MARKET WRAP: Infy ends 2% higher ahead of Q1 results; Sensex ends flat

Among sectoral indices, the Nifty PSU Bank index fell over 2% weighed by a decline in Canara Bank and Indian Bank.

8:51 AM

ICRA on inflation numbers

Although the CPI inflation rose to 5.0% in June 2018, led by fuel and light, miscellaneous items, and clothing and footwear, it nevertheless came in well below market expectations of 5.3%, offering some relief in terms of the immediate outlook for the inflation trajectory and bond yields.

The impact of higher MSPs on inflation and fiscal risks and a string of expenditure announcements by state governments such as the recent crop loan waiver by Karnataka, have resulted in upside risks to the inflation trajectory for the remainder of FY2019, notwithstanding a favourable base-effect and the recent dip in crude oil prices. Such factors, in conjunction with the rise in core inflation in June 2018, suggest a high likelihood of a repo rate hike in the August 2018 policy

8:49 AM

Top trading ideas by Prabhudas Lilladher:

 

BUY VOLTAS 

CMP: Rs 546.30 

TARGET: Rs 595 

STOP LOSS: Rs 510

 

The stock has made a round bottom formation pattern at 510 levels and gradually is picking up gaining strength and has got potential to rise further in the coming days. The stock has almost given a breakout above the significant 50DMA moving average and has made the positive bias. With the RSI on the rise, the stock looks attractive for further upward move and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 595 keeping a stop loss of 510. READ MORE

8:45 AM

Nifty outlook from Prabhudas Lilladher 

 

Nifty crossed the 11,000 mark and made the intraday high of 11,078 where it faced a resistance and witnessed some profit booking. On the downside now Nifty has got a support near 10,950-10,960 levels while on the upper end around 11,200 would be the new level. Bank Nifty too found the resistance at the previous peak level of 27164 and succumbed to some profit booking. However, the support for the day would be seen at 10,950 while the resistance would be at 11,080 levels. The result outcome of Infy can be a trigger for the indices to fresh movement on either side.

8:41 AM

COMPANY UPDATE Fortis accepts Rs 40-bn investment offer from IHH at Rs 170 per share

India's Fortis Healthcare Ltd said on Friday it accepted an investment offer from Malaysia's IHH Healthcare Bhd, capping a months-long bidding war for control of the firm that drew interest from domestic and international suitors.

 

Cash-strapped Fortis said IHH will invest Rs 40 billion ($584.11 million) at Rs 170 per share in the company that operates about 30 private hospitals in India, where the race to cash in on a private healthcare boom is heating up. The offer is at a 19.5 per cent premium to Fortis' closing price on Thursday READ MORE

The modified new offer shall remain valid and binding in its entirety until June 6

 

8:39 AM

MARKETS ON THURSDAY

Sharp gains in index-heavyweight Reliance Industries (RIL), along with positive global cues, propelled the benchmark Sensex to a lifetime high on Thursday. Domestic investors also cheered the 7 per cent fall — the biggest single-day drop in two years — in global crude oil prices, a key macro headwind for India.

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	36,548.41	+282.48	+0.78
S&P BSE SENSEX 50	11,547.86	+77.54	+0.68
S&P BSE SENSEX Next 50	32,094.07	-84.12	-0.26
S&P BSE 100	11,265.30	+60.34	+0.54
S&P BSE Bharat 22 Index	3,365.44	+21.76	+0.65

8:38 AM

Global Markets: Asian shares extend recovery on Wall Street gains

Asian shares were higher on Friday following gains on Wall Street overnight, as concerns over an escalating U.S. trade war with China took a breather. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2 per cent, building on a 0.6 per cent rise on Thursday, after U.S. stocks ended the day higher. Australian shares also gained 0.2 per cent, while Japan's Nikkei stock index was 1.2 per cent higher. READ MORE

8:28 AM

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