RIL, ICICI Bank Help Sensex, Nifty Rebound After Worst Fall In A Month

Indian equity benchmarks rebound from their worst fall in over a month, driven by Reliance Industries Ltd., ICICI Bank Ltd. and Infosys Ltd.

The S&P BSE Sensex closed 353 points or 0.96 percent higher at 37,311 and the NSE Nifty 50 ended 0.95 percent higher at 11,029.40. The broader markets represented by the NSE Nifty 500 Index ended 0.91 percent higher.

"Markets are extremely volatile led by negative global cues such inverted U.S yield curve," said Vikas Sethi, Managing Director, Sethi Finmart, in an interview to BloombergQuint. "It is a right time to buy good quality stocks with 9-12 months time frame." However, the indices could "certainly" correct another 2-3 percent in the short-term.

The market breadth was tilted in favour of buyers. About 949 stocks advanced and 808 shares declined on National Stock Exchange.

Ten out of 11 sectoral gauges compiled by National Stock Exchange traded higher, led by the NSE Nifty Media Index’s 2.8 percent gain. On the flipside, the NSE Nifty Pharma Index was the only sectoral loser, down 1.37 percent.

Agreed Ajit Mishra, vice president, research, Religare Broking, saying that investors have to take a cautious stance on the Indian markets in the near term. Going forward, the focus will now shift to earnings recovery and investors will also take cues from global developments such as U.S.-China trade war and crude oil prices, he said.

Coffee Day Enterprises Ltd.’s board approved the disinvestment of Global Village Tech Park in Bengaluru, owned by its unit Tanglin Developments.

The company plans to sell the Tech Park in Bengaluru to Blackstone in a deal valued at Rs 2,600-3,000 crore, according to its stock exchange filing.

Apollo Hospitals

• Stock rose as much as 9.3 percent to Rs 1,445
• Revenue rose 16.3 percent to Rs 2,571.9 crore.
• Net profit rose 68.7 percent to Rs 57.2 crore.
• Ebitda rose 56.4 percent to Rs 363.7 crore.
• Margin at 14.1 percent versus 10.5 percent.

Dixon Technologies

• Stock rose 17.3 percent to Rs 2,336.
• Shares gain for the third consecutive trading session.
• Trading volume was 11 times its 20 day average.

Kaveri Seeds

• Stock rose as much as 11.5 percent to Rs 489.50.
• Shares Jump the most in over two years.

J Kumar Infraprojects

• Stock rose as much as 11 percent to Rs 145.50
• The company was removed from the suspect list of database of shell companies by SFIO

Indian equity benchmarks are set to rebound from one-month low.

The S&P BSE Sensex rose 1.07 percent to 37,346 as of 3 p.m. and the NSE Nifty 50 rose 1 percent to 11,035. The broader markets represented by the NSE Nifty 500 Index rose 0.96 percent.

The market breadth was tilted in favour of buyers. About 937 stocks advanced and 806 shares declined on National Stock Exchange.

Shares of Grasim Industries rose 3.5 percent to Rs 734.70 after the company announced its June quarter results.

Key earnings highlights (Q1, YoY)

• Revenue up 4.4 percent to Rs 5,000.6 crore.
• Net profit down 68.6 percent to Rs 201.7 crore.
• Ebitda down 21.8 percent to Rs 843.7 crore.
• Margins at 16.9 percent versus 22.5 percent.
• Exceptional loss of Rs 290 crore on payments bank venture impairment.

The market breadth was tilted in favour of buyers. About 934 stocks advanced and 787 shares declined on National Stock Exchange.

Shares of InterGlobe Aviation rose as much as 7.3 percent the most since April 16, to Rs 1,617.

Of the shares traded, 43 percent were at the ask price and 40 percent were at the bid, Bloomberg data showed.

The Indian rupee traded off day’s high against the U.S. dollar. The home currency appreciated 0.14 percent to 71.2 against the greenback.

“The rupee could be under pressure due to some pressure building up in terms of broad expectations that there might be a fiscal stimulus in the offing and the expectations in terms of the FPI flows not being as healthy than what we would have thought,” Aditi Nayar, principal economist at ICRA, told BloombergQuint in an interview.

Going ahead, the domestic currency is expected to remain in line with the emerging markets and is not expected to see any major movement, Nayar said.

Indian equity benchmarks were trading near days high.

The S&P BSE Sensex rose 394 points to 37,351 as of 1:04 p.m. and the NSE Nifty 50 rose 1.03 percent to 11,040. The broader markets represented by the SNE Nifty 500 Index rose 0.86 percent.

Wockhardt (Q1, YoY)

• Stock rose as much as 2.6 percent to Rs 294.90.
• Net loss at Rs 44.98 crore verus net loss of Rs 86.18 crore.
• Revenue at Rs 863.11 crore versus Rs 1,007.71 crore.

Edelweiss Financial Services (Q1, YoY)

• Stock fell as much as 2.7 percent to Rs 138.60.
• Net profit at Rs 132.02 crore versus Rs 264.4 crore.
• Net interest income down 26 percent to 26 percent to Rs 379.03 crore.
• Revenue at Rs 2,512.69 crore versus Rs 2,435.47 crore.

Jindal Steel & Power (Q1, YoY)

• Stock rose as much as 11.3 percent to Rs 105.50.
• Revenue up 2.9 percent to Rs 9,945.6 crore.
• Net profit down 94.8 percent to Rs 9.4 crore.
• Ebitda down 4.5 percent to Rs 2,173.1 crore.
• Margin at 21.8 percent versus 23.6% percent.

CESC (Q1, YoY)

• Stock rose as much as 4.2 percent to Rs 772.
• Revenue up 9 percent to Rs 2,359 crore.
• Net profit up 17.9 percent to Rs 217 crore.
• Ebitda down 10.7 percent to Rs 442 crore.
• Margin at 18.7 percent versus 22.9 percent.

Larsen & Toubro Ltd. today said that the company plans to issue non-convertible debentures aggregating up to Rs 1,400 crore, on private placement basis, according to its stock exchange filing.

The Inflation measured by the Wholesale Price Index stood at 1.08 percent in July, according to data released by the Ministry of Commerce.

A Bloomberg poll of economists had estimated the WPI inflation—which tracks changes in the price of goods before they are sold by retailers—at 1.80 percent.

Ten out of 11 sectoral gauges compiled by NSE advanced, led by the NSE Nifty Media Index’s 2 percent advance. On the flipside, the NSE Nifty Pharma Index was the only sectoral loser, down 2.8 percent.

Indian equity benchmarks traded higher, following the gains in Asian peers after the Trump administration de-escalated its trade war with China, providing relief to risk assets that had been under pressure earlier in the week.

The S&P BSE Sensex rose 0.95 percent to 37,309 as of 11 a.m. and the NSE Nifty 50 rose 0.92 percent to 11,020.60.

Shares of Ahluwalia Contracts rose as much as 4.9 percent to Rs 295.

The company said that it won order worth Rs 168 crore for construction of modern flower market for commission agent shops, cold storage facility including water supply, electrical, plumbing, firefighting services and other works at IFC Gazipur, according to its stock exchange filing.

The stock declined 11 percent in the past 12 months compared to a 1.3 percent decline in the Sensex, Bloomberg data showed.

About 12.9 lakh shares of Sintex Plastics changed hands in a block deal, Bloomberg data showed. Buyers and sellers were not known immediately.

Nifty’s 11,000 call option contract was among the most active Nifty option contracts on National Stock Exchange.

Premium on the weekly contract which is set to expire today jumped 317.96 percent to Rs 59.35. Over 1.98 lakh shares were added to the open interest which stood at over 20.61 lakh shares.

Indian equity benchmarks traded higher, following the gains in Asian peers after the Trump administration de-escalated its trade war with China, providing relief to risk assets that had been under pressure earlier in the week.

The S&P BSE Sensex rose 0.3 percent to 37,069 as of 10 a.m. and the NSE Nifty 50 rose 0.26 percent to 10,953.

Shares of Sobha fluctuated between gains and losses to trade 0.5 percent higher at Rs 503.30.

Brokerage and research firm Citi hiked the company’s stock price target to Rs 640 from Rs 625 while maintaining a ‘Buy’ rating.

Here’s what Citi had to say:

• Decent June quarter pre-sales; Strong P&L performance.
• Net debt inched up and cash flow was weak.
• Despite a challenging environment, Sobha continues to deliver.

The stock traded at 15 times its estimated earnings per share for the coming year, according to Bloomberg data.

ONGC (Q1, QoQ)

• Stock rose as much as 1.6 percnet to Rs 129.80.
• Revenue fell 0.86 percent to Rs 26,554.7 crore. (estimate Rs 27,397 crore)
• Net profit rose 46 percent to Rs 5,904.3 crore. (estimate Rs 6,006 crore)
• Ebitda rose 22.2 percent to Rs 15,111.9 crore. (estimate Rs 14,029 crore)
• Margin at 56.9 percent versus 46.2 percent. (estimate 51.2 percent)
• Other expenses fell 31 percent to Rs 3,973.3 crore.
• Net realisation at $66.3/bbl versus $61.93/bbl.

Coal India (Q1, YoY)

• Stock rose as much as 2.3 percent to Rs 208.50.
• Revenue rose 3.6 percent to Rs 24,939 crore. (estimate Rs 24,843.9 crore)
• Net profit rose 22.3 percent to Rs 4,629.7 crore. (estimate Rs 4,261 crore)
• Ebitda rose 17 percent to Rs 6,612.5 crore. (estimate Rs 6,213.2 crore)
• Margin at 26.5 percent versus 23.5 percent. (estimate 25 percent)

NALCO (Q1, YoY)

• Stock fell as much as 6.8 percent to Rs 41.50.
• Revenue fell 29.9 percent to Rs 2,084.1 crore. (estimate Rs 2,329 crore)
• Net profit fell 85.7 percent to Rs 98 crore. (estimate Rs 2,24 crore)
• Ebitda fell 78.8 percent to Rs 214.1 crore. (estimate Rs 394 crore)
• Margin at 10.3 percent versus 34 percent.
• Exceptional gain of Rs 91 crore in the base quarter.

NMDC (Q1, YoY)

• Stock rose as much as 4.1 percent to Rs 105.35.
• Revenue rose 34.8 percent to Rs 3,263.7 crore. (estimate Rs 3,216 crore)
• Net profit rose 20.9 percent to Rs 1,179.3 crore. (estimate Rs 1,213.5 crore)
• Ebitda rose 31.1 percent to Rs 1,866.8 crore. (estimate Rs 1,784.5 crore)
• Margin at 57.2 percent versus 58.8 percent.

Glenmark Pharma (Q1, YoY)

• Stock fell as much as 7.6 percent to Rs 384.
• Revenue rose 7.3 percent to Rs 2,322.9 crore. (estimate Rs 2,394 crore)
• Net profit fell 53.1 percent to Rs 109.2 crore. (estimate Rs 187.6 crore)
• Ebitda fell 1.4 percent to Rs 341.9 crore. (estimate Rs 389.1 crore)
• Margin at 14.7 percent versus 16 percent.
• Other income of Rs 138 crore in the base quarter.

Power Finance Corporation (Q1, YoY)

• Stock rose as much as 2.6 percent to Rs 106.75.
• Net interest income rose 3.7 percent to Rs 2,165.4 crore.
• Net profit was flat at Rs 1,383 crore versus Rs 1,384 crore.

Rain Industries (Q2CY19, YoY)

• Stock rose as much as 6.3 percent to Rs 87.45.
• Revenue fell 12.2 percent to Rs 3,341.6 crore.
• Net profit fell 51.7 percent to Rs 146.8 crore.
• Ebitda fell 39.5 percent to Rs 420 crore.
• Margin at 12.6 percent versus 18.3 percent.

Manappuram Finance (Q1, YoY)

• Stock rose as much as 6.6 percent to Rs 123.90.
• Net interest income rose 23 percent to Rs 764 crore.
• Net Income rose 36 percent to Rs 272 crore.

Apollo Hospital Enterprises (Q1, YoY)

• Stock rose as much as 9 percent to Rs 1,442.
• Revenue rose 16.3 percent to Rs 2,571.9 crore.
• Net profit rose 68.7 percent to Rs 57.2 crore.
• Ebitda rose 56.4 percent to Rs 363.7 crore.
• Margin at 14.1 percent versus 10.5 percent.

Reliance Infra (Q1, YoY)

• Stock rose as much as 12.9 percent to Rs 50.85.
• Revenue rose 1.7 percent to Rs 5,466.7 crore.
• Net profit rose 19.6 percent to Rs 299.2 crore.
• Ebitda rose 13 percent to Rs 635.6 crore.
• Margin at 11.6 percent versus 10.5 percent.

United Breweries (Q1, YoY)

• Stock fell as much as 2.2 percent to Rs 1,331.20.
• Revenue rose 9.8 percent to Rs 2,049.7 crore.
• Net profit fell 25.9 percent to Rs 164.6 crore.
• Ebitda fell 17.9 percent to Rs 329 crore.
• Margin at 16.1 percent versus 21.5 percent.
• Employee expenses rose 15 percent to Rs 124.3 crore.

Shares of Dr. Reddy’s Laboratories fell as much as 8 percent, the most since June 04, to hit a six-month low.

The Hyderabad-based drugmaker said it has received a Complete Response Letter from the U.S. Food and Drug Administration for its version of gNuvaRing—a vaginal ring to prevent pregnancy, according to its statement on the website.

The Stock was the worst performer on Nifty. The Relative Strength Index was below 30, indicating that the stock may be overbought, according to Bloomberg data. Of the shares traded, 38 percent were at the ask price and 36 percent were at the bid.

Shares of HDFC Life fell as much as 7.5 percent, the most since May 2018, to Rs 480.35.

More than 6.24 crore shares or 3.3 percent equity changed hands in four block deals, Bloomberg data showed.

While buyers and sellers were not known immediately, Standard Life Aberdeen said that it sold 3.3 percent equity in the insurance company to raise 374 million GBP.

Standard Life offered the HDFC Life shares at Rs 477.8 to Rs 493.4 each, according to terms for the deal obtained by Bloomberg.

Trading volume was more than 15 times its 20-day average, Bloomberg data showed. The stock declined 4.8 percent in the past five days and rose 1.2 percent in the past 30 days. HDFC Life traded at 67 times its estimated earnings per share for the coming year, according to Bloomberg data.

Indian equity benchmarks opened higher, following the gains in Asian peers after the Trump administration de-escalated its trade war with China, providing relief to risk assets that had been under pressure earlier in the week.

The S&P BSE Sensex rose as much as 0.79 percent or 292 points to 37,250 and the NSE Nifty 50 rose as much as 0.71 percent to 11,003.75. The broader markets represented by the NSE Nifty 500 Index rose as much as 0.59 percent.

The market breadth was tilted in favour of buyers. About 835 stocks declined and 570 shares advanced on National Stock Exchange.

Nine out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Media Index’s 1.46 percent gain. On the flipside, the NSE Nifty Pharma Index was the top sectoral loser, down 1.4 percent.

• U.S. stocks halted a two-day slide. The S&P 500 Index jumped as much as 2 percent. Apple surged more than 4 percent to pace gains among hardware makers.
• President Donald Trump delayed the imposition of new tariffs on a wide variety of consumer products including toys and laptops until December.
• Oil jumped the most this year. Brent crude advanced 4 percent yesterday.
• Silver prices on Tuesday soared Rs 2,000 to touch an all-time high mark of Rs 45,000 per kg, while gold declined by Rs 100 to Rs 38,370 per 10 gram in the national capital, PTI reported quoting All India Sarafa Association.
• Elsewhere, Hong Kong’s airport resumed normal operations after a chaotic night of protest. President Donald Trump warned of Chinese troops massing on the border.
• After consistently rising since January, India’s retail inflation saw a moderate dip this year due to weak demand conditions in the economy.

August Futures

• Nifty futures closed at 10,925, discount of 0.65 points versus premium of 13 points.
• Nifty futures open interest down 1 percent, sheds 2 lakh shares in open interest.
• Bank Nifty futures closed at 27,737.8, premium of 8.7 points versus 42 points.
• Bank Nifty futures open interest up 7 percent, adds 1.1 lakh shares in open interest.

Options

• Nifty PCR at 0.96 versus 1.24 (across all series).

Nifty Weekly Expiry Aug. 14

• Max open interest on call side at 11,200 (28.5 lakh shares).
• Max open interest on put side at 10,900 (12.2 lakh shares).
• Max open interest addition seen in 11,100C (+16.6 lakh shares), 11,000C (+14.9 lakh shares).
• open interest shedding seen at 11,000P (-8 lakh shares), 10,050P (-4.9 lakh shares).

Nifty Monthly Expiry Aug 29

• Max open interest on call side at 11,000 (25.6 lakh shares).
• Max open interest on put side at 11,000 (33.8 lakh shares).

• Gandhi Special Tubes ex-date for share buyback.
• Andhra Cements to move into ASM Framework.
• Hubtown, IFB Agro Industries, Nandan Denim , Rolta India, Solara Active Pharma Sciences to move into short term ASM Framework.
• Solara Active Pharma Sciences price band revised to 10 percent.

The Indian rupee opened higher against the U.S. dollar. The home currency appreciated as much as 0.7 percent to 70.9 percent against the greenback.

A rally in Asian stocks is helping emerging market currencies. Dealers see the pair trading in a range of 70.20-71.20 a dollar in the day.

Indian equity benchmarks are set to open higher.

The S&P BSE Sensex rose 0.67 percent to 37,205 during the pre-market trade and the NSE Nifty 50 rose 0.79 percent to 11,017.

Nifty Earnings To Watch

• Grasim

Other Earnings To Watch

• Jindal Steel & Power
• HEG
• Brigade Enterprises
• CESC
• CESC Ventures
• IDBI Bank
• Deepak Fertilizers and Petrochemicals
• Indiabulls Real Estate
• Indraprastha Gas
• Greenply Industries
• Edelweiss Financial Services
• GMR Infrastructure
• IDFC
• Eveready Industries
• Wockhardt
• Finolex Cables
• Jain Irrigation Systems
• Ashiana Housing
• Sadbhav Engineering
• Astra Microwave Products
• Gateway Distriparks
• Accel
• MIRC Electronics
• Ahluwalia Contracts
• Apollo Micro Systems
• General Insurance Corporation of India
• Alphageo
• Automotive Axles
• Avon Lifesciences
• Bajaj Healthcare
• Bharat Rasayan
• Bharat Wire Ropes
• Fiem Industries
• Galaxy Surfactants
• General Insurance Corporation of India
• Himadri Speciality Chemical
• Housing Development and Infrastructure ,
• Hubtown
• IIFL Finance
• India Tourism Development Corporation
• Indiabulls Integrated Services
• Johnson Controls - Hitachi Air Conditioning India
• KDDL
• Kitex Garments
• KNR Constructions
• Kohinoor Foods
• Kridhan Infra
• Mahanagar Telephone Nigam
• Mcleod Russel India
• MMTC
• MT Educare
• Omaxe
• Orient Paper & Industries
• Reliance Capital
• Repco Home Finance
• SML Isuzu
• SORIL Infra Resources
• Spencer's Retail
• Suven Life Sciences
• Suzlon Energy
• Talwalkars Healthclubs
• Titagarh Wagons
• Unitech
• Veto Switchgears And Cables ,
• Williamson Magor & Company
• Zee Learn
• Zuari Global

Earnings Reaction To Watch

ONGC (Q1, QoQ)

• Revenue fell 0.86 percent to Rs 26,554.7 crore. (estimate Rs 27,397 crore)
• Net profit rose 46 percent to Rs 5,904.3 crore. (estimate Rs 6,006 crore)
• Ebitda rose 22.2 percent to Rs 15,111.9 crore. (estimate Rs 14,029 crore)
• Margin at 56.9 percent versus 46.2 percent. (estimate 51.2 percent)
• Other expenses fell 31 percent to Rs 3,973.3 crore.
• Net realisation at $66.3/bbl versus $61.93/bbl.

Coal India (Q1, YoY)

• Revenue rose 3.6 percent to Rs 24,939 crore. (estimate Rs 24,843.9 crore)
• Net profit rose 22.3 percent to Rs 4,629.7 crore. (estimate Rs 4,261 crore)
• Ebitda rose 17 percent to Rs 6,612.5 crore. (estimate Rs 6,213.2 crore)
• Margin at 26.5 percent versus 23.5 percent. (estimate 25 percent)

NALCO (Q1, YoY)

• Revenue fell 29.9 percent to Rs 2,084.1 crore. (estimate Rs 2,329 crore)
• Net profit fell 85.7 percent to Rs 98 crore. (estimate Rs 2,24 crore)
• Ebitda fell 78.8 percent to Rs 214.1 crore. (estimate Rs 394 crore)
• Margin at 10.3 percent versus 34 percent.
• Exceptional gain of Rs 91 crore in the base quarter.

NMDC (Q1, YoY)

• Revenue rose 34.8 percent to Rs 3,263.7 crore. (estimate Rs 3,216 crore)
• Net profit rose 20.9 percent to Rs 1,179.3 crore. (estimate Rs 1,213.5 crore)
• Ebitda rose 31.1 percent to Rs 1,866.8 crore. (estimate Rs 1,784.5 crore)
• Margin at 57.2 percent versus 58.8 percent.

Glenmark Pharma (Q1, YoY)

• Revenue rose 7.3 percent to Rs 2,322.9 crore. (estimate Rs 2,394 crore)
• Net profit fell 53.1 percent to Rs 109.2 crore. (estimate Rs 187.6 crore)
• Ebitda fell 1.4 percent to Rs 341.9 crore. (estimate Rs 389.1 crore)
• Margin at 14.7 percent versus 16 percent.
• Other income of Rs 138 crore in the base quarter.

Power Finance Corporation (Q1, YoY)

• Net interest income rose 3.7 percent to Rs 2,165.4 crore.
• Net profit was flat at Rs 1,383 crore versus Rs 1,384 crore.

Rain Industries (Q2CY19, YoY)

• Revenue fell 12.2 percent to Rs 3,341.6 crore.
• Net profit fell 51.7 percent to Rs 146.8 crore.
• Ebitda fell 39.5 percent to Rs 420 crore.
• Margin at 12.6 percent versus 18.3 percent.

Manappuram Finance (Q1, YoY)

• Net interest income rose 23 percent to Rs 764 crore.
• Net Income rose 36 percent to Rs 272 crore.

Apollo Hospital Enterprises (Q1, YoY)

• Revenue rose 16.3 percent to Rs 2,571.9 crore.
• Net profit rose 68.7 percent to Rs 57.2 crore.
• Ebitda rose 56.4 percent to Rs 363.7 crore.
• Margin at 14.1 percent versus 10.5 percent.

Reliance Infra (Q1, YoY)

• Revenue rose 1.7 percent to Rs 5,466.7 crore.
• Net profit rose 19.6 percent to Rs 299.2 crore.
• Ebitda rose 13 percent to Rs 635.6 crore.
• Margin at 11.6 percent versus 10.5 percent.

United Breweries (Q1, YoY)

• Revenue rose 9.8 percent to Rs 2,049.7 crore.
• Net profit fell 25.9 percent to Rs 164.6 crore.
• Ebitda fell 17.9 percent to Rs 329 crore.
• Margin at 16.1 percent versus 21.5 percent.
• Employee expenses rose 15 percent to Rs 124.3 crore.

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 0.18 percent to 10,933.50 as of 8:10 a.m.

Asian stohttps://www.bloombergquint.com/global-economics/u-s-delays-10-tariffs-on-china-imports-including-phones-toyscks climbed after the Trump administration de-escalated its trade war with China, providing relief to risk assets that had been under pressure earlier in the week.

Stocks in Hong Kong and Korea outperformed and Japan’s Topix index rose after the S&P 500 Index had its biggest intraday gain in more than two months.

Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.

Source: Bloomberg