MARKET WRAP: Sensex ends 115 pts lower, Nifty at 10,741; PSU banks slip

Among sectoral indices, the Nifty PSU Bank index ended nearly 2% lower led by a fall in the shares of Syndicate Bank, Union Bank of India and Punjab National Bank.

10:15 AM

Listed retail companies likely to see muted revenue in June quarter

The June quarter could see revenues of listed retailers under pressure, with higher discounting by online players and corresponding offers from traditional retailers. Online offers and promotional activities were especially high in May. READ MORE

10:00 AM

Market Check

 

S&P BSE Sensex	35,579.45		0.09%
Nifty 50	10,773.90		0.02%
S&P BSE 200	4,655.63		0.02%
Nifty 500	9,271.25		-0.06%
S&P BSE Mid-Cap	15,837.85		-0.09%
S&P BSE Small-Cap	16,633.75		-0.15%

9:48 AM

RITES IPO: Valuation reasonable, growth prospects look good

The initial public offering (IPO) of RITES, a government-owned mini-ratna, primarily providing consultancy and construction services for transportation projects, is an opportunity for long-term investors wanting to cash on India’s infrastructure growth.

 

The IPO entails disinvestment of 12.6 per cent stake by the government. Given the growth prospects, order book, healthy financials and reasonable valuation, investors could subscribe. READ MORE

9:40 AM

F&O Strategies

 

RELCAPITAL JUNE FUTURES: Buy between 425-427 for a potential upside target of 441 with a stop loss placed below 415 (spot levels)

 

UNIONBANK JUNE FUTURES: Sell between 89.7-90.2 for a potential downside target of 86 with a stop loss placed above 92.5 (spot levels)

 

COVERED CALL STRATEGY IN MINDTREE : Buy one lot of MINDTREE JUN FUT @ 999-1000 & Sell one lot of MINDTREE JUN 1020 CE @ 11-12 | BEP: 989 | Max Profit: 37200 | Max Loss: Unlimited Below BEP | Positional Stop Loss: 973 (Spot Levels)

(Source: Karvy)

9:33 AM

Sebi's trading, delisting regulations for IBC firms don't help investors

Retail investors owning shares of companies undergoing insolvency proceedings need to watch out. The stock market regulator, the Securities and Exchange Board of India (Sebi), has imposed restrictions on the trading of these stocks.

 

It has also relaxed the norms for their delisting. Many existing investors in these companies could end up getting the short end of the stick owing to these changes. READ MORE

9:21 AM

Nifty sectoral trend

9:18 AM

BSE Sensex: gainers and losers

9:16 AM

Market at open

 

At 9:16 AM, the S&P BSE Sensex was trading at 35,640, up 93 points while the broader Nifty50 was ruling at 10,804, up 32 points.

9:01 AM

Market at pre-open

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,655.49	+108.16	+0.30
S&P BSE SENSEX 50	11,320.03	+34.44	+0.31
S&P BSE SENSEX Next 50	32,709.71	+104.39	+0.32
S&P BSE 100	11,106.85	+34.03	+0.31
S&P BSE Bharat 22 Index	3,452.43	+25.46	+0.74

(Source: BSE)

8:59 AM

COMMENT

Of late, Indian rupee is under pressure, with May 2018 values hitting an eighteen-month low against the greenback. Down by more than 6% against US dollar this year till date, INR has become one of the Asia's worst-performing currency for 2018. Greenback has strengthened against various emerging market currencies, triggered by rising American sovereign bond yields.

Higher oil prices, uncertainty over state polls and foreign capital outflows has weighed on the currency. Foreign portfolio investors have sold US$200mn of equities and around US$4.9bn of debt during the first six months of this year. Widening current account deficit has prompted higher forward projections for USD/INR, with levels above 70 seen during this year. With Fed clearly the most hawkish bloke in town, and peers like ECB and BOJ kicking the can of rate moves down the road, the repercussions of a resurgent US dollar index are amply clear for INR. 

(Source: IIFL)

8:56 AM

Buy Sun Pharma, Reliance Infra, says Anand Rathi Reasearch

SUN PHARMA- BUY

Target: Rs 585.00

Stop Loss: Rs 554.00

 

SUNPHARMA seems to have completed a wave 4 correction on daily & hourly charts. Stock has retraced 23.6% of its wave 3 and now a wave 5 on the up side is likely. The momentum indicators on the daily as well as hourly charts are still on buy mode; hence there is better risk reward on the buy side.

 

RELIANCE INFRA - BUY

Target: Rs 460.00

Stop Loss: Rs 432

 

RELIANCE INFRA has clearly provided a breakout form a sideways consolidation in its last trading section. The stock has formed bullish inverse hand & shoulder pattern on the daily charts which is positive sign going forward. The way the momentum indicators are in the buy mode on daily & hourly charts the break on the upside is quite likely. Hence, we recommend initiating buy position on the stock. READ MORE

8:51 AM

Top stock ideas by Prabhudas Lilladher: Buy Reliance, HDFC Bank

BUY RELIANCE

CMP: Rs 1,019.25

TARGET: Rs 1,080

STOP LOSS: Rs 990

 

The stock has witnessed a good run right from around 910 levels in recent times and currently is on the verge of a breakout to signify positive bias and strength for further upward move. The indicators are all positive and favorable for an entry at this levels and with good volume participation and the chart looking attractive, we recommend a buy in this stock for an upside target of 1080 keeping a stop loss of 990.

 

BUY HDFC BANK

CMP: Rs 2,056.15

TARGET: Rs 2,150

STOP LOSS: Rs 2,010

 

The stock has witnessed a decent correction from the peak of 2157 and has bottom out at around 2009 levels and is in a consolidation phase. Currently a positive candle has been formed moving above the significant 34WMA moving average to indicate strength and potential to carry the price to further upwards and scale till 2120-2140 levels in the coming days. With decent consistent volume participation witnessed, we recommend a buy in this stock for an upside target of 2150 keeping a stop loss of 2010. READ MORE

8:45 AM

Nifty outlook by Tradebulls Securities for today

Nifty retraced most of its losses from its previous session but remained constrained within its previous days range. On the daily scale it has formed an ‘Inside Bar’ formation which could be a yardstick for assessing the momentum in the coming session. The pattern exhibits a range of 10,700-10,790 outside which the index could witness momentum. Options data has been exhibiting major bounds placed around 10,600-10,900 for the week & hence the action outside the ‘Inside Bar’ also could remain within limits. Hence aggressive positions on either side of the trend should be initiated only if a follow though move is confirmed. READ MORE

8:40 AM

Today's picks: From M&M to Coal India, hot stocks to watch today

Mahindra & Mahindra 

Current price: Rs 904

Target price: Rs 920
 

Keep a stop at Rs 895 and go long. Add to the position between Rs 913 and Rs 917. Book profits at Rs 920.

Coal India 

Current price: Rs 270 

Target price: Rs 265
 

Keep a stop at Rs 273 and go short. Add to the position between Rs 266and Rs 267. Book profits at Rs 265. READ MORE

8:35 AM

Markets on Wednesday

S&P BSE Sensex	35,547.33		0.74%
Nifty 50	10,772.05		0.58%
S&P BSE 200	4,654.54		0.48%
Nifty 500	9,276.40		0.45%
S&P BSE Mid-Cap	15,851.90		0.23%
S&P BSE Small-Cap	16,659.05		0.27%