MARKET WRAP: Indices end a tad higher ahead of RIL, HUL Q3 results

Shares of Reliance Industries (RIL) ended flat at Rs 1,134 apiece on the BSE ahead of the December quarter (Q3FY19) result today. Fast-moving consumer goods (FMCG) major HUL fell 1.12 per cent.

8:51 AM

Buy IndusInd Bank for a target of Rs 1650: Prabhudas Lilladher

CMP: Rs 1,526.70

TARGET: Rs 1,650

STOP LOSS: Rs 1,470

 

The stock has witnessed a steep correction recently last week and has bottomed out and maintained a good base near 1470 levels to form almost a double bottom formation pattern in the daily chart. The stock has given a decent bounce back and looks attractive for further more upside movement and can scale up to near 1605 levels with a positive bias and with favourable indicators supporting our view and good volume activity witnessed, we recommend a buy in this stock for an upside target of 1650 keeping a stop loss of 1470. READ MORE

8:46 AM

HUL Q3 preview: Performance of Lever Ayush, oral care, WIMI to be in focus

The country's largest consumer goods company, Hindustan Unilever (HUL) is scheduled to report its December- quarter earnings on Thursday, January 17. This would be the first quarterly result for the company since its merger deal with GlaxoSmithKline (GSK) Consumer Health. The result will be watched for comments on volume growth and the consumer demand environment. Click here to read

8:41 AM

Q3 results preview: RIL net seen rising a tad on higher petchem earnings

Mukesh Ambani-led Reliance Industries (RIL) is expected to take a further hit on its gross refining margins (GRM), which have touched a multi-year low for the quarter ended December 2018.

 

Overall profit of the company is expected to see a marginal year-on-year (Y-o-Y) growth with higher petrochemicals earnings. RIL will announce its results for the December 2018 ended quarter on Thursday. With most digital business announcements now officially made, analysts add there may not be much to look for in the management guidance by RIL. Click here to read

 

8:37 AM

MARKET COMMENT by Mustafa Nadeem, CEO, Epic Research

 

Nifty consolidates as it breaks out from a triangle pattern indicating a minor pause in the very short term though bias remains strongly bullish as per chart reading. A symmetrical triangle that has been developing from past few weeks has seen an eventual breakout yesterday with a Long candlestick. This looks like a possible pause that can work out for the benefit of directional traders as we may see a move forward on the upside. 

 

We expect strong supports around 10800 - 10820 that has been formed in last few days and a long bias has been in effect for the past few days. Nifty could likely find support in that range and may see a continuation of the trend for a higher target of 11050 -11100 in coming days. 

In coming days, We expect IT sector to lead followed with Industrials and Financials while consumer discretionary and staples may see some profit pressure. The range for Nifty is expected to be 10750 - 11100.

8:35 AM

Oil check

 

US oil prices inched down on Thursday, with traders worried about the strength of demand in the United States after gasoline stockpiles there grew last week by far more than analysts had expected.

 

US West Texas Intermediate (WTI) crude futures were at $52.20 per barrel, down 11 cents, or 0.2 per cent, from their last settlement. WTI futures closed up 0.4 per cent on Wednesday. International Brent crude oil futures had yet to trade, after closing up 1.1 per cent in the previous session.

8:34 AM

Rupee check

The rupee weakened further by 19 paise Wednesday to close at 71.24 against the US dollar amid a strengthening greenback and fresh capital outflows.

8:33 AM

SGX Nifty

Nifty futures on Singapore Exchange (SGX) were trading at 10,961.50, up 36.50 points or 0.33 per cent in early trade.

 

8:27 AM

Asia shares edge up, pound gets moment's peace

Asian shares crept higher on Thursday as upbeat bank earnings bolstered Wall Street, while an anti-climactic end to the latest chapter in the Brexit saga gave sterling a moment's peace.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1 per cent, with Australia and South Korea's KOSPI ahead by 0.2 per cent each. Japan's Nikkei climbed 0.3 per cent.

 

 

8:24 AM

US stocks hit one-month high on bank results; pound up on UK PM confidence vote

World stock markets rose on Wednesday, with Wall Street's major indexes hitting one-month highs after strong earnings from Bank of America Corp and Goldman Sachs, while the pound rose after British Prime Minister Theresa May's government won a confidence vote in parliament.

The Dow Jones Industrial Average rose 141.57 points or 0.59 per cent to 24,207.16, the S&P 500 gained 5.8 points or 0.22 per cent to 2,616.1 and the Nasdaq Composite added 10.86 points or 0.15 per cent to 7,034.69.

8:21 AM

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