MARKET WRAP: Indices end lower as govt faces no-confidence motion

Benchmark indices erased early gains on Wednesday as the opposition parties tabled a no-confidence motion against govt

9:20 AM

Top Sensex gainers and losers

9:17 AM

Markets at Open

At 9:17 am, the S&P BSE Sensex was trading at 36,723, up 203 points while the broader Nifty50 index was ruling at 11,069, up 61 points

9:01 AM

Market at pre-open

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	36,658.08	+138.12	+0.38
S&P BSE SENSEX 50	11,613.79	+78.27	+0.68
S&P BSE SENSEX Next 50	31,803.42	+58.12	+0.18
S&P BSE 100	11,305.43	+68.23	+0.61
S&P BSE Bharat 22 Index	3,355.67	+10.64	+0.32

(Source: BSE)

8:59 AM

MARKET OUTLOOK FOR THE DAY

Market is seen opening higher, tracking positive cues from Asian markets and overnight gains in the Wall Street. Asian shares rose today, tracking gains seen on Wall Street amid earnings season news and following upbeat remarks from Federal Reserve Chairman Jerome Powell during his congressional testimony.

European stocks posted a small gain after reversing earlier declines as U.S. shares pushed higher on expectations the Federal Reserve won’t hike rates too aggressively.

Ultratech Cement, Bandhan Bank, GHCL, JK Tyre, JM Financial, Mahindra CIE Automotive, Mastek, Mindtree, NIIT Tech, Reliance Communications and Sasken Technologies to announce their results today.

(Source: SMC Global)

8:54 AM

Technical calls by Religare Broking: Buy Maruti Suzuki, Just Dial

Maruti Suzuki India Limited

Rec: BUY

Last Close: Rs 9,445.40

Initiation range: Rs 9,400-9,430

Target: Rs 9,780

Stop loss: Rs 9,230

 

MARUTI has been strongly maintaining its uptrend since 2012 and showing tremendous resilience in the prevailing corrective phase too. It has taken a pause of late after the strong up move, offering fresh buying opportunity. Traders are advised to initiate fresh long position in the given range.

 

Just Dial Limited

Rec: BUY

Last Close: Rs 586.35

Initiation range: Rs 580-585

Target: Rs 620

Stop loss: Rs 560

 

JUSTDIAL has been consolidating in a broader range of 520-600 for one and half month and likely to witness fresh breakout from the same. We advise traders accumulate gradually in the mentioned range. READ MORE

8:53 AM

IPO watch HDFC AMC's Rs 28 bn IPO to open on July 25 at Rs 1,095-1,100 per share

The price band for the initial public offering (IPO) of HDFC Mutual Fund has been set at Rs 1,095 to Rs 1,100 per share. The three-day IPO will open for subscription on July 25, parent HDFC said in a statement on Tuesday. A total of 25.4 million shares belonging to HDFC and Standard Life are being put on the block in the IPO. READ MORE

Illustration: Ajay Mohanty

8:50 AM

Earnings calendar

Company name	Purpose	Meeting Date
ARTSON ENGINEERING LTD.	Quarterly Results	18-Jul-18
Bandhan Bank Ltd	Quarterly Results	18-Jul-18
FOSECO INDIA LTD.	Interim Dividend Quarterly Results	18-Jul-18
GHCL LTD.	Quarterly Results	18-Jul-18
HT MEDIA LTD.	Quarterly Results	18-Jul-18
JM FINANCIAL LTD	Quarterly Results	18-Jul-18
Mahindra CIE Automotive Limited	Quarterly Results	18-Jul-18
MASTEK LTD.	Quarterly Results	18-Jul-18
MINDTREE LTD.	Quarterly Results	18-Jul-18
Sasken Technologies Ltd	Quarterly Results	18-Jul-18
ULTRATECH CEMENT LTD.	Quarterly Results	18-Jul-18

8:49 AM

Equinomics recommends HPCL

HPCL post this correction trades at an attractive valuation of 7.4x its standalone FY2019E EPS of Rs.37.8 and at 6.3x its FY2020E EPS of Rs.43.3. We believe that HPCL will gain more from the expected oil price fall as it derives a larger chunk of its margins from the oil marketing operations. Hence, we continue to recommend a BUY call on HPCL with a target price of Rs.450, which is 10.4x FY2020E EPS of Rs.43.3

8:47 AM

Motilal Oswal on HUL's Q1 numbers

HUL not only offers highest earnings visibility in the large-cap Indian consumer space, but also has by far the highest return ratios. On a target multiple of 54x Jun’20E EPS (25% premium to three-year average due to significantly improving business fundamentals), we get a target price of Rs 2,010 (prior: Rs 1,925). Maintain Buy.

8:47 AM

Today's picks: From Indian Oil to Bharti Airtel, hot stocks to watch today

Indian Oil

Current price: Rs 165

Target price: Rs 168

 

Keep a stop at Rs 163 and go long. Add to the position between Rs 166 and Rs 167. Book profits at Rs 168.

 

Bharti Airtel

Current price: Rs 342

Target price: Rs 337

 

Keep a stop at Rs 345 and go short. Add to the position between Rs 338 and Rs 339. Book profits at Rs 337. READ MORE

8:46 AM

Sector watch Commercial vehicles

The Road Transport Ministry has notified an increase in truck axle load by 10-25% across various categories. However, clarification is awaited on whether this will be applied on a retrospective basis or prospective basis. Our interactions with industry experts have resulted in two scenarios: 1) Assuming the measure is enforced retrospectively, the higher axle load would lead to an increase in system capacity and lower demand for new trucks.

Capacity would increase for large fleet operators on long-haul routes (carrying general cargo/bulk commodities) and 2) If it is implemented prospectively, there can be a marginally positive impact on short-term volume, due to pick-up in replacement demand. We await more clarity before revising volume and earnings estimates for companies under our coverage

(Source: Emkay Global)

8:45 AM

Kotak Securities on HUL Q1FY19 results

HUL has delivered another strong quarterly performance, with double digit volume growth across all three divisions of home, personal care and food.  Overall domestic volume growth was in line with estimates at 12% for Q1FY19 vs. against 11% sequentially and zero % YoY. The company is growing ahead of the industry on the back of WIMI strategy, as also innovations and activations.

The company also continues to make margin gains through cost management and favorable product mix. However we believe, sustaining the current level of super normal growth in the longer run would be a huge task for HUL which is trading at super rich valuation of 49x FY20 earnings. We recommend SELL (from Accumulate) valuing at 45x FY20E earnings with an unchanged target price of Rs 1605

8:44 AM

Nomura on Ashok Leyland

8:44 AM

Technical calls by HDFC Securities: Buy Reliance

Buy Reliance (Rs 1,092)

Target: Rs 1,140

Stop loss: Rs 1,060

The stock price has recently registered new all-time high at 1109 with rising volumes. By sustaining above 1000, the Stock price has broken out from the last 8 Month’s consolidation pattern on the monthly charts. Price has been forming higher tops and higher bottoms. Moving average and oscillator setup is bullish on short to medium term charts. We recommend Buying Reliance for the upside target of 1140, keeping SL at 1060. READ MORE

8:38 AM

Nifty outlook from Prabhudas Lilladher for today

Nifty and Bank Nifty regained strongly to close above the 11000 and 27000 levels respectively improving the sentiment but only a breach of 11080 levels decisively for Nifty and 27150 for Bank Nifty can confirm the strength of the bounce back and can produce further upside movements. However, the support for the day is seen at 10950 while resistance is seen at 11070. Midcap stocks also made a good bounce back to improve the sentiment and bias. READ MORE