Market Live :
Nifty opens above 11,250, Sensex gains 100 pts; Yes Bank falls 4%
Market Opens :
It is a good start for the market on May 15 with Nifty opened above 11,250 level.
At 09:17 hrs IST, the Sensex is up 116.55 points at 37435.08, while Nifty is up 34.50 points at 11256.50. About 444 shares have advanced, 203 shares declined, and 21 shares are unchanged.
SBI, IndusInd Bank, Axis Bank, ICICI Bank, Nestle India are among major gainers on the indices, while losers are Yes Bank, Dr Reddy's Lab, Bharti Airtel, JSW Steel, Pidilite and Jet Airways.
All the sectoral indices are trading in green led by energy, FMCH, auto, bank and IT.
Rupee Opens :
The Indian rupee opened higher by 10 paise at 70.34 per dollar on Wednesday versus previous close 70.44.
The dollar-rupee May contract on the NSE was at 70.59 in the previous session. May contract open interest declined 5.04% in the previous session.
We expect the USDINR to find supports at lower levels. Utilise the downsides in the pair to initiate long positions.
Global Markets :
Asia trades mixed :
Asian stocks struggled near a 3-1/2-month low on Wednesday on lingering concerns over the economic impact of a US-China trade war, although an overnight bounce on Wall Street helped limit the losses.
SGX Nifty :
Trends on SGX Nifty indicate a flat opening for the broader index in India, a gain of 3 points or 0.03 percent. Nifty futures were trading around 11,364-level on the Singaporean Exchange.
Wall Street ends higher :
Technology stocks led the S&P 500 and the Nasdaq higher on Tuesday, with US stocks reclaiming ground lost to Monday's steep sell-off as investors took heart from a tonal shift in ongoing US trade negotiations with China.
Gold Update :
Gold steadied on Wednesday after retreating from a one-month peak in the previous session as Washington and Beijing decided to further their discussions on trade, soothing investor concerns around a full-blown trade war.
Domestic Markets :
In Tuesday’s session, the Nifty staged a bounceback from 11,100 levels to reclaim 11,200 levels but found resistance around its five-day Exponential Moving Average (EMA).
FPIs were net sellers in Indian markets for Rs 2011 crore while the DIIs were net buyers to the tune of Rs 2242 crore, provisional data showed.
Technical View:
Nifty formed a bullish candle after 9-days of consecutive fall
The index staged a bounceback from 11,100 to reclaim 11200 but found resistance around its 5-day exponential moving average (EMA).
The index needs to reclaim 11,250-11,300 on closing basis for bulls to take charge else the selling pressure could continue, suggest experts.
Three levels: 11108, 11300, 11500
Max Call OI: 12000, 12500
Max Put OI: 11000, 11500
Results Today : Lupin, Petronet LNG, SKF India, Torrent Power, Maharashtra Scooters, Jubilant Foodworks, J&K Bank, Adani Green Energy, KPIT Technologies, Karur Vysya Bank, HFCL, Gujarat Pipavav Port, Cosmo Films, Central Bank of India, Balaji Amines, Amara Raja Batteries
Here are the stocks that are in news today :
State-owned Union Bank of India on May 14 said its net loss widened to Rs 3,370 crore versus loss of Rs 2,583.3 crore, in the fourth quarter of 2018-19, NII up 18.6% at Rs 2,601.5 crore versus Rs 2,193.1 crore, YoYmainly on account of higher provisioning.
FMCG major Nestle India May 14 reported a 9.25 percent rise in profit to Rs 463.28 crore against Rs 424 crore for the first quarter ended March 31, 2019.
revenue up 8.9% at Rs 3,002.9 crore versus Rs 2,757.2 crore, YoY
State-owned UCO Bank May 14 said its net loss has narrowed at Rs 1,552 crore versus loss of Rs 2,134 crorecrore in March 2019 quarter, amid a persistent high level of bad loan ratio.
The chief executive and head of finance at Jet Airways have both quit, the Indian company said on Tuesday, further eroding hopes of a rescue of the debt-laden carrier that grounded operations last month. CEO Vinay Dube resigned w.e.f. May 14
Gujarat Industries Power Company (GIPCL) has emerged as successful Bidder for Gujarat Urja Vikas Nigam for setting up 100 MW Solar Power Project at Gujarat
Torrent Power issues NCD’s worth Rs 270 crore on private placement basis
Orchid Pharma gets USFDA nod for Risedronate Sodium Tablets
Alkem Lab - USFDA classifying the inspection conducted at its St. Louis facility as Official Action Indicated
Future Supply Chain approved divesting/ sale up to 100% investment held by the company in Vulcan Express
Mangalore Chemicals & Fertilizers shut down Ammonia, Urea and ABC plants in Mangalore City with effect from May 14
Religare Enterprises withdrew the scheme of merger of Religare Commodities with Religare Broking with effect from May 13
Datamatics Global Services acquired balance 18.91% stake in Datamatics Digital for Rs 10.40 crore
Vodafone Idea approves scheme of amalgamation of Vodafone India Digital and Idea Telesystems with itself
JK Lakshmi Cement to seek shareholders approval to raise up to Rs 500 crore
BLS International partners with Embassy of Lebanon
Lumax Industries Q4: Consolidated net profit down 19.6% at Rs 14 crore against Rs 17.7 crore, revenue down 22.6% at Rs 432.7 crore against Rs 558.9 crore, YoY
HOEC Q4: Net profit at Rs 47.9 crore Vs Rs 16.4 crore, revenue at Rs 71.4 crore Vs Rs 23.2 crore, QoQ
Endurance Technologies Q4: Net profit up 54% at Rs 148.6 crore, revenue up 9.5% at Rs 1,900 crore, QoQ
TBZ Q4: Net profit down 83.4% at Rs 1.2 crore versus Rs 7 crore, revenue down 4.2% at Rs 415.5 crore Vs Rs 433.6 crore, YoY
MCF Q4: Net loss at Rs 5.9 crore against profit of Rs 20.3 crore, revenue up 1.4% at Rs 643 crore Vs Rs 634.2 crore, YoY
Aksharchem Q4: Net profit down 24.3% at Rs 4 crore Vs Rs 4.8 crore, revenue up 4.7% at Rs 80.1 crore Vs Rs 76.5 crore, Yo
PTC India Q4: Net profit down 16.3% at Rs 53.9 crore Vs Rs 64.4 crore, revenue up 22.7% at Rs 2,651.3 crore Vs Rs 2,161.5 crore, YoY
Analyst or Board Meet/Briefings
Glenmark Pharma board meeting is scheduled on May 29, 2019, to consider and approve Audited Financial Results and to consider and recommend a dividend, if any
Arvind will consider fundraising on May 17
NHPC board will meet on May 27 to consider the recommendation of Final dividend for FY 2018-19
Gee Cee Ventures board meeting is scheduled on May 22 to consider and approve the financial results for the period ended March 31, 2019, and buyback for equity shares
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