Tuesday, 31 May 2016

Tata Motors up 10%; Analysts bet on JLR Vol

Tata Motors shares extended rally on Tuesday after solid performance in Q4 by Jaguar Land Rover & its China JV and revival of India business.

Brokerages revised EPS growth forecast, citing strong outlook over JLR and likely further recovery in domestic business. The stock surged 10 percent intraday today, in addition to 4 percent rally in previous session.

With maintaining buy rating and target price of Rs 545 (implying 30 percent potential upside), CLSA says the stage is now set for a strong FY17 in both JLR/India and it believes more positive surprises on volumes and margins are possible.

The brokerage expects Tata Motors to deliver a strong 21 percent EPS CAGR over FY16-18 driven by strong JLR volume growth, improving JLR margins and a recovering India business.

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Rupee Opens Flat at 67.15 per Dollar

Indian rupee opened flat at 67.15 per dollar on Tuesday against previous close of 67.16. 

 "The continued hawkish Fed speak seems to be preparing the markets for a possible Fed hike soon.

The USD-INR pair has been trading in the 67-67.50/dollar range with prospects of a good monsoon and possibility of GST bill getting passed in Monsoon session of Parliament helping the pair." 

"We expect the pair to continue trading in this range in the near term," he added.

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Asian stocks Mostly higher; Nikkei up 0.5%

Asian markets were mostly higher on Tuesday as traders digested better-than-expected industrial output data from Japan and worse-than-expected data from South Korea. 

The Nikkei 225 was up 0.49 percent after trading flat earlier in the session, while in South Korea, the Kospi climbed 0.39 percent. 

Australia's ASX 200 was 0.42 percent lower, weighed by its energy subindex, which shed 1.35 percent, but that follows a 5.6 percent gain over the past four sessions. 

Chinese mainland markets were performing better, with the Shanghai Composite up 2.12 percent and the Shenzhen composite up 2.418 percent. In Hong Kong, the Hang Seng index was 0.94 percent higher.

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Dollar, Bond Yields Extend Gains after Yellen Remarks

The US dollar added to gains while US Treasury yields hit session highs on Friday after Federal Reserve Chair Janet Yellen said a US interest rate hike will likely be appropriate in the coming months. US stocks pared their advance. 


"It's appropriate ... for the Fed to gradually and cautiously increase our overnight interest rate over time, and probably in the coming months such a move would be appropriate," Yellen told an audience of Harvard University professors and alumni. 

Numerous Fed officials in recent weeks have talked up expectations that an increase in borrowing costs may be near. 
After Yellen's speech, traders raised their expectations of a June rate hike to 34 percent from 30 percent, according to CME Group. “People think June or July are very much alive now,” said Stephen Massocca, chief investment officer at Wedbush Equity Management LLC in San Francisco.


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Friday, 27 May 2016

Rupee Extends Gains, opens 15 Paise Higher at 67.02/$

The Indian rupee extended gains. The currency has opened at 67.02 a dollar, up 15 paise compared to previous day's closing value of 67.17 a dollar.

The equity markets are consolidating recent gains, oil is edging higher and dollar is slightly weaker, adding markets await the US Q1 GDP data.

The USD-INR pair after briefly trading above 67.50 per dollar has moved back into the 66.50-67.50 range tracking global dollar weakness and positive equities.

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Wall Street Hits 'Pause' after two-day Surge

Wall Street treaded water on Thursday following two days of strong gains as advancing utilities offset declines in materials, banks and other cyclical industries. 

Investors this week have grown more comfortable with expectations the Federal Reserve could raise interest rates as soon as June, with many taking the view that such a hike would reflect improvement in the country's economy. 

After gaining 2 percent over the previous two sessions, the S&P 500 traded flat, with a 1.1 percent dip in the materials index partly offset by a 1.06 percent rise in utilities . 

"People are taking their foot off the gas after making a bunch of money, and now they're waiting for the next data point," said Phil Blancato, chief executive of Ladenburg Thalmann Asset Management in New York.

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Thursday, 26 May 2016

Moody's says India's new Bankruptcy Code to boost Significantly

*India's new bankruptcy code to boost significantly bargaining power of creditors as against large debtors

*India's new bankruptcy code will significantly boost bargaining power of creditors against large debtors for resolution of distressed assets

* Current weak legal framework for asset resolution has been a key structural credit weakness for Indian banks

* Limited timeframe strengthens the banks' bargaining power over delinquent borrowers Source text for Eikon.


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Tata Steel posts Q4 net loss of Rs 3,279cr; Sales at Rs 29,507cr

Tata Steel said it posted fourth quarter consolidated revenues of Rs 29,507 crore (down 12.4 percent from Rs 33,666 crore year-on-year), EBITDA of Rs 2,270 crore (up 43.7 percent from Rs 1,580 crore) and a net loss of Rs 3,279 crore (compared to Rs 5,702 crore).


Revenues and net loss were worse than analysts' estimates, which expected the company to post a loss of Rs 870 crore on revenues of Rs 30,813 crore.

EBITDA was ahead of estimates of Rs 1,430 crore. The company said its operating performance remained strong, especially in the India business, and that fourth quarter earnings were impacted due to one-off costs associated with the UK business, such as impairment of non-current assets (Rs 1,724 crore), employee separation compensation (Rs 239 crore) and restructuring and other provisions (Rs 856 crore), among others.

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Indian Stock Market Open Update

Equity benchmarks started off Thursday's trade on a positive note, continuing upside for third consecutive session.

The Sensex rose 138.25 points to 26019.42 and the Nifty climbed 31.55 points to 7966.45.

L&T shares rallied 9 percent in early trade as brokerages turned bullish on the stock after better-than-expected earnings in January-March quarter.

Citi has upgraded the stock to buy from neutral and target price raised to Rs 1,640 from Rs 1,230 apiece.

Tata Steel fell nearly a percent after reporting a loss of Rs 3,279 crore in Q4.

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F&O cues: Nifty 7900 Call sheds 34.5 Lk shares in Open Interest

Nifty 7800 Call shed 38 lakh shares in Open Interest on May 25

Nifty 7900 Call shed 34.5 lakh shares in Open Interest

Nifty 7950 Call added 18.7 lakh shares in Open Interest

Nifty 7850 Put added 27.4 lakh shares in Open Interest

Nifty 7900 Put added 30 lakh shares in Open Interest

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Rupee Opens Flat at 67.32 per Dollar

The Indian rupee opened flat at 67.32 per dollar on Thursday versus previous closing of 67.33.

"Post FOMC minutes, the market is reassessing a possible Fed rate hike in June resulting in dollar strength."

"The rupee weakened initially but recovered on the back of a bounce back in stock markets and large custodial inflows."

"The USD-INR trading range for the day is seen between 67.10-67.40/dollar," he added.

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Asia Markets Mostly Higher; Nikkei up 0.8%, Kospi up 0.3%

Asia markets opened higher on Thursday, led by advances in the energy sector, after overnight gains in oil prices pushed US stocks higher.

In Japan, the Nikkei 225 traded up 0.75 percent, while across the Korean Strait, the Kospi was higher by 0.34 percent. Down Under, the S&P/ASX 200 gave up most of its nearly 0.4 percent gains to trade flat.

Oil prices gained in the US session after US government data showed a larger-than-expected drop in crude inventories.

Reuters reported the U.S. Energy Information Administration said crude inventories fell 4.2 million barrels in the week to May 20. Analysts polled by Reuters expected a drop of 2.5 million barrels in inventory.


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S&P 500 Ascends 2% in Two Days

Wall Street rose robustly for a second straight session on Wednesday, helped by higher oil prices and investors becoming more comfortable with the prospect of an interest rate hike as early as next month.

Combining Tuesday and Wednesday's performances, the S&P 500 gained 2 percent, its strongest two-day run since early March. The energy sector.

SPNY led the way in the latest session, up 1.51 percent as oil prices rose toward $50 a barrel.

That followed a report of a larger-than-expected drop in US crude inventories, adding to expectations that a steep selloff in the commodity may be over.

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Wednesday, 25 May 2016

Live Indian Stock Market Update

Equity benchmarks extended rally in morning trade, rising more than 1 percent driven by positive global cues after strong US housing data. Banking & financials, technology, auto and FMCG stocks lead.

The 30-share BSE Sensex surged 318.23 points or 1.26 percent to 25623.70 

and the 50-share NSE Nifty rallied 104.55 points or 1.35 percent to 7853.40 while the broader markets underperformed, rising over 0.7 percent.

 The market breadth remained strong as about three shares advanced for every share rising on Bombay Stock Exchange.

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F&O cues: Nifty 8000 Call sheds 7.2 lakh shares in Open Interest

Nifty 7900 Call shed 4.5 lakh shares in Open Interest on May 24 

Nifty 8000 Call shed 7.2 lakh shares in Open Interest 

Nifty 7600 Put added 3.2 lakh shares in Open Interest 

Nifty 7700 Put added 5.8 lakh shares in Open Interest


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Rupee Opens at 67.63 per Dollar; up 12 Paise

The Indian rupee opened higher by 12 paise at 67.63 per dollar on Wednesday against previous close of 67.75. 

"A strong US dollar, an uptick in oil prices, and overall weak portfolio flows are likely to keep the rupee under pressure in the near term." 

"Persistence of dollar strength and consequent shift in risk appetite will continue weighing on the currency ahead of Fed's June policy meeting."

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Asia Markets trade Higher; Nikkei up 1.6%, ASX Up 1.4%

Asia markets opened sharply higher on Wednesday, with most major indexes advancing around than 1 percent each, after encouraging reports on the housing market stateside saw gains in US stocks. 

Japan's Nikkei 225 was up 1.6 percent, with shares receiving additional boost from a relatively weaker yen against the dollar. Across the Korean Strait, the Kospi advanced 0.82 percent. 

Down Under, the benchmark S&P/ASX 200 was up 1.39 percent, led by gains in the heavily-weighted financials subindex, as well as the energy and materials sub-indexes. 

US stocks ended higher overnight, with the Dow Jones industrial average closing up 1.22 percent, the S&P 500 higher by 1.37 percent and the Nasdaq composite added 2 percent.

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Banks and Tech Drive Wall Street Up over 1%

Wall Street surged more than 1 percent on Tuesday and the Nasdaq had its strongest day in three months as investors made peace with the possibility that the US Federal Reserve might soon raise interest rates.

Comments from policymakers in recent days have investors expecting a rate hike potentially in June, much sooner than previously thought, given sluggish economic growth.


Wall Street has benefited from historically low borrowing costs since the 2008 financial crisis and higher rates could choke further gains.

But strategists on Tuesday said they were reassured by expectations the Fed would tighten borrowing costs only gradually.

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Tuesday, 24 May 2016

L&T Infotech gets SEBI Clearance for IPO

L&T Infotech, an arm of engineering giant Larsen and Toubro (L&T), has received capital markets regulator SEBI's approval for its proposed initial public offering (IPO).

The company had filed its draft red herring prospectus (DRHP) with Securities and Exchange Board of India (SEBI) in April.

The regulator issued its final 'observations' on the draft offer documents on May 20, which is necessary for any company to launch a public offer. The company's IPO comprises an offer-for-sale of up to 17,500,000 equity shares of the subsidiary by L&T Ltd.

The issue is being managed by Kotak Mahindra Capital Company, Citigroup Global Markets India and ICICI Securities. L&T Infotech, the IT services unit of L&T, figures among India's top 10 IT service providers.

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Nifty Still Below 7750, Sensex Flat

The market has opened flat with the Nifty still below 7750.

The 50-share index is at 7731.05 and the Sensex is down 11.44 points at 25218.92.

About 267 shares have advanced, 156 shares declined, and 33 shares are unchanged.

NTPC, ITC, ICICI Bank, Cipla and Tata Motors are top gainers while M&M, TCS, Hero MotoCorp, SBI and Bharti Airtel are losers in the Sensex.

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Indian ADRs: Tata Motors Slips 2.4%, Wipro, Infosys Down

Indian ADRs ended mostly lower on Monday. In the IT space, Infosys shed 0.38 percent at USD 18.39 and Wipro was down 0.42 percent at USD 11.95.

In the banking space, ICICI Bank added 0.60 percent at USD 6.69 and HDFC Bank was up 0.08 percent at USD 63.21.

In the other sectors, Tata Motors declined 2.40 percent at USD 28.05 and Dr Reddy's Laboratories was down 0.02 percent at USD 44.77.


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Rupee Slips 14 Paise, Opens at 67.63 per Dollar

The Indian rupee opened lower by 14 paise at 67.63 per dollar on Tuesday against its previous close of 67.49.

"A hawkish surprise from April FOMC minutes has increased the probability of Fed rate hike sooner than later.

This coupled with Brexit fears has kept the markets on tenterhooks."

"The oil demand coupled with weak global sentiment resulted in USD-INR pair touching the higher end of the 67-67.50/dollar range, where some support was seen."

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Nikkei Slides on yen Worries as Investors brace for U.S. Data

Japanese stocks fell in thin trade on Tuesday morning as the yen's gains on the dollar overnight and indications Tokyo is reluctant to intervene to weaken the currency soured the mood, taking a toll on exporters and other currency-sensitive shares.

The Nikkei share average .N225 slid 0.7 percent to 16,540.52 in late morning trade.

Risk-appetite was further weakened by receding expectations that Japan can act to weaken its currency after a fresh warning from the United States last week against intervention.

That sentiment was reinforced by comments from Japanese Finance Minister Taro Aso, who said on Tuesday that Japan has no intention to devalue the yen sharply and consistently.

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U.S. Shares lower at close of trade; Dow Jones Industrial Average Down 0.05%

U.S. equities were lower at the close on Monday, as losses in the Utilities,Telecoms and Consumer Services sectors propelled shares lower.

At the close in NYSE, the Dow Jones Industrial Average fell 0.05%, while the S&P 500index fell 0.21%, and the NASDAQ Composite index lost 0.08%.

The biggest gainers of the session on the Dow Jones Industrial Average were EI du Pont de Nemours and Company (NYSE:DD), which rose 1.90% or 1.25 points to trade at 67.00 at the close. Apple Inc (NASDAQ:AAPL) added 1.27% or 1.21 points to end at 96.43 andCaterpillar Inc (NYSE:CAT) was up 0.76% or 0.53 points to 70.40 in late trade.

Biggest losers included Microsoft Corporation (NASDAQ:MSFT), which lost 1.17% or 0.59 points to trade at 50.03 in late trade. Verizon Communications Inc (NYSE:VZ) declined 1.05% or 0.52 points to end at 49.14 and Nike Inc (NYSE:NKE) shed 0.87% or 0.49 points to 55.99.


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Thursday, 12 May 2016

Wall Street Slumps as Disney and Macy's slam Consumer Shares

US stocks dropped on Wednesday and the Dow Jones industrial average suffered its worst day since February as feeble quarterly reports from Walt Disney, Macy's and Fossil undermined confidence across the consumer sector. 

The consumer discretionary index fell 1.98 percent, notching its worst day in three months, with all but three of its 88 components losing ground.

The biggest drag on the Dow, Disney dropped 4.04 percent after it posted a rare earnings miss. 

Department store Macy's tumbled 15.17 percent to its lowest since 2011, while watch maker Fossil sank as much as 34 percent to a 2009 low after the two companies slashed their full-year forecasts.


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Tuesday, 10 May 2016

Sensex, Nifty open Flat

The market has opened flat on Tuesday as the Sensex is down 15.74 points at 25673.12. 

The Nifty is down 2.80 points at 7863.25. 

About 396 shares have advanced, 261 shares declined, and 46 shares are unchanged.

HUL is up 1 percent while Adani Ports, Dr Reddy's Labs, Tata Steel and Maruti are top gainers while Hindalco, Tata Motors, Bharti Airtel, NTPC and ONGC are losers in the Sensex.


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F&O cues: Nifty 8100 Call adds 4.1 lakh Shares in Open Interest

Nifty 7700 Call shed 4 lakh shares in Open Interest on May 9

Nifty 7800 Call shed 7.6 lakh shares in Open Interest

Nifty 8100 Call added 4.1 lakh shares in Open Interest

Nifty 7700 Put added 8.2 lakh shares in Open Interest

Nifty 7800 Put added 18.7 lakh shares in Open Interest

Nifty 7900 Put added 6 lakh shares in Open Interest


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Rupee Opens at 66.66 per Dollar; Down 8 Paise

The Indian rupee opened lower by 8 paise at 66.66 per dollar on Tuesday versus previous close of 66.58. 

"The USD-INR pair has come off from recent highs tracking global dollar strength."


"We expect the pair to continue trading in the 66-67/dollar range with a slight weakening bias," he added.


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Indian ADRs: ICICI Bank, Wipro, Infosys Gain

Indian ADRs ended higher on Monday. In the IT space, Infosys gained 1.58 percent at USD 18.69 and Wipro added 1.27 percent at USD 12. 

In the banking space, ICICI Bank gained 1.51 percent at USD 6.73 and HDFC Bank rose 0.91 percent at USD 64.08. 

In the other sectors, Tata Motors slipped 0.30 percent at USD 29.49 and Dr Reddy's Laboratories added 1.69 percent at USD 42.61.


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Asia Mixed in Early trade; Nikkei up 0.4%, Kospi Flat

Asia markets traded mixed on Tuesday, with the Japanese benchmark index leading gains in early trade, ahead of Chinese inflation data due later on Tuesday. 

Australia's ASX 200 was down 0.36 percent, weighed by steep declines in the energy and materials sub-indexes, down 2.21 and 3.13 percent respectively.

In Japan, the Nikkei 225 added 0.38 percent, while across the Korean Strait, the Kospi was flat. 

Angus Nicholson, a market analyst at spreadbetter IG, said gains in the dollar and a pullback in oil prices would dominate markets in the near-term. 

US stocks closed mixed in high-volume trade, with the Dow Jones industrial average was down 0.2 percent, the S&P 500 closed up 0.08 percent and the Nasdaq composite added 0.3 percent.

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Higher Health Stocks and Falling oil leave S&P 500 Flat

Wall Street ended mixed on Monday after a rally in Allergan Plc and other healthcare companies offset a decline in energy shares. 

Five of 10 S&P sectors ended higher, led by the health sector's 1.13 percent increase, while energy and materials sectors both tumbled 1.25 percent. Allergan surged 5.98 percent. 

Teva Pharmaceutical Industries Ltd said it still expected its USD 40.5 billion acquisition of Allergan's generic drug business to close in June.

Chevron Corp fell 1.48 percent as US crude prices dropped 2.8 percent and traders assessed the impact of wildfires on Canada's oil output and a build in inventory.


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Monday, 9 May 2016

Sensex Gains over 250 pts, Nifty Hits 7800

The Sensex is up 298.80 points or 1.2 percemt at 25527.30,

and the Nifty is up 84 points or 1 percent at 7817.45.


About 1128 shares have advanced, 335 shares declined, and 62 shares are unchanged.



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F&O cues: Nifty 7400 Put sheds 8.2 lakh shares in Open Interest

Nifty 7900 Call added 8.5 lakh shares in Open Interest on May 6

Nifty 8000 Call added 12.2 lk shares in Open Interest 

Nifty 7400 Put shed 8.2 lakh shares in Open Interest

Nifty 7500 Put added 5.7 lakh shares in Open Interest


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Rupee Opens Marginally Higher at 66.52 per Dollar

The Indian rupee opened marginally higher at 66.52 per dollar on Monday versus 66.55 Friday.

"The rupee is expected to trade sideways with a positive bias.

We see a narrow range without any strong cues from domestic or global markets." "The trading range for the day is seen between 66.40-66.80/dollar," he added.


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Asian Shares trade Mixed, Nikkei Gains 1%, Kospi, ASX Near-flat

Asian stocks open mixed on Monday, as oil prices rallied on supply outages in Canada and amid surprise over the exit of Saudi Arabia's veteran oil minister Ali al-Naimi.

Australia's S&P/ASX 200 index was 0.14 percent higher, buoyed by the energy and materials subindexes, which were up 2.33 percent and 1.2 percent respectively.


Beijing released trade data on Sunday that showed exports contracted 1.8 percent and imports plunged 10.9 percent.

Investors will likely watch Australia's market react to this new data, because China is one of Australia's top trade partners.

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Indian ADRs: Tata Motors, Wipro Gain; Dr Reddy's Labs Slips

Indian ADRs ended mixed on Friday. In the IT space, Infosys remained unchanged at USD 18.40 while Wipro was up 0.04 percent at USD 11.85.

In the banking space, ICICI Bank rose 0.14 percent at USD 6.63 and HDFC Bank was down 0.01 percent at USD 63.50.

In the other sectors, Tata Motors gained 0.56 percent at USD 29.58 and Dr Reddy's Laboratories fell 1.28 percent at USD 41.90.


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Wall Street Ends up After Jobs Report

US stocks rebounded from early losses to close higher on Friday as investors viewed the day's jobs data as less disappointing than first thought.


Materials, industrials and discretionary shares were among the day's biggest gainers, with the S&P materials index up 0.8 percent and gold gaining for the day. 

In the Labor Department report, nonfarm payrolls increased less than economists expected, and April's job gains were the smallest since September.


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