MARKETS ON WEDNESDAY: Indices end flat, Nifty holds 10,400; OMCs fall
All that happened in the markets on Wednesday
 "Markets, Up, Down, BSE, NSE, Stocks")
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10:03 AM
Edelweiss on Future Consumer
Future Consumer (FCL), within just five years, has made its mark in the branded FMCG market. Through its differentiated offerings, the company is not only expanding existing categories, but also launching innovative products in emerging categories. This, along with prudent pricing strategy, ensures higher wallet share of consumers.
Moreover, FCL has efficiently leveraged group company Future Retail’s (FRL) retail muscle — 879 stores—giving it competitive edge. Factoring these, we estimate FCL to clock revenue CAGR of 42.5% and EBITDA margin to expand by 379bps over FY17-20. Initiate coverage with ‘BUY’ and DCF-based target price of Rs 77
Moreover, FCL has efficiently leveraged group company Future Retail’s (FRL) retail muscle — 879 stores—giving it competitive edge. Factoring these, we estimate FCL to clock revenue CAGR of 42.5% and EBITDA margin to expand by 379bps over FY17-20. Initiate coverage with ‘BUY’ and DCF-based target price of Rs 77
10:02 AM
MARKET COMMENT Dhananjay Sinha, Head, Institutional Research, Economist and Strategist, Emkay Global
Rising tendency of protectionism across the world is incongruous in the backdrop of recent global cyclical recovery, led by major economies like the US and Europe. The concerns have surfaced, especially in the context of the US-China trade conflicts and changing trade order predicated on US actions. Our research highlights that protectionism has not started now.
Seen against the backdrop of past phases of protectionism and the gradual pace of global rebalancing, it will still be another 3-5 years before the inflexion point is reached. Alternately, it can be shorter if US delivers a sustained productivity-led growth akin to 1993-2000, which is unlikely. India’s domestic-centric stance, combination of greater fiscal commitment to support demand and protectionist measures, in our view will create opportunities in domestic oriented sectors
Rising tendency of protectionism across the world is incongruous in the backdrop of recent global cyclical recovery, led by major economies like the US and Europe. The concerns have surfaced, especially in the context of the US-China trade conflicts and changing trade order predicated on US actions. Our research highlights that protectionism has not started now.
Seen against the backdrop of past phases of protectionism and the gradual pace of global rebalancing, it will still be another 3-5 years before the inflexion point is reached. Alternately, it can be shorter if US delivers a sustained productivity-led growth akin to 1993-2000, which is unlikely. India’s domestic-centric stance, combination of greater fiscal commitment to support demand and protectionist measures, in our view will create opportunities in domestic oriented sectors
10:00 AM
Market Check
| S&P BSE Sensex | 33,770.07 | -0.33% | |
|---|---|---|---|
| Nifty 50 | 10,377.50 | -0.24% | |
| S&P BSE 200 | 4,563.30 | -0.29% | |
| Nifty 500 | 9,199.85 | -0.21% | |
| S&P BSE Mid-Cap | 16,589.57 | -0.38% | |
| S&P BSE Small-Cap | 17,907.41 | -0.23% | |
9:57 AM
Stocks In News
India Bulls Real Estate wholly owned subsidiary has executed a non-binding term sheet with Oricon enterprises for execution of definitive agreements for joint development of a commercial building at OEL’s land parcel situated at Dr. E.Moses road Worli. Upon execution of the definitive agreement, India Bulls Real estate will get exclusive ownership rights of approx. 2.55 lac sq.ft leasable area.
ONGC, Reliance Industries have started discussions with buyers to sell natural gas from their fields in the Bay of Bengal that are expected to start production over the next three years.
Calix, Infosys Enter Strategic CoCreation Partnership to Accelerate Time to Market for New Capabilities on AXOS Platform
Tech Mahindra :Balbix tie up with the company for artificial intelligence-based cyber security platform.
Dr Reddy's Labs gets EIR from USFDA for Cuernavaca plant in Mexico
Max Financial: Company leads race to buy IDBI Federal Life stake
MRPL: Company trims oil purchase deal with Saudi Aramco
AU Small Finance bank increased deposit rate on savings account for balances between Rs 1 lakh–10 lakh by 50 basis points and Rs 10 lakh–10 crore by 25 basis points.
IFCI revised benchmark rate to 9 percent from 8.8 percent effective from April 12.
Lemon Tree Hotels signed contract to operate 120 room hotel in Vijaywada that is expected to be operational by March 2021
Binani Industries received shareholders’ approval to sell assets.
Star Cement says received Rs 80.26 crore towards subsidies from central government.
Exide Industries launches completely sealed and maintenance-free battery for the automotive after-market.
MGL promoter BG Asia Pacific Holdings Pte to sell 7.5% stake at floor price of Rs 905.
KP Energy tied up with GE Renewables India for new power project of 300MW at Kutch, Gujarat.
(Source: Nirmal Bang)
Monnet Ispat & Energy Ltd.’s committee of creditors have approved a resolution plan submitted by a joint venture between AION Investments Pvt Ltd and JSW Steel Ltd. The plan was approved by lenders with a 98.97 percent majority, Monnet Ispat said in an exchange filing. The bid will now be placed before the National Company Law Tribunal for final approval, before being implemented.
HFCL bags Advance Purchase Order for Rs.579 crore approx from Bharat Sanchar Nigam Limited ('BSNL') for building 2G Global System for Mobile ('GSM') Base Service Set ('BSS') Network in Assam.
HFCL bags Advance Purchase Order for Rs.579 crore approx from Bharat Sanchar Nigam Limited ('BSNL') for building 2G Global System for Mobile ('GSM') Base Service Set ('BSS') Network in Assam.
India Bulls Real Estate wholly owned subsidiary has executed a non-binding term sheet with Oricon enterprises for execution of definitive agreements for joint development of a commercial building at OEL’s land parcel situated at Dr. E.Moses road Worli. Upon execution of the definitive agreement, India Bulls Real estate will get exclusive ownership rights of approx. 2.55 lac sq.ft leasable area.
ONGC, Reliance Industries have started discussions with buyers to sell natural gas from their fields in the Bay of Bengal that are expected to start production over the next three years.
Calix, Infosys Enter Strategic CoCreation Partnership to Accelerate Time to Market for New Capabilities on AXOS Platform
Tech Mahindra :Balbix tie up with the company for artificial intelligence-based cyber security platform.
Dr Reddy's Labs gets EIR from USFDA for Cuernavaca plant in Mexico
Max Financial: Company leads race to buy IDBI Federal Life stake
MRPL: Company trims oil purchase deal with Saudi Aramco
AU Small Finance bank increased deposit rate on savings account for balances between Rs 1 lakh–10 lakh by 50 basis points and Rs 10 lakh–10 crore by 25 basis points.
IFCI revised benchmark rate to 9 percent from 8.8 percent effective from April 12.
Lemon Tree Hotels signed contract to operate 120 room hotel in Vijaywada that is expected to be operational by March 2021
Binani Industries received shareholders’ approval to sell assets.
Star Cement says received Rs 80.26 crore towards subsidies from central government.
Exide Industries launches completely sealed and maintenance-free battery for the automotive after-market.
MGL promoter BG Asia Pacific Holdings Pte to sell 7.5% stake at floor price of Rs 905.
KP Energy tied up with GE Renewables India for new power project of 300MW at Kutch, Gujarat.
(Source: Nirmal Bang)
9:46 AM
Sebi tightens Know Your Customer norms for foreign portfolio investors
The Securities and Exchange Board of India (Sebi) has tightened some Know Your Customer (KYC) rules for foreign investors. A circular it issued on Tuesday sets stiffer rules for foreign portfolio investors (FPIs) from ‘high risk’ jurisdictions and also from People of Indian Origin (PIOs) who control an FPI. These measures have been taken to align Sebi’s rules around the Prevention of Money Laundering Act. READ MORE
9:33 AM
Nifty PSU Bank index slips nearly 1%. Top losers:
| COMPANY | LATEST | PREV CLOSE | LOSS() | LOSS(%) |
| PUNJAB NATL.BANK | 103.30 | 105.20 | -1.90 | -1.81 |
| ORIENTAL BANK | 99.85 | 101.35 | -1.50 | -1.48 |
| BANK OF INDIA | 114.20 | 115.55 | -1.35 | -1.17 |
| CANARA BANK | 284.10 | 287.35 | -3.25 | -1.13 |
| ANDHRA BANK | 44.45 | 44.95 | -0.50 | -1.11 |
9:30 AM
Nifty Metal index trades over 1.5% higher. Top gainers:
| COMPANY | LATEST | PREV CLOSE | GAIN() | GAIN(%) |
| JINDAL STAIN .HI | 176.95 | 172.15 | 4.80 | 2.79 |
| NATL. ALUMINIUM | 74.10 | 72.35 | 1.75 | 2.42 |
| HINDALCO INDS. | 233.30 | 230.00 | 3.30 | 1.43 |
| VEDANTA | 288.00 | 284.10 | 3.90 | 1.37 |
| JSW STEEL | 315.00 | 311.35 | 3.65 | 1.17 |
9:19 AM
Sectoral Trend
9:18 AM
Top Sensex gainers and losers
9:16 AM
Markets at Open
At 9:16 am, the S&P BSE Sensex was trading at 33,916, up 36 points while the broader Nifty50 index was ruling at 10,412, up 10 points
At 9:16 am, the S&P BSE Sensex was trading at 33,916, up 36 points while the broader Nifty50 index was ruling at 10,412, up 10 points
9:01 AM
Markets at pre-open
(Source: BSE)
| Index | Current | Pt. Change | % Change |
| S&P BSE SENSEX | 33,992.52 | +112.27 | +0.33 |
| S&P BSE SENSEX 50 | 10,902.23 | +20.20 | +0.19 |
| S&P BSE SENSEX Next 50 | 34,283.55 | +67.11 | +0.20 |
| S&P BSE 100 | 10,836.63 | +20.17 | +0.19 |
| S&P BSE Bharat 22 Index | 3,589.43 | +3.06 | +0.09 |
(Source: BSE)
8:53 AM
Keep a stop at Rs 595 and go long. Add to the position between Rs 609 and Rs 611. Book profits at Rs 612. READ MORE
Today's picks: From Tata Steel to HPCL, stocks to watch on Wednesday
Tata Steel
Current price: Rs 602
Target price: Rs 612
Keep a stop at Rs 595 and go long. Add to the position between Rs 609 and Rs 611. Book profits at Rs 612. READ MORE
8:51 AM
From the recent bottom of 9951, Nifty has risen 474 odd points, to close at 10402. A 50DMA and 100DMA are currently placed at the same level of 10438 and the same is likely to act as an immediate resistance for the Nifty. Previous top on the Nifty is placed at 10478, which can also act as a resistance. Therefore, the range of 10430-10480 would be considered as a strong resistance zone. As far as support is concerned, 10238, the 20DMA is likely to act as a short term support. READ MORE
Hold longs in Nifty with a stop loss of 10,238: HDFC Securities
From the recent bottom of 9951, Nifty has risen 474 odd points, to close at 10402. A 50DMA and 100DMA are currently placed at the same level of 10438 and the same is likely to act as an immediate resistance for the Nifty. Previous top on the Nifty is placed at 10478, which can also act as a resistance. Therefore, the range of 10430-10480 would be considered as a strong resistance zone. As far as support is concerned, 10238, the 20DMA is likely to act as a short term support. READ MORE
8:49 AM
Nifty has gradually reached the 10400 level and has indicated a range bound movement around that level forming a small bearish candle. The important resistance of 10450-10470 is nearing and we maintain a cautious view with the 50DMA moving average also hovering around that level. However, the support for the day is seen at 10350 while the resistance would be at 10450 levels. READ MORE
Nifty outlook from Prabhudas Lilladher for today
Nifty has gradually reached the 10400 level and has indicated a range bound movement around that level forming a small bearish candle. The important resistance of 10450-10470 is nearing and we maintain a cautious view with the 50DMA moving average also hovering around that level. However, the support for the day is seen at 10350 while the resistance would be at 10450 levels. READ MORE
8:45 AM
Markets on Tuesday
| S&P BSE Sensex | 33,880.25 | 0.27% | |
| Nifty 50 | 10,402.25 | 0.22% | |
| S&P BSE 200 | 4,576.79 | 0.17% | |
| Nifty 500 | 9,219.15 | 0.15% | |
| S&P BSE Mid-Cap | 16,653.09 | 0.18% | |
| S&P BSE Small-Cap | 17,947.83 | -0.02% | |
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First Published: Apr 11 2018 | 3:32 PM IST
