Market Live: Nifty opens above 11,250, Sensex gains 100 pts; Yes Bank falls 4%

Buzzing: Shares of Orchid Pharma locked at upper circuit on May 15 on the back of USFDA nod for Risedronate Sodium Tablets.

Gold Update: Gold steadied on Wednesday after retreating from a one-month peak in the previous session as Washington and Beijing decided to further their discussions on trade, soothing investor concerns around a full-blown trade war.

Market Opens: It is a good start for the market on May 15 with Nifty opened above 11,250 level.

At 09:17 hrs IST, the Sensex is up 116.55 points at 37435.08, while Nifty is up 34.50 points at 11256.50. About 444 shares have advanced, 203 shares declined, and 21 shares are unchanged. 

SBI, IndusInd Bank, Axis Bank, ICICI Bank, Nestle India are among major gainers on the indices, while losers are Yes Bank, Dr Reddy's Lab, Bharti Airtel, JSW Steel, Pidilite and Jet Airways.

All the sectoral indices are trading in green led by energy, FMCG, auto, bank and IT.

Rupee Opens: The Indian rupee opened higher by 10 paise at 70.34 per dollar on Wednesday versus previous close 70.44.

Market at pre-open: Benchmark indices are trading higher in the pre-opening session with Nifty above 11,250.

At 09:01 hrs IST, the Sensex is up 230.29 points or 0.62% at 37548.82, and the Nifty up 47.70 points or 0.43% at 11269.70.

Brokerages View: Source: CNBC-TV18

Credit Suisse on Union Bank

Q4 results weak as slippages remain elevated & growth stays Weak

Cut EPS by 13%; reiterate neutral with target cut to Rs 75 from Rs 78 per share

Citi on Union Bank

Retain sell call; raise target to Rs 70 from Rs 65 per share

While divergence in NPA was low, that in provisions was higher

Lower FY20/21 estimates by 16% on higher provisions

IDFC Securities on Yes Bank

Reiterate underperform with target at Rs 135 per share

RBI appointing an additional director is a serious matter & negative for the bank

Morgan Stanley on Nestle

Underweight rating, target at Rs 8,400 per share

Higher commodity prices affected gross margin

Higher other income drove adjusted profit growth of 9% YoY

Jefferies on Nestle

Buy rating, target at Rs 12,000 per share

Continue to like its focus on volume-led growth 

CLSA on Nestle

Maintain outperform, target at Rs 11,750 per share

Decent domestic growth but weak margin

CLSA on Union Bank

Retain buy call but cut target to Rs 96 from Rs 105 per share

Retain a buy rating for reasonable valuation & better CASA franchise 

CLSA on Westlife

Maintain buy rating, but lower target price to Rs 450 from Rs 550 per share

Better than expected margin helped but growth concerns emerge now

Credit Suisse on Aarti Industries

Initiate with outperform, target at Rs 2,000 per share

Strong track record makes it a preferred partner for clients

Credit Suisse on PI Industries

Initiate with outperform, target at Rs 1,300 per share

Order backlog unwinding to be a key driver

Credit Suisse on Pidilite Industries

Very weak Q4, massive slowdown in volume growth

Adjusted PBT down 1% YoY; 10% below our estimates

Miss was largely driven by weak volume growth

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