MARKETS ON FRIDAY: Indices end flat, Nifty holds 10,550; TCS gains 7%

Markets ended flat on Friday with losses in financials and metals overshadowing gains in information technology stock

10:06 AM

Market Check

 

S&P BSE Sensex	34,367.52		-0.17%
Nifty 50	10,545.30		-0.19%
S&P BSE 200	4,640.73		-0.22%
Nifty 500	9,332.55		-0.25%
S&P BSE Mid-Cap	16,799.48		-0.44%
S&P BSE Small-Cap	18,152.37		-0.12%

10:05 AM

COMMODITY WATCH: GOLD (Image Source: Nirmal Bang report)

9:59 AM

COMMENT Aditi Nayar, Principal Economist, ICRA

The minutes of the MPC's meeting have a distinctly hawkish tinge as compared to our reading of the statement itself. While incoming data and policy decisions related to factors such as MSPs, excise on fuels and expenditure announcements remain critical, today's minutes suggest that a back-ended rate hike in 2018 remains a possibility, if headline inflation exceeds the trajectory set out by the MPC. As a result, bond yields are likely to harden in the immediate term

9:58 AM

Phillip Capital on MPC minutes

We expect the Reserve Bank of India (RBI) to stay on hold in FY19. A few of the risk factors highlighted in the minutes have started to materialize – like surge in oil prices, global trade wars, and possibility of three fed rate hike – again building pressure on the bond yields. Hawkish policy minutes will lead to hardening of bond yields – wiping out the correction seen post Rs 500bn cut in the central government borrowing. Likely near/medium-term range of 7.3%-7.8%

9:57 AM

MARKET COMMENT Asia FIXED INCOME & FX Strategy Viewpoint

Volatility in Indian fixed income space (especially bonds) has come off from the highs. However, the price action in response to the recent policy measures and a dovish RBI policy has been discouraging and begs the question if enough has been done and/or if the measures came too late. Local PSU banks continue to be sellers and now, offshore investors have been selling bonds on the back of negative INR total returns

We believe FX risk reversals and swaps currently do not currently price in adequate risk premia for a potential deterioration in the domestic macro backdrop and political landscape. FX risk premia is likely to reprice higher if USD/INR breaches 2017 highs of 65.90. Unlike the past, RBI is also unlikely to intervene much as long as the deterioration in BoP comes from current account.

(Source: BofAML)

9:52 AM

Indian banks' FY18 results likely to be weak, says S&P Global Ratings

Indian banks' results for the fiscal year ended March 2018 are likely to be weak, S&P Global Ratings said on Thursday. The central bank's recently announced change to the recognition of restructured loans will probably foster early recognition and higher provisions across the banking sector. READ MORE

9:42 AM

Former NSE bosses Ramkrishna, Narain face Sebi questions over colocation

The Securities and Exchange Board of India (Sebi) questioned the National Stock Exchange’s (NSE’s) former chief executive officer Chitra Ramkrishna and vice-chairman Ravi Narain in connection with the colocation (colo) controversy.

 

According to sources, both were summoned last week as part of a probe in the colo matter. The two were asked to clarify on certain issues and their statement was recorded in a detailed manner, said a source, adding the regulator wants to conclude the investigation by end of this month. READ MORE

9:20 AM

TCS hits 52-week high post strong Q4 results

9:19 AM

Sectoral Trend

9:18 AM

Top Sensex gainers and losers

9:16 AM

Markets open

At 9:16 am, the S&P BSE Sensex was trading at 34,444, up 16 points while the broader Nifty50 index was ruling at 10,559, down 5 points

9:05 AM

Markets at Pre-open

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	34,439.93	+12.64	+0.04
S&P BSE SENSEX 50	11,062.81	+2.41	+0.02
S&P BSE SENSEX Next 50	34,599.31	+3.42	+0.01
S&P BSE 100	10,986.83	+2.19	+0.02
S&P BSE Bharat 22 Index	3,610.63	+4.04	+0.11

8:51 AM

Derivatives strategy on SAIL April Futures by HDFC Securities

Buy SAIL April 80 CALL at Rs 2

Stop loss: Rs 1

Target: Rs 3.50

 

Rationale: Short covering is seen in the SAIL Futures today where we have seen 3% reduction in open interest with price rise of 4.5%. Stock Price has given breakout on the daily chart today where it closes above the resistance level of 80 odd levels with rise in Volumes. The stock price is trading above its short term and long term moving averages, indicating bullish trend for the short to medium term. Momentum Indicators and Oscillators are Indicating strength in the stock. Metal as a sector is doing well and looking good for the short term.

8:47 AM

Today's picks: From Tata Steel to Ultratech, hot stocks to watch on Friday

Tata Steel

Current price: Rs 622

Target price: Rs 632

 

Keep a stop at Rs 616 and go long. Add to the position between Rs 629 and Rs 631. Book profits at Rs 632. READ MORE

8:45 AM

Commodity outlook and top trading ideas by Tradebulls for today

Gold once again has come to test the resistance of $1355-1360. Although the fear that gripped investment markets last week has abided, gold continues to benefit from lingering fears. It is trading at the top of its 3-month range. The interim outlook still remains favourable and we can see gold touching the highs of 31800 within coming days. Silver after being in hibernation finally has broken out. The fundamentals were bullish but technically, silver was looking weak but now with yesterday’s spectacular move, silver is looking positive. At present, silver is being considered as industrial metals and because of big upmove in base metals, we are seeing follow up in silver prices too. Technically Silver has given trend reversal with closing above its 200 days moving average. The short squeeze is being witnessed in silver as speculators were record short in the commodity. READ MORE