MARKET WRAP: Sensex ends at record high of 36,985; hits 37k in intraday
Nifty, too, hits a record 11,185.85 in intraday trade before settling at 11,167 levels. SBI ralies over 6%.
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8:50 AM
Result Calendar
| Company | Board meeting date |
|---|---|
| Bharat Fin Incl | 26-07-18 |
| Bharti Airtel | 26-07-18 |
| Biocon | 26-07-18 |
| CESC | 26-07-18 |
| Chola Inv | 26-07-18 |
| Colgate | 26-07-18 |
| Containr Crp | 26-07-18 |
| Dr Reddys | 26-07-18 |
| ITC | 26-07-18 |
| Maruti Suzuki | 26-07-18 |
| Petronet LNG | 26-07-18 |
| Shriram TrFn | 26-07-18 |
| Tata Power | 26-07-18 |
| Yes Bank | 26-07-18 |
8:43 AM
HDFC Securities on ICICI Prudential Life
For 1QFY19, IPRU recorded New Business and Renewal Business premiums of Rs 17.7bn (-13.0%) and Rs 36.3bn (+29.1% YoY) respectively. Growth in renewal premium is impressive and displays high quality of business written. PAT for the quarter was down 30.5% YoY to Rs 2.8bn due to new business strain, higher costs and lower investment income.
We fine tune our topline and margin assumptions resulting in VNB increasing by 2/1.5% for FY19E/20E. We continue to like IPRU as it benefits from increasing need of protection, and financialization of savings. We maintain BUY with a target price of Rs 484 (FY20 EV+ 26x FY20E VNB).
For 1QFY19, IPRU recorded New Business and Renewal Business premiums of Rs 17.7bn (-13.0%) and Rs 36.3bn (+29.1% YoY) respectively. Growth in renewal premium is impressive and displays high quality of business written. PAT for the quarter was down 30.5% YoY to Rs 2.8bn due to new business strain, higher costs and lower investment income.
We fine tune our topline and margin assumptions resulting in VNB increasing by 2/1.5% for FY19E/20E. We continue to like IPRU as it benefits from increasing need of protection, and financialization of savings. We maintain BUY with a target price of Rs 484 (FY20 EV+ 26x FY20E VNB).
8:42 AM
Kotak Securities on Persistent Systems
Over FY14-18, Persistent has posted revenue growth of 16% CAGR, generated healthy RoCE/ROE of above 18%/16%, respectively and maintained 23% plus dividend payout. We expect EPS to grow at 26% CAGR over the next two years (FY18-FY20E), driven by higher revenue growth and improvement in EBITDA margins. Lot of headwinds such as volatility in profitability and delay in revenue generation from IBM IoT deal during FY18 seems to be over
Over FY14-18, Persistent has posted revenue growth of 16% CAGR, generated healthy RoCE/ROE of above 18%/16%, respectively and maintained 23% plus dividend payout. We expect EPS to grow at 26% CAGR over the next two years (FY18-FY20E), driven by higher revenue growth and improvement in EBITDA margins. Lot of headwinds such as volatility in profitability and delay in revenue generation from IBM IoT deal during FY18 seems to be over
8:42 AM
Nifty remains on the set course towards 11245 as it trades comfortably above 11100 mark. The ADX in the lower panel has jumped to 35.85 which is a good sign of incremental strength. The shift in OI build up range from 10900 to 11100-11000 also compliments the bullish setup. Hence expect the index to continue higher & declines if any should be used to add longs with a revised stop now at 10970 below the rising trend line support. READ MORE
Nifty outlook by Tradebulls Securities for today
Nifty remains on the set course towards 11245 as it trades comfortably above 11100 mark. The ADX in the lower panel has jumped to 35.85 which is a good sign of incremental strength. The shift in OI build up range from 10900 to 11100-11000 also compliments the bullish setup. Hence expect the index to continue higher & declines if any should be used to add longs with a revised stop now at 10970 below the rising trend line support. READ MORE
8:39 AM
MUST READ Higher probability of correction in major indices
The Sensex is currently at all-time highs. The Nifty is very close to breaking its all-time intraday highs in January 2018. However, most market watchers are anything but euphoric. This is because the latest uptrend has been extremely narrow in its scope and it has not been backed by breadth indicators. CLICK HERE FOR MORE
The Sensex is currently at all-time highs. The Nifty is very close to breaking its all-time intraday highs in January 2018. However, most market watchers are anything but euphoric. This is because the latest uptrend has been extremely narrow in its scope and it has not been backed by breadth indicators. CLICK HERE FOR MORE
8:38 AM
Top trading ideas by Prabhudas Lilladher: Buy Kajaria Ceramics, Escorts
BUY KAJARIA CERAMICS
CMP: Rs 444.30
TARGET: Rs 500
STOP LOSS: Rs 415
The stock has witnessed a decent erosion from the peak of 580 to signs of bottoming out at around 414 levels and has indicated a good bounce with rising volume to signify strength. The RSI has indicated a trend reversal from the oversold zone and has signaled a buy. The chart looks attractive for an entry at this levels with minimum risk reward ratio. With good volume activity seen, we recommend a buy in this stock for an upside target of 500 maintaining a stop loss of 415 levels.
BUY ESCORTS
CMP: Rs 886.30
TARGET: Rs 965
STOP LOSS: Rs 830
The stock has made a double bottom formation pattern in the daily chart at around 825 levels making a good base and has indicated a good bounce to signify strength and potential to rise further and give a breakout above 920 levels to witness fresh upward move. Also the stock has moved past the significant 34WMA moving average making the bias positive and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 965 keeping a stop loss of 830. READ MORE
8:34 AM
Emkay Global on JSW Steel Q1FY19 numbers
Headline numbers are better than estimates, primarily on account of higher-than-expected realization of Rs 49,514/tonne, up 26% yoy (+6% qoq). During the quarter, offtake volume stood at 3.83mn tonne, in line with our estimate.
We expect this strong performance to continue on the back of better product mix and consequently higher realizations. Underlying demand is likely to be supportive. However, due to weak global sentiment, we value the stock at 6.5x FY20E EV/EBITDA. We upgrade the stock to Accumulate with a revised target price of Rs 358
Headline numbers are better than estimates, primarily on account of higher-than-expected realization of Rs 49,514/tonne, up 26% yoy (+6% qoq). During the quarter, offtake volume stood at 3.83mn tonne, in line with our estimate.
We expect this strong performance to continue on the back of better product mix and consequently higher realizations. Underlying demand is likely to be supportive. However, due to weak global sentiment, we value the stock at 6.5x FY20E EV/EBITDA. We upgrade the stock to Accumulate with a revised target price of Rs 358
8:28 AM
Market outlook by Angel Broking
We believe that hitting record highs is merely a formality now and whether it will happen tomorrow or later, it should not matter much as a positional trader. We would remain upbeat and hence, advise traders to trade with a positive bias.
For the coming session, 11092 would be seen as a key intraday support and any decline towards it should ideally be interpreted as a buying opportunity for intraday traders. On the upside, 11171.55 remains to be an immediate resistance and surpassing this would unfold the uncharted territory for the index
We believe that hitting record highs is merely a formality now and whether it will happen tomorrow or later, it should not matter much as a positional trader. We would remain upbeat and hence, advise traders to trade with a positive bias.
For the coming session, 11092 would be seen as a key intraday support and any decline towards it should ideally be interpreted as a buying opportunity for intraday traders. On the upside, 11171.55 remains to be an immediate resistance and surpassing this would unfold the uncharted territory for the index
8:27 AM
Markets on Wednesday
> More on BSE Indices
| INDEX | LATEST | PREVIOUS | CHANGE | CHANGE(%) |
|---|---|---|---|---|
| BSE SENSEX | 36858.23 | 36825.10 | 33.13 | 0.09 |
| BSE 500 | 14996.19 | 14994.47 | 1.72 | 0.01 |
| BSE MID-CAP | 15644.91 | 15664.48 | -19.57 | -0.12 |
| BSE SMALL-CAP | 16255.43 | 16218.54 | 36.89 | 0.23 |
| S&P BSE LARGECAP | 4314.39 | 4313.92 | 0.47 | 0.01 |
8:25 AM
Emkay Global on Ambuja Cements
CY18E/CY19E EBITDA estimates are largely in-tact and we introduce CY20E estimates. Clarity on expansion project in the North region is awaited. Valuations are attractive at 10.6x CY19E EV/EBITDA and EV/tonne of US$119/tn (standalone). Upgrade rating to ACCUMULATE with SOTP based target price of Rs240 (roll-forward to mid-CY20E).
CY18E/CY19E EBITDA estimates are largely in-tact and we introduce CY20E estimates. Clarity on expansion project in the North region is awaited. Valuations are attractive at 10.6x CY19E EV/EBITDA and EV/tonne of US$119/tn (standalone). Upgrade rating to ACCUMULATE with SOTP based target price of Rs240 (roll-forward to mid-CY20E).
8:24 AM
Today's picks: From HDFC to PowerGrid, hot stocks to watch on Thursday
HDFC
Current price: Rs 2,000
Target price: Rs 2,030
Keep a stop at Rs 1,985 and go long. Add to the position between Rs 2,015 and Rs 2,025. Book profits at Rs 2,030.
PowerGrid
Current price: Rs 176
Target price: Rs 172
Keep a stop at Rs 178 and go short. Add to the position between Rs 173 and Rs 174. Book profits at Rs 172. READ MORE
8:18 AM
SGX Nifty
The SGX Nifty was at 11,162, up 0.22 per cent from the previous close.
The SGX Nifty was at 11,162, up 0.22 per cent from the previous close.
8:16 AM
Asian Markets
Asian stocks edged higher on Thursday, taking comfort from gains on Wall Street after US President Donald Trump and European Commission President Jean-Claude Juncker agreed to work towards eliminating trade barriers on industrial goods.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.2 per cent while Japan's Nikkei stock index was 0.2 per cent lower.
8:14 AM
Wall Street
Wall Street rose on Wednesday as US President Donald Trump secured concessions from the European Union on trade, while a disappointing quarterly report from Facebook after the bell slammed its stock and threatened to put the brakes on a tech rally.
The Dow Jones Industrial Average rose 172.16 points (0.68 per cent) to 25,414.1, the S&P 500 gained 25.67 points (0.91 per cent) to 2,846.07 and the Nasdaq Composite added 91.47 points (1.17 per cent) to 7,932.24.
Wall Street rose on Wednesday as US President Donald Trump secured concessions from the European Union on trade, while a disappointing quarterly report from Facebook after the bell slammed its stock and threatened to put the brakes on a tech rally.
The Dow Jones Industrial Average rose 172.16 points (0.68 per cent) to 25,414.1, the S&P 500 gained 25.67 points (0.91 per cent) to 2,846.07 and the Nasdaq Composite added 91.47 points (1.17 per cent) to 7,932.24.
8:08 AM
Good Morning!
Welcome to Business Standard's live blog on markets.
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First Published: Jul 26 2018 | 8:08 AM IST
