Monday, 18 July 2016

Indian Stock Market Opening Bell ; Market may trend higher

The Indian stock market may be trending higher on Monday but the main focus will be Parliament monsoon session that begins today and earnings. The 30-share BSE Sensex was down 105.61 points at 27836.50 and the 50-share NSE Nifty declined 23.60 points to 8541.40 on Friday. For Live Stock Market Updates Visit Us or Get Free Trials Just Give One Missed Call @78-79-88-11-22.

Citi, which remains constructive on the market with a target of 28,800, expects an aggregate Sensex earnings growth of around 13 percent for the current financial year. Earnings to be announced by big companies this week are Wipro, Cairn India, Ultratech Cement, HDFC Bank, Kotak Mahindra Bank and Axis Bank.

Stock calls: 5 large caps to buy or sell on Monday;

CLSA has a sell rating on Tata Steel with a target of Rs 235 per share. It remains negative given weak steel price environment.

Infosys :-
JP Morgan has an overweight rating but slashed target price to Rs 1250 from Rs 1350 per share as Q1 print disappointed significantly on revenue. It says internal metrics are still trending well and adverse implications of Brexit are key risks to target and rating. Kotak has an add rating but slashed target price to 1250 from Rs 1340 per share.

Reliance Industries:-
Morgan Stanley has an overweight rating with a target of Rs 1329 per share assuming USD 4.50 per barrel spread as a sustainable level. It adds lower DD&A, higher run-rate Of GRMs are upside risks to stock. Bank of America Merrill Lynch has reiterated a buy call with a target of Rs 1200 per share. Goldman Sachs has maintained buy rating but increased target price to Rs 1160 from Rs 1145 per share. 

Tata Steel :-
CLSA has a sell rating with a target of Rs 235 per share. It remains negative given weak steel price environment. 
Alembic Pharma :-
ICICI Securities initiates coverage with add rating and a target of Rs 654 per share. It expects 20 percent revenue and 22.3 percent PAT CAGRs over FY16-19. 

LIC Housing Finance :-
Bank of America Merill Lynch has reiterated buy rating and increased target to Rs 635 per share. It has cut FY17 estimates by 4 percent to reflect one-time charges in Q1.


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