MARKET WRAP: Indices end flat after 3-day rally; Sun Pharma gains 3%

All that happened in markets today

1:12 PM

WEB EXCLUSIVE :: Tech view: Will the Nifty Auto index move higher in the coming days?

The benchmark indices S&P BSE Sensex and Nifty50 have rallied over 1.50 per cent in the last two days. The Nifty Auto index, however, has mostly remnained range-bound. The index lost 0.50 per cent at 8,710 levels on Thursday.

 

Except for Bajaj Auto and Bharat Forge which showed minor improvement over their previous close, no other stock in the Nifty Auto index has managed to show a promising trend. Maruti Suzuki, HeroMotocorp, Ashok Leyland and Tata Motors witnessed less participation from the market participants READ MORE HERE

1:08 PM

February WPI inflation rises to 2.93% on jump in food, fuel prices

India's annual wholesale price inflation in February accelerated to 2.93 percent, government data showed on Thursday, pushed by a jump in the prices of food and fuel products, after falling to a 10-month low of 2.76 percent in January. READ MORE

12:59 PM

Sebi action likely on AMCs that missed March 12 crossholding deadline

Companies that have failed to comply with the Securities and Exchange Board of India’s (Sebi’s) 10 per cent cross-shareholding norm for asset management companies (AMCs) may now face the consequences. Sources said the market regulator might issue strictures against the firms as well as principal shareholders who have missed the March 12 deadline for reducing the stake to 10 per cent. READ MORE

12:45 PM

Top gainers on BSE500

COMPANY	PRICE(rs)	CHG(rs)	CHG(%)	VOLUME
WESTLIFE DEVELOP	434.00	24.70	6.03	124489
HIMATSING. SEIDE	223.60	12.10	5.72	56737
REDINGTON INDIA	100.40	5.25	5.52	49667
DCM SHRIRAM	473.30	24.50	5.46	14738
FUTURE LIFESTYLE	473.50	23.75	5.28	13645

12:34 PM

NEWS ALERT | BSE to consider share buyback on May 7

12:22 PM

Sharp rise in domestic equities brings India at par with EM peers

The sharp rise in domestic equities has helped India play catch-up with emerging market (EM) peers. The six-month return of the benchmark Nifty is now at par with the MSCI EM and MSCI Asia Pacific (excluding Japan) indices. The index of 50 blue-chip companies has rallied 7 per cent from 2019 lows, amid strong buying by global funds. READ MORE

12:13 PM

Market check

12:06 PM

NEWS ALERT | February WPI Core inflation at 2.3% vs 2.9% (MoM)

12:04 PM

NEWS ALERT | Food inflation at 3.29% 1.84%

12:02 PM

NEWS ALERT | February WPI inflation at 2.93% vs 2.76% (MoM)

11:59 AM

Centrum Broking on Financials

We believe banks will continue to gain market share from NBFCs. We prefer banks that have higher-rated corporate loan books coupled with strong CASA and retail term-deposit franchises, given the current tight liquidity condition. In our coverage universe, we prefer State Bank of India, Axis Bank and ICICI Bank among larger banks and Federal Bank, Karnataka Bank and DCB Bank, among smaller banks.

11:54 AM

Kotak Securities on Insurance companies

Most players fare well. Individual APE growth for private sector life insurance companies picked up to 16% from 10% in January 2019 translating into YTD growth of 11%. HDFC Life was the only large player that reported a decline (individual APE down 6% yoy) while other large players were up 9-30%. In the meanwhile, net mutual fund equity inflows continue to weaken. Against this backdrop, improving share of the protection business augurs well for supporting VNB growth of key players and in that sense, makes APE growth less relevant.

 

11:45 AM

JM Financial on Voltas

We met with the management of Voltas to get an update on business activity and following were the key takeaways: 

 

a) Southern India (mainly Kerala) saw a healthy pick up in primary volumes, thus easing off inventory concerns to some extent, but secondary volumes are yet to improve, 

 

b) unable to pass through price hikes as competitive intensity remains high; maintained UCP segment margins guidance at 11% for FY19 (vs 14.7% in FY18), implying a 500bps drop in 4Q19, 

 

c) Voltbek JV inventory build-up was slow due to an adverse movement in USD/INR rate, but most large centres with high churn rate are now covered; to focus on setting up exclusive outlets in tier-2/3 towns through franchise route, 

 

d) EMP segment order inflows to see a temporary lull in domestic market due to elections as nearly 2/3rd of order book is through government funded projects and e) local manufacturing plants of compressor manufacturers and new unit at Tirupati is likely to reduce imports over next 2-3 years. 

 

We maintain BUY with SOTP based TP of Rs 625.

11:40 AM

Anand Rathi on Pidilite Industries

We expect Pidilite Industries revenues to grown at a CAGR of 15.8% from FY-19E through FY-20E. Its consolidated revenues are expected to be around Rs 8,156 Crores by FY20E. We have a Buy rating on Pidilite Industries Ltd with a target price of Rs 1,345 per share based on 47.86x FY20E EPS of 28.10 per share.

11:33 AM

NEWS ALERT | Blue Star launches 75 new air conditioner models to celebrate 75th anniversary