The Nifty range for now seems to be between 9,780 on the upside and 9,630 on the downside, with 9,500 being a major support level, said Dhaval P Vyas, Founder & Chief Market Analyst, www.dhavalpvyas.com.
Vyas said investors should stick to stock specific approach. “One should also look at churning their portfolio from time-to-time,” he told BloombergQuint by phone. He is bullish on the NBFC companies, especially the housing finance stocks. Also, he likes real estate stocks. He also has a contrarian call on Tata Consultancy Services.
Other Jewellery Stocks
- PC Jeweller (+8%)
- Gitanjali Gems (+5%)
- TBZ Jewellers (+4%)
- Tara Jewels (+6%)
Shares of the retail companies rallied anywhere between 19 and 2 percent after the final GST rates announced on footwear and apparel were closer to the current tax structure.
The universal tax structure is expected to help increase compliance, thereby favouring organised retail players. GST is also expected to make value fashion (priced below Rs 1,000) retailers more indirect tax-efficient.
Similarly, analysts said it can accelerate market share gains in low-ticket-size segment as unorganised lose advantage of low tax compliance.
“We will try to pass it on the benefit to customer through price cuts, we will try to see that the customer get the better products for better prices,” Lalit Agarwal, CMD of V-Mart Retail Ltd. told BloombergQuint.
Top Movers
- Future Retail (+5.2%)
- Aditya Birla Fashion (+4.2%)
- Trent (+1.7%)
- Future Lifestyle Fashions (+6.4%)
- Shoppers Stop (+4.1%)
- V-Mart (+13%)
- Mandhana Retail (+19%)
In charts | Traders are pricing in a softer stance from the RBI.https://t.co/lQCmW4X0HQ pic.twitter.com/Ibo1xyZHA9
— BloombergQuint (@BloombergQuint) June 5, 2017
Shares of the media firm dropped as much as 7 percent after the Central Bureau of Investigation (CBI) carried out searches at different properties owned by the company, and its promoters Prannoy and Radhika Roy.
The company confirmed the news in a filing with exchanges and said that it will “fight tirelessly” against what it called a “witch-hunt” by multiple agencies.
Shares of the drug maker gain after it received the U.S. health regulator's nod to sell its antidepressant tablets in the American market.
The drug maker received the final approval from the U.S. Food and Drug Administration (U.S. FDA) to market Mirtazapine - orally disintegrating tablets USP - in strengths 15mg, 30mg and 45mg, the company said in a BSE filing.
The stock has returned 39 percent so far this year, compared to a 9.7 percent decline in the Nifty Pharma index.
Consumers benefit as electronics retailers cut stock before #GST rollout, reports @RhythmaSaxena.https://t.co/xpOIQUrqVy pic.twitter.com/X6Q5YFByJn
— BloombergQuint (@BloombergQuint) June 5, 2017
India Grid Trust, the Infrastructure Investment Trust (InvIT) sponsored by Sterlite Power Grid Ventures Ltd. will be listing on the Bourses on Tuesday. The second private InvIT to list on the exchanges has set its issue price at Rs 100.
The initial public offering was subscribed 1.17 times prior to which it had raised over Rs 1,000 crore from anchor investors.
Real estate, retail, logistics to create the maximum jobs in India.https://t.co/pYuFbWTjes pic.twitter.com/AqnvY9fxiN
— BloombergQuint (@BloombergQuint) June 5, 2017
The Nikkei India Services Purchasing Managers' Index, or PMI, rose to 52.2 in May from April's 50.2, marking the highest since October.
A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction. May's growth was supported a quicker rise in new business inflows.
"The pick-up in service sector growth seen mid-way through the first quarter [of fiscal 2017] suggests that GDP could expand at a faster rate should growth momentum be maintained in June," said Pollyanna De Lima, an economist at IHS Markit.
However, the economist pointed that "Despite accelerating from April, rates of increase in both services activity and new work are much weaker than typical for India. Moreover, business confidence fell as a reflection of firms' concerns regarding competitive pressures and lackluster demand."
(Nikkei)
Shares of the low-cost carrier dropped as much as 4.1 percent before paring most of its losses after it reported weak set of earnings during the weekend.
The company’s profit for the three-month ended March 31 declined to Rs 41.64 crore from Rs 107.88 crore a year ago, the Gurgaon-based airline said in a stock exchange filing on Saturday. Revenue grew 11.4 percent to Rs 1,613.8 crore.
Rest Of The Pack
- Jet Airways (+0.4%)
- InterGlobe Aviation (+1.6%)
- Global Vectra Helicopter (+2.3%)
Continuing with its rising streak, the rupee appreciated 12 paise to 64.32 against the dollar in early trade on sustained selling of the U.S. currency by exporters and banks.
The dollar was quoting stronger against some other currencies like euro and yen, whereas a lower opening of the domestic equity market capped the rupee's gains, forex dealers said.
On Friday, the rupee had gained 4 paise to a fresh one-week high of 64.44 against the US dollar on sustained selling of the American currency by exporters.
PTI
Shares of the Tata group firm gained as much as 5 percent, the most since March 17, after it signed a licensing and integration support deal for a driverless car program.
The company said deal was signed with “one of the world’s top 5 automotive original equipment manufacturers”. The company did not provide any details as to the size and scope of the deal.
“The Autonomai platform provides carmakers and Tier 1 automotive suppliers with a comprehensive and modular solution covering perception, GNC and drive-by-wire systems, to quickly build, test and deploy autonomous vehicles,” the press release said.
#BQWatchList | From #GST rates to earnings, @AgamVakil gets you the 5 things to watch today.https://t.co/CJEzl1jp68 pic.twitter.com/CDM3KcmyQx
— BloombergQuint (@BloombergQuint) June 5, 2017
#BQMarketsNow | Expect 10 day pause in the Nifty, says A Plus Analytics’ Amit Harchekar.https://t.co/CJEzl1jp68 pic.twitter.com/dFNSgsTIoZ
— BloombergQuint (@BloombergQuint) June 5, 2017
India’s top 7 telecommunications companies saw their total debt burden rise 20%. @soumeet_sarkar reportshttps://t.co/BQ8vjed0DD pic.twitter.com/Mlk956W58a
— BloombergQuint (@BloombergQuint) June 5, 2017
- 10:30am: Nikkei India Services PMI for May (prior 50.2)
- 10:30am: Nikkei India Composite PMI for May (prior 51.3)
Maharashtra waives Rs 30,000-crore loans for marginal farmers but protests continue.https://t.co/8iPIAxdwdi pic.twitter.com/ZNo59dmeqF
— BloombergQuint (@BloombergQuint) June 5, 2017
EU and the world’s other major economies to move on with a climate agenda without the U.S. @patrickjdo reportshttps://t.co/92gP5ft9Gr pic.twitter.com/BfT9kXrLFH
— BloombergQuint (@BloombergQuint) June 5, 2017
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