MARKET WRAP: Sensex ends 224 pts lower on global cues, fall in bank stocks

Banks were the top losers on Monday, with Nifty PSU Bank index falling over 3%, while Nifty Bank index slipped over 1%

8:50 AM

Top trading ideas by Prabhudas Lilladher:

 

BUY AUROBINDO PHARMA

CMP: Rs 610.90

TARGET: Rs 655

STOP LOSS: Rs 580

 

The stock has made a series of higher bottom formation pattern in the daily chart taking support at the significant 50 DMA moving average which lies near 598 levels. The chart looks attractive for further rise in the coming days and with increasing volume participation witnessed, a positive bias has been maintained and we recommend a buy in this stock for an upside target of 655 keeping a stop loss of 580.

8:47 AM

Nifty outlook by Prabhudas Lilladher:

 

Nifty is showing signs of exhaustion now with individually all sectors show no clarity to propel market to surge higher, IT could get in new round of momentum, and support for the week is seen at 37,160/11,200 while resistance is seen at 38,350/11,580. Bank Nifty would have a range of 27,420-28,620. The daily trend in Nifty has turned down after 2 days, while Bank Nifty still continues to be in positive.

8:43 AM

STOCK TO WATCH TODAY Paresh Sukthankar resigns as HDFC Bank's deputy managing director

HDFC Bank’s Paresh Sukthankar has resigned from the board of the country’s largest private sector bank. He will vacate the post of deputy managing director.

 

Sukthankar has been with HDFC Bank since its inception in 1994. Currently, he is overseeing the banks’ credit and risk management departments as well as finance and human resources READ MORE HERE

8:40 AM

June IIP accelerates to 7% vs 3.9% in May, at highest level in 5 months

 

Industrial output measured by the Index of Industrial Production (IIP) accelerated to 7 percent month-on-month (MoM) for June from 3.9 per cent in May. This is the highest level achieved by the index in the last five months.

 

As per data released Friday, growth was driven by a pickup in capital goods manufacturing, which contributes 78 per cent of the index, ahead of festive season. Manufacturing grew 6.9 per cent in June compared with a 2.8 per cent increase in May. 

8:35 AM

Edelweiss on State Bank of India

State Bank of India (SBI) reported Q1FY19 loss of Rs 49bn due to higher provisions (rising coverage and up-fronting MTM losses). Key highlights: a) slippages were elevated at Rs 144bn largely due to higher non-watch list slippages from seasonally higher retail/agri NPLs and devolvement of non-fund-based (NFB) exposure. Bank expects this trend to normalise and maintained slippages and credit cost guidance of 2% each; b) positively, as coverage rose to >55%, NNPLs fell to 5.3%; and c) NCLT recovery has started crystalising and revenue was supported by better recoveries.

We believe, SBI is better positioned among peers—CET-1 at 9.8%, NNPLs at <5.3% and CASA at ~45%. Furthermore, normalised slippage with resolution of stressed assets kicking-in will impart better earnings visibility. Maintain ‘BUY

8:35 AM

SGX Nifty

 

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 50.5 points or 0.44 per cent. Nifty futures were trading around 10,381-level on the Singaporean Exchange

8:30 AM

Oil prices edge up on Iran sanctions

 

Oil prices inched up on Monday as US sanctions against Iran pointed towards a tighter market, although concerns over slowing economic growth amid global trade tensions kept a lid on gains.

 

Front-month Brent crude oil futures were at $72.88 per barrel, up by 7 cents from their last close. US West Texas Intermediate (WTI) crude futures were up 16 cents at $67.79 per barrel.

8:25 AM

Asia shares, euro pressured by Turkish crisis

 

Asia share markets slipped and the euro hit one-year lows on Monday as a fresh fall in the Turkish lira fueled demand for safe havens, including the US dollar, Swiss franc and yen. Japan’s Nikkei lost 0.95 per cent and MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.3 per cent as bourses across the region turned red.

8:20 AM

Markets on Friday

INDEX	LATEST	PREVIOUS	CHANGE	CHANGE(%)
	37869.23	38024.37	-155.14	-0.41
	15423.22	15500.19	-76.97	-0.50
	16210.78	16340.88	-130.10	-0.80
	16784.20	16916.85	-132.65	-0.78
	4432.23	4450.44	-18.21	-0.41

8:20 AM

Wall Street ends lower as Turkey woes hit banks

 

US stocks slid on Friday as a deepening economic crisis in Turkey dragged on bank shares and triggered a move out of riskier assets. The Dow and S&P 500 posted declines for the week following five straight weeks of gains, but the S&P 500 remains just 1.4 per cent below its record high from January 26.

 

The Dow Jones Industrial Average fell 196.09 points, or 0.77 per cent, to 25,313.14, the S&P 500 lost 20.3 points, or 0.71 per cent, to 2,833.28 and the Nasdaq Composite dropped 52.67 points, or 0.67 per cent, to 7,839.11. 

8:15 AM

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