Market Live: Nifty hovers around 11,300, Sensex falls over 100 pts; RIL top loser

Market opens: It is weak start for the benchmark indices on May 9 with Nifty opened around 11,300 level.

At 09:17 hrs IST, the Sensex is down 150.24 points at 37638.89, while Nifty down 39.70 points at 11319.80.

Yes Bank, Adani Ports, BPCL, UPL, Grasim, Gail, Cipla, HDFC, Power Grid and RIL are trading lower, while on the other hand Hindalco, Britannia, Wipro, IOC, Coal India and Hero Motocorp are among major gainers.

Among sectors, except metal all other sectors are trading lower.

Rupee Opens: The Indian rupee opened lower at 69.88 per dollar on Thursday versus previous close 69.71.

Market at pre-open: The Nifty is trading flat in the pre-opening. The Nifty is down 11.10 points at 11348.40.

Titan, Bajaj Finance, Asian Paints are trading lower in the pre-opening session.

Brokerages View: Source: CNBC-TV18

Morgan Stanley on Reliance Industries

Downgrade to equal-weight, target at Rs 1,349 per share

Expect 2-year earnings upswing to reverse

Rising glut in gas & polyester markets could also slow growth into 2020

Morgan Stanley on Shriram Transport

Overweight call, target cut to Rs 1,350 from Rs 1,515 per share

AUM growth & NIM weaker than we expected

Cut revenue & EPS estimates, driven by lower AUM & NIM

Macquarie on Shriram Transport

Outperform rating, target cut to Rs 1,265 from Rs 1,320 per share

Weak operating performance due to go-slow in lending operations

NPL reduction is modest vs peers in a seasonally strong quarter

Jefferies on Shriram Transport

Buy Rating, target cut to Rs 1,200 from Rs 1,240 per share

Loan growth disappoints; asset quality improves

Deutsche Bank on Shriram Transport

Buy rating, target cut to Rs 1,400 from Rs 1,530 per share

AUM growth weak, high B/S liquidity impacting NIMs

CLSA on Titan

Maintain outperform; target raised to Rs 1,225 from Rs 1,100 per share

Jewellery division delivered revenue growth of >20% YoY 

Macquarie on Titan

Maintain outperform, target raised to Rs 1,294 from Rs 1,186 per share

Simple thesis continues to be market share gains in jewellery,

Store additions should play a big part in gaining market share

Credit Suisse on Titan 

Maintain outperform, raise target to Rs 1,250 from Rs 1,175 per share

Q4 adjusted PBT up 26% YoY, in-line with our estimate 

Morgan Stanley on Titan 

Overweight call, target at Rs 1,250 per share

Q4 results underscore our thesis of strong margin expansion for jewellery 

Jefferies on Titan 

Maintain hold rating, target at Rs 1,100 per share

Healthy topline growth led by 21% growth in jewellery segment 

EBITDA & PAT missed estimates partly due to one-off

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