STOCK MARKET LIVE: Sensex closes flat, Nifty to move in 11780-12000 range; BUY on SBI and Axis Bank shares; buy Page Industries, NELCO with long-term view


BSE Sensex and NSE’s benchmark Nifty ended the day flat, with Nifty ending the day at 11,914.05 points or 7.85 points up, and BSE’s 30-share index closing at 39,741.36. Sensex opened lower at 39,679.35 points over the previous day’s close of 39,756.81 points today. Amid uncertainty over an intractable US-China trade dispute, lower oil prices and a bleaker demand outlook, Asian stocks stuttered during the morning trade on Thursday. MSCI`s Asia-Pacific shares outside Japan fell 0.1%, slipping from a one-month high touched earlier this week, while Japan`s Nikkei fell 0.3%. BSE Sensex ended 194 points lower at 39,757 while NSE’s Nifty50 fell 59 points to settle at 11,906 points on WednesdayBTSTT call:4:10 pm: Page Industries:
(Zee Business TV experts call) Momentum seen in this stock. Stop loss at Rs 20100 and target price is Rs 21,000. 

4 pm: Nifty movement:

Nagaraj Shetti, technical research analyst at HDFC securities said Nifty showed upside bounce from the lows, expect the emergence of selling interest from near 12,000 mark. It bounced back from the lows and closed on minor gains today.

 A small positive candle was formed with lower shadow, which indicates a minor comeback of bulls from the lows.

The overall chart pattern could now suggests a broader range movement around 11780-12000 levels and the Nifty is expected to move within this range for the next 1-2 sessions. One may expect emergence of selling interest from near 12,000 mark.3:32 pm: BSE Sensex, NSE Nifty closed flat after falling through the day.3: 30 pm: BTSTT call:NELCO:
(Zee Business TV experts call) Stop loss at Rs 285-288. First target is Rs 310 and the second target would be Rs 325. The stock has bounced back after over a week.  13:23 pm: M&M, HDFC Bank, SBI, HDFC, ICICI Bank, Axis Bank, Bajaj Finance, Bharti Airtel, among other Sensex constituents bounced back, pushing the 30-share index up.  Indiabulls Housing Finance, ZEEL, BPCL, Grasim, and Kotak Bank were the top Nifty gainers3:18 pm: During the last tranche of the trading session, Indiabulls Housing Finance, ZEEL, BPCL, Grasim, and Kotak Bank were the top Nifty gainers. 3:14 pm: BSE Sensex and NSE Nifty bounced back after trading in the negative territory much of the day. 3:05 pm: YES BankRana Kapoor said he has no plan to join YES Bank board. YES Bank share fell about 13% on the BSE. 3 pm: SBI, Axis Bank (BUY)(Zee Business TV experts stock recommendation) Ashu Madan, President, equity broking, Religare broking, said the investors should look at SBI and Axis Bank. Investors should not take financial companies stocks other than SBI and Axis Bank.

2:50 pm: Berger Paints share
(Zee Business TV stock recommendations:) Rakesh Bansal of RK Global said the investors should keep stop loss at Rs 322 and target Rs 352-355 price for Berger Paints stock.

2:39 pm: IndusInd Bank share:
(Zee Business experts stock recommendation): Stock market analyst Sandeep Wagle said IndusInd Bank fell over 5%. It can go up to Rs 1510-1520. 

2:20 pm: Indiabulls Housing Finance share rose 9%:
Indiabulls Housing Finance stock recovered today after a drastic fall over the alleged irregularities at the company. The stock rose 9% after Abhay Yadav withdraws petition in the Supreme Court against promoter Sameer Gehlaut and the company over alleged fund misappropriation. The company’s share tumbled over 8% yesterday.

12:57 pm: PNB stock falls over 5% loan default:
Punjab National Bank (PNB) shares fell over 5% on the bourses after the bank admitted to Rs 25,090.3 crore crore default by 1,142 defaulters. PNB has initiated process to recover Rs 23,879.8 crore from 1,108 defaulters.

12:29 pm: Nifty Bank, Nifty Auto, and Nifty Pharma witnessed heavy fall today.

12:14 pm: Edelweiss maintains ‘REDUCE’ on DMart (steep valuation) 

DMart is a play on the strong Indian retail story and we estimate it to deliver revenue and EBITDA CAGR of 26/25% each over FY19–21. Rising competition will make margin expansion a difficult task. Hence, we maintain ‘REDUCE’ with target price of Rs 1,280 (35x 12-month forward EV/EBITDA). At CMP, stock is trading at 32.0x FY21E.

12:05 pm: Edelweiss maintains ‘HOLD’ on TCS

TCS, with huge Rs 30,000 crore cash pile and commitment to distribute it aggressively (distributed 100%+ of FCF in FY19), is expected to announce another mega buyback after completion of the stipulated 12 months gap (mostly around September). Both the company’s previous buybacks had been announced at a 10% plus premium. 

“We believe, robust execution and cash distribution have kept valuations high, though we see limited upside fundamentally. Hence, we maintain ‘HOLD/SP’ with Rs2,137 target price (22x Q1FY21E EPS). At CMP, the stock is trading at 21.8x FY21E EPS.”

11:58 am: NMDC stock analysis:
(Zee Business TV experts recommendation): NMDC stock has fallen 2-3% today, as  two of its mines were closed down due to protests by tribal groups. Despite the temporary hiccups,stock market analyst Sandeep Jain said NMDC has a strong prospect. The government will find some ways to operationalise the shut mines, Jain said.

11:28 am: YES Bank: (SELL)
(Zee Business TV experts stock recommendations) Stock market analyst Sandeep Jain maintained “SELL” on YES Bank. The bank’s share tumbled over 10% after foreign brokerage UBS cut its target to Rs 90 from Rs 170 earlier, a drop of 47 percent. 

UBS also has maintained its SELL rating on the stock. The brokerage expects further asset-quality stress than consensus, given the bank’s higher exposure to stressed corporates.

10:58 am: KEC International: Edelweiss maintains ‘BUY’ 

Edelweiss stance on KEC is neutral to positive “given it’s a play on India’s burgeoning infra opportunity over the next three-five years”. 

“We agree that the upside may be capped in the near term as market focuses on earnings. Our FY20/21 EPS estimates are 5% below consensus primarily on interest cost assumptions. We maintain ‘BUY/SP’ with TP of Rs 350 (15x P/E on September 2020 EPS). At CMP, the stock is trading at 15/13x FY20/21 EPS.”

KEC International expanding footprint in new infra ventures:
KEC, after scaling the infra business to 22% of overall turnover, is now looking to further increase the addressable market in railways (Metro Rail, Rapid Rail Transit) and civil businesses (Pubic projects) in India and overseas. Having started in niche segments in the civil business, KEC is now planning to shift from industrial to government jobs.

10:43 am: CEAT: (Edelweiss maintains HOLD)
Edelweiss continues to be positive on CEAT’s focused expansion plan and effective capital investment (capex/tonne). However, given the weakness in demand, the brokerage has revised down FY20/FY20E EPS 4%/10% to Rs 86.9/94.2. 

“We value CEAT at PER of 12x September 2020E EPS. The stock is trading at FY20/21 PE of 11.0x/9.9x. Maintain ‘HOLD/SP’ with a revised TP of Rs 1,087 (versus Rs 1,185 earlier).” 

10: 06 am: Finolex Industries: BUY
(Zee Business experts stock recommendations): Stock market expert Avinash Gorakshakar has recommended a BUY on Finolex Industries. Target is Rs 570. In the Budget 2018, it is expected that the government is going to focus on agriculture and rural sector and which will help this company.   

9:48 am: Chandan Taparia, Derivative & Technical Analyst at Motilal Oswal Securities said NIfty is trading in the range of 11,700-12100. If either of the range is broken then only we can say whether the market is bearish or bullish.

9: 38 am: YES BANK and IndusInd Bank witnessed massive fall on the bourses

9:32 am: BPCL, Asian Paints, Axis Bank, TCS, and Bajaj Finance are the top gainers in the Nifty50 index.

9: 29 am: Axis Bank, SBI, HDFC Bank stocks positive

(Zee Business TV experts recommendations) Stock market expert Sandeep Wagle said Axis Bank, SBI, HDFC Bank stocks are positive and can go up.

9: 15 am: BSE Sensex opened lower at 39,679.35 points over the previous day’s close of 39,756.81 points today

IndiGo, SpiceJet stocks positive:

(Zee Business TV experts recommendations) Stock market expert Sandeep Wagle said IndiGo, SpiceJet stocks positive. Rs 1600 support for Indigo and there is no breakout below Rs 1700.

9:05 am: (Pre-market) Markets slightly down. BSE Sensex at 39,719.00 points, 37.81 points down.  NSE’s benchmark Nifty too was trading 0.50% lower at 11,906.20.

9: am: Rupee opened flat at 69.33, against US dollar.

8:44 am: Jet Airways:SELL
(Zee Business TV experts recommendation) Market expert Kunal Saraogi recommended SELL on Jet Airways.

8:36 am: Banking, NBFC shares will be in focus, as the government will pump in Rs 15,000 crore into the financial system through bond issue on Thursday.. 

8:32 am: DLF: (CMP: 184.75) SELL 

(Zee Business TV experts recommendations) Market expert Kunal Saraogi recommended sell on DLF stocks.

8:28 am: Stock market Kunal Saraogi said on Thursday said on Zee Business TV that the markets will remain in the next couple of days. Benchmark Nifty will be in 11,780-12,400 range in the short term.

8:16 am: (Stocks in News) According to Zee Business TV updates, theinvestorsshould check updates on these stocks:NBCC, PNB, Trdent, Symphony, Reliance Nippon OMC, Adani Greens, Jet Airways, and Tata Motors. 

8:am: Experts say markets are likely to remain volatile today, due to global factors like US-China trade disputes.

7:45 am: SGX NIFTY FUTURE: The index was also trading low today. The index closed at 11,906.5, down 19 points or 0.16%.

7:35 am: Retail inflation increased to 3.05 percent in May. The CPI-based retail inflation for April was, however, revised marginally upwards to 2.99 percent from the earlier estimate of 2.92 percent, data released by the Central Statistics Office (CSO) showed.