Alembic Pharmaceuticals gets USFDA approval: The company has received US Food & Drug Administration (USFDA) approval for Carbidopa and Levodopa Extended-Release Tablets USP, 25 mg/100 mg and 50 mg/200 mg.
Rupee Update: The Indian rupee has recovered from day's low buy trading lower at 69.34 per dollar, down 8 paise against Tuesday's close of 69.26.
Buzzing: Tata Motors shares trading lower on Thursday after Jaguar Land Rover reported weak UK sales in May.
Gold Update: Gold prices were stable on June 6, hovering below the 15-week high hit in the previous session, supported by trade worries and a possible US rate cut, even as some investors locked in profits in bullion after a recent rally.
Market Update: The benchmark indices continues to trade lower on May 6 as investors remain caution ahead of MPC meeting outcome today.
The Sensex is down 116.57 points at 39,966.97, while Nifty is down 56.80 points at 11,964.90. About 697 shares have advanced, 1070 shares declined, and 104 shares are unchanged.
Buzzing: Shares of PSP Projects touched 52-week high of Rs 544, rising 4 percent in the early trade on Thursday as company won orders worth Rs 155.61 crore in the Financial Year 2019-20.
Market Opens: It is a flat start for the Indian indices on May 6 with Nifty below 12,000 ahead of Monetary Policy Committee meeting.
At 09:17 hrs IST, the Sensex is down 50.85 points at 40032.69, while Nifty is down 22.70 points or 0.19% at 11999. About 423 shares have advanced, 401 shares declined, and 63 shares are unchanged.
IndusInd Bank, SBI, ICICI Bank, DHFL Gail, Indiabulls Housing, Yes Bank, Zee Ent, Tech Mahindra, Ultratech Cement, Grasim, Bharti Infratel are among major losers, while gainers are IOC, Tata Motors Bajaj Auto, Lupin and NTPC.
Among the sectors, PSU banks and IT space trading under pressure, while auto, FMCG and metal trading with marginal gains.
Rupee Opens: The Indian rupee opened lower by 14 paise at 69.40 per dollar on Thursday versus Tuesday's close of 69.26.
Market at pre-open: Benchmark indices are trading firm in the pre-opening session on Thursday.
At 09:01 hrs IST, the Sensex is up 66.37 points or 0.17% at 40149.91, and the Nifty up 9.60 points or 0.08% at 12031.30.
Asian markets trade mixed: Asian shares got off to a hesitant start on Thursday as investors feared a looming US trade war with Mexico would further depress global growth, even as they wagered central banks would have to respond with fresh stimulus.
US markets end higher: Wall Street's major indexes rose on Wednesday as investors bet on a Federal Reserve interest rate cut after weak private sector jobs data and hopes grew that the United States and Mexico would reach an agreement to avoid US tariffs on Mexican goods.
Brokerages View: Source: CNBC-TV18:
CLSA on Eicher Motors
Retain outperform rating with a target of Rs 22,500 per share
At its analyst meeting, co unveiled a new network expansion strategy
Nomura on Eicher Motors
Maintain reduce call, target at Rs 16,922 per share
Co sees current volume slowdown being linked to eco slowdown & not brand fatigue
Morgan Stanley on Eicher Motors
Equal-weight call, target at Rs 21,331 per share
Near-term visibility on RE’s volumes is low
CLSA on Adani Ports
Buy rating, raise target to Rs 510 from Rs 475 per share
After buyback, ROEs would get a boost of 96 bps, EPS could fall by 1%
CLSA on HUL
Have an outperform call on the stock
Margin set to expand 100 bps optically in FY20
Lease rental will move to depreciation with minimal impact on earnings/cashflows
CLSA on Dr Reddy's Laboratories
Maintain buy rating with a target of Rs 3,330 per share
Highlight in FY19 was 160% increase in FCF to Rs 2,300 Cr
Nomura on Autos
Weak north impacts Tata Motors more compared to Ashok Leyland
For 2-wheelers, healthy north demand benefitting Hero Moto
For 3-wheelers, weak demand in Maharashtra impacts industry growth
In passenger vehicles, Maruti sustains market share gains
Neutral rating on Ashok Leyland, Bajaj Auto, Hero Moto, Maruti & Tata Motors
Have buy rating only on M&M
Nomura on Bharat Forge
Maintain neutral call, target at Rs 498 per share
Order inflows for class 8 trucks in North America in May contracted sharply to 10,800 units
BofAML on RBI Policy
Expect RBI MPC to cut another 75-100 bps by March 2020 from 50 bps in 2019
Fed/PBoC to cut 75 bps by early 2020 to offset trade war
RBI MPC should cut rates By 35 bps today
DB on Realty Sector
Rate cycle turning favourable for Indian real estate
A muted recovery with market share gains for organized developers
Morgan Stanley on ICICI Prudential
Overweight call, target at Rs 450 per share
APE premiums up 5% YoY in may vs 9% YoY in April
Morgan Stanley on Financials
Rating downgrade after payment miss could make the market nervous
Stocks of wholesale lending NBFCs could be affected
CLSA on Financials
DHFL’s default can accentuate contagion risk
Expect higher rates & tight liquidity; RBI intervention may be needed
DHFL default can expose Rs 1 lakh crore in borrowing to risk of default/haircuts
Prefer banks over NBFCs; ICICI, IndusInd, HDFC & ICICI Lombard are top picks
SGX Nifty: Trends on SGX Nifty indicate a negative opening for the broader indices in India, a fall of 39.50 points or 0.33 percent. Nifty futures were trading around 12,041.50 level on the Singaporean Exchange.
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