International Markets:

U.S & Europe

Particulars 18th  Dec Chg Chg(%)
Nasdaq 8827.74 4.38 0.05
Dow* 28239.28 -27.88 -0.099
FTSE 7540.75 15.47 0.21
CAC 5959.60 -8.66 -0.15
DAX 13222.16 -65.67 -0.49
Dow Fut.* 28266.50 -14.50 -0.05

 

*As per 19th Dec

Asian markets:

Particulars 19th   Dec. Chg Chg(%)
SGX Nifty* 12231.00 -78.35 -0.33
Nikkei 23856.08 -78.35 -0.33
Straits Times 3199.78 -9.76 -0.30
Hang Seng 27771.14 -113.07 -0.41
Shanghai 3013.14 -3.90 -0.13

 

ADR Watch:  

Particulars 18th  Dec. Chg Chg(%)
Dr Reddy 40.65 0.17 0.42
HDFC Bank 64.75 0.38 0.59
ICICI Bank 15.08 -0.14 -0.92
Infosys 10.33 0.04 0.39
Tata Motor 12.47 -0.30 -2.35
Wipro 3.78 -0.02 -0.53

 

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 71.000 0.00
Brent 66.16 -0.02
Gold 1481.70 0.20
Silver 17.093 0.26

 

FIIs & DIIs

Particulars 18th  Dec. 17th  Dec.
FIIs 1836.81 1248.47
DIIs -1267.57 -908.16

 

View on market: Buy on dips

Asian stocks drifted at the open as investors sit on the side-lines with little in the way of fresh catalysts after the year’s big run-up. Equities opened little changed in Japan, while they ticked higher in Sydney and Seoul. Futures were little changed in Hong Kong. U.S. futures were flat. The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, fell 0.33 percent to 12,231 as of 7:50 a.m.

Key Data/ Action and Board meeting to watch:

Eicher Motors to meet Taiyo Pacific Partners on Dec. 19.

J Kumar Infra to meet DSP MF and ICICI Pru Life Insurance on Dec. 19.

Balrampur Chini Mills to meet Dolat Capital on Dec. 19.

Mahindra & Mahindra to meet Cidel Asset Management on Dec. 19.

Fund View:

Chennai Petroleum Corporation UBS Maintained ‘Buy’; cut price target to Rs 200 from Rs 370. Lower refining margins for the current and the next financial year but remain optimistic on IMO 2020 upside. Geared to reap IMO 2020 benefits with BS-VI projects and residual upgrade.

Dr. Reddy’s Laboratories Credit Suisse Maintained ‘Outperform’; hiked price target to Rs 3,235 from Rs 3,055. NuvaRing NPV now likely below acquisition cost, but overall story still strong. Now model DRL to be the fourth player in NuvaRing with potential launch in the fourth quarter of the next financial year. Cut EPS estimates for the current and the next two financial years by 7 percent, 4 percent and 4 percent respectively but raise target on roll forward to 2021-22.

Havells India CLSA Maintained ‘Outperform’; cut price target to Rs 730 from Rs 770. Structural changes in Lloyd to start bearing fruit from 2020-21 only. Core categories performance strong over the years.

Maruti Suzuki JPMorgan Maintained ‘Overweight’; raised rice target to Rs 8,200 from Rs 7,900. Volume prints have bottomed out while levers for margin rebound falling in place. S-Presso has potential to create new Mini UV segment. Discounting has started to come off since November.

Jindal Steel and Power Morgan Stanley Maintained ‘Overweight’; raised price target to Rs 174 from Rs 139. Positives not yet fully priced in and risk reward is attractive. Domestic steel spreads to improve on lower input costs, improving domestic realisations. JSPL to grow faster than the market as capacity utilization rate is still about 85 percent.

News Update:

Tata Group Stocks: Tata Sons stated in a statement that it has received and is analysing the order of National Company Law Appellate Tribunal. The parent company of Tata Group said that is not clear as to how the NCLAT order seeks to over-rule the decisions taken by shareholders of Tata Sons and listed Tata operating companies at validly constituted shareholder meetings. The NCLAT order appears to even go beyond the specific reliefs sought by the Appellant. Tata Sons plans to take appropriate legal recourse.

NMDC has received approval for modified mining plan of Kumaraswamy Iron Mines from 7 million tonne per annum to 10 MTPA from India Bureau of Mines. Effective Date for Approval is till 2022. NMDC operates these mines at its facility in the state of Karnataka.

Goa Carbon will commence operations at Paradeep Unit, Odisha from Dec. 20. Said plant was closed for maintenance work. Texmaco Rail & Engineering: NCLAT has given a stay order on NCLT Kolkata’s order. On Dec. 16, The operational creditor Veekay General has filed an application under insolvency proceedings for an alleged operational debt of Rs 63 lakh, which has been admitted by NCLT Kolkata. Company has filed its appeal against the order before NCLAT.

Delta Corp: Government to levy 28 percent Goods and Services Tax on state-run and private lottery from March 1.

ICICI Bank: The Reserve Bank of India told the Bombay High Court that its decision to grant approval to the Bank for termination of appointment of Chanda Kochhar as managing director and chief executive officer was fair and not arbitrary, according to a PTI report.

NBCC secured business worth Rs 8,861.05 crore for the month of November.

NIIT promoters increased their stake from 31.39 percent to 34.35 percent via tendering of share-buyback on Dec. 16.

NALCO: Shridhar Patra has been appointed as Chairman and MD with effect from Dec. 17.

South Indian Bank said that Base Rate will be reduced by five basis points to 9.95 percent and MCLR will also be reduced across various tenors with effect from Dec. 20.

 


DISCLOSURE IN PURSUANCE OF SECTION 19 OF SEBI (RA) REGULATION 2014

Elite Wealth Advisors Limited does/does not do business with companies covered in its research reports. Investors should be aware that the Elite Wealth Advisors Limited may/may not have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as read more


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