MARKET WRAP: Sensex gains 370 pts, Nifty ends at 11,787; Adani Green up 18%

All that happened in markets today.

11:39 AM

Wipro, Mindtree, HDFC Bank: Stock strategy for companies announcing Q4 nos

Wipro Ltd (WIPRO): The 'Inverse Head and Shoulder' breakout led to a rally towards the recent high of Rs 291.70 levels as per the daily chart. The stock is witnessing positive momentum, as it is well placed above 50-days moving average (DMA) and 100 DMA located at Rs 271.45 and Rs 260.80 levels, respectively. The weekly chart suggests a formation of “Rising Channel Pattern” with downside support for medium-term around Rs 250 levels. READ MORE

11:33 AM

DHFL climbs over 4%

11:18 AM

Markets near all-time high: Nifty likely to top-out near 12,500 mark

With the Nifty50 index trading close to its all-time high level, it has become a challenging task to predict the road ahead. Election – related uncertainty is adding to volatility. However, various technical theories have helped to identify a possible range. Fibonacci series and price extensions is one way to forecast a trend. READ MORE

10:58 AM

Nifty Bank gains 1%; ICICI Bank top gainer

10:46 AM

PC Jeweller up almost 12% due to spurt in volume

10:42 AM

NEW LISTING | Polycab India lists at 18% premium over issue price

Post-listing, the stock moved higher and was trading at Rs 656, up 22 per cent against the issue price, on the BSE at 10:04 am. Around 738,000 equity shares have changed hands on the counter so far, exchange data shows. CLICK TO READ FULL ARTICLE

10:40 AM

NEWS ALERT | Sensex hits fresh record high, crosses earlier level of 39,270.10

10:33 AM

Edelweiss Securities on Avenue Supermarts

DMart is a strong play on the retail sector’s transition from the unorganised to organised segment. However, in light of margin pressure and rising competitive

landscape, we maintain ‘REDUCE/SU’ with TP of Rs 1,300 (35x 12-month forward EV/EBITDA). At CMP, the stock trades at 33.8x FY21E EBITDA.

10:32 AM

Adani Green zooms nearly 9%

10:31 AM

Metropolis Healthcare rises 5% after Bright Star Investments buys stake

Shares of Metropolis Healthcare, which got listed on Monday, climbed as much as 4.76 per cent in the opening deals on Tuesday after NSE bulk deal data showed Bright Star Investments bought a total of 7,00,000 shares at Rs 948.39 apiece on Monday. In addition, Smaller Cap World Fund also bought a total of 6,86,545 shares at Rs 957.67 apiece. READ MORE

10:26 AM

Momentum Picks by ICICI Securities

10:20 AM

COMMENT :: Near normal rains support June RBI rate cut: BofAML

Near normal rains also support our call for a 25bp RBI rate cut on June 7. March inflation has come in at a lowly 2.86% (3% BofAMLe, 2.8% consensus). We track April at 2.6% with food prices still falling. Core inflation is also expectedly peaking off to 4.8% from 5.1% in January. We reiterate that fundamentals do not support higher inflation.

Tight liquidity is reining in demand-side inflation. The end-2018 liquidity crunch has dragged industrial growth to 0.1% in February (2% BofAMLe, consensus). Soft commodity prices limit supply side inflation. Finally, global rate pressures are fading with the Fed turning dovish. This begs the question, can the RBI cut on August 6 again? We will crystallize our call after the Met's second June forecast of the monsoon next week, especially with El Nino easing at the margin

10:18 AM

Jefferies on banks

We expect strong pre-provision operating profit (PPOP) growth from corporate banks, while SOE banks should report lower net NPLs after two capital infusions. Provisioning, however, should remain high. We will watch for incremental commentary on developer loans, growth in unsecured personal loans, the impact of auto segment slowdown, and higher funding costs. We downgrade Yes Bank to Hold (from Buy) after a sharp rally. We still prefer Axis and ICICI Bank. Among SOE Banks we prefer SBI

10:17 AM

Edelweiss on RIL

We revise up Reliance Industries’ (RIL) target price by 14% to INR1,636 as: (1) we envisage it to be significant beneficiary of higher distillate cracks with one of the highest distillate yields in the country. We revise up FY21E gross refining margin (GRM) from USD13.1/bbl to USD14.8/bbl led by higher diesel cracks (IMO driven) and recovery in gasoline cracks.

Consequently, we are increasing our refinery enterprise value (EV) by 14%; and (2) we also revise up Reliance Jio’s (RJIO) EV by 35% as we expect ARPU improvement to drive margin expansion. Consequently, we build 3pp higher FY22E EBITDA margin. We believe, the announced monetisation of fiber and tower assets will trigger value accretion as these assets will be transferred to investors with lower cost of capital

10:16 AM

MADAN SABNAVIS :: Normal monsoon forecast does not guarantee economic outcomes

Agriculture, particularly the kharif season, has always been a matter of interest as it drives farmers’ income. Farm distress was exacerbated in 2018 due to high supplies which led to prices coming down and made it a major issue. But the starting point is always the monsoon and hence a forecast even before the season starts is important. While the IMD forecast was held sacrosanct in the past, the emergence of a private forecast by Skymet, often before the official one has grabbed attention READ MORE HERE