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A morning walk down Dalal Street | Volatile swings could continue in the market ahead of election results
Nifty has to close above 11,700 on a closing basis, while a close below 11,550-11,500 could extend the selling pressure, experts said.
It was a Black Monday on D-Street as investors lost Rs 1.25 lakh crore on the BSE in a single trading session, thanks to the global volatility.
The average market capitalization of BSE listed companies fell from Rs 151.62 lakh crore recorded on May 3 to Rs 150.37 lakh crore on May 6 which translates into a fall of Rs 1.25 lakh crore.
India VIX rose 10 percent and the market breadth was inclined towards the sellers. All the sectoral indices except IT were in the red on May 6.
In terms of sectors, the S&P BSE Consumer Durable index plunged 2.8 percent followed by the S&P BSE Metal index which was down 2.07 percent, and the S&P BSE Realty index was down 1.5 percent.
The rupee on May 6 fell by 18 paise to close at 69.40 against the US dollar as renewed trade war worries following US President Donald Trump's threat to raise tariffs on Chinese imports sent markets into a tailspin and triggered a flight of capital to safe bets.
On the institutional front, FPIs were net sellers for Rs 948 crore while DIIs were net buyers to the tune of Rs 89 crore, provisional data showed.
Big News: As many as 33 companies are scheduled to declare their results for the quarter ended March which include names like ABB India, Escorts, Jyothy Laboratories, Mahindra Logistics, Vedanta, VIP Industries, Sun Pharma Advanced Research Company, etc. among others.
Vedanta: PAT likely to fall by 66% YoY to Rs 771 crore
Escorts: PAT likely to grow by 14% YoY to Rs 129 crore
Jyothy Laboratories: PAT likely to remain flat at Rs 60 crore
ABB: PAT likely to fall by 40% YoY to Rs 61 crore
(All estimates are from Motilal Oswal)
Technical View: Nifty formed a Doji kind of candle on the daily charts
India VIX moved up sharply by 10 percent at 26.43. Higher VIX suggests that volatile swings could continue in the market ahead of the election result.
The index broke below three crucial short-term moving averages of 5, 13 and 20 days in one trading session.
For bulls to take control, the index has to close above 11,700 on a closing basis, while a close below 11,550-11,500 could extend the selling pressure, experts said. Any bounce back could be used to create shorts on Nifty, they say.
Three levels: 11571, 11632, 11700
Max Call OI: 12000, 12500
Max Put OI: 11000, 11500
Stocks in news: ICICI Bank reported a 5 percent drop in fourth-quarter profit on Monday, missing estimates after being hit by a rise in expenses and a higher accumulation of bad loans.
Bharti Airtel May 6 reported a 24 percent sequential jump in its fourth-quarter FY19 net profit to Rs 107.2 crore helped by an exceptional gain of Rs 2,022 crore. Analysts were expecting a net loss of over Rs 1,000 crore.
HDFC Bank on May 6 said it will consider a proposal for sub-division of shares from one equity share with a face value of Rs 2 each to two shares with a face value of Re 1 each.
Infrastructure major Larsen & Toubro May 6 bought shares worth about Rs 113 crore of Mindtree through open market transactions.
Technical Recommendations: We spoke to YES Securities and here's what they have to recommend:
Star Cement: Buy| Target: Rs 124| Stop Loss: Rs 102| Upside 14%
PNC Infratech: Buy| Target: Rs 175| Stop Loss: Rs 145| Upside 14%
Blue Star: Buy| Target: Rs 790| Stop Loss: Rs 680| Upside 11%
Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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