Sensex, Nifty Consolidate Gains; ABB India Surges 

Indian shares closed little changed in a range-bound session, as gains in industrial goods maker ABB India on strong order book were offset by profit booking in banks and realty stocks.

The S&P BSE Sensex rose 0.02 percent to 29,911, while the NSE Nifty gained 0.03 percent at 9,316.

Among the sectoral indices, S&P BSE Capital Goods index jumped 1.9 percent while S&P BSE Bankex declined 0.19 percent.

The market breadth was skewed in the favour of gainers, with about 5 stocks advancing to every 4 stocks that declined.

‘Consolidation Is Good’

“In the last 7-8 sessions, Nifty had been consolidating around 9,300 levels but consolidation is a good sign as it indicates positive momentum is still intact,” said Sacchitanand Uttekar, assistant vice-president – technical at Tradebulls Securities.

“We could see a breakout if Nifty closes above 9,360 and once that happens, Nifty would quickly move towards 9,480 levels,” said Uttekar.

• Indian rupee drops as much as 0.49% against the U.S. dollar, most since December 2016
• The partially convertible rupee fell to as low as 64.622 compared with previous close of 64.305

• Shares down as much as 5.9% to Rs 44.60, most since February 2016
• Q4 net loss Rs 575 crore vs loss Rs 326 crore last year
• Gross bad loans 16.3% end-March vs 14.8% end-December

• Offer oversubscribed 1.4 times in the afternoon session on the second day
• IPO, which has a price band of Rs 56-60 per share, will close on May 11

• Stock up as much as 13.4% to Rs 1,595, highest since December 2007
• Q4 orders up 28% to Rs 2,342 crore
• Trading volume at 19.1 times its 30-day average
• RSI at 80, indicating that the stock may be overbought

Read the full story HERE

• Shares up as much as 4.4% to Rs 95, highest since December 2015
• Q4 net profit Rs 104 crore vs loss Rs 2,160 crore last year
• Gross bad loans 8.5% end-March vs 8.69% end-December

• Stock up as much as 5.6% to Rs 90.50, highest since March 2015
• Bhushan Steel said no final decision yet on long-term solution for company's debt
• Volume at 4.3 times its 30-day average

• Shares up as much as 5.7% to a record high of Rs 1,855
• Q4 net profit Rs 390 crore vs estimate Rs 354 crore
• Q4 revenue Rs 2,490 crore, meets estimate

• Shares up as much as 2% to Rs 1,140, up for a third straight session
• Consenus price target is 10% lower than the current stock price
• Stock has gained 38% year-to-date vs 13% rise for the Sensex

• Shares up as much as 9.9% to Rs 97.40, highest since January 2011
• Q4 net profit Rs 200 crore vs Rs 71.3 crore last year
• Gross bad loans 6.59% end-March vs 6.98% end-December

• S&P BSE Metal index up 1.4%
• Index lost nearly 4% in previous five sessions
• Vedanta (+3.1%), Hindustan Zinc (2.9%), Jindal Steel & Power (2.9%)

Passenger vehicle sales, which include SUVs and vans rise 15 percent to 277,602 units for the month of April, according to data released by the Society of Indian Automobile Manufacturers in New Delhi.

• Local car sales 190,788 units versus 162,566
• Two-wheeler sales 16.75 lakh units versus 15.60 lakh
• Truck, bus sales 41,490 units versus 53,885
• Total domestic sales at 20.30 lakh units, up 6.8 percent

• Tech Mahindra: 24 lakh shares change hands in two block deals
• Titan: 29 lakh shares change hands in a block deal

*Buyers and sellers were not immediately known

• Stock pares early gains to trade down nearly 1.8% at Rs 658
• Shares list at Rs 700 on the NSE, a premium of 4.5% to the issue price
• S Chand’s shares on offer saw an overall subscription by 60 times

• ABB India (+9.5%): Q1 net income Rs 88.1 crore vs estimate Rs 95.1 crore last year; Q1 order inflows up 28%
• Nocil (+1.9%): Q4 net income Rs 25.5 crore vs Rs 22.5 crore last year
• Repro India (-1.5%): Q4 net income Rs 4.1 crore vs loss Rs 13.1 crore last year

• S&P BSE Real Estate index up 1.9% after Monday's 4.5% jump
• Index has gained 65% year-to-date vs 13% rise in benchmark Sensex

• Shares down as much as 3.6% to Rs 180, most since February 2017
• Q4 net income Rs 108 crore vs estimate Rs 146 crore
• Gross NPA down 11.17 percent end- March vs 11.7 percent end-December
• Stock jumped nearly 48% year-to-date compared with 13% rise in benchmark Sensex

• Shares of telecom tower company down as much as 2.3% to Rs 356, most since April 2017
• Q4 net income Rs 597 crore vs estimate Rs 697 crore
• Q4 revenue Rs 1,610 crore vs Rs 1,420 crore last year
• Declares dividend of Rs 4 a share
• Stock trades at 22.3 times estimated forward earnings per share vs 25.7 times for 2 year historical average: Bloomberg data

Indian shares edged higher for a second day, as realty stocks extended rally for another session but the broader gains were capped as investors booked profits in recent outperformers such as ACC and Ambuja.

The S&P BSE Sensex rose 0.12 percent to 29,959, while the NSE Nifty gained 0.1 percent at 9,323.

Among the sectoral indices, S&P BSE Realty index rose 0.9 percent while S&P Oil & Gas index was up 0.2 percent.

The market breadth was skewed in the favour of gainers, with about 7 stocks advancing to every 2 stocks that declined.

U.S. dollar is a winner today, rising against most of the Asia-pacific currency markets. The reason is the federal reserve speakers endorsing the view of gradual rate hikes to prevent the risk of overheating the U.S. economy.

The Indian rupee strengthened yesterday and investors may be hopeful that the currency may find some support from higher government spending.

On to bonds now: Bonds are likely to open on a positive note today after government announced a new benchmark 10-yr bond that will auctioned on Friday. Typically the coupon of a new 10-year bond come in lower, pushing the yield curve down.

Also, the RBI has upped its rhetoric on inflation and trends suggest that traders are starting to price in interest-rate hikes.

• Bharti Airtel Limited
• Dena Bank
• Godrej Consumer Products
• Future Retail
• InterGlobe Aviation

• Godrej Properties: Cut to 'Neutral' at JPMorgan with a price target of Rs 520
• Orient Cement: Cut to 'Reduce' at Elara Securities India with a price target of Rs 165
• Bharti Infratel: Cut to 'Sell' at Ambit Capital; price target Rs 375

• Federal Bank: Seeks shareholders nod to raise foreign investment limit to 74 percent.
• Bharti Infratel: Q4 profit fell 17 percent but sales rose 13 percent.
• Union Bank: Profit grew 13 percent from last year while provisions jumped 46 percent compared with December-quarter.
• S Chand: Shares list today at an issue price of Rs 670 per share.
• Shankara Building Products: Reliance Mutual Fund sold 7.4 percent while Templeton Mutual Fund & SBI Mutual Fund together bought 4.3 percent stake.
• Pokarna: Announces 5:1 stock split; company's fourth-quarter profit surged 223 percent.

For a complete list of stocks, click HERE

• Dawn of rate hawks in India as RBI pivots from easing cycle
• India states to review measures for weather related contingency
• BlackRock said poised to fund Mobikwik valuing it at $1 billion
• Booming realty shares in India yet to win over BNP Paribas fund
• $1.3 trillion housing boom set to be India’s next growth driver
• World sugar-export surplus returns on Indian demand, EU supply
• Global funds sold Rs 542 crore of local stocks; domestic funds bought Rs 663 crore on Monday: Provisional data

Also Read: Matrimony.com files for IPO the second time

Good Morning!

The Singapore traded SGX Nifty, an early indicator of Nifty’s performance in India, rose 0.1 percent to 9,360.

Asian shares retreated from a two-year high as investors paused following a relief rally on Monday. U.S. benchmark indices ended little changed at record high levels, while crude held gains near $46 a barrel.

The CBOE Volatility Index slumped to its lowest closing price since 1993 as political risks receded following Emmanuel Macron’s decisive triumph over the anti-euro candidate Marine Le Pen.

With the French election out of the way, focus shifts to South Korea. The East Asian nation votes today to elect a new president, after the impeachment of former President Park Geun-hye on corruption charges, amid rising tensions with North Korea.

Also Read: South Korea Heads To Polls In Election To Replace Ousted Park

Investors will also be parsing comments from Federal Reserve Bank of Minneapolis President Neel Kashkari later Tuesday for any clues on monetary policy.

Oil held gains ahead of the government data forecast to show U.S. crude stockpiles declined for the fifth week.

Some ministers at Organisation of Petroleum Exporting Countries have discussed the possibility of deepening output cuts, along with the potential extension of the agreement into 2018, Bloomberg reported citing four unidentified delegates.