Market Opens :
It is weak start for the benchmark indices on May 9 with Nifty opened around 11,300 level.
At 09:17 hrs IST, the Sensex is down 150.24 points at 37638.89, while Nifty down 39.70 points at 11319.80.
Yes Bank, Adani Ports, BPCL, UPL, Grasim, Gail, Cipla, HDFC, Power Grid and RIL are trading lower, while on the other hand Hindalco, Britannia, Wipro, IOC, Coal India and Hero Motocorp are among major gainers.
Among sectors, except metal all other sectors are trading lower.
Rupee Opens :
The Indian rupee opened lower at 69.88 per dollar on Thursday versus previous close 69.71.
On May 8 the rupee registered a third consecutive day fall on the back of rising US-China trade worries and a selloff in domestic equity markets. The rupee ended 29 paise lower at 69.71 per dollar against the US dollar, which is a lowest level since April 24.
Rupee came under pressure in the latter half of the session as uncertainty related to trade talks between US and China rose.
Yesterday, U.S. President Donald Trump said that China “broke the deal” it had reached in trade talks with the US. The U.S. Trade Representative’s office announced that tariffs on $200 billion worth of Chinese goods would increase to 25% from 10%.
Expectations were recently riding high that a deal could be reached, but a deep rift over the language of the proposed agreement opened up last weekend.
Today, USD-INR pair is expected to quote in the range of 69.4 and 70.20.
Global Markets :
Asian shares hit fresh six-week lows :
Asian shares hit six-week lows in early trade on Thursday as increased tensions ahead of key Sino-US trade negotiations fanned fresh concerns about the outlook for the global economy.
SGX Nifty :
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 25 points or 0.22 percent. Nifty futures were trading around 11,378-level on the Singaporean Exchange.
China Markets :
China's investment in US drops 83% amid growing mistrust
The Rhodium Group research firm says China sank $5 billion last year into direct investments in America, down from $29 billion in 2017 and a record $46 billion in 2016. Direct investments include things like putting up factories, not financial investments like buying stocks.
The numbers fell partly because Beijing sought to rein in deeply indebted investors and partly because the U.S. regulators have stepped up scrutiny of Chinese investments.
Rhodium estimates that China dropped deals worth $2.5 billion last year because they wouldn't pass muster with the Committee on Foreign Investment in the United States, which reviews foreign investments with national security implications.
Domestic Markets :
It was nothing short of wacky Wednesday! The S&P BSE Sensex plunged by nearly 500 points while the Nifty 50 saw a cut of nearly 140 points.
The average market capitalisation of BSE listed companies fell from Rs 149.15 lakh crore recorded on May 7 to Rs 147.43 lakh crore on May 8, which translates into a fall of Rs 1.72 lakh crore.
The final tally on D-Street – the S&P BSE Sensex plunged 487 points to 37,789 while the Nifty50 dropped 138 points to close at 11,359.
In terms of sectors, the S&P BSE Energy index plunged 2.5 percent, followed by the S&P BSE Realty index which was down 2.1 percent, and the S&P BSE Power index plunged 1.6 percent.
On the instructional front, FPI were net sellers in Indian markets for Rs 701 crore while DIIs were net buyers to the tune of Rs 232 crore.
Technical View:
Nifty formed a bearish candle for the sixth consecutive day in a row
The Nifty 50 hit a 2-month low and the Super trend indicator gave a sell signal
Nifty broke below 50-EMA so the next support for the index is placed at 100-EMA placed at 11250
As we are trading near crucial support levels there is a possibility of a technical bounce which could be used to create short. A stop loss should be kept above 11600
Three levels: 11250, 11479, 11600
Max Call OI: 12000, 12500
Max Put OI: 11000, 11500
Results on May 9: HCL Technologies, Asian Paints, Apollo Tyres, Voltas, Mahanagar Gas, Shankara Building Products, South Indian Bank, Astra Microwave Products, Baba Arts, Cineline India, Centenial Surgical Suture, Cybertech Systems and Software, Dai-Ichi Karkaria, Dalmia Bharat, Datamatics Global Services, DE Nora India, Esab India, Fairchem Speciality, Gayatri Sugars, Gala Global Products, Gujarat Mineral Development Corporation, Granules India, Grovy India, Gujarat State Petronet, GTL Infrastructure, HCC, Hikal, Hinduja Ventures, Hindustan Media Ventures, ICRA, Inspirisys Solutions, Indian Overseas Bank, Kalpataru Power Transmission, Khaitan Chemicals, Mangalam Drugs, Manorama Industries, Matrimony.com, Mcdowell Holdings, MT Educare, NHC Foods, Nitta Gelatin India, Oracle Financial Services, Huhtamaki PPL, Plastiblends India, PNB Housing Finance, PTL Enterprises, Saint-Gobain Sekurit India, Satia Industries, Solar Industries, Stovec Industries, Sundram Fasteners, Superior Finlease, Sutlej Textiles & Industries, Timex Group India, Varun Beverages, Vardhman Textile
Stocks in news:
Tata Group firm Titan Company May 8 posted a 14.41 percent increase in consolidated net profit at Rs 348.30 crore for the the fourth quarter of 2018-19. Consolidated profit rises to Rs 348.3 crore versus Rs 304.41 crore; revenue jumps to Rs 4,888.77 crore versus Rs 4,107.22 crore YoY.
L&T will not revise the open offer price for Mindtree from Rs 980 per share, said sources aware of the development, ruling out market speculation of a revision in the offer price following a dividend payout by Mindtree.
Satin Creditcare Microfinance lender Satin Creditcare May 8 reported a 47 per cent rise in net profit to Rs 56 crore for the fourth quarter of FY 2019.
KEC International Q4: Profit falls to Rs 194 crore versus Rs 195.66 crore; revenue rises to Rs 3,841 crore versus Rs 3,662.4 crore YoY.
Hindalco Industries: Subsidiary Novelis Q4 net income at $103 million, adjusted EBITDA at $357 million, and net sales at $3.1 billion.
JMC Projects Q4: Profit jumps to Rs 48.70 crore versus Rs 34.28 crore; revenue rises to Rs 937.5 crore versus Rs 723 crore YoY.
Kokuyo Camlin Q4: Profit falls to Rs 4.5 crore versus Rs 5.8 crore; revenue rises to Rs 194 crore versus Rs 190.2 crore YoY.
Tata Communications Q4: Consolidated loss at Rs 198.82 crore versus profit at Rs 173.3 crore; revenue declines to Rs 4,243.5 crore versus Rs 4,269.5 crore QoQ.
Alembic Pharmaceuticals Q4: Profit jumps to Rs 123.7 crore versus Rs 93.99 crore; revenue rises to Rs 927 crore versus Rs 853.3 crore YoY.
Gillette India Q4: Net profit up 36.3% at Rs 48 crore versus Rs 35.5 crore, revenue up 3.1% at Rs 465.6 crore versus Rs 451.5 crore.
Saregama India Q4: Net profit down 24.9% at Rs 16 crore versus Rs 21.4 crore, YoY
Great Eastern Shipping Company: Company has delivered its 1994 built Very Large Gas Carrier 'Jag Vishnu' to the buyers. The vessel was contracted for sale in January 2019.
Dilip Buildcon: Subsidiary DBL Mangalwedha Solapur Highways Private Limited received financial closure letter from the National Highways Authority of India for four laning of Sangli-Solapur section of NH-166.
Bharat Financial Inclusion: Company assigned a pool of receivables of an aggregate value of Rs 1,107.41 crore to one of the largest private sector banks on a direct assignment basis.
TVS Motor to make investment in Tagbox Solutions
India Ratings downgrades Yes Bank to 'IND AA-' / Negative
Deepak Fertilisers approved issue of Foreign Currency Convertible Bonds (FCCBs) aggregating to USD 30 million in two equal tranches
Shree Renuka Sugars' Mauritius arm entered a term shtee with a potential investor to explore a transaction, which may result in the company ceasing to hold more than 50% stake in its arm
Religare Enterprises - ICRA Rating revised its long term debt programme rating from ICRA BB to ICRA D and removed from watch
Balrampur Chini buyback offer to open on May 16 and closes on May 26
Analyst or Board Meet/Briefings
Strides Pharma Science: Company will host earnings call with analysts and investors on May 10.
Solara Active Pharma Sciences: Board meeting is scheduled on May 16 to consider March quarter results.
Cera Sanitaryware: Company will host Q4 & FY2019 earnings conference call on May 16.
Take Solutions: Board will consider FY19 results & final dividend on May 16.
City Union Bank: Board will consider FY19 results & dividend on May 17.
Ujjivan Financial Services: Company will announce March quarter earnings on May 30.
Lok Sabha election tracker LIVE :
Union Minister Nitin Gadkari :
Pakistan is continuously supporting terrorists. If Pakistan doesn't stop terrorism, we won't have any other option but to stop river water to Pakistan. So India has started internally studying it. That water will go to Haryana, Punjab and Rajasthan.
Water is going to Pakistan from 3 rivers, we don't want to stop that. But the basis of the water treaty between India and Pakistan were peaceful relations and friendship which have completely vanished. So we are not bound to follow this treaty. 'Naamdars' use India's naval assets for vacations, says Arun Jaitley
Who is responsible for Rajiv Gandhi’s assassination, asks Congress’ Ahmed Patel
Senior Congress leader Ahmed Patel has tweeted: “Abusing a martyred Prime Minster is the sign of ultimate cowardice. But who is responsible for his assassination? The BJP backed VP Singh government refused to provide him with additional security and left him with one PSO despite credible intelligence inputs and repeated requests.”
Rajiv ji lost his life due to their hatred and is no longer here among-st us to answer the baseless allegations and abuses which are being unleashed on him.
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