Thursday, January 09, 2025 | 11:41 PM ISTEN Hindi

MARKET WRAP: Sensex, Nifty end flat with negative bias; PSBs, IT slip

The S&P BSE Sensex touched an intra-day low of 39,461 levels while the Nifty50 drifted to 11,817 levels during the day before staging a limited recovery. Banking stocks were among the key losers

SI Reporter New Delhi

BSE Sensex

8:12 AM

Mindtree directors' panel finds L&T offer price 'fair & reasonable'

“The IDC is of the opinion that as on the date of the public announcement, the offer price of Rs 980 offered by the acquirer, is in accordance with the regulations prescribed under the Sebi (SAST) regulations, and appears to be fair and reasonable,” the committee observed, said a regulatory filing by Mindtree to the exchanges. READ MORE

8:04 AM

India, Russia, China uniting on rising protectionism, WTO reforms at SCO

After focusing on terrorism and defence in 2018, Modi is expected to discuss the ongoing trade war and pitch for greater economic cooperation with Russia and China in the Kyrgyz capital Bishkek on June 13-14, senior government officials said. READ MORE

8:03 AM

YES Bank shareholders flag governance issues, but back new management

Shareholders of private lender YES Bank on Wednesday raised issues of corporate governance at its annual general meeting (AGM) — the first since Ravneet Gill took over as managing director and chief executive officer. Most investors were also hopeful of better performance because of the change in senior management. READ MORE

8:00 AM

Sugar output in India may drop to a 3-year low next season on dry weather

Production in India, which vies with Brazil as the world’s top grower, may slide to 28 million to 29 million tons in the year that begins Oct. 1 from 33 million tons this year, said Prakash Naiknavare, managing director of the National Federation of Cooperative Sugar Factories Ltd. READ MORE

7:58 AM

Despite reasonable valuation, BHEL stock could give investors a shock

The good news for Bharat Heavy Electricals (BHEL) is that analysts are turning positive on the stock. The optimism is also backed by fundamentals — largely attributable to improved order execution and cost optimisation — which are, in turn, perking up operating profit margins for the coal-fed power plant maker. READ MORE

7:56 AM

YES Bank research on IIP

India’s industrial production registered a sharp pickup to 3.4% YoY in April from an upwardly revised print of 0.4% in March (earlier: -0.1% YoY), albeit supported by a favorable base. The print was markedly higher than consensus and our expectation of 0.6% and 1.0% respectively. On sequential basis, the headline index contracted by 9.9% MoM, which is an improvement over the average run rate of -11.4% seen in April over the last five years.

Domestic demand pick up is likely to remain gradual amidst an anticipation of slow recovery in rural and urban demand. With election related uncertainty behind us we expect to see improvement in consumer and business sentiments. However, liquidity constraints faced by NBFCs and housing finance corporations continue to weigh on consumption and investment demand. Amidst an accommodative policy environment, RBI’s OMO purchases and FX swap arrangements is providing the necessary liquidity support to the system, nevertheless, it is only with a lag that a complete pass through of this support will be visible on the real goods and services markets.

While we look at India’s GDP to grow at 7.0% in FY20, marginally better than FY19 GDP growth of 6.8%, we expect it to be back-loaded in H2

7:53 AM

ICICI Bank on CPI inflation

CPI for May increased to 3.05% YoY compared to previous print of 2.99% YoY in April, in line with our expectations. The rise was driven by the continued uptick in food inflation (largely due to vegetables, pulses and meat and fish). Meanwhile, core inflation trimmed its pace as it increased by 4.2% YoY vs 4.53% YoY in the previous month. Although, all components in core inflation showed a sequential increase, the favorable base effect kept core inflation under control.

Going ahead, we expect the trajectory of headline inflation to remain benign until H1 FY2020 after which we see the base becoming unfavorable. For the whole year we expect CPI to average 3.9% YoY. However, our forecasts especially for H2 is substantially higher than that expected by the RBI.

7:50 AM

Today's picks: From TCS to Bharti Infratel, hot stocks to watch on Thursday

TCS

Current price: Rs 2,261

Target price: Rs 2,300

Keep a stop at 2,240 and go long. Add to the position between 2,285-2,295. Book profits at 2,300. READ MORE

7:46 AM

Buy and sell ideas by Sacchitanand Uttekar of Tradebulls Securities

Nifty continues to consolidate post attaining new lifetime highs as profit-booking at higher levels have kept upside capped on immediate basis. 20-DEMA (Double Exponential Moving Average) continues to act as immediate support on the downside currently placed at 11,810. Weekly derivative data indicates sustained put writing at 11,800 strike which also coincides around the support zone of its 20-DEMA. READ MORE

7:42 AM