Nifty Gains For Second Week As Consumer Stocks Rally  

Indian shares ended little changed after a volatile session but posted their second straight weekly gain, led by consumer goods stocks after the government finalised rates for its upcoming goods and services tax.

The S&P BSE Sensex rose 0.1 percent at 30,464 but gained 0.8 percent for the week. The NSE Nifty declined 0.02 percent at 9,427 but posted a weekly gain of 0.3 percent.

Among the sectoral indices, S&P BSE Consumer Durables fell 1 percent while the S&P BSE Oil & Gas shed 0.8 percent. Nifty FMCG index climbed 2 percent, the most since April 26.

The market breadth was skewed in the favour of losers, with about 7 stocks declining to every 2 stocks that advanced.

‘Markets To Consolidate Till Expiry’

"We are not seeing any decisive move on the index from the past few weeks so markets are a bit overheated. Nifty is likely to consolidate and move in the range of 9,200 to 9,500 at least till the expiry," said Ajit Mishra, vice president-retail research at Religare Securities.

May futures and options series will expire on May 25.

• Government fixes 28% tax rate on the hotel industry under GST
• TajGVK Hotels & Resorts (-2.4%)
• Asian Hotels West (-5.1%)
• Hotel Leelaventure (-2.2%)

Read all the latest GST updates HERE

• Shares down 1.4% to Rs 116
• Q4 net income Rs 49.5 crore vs estimate Rs 188 crore
• Q4 revenue Rs 697 crore vs Rs 317 crore last year

• Shares fall as much as 4.9% to Rs 82, the most since November 2016
• Q4 net income Rs 25.5 crore vs estimate Rs 40 crore
• Volume at 2.2 times its 30-day average

• Shares up as much as 7.2% to Rs 913, the most since October 2016
• Company to consider bonus issue on May 27
• To also consider merging agile electric with self

• The rupee slid as much as 0.2 percent to 65.02 against the U.S. dollar, its lowest since April 03, compared to previous close of 64.84
• Currency now trading at 64.99

• Q4 net income Rs 2,810 crore vs estimate Rs 2,790 crore
• Gross bad loans 6.9% end-March vs 7.23% end-Decemebr
• Declares dividend of Rs 2.60 per share
• Shares up 0.7% to Rs 305

• Shares climb as much as 2.7% to a record high of Rs 419
• Q4 net income Rs 706 crore vs estimate Rs 463 crore
• Q4 revenue Rs 1,15,000 crore vs estimate Rs 1,19,000 crore

• S&P BSE Consumer Durables index falls 1.6%
• Crompton Greaves (-3.5%)
• Whirpool of India (-2.8%)
• Blue Star (-1.8%)
• Symphony (-1.2%)
• GST rate highest at 28% for air-conditioners

• Nifty IT index down as much as 1%, the most since April 26
• Tech stocks fall: TCS (-1.5%), Tech Mahindra (-0.62%), Wipro (-1.2%)
• Most of the Indian IT companies have operations in Brazil to both serve the local market and provide services for global clients
• Brazilian markets tumbled Friday amid the latest furor surrounding President Michel Temer

• Shares fall as much as 5% to Rs 828, the most since December 2, 2016
• Stock trading at 14% premium vs its peers

• Shares gain as much as 2.3% to Rs 310, the highest since January 2015
• Stock has gained 23% year-to-date vs 28% rise for the Nifty PSU Bank index
• Stock trades at 17.8 times estimated forward earnings per share

• Shares list at a premium of 22.4% to the offer price of Rs 60 on the NSE
• Government raised nearly Rs 1,200 crore via a stake sale of 10.2%
• This is the first IPO of a central public sector enterprise since April 2012

Read the full story HERE

• Shares climb as much as 6.7% to Rs 139, the most since August 2016
• Q4 net income climbed 235% to Rs 45.7 crore
• Volume at 1.7 times its 3-month average

• Shares fell as much as 10.3% to Rs 946, the most since January 2009
• Q4 net income Rs 158 crore vs estimate Rs 195 crore
• Volume at 30 times its 30-day average
• Stock has gained 21% year-to-date vs 15% rise for the Sensex

• Cummins India (-7.2%): Q4 net income Rs 158 crore vs estimate Rs 195 crore
• EID Parry (+1%): Q4 net income Rs 164 crore vs Rs 123 crore last year
• Eimco Elecon: (+5%): Q4 net income Rs 15.2 crore vs Rs 9.2 crore last year
• Graphite India (-2.8%): Q4 net income Rs 61.9 crore vs Rs 28.6 crore last year
• Muthoot Finance (+4.3%): Q4 net income Rs 322 crore vs estimate Rs 298 crore
• United Bank of India (+3.3%): Q4 net income Rs 73.6 crore vs loss Rs 413 crore

• Tax rate for hair oil, toothpaste and soaps at 18%; Tea and coffee at 5%
• ITC (+5%), Dabur India (+1.5%), Colgate-Palmolive (+4.8%), Marico (+3.2%)

• Shares of power supplier recovered from previous sessions’ fall to trade up 6% to Rs 879
• CESC shares fell as much as 17.3% to Rs 807, the most since October 2012 on Thursday
• The stock corrected as investors were confused on the eventual number of shares that would get allotted
• Board approved demerger of some businesses into units; To merge infra unit, spencer retail, music world with self

Indian shares advanced, led by gains in consumer goods companies such as Hindustan Unilever, Marico as investors cheered new goods and services tax rates announced by the government late Thursday.

The S&P BSE Sensex rose 0.64 percent to 30,627, while the NSE Nifty gained 0.55 percent at 9,482.

Among the sectoral indices, S&P BSE Consumer Durables jumped 0.8 percent while S&P BSE Metal climbed 1.1 percent.

The market breadth was skewed in the favour of gainers, with about 8 stocks advancing to every 2 stocks that declined.

The long upward march of the rupee is disrupted - not by a central bank but global politics. The trouble for Trump in the U.S. and the political crisis in Brazil has damped the appetite for riskier emerging market assets.

The rupee plunged the most in 11 months as risk-off sentiment hit Indian shores. Investors will tread with caution keeping a close watch on global developments and the currency could trade between 64.70-65 a dollar in the day.

Meanwhile, the bond markets are steady and lackluster in the absence of any fresh triggers. The yield on the new 10-year and the existing benchmark note was little changed in the last session. The cutoff at the 150 billion rupees bond auction later in the day may lead to some action in yields, which analysts feel are likely to move sideways in the session.

• FMCG Companies: Stocks will be in focus, as investors evaluate the impact of the new tax structure announced late Thursday night.
• Bank of Baroda: In process of filing cases under bankruptcy code.
• Strides Shasun: Signs definitive agreements with Vivimed Labs to set up two joint venture companies.
• Lupin: Receives U.S. FDA approval for generic Seroquel XR tablets, which had U.S. sales of $1.27 billion.
• India Tourism Development Corporation: Shareholders approve disinvestment of undertakings and subsidiaries of the company.
• Great Eastern Shipping: To consider raising Rs 150 crore via debentures on May 23.

For a complete list of stocks, click HERE

• Aarti Industries
• Grasim Industries
• Future Enterprises
• Mahindra Holidays & Resorts India
• Just Dial
• State Bank of India
• Motherson Sumi Systems
• Tata Power Company
• Titagarh Wagons
• V-Guard Industries

• JSW Steel: Raised to hold at Reliance Securities, price target Rs 221
• NIIT Technologies: Cut to hold at CIMB, price target Rs 535
• Strides Shasun: Raised to buy at Jefferies
• DLF: Cut to hold at HSBC, price target Rs 185

• India’s Adhia says out of 1,211 items, 17% fall under 5% GST bracket
• RBI announces rules for partial credit enhancement
• UN court orders Pakistan to halt execution of Indian
• JSW Energy to consider raising long-term funds through bonds
• Global funds sold Rs 361 crore of local stocks; domestic funds bought Rs 898 crore on May 18: Provisional data
• Ikea to double India sourcing to $667 million as rollout nears

Good Morning!

The Singapore traded SGX Nifty, an early indicator of Nifty’s performance in India, rose 0.2 percent at 9,454.

Asian shares were mixed in early trade, after U.S. stocks rebounded with the dollar as better-than-expected economic data helped ease concerns surrounding President Donald Trump’s administration.

However, caution remained in financial markets as a government crisis in Brazil raised fresh concerns around emerging market risk. Brazil’s currency, shares and bonds tumbled amid calls for the country’s leader to resign over an alleged cover-up.

Also Read: Brazil’s Biggest Fortunes Plunge $6.2 Billion in Temer Crisis

The Bloomberg Dollar Spot Index was steady after increasing 0.3 percent Thursday, reversing some of the selloff that took it to its lowest level since the U.S. election.

Meanwhile, the S&P index rose 0.4 percent on Thursday after plunging 1.8 percent in the previous session, its worst day since September 9.

Oil headed for a second weekly gain as Algeria supported a pledge by Saudi Arabia and Russia to extend supply cuts.