10:15 am Market Outlook: Gaurav Jain, Director, Hem Securities said global clues, earnings and macroeconomic data will dictate market trend this week. Apart from on-going geopolitical concerns and on-going earnings seasons, markets will now keep an eye on upcoming Karnataka State elections. Any new developments on that front will affect market swings.
The results season would take center stage once again as some of the index-heavyweight companies are scheduled to release their quarterly this week. HDFC Bank, TCS and IndusInd Bank are among the big names releasing their quarterly numbers this week.
On macro front, the government will announce inflation data based on wholesale price index (WPI) for March today . Wholesale prices rose by 2.48 percent year-on-year in February 2018, after a 2.84 percent increase in the prior month.
On the global front, China will announce Q1 GDP annual growth rate on Tuesday. Japanese industrial production data for February will be declared on Tuesday. Japanese inflation data for March will be announced on Friday.While the US industrial production data for March will be unveiled on Tuesday, 17 April 2018.
10:05 am Market Outlook: Dinesh Rohira of 5nance.com said based on a Fibonacci retracement, a support for the Nifty50 placed at 10,417 levels and resistance at 10561 levels.
With positive set of macro data, and better-expected earnings result, the index is likely to build uptrend momentum in coming session as it decisively indicated in the last week trade.
However, a geopolitical tension is expected to keep index volatile on a rangebound move although we maintain an upwards bias at 10,630 levels on weekly basis and at 10,390 on the downside.
9:55 am Rupee Update: The rupee fell 20 paise to 65.40 against the US dollar on global trade war concerns, dip in India’s exports in March and a sharp drop in domestic equities.
Geopolitical tensions over Syria and trade war concerns weighed on the domestic unit. But, a weak dollar against major global currencies capped some losses, forex dealers said.
India’s exports dipped by 0.66 percent to USD 29.11 billion in March, even as they increased by 9.78 percent for the full 2017-18 fiscal.
The rupee closed higher by 6 paise at 65.20 in the previous session on Friday on the back of positive macroeconomic data and firm local equities.
9:45 am Market Update: The market is off its opening lows, with the Sensex falling 100 points due to selling pressure in technology, oil exploration and select banks stocks.
Infosys was the biggest loser among Nifty50 stocks, down 4 percent after the company lowered its full year margin guidance.
Bhansali Engineering was down 3 percent while ICICI Securities, DCB Bank, Gruh Finance gained up to 6 percent after March quarter earnings.
9:31 am Buzzing: Rane Brake Linings share price lost 12 percent intraday Monday after disappointing performance on operational front in March quarter.
Revenue from operations in March quarter grew by 13 percent to Rs 142 crore and net profit increased 50 percent to Rs 6 crore compared to year-ago quarter.
EBITDA (earnings before interest, tax, depreciation and amortisation), however, fell 22.7 percent year-on-year to Rs 17 crore and margin contracted by 550 basis points to 12 percent for the quarter ended March 2018.
9:21 am Market Update: Benchmark indices recouped half of opening losses, supported by ITC and HDFC Bank.
Infosys, Tata Motors and Reliance Industries continued to trade lower, putting pressure on the market.
The 30-share BSE Sensex was down 96.96 points at 34,095.69 and the 50-share NSE Nifty fell 26.40 points to 10,454.20.
About two shares declined for every share rising on the BSE.
9:18 am Market Outlook: Rahul Sharma, Senior Research Analyst at Equity99 said rising crude oil prices and geopolitical risk from the global markets would be important factors that could impact the sentiment going forward.
On Friday, President Donald Trump had ordered strikes on Syrian targets, seeking to punish President Bashar Assad for a suspected chemical attack near Damascus.
Any new development on this front will affect global sentiments, including Indian markets.
9:15 am Market Update: Equity benchmarks opened lower, with the Sensex falling below 34,000 levels following negative lead from SGX Nifty futures and global stocks.
The 30-share BSE Sensex was down 229.59 points at 33,963.06 and the 50-share NSE Nifty fell 66.20 points to 10,414.40.
Infosys was down 4 percent after lowering of full year EBIT margin guidance.
Tech Mahindra, Wipro, Tata Motors, Axis Bank, IOC, Hindalco, Vedanta and ICICI Bank were under pressure in early trade.
Hero Motocorp, Bajaj Auto, M&M, Cipla, ITC and Bajaj Finserv gained.
The Nifty Midcap index was down 126 points.
UCO Bank, Rane Brake, Bhansali Engineering and NIIT Technologies slipped up to 13 percent.
Mishra Dhatu, DCB Bank, Gruh Finance and ICICI Securities gained up to 4 percent.
9:12 am Pre-Opening Settlement: Benchmark indices settled sharply lower in pre-opening, with the Sensex falling 247.92 points to 33,944.73 and the Nifty declining 82.30 points to 10,398.30.
9:08 am Technical Recommendations: We spoke to 5nance.com and here’s what they have to recommend:
Indiabulls Venture Ltd: BUY | Target Rs349 | Stop-loss Rs306 | Return 10%
Vakrangee Ltd: SELL | Target Rs123 | Stop-loss Rs145 | Return 7%
Deepak Fertilisers Ltd: BUY | Target Rs392 | Stop-loss Rs360 | Return 5%
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
9:06 am Stocks in news: Infosys which reported over 28% QoQ fall will be on investors’ radar. The IT major Q4 results met the Street’s estimates, but its outlook for FY19 has unsettled investors.
Most brokerage firms remain mixed on the outlook but see Infosys climbing 1300 levels in next 12 months
Aurobindo Pharma: Company gets US FDA nod for allergy drug, Loratadine Tablet (10 mg)
Strides Shasun: Company gets US FDA nod for Cyproheptadine Hydrochloride tablets
ICICI Bank: The BSE has sought clarification from the bank on a probe by SEBI with regard to corporate governance issues.
9:03 am Market Check: Benchmark indices were subdued in pre-opening on Monday, following negative lead from global stocks and SGX Nifty futures.
The 30-share BSE Sensex was down 85.69 points at 34,106.96 and the 50-share NSE Nifty declined 66.10 points to 10,414.50.
Trends on SGX Nifty indicated a negative opening for the broader index in India, a fall of 60 points or 0.57 percent. Nifty futures were trading around 10,443-level on the Singapore Stock Exchange.
Financial stocks led a drop on Wall Street on Friday as results from big banks failed to enthuse and fear of broader conflict in Syria further unnerved investors.
The Dow Jones Industrial Average fell 122.91 points, or 0.5 percent, to 24,360.14, the S&P 500 lost 7.69 points, or 0.29 percent, to 2,656.3 and the Nasdaq Composite dropped 33.60 points, or 0.47 percent, to 7,106.65, Reuters reported.
Share markets started firmer in Asia on Monday amid relief U.S.-led strikes on Syria looked like being a one-off event that avoided a direct confrontation with Russia, weighing on oil prices and safe-haven Treasuries. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1 percent. Japan’s Nikkei added 0.3 percent, Reuters reported.