Closing Bell: Nifty ends below 11,200, Sensex falls 203 points; Yes Bank, Tata Motors tank 8%

Market Close: The benchmark indices ended lower in the volatile trading on May 15 with Nifty closed below 11,200 mark.

At close, the Sensex was down 203.65 points at 37,114.88, while Nifty was down 65 points at 11,157. About 982 shares have advanced, 1544 shares declined, and 176 shares are unchanged. 

Yes Bank, Tata Motors, Zee Entertainment, JSW Steel and Gail were the top losers on the Nifty, while gainers were Bajaj Finance, Eicher Motors, UPL, IOC and Indiabulls Housing.

Among the sectors, metal index slipped 2 percent followed by auto, infra, pharma, FMCG and bank. 

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Source:https://www.moneycontrol.com/news/business/markets/closing-bell-nifty-ends-below-11200-sensex-falls-203-points-yes-bank-tata-motors-tank-8-3974401.html

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Lupin Q4 preview: Net profit likely to fall, EBITDA margin to take a hit

Drug major Lupin is expected to report a fall in its March quarter earnings, according to research and broking firm Prabhudas Lilladher. It expects Lupin to report net profit at Rs 253.2 crore, down 62.8% year-on-year.

Net sales are expected to increase by 2.1 percent YoY (down 7.2 percent QoQ) to Rs. 4,061 crore. Earnings before interest, tax, depreciation and

amortisation (EBITDA) are likely to fall by 14.3 percent YoY (down 10.5 percent QoQ) to Rs. 560.1 crore.

Narnolia Financial Advisors expects revenue from US generics business to increase by 6 percent YoY to $212 million in Q4FY19 on account of gRanexa and Levothyroxine launch though the impact on sales will be lower this quarter as the drug was launched in the latter half of the quarter.

In the US branded business, the firm assumes the revenue to increase by 63 percent QoQ to $13 million based on the Solosec ramp up as the company is focussing on increasing the prescriptions.

The research firm expects India and APAC to grow by 14 percent and 5 percent YoY to Rs. 1097 crore and Rs 699 crore respectively. Going forward, it believes Japan will turn out be interesting market as the company has received PMDA approval for Etanercept.

Narnolia expects EBITDA margin to decline by 171 bps YoY to 15.9 percent in Q4FY19 on account of increased remediation cost related to inspection in Somerset and Mandideep facilities.

Morgan Stanley believes that earnings concentration risk has normalised and new product catalysts are in sight to revive earnings. It expects Rs 37.0 and Rs 49.7 EPS for FY20 and FY21 (a 52 percent two-year CAGR), which is 7 percent and 15 percent ahead of consensus.

The brokerage said key earnings drivers include complex products in developed markets, steady growth in emerging markets and tight cost control, which together should drive up margins.

According to Kotak Institutional the US business is likely to grow USD50 million QoQ, given Ranexa exclusivity, and supported by a stable base business as well as Tamiflu contribution. It also includes USD 3 million QoQ growth in Solosec. The firm expects the domestic business to grow 14% YoY, South Africa and Europe to grow 10% and 8% yoy respectively, and Japan to grow 7%.

Kotak expects EBITDA margins (excluding licensing income in 3QFY19) to expand by 430 bps qoq to ~17%, driven by US scale-up, particularly, Ranexa exclusivity. EPS likely to jump 112% QoQ, though, yearly EPS numbers are not comparable given Gavis write-off in 4QFY18.

Narnolia Financial Advisors expects revenue from US generics business to increase by 6% YoY to USD 212 million in Q4FY19 on account of gRanexa and Levothyroxine launch though the impact on sales will be lower this quarter as the drug was launched in the latter half of the quarter. In the US branded business, the firm assumes the revenue to increase by 63% QoQ to USD 13 million based on the Solosec ramp up as the company is focussing on increasing the prescriptions, it added.

Narnolia expects India and APAC to grow by 14% and 5% YoY to Rs 1097 crore and Rs 699 crore respectively. Going forward, it believes Japan will turn out to be interesting market as the company has received PMDA approval for Etanercept.

The research firm expects EBITDA margin to decline by 171 bps YoY to 15.9% in Q4FY19 on account of increased remediation cost related to inspection in Somerset facility and Mandideep facility which has been classified as “OAI”.

Source: https://www.moneycontrol.com/news/business/earnings/lupin-q4-preview-net-profit-likely-to-fall-ebitda-margin-to-take-a-hit-3971211.html

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Closing Bell: Indices snap 9-day losing streak, Sensex gains 227 pts; PSU banks rally

Market close: Benchmark indices closed in the green after falling for nine consecutive sessions. Sensex was up 227 points at 37,318.53, while Nifty closed at 11,222, up 73.80 points. About 1223 shares have advanced, 1260 shares have declined, and 132 shares are unchanged.
 

Sun Pharma, Bharti Airtel, Indiabulls Housing and Vedanta were among top index gainers, while TCS, Tech Mahindra, HCL Technologies and Bajaj Finance were among the top losers on the index.   
 

Except IT that fell over 1 percent, all sectoral indices were trading in the green. PSU Bank is the biggest gainer, surging about 3 percent. 

Nifty Midcap 100 was up 80 points at 16737.25, while Nifty Smallcap 100 was at 6,142.80, up 43 points

Source: https://www.moneycontrol.com/news/business/markets/closing-bell-indices-snap-9-day-losing-streak-sensex-gains-227-pts-psu-banks-rally-3969011.html

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Rupee ends 61 paise lower at 70.52 per dollar

The Indian rupee ended near day's low on May 13 as it slipped 61 paise at 70.52 per dollar versus previous close 69.91.

The domestic currency ended at lowest level against dollar since March 1, while it has posted biggest single session fall against dollar since April 4.

Rupee remained under pressure as uncertainty following trade tensions between US and China escalated. US President ordered to begin the process of imposing tariffs on all remaining imports from China, underscoring a lack of progress by US and Chinese negotiators. It said Beijing was open to talks but would not yield on important issues of principle. It is expected that leaders of both the economies could meet at the G20 summit scheduled in Japan in late June, said Motilal Oswal.

On the domestic front, India’s industrial production number was released; data showed the industrial output declined 0.1% thereby keeping the rupee under pressure.

ITC Q4 review: Cigarette volume play, broader growth levers positive; accumulate

ITC’s Q4 operating sales grew 13.3 percent YoY (year on year), buoyed by strong top line growth across segments. A key takeaway is better than expected volume growth in the cigarette business, which is estimated at 7-8 percent.

EBITDA margins, however, contracted by 103 bps on account of higher cost of goods sold and rise in employee costs.

Segmental margins in cigarette and hotels businesses were lower than last year while there was a significant improvement in margins for FMCG (others) and paperboard business. The company highlighted that FMCG (others) EBITDA margin is 7 percent  as against 5.7 percent in Q4 FY18 – still a long way off the frontline FMCG benchmarks, but fast improving.

While net profit has grown nearly 19 percent, this includes a net gain on restructuring of the Lifestyle retailing business, consisting of sale proceeds of John Players trademark/copyright amounting to Rs 70.5 crore.

Source:https://www.moneycontrol.com/news/business/moneycontrol-research/itc-q4-review-cigarette-volume-play-broader-growth-levers-positive-accumulate-3967011.html

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Closing Bell: Nifty fails to hold 11,300, Sensex falls 95 points; SBI gains 2% post Q4

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.

Source: https://www.moneycontrol.com/news/business/markets/closing-bell-nifty-fails-to-hold-11300-sensex-falls-95-points-sbi-gains-2-post-q4-3955501.html

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SBI reports Q4 profit of Rs 838 crore; asset quality improves

State Bank of India (SBI) has reported net profit of Rs 838.4 crore for the quarter ended March 31, 2019 on the back of higher provisions. The bank had reported loss of Rs 7,718 crore in a year ago period.

Its operating profit was up 6 percent at Rs 16,933 crore versus Rs 15,883 crore, YoY.

The net interest income (NII) of the bank rose 14.9% to Rs 22,954 crore versus Rs 19,974 crore.

The company's gross NPA was down at 7.53 percent against 8.71 percent, while net NPA was down at 3.01 percent versus 3.95 percent, QoQ.

In absolute terms, the gross NPA was down to Rs 1.72 lakh crore from Rs 1.88 lakh crore, while net NPA was at Rs 65,895 crore against Rs 80,944 crore, QoQ.

The bank's provision coverage ratio was at 78.73% versus 74.6%. Provisions for NPAs was at Rs 17,336 crore versus Rs 13,971 crore in the previous quarter and Rs 24,080 crore in the corresponding quarter of last year.

The bank has made a provision of Rs 3,984 crore (Total Rs 5,643.41 crore) for the year ended March 31, 2019 towards arrears of wages due for revision w.e.f November 1, 2017.

State Bank of India was quoting at Rs 299.45, up Rs 0.20, or 0.07 percent on the BSE.

Source: https://www.moneycontrol.com/news/business/earnings/sbi-reports-q4-profit-of-rs-838-crore-asset-quality-improves-3957191.html

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Closing Bell: Nifty ends at 11,300, Sensex falls 230 pts; RIL down 3% on MS downgrade

Market close: It is another weak closing for the Indian stock market as benchmark indices finished lower for seventh straight day. Nifty broke the 11,300 level during intraday and touched a low of 11,255.05.

At close, the Sensex was down 230.22 points at 37558.91, while Nifty was down 57.70 points at 11301.80. About 1074 shares have advanced, 1370 shares declined, and 150 shares are unchanged. 

Top losers on the Nifty were Reliance Industries, BPCL, Coal India, Asian Paints and NTPC, while gainers include Zee Entertainment, Yes Bank, Bajaj Finserv, Bajaj Finance and Hero Motocorp.

Among sectoral indices metal, infra, energy, pharma and bank ended in red, while some buying seen in the IT and FMCG.

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Source:https://www.moneycontrol.com/news/business/markets/closing-bell-nifty-ends-at-11300-sensex-falls-230-pts-ril-down-3-on-ms-downgrade-3950211.html

Nifty breaks 11,300, Sensex falls over 150 pts; RIL top loser

Market opens: It is weak start for the benchmark indices on May 9 with Nifty opened around 11,300 level.

At 09:17 hrs IST, the Sensex is down 150.24 points at 37638.89, while Nifty down 39.70 points at 11319.80.

Yes Bank, Adani Ports, BPCL, UPL, Grasim, Gail, Cipla, HDFC, Power Grid and RIL are trading lower, while on the other hand Hindalco, Britannia, Wipro, IOC, Coal India and Hero Motocorp are among major gainers.

Among sectors, except metal all other sectors are trading lower.

Source:https://www.moneycontrol.com/news/business/markets/market-live-nifty-hovers-around-11300-sensex-falls-over-150-pts-ril-top-loser-3950211.html

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Closing Bell: Heavy selling drags Sensex 487 pts, Nifty ends around 11,350; RIL, Zee major losers

Market close: Benchmark indices finished near day's low on Wednesday amid weak global cues.

The Sensex has closed below 38,000, while Nifty also break below 11,350 during intraday.

At close, the Sensex was down 487.50 points at 37789.13, while Nifty was down 138.40 points at 11359.50. About 685 shares have advanced, 1778 shares declined, and 148 shares are unchanged. 

Zee Entertainment, Bajaj Finance, Reliance Industries, Tata Motors and Bajaj Finserv were among major losers on the Nifty, while gainers were UPL, JSW Steel, Titan Company, BPCL and Coal India. 

All sectoral indices ended in red led by energy, pharma, auto, bank, infra, FMCG, metal and IT. Midcap and smallcap index shed 1 percent each.

Source:https://www.moneycontrol.com/news/business/markets/closing-bell-heavy-selling-drags-sensex-487-pts-nifty-ends-around-11350-ril-zee-major-losers-3945201.html

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Closing bell: Late selling drags Sensex 324 pts, Nifty ends a tad below 11,500

Nifty Ends a Tad Below 11,500

The late selling pulled Nifty50 below its crucial support of 11,500, dragged by Reliance Industries, ICICI Bank, ITC, IOC and Tata Motors which fell 2-4 percent.

The BSE Sensex closed at 38,276.63, down 323.71 points and Nifty50 fell 100.35 points to 11,497.90.

However, Infosys, HUL, L&T, Wipro, ONGC and Titan Company bucked the trend, rising 1-2 percent.

The broader markets also caught in bear trap. The Nifty Midcap index lost 1.2 percent and Smallcap index fell 1 percent.

All sectoral indices closed in the red barring IT. Nifty Bank, Metal and Realty were prominent losers, falling over a percent each.

Source: https://www.moneycontrol.com/news/business/markets/closing-bell-late-selling-drags-sensex-324-pts-nifty-ends-a-tad-below-11500-3940101.html

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Nifty ends below 11,600, Sensex falls 362 pts on weak global cues; metal stocks drag

Market close: Benchmark indices ended lower but off day's low on Monday amid fresh trade worries between US-China.

The Sensex was down 362.92 points at 38600.34, while Nifty was down 114 points at 11598.30. About 887 shares have advanced, 1581 shares declined, and 166 shares are unchanged. 

Zee Entertainment, Titan Company, Yes Bank, Tata Motors and JSW Steel were among major losers on the indices, while gainers were BPCL, TCS, ITC, Bajaj Finserv and Bharti Airtel.

Except IT, all other sectoral indices ended in red led by metal, infra, bank, auto, pharma and FMCG.

Source: https://www.moneycontrol.com/news/business/markets/closing-bell-nifty-ends-below-11600-sensex-falls-362-pts-on-weak-global-cues-metal-stocks-drag-3934261.html

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Market patterns suggest that 2019 could turn out to be a mirror image of 2009

History repeats itself and so do chart patterns. It can be observed looking at the Nifty 50 daily chart that the current scenario might turn out to be the mirror image of 2009. UPA emerged victorious in 2009 general election and Indian stock market celebrated the event with two upper freeze in a single day followed by the bull-run that continued for the next 18 months. But, the market went through the tough phase before experiencing such euphoria.

Deep cuts have been witnessed in September-October 2008, followed by sideways dull market from October 2008 to March 2009 and eventually, the consolidation resulted in a pre-election rally.

The same scenario has been repeated in 2018-19 till now, which suggests that this rally could get accelerated in May series with a sharp move and the ruling party might remain in power once again.

Source: https://www.moneycontrol.com/news/business/markets/market-patterns-suggest-that-2019-could-turn-out-to-be-a-mirror-image-of-2009-3931231.html

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Closing Bell: Sensex ends flat, Nifty holds 11,700; Indiabulls Housing up 4%

Market Close: It was flat close on May 3 after benchmark indices gave all its intraday gains in the final hour of trading.

At close, the Sensex was down 18.17 points at 38963.26, while Nifty was down 12.50 points at 11712.30. About 1027 shares have advanced, 1462 shares declined, and 190 shares are unchanged. 

Indiabulls Housing, NTPC, Yes Bank, Bharti Airtel and ICICI Bank were top gainers on the Nifty, while losers include TCS, Britannia Industries, Tech Mahindra, Adani Ports and HUL.

Among sectors, FMCG, IT, pharma and metal ended in red, while some buying seen in the auto, bank, energy and infra.

Source: https://www.moneycontrol.com/news/business/markets/closing-bell-sensex-ends-flat-nifty-holds-11700-indiabulls-housing-up-4-3925591.html

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Crude oil futures fall on weak overseas cues

Crude oil futures fell by Rs 9 to Rs 4,268 per barrel on Friday as speculators off-loaded their bets amid a weak trend overseas.

Trading sentiment was dampened in futures trade here after oil prices retreated in the international market on deepening sense of global economic gloom and oversupply, say reports.

On the Multi Commodity Exchange, crude for delivery in May contracts was trading down by Rs 9, or 0.21 per cent, at Rs 4,268 per barrel in 20,606 lots.

The oil for June delivery fell by Rs 8, or 0.19 per cent, to Rs 4,293 per barrel with a business volume of 708 lots.

The international benchmark Brent crude futures dropped 0.65 per cent to USD 70.29 a barrel and the West Texas Intermediate (WTI) was trading 0.37 per cent lower to USD 61.54 per barrel.

Source: https://www.moneycontrol.com/news/business/markets/crude-oil-futures-fall-on-weak-overseas-cues-2-3928111.html

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Nifty around 11,750, Sensex up nearly 100 pts; Jet Airways falls 5%

Market Opens: It is flat start for the benchmark indices on May 3 with.

The Sensex is up 41.39 points at 39022.82, while Nifty is up 10.90 points at 11735.70. About 318 shares have advanced, 187 shares declined, and 31 shares are unchanged. 

Yes Bank, IOC, Sun Pharma, Bharti Infratel, Coal India, HDFC, Bombay Dyeing, Suntech Realty, NFL, Orient Papers, Tata Power are among major gainers, while losers are Laurus Lab, Jet Airways, L&T Infotech, TCS and Infosys.

Among sectors, except IT and FMCG all other indices are trading in green.

Rupee Opens: The Indian rupee opened marginally lower at 69.39 per dollar versus yesterday's close 69.35.

Source: https://www.moneycontrol.com/news/business/markets/nifty-around-11750-sensex-up-nearly-100-pts-jet-airways-falls-5-3925591.html

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Closing Bell: Sensex, Nifty end lower after a lacklustre day; IT, pharma stocks drag

Market close: Benchmark indices ended lower on volatile day with Nifty fell to hold 11,750 level.

At close, the Sensex was down 50.12 points at 38981.43, while Nifty was down 23.40 points at 11724.80. About 1053 shares have advanced, 1442 shares declined, and 163 shares are unchanged. 

Yes Bank, Bharti Infratel, Power Grid Corp, HDFC Bank and Hero Motocorp were the top gainers on the Nifty, while losers were Britannia Industries, Zee Entertainment, Tata Motors, ICICI Bank and IndusInd Bank.

Among the sectors, except infra all other indices ended in red led by IT, pharma, FMCG, auto and bank.

Source: https://www.moneycontrol.com/news/business/markets/closing-bell-sensex-nifty-end-lower-after-a-lacklustre-day-it-pharma-stocks-drag-3919891.html

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Britannia Industries: Steady execution in Q4 but recent demand moderation needs a close watch

Britannia Industries’ Q4 FY19 consolidated sales grew 10 percent year-on-year (YoY) aided by 7 percent volume growth in domestic business, which benefits from a ramp-up in its distribution network and higher growth in northern states. When compared to the last two consecutive quarters (Q2 and Q3), sales were flattish, which underlines the management’s observation that there has been slowdown in market place in recent months.

Gross margin expanded 273 bps YoY (flattish quarter-on-quarter), aided by moderate inflation in the prices of key raw materials.

EBITDA margin, while benefiting from gross margin expansion, was partially offset by higher other expenses (29 percent YoY). The latter could also be due to aggressive advertising/promotion campaigns in recent times backing new launches (cakes/croissant portfolio) and World Cup campaign.

Britannia remains a beneficiary of distribution reach catch up with the nearest competitor  Parle and other FMCG players. Its rural exposure remains in the low 20 percent of sales, but is expanding rapidly – 26 percent increase in dealership. It is witnessing super normal growth in northern states – double-digit sales growth in the last three years. Having said that, the management's commentary on 'slowdown in market place in the recent months' should be closely watched in the near term.

The stock has already corrected by around 11 percent from its CY19 high and now trades at a reasonable multiple of 50 times its FY20 estimated price-to- earnings

Source:https://www.moneycontrol.com/news/business/moneycontrol-research/britannia-industries-steady-execution-in-q4-but-recent-demand-moderation-needs-a-close-watch-3919781.html

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Opening Bell: Sensex, Nifty open in the red; Jet Airways, Maruti Suzuki in focus

Market Opens: Indian indices are opened flat with negative bias on Thursday with Nifty around 11,700.

At 09:18 hrs IST, the Sensex is down 61.16 points at 38,970.39, while Nifty is down 22.50 points at 11,725.70. About 414 shares have advanced, 445 shares declined, and 59 shares are unchanged. 

Yes Bank, Eicher Motors, Jet Airways, IndusInd Bank, Tata Steel, Hindalco, Vedanta, TVS Motor, Maruti Suzuki, HPCL, BPCL are among major lower in the early trade, while gainers are ONGC, IOC, JSW Steel, Britannia HDFC Bank and ITC.

Expect Infra and FMCG, all other sectoral indices are trading in red led by auto, IT, metal and pharma.

Source: https://www.moneycontrol.com/news/business/markets/market-live-sensex-nifty-open-in-the-red-jet-airways-maruti-suzuki-in-focus-3919891.html

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SEBI orders do not affect functioning as an exchange, says NSE

A day after SEBI passed orders against it in the co-location case, National Stock Exchange said on May 1 the orders do not affect its functioning as a recognised stock exchange.

The markets regulator on April 30 directed the bourse to disgorge profits worth over Rs 687 crore along with interest besides barring it from launching any new derivative products as well as from accessing the securities market directly or indirectly for six months.

Together with interest, the total disgorgement amount would be more than Rs 1,000 crore.

"Normal trading on NSE in all segments will continue from Thursday, May 2, 2019. Wednesday, May 1, 2019 is a trading holiday on account of May Day," the bourse said in a statement.

SEBI's orders would do not affect its functioning as a recognised stock exchange, the statement added.

The watchdog passed five separate orders, together running into 400 pages, related to the co-location case, wherein some entities allegedly got preferential access in high frequency trading.

Strict action has also been taken against some present and past executives of the exchange and some stock brokers.

Source: https://www.moneycontrol.com/news/business/sebi-orders-do-not-affect-functioning-as-an-exchange-says-nse-3919001.html

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