The hottest stock on Dalal Street’s radar today may not be the best ‘buy’ opportunity for you. It’s better to stay with stocks where the consensus has turned neutral to positive. This has held true for the BSE100 stocks for the past decade, and it held true for the March quarter too. But why?
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Market rallied after a subdued start due to a mixed trend in global market amid geopolitical tensions. Crude shed some weight while bank & auto stocks rallied due to a marginal ease in WPI inflation to 2.47 per cent in March. Investors remained focused on March quarter earnings while expecting some ease in geopolitical tensions.
– Vinod Nair, Head of Research, Geojit Financial Services
Closing Bell: Sensex closes at 34,305, up 113 pts; Nifty50 ends at 10,528
Sensex stages 400-pt rebound to close at 34,305, up 113 pts; Nifty50 ends at 10,528; realty stocks gain up to 6%
Ace investor Rakesh Jhunjhunwala’s name again appeared among key individual shareholders in crisis-hit Jaiprakash AssociatesNSE 1.81 %, latest shareholding data provided by the company showed on Monday.
Trading on India’s National Commodity And Derivatives Exchange (NCDEX) was temporarily suspended on Monday afternoon after a fire erupted in the basement of its headquarters in Mumbai, a company spokesman told Reuters.
European shares steady after US-led strike on Syria; WPP falls
European shares steadied near 4-week highs on Monday as investors expected there would be no immediate escalation in Syria following the weekend’s US-led strike. The pan-regional STOXX 600 index was down 0.05 per cent by 0715 GMT, while other European benchmarks were also little changed. Euronext said price levels for the CAC and other indexes were not available for technical reasons.
India’s addition to the US Treasury’s monitoring list for currency manipulation makes it more likely the Reserve Bank of India will give freer rein to the rupee when it rises against the dollar, analysts say. India increased its purchases of foreign currency last year and has a “significant” trade surplus with the US, the Treasury noted in its semi-annual report on foreign-exchange practices released in Washington on Friday. The rupee has been the second-worst performing Asian currency this year, dropping 2.4 per cent against the dollar, after strengthening 6.4 per cent in 2017.
Shares of Tata Motors cracked over 4 per cent in Monday’s trade amid weakening demand for subsidiary JLR. Investor sentiment dampened on fresh reports suggesting jobs and production cuts at two of JLR’s British factories.
March WPI inflation at 2.47%
Just In | Rupee at 5-month low
Top 10 NSE losers
Price as on 16 Apr, 2018 11:41 AM, Click on company names for their live prices.
Fortis Healthcare declined for the second straight day on Monday after Malaysia’s IHH Healthcare said Fortis has declined to engage with the company on a takeover offer citing binding agreements with other parties. The scrip was trading 1.94 per cent down at Rs 149 at around 11.05 am (IST). It opened at Rs 151.40 and touched high and low of Rs 152.20 and Rs 147.05, respectively, so far. Benchmark Sensex was down 85 points, or 0.25 per cent, at 34,107 at around the same time.
Third time lucky! The bulls on Dalal Street came out with flying colours for the third week in a row, with both the headline indices shutting shop with handsome gains. Based on various brokerage recommendations, here are 12 stock strategies that can potentially deliver gains over the next three weeks.
Defying the prevailing subdued market mood, over 25 stocks, including Ashok Leyland, Britannia Industries and Escort hit fresh 52-week highs on NSE during Monday’s trade.
Most of the PSU bank stocks were trading down during the early trade on Monday on reports that non-performing assets (NPAs) or bad loans in the banking sector are set to shoot up by at least Rs 8,000 crore as advances to the scam-hit Gitanjali Gems group have turned bad during the quarter ended March 31. Banks will have to make provisioning of Rs 8,000 crore for Gitanjali alone.
Shares of Alok Industries hit lower circuit of nearly 5 per cent in opening trade on Monday after lenders to the company reject a revised offer by Reliance Industries-JM Financial Asset Reconstruction Company to acquire the bankrupt company. The scrip slipped 4.95 per cent to Rs 3.84, whereas benchmark BSE Sensex was down 0.23 per cent at 34,113 at around 9.35 am (IST).
Shares of Infosys dropped 6 per cent in Monday’s trade and tested Rs 1,100-level briefly, tracking its American depositary receipt (ADRs) on the New York Stock Exchange that dropped 7.7 per cent to $16.62 per share post the IT major’s march quarter results on Friday.
Gruh Finance climbs over 5% after board recommends bonus shares
Shares of Gruh Finance rallied over 5 per cent in early trade on Monday after NBFC on Saturday informed bourses that the board has recommended issue of bonus shares in the ratio of 1:1 to shareholders of the company, subject to the approval of the shareholders. The board also recommended a dividend of Rs 3.30 per equity share of face value of Rs 2 each for the financial year ended March 31, 2018.
A volatile month, correction in the markets due to implications of long-term capital gains tax and year-end considerations, gave fund managers a chance to cherry-pick stocks where earnings prospects and visibility are high over the next couple of years. A few prominent sectors which have attracted investments from leading fund managers are banking and financial services, IT, construction, and auto.
Most active stocks on NSE
Price as on 16 Apr, 2018 09:41 AM, Click on company names for their live prices.
Opening Bell | Sensex tanks over 250 pts, Nifty50 tests 10,400
Sensex tanks over 250 pts, Nifty50 tests 10,400; Infy drops 4% on tepid guidance.
Pre-open session: Sensex drops 23 pts, Nifty trades below 10,450
Sensex drops 23 pts, Nifty trades below 10,450; Rupee trades at 65.32 against US dollar
Singapore trading sets stage for negative start
Nifty futures on the Singapore Stock Exchange were trading 58.50 points, or 0.58 per cent, lower at 10,444.50, indicating a negative start for the Nifty50 on Dalal Street.
Infosys in focus after Q4 numbers
Infosys on Friday lowered its margin guidance to 22-24 per cent for FY19 from 23-25 per cent in FY18. Besides, the company gave FY19 revenue guidance of 6-8 per cent in constant currency terms and 7-9 per cent in dollar terms – broadly in line with Street expectation. Meanwhile, a whistleblower, claiming to be an Infosys insider, has asked market regulators in India and the US to take action against the software major’s board for “its inconsistency” over Panaya.
Rupee could fall up to 3% in H1
In the first half of FY19, the rupee could fall by about 3% to the dollar, with the highest crude oil prices in more than three years and a likelihood of faster rate increases by the US Federal Reserve weighing on the local currency, an ET survey showed.
RBI may loosen NPA norms
The Reserve Bank of India (RBI) may relax some of the stringent norms for treatment of bad loans that it announced in February without diluting their spirit, said two officials aware of the development.The finance ministry has made a case for providing some relief, especially for small and medium enterprises, given that the tighter rules could force defaulters into rapid bankruptcy, which could dent jobs generation, they said.
FPIs sell Rs 400 cr worth of equities
Foreign portfolio investors (FPIs) sold Rs 400 crore worth of domestic stocks on Friday, provisional data available with BSE suggested. DIIs were net buyers to the tune of Rs 306 crore, data suggested.
Crude oil prices may hit $80: JPM
Brent oil could spike to $80 a barrel if the US and European Union re-impose sanctions on Iran and as Western powers expand the scope of the Syrian civil war, Bloomberg reported quoting a note by JPMorgan strategists, led by John Normand. United States, France and Britain on Saturday launched missile strikes on Syria on Saturday over a suspected poison gas attack.
Nifty50 forms ‘Spinning Top’ pattern
The index has been making higher highs since last 10 sessions. If it negates this formation, a pause in the momentum is likely, Chandan Taparia of Motilal Oswal Securities said. Sameet Chavan of Angel Broking believes given the recent development in select heavyweight counters, the Nifty50 may take the ongoing upmove towards 10,580-10,640.
F&O data hints at more upside
Outstanding short coverings may push Nifty50 further higher 10,600-10,625 range this week, said SMC Investments & Advisors. Option writers were seen active in recent rally as we have seen put writing in 10,300 & 10,400 strikes along with the unwinding in calls. In addition, there has been rise in open interest post the recent expiry, which indicates long buildup, the brokerage noted.
Asian markets trade higher
Share markets started firmer in Asia on Monday amid relief US-led strikes on Syria looked like being a one-off event that avoided a direct confrontation with Russia, weighing on oil prices and safe-haven Treasuries, Reuters reported. Japan’s Nikkei index added 0.3 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1 per cent.
US stocks ended lower on Friday
The Dow Jones Industrial Average index on Friday settled at 24,360.14, down 122.91 points, or 0.5 per cent. The S&P500 index fell 7.69 points, or 0.29 per cent, to close at 2,656.30. The Nasdaq Composite index dropped 33.60 points, or 0.47 per cent, to 7,106.65.
Sensex last week
The S&P BSE Sensex added 565 points or 1.68 per cent in the week gone by to settle at 34,192.65. The broader Nifty50 index of National Stock Exchange (NSE) climbed 149 points or 1.44 per cent to end the session at 10,480.60.