Skip to main content

Market Live: Sensex slumps 300 pts, Nifty holds 9700; Cochin Shipyard surges 22%

The broader markets fell more than benchmarks as the BSE Midcap and Smallcap indices were down nearly 2 percent each.

10:30 am Market Check: Equity benchmarks recouped some losses from day's low, though it continued to see selling pressure for fourth day.

The 30-share BSE Sensex was down 220.24 points at 31,311.09 while the 50-share NSE Nifty fell 71.30 points at 9,748.95. STOCK TIPS

10:15 am Earnings Estimates: Public sector lender Bank of Baroda's first quarter profit is expected to increase 8.4 percent year-on-year to Rs 459.3 crore compared with Rs 423.6 crore in same quarter last year.

Net interest income is likely to rise 4.4 percent to Rs 3,519.6 crore from Rs 3,371.1 crore on year-on-year basis.

Slippages and operating profit growth will be key factors to watch out for. Slippages from restructured book will be seen closely. At the end of March 2017, restructured book was at Rs 10,785 crore.

Analysts said if slippages fall below Rs 3,500 crore (against Rs 4,077 crore in Q4FY17) and gross non-performing assets come below 10.7 percent (10.46 percent) then that will be positive.

Low cost deposit flow may remain strong in June quarter.

10:00 am New listing: Cochin Shipyard started off trade at Rs 466 today, higher by 8 percent over issue price.

The stock immediately crossed Rs 500 level, which was on expected lines after strong subscription of 76 times.

It was trading at Rs 528, up 22 percent.

9:50 am Pre-opening for new entrant: Cochin Shipyard share price settled at Rs 440 on the National Stock Exchange, up 1.85 percent over its issue price of Rs 432.

9:38 am Buzzing: Shares of J Kumar Infraprojects and Prakash Industries were locked at 20 percent lower circuit in the opening trade on Friday.

These shares traded for the first time today after they were banned for trading on SEBI order since Tuesday.

On Thursday evening, the Securities and Appellate Tribunal (SAT) has stayed SEBI's order against J Kumar Infra & Prakash Industries, which were among the 331 companies that the market regulator had suspected as 'shell' companies.

9:30 am Nifty Bank dropped 200 points as Federal Bank, PNB, IDFC Bank, ICICI Bank, Canara Bank, IndusInd Bank and Bank of Baroda were down 1-3 percent.

9:25 am Stocks at Day's low: Syndicate Bank, L&T Finance Holdings, M&M Financial, Bajaj Finance and Manappuram Finance fell up to 5 percent.

9:15 am Market Check: Equity benchmarks fell sharply in opening trade, with the Sensex losing more than 300 points and the Nifty trading near 9,700 level.

The 30-share BSE Sensex was down 287.79 points or 0.91 percent at 31,243.54 and the 50-share NSE dropped 93.55 points or 0.95 percent at 9,726.70.

Power Grid, Tech Mahindra and Wipro were only gainers among Nifty stocks.

The broader markets fell more than benchmarks as the BSE Midcap and Smallcap indices were down nearly 2 percent each.

About 11 stocks declined for every share rising on the NSE.

J Kumar Infra and Prakash Industries fell 20 percent each after beginning of trade for first time in last four consecutive sessions.

JP Associates, Indo Count, Balaji Telefilms, SCI and Indo Amines fell up to 6 percent. However, Gujarat Gas and MOIL rallied 4 percent after earnings.
www.shristocktips.com

Comments

Popular posts from this blog

Market Update: PSU bank index outperforms as PNB, Syndicate Bank jump 2-5%; JP Associates zooms 11%

The market breadth was in favour of the advances with 957 stocks advancing while 668 declined and 383 remained unchanged. On the other hand, in the BSE, 1176 stocks advanced and 888 declined and 108 remained unchanged.

The Indian markets on Friday morning were trading flat with the Nifty shedding 51 points or 0.49 percent  while the Sensex was down 178 points.

The Nifty PSU banking index was up 0.6 percent led by stocks like Syndicate Bank which jumped 5 percent followed by Allahabad Bank which gained over 3 percent. IDBI Bank and OBC were the other gainers. PNB gained 2.38 percent.

The top Nifty gainers included Mahindra & Mahindra and Aurobindo Pharma which were up 1.7 percent each followed by UPL, Yes Bank and Zee Entertainment.

The top Nifty losers included IOC and BPCL which fell 2 percent each followed by HPCL, Tata Motors and NTPC.

The most active Nifty stocks included IDBI bank which jumped over 3 percent while JP Associates zoomed over 10 percent after Rakesh Jhunjhunwala…

Nifty could slip towards 9,900; 3 stocks which could give up to 11% return

A close beyond 10,400 levels with healthy volumes can pause the current bearishness triggering a short covering to levels of 10,640-10,730.

The Nifty index Futures continued to slide lower for the second month in a row making it 10 percent decline from the record highs. Further, it has broken down from a broadening wedge pattern along with a close below the 200-DMA, affirming weakness dominant in the markets at the moment.

A sustained trade below 10,050 can accelerate the fall to levels of 9,930-9,700. However, a close beyond 10,400 levels with healthy volumes can pause the current bearishness triggering a short covering to levels of 10,640-10,730.

Moreover, the relative strength index or the RSI has turned down from the neutral levels of 50 on two occasions in recent pullbacks suggesting further weakness in the coming trading sessions.

Here is the list of stocks which can give up to 11 percent return:

Arvind Ltd: SELL| Target Rs345| Stop Loss Rs410| Return 11%

On the weekly chart, Arv…

HDFC Sec retains sell on Bharti Infratel, reduces target to Rs 310 despite 22% fall in last 2 months

The share price has declined from a peak of Rs 480 to Rs 373 (22 percent) in last two months.

Bharti Infratel shares declined 1.5 percent to close at Rs 368 on Tuesday after HDFC Securities has reiterated its Sell rating on the stock with revised target price at Rs 310 (from Rs 387 per share) despite sharp fall in last two months. INDIAN STOCK TIPS

The share price has declined from a peak of Rs 480 to Rs 373 (22 percent) in last two months.

"Target price is based on 20x Dec-19E EPS (Rs 356) for business as usual (versus 24x earlier) less impact of Rs 60 per share from Vodafone-Idea merger (versus Rs 39 per share earlier) and likely acquisition of Vodafone-Idea stake in Indus at enterprise value of Rs 50 lakh per tower (+Rs 15 per share)," the research house said.

It further said the key reason for the de-rating is instant loss of tenancies on merger of Vodafone-Idea and impact of Reliance Communications and Aircel businesses’ scaling down.

This would push back Bharti Infrat…