Market Opens :
It is weak start for the Indian indices on May 8 with Nifty around 11,450.
At 09:17 hrs IST, the Sensex is down 239.22 points at 38037.41, while Nifty is down 65.20 points at 11432.70. About 208 shares have advanced, 451 shares declined, and 31 shares are unchanged.
Vedanta, Asian Paints, HDFC Bank, Tata Motors, SBI, RIL are among major losers on the indices, while gainers include Zee Entertainment, Gail, IndusInd Bank and Ceat.
All sectoral indices are trading in red led by metal, FMCG, auto, bank, energy, pharma and IT.
Rupee Opens :
The Indian rupee opened lower at 69.55 per dollar on Wednesday versus Tuesday's close 69.43.
Rupee consolidated in a narrow range but came under pressure in the latter half of the session following marginal strength in the dollar against its major crosses. Renewed tension between US and China is keeping the volatility high for the dollar.
Chinese Vice Premier Liu He will travel to US for two days of trade talks this week setting up a last-ditch bid for a deal that would avoid a sharp increase in tariffs on Chinese goods ordered by US President.
During a 10-month US-China trade war, US tariffs have been imposed on USD 250 billion worth of Chinese goods, and retaliatory Chinese tariffs slapped on USD 110 billion worth of American products.
Today, USD-INR pair is expected to quote in the range of 69.20 and 70.05-70.20.
Global Markets :
China Trade Data : April trade surplus at USD 13.84 billion, April imports up 4%, while exports down 2.7%.
SGX Nifty :
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 56.50 points or 0.49 percent. Nifty futures were trading around 11,482-level on the Singaporean Exchange.
Wall Street slips on US-China trade worries :
US stocks slid on Tuesday as escalating trade tensions between the United States and China triggered global growth fears and drove investors away from riskier assets.
Asian markets trade lower :
Asian equities tracked Wall Street's slide on Wednesday as the latest developments in the US-China trade conflict fanned fresh fears about global growth, driving support for safe-haven government bonds.
Australian stocks declined 0.35 percent, South Korea's KOSPI fell 1 percent and Japan's Nikkei was down 1.5 percent.
Domestic Markets :
Bears took control of D-street in the last one hour of trade and pushed the Nifty50 below crucial support levels on Tuesday.
It was a roller coaster ride for investors as Nifty which started trading with a gap on the upside failed to hold onto the gains and closed the day with losses of over 100 points while Sensex plunged by more than 300 points.
The S&P BSE Sensex finally closed 323 points lower at 38,276 while the Nifty50 was down by 100.35 points to end at 11497.
Investors lost more than Rs 1 lakh crore in terms of market capitalisation in a single session. The average market capitalisation of BSE listed companies fell from Rs 150.37 lakh crore on May 6, to Rs 149.11 lakh crore on May 7 which translates into a fall of Rs 1.26 lakh crore.
The Nifty index closed below its crucial support placed at 11550-11500 levels. It appears to have registered a consolidation breakdown from its 19-day old range present between 11,850 – 11,550 levels. The recent fall has now opened room for traders to go short.
On the institutional front, FPIs were net sellers in Indian markets for Rs 645 crore while the DIIs were net buyers to the tune of Rs 818 cr, provisional data showed.
Technical View:
Nifty forms a bearish candle on the charts for the fifth consecutive day in a row
The index is trading well below crucial short term moving averages
A break below 11500 has opened room for more weakness
Traders can use bounceback to short Nifty for a target of 11250 and a stop loss above 11600 levels, suggest experts
Three levels: 11484, 11657, 11700
Max Call OI: 12000, 12500
Max Put OI: 11000, 11500
Results on May 8: Titan Company, Alembic Pharmaceuticals, Chennai Petroleum Corporation, CreditAccess Grameen, Dishman Carbogen Amcis, Dhanlaxmi Bank, Shriram Transport Finance, Tata Communications, Satin Creditcare Network, Alstone Textiles (India), Artemis Global Life Sciences, Artson Engineering, Axiscades Engineering, Dutron Polymers, EID Parry (India), Emami Paper Mills, Gillette India, Indraprastha Medical Corp, International Combustion (India), JK Paper, JMC Projects, JSW Holdings, KEC International, Kokuyo Camlin, Kopran, KSB, Landmarc Leisure Corporation, MAS Financial Services, Morarjee Textiles, Procter & Gamble Hygiene, Pranavaditya Spinning Mills, Rain Industries, RR MetalMakers India, Saregama India, Sharp India, Simplex Mills Company, Simplex Papers, Simplex Realty, Shriram Asset Management, Srikalahasthi Pipes, Trinity League India, Uttam Value Steels, Vertex Securities
Listing on May 8: Neogen Chemicals
Here are stocks that are in the news today :
Vedanta : Metals & mining firm March quarter consolidated profit fell a sharp 43.3 percent year-on-year (YoY) to Rs 3,218 crore. Profit in the year-ago period stood at Rs 5,675 crore.
Escorts : Engineering and farm equipment maker Escorts May 7 said its net profit rose 7.8 per cent to Rs 121.35 crore for March quarter 2019, aided by robust tractor sales.
Lupin : Drug firm Lupin on May 7 said it has received tentative nod from the US health regulator to market its Fosaprepitant for injection, used to prevent nausea and vomiting associated with cancer chemotherapy.
Rashtriya Chemicals & Fertilizers (RCF) Q4: Profit jumps to Rs 48.47 crore versus Rs 29.54 crore; revenue rises to Rs 2,267 crore versus Rs 1,961 crore YoY.
Star Cement Q4: Consolidated profit jumps to Rs 1.81 crore versus Rs 0.96 crore; revenue rises to Rs 534.43 crore versus Rs 523.3 crore YoY.
Essel Propack Q4: Consolidated profit increases to Rs 52.38 crore versus Rs 44.79 crore; revenue rises to Rs 694 crore versus Rs 628 crore YoY.
ABB Q1 : Net profit down 41.3% at Rs 116.2 crore Vs Rs 197.9 crore; revenue down 5.9% at Rs 1,850 crore Vs Rs 1,966.3 crore, QoQ
CEAT Q4: Net profit down 16.4% at Rs 64.2 crore Vs Rs 76.8 crore; revenue up 4.4% at Rs 1,760.5 crore Vs Rs 1,686.1 crore, YoY
BSE Q4: Net profit down 16.4% at Rs 51.9 crore Vs Rs 62.1 crore, revenue down 20% at Rs 115.7 crore Vs Rs 144.7 crore, YoY
Mahindra Logistics Q4: Consolidated profit rises to Rs 23.91 crore versus Rs 20.88 crore; revenue increases to Rs 1,014.7 crore versus Rs 892.66 crore YoY.
Ingersoll-Rand board meeting on May 16, 2019 to consider final dividend
Gardner Denver Holdings Inc & Charm Merger Sub Inc made an open offer to acquire upto 82,07,680 equity shares at Rs 592.02 per share
Alembic Pharmaceuticals: Company entered into a joint venture agreement with SPH SINE Pharmaceutical Laboratories Co Ltd, China & Adia (Shanghai) Pharma Co Ltd, China.
Mindtree Launches QuikDeploy to Accelerate SAP S/4HANA Transitions
FDC - Fire Incident occurred at company's Roha plant
DHFL gets National Housing Bank approval for proposed divestment in Aadhar Housing Finance
Indigrid approved the issue and allotment of 299,683,881 units of preferential shares to the institutional investors at the issue price of Rs 83.89 per unit against the floor price of Rs 83.89 per unit, aggregating to Rs 25,140.48 million
Vakrangee announces alliance with Dish TV India
UNAIDS has signed a non-exclusive Long-Term Agreement (LTA) with Trigyn Technologies' wholly owned subsidiary Trigyn Technologies Inc
Analyst or Board Meet/Briefings
Gujarat Sidhee Cement: Company will announce its March quarter earnings on May 24.
Ramco Systems: Company will announce its March quarter earnings on May 22.
Indian Metals & Ferro Alloys: Company will announce its March quarter earnings on May 18.
Praj Industries: Company will announce its March quarter earnings on May 16.
Central Bank of India: Company will announce its March quarter earnings on May 15.
Kaveri Seed Company: Company will announce its March quarter earnings on May 27.
Mirc Electronics: Company will announce its March quarter earnings on May 29.
Polycab India: Company will announce its March quarter earnings on May 14.
United Breweries: Board to consider FY19 results & dividend on May 20.
NCC: Board to consider FY19 results & dividend on May 24.
IDFC: Board to consider FY19 results & dividend on May 24.
KEI Industries: Board to consider FY19 results & dividend on May 21.
Lok Sabha election tracker LIVE :
Voting in 168 polling stations of Tripura West declared void; re-polling on May 12.
Priyanka Gandhi to hold roadshows in Delhi today
Congress General Secretary for UP (East) Priyanka Gandhi scheduled to hold two roadshows in Delhi, in the evening.
The first roadshow will start at Brahmpuri Pulia, in the North East Delhi Lok Sabha constituency, and end at Yamuna Vihar DTC bus depot. The second roadshow will begin at Valmiki Marg in the South Delhi Lok Sabha constituency, and will end at Mehroli Badarpur Road.
Congress President Rahul Gandhi will be in Madhya Pradesh today. He will address rallies in Bhind, Morena and Gwalior. These seats head for polling on May 12.
Prime Minister Narendra Modi did not hold a single public meeting yesterday. He is expected to hold three rallies today. These rallies will happen in Haryana and Delhi, where polling will be held on May 12.
