Closing Bell
Indian shares extended their record-setting streak, pushing the NSE Nifty index above 9,500 for the first time, led by gains in financials and auto stocks amid improving prospects of a good monsoon.
The S&P BSE Sensex rose 0.86 percent at 30,582 while the NSE Nifty advanced 0.71 percent to 9,512. Both the indexes hit all-time highs for the third time in five sessions.
Among the sectoral indices, S&P BSE IT index and the S&P BSE Realty gained 1 percent each.
The market breadth was skewed in the favour of gainers, with about 5 stocks advancing to every 4 stocks that declined.
And The Rally Goes On...
"Risk-on trade is in full swing with both domestic and FIIs (foreign institutional investors) buying heavily and this could get impacted if there's any geopolitical concern", said Deepak Jasani, head of retail research at HDFC Securities.
"Index could go sideways in the near-term but we don't see any big correction happening at the current levels," said Jasani.
Nifty Hits 9,500 For The First Time
In conversation with Deven Choksey, MD, KR Choksey Investment Managers.
Sobha Gains Ahead Of Q4 Earnings
PNB Extends Gains As Q4 Bad Loans Drop
- Shares advanced as much as 6.3% to Rs 177, the most since November 2016
- Q4 net income Rs 262 crore vs estimate Rs 447 crore
- Gross NPA 12.53% end-March vs 13.70% end-December
- Q4 provisions Rs 5,750 crore vs Rs 9,880 crore last year
Read the complete story HERE
Europe Opens Mixed
Gati Jumps After Settlement Pact With FCCB Bondholders
- Shares of the logistics firm up as much as 6.5% to Rs 143.90, the most since July 2016
- Gati says to resolve dispute with FCCB holders
- Settlement to include redemption, conversion of bonds
- Stock has gained nearly 20% year-to-date vs 15% rise for the S&P BSE Sensex
Punjab National Bank Edges Higher Ahead Of Q4 Results
Shilpi Cable Clarifies On Market "Rumors"
- Says rumors being spread to erode market capitalisation
- Company in talks with strategic investors, private equity funds
- The promoetrs/FIIs holding is intact
- Stock down as much as 5%
Tata Steel Rises Ahead Of Q4 Earnings
Block Deal Alert
- Jain Irrigation: 15 lakh shares change hands in a block
- HCL Tech: 1.2 crore shares change hands in a block; stock gains as much as 0.9%
*Buyers and sellers were not immediately known
Nifty IT Index Rises More Than 1%
Rupee Weakens Against Dollar
The rupee saw a marginal drop of 6 paise to 64.11 against the U.S. dollar in opening session in the midst of fresh demand for the American unit.
However, what limited the rupee's fall was the US.. dollar sliding in the global market and a spectacular opening in domestic equities, traders said.
On Monday, re-asserting its dominance against the dollar, the rupee shot up 26 paise to end at a fresh 21-month high of 64.05, driven by robust macro data, even as exporters aggressively offloaded the American currency.
(PTI)
Adani Power Surges On Report Mundra Plant Gets CERC Relief
- Shares up as much as 11.4% to Rs 33.70, the most since November 2016
- The Central Electricity Regulatory Authority has granted Adani Power full compensation for the rise in the cost of electricity generation at its thermal power plant at Mundra, newspaper Financial Express reported citing a company's petition.
- Volume at 4.8 times its 30-day average
Future Lifestyle Climbs After Q4 Profit Jump, MSCI Boost
- Shares of Future Lifestyle jumped as much as 8.9% to a record high of Rs 312
- Company’s net profit surged 263% at Rs 18.93 crore in the quarter ended March
- Future Lifestyle Fashions added to MSCI Global Small Cap Index
- Other Future Group stocks rally: Future Consumer (+1.6%), Future Retail (+1%), Future Enterprises (+3.4%)
Earnings Reaction
- Chennai Petroleum: (-3.9%): Q4 net income Rs 171 crore vs Rs 248 crore last year
- Polaris Consulting (+2.3%): Q4 net income Rs 31.8 crore vs loss Rs 11.3 crore last year
- Voltamp Transformers (+6.1%): March-quarter net income Rs 22.7 crore vs Rs 18.2 crore last year
Skipper Hits Record High As Q4 Profit Surges
- Shares of PVC pipes maker jumped as much as 9% to a record high of Rs 214
- Q4 net income up 46% at Rs 52.8 crore
- Revenue up 10% at Rs 583.7 crore
Opening Bell
Indian shares extended record gains, with the NSE Nifty index opening above 9,45 boosted by gains in metal stocks while positive Asian cues helped lift sentiment .
The S&P BSE Sensex rose 0.28 percent to 30,406, while the NSE Nifty gained 0.18 percent at 9,462.
Among the sectoral indices, S&P BSE Metal index rose 0.4 percent while S&P BSE Realty advanced 0.6 percent.
The market breadth was skewed in the favour of gainers, with about 6 stocks advancing to every 4 stocks that declined.
5 Things To Watch
Money Markets Heads-Up
Indian sovereign bonds are on a roll as lower inflation and a new 10-year paper in the market has ignited the appetite for investors. Yield on the new 10-year note fell 10 basis points to 6.63 percent. Even the current benchmark saw yields plunge 10 basis points to 6.81 percent. It is important to note that the market narrative is changing again.
Investors have started questioning if the central bank had been too hawkish with its stance and is it time to step back and put rate cuts back on the table. Hope Dr Urjit Patel is listening.
In the currency markets, rupee is gaining from strength to strength. It climbed 0.4 percent to 64.06 to a dollar on Monday. With most Asian currencies trading stronger against the dollar, it is possible that the rupee may breach the 64 mark today.
Rupee Outlook
Stocks To Watch
- Bharat Petroleum, Hindustan Petroleum: Petrol price cut by Rs 2.16 per litre, diesel by Rs 2.10 a litre.
- JK Tyre & Industries: Profit declined 25 percent in the quarter ended March.
- Bata India: Net profit rose 27 percent to Rs 36 crore in the three months ended March.
- Polaris Consulting: Net profit down 31 percent in the quarter ended March.
- Atul Ltd: Entered into a JV with AkzoNobel for the production of monochloroacetic acid in India.
For a complete list of stocks, click HERE
Earnings Today
- Grasim Industries
- Minda Industries
- Quess Corp
- PI Industries
- Punjab National Bank
- Tata Steel
- Sobha
Talking Points
- April trade deficit widens to $13.249b vs est -$10.796 billion
- March services exports at $14.2 billion, imports at $8.27 billion: RBI
- India’s DAC discussed strategic partners draft policy: official
- Indian Oil cuts diesel price by 2.10 rupees/litre; cuts gasoline price by 2.16 rupees/litre
- India official says some bank ATMs shut due to hacking fears
- Global funds bought Rs 235 crore of local stocks; domestic funds sold Rs 65.8 crore rupees on May 15: Provisional data
- India working with World Gold Council on plan for spot exchange
Nifty Outlook
Brokerage Calls
- Dr Reddy’s: Raised to hold at Deutsche Bank, price target Rs 2,609
- Colgate India: Cut to neutral at Credit Suisse, price target Rs 1,050
- Eicher Motors: Raised to overweight at JPMorgan, price target Rs 33,000
- Gail India: Cut to underperform at Jefferies, price target Rs 363
- Hero MotoCorp: Raised to neutral at JPMorgan, price target Rs 3,800
- Indian Hotels: New buy at HSBC, price target Rs 155
- TVS Motor: New overweight at JPMorgan, price target Rs 590
Good Morning!
The Singapore traded SGX Nifty, an early indicator of Nifty’s performance in India, was little changed at 9,463.
Most Asian shares extended gains in early trade, following a record closing session on the Wall Street overnight buoyed by rising crude prices. Chinese shares retreated after surging 1.6 percent a day before amid optimism over Beijing’s infrastructure spending programme.
Oil rose for a fifth day after Saudi Arabia and Russia supported an extension in output cuts. The dollar weakened for a fifth straight day while gold gained 0.3 percent to $1,234.61 an ounce, rising for a fourth straight session.
U.S. stocks rose to new highs on Monday, with the S&P 500 Index closing above 2,400-mark for the first time as energy, financial and materials shares paced gains.
Investors seeking new triggers for market moves are now looking towards the U.S. industrial production data and April OPEC production report later today.
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