Coffee Day Trading and V.G. Siddhartha, promoter of the company, along with certain other parties have signed a definitive agreement to sell their entire stake in Mindtree Ltd to Larsen & Toubro Limited for a consideration not exceeding Rs3,269cr," the company said in a press note after markets hours to the exchanges on Monday. Read more

HCL Tech gains 1% on signing deal with Xerox Corporation

Published on: 1:26 pm

  • Shares of HCL Tech gained 1% on Tuesday after the company signed shared services arrangement with Xerox Corporation.
  • Xerox will outsource certain global administrative and support functions, including, among others, selected information technology and finance functions (excluding accounting), the company said in a press note after markets hours to the exchanges on Monday. Read more.

Nifty Auto drops 1% led by TVS Motors, Eicher Motors, Hero MotoCorp

Published on: 1:13 pm

Nifty PSU Bank gains 2% led by Bank of India, Union Bank, PNB

Published on: 12:15 pm

Hotel Leela Venture hits upper circuit after hotel sale plans

Published on: 12:04 pm

  • Shares of Hotel Leela Venture are locked in upper circuit of 5% in late morning trade on Tuesday after the company’s board approved the proposal to sell 4 hotels, properties to Brookfield for sum of Rs3,950cr.
  • Accordingly, the company’s hotel business, together with all assets and liabilities of the hotels located at Bangalore, Chennai, Delhi, and Udaipur will be transferred to Brookfield on a slump sale basis as a going concern. Read more.

Live Market Update: Markets trade flat; Nifty up 15 points

Published on: 11:35 am

  • Indian equity markets are trading on a flat note with both Nifty & Bank Nifty index posting marginal gains. Nifty PSU Bank index is among the top outperformers, gaining ~2%, led by strong gains in SBI.
  • Nifty IT index is trading with a negative bias, as INR continues to appreciate. Jubliant Food is trading ~2% higher alongwith a rise in open interest, hinting a buildup of long positions.
  • Nifty midcap index is outperforming the benchmark index by ~0.5% as market breadth remains in the favour of the advances. Read more

Rupee gains 19 paise at 68.34/$

Published on: 11:02 am

  • The Indian rupee gained on Tuesday with appreciation of 19 paise to trade at day’s high level of 68.34 against the dollar. The home currency opened on a flat note at 68.53/$ unchanged from its previous close.
  • However, the domestic unit is playing seesaw game with the Amercian currency and erased its morning gains. At 11:05AM, IST the currency was trading at 68.56 against the greenback. Read more

ADAG stocks on a roll, Mukesh Ambani rescues Anil’s Rcom in Ericsson case

Published on: 9:52 am

Sensex, Nifty open in the green; RCom surges 10%

Published on: 9:30 am

  • Equity benchmark indices extended gains for the seventh consecutive trading session on Tuesday.
  • However, immediately after marking an opening in the green, markets pared gains. The Sensex was trading 52 points up at 38,147 levels and while the Nifty gained 10 points at 11,473 levels, well below its key level of 11,500.
  • Shares of Reliance Communicaiton spurted 10% after Mukesh Ambani help brother Anil to clear Ericsson dues.
  • Among stocks, Sun Pharma, Bharti Airtel, GAIL, Grasim, and HCL Tech were the top gainers on the NSE. Conversely, Hero MotoCorp, Eicher Motors, L&T, JSW Steel, and Bajaj Auto lost the most on the NSE.
  • All sectoral indices were trading on a mixed note on the NSE. Nifty Pharma and PSU Bank indices gained ~1%. On the flip side, the Nifty Auto index slipped ~1%.

RBI renews authorization issued to Vakrangee for White Label ATMs

Published on: 9:14 am

  • The RBI has provided the Renewal of Authorization for Vakrangee Limited. RBI has extended the validity of Authorization issued to Vakrangee limited to setup, own and operate the White Label ATMs in India. The validity has been extended till March 31, 2020.
  • Under Scheme “B” opted at the time of grant of authorization, Vakrangee is desired to have Minimum 15,000 ATMs. The ratio of 2:1 would be applicable, i.e. for every 2 WLAs installed in Tier III to VI centres, 1 WLA can be installed in Tier I to II centres. Out of the WLAs installed in Tier III to VI centres, a minimum of 10 % should be installed in Tier V & VI centres. Read more

L&T buys 20.32% stake in Mindtree; promoters oppose

Published on: 9:08 am

  • Larsen & Toubro in its filing to the exchanges informed that company has acquired 20.32% stake in Mindtree for Rs3,269cr from the Cafe Coffee day founder VG Siddhartha.
  • The acquisition was done after Mindtree promoters unconditionally opposed the hostile takeover bid by L&T. Read More

Broker Radar for March 19

Published on: 8:45 am

Jefferies on ICICI Lombard:
  • Initiated ‘Buy’ with a price target of Rs1,136.
  • Expect strong demand for consumer-oriented products and low correlation to markets.
  • Long-term motor insurance RoE accretive; expect benefits over FY19-21.
  • Well positioned to deliver RoE in excess of 20%.
  • Expect book value and net profit to grow at a compounded annual growth rate of 19% and 25%, respectively over FY19-21. Read more.

Top stocks in focus: L&T, Mindtree, RCom, Pidilite Industries

Published on: 8:42 am

  • L&T inks pact to buy VG Siddhartha’s entire stake in Mindtree for Rs981/shr; Mindtress promoters oppose takeover.
  • Mukesh Ambani bails out Anil Ambani’s RCom; helps to clear Rs453cr Ericsson dues.
  • NCLAT refuses to stay ArcelorMittal’s takeover of Essar Steel.
  • Hotel Leela Venture to sell assets to Canada's Brookfield for Rs3,950cr. Read more.

Current FII data

Published on: 8:28 am

FII/DII data: In yesterday’s trading session, FIIs bought 1823cr worth of stock in cash, whereas DIIs sold 1269cr worth of stock. In the derivative market, FIIs bought 828cr of Index futures and bought 551cr worth of Index options. In the Stock futures segment, FIIs sold 802cr worth of stock futures and bought 59cr stock options.

FII View: In the Index future segment, FIIs index future long/short ratio shifted from 1.6x to 1.7x on account of marginal buying to the tune 6690 contracts of index futures. However, for a change, they added 16630 contracts of index put option in-order to hedge their bullish long future positions.

FII OI(000's) % Chg % Chg Since Expiry Long/Short Ratio Long/Short Since Expiry
Future Index Long 211 3 124 1.7 1.5
Future Index Short 122 (2) 50
Option Index Call Long 298 1 (78) 2.7 2.7
Option Index Call Short 110 17 (92)
Option Index Put Long 331 5 (82) 1.1 1.1
Option Index Put Short 292 (1) (83)

SGX Nifty indicates a higher opening for Indian markets

Published on: 8:20 am

  • SGX Nifty is at 11525, up 14 points. For today, we expect further consolidation around 11500 with the broader market again outperforming.
  • Nifty saw another day of consolidation with an upward bias as it attempts to cross the 11500-mark.
  • The Nifty saw volatile movements yesterday as it gyrated almost 150 points from low to high and back to close higher.
  • The profit booking by local mutual funds continues even as foreign flows are the strongest in the last 2 years. Read more.

What not to miss today

Published on: 7:50 am

  • Markets to open higher; Nifty support @11412, resistance 11530.
  • FIIs bought 1823cr (cash), 828cr in Index futures.
  • Asian markets mixed on dovish Fed stance; US up. Read more.

Derivative watch

Published on: 7:20 am

  • Nifty & Bank Nifty continued to add fresh open interest, consisting of mainly long positions. 
  • Reliance Industries contributed the majority of the gains in the Nifty and added fresh long positions as open positions continued to soar higher along with a rise in the stock price.
  • Bajaj Finance added fresh long positions and is just ~2% away from breaching its lifetime high levels. 

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

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