JPMorgan Chase & Co, Goldman Sachs Group Inc and Wells Fargo will report earnings on Tuesday. The banking index was down 0.95%, leading to a 0.54% decline in the S&P 500 financial index. Profit from the S&P 500 companies is expected to dip 0.3% year-over-year, the first quarterly decline in three years, according to Refinitiv IBES data.
Nifty is consolidating around the demand line of its 18-month-old ascending channel. On Monday, it bounced back after coming close to support placed around the said channel, resulting in a Hammer kind of formation, which should have bullish connotations, provided there is follow-through buying next session
ETMarkets Evening Podcast: Bulls are back, or are they?
Nifty formed a bearish candle on the daily scale with a long lower shadow, which indicated that dips got bought into while supply pressure remained intact at the 11,650 level. Now it needs to hold above 11,550 to extend its bounce towards the next hurdle at 11,650 level, while a hold below the same could drift it towards its major support at 11,500 and then 11,460 levels
With no major event ahead, we feel earnings, progress of monsoon and global cues would dictate the trend. We reiterate our bearish view on Nifty and suggest continuing with “sell on rise” approach. Stocks, on the other hand, may continue to witness volatile swings across the board. We suggest keeping extra caution in stock selection and trade management. On sectoral front, banking and FMCG could lead the fall
Liquidity issue in the domestic market and weak economic data in China put pressure on the market. Green shoots from earnings lifted the sentiment of IT sector while ease in WPI inflation (June) to 2.02% added some cheer in the market. Q1 results announced so far have been mixed and going forward is expected to be subdued
- Vinod Nair, Head of Research, Geojit Financial Services
Nifty has strong resistance near 11,650. Until trading below said levels, we may see profit booking on every rise. Any close above 11,650 can lead to good short-covering, which in result may push index towards 11,700-11,750 zone and support for Nifty is coming near 11,530-11,480 zone
- Rohit Singre, Senior Technical Analyst, LKP Securities
IT stocks lift Sensex 160 points, Nifty ends just shy of 11,600; SPARC spurts 18%, DHFL plunges 30%
Top 10 BSE gainers
Price as on 15 Jul, 2019 03:10 PM, Click on company names for their live prices.
Do you think India Inc will get significantly cleaned up when it comes out of the ongoing debt-related and corporate governance crises?
The long-term stability of the market is under threat: Ashish Nanda, Kotak Securities
The contribution of Bharat will be significant to the well being of the bank, not only on the top line but largely more on the bottom line. In balance sheet terms, it adds only 6% to our balance sheet footage but it has certainly the potential of adding up to 20% to our bottom line.
- Romesh Sobti, MD & CEO, IndusInd Bank
BHEL, CONCOR tie up for rail-based logistics terminal at Haridwar
Price as on 15 Jul, 2019 01:49 PM, Click on company names for their live prices.
Energy PSUs unlikely to be hurt by government stake sale plan: Fitch
A reduction of direct controlling stakes by the government of India in large state-owned energy companies is unlikely to negatively impact the ratings on these entities, as long as the government maintains majority effective ownership and broad control of their activities, said Fitch Ratings, in a statement made on Monday.
Top 10 NSE losers
Price as on 15 Jul, 2019 01:13 PM, Click on company names for their live prices.
Interglobe aviation shares fall 5%
The scrip of InterGlobe Aviation fell nearly 5 per cent Monday amid a slew of negative news surrounding the airline, including allegations of governance lapses.
With promoter spat intensifying at the airline, markets watchdog Sebi and the corporate affairs ministry have started digging deep into allegations of governance lapses and violations that could force the government to override existing arrangements and pacts at InterGlobe Aviation, officials said.
Bringing the differences between long-time friends and promoters of IndiGo out in the open, Rakesh Gangwal has sought Sebi's intervention into alleged corporate governance lapses at the company.
Symet says, monsoon to be weak across India over next 2 weeks
Monsoon to be weak across India over next 2 weeks; Monsoon current will revive towards July end: Cognecis quotes Skymet as saying
WPI inflation eases to near 2-year low in June
Wholesale price-based inflation declined for the second consecutive month to its 23-month low of 2.02 per cent in June, helped by decline in prices of vegetables as well as fuel and power items, according to official data released Monday. The Wholesale Price Index (WPI)-based inflation was at 2.45 per cent in May. It was 5.68 per cent in June 2018.
If I had to put a financial basket together with the portfolio that I am running, I would obviously go with corporate banks rather than look at anything which is retail led.
Shares of Garden Reach Shipbuilders & Engineers traded over 1 per cent higher in morning trade on Monday after latest shareholding data showed investor Ramesh Damani bought over 1 per cent stake in the company during the quarter gone by.
Data available on BSE on Saturday revealed Damani held 12,64,099 shares, or 1.10 per cent stake, in the company as of June 30, 2019. He was not among the company’s key shareholders at the end of the quarter ending March 31.
Mentha rebounded on the back of short covering and support that is present around Rs 1,200. The recent bounce can also be attributed to some demand that is coming in at much lower prices which have not been witnessed in the last one year.
Shares of YES Bank climbed over 5 per cent in Monday's trade amid reports that a US-based PE firm is leading a four-member consortium to pick stake in the private lender.
As per an ET Now report, the bank has received an $850 million-term sheet offer over the weekend by the marquee PE investor. The consortium is comprised of two US-based PE investors and two domestic investors, the report suggested.
YES Bank is in the final stage of stake sale, and the announcement is likely after June quarter results on July 17, ET Now reported.
Top stocks that can offer solid gains over next 2-3 weeks
Based on the recommendations of various analysts and brokerages, here is a list of 12 stocks that they say can pote… https://t.co/uMQ0kTVkJO
Natco Pharma says USFDA inspection at Chennai facility ends with zero observations
Price as on 15 Jul, 2019 11:14 AM, Click on company names for their live prices.
Sun Pharma launches Ezallor Sprinkle capsules in US
Price as on 15 Jul, 2019 10:49 AM, Click on company names for their live prices.
Infosys is known for its conservative guidance historically speaking. In that backdrop, if Infosys is increasing its guidance, there is a lot of heart to take from it, I am sure markets will like that in this kind of slow revenue growth kind of scenario, at least a credible management coming out and talking about increasing the guidance. I am sure investors will love it.
Shares of Infosys jumped over 4 per cent in early trade on Monday after it reported better-than-expected June quarter numbers. The company posted a 5.3 per cent year-on-year jump in net profit and also raised the revenue growth forecast for current fiscal to 8.5-10 per cent range.
The IT firm posted a net profit of Rs 3,802 crore for the quarter ended June 2019 against Rs 3,612 crore in the same period last year.
Global brokerage firm CLSA maintained ‘Buy’ rating on Infosys post Q1 results with a target price of Rs 900, citing margins appears to have bottomed out with positive outlook.
Domestic brokerage firm ICICI Securities maintained ‘Add’ rating with a target price of Rs 785.
Shares of Allahabad Bank declined nearly 15 per cent on Monday after the lender on Saturday reported a fraud of over Rs 1,774 crore by Bhushan Power and Steel to the Reserve Bank of India.
The public sector bank in a regulatory filing said on the basis of forensic audit investigation findings and CBI filing FIR against the company and its directors, alleging diversion of funds from banking system by Bhushan Power and Steel (BPSL), a fraud of Rs 1,774.82 crore has been reported by the bank to the Reserve Bank.
The bank also said that it has been observed that the company has misappropriated bank funds, and manipulated books of accounts to raise funds from consortium lender banks.
YES Bank receives term sheet offer over weekend by marquee investor: ETNOW
#ETNOWExclusive | Sources on @YESBANK: YES Bank receives term sheet offer over weekend by marquee investor. Receive… https://t.co/7Kth82cfzo
Shares of Dewan Housing Finance Corporation (DHFL) hit lower circuit of 10 per cent in early trade on Monday after the company on Saturday said the developments in last few quarter threaten its ability to continue as a going concern, as the company posted biggest ever quarterly loss of Rs 2,224 crore for the fourth quarter ended March 31.
DHFL had reported a profit of Rs 134.35 crore in the same quarter previous fiscal.
The scrip dropped 10 per cent to Rs 61.65, while the BSE Sensex was up 123 points, or 0.32 per cent, at 38,859.21 at around 9.18 am (IST).
“In the backdrop of a significant slowdown in disbursement and loan growth post September 2018, the financials of the company have been quite strained for the quarter impacting the overall performance of the year," the company said in a regulatory filing.
Podcast: Chandrayaan-2 launch called off; relief for FPIs likely & more
Singapore trading sets stage for negative start
Nifty futures on the Singapore Exchange were trading 9 points, or 0.08 per cent, lower at 11,537.50, indicating a negative start for Dalal Street.
Tech view: Nifty forms Bearish Belt Hold candle
Nifty formed a ‘Bearish Belt Hold’ on the weekly scale. Analysts said breaching the 11,600 level will be key to instill confidence. Till then, the index may continue to stay in a range. On Friday, the index fell 30.40 points, or 0.26 per cent, to 11,552.
Asian stocks tepid ahead of China GDP data
Asian shares started the week on a softer note after posting their first weekly decline since early June ahead of GDP data from China. Trading was expected to be light as Japan was shut for a public holiday. MSCI's broadest index of Asia-Pacific shares outside Japan was a shade lower at 524.9 points. South Korea's KOSPI inched 0.3 per cent lower.
Oil prices drop on global slowdown concerns
Oil prices edged down, dragged down by expectations that China, the world's largest crude oil importer, will post its slowest pace of economic growth in at least 27 years as the Sino-US trade war bites. Brent crude futures for September fell 6 cents to $66.66. US crude for August was down 5 cents at $60.16 a barrel, after both contracts last week posted their biggest weekly gains in three weeks.
Investors may react to Infy nos
Amid concerns over a slowdown in the IT sector growth, Infosys on Friday raised its guidance for FY20, while maintaining its margin guidance, despite some erosion in June quarter margins. Infosys said it expects to return about 85 per cent of the free cash flow cumulatively over a five-year period.
US stocks ended higher on Friday
The Dow Jones Industrial Average index rose 243.95 points, or 0.9 per cent, to 27,332.03, the S&P500 index gained 13.86 points, or 0.46 per cent, to 3,013.77 and the Nasdaq Composite index added 48.10 points, or 0.59 per cent, to 8,244.14.
DIIs buy Rs 940 cr worth equities
Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 850.11 crore on Friday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 940.22 crore, data suggests.
Sensex on Friday
BSE Sensex closed 266.07 points or 0.69 per cent higher at 38,823.11 while NSE Nifty ended at 11,575.60, up 76.70 points or 0.67 per cent.
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