Market Opens:
It is a flat higher for the market on the last trading day of the week with Nifty around 11,330 level.
At 09:17 hrs IST, the Sensex is up 138.45 points at 37697.36, while Nifty is up 31.30 points or 0.28% at 11333.10. About 457 shares have advanced, 181 shares declined, and 22 shares are unchanged.
Zee Entertainment, ICICI Bank, Yes Bank, RIL, SBI, Tata Steel, TCS are among major gainers on the indices, while losers are Asian Paints, Voltas, IOC, Wipro, HCL Tech, Infosys, Mahanagar Gas and Berger Paints.
On the sectoral front, IT and FMCG are trading marginally lower, while metal, pharma, auto and bank are witnessing buying interest.
Rupee Opens:
The Indian rupee opened lower by 11 paise at 70.05 per dollar on Friday versus previous close 69.94.
On May 9 the rupee ended lower by 23 paise from its Wednesday's close of 69.71 per dollar.
Rupee fell together with other Asian currencies as uncertainty related to trade war talks between US and China escalated. Top US and Chinese trade negotiators concluded the first of two days of talks yesterday to rescue a trade deal that is close to collapsing as Washington prepares to go ahead with plans to hike tariffs.
Today, USD-INR pair is expected to quote in the range of 69.7 and 70.50
Global Markets :
Asian Markets :
Asian shares inched up from two-month lows on Friday just hours ahead of the Trump administration's plan to raise tariffs on Chinese imports as investors looked to whether negotiators from the two countries can clinch a deal to avert the hike.
MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.2 percent while Japan's Nikkei rose 0.4 percent. E-mini futures for U.S. S&P500 rose 0.4 percent in early Asian trade.
Wall Street ends lower :
Wall Street's main indexes fell on Thursday ahead of critical trade negotiations between the United States and China, though they pared losses significantly after U.S. President Donald Trump said reaching a deal this week was possible.
SGX Nifty :
Trends on SGX Nifty indicate a flat opening for the broader indices in India, a fall of 1 points or 0.01 percent. Nifty futures were trading around 11,341-level on the Singaporean Exchange.
US & China Trade war :
U.S. President Donald Trump said on Thursday he had received a "beautiful letter" from Chinese President Xi Jinping, stoking hopes that Washington may suspend its plan to raise tariffs on $200 billion worth of Chinese goods to 25 percent from 10 percent. That provided some support for stocks in early Asian trade though sentiment remains cautious.
Yet with less than four hours left before the announced start of new rates at 12:01 a.m. (0401) GMT on Friday, right in the middle of two days of meetings with a Chinese delegation, some see the risk of a fresh escalation in the trade war.
China's Vice Premier Liu He said he hopes to engage in a rational and candid exchange with the U.S. after arriving in Washington for a new round of trade talks, China's official Xinhua news agency reported.
Trump also said on Thursday he was taking steps to authorise new tariffs on $325 billion in Chinese imports.
Concerns about renewed escalation in the trade tensions supported safe-haven assets.
The 10-year U.S. Treasuries yield stood at 2.453 percent near its lowest levels since late March.
Currency Markets :
In the currency market, the yen is favoured, with the dollar changing hands at 109.71 yen, having hit a three-month low of 109.47 on Thursday.
The euro firmed to $1.1220 while the Chinese yuan perked at 6.838 per dollar having hit a four-month low of 6.8638 to the dollar the previous day.
Crude Oil :
Oil prices held firm after Trump's comments on Xi's letter raised hopes for a deal for now.
Brent rose 0.7 percent to $70.86 a barrel while U.S. West Texas Intermediate (WTI) crude gained 0.9 percent to $62.24 per barrel.
Domestic Markets :
Indian markets hit a 2-month low on Thursday weighed down by weak global cues, muted earnings from India Inc., and RIL downgrade by Morgan Stanley.
The final tally on D-Street – the S&P BSE Sensex fell 230 points to 37,558 while the Nifty50 dropped 57 points to close at 11,301.
In terms of sectors, buying was seen in IT, consumer durable, realty, FMCG and auto stocks while selling pressure continued in energy, metals and telecom names.
On the macro front, investors would watch out for Industrial Production data for the month of March.
On the institutional front, FPIs were net sellers in Indian markets for Rs 655 crore while DIIs were net buyers to the tune of Rs 677 crore, provisional data showed.
Technical View:
Nifty forms a bearish candle for the seventh day in a row
The index managed to hold on to 11300 levels
The way we bounced back from 100-days EMA suggest that the downside could be limited from here
The next support for the index is placed at 11100 levels while on the upside resistance is placed at 11500 levels
Three levels: 11255, 11357, 11500
Max Call OI: 12000, 12500
Max Put OI: 11000, 11500
Results Today: SBI, L&T, Allahabad Bank, Canara Bank, Syndicate Bank, Eicher Motors, Glaxosmithkline Consumer Healthcare, Gujarat Poly Electronics, HT Media, IDFC First Bank, Kajaria Ceramics, Merck, Nocil, Oberoi Realty, Punjab Chemicals, PVR, Tata Investment Corporation, V2 Retail, Vakrangee, Venky's, V-Mart Retail, VST Tillers Tractors
Here are stocks that are in the news today :
HCL Technologies has registered a net income of Rs 2,568 crore, up 15.3 percent year-on-year for the quarter ended March 31, 2019. The profit fell 1.7% sequentially though. Net profit down 1.7% at Rs 2,568 crore versus Rs 2,611 crore, rupee revenue up 1.9% at Rs 15,990 crore and dollar revenue up 3.5% at USD 2,278
Apollo Tyres May 9 reported 66.41 per cent plunge in consolidated net profit at Rs 83.99 crore for the fourth quarter of 2018-19, hit by Rs 100 crore write-off related to IL&FS.
Consumer durables firm Voltas posted a 27 percent drop year-on-year (YoY) in its March quarter (Q4) net profit at Rs 141.74 crore. This was on account of a flat growth in its revenue.
Voltas Q4: Net profit down 27.5% at Rs 139.6 crore versus Rs 192.6 crore, revenue up at Rs 2,062.8 crore versus Rs 2,048.4 crore, YoY
PNB Housing Q4: Net profit up 51% at Rs 379.8 crore versus Rs 251.6 crore, revenue up 30.9% at Rs 2,145.2 crore versus Rs 1,638.2 crore, YoY
Vardhman Textiles Q4: Consolidated net profit up 9.6% at Rs 179 crore versus Rs 163.7 crore, revenue up 16.8% at Rs 1,763.4 crore versus Rs 1,509.6 crore, YoY
MGL Q4: Net profit up 27.4% at Rs 133.5 crore Vs Rs 104.8 crore, revenue up 23.2% at Rs 793.2 crore Vs Rs 643.8 crore, YoY
GSPL Q4: Net profit down 2.6% at Rs 153.3 crore Vs Rs 157.4 crore, revenue up 23.8% at Rs 433.9 crore Vs Rs 350.4 crore, YoY
Indian Overseas Bank Q4: Loss at Rs 1,985.2 crore Vs loss of Rs 3,606.7 crore, NII down 14.7% at Rs 1,479 crore Vs Rs 1,733 crore, YoY
Kalpataru Power Q4: Net profit up 30.6% at Rs 136.9 crore Vs Rs 104.8 crore, revenue up 29% at Rs 2,491.4 crore Vs Rs 1,931.4 crore, YoY
Sundram Fasteners approved payment of second interim dividend at Rs 3.10 per share for the financial year ended March 31, 2019.
Reliance Brands, a subsidiary of the Reliance Industries has signed a definitive agreement to acquire 100% equity shares of Hamleys Global Holdings
Welspun Corp to consider proposal to buyback the fully paid-up equity shares of the comapny on May 14
Company has received additional pipe orders of 103 KMT which will be serviced from India
Quess Corp completed the acquisition of 100% equity in Greenpiece landscape
Edelweiss Financial Services - ECL Finance announced the public issue of Secured Redeemable Non-Convertible Debentures (NCDs) of Rs 3000 mn
Brigade Enterprises - CRISIL reaffirmed long term rating to CRISIL A; outlook revised to stable from negative
Analyst or Board Meet/Briefings
Care Rating's board meeting is scheduled on May 21 to consider and approve the financial results for the period ended March 31, 2019
Oil India's board meeting is scheduled on May 27 to consider and approve the financial results for the period ended March 31, 2019
Corporation Bank's board meeting is on May 17 to consider and approve the financial results for the period ended March 31, 2019
Arvind's board meeting is scheduled on May 17 to consider and approve the financial results for the period ended March 31, 2019 and recommend dividend, if any.
Interglobe Aviation's board meeting is on May 27 to consider and approve the Audited standalone/consolidated financial results of the Company for the quarter and year ended March 31, 2019
Lok Sabha election LIVE :
Gautam Gambhir files defamation case over Atishi's allegation on him
Prime Minister Narendra Modi will address rallies in Haryana, Himachal Pradesh and Punjab today:
1. Rohtak, Haryana at 11 am
2. Mandi, Himachal Pradesh at 2.20 pm
3. Hoshiarpur, Punjab at 4.05 pm
Rahul Gandhi :
The AAP cannot oust Narendra Modi from the throne, only the Congress can. And that is why you should vote for the Congress party.
Modiji claims that he has come up with many central schemes to alleviate unemployment – Make in India, Start-up India, Mudra Yojana, etc. etc. Then how is it that the unemployment figures in India are the highest in 45 years!
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