Market Opens:
Indian indices are trading flat with negative bias with Nifty opened below 11,600 level.
At 09:17 hrs IST, the Sensex is down 78.46 points at 38,622.07, while Nifty is down 25.50 points at 11579. About 346 shares have advanced, 341 shares declined, and 28 shares are unchanged.
Bharti Airtel, Zee Entertainment, HCL Tech, Wipro, HUL, Britannia Industries are trading with marginal gains, while lowers are Dhanlaxmi Bank, Asian Paints, BPCL, Sun Pharma, Gail, Kotak Mahindra Bank, Tata Motors HCPL and IOC.
Among sectors, auto, bank, energy and pharma are witnessing some selling pressure, while buying seen in the metal and FMCG stocks.
Rupee Opens :
The Indian rupee opened marginally higher at 69.59 per dollar on Tuesday versus previous close 69.67.
Global Markets :
US markets end mixed :
The S&P 500 and the Nasdaq edged into positive territory on Monday, with gains held in check by falling industrials as investors braced for what analysts now expect to be the first quarter of contracting earnings since 2016.
SGX Nifty :
Trends on SGX Nifty indicate a flat opening for the broader indices in India, a gain of 2 points or 0.02 percent. Nifty futures were trading around 11,685-level on the Singaporean Exchange.
Asian market trade mixed :
Asian shares got off to a subdued start on Tuesday as investors braced for key events later in the week, including the kick-off of the US earnings season and a crucial Brexit summit, while broader concerns over slowing global growth checked sentiment.
Crude Update :
Oil prices on Tuesday reached their highest since November as concerns over exports from war-torn Libya stoked tightness in the market, with global supply already hit by OPEC-led production cuts and US sanctions on Iran and Venezuela.
Domestic Markets :
Investors have turned cautious as oil prices continue to boil and sharp rally in the last couple of months resulted in a premium valuation of key indices.
General elections, as well as the start of Q4 earnings season, are some of the factors which are making investors cautious and as long as Nifty stays below historical highs further profit taking cannot be ruled out.
In terms of sectors, the IT sector was the top gainer on account of a weak rupee. The rally was led by NIIT, Infosys, Tech Mahindra, and TCS.
On the other hand, profit booking was seen in realty, oil & gas, and metal stocks.
The S&P BSE Mid-cap index slipped 0.72 percent while the S&P BSE Smallcap index closed 0.39 percent lower.
On the institutional front, FPIs were net buyers in Indian markets for Rs 329 crore while DIIs were net sellers to the tune of Rs 623 crore, provisional data showed.
Big News:
Assets under management (AUM) of the mutual fund industry stood at Rs 23.79 lakh crore as at March-end, up 11 percent year-on-year (YoY), as per data released by Association of Mutual Funds in India (AMFI) on Monday.
On a sequential basis, AUM growth was three percent higher compared to the previous month.
Inflows into equity funds (including ELSS) spiked 130 percent on a month-on-month (MoM) basis to Rs 11,756 crore in March.
The spike can be attributed to larger flows into tax saving schemes in the last month of the financial year and improved investor sentiment on expectations of getting a stable political mandate in the national elections, in contrast to the possibility of a fractured political mandate.
Investment in equity funds through systematic investment plans (SIPs) showed a significant improvement in FY19 and continued to hold up well in March. MFs mobilised Rs 8,055 crore via SIPs in March as compared to Rs 8,095 crore in the previous month, almost flattish sequentially.
Technical View:
Nifty forms Bearish Engulfing pattern on charts
If Nifty decisively breaks crucial support of 11,549 in the coming sessions, 11,300 could be the next target on the downside, experts said.
If this bearish structure is unfolding then ideally Nifty shall not get past 11,710 kind of levels going forward.
Three levels: 11549, 11710, 11761
Max Call OI: 12000, 11800
Max Put OI: 11000, 11500
Stocks in news :
Bharti Airtel has received approval from the Securities and Exchange Board of India (SEBI) for a rights approval worth Rs 24,000 crore.
HPL Electric & Power: EQ India Fund purchased 3,27,000 shares of HPL Electric & Power at Rs 60.22 per share. The stock rallied nearly 10 percent on Monday.
DLF: Government of Singapore sold 6,79,87,184 shares of DLF, the country's largest real estate company, at Rs 191.01 per share while Societe Generale was the buyer to the tune of 2,08,85,987 shares at Rs 191 per share. The stock slipped 8 percent.
Results on April 9: Bajaj Consumer Care, Simplex Projects
Panacea Biotec: India Resurgence Fund, promoted by Piramal Enterprises and Bain Capital Credit, along with its affiliates has announced an investment of up to Rs 992 crore in the company
Usha Martin's CFO Rohit Nanda resigned as the CFO w.e.f. April 9, appointed Anirban Sanyal as the new CFO
Voltas: Company in pact to sell Shima Seiki's products in India.
Fortis Healthcare: Girish Gupta steps down as CFO with immediate effect. Company appoints Vivek Kumar Goyal As Chief Financial Officer.
Fortis Healthcare looking to sale its 27.82 percent stake in Singapore based arm RHT Health Trust
Sun Pharmaceutical Industries' wholly owned subsidiary Sun Pharma Distributors will commence distributing company's formulation products in India, on the same terms as was with AML, in a phased manner upon receipt of requisite regulatory approvals
Quess Corp's staffing business adds 23,000 associates effective April 2019
Prabhat Telecoms (India): Company entered into a distributor agreement with 'Xmi Pte Ltd' (Hong Kong) for distributing telecom accessories and other accessories as manufactured products in Delhi and NCR, Rajasthan, Uttar Pradesh, Arunachal Pradesh, Nagaland, Mizoram, Meghalaya, Manipur, Sikkim, Assam, Tripura and West Bengal of the Republic of India to specific retailors on non-exclusive basis.
Karda Constructions: Company commenced construction of Hari Krishna - Phase IV, a residential cum commercial project in Nashik, Maharashtra. Total saleable area will be 60,548.71 square feet and expected sale proceeds should be around Rs 21.19 crore. The said project will be complete by November 2022.
Indo-Rama Synthetics appointed Maganti Narayan Sudhindra Rao as executive director and CEO for 3 years with effect from April 8.
Coffee Day Enterprises: Impact HD Inc (IHD) to invest $15 million for 49 percent stake in company's subsidiary Coffee Day Consultancy Services Private Limited. After this deal, company and its subsidiary Coffee Day Global will hold 51 percent stake in Coffee Day Consultancy Services Private Limited.
Majesco: Company appointed finance & operations expert Wayne Locke as new CFO.
Asian Paints: Company said fire broke out at manufacturing facility in Vishakhapatnam, Andhra Pradesh. Fire will not have any impact on the business operations of company.
Indian Overseas Bank decreased its MCLR for 1 year and above tenor by 5 bps with effect from 10.04.2019
DLF: GIC sells 7 crore shares in a block deal at Rs 192 per share - CNBC-TV18 sources. In 2016-17, GIC via property arm had bought 7 crore shares in DLF.
IndusInd Bank has priced the Notes at 3.875 percent, fixed rate on April 8, 2019 under the Medium Term Notes Programme acting through its IBU having an issue size of USD 400 million
Analyst or Board Meet/Briefings
Yes Bank: Bank will consider raising funds via debt, equity, and announce March quarter earnings on April 26.
Rushil Decor: Company's officials will meet investors/analysts on April 9.
Gateway Distriparks: Company's officials will meet Reliance Nippon Life Asset Management on April 9.
Finolex Industries: Company's officials will meet B&K Securities India on April 9.
5paisa Capital: Bank to consider raising funds via NCD and announce March quarter earnings on April 16.
Eris Lifesciences: Company's officials will meet IIFL on April 9.
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