MARKET WRAP: Sensex gains 127 pts, Nifty ends at 11,624 on last day of FY19

All that happened in markets today.

11:26 AM

Slowing sales in key markets could derail Bharat Forge's growth curve

After falling 37 per cent over the last year, Bharat Forge’s stock could see further downside due to a slowdown in the commercial vehicle segment as well as a muted outlook for other key verticals. The slowing North American truck sales are a key worry. Order inflows for Class 8 trucks in North America in February at 16,900 units were down 58 per cent over the year-ago period, according to trade body ACT. READ MORE

11:15 AM

Vodafone Idea goes ex-date for rights issue; stock pares gain

Vodafone Idea shares surged 17 per cent to Rs 20.45 on the BSE in early morning trade on Friday on the back of heavy volumes. The stock turned ex-date for rights issue today. At 10:33 AM, the stock had erased its early morning gain and was trading 6 per cent higher at Rs 18.50 on the BSE. It touched an intra-day low of Rs 17.85, and is just 4.4 per cent away from its record low price of Rs 17.06 (adjusted to rights issue) touched on Thursday, March 28. READ MORE

11:06 AM

NEWS ALERT | Cadila Health gets US FDA nod for hypertension drug

10:52 AM

Adani Enterprises up 8%

10:41 AM

Sensex, Nifty set to post double-digit return for third consecutive year

The benchmark indices are set to report double-digit return for the third consecutive financial year, led by financials, information technology (IT), fast moving consumer goods (FMCG) and Reliance Industries (RIL). Thus far in the financial year 2018 - 19 (FY19), the S&P BSE Sensex and Nifty 50 have moved up 17 per cent and 14 per cent, respectively - outpacing the 11.3 per cent and 10.2 per cent rise seen in these indices in the previous financial year. READ MORE

10:31 AM

MSTC locked at 5% upper circuit after weak stock market debut

Shares of MSTC were locked in the upper circuit of 5 per cent at Rs 117 in intra-day trade on the BSE, after making a weak debut. The stock was listed at Rs 111, a 7.5 per cent below its issue price of Rs 120 on the BSE. It has hit intra-day low of Rs 110 so far. Till 10:11 am, around 31,000 equity shares had changed hands and there were pending buy orders for 13,128 shares on the BSE. READ MORE

10:21 AM

Nifty Auto index is trading over 1% higher

10:09 AM

Rail Vikas Nigam IPO opens today: Why analysts suggest subscribing to it

The Rs 482 crore initial public offering (IPO) of state-run Rail Vikas Nigam (RVNL) will open on Friday and close on April 3. The price band has been fixed at Rs 17 - Rs 19 per share. The issue is entirely an offer for sale (OFS) of 25.35 crore shares (12.2 per cent of post-dilution equity) by Government of India. Of the total issue, 0.3 per cent, or 6,57,280 shares, are reserved for the employees of RVNL. Retail investors and employees will be offered a discount of Rs 0.5/share. READ MORE

10:03 AM

Motilal Oswal Securities on ONGC

We marginally revise our estimates to take into account 

 

(a) change in the exchange rate assumptions; and 

 

(b) change in production assumptions. 

 

The stock is trading at 5.3x FY21E consolidated EPS of INR29.6. We move our valuation from Dec’20 to FY21. Valuing the company at 8x standalone EPS (excluding other income) and adding the value of investments, we reiterate our Buy rating with a target price of Rs196 (earlier: Rs 182). 

10:01 AM

Nifty set to hit touch new high! 12,000 on the cards: Pritesh Mehta, YES Securities

Nifty internals suggest that recent rally has been broad-based compared to previous ones as 29 stocks from the index have outperformed Nifty so far – a perfect ingredient for a sustained rally. We expect Nifty to continue its northbound journey and attempt 12,100 levels as per extension calculations, which coincides with three-digit Gann number of 121(00).  

10:00 AM

Market check

9:59 AM

JSW Steel up over 2.5%

9:57 AM

ICICI Securities on Banking sector

We retain our confidence in banks rather than NBFCs at this current juncture as balance sheet management and lower growth will take next two to three quarters to stabilise. We prefer SBI (revised target), Axis Bank and City Union Bank within banking sector coverage. Among NBFCs, we recommend M&M Financial Services, being largely a pure rural financier. Despite recent rally in financials, we still believe there are enough gains left on the table.

9:55 AM

SBI Life Insurance falls 6% on BNP Paribas stake sale

SBI Life Insurance shares slipped 6 per cent to Rs 577 on the BSE in early morning trade on reports that BNP Paribas Cardif had sold its stake in the company through the open market. At 09:15 am, around 52.23 million shares, representing 5.2 per cent of total equity, of SBI Life Insurance changed hands on the counter on the BSE at the price of Rs 582 via block deals, BSE data shows. READ MORE

9:52 AM

Momentum Picks by ICICI Securities