Crude Update: Oil prices climbed on Thursday after an industry report showed a decline in US crude inventories that exceeded analyst expectations.
Market opens: It is flat opening for the Indian indices with Nifty around 11,900 ahead of F&O expiry of May series.
At 09:16 hrs IST, the Sensex is up 36.91 points or 0.09% at 39538.96, and the Nifty up 14.60 points or 0.12% at 11875.70. About 511 shares have advanced, 349 shares declined, and 27 shares are unchanged.
Power Grid, Tech Mahindra, TCS, Wipro, Bajaj Auto, Tata Motors, RIL, West Coast Paper are some of the major gainers in the early trade, while losers are Sun Pharma, Yes Bank, ONGC, Cipla, Zee Entertainment, HDFC, UPL, Glenmark Pharma, BEL, United Spirits and Hero Motocorp
On the sectoral front, energy, infra, IT and pharma are trading with marginal gains.
Rupee Opens: The Indian rupee opened higher by 11 paise at 69.72 per dollar on Thursday versus previous close 69.83.
Market at pre-open: Indian indices are trading higher in the pre-opening session on May 30.
At 09:01 hrs IST, the Sensex is up 47.27 points or 0.12% at 39549.32, and the Nifty up 29.60 points or 0.25% at 11890.70.
Asian markets trade lower: Asian stocks tracked Wall Street losses on Thursday as rhetoric from Beijing and Washington over trade matters kept alive investor concerns about the tariff war's impact on global economic growth.
Brokerages View: Source: CNBC-TV18:
Citi on Havells
Buy rating, target cut to Rs 850 from Rs 886 per share
Q4 revenue below estimates due to the slowdown in demand
Credit Suisse on Havells
Maintain neutral, target cut to Rs 720 from Rs 780 per share
Weak quarter across segments; Lloyd faces severe pressure
Nomura on Havells
Maintain neutral, target at Rs 750 per share
Earnings miss due to demand slowdown & delayed start of summer
HSBC on Havells
Retain buy, target raised to Rs 775 from Rs 765 per share
Weak Q4 was predominantly due to disappointing Lloyd segment
Jefferies on Havells
Maintain buy rating, target at 830 per share
Delayed summer impacts Lloyd; core growth robust
CLSA on Havells
Outperform rating, target cut to Rs 780 from Rs 815 per share
Seasonality impacts Lloyd’s, ECD performance
Macquarie on Cadila Health
Maintain outperform, target cut to Rs 340 from Rs 372 per share
Lower FY20/21 EPS estimates by 13%/12%, build in OAI for Moraiya
Nomura on Cadila
Maintain buy, target at Rs 426 per share
Operating performance below estimates
Credit Suisse on Cadila Health
Maintain neutral, target cut to Rs 283 from Rs 330 per share
Weak outlook with earnings flat for the next four years
Citi on Cadila Health
Sell call, target cut to Rs 255 from Rs 330 per share
In-line result though guidance underwhelming
CLSA on M&M
Downgrade to underperform from buy, target cut to Rs 690 from 850 per share
Waning tractor demand, legacy SUVs under pressure
Jefferies on M&M
Hold rating, target at Rs 780 per share
Beat in revenue & EBITDA; multiple headwinds remain
Citi on M&M
Maintain neutral, target cut to Rs 720 from Rs 740 per share
Peaking tractor cycle makes it difficult to be positive
Macquarie on United Spirits
Maintain neutral, target at Rs 583 per share
Pressure on gross margin may continue in near term
CLSA on Power Grid
Delay in HVDC project & dwindling visibility worry
Large year-end adjustments make Q4 incomparable
Citi on Power Grid
Buy rating, target at Rs 219 per share
Capex guidance does not factor capex on new projects
Credit Suisse on TTK Prestige
Downgrade to underperform from neutral, target raised to Rs 6,000 from 5,833 per share
Cut FY20/21 earnings by 4-9%
Management sees no challenge in maintaining current margin
Wall Street ends lower: US stocks fell on Wednesday, with the S&P 500 and Nasdaq closing just above key support levels, as worries that a lengthy US-China trade war would crimp global growth pushed investors into the safety of government bonds.
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