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21 May, 2019 | 08.50AM IST

Traders’ Diary: Don’t go overboard before May 23

Robust all-around buying made equity benchmarks Sensex and Nifty finish the day at record highs on Monday.

Key Highlights

  • Dilip Buildcon; Lakshmi Vilas Bank among among 130 BSE stocks hitting upper circuits

  • Sensex surges 1000 points; RIL, bank stocks lead gainers

  • Swaminathan Aiyar looks unconvinced of a saffron rally

  • Chances of a pullback from a higher open are limited: CK Narayan

  • Within 60 secs, Rs 3.2 lakh crore added to investor kitty

!1 New UpdateClick here for latest updates
09:45 PM

Wall Street lower as tech stocks plunge on Huawei fallout worries

At 11:13 a.m. ET, the Dow Jones Industrial Average was down 79.01 points, or 0.31%, at 25,684.99. The S&P 500 was down 11.90 points, or 0.42%, at 2,847.63 and the Nasdaq Composite was down 90.76 points, or 1.16%, at 7,725.53.
09:37 PM

Fortunate traders, who are on the long side of the trade, can consider booking profit by making use of the strong opening in the next session. However, if the strength on Nifty50 exceeds the 11,856 level on a closing basis, the rally may get extended up to 12,100. Strong support can be expected around 11,720 level, where fresh buying can be considered with a stop loss below 11,590 level on a closing basis

- Mazhar Mohammad, Chartviewindia.in

09:36 PM

With almost all other pockets contributing heavily, we expect this rally to extend further at least towards 11,950 or even the magical figure of 12,000. On the lower side, the 11,700 level followed by 11,591 would now be seen as sheet anchors

- Sameet Chavan, Chief Analyst for Technical and Derivatives, Angel Broking

08:29 PM

HPCL Q4 profit jumps 70% YoY to Rs 2,970 crore as margins improve

Oil marketing player Hindustan Petroleum Corporation on Monday reported 69.91 per cent year-on-year rise in profit at Rs 2,969.92 crore for the quarter ended March 31. The firm had posted a profit of Rs 1,747.89 crore in the corresponding quarter last year. Total income rose 9.88 per cent YoY to Rs 73,672.50 crore from Rs 66,983.38 crore.
08:29 PM

Nifty has formed a multi-month Ending Diagonal pattern. With Monday’s rally, it has approached the upper end of the distribution pattern. This is not a good level to initiate a long position. Going ahead, the 11,850-12,000 range will be an area full of resistances. There is a possibility that the index will give up its gains near this key resistance zone and start tumbling again

- Gaurav Ratnaparkhi, Sharekhan

08:28 PM

Evening Podcast: What’s next for D-Street after Monday’s meteoric rise?

06:25 PM

Nifty has been forming higher lows for last four sessions and the momentum could continue till it holds above the previous day’s low. Now it has to hold above 11,666 to extend its move towards its new lifetime high of 12,000 while major support exists at 11,550

- Chandan Taparia, Technical & Derivative Analyst, MOFSL

06:13 PM

Instead of getting on a moving train, traders must ideally stay out of this volatility because now the rewards are not commensurate with the risk they will take, second any negative surprise on actual vote count scenario might cause them to burn their hands. Investors on the other hand must go shopping for long-term bets only but for now they must wait and watch since markets are at elevated levels and are bound to correct once the political influence dies down

- Umesh Mehta, Head of Research, Samco Securities

05:58 PM

The expected stability and continuity in policy, increase in FII inflow are keeping the market positive. We are likely to see a revival in the corporate performance from the 2nd quarter in this financial year. If these results hold true on May 23, it will be good for the economy, though short term the markets may be driven by sentiments

- Pradeep Gupta, Co-Founder & Vice Chairman, Anand Rathi

05:57 PM

Once the noise around election results die down, participants will be keen to watch the steps taken by the government to stimulate demand, boost consumption, revive capex and hence recuperate economic growth. Macros, both global and local and of course more importantly micros (earnings) will be key monitorable going ahead. Rather than getting carried away by the rally, one must focus on robust franchisees with strong fundamentals. Some of our top sectoral bets which we continue to remain positive on are high quality financials, the beaten down discretionary and non discretionary consumption related businesses and building materials

- Devang Mehta, Head – Equity Advisory, Centrum Wealth Management

05:18 PM

It was a historical day for equity market as Nifty gained nearly four per cent and closed around its record high. Indications are in the favour of further surge in the following sessions, however, we suggest not going overboard and wait for the actual outcome on May 23. Nifty has next major hurdle at 12,000

- Jayant Manglik, President - Retail Distribution, Religare Broking

04:29 PM

The exit polls have been better than market expectations with the ruling party getting a comfortable majority. However, the market has been rallying for the last two days and it has factored the information to some extent. The market is likely to rally further but the rally may not be significant as there are challenges of not so encouraging earnings growth, lower liquidity, slowing economy and global challenges. There could be sector specific rally like infrastructure and banking that could do well

- Naveen Kulkarni, Head of Research, Reliance Securities

04:12 PM

The market witnessed unprecedented and remarkable surge, across all sectors and segments, after exit polls indicated a higher probability for the current dispensation to come back to power with a clear majority. What would help the market sustain the momentum is factors that are fundamentally important, like decisive policy initiatives from the new government, faster land and labour reforms, and also the unfinished task of quick consolidation and re-organization of the banking system. It is pertinent to note that global factors would also come to play sooner than later, the factors which cannot be overlooked are the impact of the trade and tariff war between the US and China, the developments in the Gulf Region and the prospects of a gradual slowdown in the global economy

- Joseph Thomas, Head Research- Emkay Wealth Management

04:08 PM

Indian markets expectedly cheered the outcome of the Exit polls and Nifty registered its largest point gain since Jan 25, 2009. Nifty is just shy of all time high of 11856 but has nevertheless closed at its all time closing high. Markets seem to have almost fully discounted the outcome of final election results. Institutional buying was seen on Monday (reflected in large cash market volumes of Rs.44,000 cr+) which triggered some amount of short covering. Over the next three days Markets could look up to corporate results and / or global developments. For a large change in inflows, key cabinet berth allocation and initial policy announcements will be keenly awaited. In the meanwhile one hopes globally risk-on trade continues.

- Dhiraj Relli, MD & CEO, HDFC securities

03:53 PM

Sensex logs biggest single-day gain since 2013, Nifty hits fresh record high

03:36 PM

CLOSING BELL: Sensex rallies 1,422 pts to hit record high; Nifty at fresh peak of 11,828; Adani stocks surge up to 29%

CLOSING BELL: Sensex rallies 1,422 pts to hit record high; Nifty at fresh peak of 11,828; Adani stocks surge up to 29%
03:05 PM

Exit poll results are positive for market sentiment. These are of course, the exit poll results and not the actual poll results. Some people will have on the back of their mind, as to what happened in 2004 and what happened in Australia last week

- Gautam Chhaochharia, Managing Director and Head of Research at UBS Securities, India

02:36 PM

Expect midcaps to look up if BJP returns to power: Sabharwal

02:32 PM

China stocks slide further on trade tensions, Huawei troubles

  • Shares in Mainland China and Hong Kong tumbled on Monday as trade tensions between Beijing and Washington protracted, with US pressure on Chinese technology company Huawei intensifying.

  • At the midday break, the Shanghai Composite index was down 0.6 per cent at 2,865.25, while the blue-chip CSI 300 index was down almost 1 per cent.
02:22 PM

These stocks rallied up to 5,500% under BJP govt in 5 years; do you own any?

  • Stocks such as Sadhana Nitro Chem, Tasty Bites Eatables and Stylam Industries rallied 5,605 per cent, 3,392 per cent and 2,391 per cent, respectively, during May 26, 2014 and May 17, 2019.
  • Minda Industries, Olectra Greentech, Bajaj Finance, Kingfa Science & Technologies and Apollo Pipes and Indiabulls Ventures also soared more than 1,000 per cent during the same period.
  • The BSE Midcap and Smallcap index advanced 69 per cent and 56 per cent in the past five years till May 17, 2019
01:37 PM

40 stocks hit 52-week highs on BSE; 87 others hit 1-yr lows

Tracking significant gains in the broader market on Monday, as many as 40 stocks touched their 52-week high levels on BSE. Some of the stocks that touched 52-week highs include Bajaj Finance, DCB Bank, Federal Bank, HDFC Bank, ICICI Bank, SRF, Titan, Kotak Mahindra and PVR.
01:25 PM

Without getting into the accuracy of exit polls, this would be the first time in last thirty years, when a majority government is likely to return with a majority in its second term as well. The short-term reaction on various markets are probably easier to predict, while the impact on the real economy and hence, the medium and long-term impact on markets that much harder given the ongoing domestic (rural, SME, real estate stress) and global (US-China trade war) issues. In the very short-term, we expect a short fall in yields, currency to strengthen and equity markets to resume the rally

- JM Financial Institutional Securities

12:40 PM

Change in FPI ownership on QoQ basis

Change in FPI ownership on QoQ basis
12:36 PM

IT stocks under pressure; TCS, Infy down up to 2%

  • IT stocks came under pressure led by losses in Infosys and TCS in early trade Monday, even as the broader market witnessed heavy buying after exit poll results suggested another term for the ruling NDA government.

  • IT index was the only one trading in the red. All other sectoral indices were in the green.

  • Besides, heavyweight IT stocks like Infosys and TCS were trading in the negative territory.

12:35 PM

Eveready appoints two senior finance officials, co denies restructuring

Eveready Industries India Ltd (EIIL) has appointed two joint chief financial officers, amid talks that its parent, the Williamson Magor Group, is scouting for a strategic partner for the dry cell battery major. Eveready Industries has denied the appointments to be any indication of a possible restructuring in the company, maintaining that the move was a part of the career succession plan of employees.
12:27 PM

Dilip Buildcon; Lakshmi Vilas Bank among among 130 BSE stocks hitting upper circuits

Price as on 20 May, 2019 12:27 PM, Click on company names for their live prices.
11:56 AM

Sensex surges 1000 points; RIL, bank stocks lead gainers

Sensex surges 1000 points; RIL, bank stocks lead gainers
11:46 AM

Swaminathan Aiyar looks unconvinced of a saffron rally

11:43 AM

SBI hits 1.5 year high; charts suggest more upside

  • Shares of State Bank of India (SBI) rose as much as 7.52 per cent to Rs 343.25, their highest since November 2017.

  • Indian stocks, rupee, and bonds rallied on Monday, a day after exit polls showed Prime Minister Narendra Modi would retain power with a big majority in the parliament.

  • Trend intensity (TI) indicator rose two points to 17, suggesting a new uptrend has started for SBI. The MACD is positive and trades above its signal line.
11:26 AM

Top 8 picks for election outcome

11:14 AM

We expect Nifty 50 to retest the recent high of ~11, 850 before 23rd May: Rusmik Oza

We expect Nifty 50 to retest the recent high of ~11, 850 before 23rd May: Rusmik Oza
10:38 AM

Voda Idea, RPower, RCom among most active stocks on NSE

Price as on 20 May, 2019 10:38 AM, Click on company names for their live prices.
10:18 AM

Why Bajaj Auto shares fell 3% in a bullish market

  • Despite bullish market sentiment, shares of Bajaj Auto declined nearly 3 per cent in morning trade on Monday even as the company reported better-than-expected financial results for the quarter ended March 31.

  • The company, according to experts, may witness pressure on volume growth due to regulatory cost push, shrinking rural market income and tight liquidity in the current year.

  • Kotak Securities retained reduce rating on the stock with a target price of Rs 2700, underscoring its concerns on declining Ebitda margin.

  • Nomura maintained a neutral rating on the stock with a target price of Rs 2,901, highlighting that it expects the continuation of aggressive market share gain strategy in FY20.
10:09 AM

Rupee, bonds rally on election exit polls

The rupee and bonds rallied at market opening on Monday after exit polls suggested the election will give a clear mandate for the ruling party led coalition.

But traders said market gains would be kept in check ahead of the vote counting on Thursday.

The partially convertible rupee was trading at 69.49/50 per dollar, after rising to 69.3550 earlier, making it up 1.2 per cent on the day. The gain, if sustained, would be the highest since December.
10:01 AM

Chances of a pullback from a higher open are limited: CK Narayan

09:55 AM

Podcast: Exit polls predict NDA win; corporate bonuses stuck in Sebi rule & more

09:47 AM

Within 60 secs, Rs 3.2 lakh crore added to investor kitty

Stocks added Rs 3,18,000 crore to investor kitty on Dalal Street on Monday, as a landslide victory for NDA projected by exit polls in the just1concluded elections came in better than market expectations.

Sixty seconds into the session, market value of all BSE-listed companies, also known as market capitalisation, climbed byRs 3.18 lakh crore to Rs 1,49,76,896 crore over Friday’s close of Rs 1,46,58,710 crore. With this, the market value of domestic stocks has risen by Rs 5.39 lakh crore in three sessions till Monday.

Analysts feel there is scope for further gains in stocks in the coming days.
Within 60 secs, Rs 3.2 lakh crore added to investor kitty
09:41 AM

Top 10 BSE gainers

Price as on 20 May, 2019 09:41 AM, Click on company names for their live prices.
09:18 AM

OPENING BELL: Sensex vaults 900 pts as exit polls project NDA win; Nifty nears 11,700; Nifty Bank up 3%

OPENING BELL: Sensex vaults 900 pts as exit polls project NDA win; Nifty nears 11,700; Nifty Bank up 3%
09:02 AM

Pre-open session: Sensex soars 600 points, Nifty50 tops 11,700; rupee at two week high

Sensex soars 600 points, Nifty50 tops 11,700; rupee at two week high, trades at 69.36 against dollar.
08:51 AM

Exit polls see BJP-led NDA retaining power

Times Now-VMR pegged total seats for the BJP and allies at 306, well beyond 272 needed to retain power. Republic-CVoter sees BJP-led NDA winning 287 seats, while News Nation’s poll estimated NDA seats in 223-290.
08:51 AM

Analysts bullish, see 11,700 on Nifty

Exit polls released on were slightly better than market expectations. They expect a gap-up opening for the market on Monday morning, but they don’t expect an over-the-board reaction. Analysts feel Nifty could hit 11,700. But whether such a level will sustain will depend on whether the BJP on its own comes to power.
08:50 AM

Singapore trading sets stage for gap-up start

Nifty futures on the Singapore Exchange were trading 249 points, or 2.18 per cent, higher at 11,683.50, indicating a gap-up start for the Nifty50.
08:50 AM

Tech view: Nifty forms Solid bullish pattern

Nifty50 rallied on Friday to form a solid bullish candle on the daily chart. The index, which was getting support at 100-day moving average for the last few sessions, broke out of a double Inside Bar pattern on Friday and looks to clear resistance at 11,467, which coincides with 50-DMA, with ease.
08:50 AM

Asia shares inch higher

Share markets in Asia got off to a steady start on Monday as investors tried to catch their breath following another week of escalating trade tension between the United States and China. In early trade, MSCI's broadest index of Asia-Pacific shares outside Japan tacked on 0.6 per cent after a steep 3 per cent loss the previous week, Reuters reported.
08:50 AM

S&P futures edge higher

US S&P 500 e-mini futures also turned higher, rising 0.5 per cent following losses on Wall Street on Friday. The Dow Jones Industrial Average fell 0.38 per cent, the S&P500 index lost 0.58 per cent and the Nasdaq Composite dropped 1.04 per cent.
08:50 AM

Oil surges 1% on Saudi comment

Oil prices jumped as much as 1 per cent on Monday after Saudi Energy Minister Khalid al-Falih indicated there was consensus among OPEC and allied oil producers to continue limiting supplies. Brent crude futures were at $72.98 a barrel, up 77 cents, or 1.1 per cent, from their last close. Brent closed down 0.6 per cent on Friday.
08:49 AM

DIIs buy Rs 1,810 cr worth equities

Foreign portfolio investors (FPIs) sold Rs 1,057.82 crore worth of domestic stocks on Friday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 1,809.76 crore, data suggested.
08:49 AM

Sensex on Friday

Overall, BSE Sensex rallied 537 points or 1.44 per cent to close at 37,931 while NSE barometer Nifty ended the day at 11,407, up 150 points or 1.33 per cent.
08:48 AM

Good Morning, dear reader! Here's something to kickstart your trading day

Good Morning, dear reader! Here's something to kickstart your trading day
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