MARKET WRAP: Sensex ends 267 pts up; HUL, RIL HDFC twins among key gainers

Among the sectoral indices, the Nifty Auto index settled 1.25% higher led by a rise in the shares of Bajaj Auto, TVS Motos and Maruti Suzuki

8:41 AM

Today's picks

 

Maruti Suzuki

Current price: Rs 8,975

Target price: Rs 9,100

 

Keep a stop at Rs 8,900 and go long. Add to the position between Rs 9,050 and Rs 9,075. Book profits at Rs 9,100.

 

Vedanta

Current price: Rs 231

Target price: Rs 226

 

Keep a stop at Rs 234 and go short. Add to the position between Rs 227 and Rs 228. Book profits at 226.

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8:38 AM

Markets on Tuesday

S&P BSE Sensex	35,378.60		0.32%
Nifty 50	10,699.90		0.40%
S&P BSE 200	4,605.92		0.45%
Nifty 500	9,149.40		0.44%
S&P BSE Mid-Cap	15,441.43		0.69%
S&P BSE Small-Cap	15,990.09		0.44%

8:32 AM

SGX Nifty

 

Trends on SGX Nifty indicate a flat opening for the broader index in India, a fall of 1 point or 0.01 per cent. Nifty futures were trading around 10,731-level on the Singaporean Exchange.

8:29 AM

Nomura on LIC Housing Finance (LICHF)

LICHF has underperformed NIFTY by 48% and peer HFCs by 10-80% in last 12m, due mainly to pressure on incremental spreads. Historically, LICHF has been more sensitive than peer HFCs to incremental mortgage spreads, leading to the larger de-rating.

While incremental mortgage spreads have remained under pressure for some more time, we now see value in LICHF, as: (1) Back book assets reprice faster than liabilities – LICHF is different in this cycle with +70% floating loans vs 40-45% floating loans in last cycle; (2) improving core mortgage trend; (3) with a 50% de-rating from the peak, valuations at 1.4x FY20 book are undemanding with +15% growth CAGR and at least 16-17% ROEs. Our revised target price of Rs 600 is based on 1.75x Jun-20F book.

8:28 AM

CCEA may hike MSP of paddy by Rs 200 a quintal, pulses by Rs 400

The much-awaited MSP of kharifcrops for 2018-19 season is expected to be announced on Wednesday, with paddy support price projected to rise by as much as Rs 200 a quintal, and pulses by over Rs 400 a quintal.

 

The current MSP of common grade paddy is Rs 1,750 a quintal while that of kharifpulses varies between Rs 5,400 and Rs 5,575 a quintal. A significant rise could push up their MSPs over Rs 6,000 a quintal READ MORE

8:27 AM

Oil prices climb on tightening US market

 

Oil prices edged up on Wednesday, lifted by a report of declining US fuel inventories amid the ongoing crude supply outage at Syncrude Canada in Alberta, which usually supplies the United States.

 

US West Texas Intermediate crude futures were at $74.60 a barrel up 46 cents, or 0.6 per cent, from their last settlement. Brent crude futures were at $77.82 per barrel, up 6 cents from their last close.

8:22 AM

Asian shares, yuan on shaky ground on specter of Sino-US trade war

 

Asian stocks were on shaky ground on Wednesday while the Chinese yuan stood near 11-month lows as the specter of a Sino-US trade war haunted investors ahead of an end-of-week deadline for US tariffs on billions of dollars worth of Chinese imports.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1 per cent in early trade, a day after it hit a nine-month low. Japan’s Nikkei lost 0.5 per cent.

8:18 AM

Wall Street ends lower

 

Wall Street dipped on Tuesday, weighed down by Apple, Facebook and other technology stocks, in a trading session ending early ahead of the US July 4 holiday.

 

The Dow Jones Industrial Average declined 0.54 per cent to end at 24,174.82 points, while the S&P 500 lost 0.49 per cent to 2,713.22. The Nasdaq Composite dropped 0.86 per cent to 7,502.67.

8:15 AM

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