Market Opens: It is a negative start for the benchmark indices on Monday with Nifty slipped below 11,700 level.
At 09:18 hrs IST, the Sensex is down 200.46 points or 0.51% at 38939.82, and the Nifty down 74.30 points or 0.63% at 11678.50. About 317 shares have advanced, 591 shares declined, and 53 shares are unchanged.
Tata Coffee, SpiceJet, Dr Reddy's Lab, HDFC Bank, are among major gainers on the indices, while losers are Reliance Undustries (RIL), Jet Airways, Reliance Capital, Reliance Infra, Reliance Power, Reliance Comm, SBI, DHFL and Canara Bank.
On the sectoral front except IT all other sectors are trading lower led by energy, infra, auto, bank, metal and pharma.
SpiceJet, Emirates sign MoU: SpiceJet and Emirates have signed a Memorandum of Understanding (MoU) to enter into a reciprocal codeshare agreement, which is set to open new routes and destinations for passengers travelling between India and popular destinations across America, Europe, Africa and the Middle East.
Rupee Opens: The Indian rupee opened lower by 39 paise at 69.75 per dollar on Monday versus 69.36 Thursday.
Market at pre-open: Benchmark indices are trading higher in pre-opening with Nifty at 11,780 level.
At 09:02 hrs IST, the Sensex is up 129.73 points or 0.33% at 39270.01, and the Nifty up 28.10 points or 0.24% at 11780.90.
RBL Bank, RIL, HDFC Bank are trading higher in the pre-opening session, while Jet Airways is down 10 percent.
Brokerages View: Source: CNBC-TV18
Morgan Stanley on Reliance Industries
Overweight call, target at Rs 1,230 per share
Q4 earnings 7% higher than our estimate, with a slight miss in EBITDA
Refining margin slightly better; telecom ARPU lower than expected
Kotak Instl Equities on Reliance Industries
Maintain sell call, target at Rs 1,100 per share
Revise FY20-21 consolidated EPS estimates to Rs 75 (-2%) & Rs 87 (+1%)
Factor in lower subscribers/ARPU for Jio, higher retail contribution
Nomura on Reliance Industries
Maintain buy call, target at Rs 1,400 per share
Refining margin recovered from the low levels
Ramp-up of petcoke gasification over next few months is positive for refining margin
CLSA on Reliance Industries
Maintain buy call, target raised to Rs 1,665 from Rs 1,500 per share
USD 15 bn cut in liabilities & capex intensity may have peaked
Lease payments for demerged assets drives a 3%-8% cut in EPS estimates
CLSA on HDFC Bank
Maintain buy rating, target raised to Rs 2,850 from Rs 2,730 per share
Uptick in CASA key to growth & profitability
Profit ahead of estimates aided by lower provisions
Credit Suisse on HDFC Bank
Maintain outperform, target at Rs 2,700 per share
Strong 23% earnings growth on the back of continued loan growth momentum
Bank remains adequately capitalised to support pick-up in growth
Morgan Stanley on HDFC Bank
Overweight call, target raised to Rs 2,700 from Rs 2,550 per share
Fee growth slowed down to 11%, causing core PPoP to slow to 22%
With LCR trending down, liability growth remains the key constraint
Kotak Instl Equities on HDFC Bank
Maintain add rating, target raised to Rs 2,400 from Rs 2,350 per share
A few misses but strong earnings momentum maintained for the quarter
FY20 could see a few headwinds momentum if Q4 trend persists
Nomura on L&T
Buy call, target at Rs 1,670 per share
Approval of L&T-Schneider deal big positive
Expect proceeds being realised in Q3 for L&T
SGX Nifty: Trends on SGX Nifty indicate a flat opening for the broader indices in India, a fall of 35 points or 0.30 percent. Nifty futures were trading around 11,773-level on the Singaporean Exchange.
Oil prices hit Nov 2018 highs: Oil prices rose by more than 1 percent on Monday to levels not seen since November 2018, driven up by a Washington Post opinion column that said the United States is preparing to announce all imports of Iranian oil must end or be subject to sanctions.
Asian markets trade firm: Asian stocks were steady on Monday as investors awaited the return of major financial markets from the Good Friday holiday, while oil prices spiked on a report the US is likely to ask all importers of Iranian oil to end their purchases or face sanctions.
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