Market Live: Nifty opens below 11,450, Sensex down about 200 pts; Vedanta slips 2%

Market Opens: It is weak start for the Indian indices on May 8 with Nifty below 11,450.

At 09:17 hrs IST, the Sensex is down 239.22 points at 38037.41, while Nifty is down 65.20 points at 11432.70. About 208 shares have advanced, 451 shares declined, and 31 shares are unchanged. 

Vedanta, Asian Paints, HDFC Bank, Tata Motors, SBI, RIL are among major losers on the indices, while gainers include Zee Entertainment, Gail, IndusInd Bank and Ceat.

All sectoral indices are trading in red led by metal, FMCG, auto, bank, energy, pharma and IT.

Rupee Opens: The Indian rupee opened lower at 69.55 per dollar on Wednesday versus Tuesday's close 69.43.

Market at pre-open: Benchmark indices are trading flat in the pre-opening session.

At 09:03 hrs IST, the Sensex is up 19.54 points or 0.05% at 38296.17, and the Nifty up 13.40 points or 0.12% at 11511.30

SGX Nifty: Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 56.50 points or 0.49 percent. Nifty futures were trading around 11,482-level on the Singaporean Exchange.

Brokerages View: Source: CNBC-TV18

Credit Suisse on Escorts

Maintain outperform, target cut to Rs 920 from Rs 1,060 per share

Cut FY20/FY21 by 15% on lower tractor volumes 

HSBC on Escorts 

Maintain buy rating, target at Rs 980 per share

Margin & working capital miss likely to reverse in coming quarters 

CITI on Ceat 

Maintain buy, target at Rs 1,400 per share

Q4 results ahead of estimate

Positively surprised by lower fixed costs; but await details 

Morgan Stanley on Vedanta 

Equal-weight call, target at Rs 176 per share

Core EBITDA in-line with estimate

Focus remains on volume growth in zinc, aluminium, oil & gas

CITI on Vedanta 

Neutral rating, target at Rs 195 per share

Q4 EBITDA in-line; cost focus benefits from falling alumina prices

Concerns on parent leverage remain

CLSA on Vedanta

Sell Call, target cut to Rs 135 from Rs 170 per share

Concern over related party transaction to remain an overhang

EBITDA improved QoQ for aluminium & overseas zinc biz

CLSA on Supreme Industries

Maintain buy call, target cut to Rs 1,320 from Rs 1,387 per share

Inventory losses impacts margin

Volume growth was moderate at 10% YoY

CLSA on Media

Viewership share of top cos to come back to earlier levels in next few quarters 

Implementation of new regime will be beneficial for top broadcasters 

Viewership share gains reported by Zee Entertainment are encouraging 

CLSA on Kansai Nerolac

Maintain sell call, target at Rs 385 per share

Industrial to remain under pressure though positive outlook for decorative

Wall Street slips on US-China trade worries: US stocks slid on Tuesday as escalating trade tensions between the United States and China triggered global growth fears and drove investors away from riskier assets.

Asian markets trade lower: Asian equities tracked Wall Street's slide on Wednesday as the latest developments in the US-China trade conflict fanned fresh fears about global growth, driving support for safe-haven government bonds.

Australian stocks declined 0.35 percent, South Korea's KOSPI fell 1 percent and Japan's Nikkei was down 1.5 percent.

If you want to know more about our services, please visit Free Stock Tips