INSUBCONTINENT EXCLUSIVE:
It's a question of three Es -- economy, earnings and elections, not necessarily in the same order.
The heat is showing on Indian stocks as
the market posted first weekly fall in eight
This followed the IMF lowering India’s growth estimate for 2018-19 and the next two years as well
Though corporate earnings for the March quarter kicked off on a strong note on Friday, thanks to TCS and Infosys, investors are wondering
what lies ahead.
General elections, which got under way on Thursday and run till May 19, is adding to the this level of uncertainties though
a win for Prime Minister Narendra Modi is largely being priced in
The final results are due on May 23.
Despite all these unknowns, some buying over the last two days of the week kept the downside in the
The BSE Sensex slipped 95 points, or 0.24 per cent, to 38,767 on April 12, from 38,862 on April 5
Likewise, the NSE Nifty came off 23 points, or 0.19 per cent, to 11,643 during the same period.
The next week will be a truncated one as the
market is shut on Wednesday and Friday because of for Mahavir Jayanti and Good Friday, respectively.
Among key data points, WPI inflation
for March is slated for Monday
On the global front, Chinese GDP and industrial production data due on Wednesday, along with Opec Meeting, will inject a sense of
caution.
Below is a list of top stocks and sectors that made news through the whole week.
Stocks that rallied up to 30%As many as nine
stocks on the BSE500 index managed to deliver over 10 per cent returns to investors during the week gone by
The list featured stocks such as Rain Industries (up 30.85 per cent), PC Jeweller (28.68 per cent), Indiabulls Real Estate (22.92 per cent),
Shankara Building Products (16.66 per cent) and Jai Corp (15.20 per cent)
Pain for 3 scrips Just three stocks such as Century Plyboards (down 11.53 per cent), PNB Housing Finance (down 11.86 per cent) and Reliance
Communications (down 22 per cent) on the BSE500 plunged in double digits
IPO updateThe initial public offering (IPO) of wires and cables manufacturer Polycab India, which was open for subscription from April 5-9,
got subscribed over 51.96 times during the week
The Rs 1,345-crore IPO received bids for over 91 crore shares against the total issue size of more than 1.76 crore
Lacklustre debutShares of Rail Vikas Nigam Limited made a flat market debut on Thursday, listing at its issue price of Rs 19 on BSE and NSE
The scrip settled 3.94 per cent up at Rs 19.80 on the NSE.
Q4 off to good startIT majors TCS and Infosys beat Street expectations on Friday
with some solid March quarterly numbers
The results came in after market closing
While TCS earnings grew 17.7 per cent in January-March from a year earlier, Infosys posted a 10.5 per cent growth in consolidated net
TCS stock settled 0.26 per cent down at Rs 2,013.75 ahead of earnings whereas Infosys gained 0.63 per cent to Rs 747.85
“With robust TCV (total contract value) signings and improving business visibility, we believe that Infosys would gradually catch up in
revenue growth with TCS in FY2020E and in turn would narrow the valuation gap with TCS, going forward
Thus, we maintain our Buy rating on the stock with an unchanged price target (PT) of Rs 840,” said brokerage firm Sharekhan.
Stocks @fresh
all-time highAs many as 13 stocks on the BSE500 hit their fresh all-time highs
The list includes stocks such as ICICI Lombard Life Insurance, Gillette India, Bajaj Finserv, PVR, SKF India, Pidilite, Honeywell
Automation, Info Edge (India) and Infosys.
Sectoral sceneSector-wise, BSE Auto as well as FMCG, Healthcare and Power indices rallied more
However, BSE Telecom, Metal, Teck, IT and Consumer Durables weakened up to 2.84 per cent
Top Nifty gainers/losersWipro: With a rally of 8.13 per cent during the week, Wipro was the top gainer in the Nifty pack
Tata Motors (up 5.26 per cent), Bajaj Auto (up 5.12 per cent), Cipla (up 4.28 per cent) and ITC (up 3.80 per cent) brought up the rest of
Wipro is scheduled to announce its results on April 16
It's set to announce its largest buyback of Rs 12,000 crore ($1.7 billion) on the same day following Sebi's nod to the proposal
On the other hand, Indiabulls Housing Finance (down 8 per cent), Asian Paints (down 5.01 per cent) and Bharti Airtel (down 4.12 per cent)
lost the game in the 50-share Nifty pack.
Asian Paints scrip fell after a fire at its paint manufacturing facility in Vishakhapatnam in
The manufacturing operations have been affected since
DHFL skidsShares of Dewan Housing Finance Corporation (DHFL) came down by over 3 per cent to Rs 167.10 on Friday after rating agency
Brickwork Ratings India downgraded its secured NCDs and subordinated debt instruments
An ETNow report suggested that US-based large private equity (PE) player Lone Star Funds is eyeing a stake in the company
But SpicJet takes offShares of SpiceJet rallied over 10 per cent after the airline announced induction of new aircraft into its fleet
According to a BSE filing, the company will induct 16 Boeing 737-800 NG aircraft on dry lease in the next 10 days after regulatory approvals
Takeover buzz lifts Ruchi SoyaShares of Ruchi Soya Industries climbed over 12 per cent to Rs 7.30 on April 12, from Rs 6.50 on April 5
An ET report suggested that Patanjali Ayurved’s proposed acquisition of Ruchi Soya has reached the final stages with the committee of
creditors (CoC) scheduled to meet next Tuesday to clear the deal
