Nifty likely to open flat, Asian shares open mixed; Aurobindo Pharma, ICICI Bank in focus

Indian Indices:                               The The Nifty50 which started on a strong failed to hold on to momentum and quickly pared gains on Friday and closed just above its crucial support level of 10,600 levels. The index slipped 0.7 percent for the week ended May 4. Bears took control of the index from the word go and closed near its intraday low making a ‘Bearish Belt Hold’ kind of pattern on the daily charts. On the weekly charts, Nifty formed a bearish candle after closing in green for the past five weeks. The index which broke below 10,650 took support at its 13-day exponential moving average (DEMA) to close at 10,618, down 61.40 points. It opened at 10,700.45 which was also the intraday high and bears pushed the index near its crucial support placed around 10,600 to hit an intraday low of 10,601.60.

Global Market:

·       Asian markets- Asian markets were mixed in early Monday trade despite the strong showing on Wall Street as investors digested US jobs numbers and last week’s trade talks.

·       US Markets: US stocks closed sharply higher Friday as Wall Street shrugged off lackluster numbers in the government’s monthly jobs report while shares of Apple hit an all-time high to lead the technology sector higher

·       European markets finished broadly higher on Friday with shares in Germany leading the region. The DAX is up 1.02% while London's FTSE 100 is up 0.86% and France's CAC 40 is up 0.26%

Major Headlines of the day:

·        Aurobindo launches $1.6 billion bid to buy Novartis generics unit. Aurobindo Pharma Ltd has submitted an initial bid to buy Novartis AG’s dermatology generics drug business for about $1.6 billion, reports Mint.

·        JSW defers plans to tap PE fund for ports expansion. The Sajjan Jindal-led JSW group has deferred a private equity infusion into its ports arm as the deal to acquire APM Terminals’ stake in the Pipavav Port in Gujarat has been delayed.

·        Welspun Corp received orders along with demand from the Joint Commissioner (Appeal) - GVAT, Rajkot for an amount of Rs178.79 crores

·        Avenue Supermarts: Q4FY18 standalone net profit rises 72.86 percent YoY to Rs 167.10 crore

·        Wockhardt Q4: Loss at Rs 154 crore versus loss of Rs 174 crore; revenue up 17.6 percent at Rs 1,018 crore versus Rs 865.5 crore (YoY).

·        Nocil: Q4 Profit rises to Rs 50.95 crore versus Rs 20.91 crore; revenue from operations jumps to Rs 275.87 crore versus Rs 209.78 crore (YoY).

·        Indbank Merchant Banking Services: Q4 loss at Rs 2.5 crore versus profit at Rs 1.07 crore; revenue from operations rises to Rs 2.7 crore versus Rs 2.35 crore (YoY).

·        Lloyds Steels Industries: Q4 profit jumps to Rs 99.84 crore from Rs 12.03 crore; revenue from operations rises to Rs 63.4 crore versus Rs 39.4 crore (YoY)

Trend in FII flows:-  The FIIs were Net Value of Rs -1628.23 the cash segment FRIDAY while the DIIs were Net Value of Rs 1084.09as per the provisional figures.

TODAY ON EARNING FRONT:- ICICI Bank, Vijaya Bank, Exide Industries, Tata Chemicals, Tata Coffee, Dwarikesh Sugar

Securities in Ban For Trade Date 07-MAY-2018 :-

1.  IRB Infrastructure,

2.  Balrampur Chini Mills,

3.  PC Jeweller,

4.  Jet Airways

5.  Just Dial

Get more details here:-

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