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“There seem to be an air of caution surrounding equity trading at the moment,” Dipen Mehta, member of BSE told BloombergQuint over phone. While he said the structurally the Indian equities remains in a bull market, the current leg of the rally may be coming to an end. “We have entered the earnings season at record levels. So, any disappointment will probably get a sharp reaction like we saw in case of Yes Bank.”
Mehta advised investors to wait for more clarity from the fourth quarter earnings season – in terms of both numbers and market commentary – before taking up fresh investments.
To read what brokerages had to say about Yes Bank Q4 performance, click HERE
Shares of the Kishore Biyani firm gained as much as 7.1, the most since February 07, after it announced the demerger of its home retail operations
Future Retail will demerge its home retail business operated via HomeTown stores into Praxis Home Retail, the company said in its exchange filing.
Post the demerger, the company will look to list Praxis Home retail. “Praxis Home will issue 1 share to Future Retail holders for every 20 shares held,” the filing said.
Besides the demerge nod, the company also raised its foreign investment limit to 49 percent from 24 percent.
Coromandel Engineering Posts Biggest Jump In Nearly Two Years
Coromandel Engineering Company rose as much as 20 percent to hit the upper circuit today, its biggest surge in nearly two years.
The volumes stand at 25 times its 20-day average.
The construction company, which has a market capitalisation of Rs 180 crore, has gained 32 percent in the past month compared to a 0.3 percent decline in the benchmark S&P BSE Sensex Index.
Shares of the media firm jumped as much as 6.2 percent to its highest intraday level since at least April 2006 after two broking firms upgraded their rating on the stock.
Credit Suisse raised its rating on Sun TV to outperform versus neutral earlier anticipating a period strong earnings growth on multiple drivers. The broking firm expects the South-based firm to double its subscription income over the next 3 to 4 years.
It has also raised its target price to Rs 1,000 from Rs 790 earlier.
The second brokerage house to upgrade the stock is CLSA citing the digitisation roll out in Tamil Nadu. Besides that, it says the recent end of legal and political risks of Sun TV is another positive for the stock.
CLSA has upgraded the stock to ‘Buy’ compared to their earlier ‘Sell’ rating. They too have upgraded their price target to Rs 1,015 from Rs 661 earlier.
Shares of the private sector lender as much as 5.3 percent, the most since November 21, 2016, making it the worst performer on the Nifty index.
Yes Bank Ltd. reported a surge in the quantum of bad loans during the January-March quarter as the lender was prompted by the regulator to recognise one large account as a non-performing asset. (Catch the complete earnings report HERE)
The rupee lost 13 paise against the dollar to 64.71 in early trade as increased demand for the greenback from importers also put pressure on the rupee.
Dealers attributed the rupee's fall to dollar gains against other currencies overseas but a higher opening of the domestic equity market capped the fall.
Yesterday, the rupee had gained 5 paise to close at 64.58 a dollar on fresh selling of the American currency by banks and exporters.
PTI
Movers & Shakers: NALCO, Shalimar Paints, Reliance Industries
Investors will look forward to the minutes of the RBI's April 5-6 monetary policy meeting. The minutes will show biases of individual members of the committee and would give cues to the market.
Today's Asia-Pacific currency market is mixed against the dollar. The New Zealand Kiwi was the biggest gainer, while the Indonesian Rupiah lost the most in the region.
Indian benchmark government bonds may see a weak opening tracking declines in the U.S. treasuries. Markets will also be watching the outcome of the RBI's auction of more than Rs 1 lakh crore of reverse-repo auctions under LAF.
Indian Masala Bonds are Back in Fashion
Companies are vying to sell at least $1 billion of masala bonds in the coming months on expectations Prime Minister Narendra Modi will take measures to boost the economy.
#BQWatchList | Yes Bank's bad loan worries to F&O Inclusions, @AgamVakil gets you the 5 things to watch today.https://t.co/ESV0IIP4gg pic.twitter.com/OnShquFH9r
— BloombergQuint (@BloombergQuint) April 20, 2017
All you need to know about @YESBANK's Q4 earnings in 30 seconds.https://t.co/98KpuDeg6v pic.twitter.com/paXXUdVtTD
— BloombergQuint (@BloombergQuint) April 19, 2017
For a complete list of stocks to watch, click HERE
Investors will also watch out for the first round of voting in France’s presidential election this weekend.
In commodities, crude added 0.7 percent in early trading after tumbling 3.8 percent a day before after a reported showed U.S. gasoline supplies increased for the first time since February, amid rising output.
Gold, meanwhile, was little changed at $1,279 an ounce after dropped 0.7 percent on Wednesday.
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