A financial trader monitors data on computer screens on the trading floor inside the Amsterdam Stock Exchange, operated by Euronext NV, in Amsterdam, Netherlands (Photographer: Jasper Juinen/Bloomberg)
Asian stocks traded mixed Thursday and Treasury yields were little changed after Federal Reserve meeting minutes hinted at an enduring bias for rate hikes.
Japanese and Korean shares slipped while their Australian counterparts fluctuated. The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index's performance in India, fell 0.24 percent to 10,741 as of 6:50 a.m.
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BQ Live
Here's a quick look at all that could influence equities today.
U.S Market Check
- U.S. stocks edged higher, while Treasuries fell after Federal Reserve meeting minutes did little to alter views on the central bank's policy path.
- The yield on 10-year Treasuries was little changed at 2.64 percent.
#BQMarketWrap | U.S. stocks edge higher after Fed minutes; bonds fall.
Read: https://t.co/2U4xAD2A7q pic.twitter.com/WOJ75a8UXuAsian Cues
- The MSCI Asia Pacific Index slid 0.1 percent.
- The S&P 500 Index rose 0.2 percent. Futures were flat.
- Japan's Topix index dropped 0.4 percent.
- South Korea's Kospi lost 0.6 percent.
- Hang Seng Index futures earlier climbed 0.5 percent.
- Australia's S&P/ASX 200 Index was flat.
Commodity Cues
- Brent crude traded 0.1 percent lower at $67.01 per barrel.
- West Texas Intermediate crude gained 0.1 percent to $57.19 a barrel.
- Gold rose 0.2 percent to $1,341.05 an ounce.
London Metal Exchange
- Nickel ended higher for the fourth day, ended 1.9 percent higher.
- Aluminium ended 0.65 percent higher.
- Copper ended higher for the sixth day, ended 1.36 percent higher.
- Lead halted a two-day decline, ended 0.99 percent higher.
- Tin ended higher for the second day, up 0.43 percent.
- Zinc ended higher for the second day, up 1.54 percent.
Key Events To Watch This Week
- Bank of Canada Governor Stephen Poloz speaks on Thursday; ECB President Mario Draghi speaks on Friday, the same day Reserve Bank of Australia Governor Philip Lowe gives parliamentary testimony.
- An Indonesian rate decision is due Thursday.
Indian ADRs
Stocks To Watch
- Dr. Reddy's Laboratories said that they are re-launching Buprenorphine and Naloxone Sublingual Film better known as the generic version of Suboxone Film in the U.S. markets.
- BPCL shareholders gave nod to raising Rs 2,000 crore via NCDs for financial year 2019.
- Moody's changed its outlook on JSW Steel's rating to positive from stable and affirmed ‘Ba2' rating on corporate family rating and senior unsecured notes.
- The Securities and Exchange Board of India relaxed norms for the proposed buyback of Coal India. The regulatory board stated that transfer of securities from Promoters to Bharat 22 ETF Scheme is a part of ongoing disinvestment program and the mechanism is in the interest of the investors and securities markets.
- Shakti Pumps said that the after CCEA approved launch of KUSUM scheme and Phase II of grid connected solar rooftop solutions and it will positively impact the company as well as the industry.
- Bank of Baroda fixed the record date of March 11 for the amalgamation of Vijaya Bank and Dena Bank with self.
- REC launched consent solicitation exercise on senior notes and it seeks waiver of some rights for holders of four series of note.
- Dynamatic Technologies signed an MoU with JSC Russian Helicopters to build fabrication and ancillary parts.
- Shipping Corporation of India gave physical delivery of one bulk carrier to its buyer.
- Saudi Aramco, the world's largest oil exporter, said today it is in talks with Reliance Industries and other Indian companies for investing in petrochemicals and refinery projects in the country, PTI reported
Fund Infusion
The government will infuse Rs 48,239 crore in 12 public-sector banks to provide minimum regulatory capital to banks that come under RBI's prompt corrective action framework, and to prevent weak banks from breaching the framework's triggers.
Earnings Reaction To Watch
Mahindra CIE Automotive (Q4 Calendar Year 2018 Standalone, YoY)
- Revenue up 9.5 percent to Rs 614.9 crore.
- Net loss of Rs 89.5 crore versus net profit of Rs 14.6 crore.
- Ebitda up 17 percent to Rs 69.4 crore.
- Margin at 11.3 percent versus 10.6 percent.
- Exceptional loss of Rs 128.6 crore.
Bulk Deals
Wonderla Holidays
- Steinberg India Emerging Opportunities Fund acquired 6.27 lakh shares or 1.11 percent equity at Rs 270 each.
- Promoter Sheela Kochouseph sold 7 lakh shares or 1.24 percent equity at Rs 270 each.
Responsive Industries
- Stream Value Fund acquired 42.85 lakh shares or 1.61 percent equity at Rs 90 each.
- Passage to India Master Fund sold 42.85 lakh shares or 1.61 percent equity at Rs 90 each.
Trading Tweaks
- Music Broadcast record date for share split from Rs 10 to Rs 2 per share.
- Monte Carlo Fashions ex-date for share buyback.
Who's Meeting Whom
- Great Eastern Shipping to meet Nalanda Capital on Feb. 27.
- S Chand and Company to meet Indus Capital Partners on Feb. 21.
- Thyrocare Technologies to meet Consortium Securities and Pragya Equities between Feb. 22-27.
- Magma Fincorp to meet ITI AMC, Samsung AMC and other investors on Feb. 21.
Insider Trading
- Apollo Tyres promoter group PTL Enterprises acquired 1.5 lakh shares on Feb. 18.
- Sunteck Realty promoter group Eskay Infra acquired 80,000 shares on Feb. 18.
- Emami promoters sold 4.54 crore shares on Feb. 18.
- Jindal Stainless promoter group Abhuday Jindal acquired 2 lakh shares between Feb. 18-19.
- Welspun Enterprises promoter MGN Agro Properties acquired 3.7 lakh shares between Feb. 18-19.
- Future Consumer promoter Future Capital Investment acquired 9.52 lakh shares on Feb. 18.
- Spencer's Retail promoter Rainbow Investments acquired 2 lakh shares on Feb. 18.
Money Market Update
- The rupee on Wednesday ended at 71.11/$ versus Monday's closing of 71.34/$.
F&O Cues
- Nifty February futures closed trading at 10752, premium of 16 points.
- Max open interest for Feb. 28 series at 11,000 Call (open interest at 39.9 lakh shares).
- Max open interest for Feb. 28 series at 10,400 Put (open interest at 31.7 lakh shares).
Stocks In Ban
In Ban:
- Adani Enterprises
- IDBI
- Jet Airways
- Reliance Power
- PC Jeweller
- Reliance Infrastructure
New in Ban
- Kaveri Seed
- Reliance Capital
Put-Call Ratio
- Nifty PCR at 1.3 versus 1.12.
- Bank Nifty PCR at 1.26 versus 0.96.
Brokerage Radar
Credit Suisse on Britannia
- Upgraded to ‘Outperform' from ‘Neutral'; raised price target to Rs 3,400 from Rs 3,300.
- Expect Britannia to gain as the government stimulus for rural consumption starts boosting consumption.
- Distribution expansion focus on Hindi belt, premium biscuits will aid market share gains.
- Britannia well positioned to gain share within biscuits.
HSBC on GSPL
- Maintained ‘Reduce'; cut price target to Rs 138 from Rs 152.
- See a decline in gas volumes leading to reduced profitability next year.
- Higher cost impacted earnings in December quarter.
Goldman Sachs on Page Industries
- Upgraded to ‘Buy' from ‘Neutral' with a price target of Rs 23,144.
- Growth potential and valuation now on the same page.
- Reasons for the growth slowdown are short-term in nature.
- Benefits due to relatively affordable price points, wider distribution network.
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