News Updates on Stock,Equity Market

Mid and small-cap mutual fund schemes have delivered negative 6 percent returns in the one week period ended May 25, under-performing the large-cap funds category.

Mid-cap funds delivered negative return of 5.41 percent, while smallcap funds gave 5.85 percent return in the week ended May 25. In the same period, large cap funds category delivered negative return of merely 2.35 percent.

In one month to May 25, too, the mid-cap category gave negative returns of 3.2 percent, while small-caps delivered negative 3.4 percent return, while large cap category gave 23 percent returns.

In comparison, BSE Sensex rose 2.69 percent, BSE Midcap and BSE Small Cap index fell 4 percent and 3.3 percent, respectively.

"Mid & small-caps had rallied more in the last one year; therefore, the correction is also higher in mid & small-caps vs large-caps," said Gautam Duggad, Head, Research at Motilal Oswal Securities.

Fund managers, too, concurred with Duggad's view and said that the valuations of mid-cap and small-cap companies were expensive and correction was expected.

The sharp run-up in mid-cap stocks has made them relatively costlier as compared to the broad index. Based on valuations the BSE MidCap index is trading at a historic price-to-earnings (PE) of 37.69 times, which is higher than that of Sensex that trades at 21.76 times.

In the one-year period ended May 25, the mid-cap and small-cap categories offered 29 percent and 35 percent average returns, respectively.

According to the data on Morningstar, the worst hit mid-cap funds in one week were -- Motilal Oswal MOSt Focused Midcap 30 Fund-Regular Plan (-4.34 percent), Baroda Pioneer Midcap Fund (-4.12) and Motilal Oswal MOSt Shares M100 ETF Fund (3.82 percent)

Similarly, the worst performing small-cap funds in one week were--DSP BlackRock Micro Cap Fund (-3.53 percent), HSBC Midcap Equity Fund (-3.40 percent) and Union Small & Midcap Fund (-3.25 percent).

Experts are getting a bit jittery on the mid-cap valuation as the difference in the valuation of BSE Sensex and BSE MidCap index is in an overbought zone. Such outperformance of midcap indices lasted for a short span of time in the past. But this time around, the stellar show is lasting for a longer time.

There are several reasons for this disparity. Stocks comprising the midcap space are generally domestic plays, while stocks in the large-cap basket are global players with exports accounting for a significant portion of their sales. With a global slowdown investors piled on midcap stocks where probability of growth was higher.

With the risks increasing in this space, experts are advising investors to take a break from their mid-cap addiction.

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Nifty hits record high, crosses earlier level of 9532.6, Sensex higher by 0.2%

9:29 am Record high: Nifty hits record high as it surpassed its earlier level of 9532.6, while the Sensex was trading over 0.25 percent higher.

9:20 am CLSA downgrades Cipla: Cipla Q4 net loss narrowed to Rs61.79 crore but muted EBITDA margins led to a downgrade by CLSA to underperform from outperform earlier. The Asia-focussed broker lowered its 12-month target price to Rs 525 from Rs660 earlier

“The key disappointment in Cipla’s 4QFY17 results was its Ebitda margins, which came 4 percent below our estimates. This reverses the margin improvement trend displayed in 9MFY17,” said the CLSA note.

“We believe cost-led margin expansion has played out and next leg of margin improvement must be led by double-digit revenue growth,” it said.

9:15 am Market Opens: A day after the record high closing on the Street, equity benchmarks on Friday opened flat, with the Nifty holding on to 9500-mark.t

The Sensex was up 15.98 points at 30766.01, while the Nifty was down 6.85 points at 9502.90. The market breadth was healthy as 513 shares advanced against a decline of 262 shares, while 36 shares were unchanged.

Asian Paints and Dr Reddy’s Laboratories were the top gainers on both indices, while Cipla, Sun Pharma and Indian Oil Corporation lost the most.

Midcaps were trading flat after a bullish run on Thursday, while the banking stocks were a drag.

The Indian rupee opened with marginal gain of 5 paise at 64.56 per dollar on Friday versus previous close 64.61.

Ashutosh Raina of HDFC Bank said, “The USD-INR currency pair has been trading in the 64.50-65 range, with the cross-border tensions limiting the gains. Expect the pair to trade in the 64.40-64.90 range today.”

He further added, “The bonds are stuck in a very narrow range with 10-year bonds trading in the 6.75-6.80 percent range after their recent rally from tops. Expect the trend to continue.”

The dollar index fell against a basket of major currencies following Wednesday's Fed minutes dialled down some expectations of the central bank hiking interest rates soon.

Stocks in Asia were mixed at the open on Friday, after major oil producers agreed to extend output cuts for an additional nine months at an OPEC meeting in Vienna yesterday.

The production cuts of 1.8 million barrels a day, first agreed on in November last year, will now extend to March 2018. The OPEC-led output cuts are targeted at rebalancing the global overhang in the oil markets which saw oil prices fall by more than half in recent years.

Oil prices fell by almost 5 percent in the last session following the news as some investors had been hoping for deeper production cuts. US crude had traded above the USD 50 mark for most of the week in anticipation of the OPEC meeting.

US stocks rose on Thursday, with the S&P 500 and Nasdaq Composite hitting new highs, helped by gains in the consumer discretionary sector after strong reports from Best Buy and other retailers.

The discretionary index was up 1.2 percent, while the S&P 500 retail index was up 1.9 percent, on track for its best day since November 7.

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Daily Nifty News Letter

Outlook Of Nifty/bank nifty today Nifty Outlook:   The S&P BSE Sensex created history on the expiry day on Thursday as it rallied 494 points to hit a fresh record high of 30,793.43, surpassing its previous peak of 30,712 hit earlier in the month of May. The rally was not limited to Sensex as 22 stocks hit a fresh all-time high on the BSE which include names like Maruti Suzuki, Shakti Pumps, EIH Hotels, Adani Transmission, etc. About 88 stocks hit fresh 52-week highs on the BSE including L&T, HDFC Bank, HUL, L&T Infotech, TVS Motor, Voltas, Ion Exchange, ICICI Bank, Eveready Industries, and KEC International. Bank Nifty Outlook:   Latest FOMC minutes highlighted that policymakers at US Federal Reserve agreed that they should hold off on raising interest rates until it was clear that a recent US economic slowdown was temporary. On the options front, for the June series maximum Put OI was seen at strike prices 9,000 followed by 9,300 and 9,400 while maximum Call OI is at 9600 strike. The market rebounded from previous days fall as FOMC minutes shared its concern over the hike in US rate in the future due to a slowdown in economic growth, which is positive for EMs. While short covering ahead expiry and appreciation in INR added impetus to the rally. Nifty Trends    R1 9556 R2 9600 S1 9470 S2 9400 Technical Outlook Top Gainers LT 1,765.00 BANKBARODA 181.60 ICICIBANK 316.85 INDUSINDBK 1,459.45 ACC 1,633.00 Top Losers LUPIN 1,140.00 DRREDDY 2,423.00 CIPLA 504.70 SUNPHARMA 595.00 ULTRACEMCO 4,152.00 To Get Free Trial Missed call @8817002233  Mail Us = starindiamarket@gmail.com visit = http://www.starindiaresearch.com/freetrail.php

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Daily Nifty News Letter

Outlook Of Nifty/bank nifty today Nifty Outlook:   The mid & smallcap stocks came under pressure on Tuesday with some stocks correcting as much as 20 percent in intraday trade. The S&P BSE Midcap and Smallcap indices corrected over 2 percent compared to 0.5 percent fall in the Nifty50. The fall in the mid and smallcap stocks was largely in line with expectations and investors should not get worried about the strength of the market. Instead, dips should be used to buy into quality stocks. Many midcap companies were trading at valuations which some would term expensive; hence, some bit of consolidation was required.  Bank Nifty Outlook:   Public sector banking major, Bank of India, extended its fall from the previous session on the back of poor results that the lender posted. The stock had fallen 9 percent on Monday post it Q4 results announcement. The lender narrowed its net loss in the fourth quarter results ending March 2017 at Rs 1,045 crore driven by interest income and lower provisions. The net loss a year ago was at Rs 3587 crore. However, the loss comes against a profit of Rs 102 crore in the December quarter. Nifty Trends    R1 9465 R2 9500 S1 9370 S2 9280 Technical Outlook Top Gainers MARUTI 6,867.95 M&M 1,328.35 EICHERMOT 27,578.05 WIPRO 525.90 HCLTECH 864.85 Top Losers ADANIPORTS 330.65 AUROPHARMA 540.00 CIPLA 532.95 SUNPHARMA 615.35 BAJAJ-AUTO 2,812.50 To Get Free Trial Missed call @8817002233  Mail Us = starindiamarket@gmail.com visit = http://www.starindiaresearch.com/freetrail.php

Stocks in the news: Lupin, Tata Steel, Videocon, NCC, Voltas, Cerebra Integrated

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Here are stocks that are in news today:

Results Today: Lupin, Bharat Forge, Adani Ports, Amara Raja Batteries, Adani Ent, Jain Irrigation, Dish TV India, Somany Ceramics, Kaveri Seed, Gujarat Gas, Praj Industries, Religare Enterprises, GE T&D India, Aptech, Asahi India Glass, Bayer CropScience, Emkay Global, Fineotex Chemical, Garware-Wall Ropes, Global Vectra Helicorp, Gujarat Sidhee Cement, GVK Power Infrastructure, Intrasoft Technologies, Jubilant Industries, Kopran, Kuantum Papers, Minda Corporation, Mukand Engineers, Mukand, Mukta Arts, Murudeshwar Ceramics, Punjab Alkalies Chemicals, Rajapalayam Mills, Sanghi Industries, Shalimar Paints, Sona Koyo Steering, Zee Media Corporation, Wonderla Holidays, Sundram Fasteners, Talbros Automotive Components, Timken India, TVS Srichakra,

PNC Infratech

Voltas enters into JV with Ardutch B.V. (a subsidiary of Arçelik A.S.; part of the Koç Group – Turkey’s largest industrial and services group)

Videocon

Says Crash in stock price due to classification of NPA by Dena Bank

CCI approves amalgamation of Videocon D2H with Dish TV

CCI approves acquisition of up to 6.02 percent stake by Aceville in Flipkart

JHS Svendgaard

Conversion of 4.4 lakh warrants into equity shares allotted on preferential basis

TV Today Network

Migration from Phase II to Phase III of 3 FM radio stations

Mangalore Chemicals & Fertilizers

CARE has revised the Long Term Rating to BBB Stable from BBB-;Stable and Short Term Rating to BBB from BBB-

Cerebra Integrated Technologies

Karnataka State Pollution Control Board has issued its consent to start production for its E-Waste recycling plant setup on a 12 acre land

AIA Engineering

Magotteaux initiates arbitral proceedings against co. demands $60 million in damages

SBI

Bank set to finalise six I-banks to manage Rs 10000 crore fund raising

SAIL

SAIL Arcelor Mittal JV may be sealed this month says Union Steel minister

HDFC

HDFC life gears up for IPO as Max meger delayed

ABFRL

Co. partners with KVIC to sell khadi products

JK Paper
Plans Rs 650 crore for investment

To raise USD 5mn from IFC GAIL, NTPC

IDBI Bank

ICRA dowmngrades banks debt ratring

GAIL, NTPC

RGPPL demerger: GAIL to own LNG terminal, NTPC to get power plant

Voltas

Forms USD 100mn JV with Ardutch

Infosys

Adopts new character to address investor concerns

Tata Motors Q4
Cons Net Profit At Rs 4,296 Cr Vs CNBC-TV18 Poll Of Rs 3,502 Cr
Cons Revenue At Rs 78,747 Cr Vs CNBC-TV18 Poll Of Rs 82,866 Cr
Cons EBITDA At Rs 10,846 Cr Vs CNBC-TV18 Poll Of Rs 9,853 Cr

Cons EBITDA Margin At 14 percent Vs CNBC-TV18 Poll Of 11.8 percent

Cons Net Profit Down 17 percent At Rs 4,296 Cr Vs Rs 5,176 Cr (YoY)
Cons Revenue Down 2.6 percent At Rs 78,747 Cr Vs Rs 80,868 Cr (YoY)
Cons EBITDA At Rs 10,846 Cr Vs Rs 10,842 Cr (YoY)

Cons EBITDA Margin At 14 percent Vs 13.4 percent (YoY)

Standalone Net Loss At Rs 829 Cr Vs CNBC-TV18 Poll Of Rs 687 Cr Loss
Standalone Revenue At Rs 15,092 Cr Vs CNBC-TV18 Poll Of Rs 11,888 Cr
Standalone EBITDA At Rs 620 Cr Vs CNBC-TV18 Poll Of Rs 358 Cr

Standalone EBITDA Margin At 4.6 percent Vs CNBC-TV18 Poll Of 2.9 percent

Standalone Net Loss At Rs 829 Cr Vs Profit Of Rs 398 Cr (YoY)
Standalone Revenue Up 6.7 percent At Rs 15,092 Cr Vs Rs 14,148 Cr (YoY)
Standalone EBITDA Down 49.4 percent At Rs 620 Cr Vs Rs 1,225.7 Cr (YoY)

Standalone EBITDA Margin At 4.6 percent Vs 9.6 percent (YoY)

JLR Net Profit At £557 m Vs CNBC-TV18 Poll Of £512 m
JLR Revenue At £7,268 m Vs CNBC-TV18 Poll Of £7,962 m
JLR EBITDA At £1,057 m Vs CNBC-TV18 Poll Of £1,032 m

JLR EBITDA Margin At 14.5 percent Vs CNBC-TV18 Poll Of 13 percent

JLR Revenue Up 10.1 percent At £7,268 m (YoY)
JLR Net Profit Up 18 percent At £557 m (YoY)

JLR EBITDA Up 17.1 percent At £1,057 m (YoY)

Tata Motors Says Q4 Cons Revenue Lower By Rs 9,032 Cr Due To Translation Impact From £ To Rs

Novartis Q4
Net Profit Down 87.3 percent At Rs 2.9 Cr Vs Rs 22.8 Cr (YoY)
Revenue Down 14.3 percent At Rs 160.3 Cr Vs Rs 187.1 Cr (YoY)

EBITDA Loss At Rs 6.1 Cr Vs EBITDA Profit Of Rs 12.8 Cr (YoY)

Jubilant Life Q4
Cons Net Profit At Rs 149 Cr Vs Rs 10.9 Cr (YoY)
Cons Revenue At Rs 1,641.4 Cr Vs Rs 1,515.8 Cr (YoY)
Cons EBITDA Up 4.1 percent At Rs 305 Cr Vs Rs 292.9 Cr (YoY)
Cons EBITDA Margin At 19.1 percent Vs 19.7 percent (YoY)

Cons Other Income At Rs 10.5 Cr Vs Rs 2.2 Cr (YoY)

NCC Q4
Net Profit Down 26.1 percent At Rs 63.7 Cr Vs Rs 86.2 Cr (YoY)
Total Income Down 13.5 percent At Rs 2,186.5 Cr Vs Rs 2,528.9 Cr (YoY)
EBITDA Down 22.6 percent At Rs 221.3 Cr Vs Rs 285.8 Cr (YoY)
EBITDA Margin At 10.1 percent Vs 11.3 percent (YoY)

Other Income Down 38.6 percent At Rs 47.1 Cr Vs Rs 76.7 Cr (YoY)

National Peroxide Q4
Net Profit At Rs 15.7 Cr Vs Rs 7 Cr (YoY)

Revenue Up 13.3 percent At Rs 67.5 Cr Vs Rs 59.6 Cr (YoY)

Essel Propack Q4
Cons Net Profit Up 19.1 percent At Rs 46.1 Cr Vs Rs 38.7 Cr (YoY)
Cons Revenue Up 11.3 percent At Rs 634.4 Cr Vs Rs 570.2 Cr (YoY)
Cons EBITDA Up 21.9 percent At Rs 119.8 Cr Vs Rs 98.3 Cr (YoY)

Cons EBITDA Margin At 19.6 percent Vs 17.9 percent (YoY)

Voltas Q4
Cons Net Profit At Rs 200.5 Cr Vs CNBC-TV18 Poll Of Rs 142.4 Cr
Cons Revenue At Rs 2,058.3 Cr Vs CNBC-TV18 Poll Of Rs 1,885.1 Cr
Cons EBITDA At Rs 222 Cr Vs CNBC-TV18 Poll Of Rs 177.8 Cr

Cons EBITDA Margin At 10.9 percent Vs CNBC-TV18 Poll Of 9.4 percent

Cons Net Profit Up 22.1 percent At Rs 200.5 Cr Vs Rs 164.2 Cr (YoY)
Cons Revenue Up 10.5 percent At Rs 2,058.3 Cr Vs Rs 1,863.4 Cr (YoY)
Cons EBITDA Up 22.8 percent At Rs 222 Cr Vs Rs 180.8 Cr (YoY)

Cons EBITDA Margin At 10.9 percent Vs 9.7 percent (YoY)

Capital Trust Q4
Net Profit Up 12.9 percent At Rs 7 Cr Vs Rs 6.2 Cr (YoY)

Revenue Down 71.2 percent At Rs 31.5 Cr Vs Rs 18.4 Cr (YoY)

Ion Exchange Q4
Net Profit At Rs 26.2 Cr Vs Rs 16.6 Cr (YoY)

Total Income At Rs 349.9 Cr Vs Rs 239.7 Cr (YoY)

Radico Khaitan Q4
Net Profit Up 18.6 percent At Rs 16.6 Cr Vs Rs 14 Cr (YoY)

Total Income At Rs 1,209.8 Cr Vs Rs 1,011.2 Cr (YoY)

Future Retail Q4
Net Profit Up 17.3 percent At Rs 123 Cr Vs Rs 104.9 Cr (YoY)
Total Income Up 25.3 percent At Rs 4,483.8 Cr Vs Rs 3,578.1 Cr (YoY)
EBITDA Up 47.7 percent At Rs 180.4 Cr Vs Rs 122.1 Cr (YoY)
EBITDA Margin At 4 percent Vs 3.4 percent (YoY)

Other Income Down 83.6 percent At Rs 2.5 Cr Vs Rs 15.2 Cr (YoY)

Torrent Power Q4
Cons Net Profit Up 94.7 percent Rs 136.1 Cr Vs Rs 69.9 Cr (YoY)
Cons Revenue Down 1.5 percent At Rs 2,452.8 Cr Vs Rs 2,489.9 Cr (YoY)
Cons EBITDA Up 29.3 percent At Rs 696.4 Cr Vs Rs 538.7 Cr (YoY)

Cons EBITDA Margin At 28.4 percent Vs 21.6 percent (YoY)

Other stocks and sectors in the news
Dion Global launches Integrated Wealth Management and Trading Platform
JB Chemicals & Pharmaceuticals approves the buy-back of up to 12,50,000 (1.47 percent of equity)
Karnataka Bank ties-up with HDFC Capital Asset Management (HDFCAML) for mutual fund businessBambino Agro sale of fixed assets including plant & machinery at Indore, Madhya Pradesh and at Bibinagar, Telangana