MARKETS ON WEDNESDAY: Indices end flat; IT, metal stocks among top losers

Benchmark indices ended flat Wednesday after a choppy session dragged by losses in the metal and IT indices.

9:59 AM

Market Check

 

S&P BSE Sensex	35,149.86		-0.03%
Nifty 50	10,738.90		-0.00%
S&P BSE 200	4,721.50		-0.04%
Nifty 500	9,499.75		0.03%
S&P BSE Mid-Cap	17,022.31		0.06%
S&P BSE Small-Cap	18,413.14		0.06%

9:45 AM

Rupee fall may push up input cost further for Indian companies

The Indian rupee’s recent slide is not merely a routine volatility, but something that could be here to stay, experts have started cautioning. If rupee continues to slide, it would pose a challenge at many levels, not the least on inflation. India imports 70 per cent of its oil requirements, and with crude oil prices rising, the import cost has already gone up.

 

A falling rupee would make imports even more costlier. A weak rupee, though seemingly good for exporters, would push up input cost further for Indian companies. READ MORE

9:29 AM

After dream run, Indian markets likely to run into rough weather

 

After posting its biggest monthly jump in two years, the Indian market is likely to face resistance if oil prices rise further and the rupee’s slide continues. Political uncertainty, possibility of disappointment in earnings of banks and a surge in stock valuations — following a seven per cent jump in the benchmark S&P BSE Sensex last month — could exert downward pressure on the equity markets.

 

“Macro headwinds are rising for Indian equities in the form of rising commodity prices, especially oil, depreciating rupee, fiscal challenges, election-related uncertainty and upside risks to inflation,” says Vinod Karki, vice-president (strategy), ICICI Securities. READ MORE

9:21 AM

Tata Motors up over 2% after April sales grew 86%

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 35,299 up 139 points while the broader Nifty50 index was ruling at 10,774 up 33 points

9:06 AM

STOCKS IN NEWS

·         Maruti Suzuki sales rose 14.4% to 1.72 lakh units.

 

·         Tata Motors sales grew 86% to 53,511 units.

 

·         Mahindra & Mahindra sales were 22% higher at 48,097 units.

 

·         Eicher Motors sales jumped 27% at 76,187 units.

 

·         TVS Motor Company sales grew 24% to 3.04 lakh units.

 

·         Escorts sales rose 26.3% at 6,186 units.

 

·         IHH raises Fortis Healthcare bid to Rs 175 per share.

 

·         Munjals-Burmans increase Fortis offer to Rs 1,800 crore.

 

·         M&M to acquire up to 10% equity in Canada's Resson Aerospace Corp for about Rs 34.5 crore.

 

·         Max, Exide Life shortlisted for IDBI Federal Life Insurance stake sale; valuation likely to be over Rs 6,000 crore: Economic Times.

 

·         L&T will sell electrical and automation division to Schneider for Rs 14,000 crore.

 

·         BHEL gets 900 MW Nepal Hydropower project orders.

 

·         Mahindra Lifespaces joint venture gets multi-product notification for its special economic zones.

 

·         Lakshmi Vilas Bank sets one-year MCLR at 9.45% from May 1.

 

·         Mastek wins contract for U.K. Home Office Biometrics.

 

·         Maithan Alloys to set up 1.2 lakh tonne per annum ferro alloy plant in West Bengal.

 

·         Grasim Industries partially commissioned its expanded Vilayat facility.

 

·         MOIL says Ferro grade & fines prices have been reduced by 15% in Q1. 5% discount on 4 specific grade and prices of chemical grades of ore decreased by 7.5%.

 

·         Sudhir Valia to infuse Rs 3,510 crore into Jaypee Infra Projects in Noida

(SOURCE: IIFL REPORT)

9:04 AM

HCL Tech fourth-quarter profit falls nearly 10 percent, misses estimates

Indian Software Services ExporterHclTechnologiesLtd posted a 9.9 percent fall in its fourth-quarter net profit on Wednesday, hurt by higher expenses. Net profit fell to 22.28 billion rupees ($333.58 million) in the three months ended March 31, from 24.73 billion rupees in the same period a year earlier, Hcl said. READ MORE

9:02 AM

Markets at pre-open

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,287.82	+127.46	+0.36
S&P BSE SENSEX 50	11,284.23	+39.60	+0.35
S&P BSE SENSEX Next 50	34,948.01	+67.54	+0.19
S&P BSE 100	11,189.49	+36.52	+0.33
S&P BSE Bharat 22 Index	3,606.40	+11.33	+0.32

(Source: BSE)

9:00 AM

Trading Strategies for today from Equity99
 

NIFTY Outlook: Nifty finds strong support at 10690 level, break will take it to 10630 level. On the upper side Nifty will face hurdle at 10765 level, cross over will take it to 10805 level.
 

BANK NIFTY Outlook: BANK NIFTY finds support around 25355. Break will take it to 25205 level while 25615 will act as resistance, cross over will take it to 25725 level.

8:57 AM

Segment-wise numbers (Source: HCL Tech release)

8:53 AM

(Image source: HCL Tech release)

8:51 AM

COMMENT Anil Chanana, CFO, HCL Technologies

 

The revenues for FY’18 grew by 12.4% and the EBIT margin at 19.7%, both of which have been in the guided range. We continue to report industry leading revenue per employee of $66,406 on the back of our digital, cloud, cybersecurity, IoT and IP led product offerings. Profit to cash conversion has been healthy with Net Income to Operating Cash Flow at 99% and Return on Equity at 25.2%

8:50 AM

COMMENT C. Vijayakumar, President & CEO, HCL Technologies

 

We conclude the fourth quarter and the financial year 2018 with an industry-leading performance backed by broadbased growth across verticals, robust client additions and accelerated revenues from Mode 2 and 3 Services. 

 

Our quarterly revenues have exceeded the $2 billion mark while our YoY revenues grew by 10.5% YoY. We remain confident of the new fiscal in light of the increasing relevance of our business offerings coupled with our strategic investments in technologies of the future