Summary
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Positive on largecap IT space: Neeraj Deewan
Quantum Securities Director Neeraj Deewan is positive on largecap IT. "Infosys has seen a good correction. At the end of March, it was trading around Rs 1,860-1,870, and has fallen a lot from those levels. The earnings expectation for Infosys is not that great as far as the topline is concerned and the margin should also be little less than what the Street is expecting... That is what is getting priced into the stock," he says.
"If you get some disappointment in the numbers, you will get some more correction, which will be an opportunity to invest," he says.
Valuation-wise, there is comfort in Infosys among largecap IT names, he adds.
Positive on IT from 3-4 year view: Mehraboon J Irani
Market expert Mehraboon J Irani remains positive on the IT story from a perspective of 3-4 years, and sees great opportunities in the midcap IT space. He says people are chasing Mindtree, Persistent Systems, L&T Tech, L&T Infotech and Tata Elxsi, but it it yet to become a decent trading opportunity from the buying side at some point of time.
Market At Close | Sensex, Nifty50 off day’s lows but extend losses to 2nd day
Here are some highlights:
--41 Nifty stocks in the red; Hindalco, Coal India, Grasim top losers
--Metal stocks slip on fall in global prices; Hindalco down 6 percent
--IT stocks under pressure ahead of earnings; Infosys down 1.5 percent
--Banking stocks support market; Axis, Kotak, IndusInd, ICICI Bank rise
--Tata Motors among top Nifty losers following weak JLR global wholesales
--Midcap index posts biggest single-day fall in over a month
--Birlasoft, L&T Tech, Mindtree, Firstsource top midcap IT losers
--NSE advance-decline ratio at 1:3
Market At Close | Hindalco, Coal India, Grasim, Tata Motors, Tata Steel top blue-chip laggards
Bajaj Auto, Tech Mahindra, Wipro, Bharti Airtel and BPCL also among the top losers. On the other hand, Axis Bank, Kotak Mahindra Bank, PowerGrid, ICICI Bank, IndusInd, Maruti Suzuki and Mahindra & Mahindra rise the most among the 11 gainers in the Nifty50 basket.
Here's what the 30-scrip pack looks like at the close:
Closing Bell | Sensex down 388 pts, Nifty50 below 17,550
Both headline indices finish the day down 0.8 percent, though off their lowest levels of the day. The Sensex sheds 388.2 points to end at 58,576.4 and the Nifty50 settles at 17,530.3, down 144.7 points from its previous close.
Losses in oil & gas, IT and metal shares pull the main indices lower, though a fag-end rebound in financial shares limited the downside. (Read more on the closing bell)
Sensex, Nifty50 off day's lows helped by financial stocks; Nifty Bank up 0.5%
The Nifty Bank up 0.5 percent in a comeback after struggling below the flatline for much of the session. Earlier in the day, the banking index fell as much as 0.9 percent.
Here's what the BFSI basket looks like 25 minutes before the closing bell:
| Stock | Change (%) |
| AXISBANK | 1.5 |
| KOTAKBANK | 1.2 |
| ICICIBANK | 0.6 |
| SBILIFE | 0.5 |
| HDFC | 0.1 |
| ICICIGI | -0.1 |
| HDFCBANK | -0.1 |
| SBIN | -0.2 |
| CHOLAFIN | -0.3 |
| ICICIPRULI | -0.6 |
| HDFCLIFE | -0.8 |
| SBICARD | -0.9 |
| BAJFINANCE | -0.9 |
| HDFCAMC | -1.5 |
| BAJAJFINSV | -1.6 |
| MUTHOOTFIN | -1.7 |
| PEL | -1.9 |
| RECLTD | -2 |
| PFC | -2 |
| SRTRANSFIN | -3.4 |
Nifty off day's low but still some 127 pts below 5 DMA
The 50-scrip index down 109.7 points or 0.6 percent at 17,565.3, recovering more than half of the day's losses after dropping to as low as 17,442.4. At the current level, the benchmark still 126.8 points below its five-day simple moving average.
| Period (No. of days) | Simple moving average | Signal |
| 5 | 17,692.1 | Bearish |
| 10 | 17,710.5 | Bearish |
| 20 | 17,431.6 | Bullish |
| 50 | 17,163.2 | Bullish |
| 100 | 17,299.4 | Bullish |
| 200 | 17,149.8 | Bullish |
Sustained hikes in petrol, diesel rates may not be needed if crude stabilises: Sources
Retail prices of petrol and diesel are nearing global crude oil levels, and sustained hikes may not be needed if crude oil stabilises, say sources. The retail pass-through is close to $95 a barrel. Petrol and diesel cost Rs 105.4 a litre and Rs 96.7 a litre respectively.
Around a month more of losses may still be recoverable by oil marketing companies (OMCs), they add. (Read more on fuel rates)
Buy Voltas, target Rs 1,330-1,350: Shrikant Chouhan
Shrikant Chouhan of Kotak Securities recommends buying Voltas shares for a target of Rs 1,330-1,350 with a stop loss at Rs 1,280.
India valuations expensive, inflation may hit US growth too: Credit Suisse's Suresh Tantia
Suresh Tantia, Senior Investment Strategist at Credit Suisse, is cautious on India citing expensive valuations. As yields rise, there will be some pressure on the Indian market, he says. "The Indian equity market is trading at a higher valuation than S&P 500 and with the RBI withdrawing its accommodative stance, I think going forward, as yields go higher, we are going to see some pressure on the valuation of the Indian equity market.” (Read more)
Indian Oil removes Russian urals from latest tender: Sources to Reuters
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Sebi comes up with new guidelines to assess risk value of gold and gold-related instruments
On Monday, the Sebi released a new framework for assessing the risk level of commodities — gold and gold-related securities — in which mutual funds are allowed to invest based on the risk-o-meter. The markets regulator stated in a circular that mutual fund schemes investing in such commodities will be assigned a risk score proportional to the annualised volatility of the price of such commodities.