Traders’ Diary: Nifty to consolidate further
Nifty formed a Bearish Belt Hold or Dark Cloud Cover pattern on the daily scale, while small bullish candle on the weekly chart. However, Nifty has been making higher highs higher lows from the last four trading sessions, and till it holds above 11,720, it can extend momentum towards 11,888. On the downside, support is seen at 11,666 and then 11,550
The Nifty as per weekly time frame chart has formed a small bull candle with long upper shadow, which signals an emergence of profit booking at the highs. The resistance of previous swing high of 11,761 is intact as per closing, after a failed intra-week up breakout. The near term trend of Nifty is slightly weak, there is possibility of minor downward correction, before moving up further
Markets closed in the red ahead of a long weekend culminating in Easter. After a period of significant momentum ahead of the general elections, the market may take a pause in some kind of an interim profit booking. The accelerating scenario of a slowdown in global growth as also the definitive prospects of higher fuel prices and a weaker currency may also be working on the minds of the market participants at this juncture
Nifty could inch upwards reacting to corporate results even as sectors and stocks see a rotational shift in buying preferences. The thought of NPA/liquidity crisis reviving remains at the back of the mind of most market participants reining in small and midcap stocks that continue to underperform
Market will first react to Reliance and HDFC Bank’s numbers next week. We may see further consolidation in Nifty but bias would remain on the positive side. Traders should maintain caution especially on broader front as midcap and smallcap counters react sharply during such scenario. Also, we suggest keeping close watch on earnings season for cues
Investors resorted to mild profit booking post the recent rally given truncated week on account of extended holidays and mixed global cues. Investor turned cautious ahead announcement of results from key index heavyweights including large corporate banks. Consolidation was broad-based with PSU banks and metals underperforming. Despite mixed flows from DIIs, downside was capped by positive flows from FIIs given good start to Q4 results
CLOSING BELL: Sensex sheds 135 pts, Nifty ends at 11,753; VIX jumps 4%; Jet dives 32%, Rel Power 14%
I personally feel this may not be the time to be very aggressive in the markets but I do not think, I have felt so bullish for India ever in my life! In the next 10 years, India is going to outpace all the growth it has done in the last five years because the NPA problem is behind us, capital investment will revive and we are now going to have growth on a much higher pace.
European shares cautious ahead of PMI data
The pan-European STOXX 600 index edged down 0.1 percent by 0725 GMT, with all countries' bourses in the red.
Better-than-expected economic data out of China on Wednesday propelled the pan-region index to a sixth day of gains. The STOXX 600 index hit an eight-month high this week and it has shrugged off a weak opening in recent sessions to close higher.
State Bank of India falls after Jet stops operations indefinitely
- Shares of State Bank of India Ltd fall as much as 2.4 per cent to Rs 308.05, in their biggest intraday drop since March 27
- Jet Airways (India) Ltd, which halted operations indefinitely on Wednesday, has debts of roughly $1.2 bln, with SBI being its biggest lender
- Lenders led by SBI rejected Jet's plea for emergency funds on Wednesday, with a source telling Reuters that "bankers did not want to go for a piecemeal approach which would keep the carrier flying for a few days and then again risk having Jet come back for more interim funding"
- Jet's shares were hammered on Thursday, falling as much as 34 per cent to their lowest in over 10 years
- SBI has a forward PE of 54.12, more than double the sector avg of 23.97
- Up to Tuesday's close, stock had risen 6.7 per cent this year, compared with an 8.5 per cent increase in the broader NSE index
Top 10 NSE gainers
InterGlobe Aviation, IGL and PVR among stocks hitting fresh 52-week highs
Indian equities are good. There will be some volatility around the elections, but we will go past that. China, Russia, Brazil and India are all looking in reasonable shape right now.
Wipro climbs 3% post March quarter results
The country’s third-largest IT firm on Tuesday posted a 37.74 per cent year-on-year (YoY) rise in consolidated net profit at Rs 2,483 crore for the quarter ended March 31. The result came in line with ETNow poll estimate of Rs 2,490 crore.
Shares of the company rose even as brokerages are of the view that the company is likely to continue to underperform peers in terms of growth given its persistent execution challenges and gloomy outlook.
Granules India gets USFDA nod for pain relief drug
Just In: No data breach of 100 million users, JustDial calrifies
SpiceJet shares extend gains, jump 15%
Shares of the company have been on an upward trajectory since last Thursday, and as of Tuesday's close, the stock has gained 40 per cent.
The stock rose on the troubles of rival Jet Airways as analysts say in the aviation industry, the fall of one player brings handsome gains to the rivals.
Other nations took 5-7 years to stabilise from GST which we handled in just one year, says RJ
#BigBullSpeaks| Other nations took 5-7 years to stabilise from #GST which we handled in just one year, says… https://t.co/Wh8lZ8t55z— ETMarkets (@ETMarkets) 1555564100000
The company has temporarily suspended all flights with no cash to run operations any further. While Jet had been running a bare minimum number of 35-40 flights for the last few days, a total grounding will significantly affect its value for potential investors that are undergoing a bidding process to invest in the airline, an ET report said.
Jet Airways lenders on Thursday said they are reasonably hopeful of a successful bidding process for stake sale, a day after the cash-starved carrier suspended its operations.
SpiceJet to add 6 more Boeing 737-800 NG on dry lease
Rakesh Jhunjhunwala: Investment and trading are mutually exclusive activities
The Indian conglomerate is to announce its December-March quarter earnings today post market hours. Market experts expect flattish net profit growth and lower petchem earnings due to weakness in margins.
Meanwhile, Saudi Aramco has evinced interest in buying a minority stake in the company’s refining business.
Media reports suggested RIL is seeking a higher valuation for its refining and petrochemicals business as it considers selling a minority stake to Saudi Arabia’s state energy group, Saudi Aramco.