9th May, Morning Brief

Market may open on a lower side as an opening indicator SGX Nifty is trading down by 20 points in the morning today.

Yesterday Nifty made a bearish candle on the daily chart as it consolidated on a lower side after a positive opening.

Karnataka election can keep market on a cautious mode. 10640 will be the immediate support and 10790 will be the resistance as a hurdle to leap towards its short term target of 10915. Crude oil jumped to nearly 3.5 years' high also a cause of concern.

US markets ended on a flat note after President Trump’s withdrawal from the 2015 Iran nuclear agreement whereas Asian markets are trading mixed.

🎯 News & Impact 🎯

🎯 Major Results Today :
Eicher Motors, Arvind, Federal Bank, Jindal Steel & Power, OBC

🎯 Results Updates :

☝ Sintex :
Revenue down 7 % at Rs.617 crore.
Net profit up 15 % at Rs.57 crore.

☝ Whirlpool :
Revenue up 24 % at Rs.1,258 crore.
Net profit up 23 % at Rs.91 crore.

☝ ABB :
Revenue up 17 % at Rs.2525.5 crore.
Net profit up 14 % at Rs.102.5 crore.

☝ Blue Dart :
Revenue up 6 percent at Rs.717 crore.
Net profit up 39 percent at Rs.34 crore

☝ SPARC :
Revenue down 52 % at Rs.20 crore.
Net profit of Rs.2.5 crore versus net loss of Rs.32 crore.

☝ Mahindra Holidays :
Q4 net profit up 21.2% at Rs. 38.5 crore.
Revenue down 3 percent at Rs 296 crore

🎯 FMCG Stocks :
With a revenue growth of Rs 3.4 lakh crore, the fast moving consumer goods (FMCG) sector is seen rising by around 300-400 basis points  to ~11-12 percent in FY19 compared to ~8 percent in FY18, according to a CRISIL report.
Positive for FMCG stocks. 👍

🎯 Quess Corp :
The firm has completed acquisition of 90 % equity in Greenpiece Landscapes India.

🎯 Lupin :
Company submits new drug application for Etanercept Biosimilar in Japan, which is used to treat arthritis and psoriasis.

🎯 Indostar Capital :
Company garners Rs.553 cr from anchor investors

🎯 Inox Leisure :
Company commenced the commercial operations of a Multiplex Cinema Theatre located at Vashi.

🎯 Tata Steel :
Europe explores potential sale of non-core operations.

Edited by Sharp.
© 2018 Sharp Investment & Financial Advisers