Sensex ends 138 points higher, Nifty near 11,700; Tata Motors gains 7%

At close, the Sensex was up 138.73 points at 38905.84, while Nifty was up 46.90 points at 11,690.40.  About 1454 shares have advanced, 1129 shares declined, and 184 shares are unchanged. 

Tata Motors, TCS, Coal India, Tata Steel and Kotak Mahindra Bank were among major gainers on the Nifty, while losers were Infosys, Bharti Infratel, Sun Pharma, IOC and Yes Bank.

Among the sectors, metal space led the gainers as it ended 2 percent higher followed by auto, IT, infra and bank, while energy and pharma ended with marginal loss.

TV18 Broadcast March quarter results: Television broadcasting network TV18 Broadcast has reported a 30 percent growth in consolidated operating EBITDA (earnings before interest, tax, depreciation and amortisation) at Rs 314 crore compared to previous financial year.

Consolidated operating revenue during the year grew by 3 percent to Rs 4,943 crore and revenue ex-film production increased by 8 percent to Rs 4,727 crore compared to FY18. 

Jayant Manglik, President at Religare Broking feels Nifty may consolidate further in near future within 11,500-11,800 levels prior to next directional move. "Hence volatility will remain high on stock specific front due to prevailing earnings season."

He advised traders should plan their trades accordingly and prefer hedged positions. "Besides, they should keep a close eye on global developments and on-going general elections for cues."

Buzzing: Shares of SpiceJet rose 7 percent on Monday after company is launching new direct flights to international destinations.

The company will connect Mumbai to a host of international destinations with direct non-stop flights to Hong Kong, Jeddah, Dubai, Colombo, Dhaka, Riyadh, Bangkok and Kathmandu. The new international flights will commence from May-end.

Gold Update: Gold prices fell to a more than one-week low on Monday, as stronger-than-expected data from China and a robust start to the US earnings season soothed concerns about global economic slowdown, denting the appeal of bullion.

Market Opens: It is a flat to positive start for the benchmark indices on Monday with Nifty above 11,650 level.

At 09:16 hrs IST, the Sensex is up 70.98 points or 0.18% at 38838.09, and the Nifty up 22.10 points or 0.19% at 11665.60. About 533 shares have advanced, 207 shares declined, and 44 shares are unchanged. 

TCS, Coal India, Tata Motors, Hero Moto, Wockhardt, Lakshmi Vilas Bank, DLF, ITC, GMR Infra, IOC are among major gainers, while losers are Infosys, Gail and ICICI Bank.

All the sectoral indices are trading in green led by metal, auto, infra, FMCG, and energy.

Rupee Opens: The Indian rupee opened higher by 8 paise at 69.07 per dollar on Monday versus Friday's close 69.15.

Market pre-open: Benchmark indices are trading higher in the pre-opening.

At 09:02 hrs IST, the Sensex is up 32.53 points or 0.08% at 38799.64, and the Nifty up 49.40 points or 0.42% at 11692.90.

Adani Power, TCS, are some of gainers in the pre-opening session while Infosys is trading marginally lower.

Crude Update: Oil prices edged lower on Monday after international benchmark Brent hit a fresh five-month high in the previous session, but concerns over global supplies kept prices well supported.

Maintain equal-weight call, target raised to Rs 1,980 from Rs 1,920 per share

Results in-line with estimates but better than the street

Management sounded confident on FY20 prospects too

Downgrade to equal-weight from overweight, target cut to Rs 700 from Rs 775 per share

Reported a soft Q4 relative to our expectations

Cut EPS estimates by 2.5%/3.9% for FY20/21

Maintain buy call, target cut to Rs 900 from Rs 930 per share

Strong revenue growth, sharp margin miss & poor FY20 guidance

Cut earnings for FY20-21 by 3-4%

Maintain buy call, target at Rs 2,460 per share

Revenue beat with margin defence & strong deal wins & outlook

Continued growth acceleration led by BFSI & Retail

CLSA on Adani Power 

Sell call, target raised to Rs 39 from Rs 23 per share

CERC obliges as Gujarat govt supports tariff hike for IPPs

FY20 losses will come down by 88% 

Downgrade to underperform from neutral, target cut to Rs 650 from Rs 770 per share

Cut valuation multiple from 18x to 16x on margin disappointment 

Growth picking up, but likely to fall short of heightened expectations

Maintain neutral, target raised to Rs 2,130 from Rs 1,900 per share

Solid growth with a slight miss on margin

Expect company to clock 11% growth in FY20

Maintain buy call, target at Rs 3,414 per share

Entered into a definite agreement to acquire 42 ANDAs in US

Though ANDAs are approved, they have not been commercialised yet

Downgrade to reduce from neutral, target at Rs 680 per share

Weaker growth outlook & likely slower EPS CAGR underpin cautious stance

Cut FY20-21 EBIT margin by 30-90 bps, leading to 1-4% lower EPS estimates

Upgrade to neutral from reduce, target raised to Rs 1,925 from Rs 1,780 per share

Better exit rate positions it well for growth for FY20

Macro/margin risks remain

SGX Nifty: Trends on SGX Nifty indicate a flat opening for the broader index in India, a fall of 6.50 points or 0.06 percent. Nifty futures were trading around 11,685-level on the Singaporean Exchange.