Sensex falls 95 points; SBI gains 2% post Q4
10 May 2019
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Market Close: The market registered eighth consecutive day fall on May 10 with Nifty ended below 11,300.
At close, the Sensex was down 95.92 points at 37,462.99, while Nifty was down 22.90 points at 11,278.90. About 1187 shares have advanced, 1270 shares declined, and 162 shares are unchanged.
Tata Steel, HCL Tech, Yes Bank, IndusInd Bank and IOC were among major losers on the Nifty, while gainers include Zee Entertainment, Titan Company, Bharti Airtel, SBI and Indiabulls Housing.
Metal, IT, pharma, energy, FMCG and auto witnessed selling pressure, while some buying seen in the banks and infra sectors. Midcap and smallcap index ended with marginal gains.
Lupin launches Clobazam tablets: Lupin announced the launch of Clobazam Tablets, 10 mg and 20 mg, having received an approval from the United States Food and Drug Administration (FDA) earlier.
Buzzing: PNB Housing Finance rallied 8.66 percent after the company reported a 51 percent jump in its consolidated net profit at Rs 379.77 crore for the fourth quarter ended March 2019, compared to Rs 251.58 crore in the year-ago period.
Buzzing: Shares of Reliance Industries (RIL) gained nearly 2 percent after the company announced acquisition of British toy maker Hamleys.
US hikes tariff on Chinese goods: US President Donald Trump's tariff increase to 25 percent on $200 billion worth of Chinese goods took effect on Friday, ratcheting up tensions between the United States and China as they pursue last-ditch talks to try to salvage a trade deal.
Buzzing: Shares of Welspun Corp rose nearly 3 percent in the early trade on Friday as company board is going to consider buyback of shares.
Crude Update: US oil prices rose on Friday on renewed optimism that a trade deal between Washington and Beijing could be struck, as investors have been fearing that a protracted tariff war would harm global economic growth.
Market opens: It is a higher opening for the market on the last trading day of the week with Nifty around 11,330 level.
At 09:17 hrs IST, the Sensex is up 138.45 points at 37697.36, while Nifty is up 31.30 points or 0.28% at 11333.10. About 457 shares have advanced, 181 shares declined, and 22 shares are unchanged.
Zee Entertainment, ICICI Bank, Yes Bank, RIL, SBI, Tata Steel, TCS are among major gainers on the indices, while losers are Asian Paints, Voltas, IOC, Wipro, HCL Tech, Infosys, Mahanagar Gas and Berger Paints.
On the sectoral front, IT and FMCG are trading marginally lower, while metal, pharma, auto and bank are witnessing buying interest.
Rupee Opens: The Indian rupee opened lower by 11 paise at 70.05 per dollar on Friday versus previous close 69.94.
Market at pre-open: Indian indices are trading higher in the pre-opening session.
At 09:01 hrs IST, the Sensex is up 135.10 points or 0.36% at 37694.01, and the Nifty up 17.00 points or 0.15% at 11318.80.
Morgan Stanley on Asian Paints
Overweight call, target at Rs 1,600 per share
Domestic revenue growth at 12% despite double-digit volume growth
Macquarie on Asian Paints
Outperform call, target cut to Rs 1,470 from Rs 1,580 per share
Key positive from Q4 was continuation of double-digit volume growth
Deutsche Bank on Asian Paints
Buy rating, target at Rs 1,600 per share
Reported in-line volume growth Of 11% but its value grew below-estimate of 12%
Credit Suisse on Asian Paints
Maintain neutral, target cut to Rs 1,425 from Rs 1,500 per share
Healthy volumes at the cost of a large margin miss
Cut FY20/FY2E EPS estimates by 6-9%
Kotak Inst Equities on Asian Paints
Maintain reduce call, target at Rs 1,225 per share
Q4 Earnings Materially Below Expectations
CLSA on Asian Paints
Sell call, target cut to Rs 1,285 from Rs 1,400 per share
Q4 results an all-around miss; management outlook cautious
Morgan Stanley on HCL Tech
Underweight call, target at Rs 931 per share
Q4 revenues beat our estimate; margin disappoints
FY20 revenue guidance is better but weak on margin
Macquarie on HCL Tech
Outperform call, target raised to Rs 1,380 from Rs 1,300 per share
Organic growth guidance of 7-9% in FY20 from 6.5% in FY19 a highlight
Deutsche Bank on HCL Tech
Buy rating, target raised to Rs 1,190 from Rs 1,070 per share
Constructive outlook but management acknowledges macro risks
Credit Suisse on HCL Tech
Maintain outperform, target raised to Rs 1,330 from Rs 1,310 per share
Organic growth recovery continues marred by weaker margin outlook
CLSA on HCL Tech
Buy rating, target at Rs 1,380 per share
Delivered a strong print, with a sharp revenue beat and a minor margin slip
CLSA on GSPL
Buy rating, target at Rs 270 per share
Lower volumes drive 16% miss on net profit
EBITDA missed by 9% driven by A 7% miss on volumes
Deutsche Bank on GSPL
Buy rating, target at Rs 230 per share
Gas volumes to rise from Q1FY20
Co reports EBITDA of Rs 330 crore, below estimates
Deutsche Bank on Apollo Tyres
Buy rating, target at Rs 270 per share
A soft quarter in India, Europe disappoints materially
Morgan Stanley on Asian Paints
Overweight call, target at Rs 1,600 per share
Domestic revenue growth at 12% despite double-digit volume growth
Macquarie on Asian Paints
Outperform call, target cut to Rs 1,470 from Rs 1,580 per share
Key positive from Q4 was continuation of double-digit volume growth
Deutsche Bank on Asian Paints
Buy rating, target at Rs 1,600 per share
Reported in-line volume growth Of 11% but its value grew below-estimate of 12%
Credit Suisse on Asian Paints
Maintain neutral, target cut to Rs 1,425 from Rs 1,500 per share
Healthy volumes at the cost of a large margin miss
Cut FY20/FY2E EPS estimates by 6-9%
Kotak Inst Equities on Asian Paints
Maintain reduce call, target at Rs 1,225 per share
Q4 Earnings Materially Below Expectations
CLSA on Asian Paints
Sell call, target cut to Rs 1,285 from Rs 1,400 per share
Q4 results an all-around miss; management outlook cautious
Morgan Stanley on HCL Tech
Underweight call, target at Rs 931 per share
Q4 revenues beat our estimate; margin disappoints
FY20 revenue guidance is better but weak on margin
Macquarie on HCL Tech
Outperform call, target raised to Rs 1,380 from Rs 1,300 per share
Organic growth guidance of 7-9% in FY20 from 6.5% in FY19 a highlight
Deutsche Bank on HCL Tech
Buy rating, target raised to Rs 1,190 from Rs 1,070 per share
Constructive outlook but management acknowledges macro risks
Credit Suisse on HCL Tech
Maintain outperform, target raised to Rs 1,330 from Rs 1,310 per share
Organic growth recovery continues marred by weaker margin outlook
CLSA on HCL Tech
Buy rating, target at Rs 1,380 per share
Delivered a strong print, with a sharp revenue beat and a minor margin slip
CLSA on GSPL
Buy rating, target at Rs 270 per share
Lower volumes drive 16% miss on net profit
EBITDA missed by 9% driven by A 7% miss on volumes
Deutsche Bank on GSPL
Buy rating, target at Rs 230 per share
Gas volumes to rise from Q1FY20
Co reports EBITDA of Rs 330 crore, below estimates
Deutsche Bank on Apollo Tyres
Buy rating, target at Rs 270 per share
A soft quarter in India, Europe disappoints materially
Asian markets trade lower: Asian shares inched up from two-month lows on Friday just hours ahead of the Trump administration's plan to raise tariffs on Chinese imports as investors looked to whether negotiators from the two countries can clinch a deal to avert the hike.
Wall Street ends lower: Wall Street's main indexes fell on Thursday ahead of critical trade negotiations between the United States and China, though they pared losses significantly after U.S. President Donald Trump said reaching a deal this week was possible.
SGX Nifty: Trends on SGX Nifty indicate a flat opening for the broader indices in India, a fall of 1 points or 0.01 percent. Nifty futures were trading around 11,341-level on the Singaporean Exchange.
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