Bull-run enters 6th day; Sensex soars 617 pts, Nifty ends above 15,100

Weightage-wise, Infosys (up 3 per cent), Reliance Industries, ICICI Bank, M&M, and TCS contributed around 408-points towards overall gains on the index

8:42 AM

BROKERAGE VIEW :: MOFSL on M&M

CMP: Rs 866 | TP: Rs 1,040 (+20%) | Reco: Buy

>> Mahindra & Mahindra (MM)’s 3QFY21 performance was driven by good performance in both the Tractors (FES) and Autos businesses. Furthermore, it has guided for an almost 90% reduction in international subsidiary losses in FY22E, driven by the completion of phase-1 of the capital allocation exercise. MM has twin levers of core business recovery as well as benefits of tightening capital allocation for EPS growth and re-rating.

>> Valuations for MM are still at a substantial discount to its five-year average (which captures both the pain points of deterioration in UV market share and subsidiaries' performances).

>> Implied core P/E for MM stands at 14.4x/111.7x FY22/FY23E EPS. This implies an over 25% discount (on an FY23E basis) to five-year average P/E and P/B. We have lowered our holding-company discount from 40% to 20%, factoring in an improvement in capital allocation and expected reduction in subsidiary loss.

8:37 AM

Trading ideas by Vaishali Parekh

BUY HIND UNILEVER | CMP: Rs 2,269.50 | Target: Rs 2,450-2,480 | Stop Loss: Rs 2,170

 

The stock has corrected well from the peak made near 2,445 and has shown signs of bottoming out near 2,220 level with a momentum pick up expected going-forward. The RSI has also indicated a trend reversal near the oversold zone to signal a buy and is well placed for an upward move. We suggest to buy and accumulate this stock for an upside target of 2,420-2,450, keeping the stop loss of 2,170. READ MORE

8:35 AM

Nifty outlook and stock picks by Sameet Chavan

Although, the banking stocks saw rarest weekly spurt last week, some profit booking was witnessed on Friday after a marathon rally. This led to a formation of ‘Gravestone Doji’ pattern on the daily chart of BANKNIFTY. The said pattern needs confirmation of price trading below the low of the candle i.e. 35,545 in this case. If this happens then we would probably see some profit booking in this week. Traders should take a note of this and ideally it’s advisable to follow stock centric approach. READ MORE

8:33 AM

Bulk deals on the NSE as on Friday

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8:31 AM

Bulk deals on the BSE as on Friday

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8:29 AM

FII/FPI & DII trading activity on NSE, BSE and MSEI

8:28 AM

Rupee check

Source: Bloomberg

8:24 AM

Brent approaches $60/bbl as supply cuts, stimulus hopes lift prices

Oil prices rose on Monday, with Brent futures nearing $60 a barrel, boosted by supply cuts among key producers and hopes for further US economic stimulus measures to boost demand.

 

Brent crude for April touched a high of $59.95 a barrel and was at $59.85 by 0041 GMT, up 51 cents, or 0.9%. Front-month prices last hit $60 on Feb. 20, 2020.

(Source: Reuters)

8:20 AM

SGX Nifty Update

>> At 8:20 am, the index was at 15,031 levels, up 89 points

8:19 AM

Asian market check

Asian shares hovered near record highs on hopes a $1.9 trillion Covid-19 aid package will be passed by US lawmakers as soon as this month just as coronavirus vaccines are being rolled out globally.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan was last up 0.2% at 717.2, not far from last week’s record high of 730.6. Japan’s Nikkei climbed 0.3% while Australian shares advanced 0.5% led by technology and mining shares.

8:16 AM

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