Market Opens :
It is good start for the Indian indices on May 7 after a weak closing registered on May 6.
At 09:16 hrs IST, the Sensex is up 166.55 points at 38,766.89, while Nifty is up 44 points or 0.38% at 11642.30. About 454 shares have advanced, 188 shares declined, and 25 shares are unchanged.
Marico, Bharti Airtel, Yes Bank, HDFC Bank, Tata Steel, Vedanta, Tata Motors, IndusInd Bank, Britannia, SBI, Power Grid, are among major gainers on the indices, while lowers are ICICI Bank, IOC, ONGC, Indiabulls Housing, HPCL and BPCL
Among the sectors, except energy all other indices are trading higher.
Rupee Opens :
The Indian rupee opened marginally higher at 69.37 per dollar on Tuesday versus previous close 69.40.
Rupee consolidated in a narrow range despite weakness in major Asian currencies following uncertainty related to disturbed trade talks between US and China. There is expectation that the Chinese representatives may backtrack on substantial commitments it made during trade talks with the US, prompting President Trump to impose additional tariffs on Chinese goods slated to go into effect as early as Friday. China has repeatedly said it will make changes to open its economy according to its own timeline, not in response to trade disputes.
Today, USD-INR pair is expected to quote in the range of 69.20 and 70.05-70.20
Global Markets :
Asian markets trade lower :
Asian shares wallowed near five-week lows on early Tuesday after U.S. President Donald Trump's threat to raise tariffs re-ignited worries about U.S.-China trade tensions while Japan's Nikkei opened down after a 10-day break.
SGX Nifty :
Trends on SGX Nifty indicate a positive start for the broader indices in India, a gain of 35 points or 40.50 percent. Nifty futures were trading around 11,697-level on the Singaporean Exchange.
Wall Street ends lower :
US stocks fell on Monday after President Donald Trump threatened to raise tariffs on Chinese goods, though they pared much of their early losses as healthcare shares rose and some investors remained confident of an eventual trade agreement.
Warren Buffett says US-China trade war would be 'bad for the whole world'
Buffett spoke after U.S. President Donald Trump tweeted on Sunday that he will raise tariffs on $200 billion of Chinese imports to 25 percent from 10 percent beginning on Friday.
Trump also said he would soon slap a 25-percent tariff on $325 billion of Chinese goods that have not been taxed.
Major stock markets fell worldwide on Monday in response to the tweet, which preceded scheduled trade talks this week, and was a “rational” response
Buffett’s conglomerate Berkshire Hathaway Inc owns or invests in many companies that do business in China, including Apple Inc, in which it has a more than $50 billion stake, and Chinese electric car maker BYD Co.
HIGHER STAKES FOR CHINA
Trump on Monday tweeted that the United States has for many years lost $600 billion to $800 billion annually on trade, and “with China we lose 500 Billion Dollars. Sorry, we’re not going to be doing that anymore!”
Buffett said tough talk ahead of trade negotiations was understandable, saying that for some people “the best technique is to act half-crazy,” but it would be ineffective to “shake your fist first and then shake your finger later on.”
He added that Trump’s planned tariffs raise the stakes for Chinese leader Xi Jinping.
“You’re talking about two personalities who are very much used to getting their way in politics, and talking about how they will be perceived in their own country in terms of their behavior,” Buffett said. “It gets very complicated.”
Domestic Markets :
It was a Black Monday on D-Street as investors lost Rs 1.25 lakh crore on the BSE in a single trading session, thanks to the global volatility.
The average market capitalisation of BSE listed companies fell from Rs 151.62 lakh crore recorded on May 3 to Rs 150.37 lakh crore on May 6 which translates into a fall of Rs 1.25 lakh crore.
India VIX rose 10 percent and the market breadth was inclined towards the sellers. All the sectoral indices except IT were in the red on May 6.
In terms of sectors, the S&P BSE Consumer Durable index plunged 2.8 percent followed by the S&P BSE Metal index which was down 2.07 percent, and the S&P BSE Realty index was down 1.5 percent.
The rupee on May 6 fell by 18 paise to close at 69.40 against the US dollar as renewed trade war worries following US President Donald Trump's threat to raise tariffs on Chinese imports sent markets into a tailspin and triggered flight of capital to safe bets.
On the institutional front, FPIs were net sellers for Rs 948 crore while DIIs were net buyers to the tune of Rs 89 crore, provisional data showed.
Three levels of Nifty : 11571, 11632, 11700
Max Call OI: 12000, 12500
Max Put OI: 11000, 11500
Results Today: RCF, Vedanta, Escorts, Ceat, 3i Infotech, ABB India, Brigade Enterprises, Elecon Engineering, Jyothy Laboratories, Sanofi India, Star Cement, VIP Industries
Stocks in news:
ICICI Bank : reported a 5 percent drop in fourth-quarter profit on Monday, missing estimates after being hit by a rise in expenses and a higher accumulation of bad loans. Net profit down 5% at Rs 969 crore versus Rs 1,020 crore, NII up 26.5% at Rs 7,620 crore versus Rs 6,021.7 crore, YoY.
Bharti Airtel : May 6 reported a 24 percent sequential jump in its fourth-quarter FY19 net profit to Rs 107.2 crore helped by an exceptional gain of Rs 2,022 crore. Analysts were expecting a net loss of over Rs 1,000 crore. Net profit up 24 percent at Rs 107.2 crore, revenue was at Rs 20,602 crore
HDFC Bank : on May 6 said it will consider a proposal for sub-division of shares from one equity share with a face value of Rs 2 each to two shares with a face value of Re 1 each. to mull 2-for-1 stock split on May 22
Infrastructure major Larsen & Toubro May 6 bought shares worth about Rs 113 crore of Mindtree through open market transactions.
L&T Technology Services appoints Abhishek Sinha as chief operating officer w.e.f. May 6, 2019
Marico Q4: Adjusted net profit up 18.6% at Rs 217 crore versus Rs 183 crore, revenue up 8.7% at Rs 1,609 crore versus Rs 1,480 crore, YoY
Gujarat Gas Q4: Net profit down 15.6% at Rs 116.5 crore versus Rs 138 crore, revenue down 9.9% at Rs 1,907.5 crore versus Rs 2,117.4 crore, QoQ
Navin Fluorine Q4: Net profit down 8.7% at Rs 35.9 crore Vs 39.3 crore; revenue up 17.2% at Rs 244.3 crore versus Rs 208.4 crore.
Godrej Agrovet Q4: consolidated net profit at Rs 121 crore against Rs 32 crore, revenue up 12.5% at Rs 1,343 crore versus Rs 1,195 crore.
Wockhardt Q4: Net loss at Rs 14.5 crore against loss of Rs 154.5 crore, revenue down 3.8% at Rs 979 crore versus Rs 1,018 crore, YoY
Capgemini has signed an alliance partner agreement with Majesco for insurance business transformation
Hughes and Airtel to combine their India VSAT operations
TCS BaNCS Digital Enables Omni-channel Customer Experience at Bank Yahav
HDFC to consider issue of NCD on private placement basis on May 13
Great Eastern Shipping Corporation approved issue of NCDs upto Rs 1000 crore during the year.
Lemon Tree Hotels opened a 49-room property in Alwar, Rajasthan
Sterlite Technologies - the promoters have informed that they have reached an "in-principle" agreement with their lenders, basis which they expect the removal of Pledge of Shares of the company to get completed by end of July, 2019
CG Power: Agreement terminated with Ganz Villamossagi Zrt and Alester Holdings with respect of the sale of assets and shares of the company's businesses in Hungary owned by the company's subsidiary, CG Electric Systems Hungary Zrt
Prabhat Telecoms approved re-appointment of Vishwamani Tiwari as Managing Director of the company till March 2024
Mcleod Russel completed the sale transaction for sale of the equity stake held by Borelli Tea Holdings Ltd, UK, (a wholly owned subsidairy) in Pfunda Tea Company, Rwanda
Dhanuka Agritech launches LARGO for cotton and chilli crop protection in India
IOB has identified 32 properties for sale including prime properties in Singapore and Hongkong aggregating in value to Rs 900 crore
PNC Infratech announces execution of share purchase agreement for divestment of stake in Ghaziabad Aligarh Road Project
Graphite India - ICRA Reaffirmed the long term rating outstanding for Rs 720 crore Line of Credit of the company at AA+
Lok Sabha election tracker LIVE: EC rejects Smriti Irani's charge of booth capturing by Congress in Amethi
The fifth phase of 2019 Lok Sabha election happened yesterday in 51 constituencies across seven states. With this polling has concluded in over 400 out of the 543 parliamentary constituencies.
The focus has now shifted to the seats headed for polls in the sixth phase on May 12. All seven seats in Delhi, 10 seats in Haryana will head for polling along with parts of Uttar Pradesh, Bihar, West Bengal and Madhya Pradesh. The campaigning for this phase is on in full swing. The 'silence period' for this phase period will begin on Friday evening.
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