Latest Today Stock Market Headlines for 9 June 2016

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• Sensex falls over 150 pts, Nifty breaks 8250; IT, FMCG drag 
• Infosys warns of 200 bps Q1 margin cut on visa, salary costs 
• Mohandas Pai: Why TN allowing unions for IT cos is bad news 
• Read and watch: Speech of PM Modi in US Congress 
• GST Bill: Govt puts ball in Amit Mitra’s court 
• GST passage, no Brexit vote to propel mkt to 8700-8800: PL 
• India inflation likely edged up to 5.52 % in May: Poll 
• Infosys dives 4% on cautious stance over cost hurting margins 
• Annual report review: CLSA retains underperform rating on HUL 
• Jefferies ups BEL target on defence patents, R&D spend, capex 
• Combined net sales of 2,900 cos slip 1.3% in Q4: Care Ratings 
• Extradition only way to bring Mallya back, Govt working on it 
• After turning profitable, Pricol eyes Rs 3,000cr revenue by 2020 
• Dholera smart city to be operational by 2019: Gujarat govt 
• Modi, Jaitley to take call on Rajan at appropriate time: Sinha 
• India could be ‘ideal partner’ for American businesses: PM 
• RBI leaves repo rate unchanged at 6.5% Distress in financial system is making Yellen stay put 
• Timely and reliable guidance from the expert himself 
• RBI running out of ammo to fire up economy, banks.

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The BSE barometer Sensex was up 150 points, or 0.54 per cent, at 27,723 in morning trades. Nifty reclaimed the psychological mark of 8,350. The 50-pack index was up 42.35 points, or 0.51 per cent, at 8370.90. 

IT stocks seen lower on Tata Consultancy Services softer-than-expected dollar revenue growth in April-JuneQ1 USD revenue grew by 3.5 pct QoQ vs expectations of nearly 4 pct growth - tradersIT stocks' daily correlations with TCS over last 1 year.TCS sees investments in digital technologies driving growth.

The market has opened higher. The Sensex is up 134.12 points or 0.5 percent at 27707.78, and the Nifty is up 39.30 points or 0.5 percent at 8367.85. About 714 shares have advanced, 115 shares declined, and 64 shares are unchanged. Vedanta, BHEL, ICICI Bank, Wipro and Infosys are top gainers in the Sensex. TCS is down 1 percent, ITC, Bharti Airtel, HUL and Lupin are among laggards in the Sensex.

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MindTree Ltd shares fall 4 pctThe company reported a 31 pct increase in net profit in the Jan-March quarter, but fell short of some analysts' expectations.MindTree reported a weak quarter with muted sequential revenue growth - Kotak Securities.

The stock is expensive even after building in optimistic growth rates - Kotak.Brokerage cuts price target for MindTree to 1,300 rupees from 1,360 rupees with a "reduce" rating.It also reduces FY2016-17 EPS estimates by 5-7 pct due to higher-than-expected pricing pressure and increased investments.

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Shares in Steel Authority of India fall 1.3 pct.Fitch Ratings downgrades outlook on SAIL's IDR to "negative".Fitch revises outlook on SAIL's long-term foreign-currency issuer default rating (IDR) to "negative" from "stable".

Outlook revision reflects SAIL's higher leverage and subdued operating performance - Fitch.

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Asian stocks dipped and the dollar marked time on Wednesday, with markets fixed on the Federal Reserve's policy statement due later in the session for clues to when the Fed will hike interest rates.

The dollar stood steady in Asia on Wednesday just hours before the Federal Reserve was expected to take a major step toward lifting interest rates for the first time in almost nine years.

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The market has opened the most crucial Budget week on a firm note.The Sensex is up 65.28 points at 29296.69 and the Nifty is up 23.25 points at 8856.85. About 500 shares have advanced, 126 shares declined, and 119 shares are unchanged. Hindalco, Tata Power, BHEL, Infosys and Tata Steel are top gainers in the Sensex. Among the losers are Reliance, ITC, Bajaj Auto and Dr Reddy's Labs.

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The S&P BSE Sensex which rallied as much as 166 points in trade on Tuesday, pared most of its gains and was trading in a range, led by losses in Infosys, ITC, TCS and Tata Motors. 
The whole real estate sector remained under pressure after the stock market regulator Sebi barred DLF and six of its top executives including chairman K P Singh from accessing stock markets for a period of three years. 

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Non-banking finance companies (NBFCs) fall on worries RBI may tighten norms for bad loans.RBI on Tuesday said changes in the NBFC regulatory framework to be introduced by end of this month.Shriram Transport Finance falls 1.5 percent,Mahindra and Mahindra Financial Services down 0.5percent.

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The S&P BSE Sensex pared its early morning gains and turned choppy on Monday, led by losses in ICICI Bank, L&T, ITC, ONGC and Tata Motors. 

Tracking the momentum, the 50-share Nifty index also slipped in red and was trading near its crucial psychological level of 7950, weighed down by losses in banks, autos, FMCG and oil & gas stocks. 

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The S&P BSE Sensex which plunged over 100 points in trade on Thursday managed to bounce back over 300 points from intraday low of 26503.08, led by gains in TCS, ITC, ICICI Bank, RIL and L&T. 

Tracking the momentum, the 50-share Nifty index also posted a smart recovery and the index is now trading near its crucial psychological level of 8050, supported by gains in consumer durable, pharma, oil & gas and realty stocks. 

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NSE index futures on the Singapore Exchange are down 0.4 percent.The MSCI-Asia Pacific index excluding Japan falls 0.77 percent.Fed renews zero rate pledge, but hints at steeper rate hike path.

Overseas investors bought Indian shares worth of 1.36 billion rupees ($22.3 million) on Wednesday.Indian shares rebounded on Wednesday on hopes Fed will retainstimulus.

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Cipla Ltd rises as much as 8.7 percent to a record high of 575 rupees.The drug maker launches an anti-asthma inhaler in Germany and Sweden.The inhaler is a generic version of GlaxoSmithKline Plc's Advair.Emkay Global upgrades to "buy" from "accumulate" with a target of 671 rupees.Overall addressable opportunity of generic Advair is $800 million in Europe, Emkay says.

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India's NSE index surged past the psychologically important 8,000 level for the first time to mark its latest record high as blue-chips such as Larsen & Toubro gained after better than expected quarterly economic growth data.

The after-glow of Narendra Modi's election victory nearly four months ago helped India's lumbering economy register its fastest growth in two-and-a-half years for the quarter ending in June, according to data on Friday.

The 50-shares broader index rose as much as 0.67 percent to mark a record high of 8,007.95. Markets were closed on Friday for a holiday.L&T gained 1.7 percent, while ICICI Bank Ltd rose 1.2 percent. 

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Shares of state-run oil companies gain on hopes of better-than-expected results by sector leader Oil and Natural Gas Corp later in the day.Hopes of lower subsidy losses as crude oil falls help oil retailers.

Brent near 13-month trough below $103 on brisk supplies ONGC is up 1.8 percent, while Oil India is up 1.2 percent.Among retailers, Hindustan Petroleum Corp gains 3.3 percent, Bharat Petroleum Corp advances 3.1 percent while Indian Oil Corp is higher by 2.9 percent.

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Indian shares are likely to open higher on Wednesday on strong cues from the Wall Street and Asian peers, and favourable comments from the finance minister. A high fiscal deficit and inflation are major challenges for India, Finance Minister Arun Jaitley said on Tuesday, adding that "mindless populism" in policymaking needed to be checked. NSE index futures traded on the Singapore Exchange rise 0.76 percent, while the MSCI-Asia Pacific excluding Japan index is up 0.89 percent. 

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Infosys shares rallied over 3.5 per cent on Thursday after India's second biggest IT outsourcer named Vishal Sikka as the new CEO. Analysts had said the company would benefit from swiftly appointing a new CEO

Infosys was the top gainer on the 50-share Nifty in early trade. The stock had closed with 3.6 per cent gains on Wednesday.

Infosys has underperformed its larger peers such as TCS over the last several quarters as the company struggled to grow in a changing environment. Infosys also lost market shares to its rivals over the past few years.

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Indian Rupee Update

Indian Rupee Updates January 31, 2014 Leave a comment

Indian rupee gained 17 paise to 62.39 against the dollar in early trade on Friday. Yesterday the rupee closed at 62.56 to the dollar.

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Indian ADRs Reports

Companies January 31, 2014 Leave a comment

Indian ADRs ended higher on Thursday.
In the IT space, Infosys added 1.56 percent at USD 59.26
Wipro jumped 1.4 percent at USD 13.06.
In the banking space, ICICI Bank rose 1.69 percent at USD 32.54
HDFC Bank gained 1.45 percent at USD 31.47.
In the other sectors, Tata Motors advanced 0.93 percent at USD 28.36
Dr Reddys Laboratories was down 0.29 percent at USD 41.72.

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Pre Market Stock Calls By MarketMagnify

Stock Cash Calls January 31, 2014 Leave a comment

BUY FINTECH (LCP- 260.4) ABOVE 262 TG-266-271
BUY PNB (LCP 517.6) ABOVE 519 TG-523-529
SELL AUROBINDO PHARMA (LCP 455.55) BELOW 454 TG-451-446
BUY RELIANCE CAPITAL (LCP-318.2) ABOVE 320 TG-324-329

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MM World Market Reports

World Market Update January 31, 2014 Leave a comment

MM WORLD MARKET UPDATE
HANG SENG -106
NIKKEI 21
SHANGHAI -16.8
DOWJONES 109.82
NASDAQ 71.7
SGX NIFTY 9

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