Market Opens :
It is a gap-down opening for the Indian indices on Monday with Nifty slipped below 11,600 level.
At 09:17 hrs IST, the Sensex is down 380.44 points or 0.98% at 38582.82, and the Nifty down 111.90 points or 0.96% at 11600.40.
HDFC Bank, SBI, Maruti Suzuki, RIL, Titan, Yes Bank, Tata Steel, Vedanta, Tata Motors, Hindalco, Infosys, Indiabulls Housing, HUL are among major losers on the indices, on the other hand gainers are BPCL, Power Grid, Asian Paints and Eicher Motors.
All the sectoral indices are trading red led by metal, IT, infra, bank, auto, pharma and FMCG.
Rupee Opens :
The Indian rupee opened lower by 7 paise at 69.29 per dollar on Monday versus Friday's close 69.22.
Global Markets :
Wall Street ends higher on Friday :
US stocks rose in a broad-based rally on Friday as stronger-than-expected job growth in April coupled with muted wage gains left investors upbeat about the outlook for the economy and interest rates.
US Fed’s status quo stance on the interest rates at least for this year, global liquidity will flow into emerging countries like India where they can capture growth at over 7 percent whereas the US is expected to grow at about 2.5 percent
This will also lead to massive dollar inflows which can take the rupee to touch levels of Rs 65 – Rs 66 per dollar by this year end.
Asian markets trade lower :
Asian equities tumbled, oil prices plunged and the safe-haven yen strengthened early on Monday as trade negotiations between China and the United States deteriorated suddenly, reversing apparent progress made in recent months.
SGX Nifty :
Trends on SGX Nifty indicate a negative opening for the broader indices in India, a fall of 53 points or 0.45 percent. Nifty futures were trading around 11,707.50-level on the Singaporean Exchange.
Crude oil :
Prices cooled off from highs but are still up 35% so far in 2019.
Domestic Markets :
A volatile week for equity markets but bulls failed to take control of D-Street as bears pushed the index below a crucial support at 11750.
From the political space, fifth phase of Lok Sabha elections will be held on May 6 for 51 seats across seven states. In this phase, the least number of constituencies are going for polls as compared to other phases.
On the institutional front, FPIs were net sellers in Indian markets for Rs 400 crore while the DIIs were net buyers to the tune of Rs 57 crore, provisional data showed.
Technical View:
Nifty forms a Doji pattern on charts; bearish candle for the 3rd day in a row
The index took support at its 5-days EMA
This kind of sluggish and lacklustre price action is hinting at a dwindling momentum in the Nifty
A breakout above 11,856 is required to put bulls back in charge
A close below 11,635 in next session may enhance selling pressure
India VIX moved up by 4.35% at 23.98 levels. Higher VIX suggests that volatile swings could continue in the market ahead of Election polls and outcome.
Three levels: 11699, 11770, 11856
Max Call OI: 12000, 12500
Max Put OI: 11000, 11500
Stocks in news:
Results today: Bharti Airtel, ICICI Bank, Marico, Wockhardt, Chennai Petroleum, Gujarat Gas, Navin Fluorine, Mahindra CIE Automotive, Hindustan Composites, GTL, Godrej Agrovet, Great Eastern Shipping, Firstsource Solutions, Fortis Malar HospitalsFederal Bank Saturday reported an over two-fold jump in net profit for the March quarter at Rs 381.51 crore on account of lower provisioning and higher interest income.
L&T Technology Services (LTTS) on May 3 has delivered its highest ever growth for FY19 in the March quarter driven by the growth in the electrification of vehicles, autonomous vehicles and over the top (OTT) systems.
Yes Bank on May 3 said the Reserve Bank of India has imposed a penalty of Rs 11.25 lakh on it for violating money transfer norms.
HUL Q4: Net profit up 13.8% at Rs 1,538 crore versus Rs 1,351 crore, revenue up 9.3% at Rs 9,945 crore versus Rs 9,097 crore, YoY.
L&T Tech Q4: Net profit up 3.2% at Rs 191.5 crore versus Rs 185.6 crore, rupee revenue up 2% at Rs 1,343.1 crore versus Rs 1,316.9 crore, QoQ.
LIC Housing Q4: Net profit up 16.7% at Rs 693.6 crore versus Rs 594.3 crore; revenue up 20.1% at Rs 4,655.1 crore versus Rs 3,877.6 crore, YoY
Birla Corp Q4: Net profit down 2.2% at Rs 128.2 crore versus Rs 131.1 crore, revenue up 13.4% at Rs 1,872.3 crore versus Rs 1,650.8 crore, YoY.
Federal Bank Q4: Net profit at Rs 381.5 crore versus Rs 145 crore; NII up 17.5% at Rs 1,096.5 crore versus Rs 933.3 crore, YoY.
Sheela Foam Q4 : Net profit up 17.8% at Rs 37.9 crore versus Rs 32.2 crore; revenue up at Rs 534.7 crore versus Rs 527.9 crore, YoY
AB Capital Q4: Net profit up 52.5% at Rs 258.4 crore against Rs 169.5 crore; revenue up 32.2% at Rs 4,730 crore versus Rs 3,577.6 crore, YoY.
NIIT Tech Q4: Net profit up 5.2% at Rs 105.5 crore against Rs 100.2 crore; revenue at Rs 972.2 crore versus Rs 971.7 crore, QoQ.
Morepen Laboratories Q4: Net profit at Rs 9.2 crore versus Rs 4.1 crore, revenue up 30.2% at Rs 206.1 crore versus Rs 158.2 crore, YoY
Vodafone Idea signs multi-million dollar IT deal with IBM
USFDA issues 14 observations for Cadila Healthcare's Moraiya facility
HIL has commenced the final phase production of its CpVC, UpVC and SWR (Soil, Waste & Rain) Pipes and Fittings at its plant located at Golan Plant, Gujarat
PNC Infra to sale entire stake (15.12%) in Ghaziabad Aligarh Expressway to Cube Highways and Infrastructure PTE
Embassy Office Parks REIT announces the successful placement of Embassy REIT Series I Non-Convertible Debentures 2019
Bharat Road Network has entered into a share purchase agreement with Cube Highways and Infrastructure Pte for sale of its holding in Ghaziabad Aligarh Expressway
RBI imposes Rs 11.25 lakh penalty on Yes Bank
TTK Prestige fixed May 16 as record date for issue of bonus shares
Aditya Birla Capital approved raising of funds worth Rs 3500 crore
EID Parry board meeting on May 8 to consider the proposal to raise Rs 300 crore by issue of Non Convertible Debentures on private placement basis in one and more tranches
Indian Overseas Bank board meeting on May 09 to consider and approve the proposal for raising capital for the year 2019-20 and other incidental matters
DHFL board approves raising capital worth Rs 2,000 crore in one or more tranches
Vodafone Idea's Capital Raising Committee approved allotment of 19,999,830,911 rights rquity shares of Rs 10 each for cash at a price of Rs 12.50 per rights equity share
Torrent Pharma has issued Commercial Paper for an amount of Rs 200 crore on May 3, 2019
Indiabulls Housing Finance approved merger of IHFL alongwith its wholly owned subsidiary, Indiabulls Commercial Credit into and with the Lakshmi Vilas Bank
Bank of Baroda hikes marginal cost of lending rate by 5 bps across tenors.
Shriram City Union allotted NCD worth of Rs 666.92 crore
Canara Bank: ICRA downgrades Additional Tier-I bonds to AA- from AA; outlook stable.
CRISIL has assigned the long term rating for Bank Loan facilities of Rs 750 crore as CRISIL AA- Stable and assigned short term rating as CRISIL A1+ to Deepak Nitrite
India Ratings and Research (Ind-RA) has assigned Vadilal Enterprises Limited Long-term issuer rating at 'IND A-'. The Outlook is Positive.
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