MARKET WRAP: Nifty ends at fresh closing high of 11,320; PSU banks rally

Among sectoral indices, the Nifty PSU Bank index settled over 4% higher led by a rise in Bank of Baroda, Andhra Bank and Oriental Bank of Commerce.

9:19 AM

Nifty sectoral trend

9:18 AM

BSE Sensex heatmap

9:16 AM

Market at open

 

At 9:15 AM, the S&P BSE Sensex was trading at 37,409, up 72 points while the broader Nifty50 was ruling at 11,297, up 18 points.

9:09 AM

Stock picks by Devang Shah:

 

JSPL- BUY

CLOSE – Rs 203

TARGET – Rs 225-230

 

JSPL closed the weekly in positive territory. It looks like the end of medium-term correction. Its daily momentum indicators are in BUY. Risk reward is favorable to BUY at current levels. One can BUY with a stop loss of Rs-178 for the target of Rs 225-230 levels in short-term.

 

L&T - BUY

CLOSE – Rs 1,311

TARGET – Rs 1,350-1,375

 

L&T closed the weekly in positive territory. It still trading above 20 DMA. Risk Reward is favourable to BUY at current levels. Its momentum indicators are in BUY. One can BUY with a stop loss of Rs-1250 for the target of Rs-1350-1375 levels in short-term.

Click here for more

9:01 AM

Markets at pre-open

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	37,530.59	+193.74	+0.52
S&P BSE SENSEX 50	11,849.83	+47.47	+0.40
S&P BSE SENSEX Next 50	33,396.27	+174.57	+0.53
S&P BSE 100	11,583.53	+48.49	+0.42
S&P BSE Bharat 22 Index	3,519.90	+23.18	+0.66

8:56 AM

Nifty outlook by Devang Shah

 

The short-term outlook for the market remains positive till Nifty trades above 10,929 levels and expecting targets in the range of 11,500- 11,600 levels in short term. Medium term outlook for the market remains positive till Nifty trades above 8,968 levels and expecting targets in the range of 12,000-12,200 levels in the medium term. Read more

8:50 AM

Trading ideas by Prabhudas Lilladher:

 

BUY MOTHERSON SUMI

CMP: Rs 318.70

TARGET: Rs 342

STOP LOSS: Rs 304

 

The stock has given a good rally from the bottom made near 280 levels and currently, a breakout has been maintained moving above the previous consolidation levels of 310-314 signifying strength and has the potential to rise further with a positive bias. The RSI has been strong which is on the rise and also the MACD has recently turned its trend to positive. With volume participation increasing in recent times, we recommend a buy in this stock for an upside target of 342 keeping a stop loss of 304 levels. Click here for more

8:45 AM

Nifty outlook by Prabhudas Lilladher:

 

Nifty and Bank Nifty has entered a new territory breaching the resistance band and is now at their peak levels. The bias has turned positive but the chances of a small correction cannot be ruled out. However, the support for the week is seen 11070 while resistance is seen at 11430. The Infra and Metal sector has bounced back strongly and has improved the bias and one can go for L&T for initiating a buy.

8:40 AM

450 companies to report June quarter numbers

 

Around 450 companies are scheduled to report results this week for the quarter ended June in this week which include largecap names like HDFC Bank, Tata Motors, ONGC, Axis Bank and Titan Company among others.

8:39 AM

MARKET COMMENT Amar Ambani, head of research, IIFL

A good set of corporate numbers buoyed by strong global cues saw the main Indian indices gain over 2 pc in the week gone by. The outlook is a soft start. US stocks were down and Asian markets are trading lower. This week will be dominated by news flow from central banks in US, Japan, UK, Brazil and India.

The RBI's Monetary Policy Committee, beginning today, is expected to maintain status quo despite CPI increasing in June 2018. Investors will be all ears to the RBI commentary. ICICI Bank and Reliance will react to their numbers announced last week. TCNS Clothing will mark its debut on the exchange. Avenue Supermarkets, Axis Bank, HDFC, IDFC Bank, Tech Mahindra and InterGlobe Aviation will declare their results today

8:38 AM

MUST READ RBI's diktat on virtual currencies paves way for dabba trading in bitcoins

The Reserve Bank of India’s (RBI’s) April diktat that banks stop dealing in virtual currencies has paved the way for dabba trading in bitcoins and other cryptocurrencies. The grey market, operating in Mumbai and Ahmedabad, is seeing a flurry of activity in cryptocurrency trading, most of it in bitcoins READ MORE

8:36 AM

IDBI Capital on HCL Technologies

Q1FY19 revenue growth of 2.7% QoQ in CC was in-line with our forecast. EBIT margin of 19.7%, +10bps QoQ, was also in-line with our forecast. EPS of 17.3, +7.9%/+13.4% QoQ/YoY was slightly higher than our forecast aided by higher FX gain and lower taxes.

 

FY19 guidance – revenue growth of 9.5% to 11.5% in CC (8.4% to 10.4% in US$) and EBIT margin of 19.5%-20.5% has been maintained, in-line with our expectation.

 

We factor FX rate of Rs68, vs. Rs65.5 earlier, for rest of FY19 and FY20. We forecast this to offset the higher cross-currency impact.  We now forecast FY18-20 revenue (US$)/EPS CAGR of 10.4%/11.9%. We maintain ACUCMULATE and target price of Rs1,100 based on PER of 14x FY20E

 

8:28 AM

INTERVIEW OF THE DAY Indian equities are not cheap at these levels: UTI AMC's Vetri Subramaniam

With the markets scaling to all-time highs, VETRI SUBRAMANIAM, group president and head of equity at UTI Asset Management Company, tells Puneet Wadhwa the road ahead for the markets depends on not only the economic growth trajectory but also valuations READ MORE HERE

8:28 AM

SGX Nifty

 

Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 10 points or 0.09 per cent. Nifty futures were trading around 11,327- level on the Singaporean Exchange.

8:26 AM

Edelweiss expects the RBI to maintain status quo on August 01

We expect RBI to keep repo rate unchanged at 6.25% after a rate hike in its last meet, which came post a hiatus of four years.

We opine based on following: a) core inflation has peaked and should ease over next 12 months; b) economic activity has improved, but more in nature of normalisation from DeMon/GST-led disruptions than recovery per se and therefore still needs policy support; and c) external conditions have surely deteriorated, which prioritizes macro stability over growth; even then, INR has outperformed several EM peers and is overvalued. Too strong a defense, therefore may not be warranted.

Thus, a wait and watch approach with a neutral stance is more suitable at this stage, in our view. Effectiveness of MSP in corps outside paddy, trend in crude prices and USD remain the key monitorables