Market opens :
It is positive start for the Indian indices on Monday with Nifty above 11,700 level.
At 09:17 hrs IST, the Sensex is up 102.10 points at 38964.33, while Nifty up 20.10 points at 11686.10. About 566 shares have advanced, 276 shares declined, and 51 shares are unchanged.
NIIT, HUL, Titan HDFC Bank, Vedanta, Tata Steel, JSW Steel, Lakshmi Vilas Bank, are among major gainers on the indices, while losers are Indiabulls Housing Finance, HPCL, BPCL, Asian Paints, NIIT Tech, HCL Tech and RIL.
Among the sectors, except energy all other indices are trading in green led by infra, metal, pharma and FMCG.
Rupee Opens :
The Indian rupee opened lower by 11 paise at 69.33 per dollar on Monday versus 69.22 Friday.
Rupee remained under pressure for the third successive session after the RBI in its policy statement decided to cut rates by 25bps. The overall statement by the RBI was dovish and seized its last opportunity to address growth concerns before inflationary pressures begin to reflect on the economy
The RBI expects retail inflation to be 2.9-3% in the first half of this financial year. It forecasts this to rise to 3.5-3.8% in the latter half. This week, on the domestic front, inflation and industrial production number will be released and that could trigger a move for the currency.
Today, USD-INR pair is expected to quote in the range of 69.20 and 69.80.
Currency Update:
The dollar retained modest gains on Monday after a U.S. jobs report put to bed fears of a sharper slowdown in the world’s largest economy.
Global Markets :
SGX Nifty :
Trends on SGX Nifty indicate a flat opening for the broader indices in India, a gain of 1 points or 0.01 percent. Nifty futures were trading around 11,774-level on the Singaporean Exchange.
Asian markets trade higher :
Asian shares inched up to seven-month highs on Monday as investors cheered a rebound in US payrolls and hints of more stimulus in China, though there was some caution ahead of what is likely to be a tough US earnings season.
Crude Update :
Oil prices rose to five-month highs on Monday, driven up by OPEC’s ongoing supply cuts, US sanctions against Iran and Venezuela and healthy US jobs data.
Domestic Markets :
What a week for Indian markets. Both Sensex & Nifty eked record highs this week, ending with gains of about 0.4 percent each. The S&P BSE Sensex gained 0.49 percent while the Nifty50 gained 0.36 percent for the week ended April 5.
The index witnessed profit booking at higher levels but the trend is still intact and the Nifty should hit record highs soon. The broader market underperformed that might be of some worry.
Macro cues, poll for Assembly elections as well as earnings are some of the factors which will dictate trend in this week.
Industrial Production data for February and CPI Inflation for March will be released on April 12 after market hours.
Apart from that, the Foreign Exchange Reserve data for the week ended April 5, and Deposit and Bank Loan growth for the fortnight that ended on March 29 will be announced on the same date.
A much-awaited event, the general elections will begin with the first phase on April 11.
The voting for 91 seats in 20 states, which are Telangana, Andhra Pradesh, Assam, Arunachal Pradesh, Bihar, Jammu & Kashmir, Maharashtra, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Sikkim, Tripura, Uttar Pradesh, West Bengal, Chhattisgarh, Uttarakhand, Lakshadweep and Andaman & Nicobar, will take place in first phase on April 11.
On the institutional front, FPIs were net buyers in Indian equity markets for Rs 797 crore while DIIs were net sellers to the tune of Rs 325 crore, provisional data showed.
Technical View:
Nifty formed a small bodied Bullish candle on the daily scale while a Doji candle on a weekly scale which indicates that declines are being bought
It has to continue to hold above 11550 zones to witness an up move towards 11761, 11888, 12000
Profit booking could come if Nifty slips below 11550 levels
Three levels: 11550, 11638, 11689
Max Call OI: 12000, 11800
Max Put OI: 11000, 11500
Stocks in news:
The Reserve Bank of India (RBI) on Saturday said it will examine the merger proposal of Lakshmi Vilas Bank and Indiabulls Housing Finance Ltd. The statement comes amidst report that the presence of two nominee directors of the RBI on the board of Lakshmi Vilas Bank implies the central bank's indirect approval of the proposal.
The Competition Commission of India (CCI) on April 5 approved L&T's proposed acquisition of a 66.15 percent stake in Mindtree. If you remember, L&T signed a deal to buy 20.32 percent stake of Mindtree's largest shareholder VG Siddhartha and his coffee enterprise on March 19 for close to Rs 3,200 crore at Rs 980 per share.
A day after the Reserve Bank reduced the benchmark repo rate by 25 basis points for the second consecutive time, state-run Bank of Maharashtra on Friday announced a nominal 5 bps reduction in its lending rates across various tenors.
Results on April 8: Delta Corp, Hathway Bhawani Cabletel
Sun Pharma launches ready-to-infuse INFUGEM in the US
Future Consumer: Board approved issuing of up to $10 million worth Compulsorily Convertible Debentures to Verlinvest SA, and Rs 250 crore worth to International Finance Corporation on a preferential basis. The board also approved issuing of warrants to promoter/promoter group entities, for an amount of Rs 70 crore on a preferential basis.
NIIT Technologies: Hulst BV along with the Baring Asia Private Equity Fund VII announced an open offer for acquisition of up to 1.62 crore equity shares (representing 26 percent of paid-up equity) from public shareholders of the company, at a price of Rs 1,394 per share, an aggregating total of Rs 2,262.34 crore. It is after Hulst & Baring acquired 30.20 percent stake in the company from NIIT Limited and company's promoters on April 6.
Century Textiles: Company launched real estate project viz. Birla Vanya near Kalyan, Maharashtra.
Vanta Bioscience: Company through its subsidiary, Vayam Research Solutions, signs CRO Service Agreement of Rs 29 crore with Emcure Pharmaceuticals.
GE Power India: Company appointed Prashant Jain as Additional Director and Managing Director.
CARE reaffirmed CARE AAA Stable rating to the Mahindra and Mahindra's long term bank facilities
HDFC Bank
The advances aggregated to approximately Rs 8,195 billion as of March 31, 2019 against Rs 6,583 billion as of March 31, 2018
The Bank’s deposits aggregated to approximately Rs 9,230 billion against Rs 7,888 billion as of March 31, 2018
Its CASA ratio stood at around 42% as compared to 43.5%
HPL Electric: Company issued Commercial Papers of Rs 150 crore.
Infosys opens new Infosys in Baden, Switzerland
RBL Bank board meeting on April 18 to consider Q4 results, fund raising and to recommend dividend
Brickwork Ratings India has reaffirmed the rating on JSW Energy's commercial paper issue at BWR A1+
Muthoot Finance: Company declared an interim dividend for FY 2019 at the rate of Rs 12 per equity share.
Kernex Microsystems (India): Company received a Show Cause Notice from Directorate General of GST Intelligence Hyderabad Zonal Unit.
Eris Lifesciences: Company executed a share purchase agreement with one of the founders and promoters to take full ownership of the subsidiary.
India Nippon Electricals: Company declared the second interim dividend at Rs 4 per equity share for the year 2018-19.
Torrent Pharma: Company's Dahej plant receives certain observations from USFDA.
Khaitan India: Company appointed Swapan Kumar Das as the chief financial officer (CFO).
Lumax Industries: Company acquired assets for manufacturing of PCB’s for Rs 22.45 crore from Lumax Auto Technologies.
Sagar Cements' consolidated March cement sales up 7.76 percent at 3,36,341MT
Reliance Infrastructure: Company appointed Punit Garg as executive director and chief executive officer (CEO).
United Nilgiri Tea Estates: Company's director N. Srinivasan resigned.
Cadila Healthcare: Zydus received tentative approval from the USFDA for Tofacitinib tablets.
Garware Polyester appoints Parag Doshi as the CFO with effect from April 5
Edelweiss Financial Services: ICRA re-affirmed A1+ rating to the commercial paper programme of Rs 6,350 crore and short-term NCDs of Rs 100 crore. It also re-affirmed the credit rating of AA to the NCDs of Rs 466 crore.
Texmaco Rail & Engineering: NCLT approved scheme amalgamation of Texmaco Hitech, Bright Power projects with the company
Bank of Baroda: Post amalgamation of Vijaya Bank and Dena Bank with BoB, the Government of India's stake increased to 65.37 percent
Vishal Fabrics' CFO Mahesh Chandra Kawat resigned
Setco Automotive board meet on April 10 to consider offer by Lingotes Especiales S.S. for sale of its entire stake in company’s subsidiary Lava Cast
JSW Steel: Fitch Ratings assigned BB(EXP) ratings to company’s proposed issue of the US dollar senior notes, while Moody’s has assigned Ba2 rating
Analyst or Board Meet/Briefings
Hathway Cable & Datacom: Company will announce its March quarter earnings on April 15.
TRF: Company will announce its March quarter earnings on April 15.
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