Thursday, July 18, 2019

Asian stocks drop amid earnings, Trade dispute concern

Benchmark Treasury yields dipped to 2.04% with Australian bonds tracking the overnight gain in US debt.
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Asian stock markets retreated on Thursday and the yen climbed amid concern a trade spat between South Korea and Japan may be protracted and investors weighed a flurry of corporate earnings. Treasuries extended gains and US futures dipped.

Japan’s Topix index fell more than 1%, on course for a fourth day of losses. A drop in Hong Kong, South Korean and Australian equities was more modest. Futures on the S&P 500 Index and Nasdaq dipped as Netflix Inc.’s surprise loss of US customers in the second quarter sent its shares tumbling. The Korean won fell after the nation’s central bank cut its key interest rate. Benchmark Treasury yields dipped to 2.04% with Australian bonds tracking the overnight gain in US debt.

With just two weeks until the Federal Reserve’s policy meeting when investors expect an interest-rate cut, the central bank’s anecdotal Beige Book report suggested the outlook was generally positive and the labor market remains tight -- but companies are still struggling to pass on higher wages and tariff-related costs to customers. After South Korea joined recent moves in Malaysia, India and the Philippines in cutting rates, a monetary policy decision in Indonesia later Thursday will be closely watched as well as earnings due from Taiwan Semiconductor and China Evergrande.

While early indications are usually unreliable when it comes to corporate profits, investors have closely watched those reports for clues on the state of the world’s largest economy amid the threat of a trade war. Investors in Asia largely took comments from President Donald Trump in their stride after he said more tariffs on China are possible.


Elsewhere, oil sank after a mixed US government report showed a surprising drop in fuel demand last week.

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Wednesday, July 17, 2019

Nifty above 11,650 mark; Yes Bank, Mindtree stocks gain

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Equity benchmark indices opened on a flat note with a negative bias tracking global cues on Wednesday. The Sensex is trading higher 12 points to 39,144, while the broader Nifty50 trades at 11,663 level, with a gain of 3 points.

The market breadth was positive with 862 shares advancing, 649 shares declining, and 552 remaining unchanged on the NSE.

UPL, Indiabulls Housing, Zee and Kotak Mahindra Bank were among the top gainers on the Nifty50 in the initial trade, whereas GAIL, Tata Motors and JSW Steel led the losses.

Suzlon Energy shares fell 3% after it has defaulted on $172mn of foreign currency convertible bonds (FCCBs) that came up for redemption on Tuesday.

Shares of Sadbhav Infrastructure jumped 9% after the company said its toll revenue from 10 operational special purpose vehicles rose nearly 2.3% to Rs281.26cr vs. Rs274.99cr in the same period last year.

Meanwhile, crude oil steadied after falling more than 3% overnight, with US crude trailing Brent after US inventory data fell short of expectations, amid conflicting signals from the US and Iran over the disputes that have roiled prices recently.

The Volatility gauge, India VIX was up 0.17% at 11.58.


The most active stocks on the NSE are Yes Bank, RBL Bank and IndiGo.

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Tuesday, July 16, 2019

Nifty hovers around 11,600 mark; Indiaibulls Housing, TCS stocks slip

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Equity benchmark indices opened flat on Tuesday tracking mixed global cues. Sentiment remains cautious after disappointing macro-economic data and amid the June quarter earnings season.

The Sensex was up 70 points to 38,967, while the Nifty is trading below the 11,600 marks, down 4 points.

NTPC shares gained more than 1.25% to hit Rs129.20 on BSE. Yes Bank shares are trading 0.75% higher at Rs93.90.

Hero Motocorp, TCS, M&M have emerged among the biggest losers, shedding more than 1% each.

The Indian rupee opens marginally lower at 68.56 against the dollar.

On the sectoral front, auto, IT, banking, media and pharma are trading marginally lower on the NSE, while buying is seen in the FMCG, financial, PSU bank and realty space.

Shares of HDFC AMC gained 1% ahead of the Q1 results scheduled to be reported today.

Meanwhile, Asian markets inched up as traders awaited US retail sales data and more corporate earnings to gauge the health of the world’s biggest economy, with markets remaining focused on a likely US rate cut by the end of the month.

The Volatility gauge, India VIX was down 0.60% at 11.95.

The most active stocks on the NSE are HDFC Bank, ONGC and Infosys.

On the economy front, India’s exports in June 2019 were $25.01bn vs. $27.70bn in June 2018, exhibiting a negative growth of 9.71%.  Imports in June 2019 were $40.29bn, which was 9.06% in Dollar terms and 6.85% lower in Rupee terms over imports of $44.30bn over June 2018.

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Monday, July 15, 2019

Sensex, Nifty open higher led by Nifty IT, Pharma

Nifty Pharma and IT led the gains over a depreciating rupee which fell 25p to 68.69/$ on foreign outflows.

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Benchmark indices opened higher, with the Sensex rising 201 points to 38,937, and the Nifty climbing 47 points to 11,599.

Nifty Pharma and IT led the gains over a depreciating rupee which fell 25p to 68.69/$ on foreign outflows.

Shares of Infosys soared over 4% after it revised its full-year constant currency revenue growth guidance upwards to 8.5-10%. The company's PAT declined by 6.8% qoq but up 5.1% YoY to Rs3,798cr against median consensus estimates of Rs3,703cr.

Sun Pharma also climbed over 3%, followed by Dr. Reddy's which was up 2% in opening trade.

On the flip side, Nifty Realty and PSU Banks were trading lower, dragged by Allahabad Bank which plunged over 10%.

Avenue Supermarts (DMart) is also trading higher by over 4% after it reported a 32% rise in PAT. The company reported revenue of Rs5,780.5cr, up 26.8% YoY and broadly in-line with estimates. EBITDA jumped by 41.0% YoY to Rs595.9cr, ~12% higher than the estimate. PAT for the company was ~10% higher than the estimate.

On Friday, India's CPI and IIP numbers came in. June CPI rose 3.18% YoY vs. 3.05% YoY in May, while May IIP was up 3.1% YoY.

The wholesale price index and trade data are due later today.


Infosys Ltd is currently trading at Rs758.60 up by Rs31.5 or 4.33% from its previous closing of Rs727.10 on the BSE.

Sun Pharmaceuticals Industries Ltd is currently trading at Rs420 up by Rs12.3 or 3.02% from its previous closing of Rs407.70 on the BSE.

Allahabad Bank is currently trading at Rs42.35 down by Rs4.8 or 10.18% from its previous closing of Rs47.15 on the BSE.

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Friday, July 12, 2019

SGX Nifty indicates a flat opening for Indian Markets

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SGX Nifty is at 11,573.00 down 9 points. For today, expect another volatile day as the broader markets see better traction on the upside.

Nifty saw a sharp rally after many days of decline as local buying outweighed foreign selling & the strength in rupee saw largecap stocks gain ground. The broader markets also participated with the midcaps joining the rally. Auto, media & metals were star outperformers, while select IT & consumption stocks saw selling.

Global Market: Asian indices opened mixed with select markets seeing gains even as the Japanese 'Nikkei' traded flat due to US$ weakness which bode bad news for Japanese exporters. The cut in US rates later this month should augur well for most Asian markets as a weaker US$ will see flows get stronger in emerging markets. For today, expect some more color on Chinese markets with the Hong Kong markets looking to close the week with gains.

US Market: US markets closed higher with Dow Jones crossing 27,000 as euphoria over stocks drove prices higher. Bond yields fell as Federal Reserve Chairman reiterated the cut in rates, which saw the US$ fall. Oil prices corrected even as the threat of a hurricane saw buying at lower levels.
FII/DII Data: In yesterday’s trading session FIIs sold 317 crores worth of stock in cash whereas DIIs bought 720 crores worth of stock. In the derivative market, FIIs bought 572 crores of Index futures and bought 1865 crores worth of Index options. In the Stock futures segment, FIIs bought 870 crores worth of stock futures and bought 66 crores stock options.


FII View: In Index futures segment, FIIs index future long/short ratio stood at 0.9x with a marginal unwinding of short positions. Moreover, on the Index option’s front, across the board unwinding of positions were seen on account of weekly expiry.

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Thursday, July 11, 2019

Sensex, Nifty open higher tracking positive global cues; Metal, pharma stocks gain

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Equity benchmark indices opened on a strong note on Thursday tracking gains in Asia after US Federal Reserve Chair Jerome Powell reinforced prospects of a US interest rate cut later this month.

The Sensex was trading higher 103 points at 38,659, while the Nifty was up 21 at 11,520 levels.

Bajaj Finance, Tech Mahindra, and ICICI Bank are among the top losers on the Nifty50, while JSW Steel, Hindalco, and Tata Steel surged in morning trade.

Shares of Aurobindo Pharma gained 1% in early trade after the company announced the launch of Cinacalcet Hydrochloride Tablets in the US market via a filing on Wednesday after market hours.

Volatility gauge India VIX was down 3.17% at 13.20.

The most active stocks on the NSE are SBI, IndiGo, and HDFC Bank.

The Indian rupee opened higher 68.31 against the US dollar.

Meanwhile, Asian stocks rose and the dollar sagged on Thursday. Shares climbed across the region with South Korean and Hong Kong stocks outperforming. Earlier, the S&P 500 briefly topped 3,000 for the first time after Powell signaled a willingness to lower rates, citing a slowing global economy and trade issues.

Gold prices also rose to their highest in over a week on Thursday as the dollar pulled back from multi-week highs after comments from Federal Reserve Chairman Jerome Powell.

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Wednesday, July 10, 2019

Sensex, Nifty trade volatile; Indigo stock tumbles 15%

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Equity benchmark indices opened on the negative note as selling pressure was witnessed in TCS, Infosys, Bajaj Finance and HDFC Bank. The Sensex was down 30 points at 38,701, while the Nifty dropped mere 2 points to trade at 11,554 levels.

TCS, Bajaj Finance and Tata Motors are among top losers on the Nifty50, while Coal India, Yes Bank, and ZEE surged in the morning trade.

Manpasand Beverages' shares slipped after statutory auditor M/S Mehra, Goel, & Co. submitted their resignation on July 8 citing reasons of an ongoing GST probe.

Shares of Interglobe Aviation (Indigo) have crashed 15% in opening trade after co-founder Rakesh Gangwal sent a letter to the company that he has written to Sebi seeking intervention in several corporate governance violations.

The Volatility gauge, India VIX was up 0.40% at 13.74.

The most active stocks on the NSE are TCS, Infosys, and IndiGo.

Asian markets mixed following losses in US markets as investors await Fed chairman Jerome Powell's testimony before Congress for further cues on Federal Reserve’s monetary policy.

Meanwhile, oil prices were supported by Middle East tensions and OPEC supply cuts. Brent crude futures rose 67 cents to $64.83, while US crude gained 83 cents to $58.66 a barrel.

The Indian rupee opened weaker at 68.62 against the US dollar on Wednesday.

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Asian stocks drop amid earnings, Trade dispute concern

Benchmark Treasury yields dipped to 2.04% with Australian bonds tracking the overnight gain in US debt. Asian stock markets retreated...