Market has opened flat but may lose momentum today.
Despite positive global cues, yesterday Nifty lacked follow-through buying which should be a cause for concern as it registered a Doji kind of indecisive formation after moving in an extremely narrow range. A Doji pattern after a bullish candle shows the consolidation and hence as mentioned yesterday, 10440 - 10450 will be the hurdles for Nifty50 in this pullback rally.
Reduced trade war tension between China and US lifted global markets by 1-2% yesterday. Asian markets, like Hong Kong Index advance over half percent while Nikkei Index declined marginally.
🎯 News & Impact 🎯
🎯 Vedanta, Hindustan Zinc, Hindalco :
Base metal price on LME like Copper, Aluminum and Zinc price are increased to 2-4 months high.
Positive for metal majors. 👍
🎯 Titan :
Gold price spike to one week high. Positive for the stock. Positive for cigarette manufacturing companies.
🎯 ITC, VST, Godfrey Phillips : Government meeting will be held today to consider increase of FDI limit.
Positive for cigarettes manufacturing companies.
🎯 BPCL Hindpetro, IOC & ONGC Oil India :
Brent crude increased to 4 year high at $71/barrel.
Positive for companies like ONGC and Oil India but Negative for OMCs.
🎯 Phoenix mills :
Canadian investment firm CPPIB to invest Rs.9 bn in Phoenix Mills.
Positive for the stock.
🎯 Fortis Hospitals :
Manipal Group makes revised offer for Fortis hospitals. Increased offer price. Positive for the stock. 👍
🎯 Mahanagar Gas :
Promoter looking to sell up to 12.5% stake.
🎯 TechM :
Balbix tie up with the company for artificial intelligence-based cyber security platform.
🎯 Dr Reddy's Lab :
Company gets EIR from USFDA for Cuernavaca plant in Mexico.
Positive for the stock. 👍
🎯 PNB :
Fitch has Downgraded PNB's Viability Rating To 'BB-'; Maintains Rating Watch Negative.
🎯 Blue Star :
Company proposed plan to set up new unit in J&K is now cancelled due to non-availability of fiscal incentives.
🎯 Infosys :
Company enters into strategic co-creation partnership with Calix to develop new capabilities on AXOS Platform.
🎯 Lemon Tree Hotels :
Company's subsidiary signed management contract with Laila Hotels for 120room hotel in Vijayawada.
🎯 Zee Entertainment :
Company's 26.42 % stake in M/s Aplab Ltd is now classified as promoter holding under shareholding pattern of Aplab Ltd.
🎯 AU Small Finance :
Company increased its interest rate on savings account by 50basis point to 6.50 % per annum for balance upto Rs 10 lakh, increase by 25bps to 6.75 % per annum for balance between Rs.10 lakh to Rs 10 crore, Effective from April 11.
🎯 Somany Ceramics :
Board approves investment up to 51 % in share capital of Karanjot Enterprises; Karanjot Enterprises in the business of manufacturing, selling bath fitting.
🎯 Adani :
Group looks to lease projects to aid road construction business.
🎯 Alstom T&D :
Discoms gear up for scorching summer; expect 10 percent rise in peak power.
Positive for power distribution stocks.
🎯 Vedanta :
Tamil Nadu pollution board rejects Vedanta’s plea to renew the consent to operate Sterlite copper smelter.
🎯 KP Energy :
Company tied up with GE Renewables India for new power project of 300MW at Kutch, Gujarat.
🎯 Chamal Lal Setia :
Company has commenced its new packing unit at Gandhidham, Gujarat.
🎯 M&M :
Company's Bolero recorded highest sales since launch with sales of 10 lakh units & became 3rd highest selling SUV, outperforms UV industry with 23 percent YoY growth.
🎯 Max Financial :
Company leads race to buy IDBI Federal Life stake.
🎯 MRPL :
Company trims oil purchase deal with Saudi Aramco.
🎯 JSW Steel :
AION get creditors' nod for Monnet Ispat takeover.
🎯 ONGC / Reliance :
Companies in talks with customers to sell east coast gas.
🎯 Magma Fincorp :
Board approved closure of QIP at issue price of Rs.155 per share.
🎯 Oricon Enterprises :
Company executed non binding term sheet with Indiabulls Infraestate for joint development of company's land; Indiabull Infraestate is subsidiary of Indiabulls Real Estate.
🎯 IFCI :
Company changed its short term benchmark rate to 9 % per annum from 8.80 % per annum.
🎯 Himachal Futuristic :
Company received advance purchase order worth Rs.579 crore from BSNL.
🎯 Karuturi Global :
Phoenix Group announced to invest into company.
Edited by Sharp.
© 2018 Sharp Investment & Financial Advisers
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