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HDFC Securities sees Nifty hitting 12,400 in 2019; 6 sectors it is talking about

The Nifty target for calendar year 2019 has been set at 12,400, analysts at HDFC Securities shared in a note. They believe that the market could move towards a cautious return-seeking position along with higher volatility.

Among the key events the market will watch keenly next year are Brexit, European Union Parliamentary elections, and general elections in India.

Meanwhile, positive cues for the market include reasonable valuations, sentiment in favour of emerging markets (EMs) should trade risks reduce. Along with it, it is betting on recovery in corporate earnings and seven out of 12 IBC cases getting solved.

The concerns highlighted by investors include reduced spending by government, leading to lower offtake growth in auto, FMCG and media, among others. Further, continued rise in rates by US Federal Reserve along with mutual fund tapering off post general elections could weight, it says.

The research firm shared outlook on multiple sectors. Here is a gist of those themes:

- Consumer: HDFC Securities believes that the sector has lower incremental potential. Its top picks include ITC, Voltas and V-Guard.

- Financials: The brokerage believes one could look for capable managements that are positioned for growth in long term. SBI and BoB, which have better capital and better operating practices will follow secular path.

- IT Services: Recent concerns around threat from digital evolution has misplaced us, it aid, adding that it is confident of growth trajectory at Infosys, TCS and L&T Technology.

- Infrastructure: It likes KNR Constructions and PNC Infratech. Slowdown in ordering could pick up in fourth quarter,

- Oil & Gas and mining: It sees overhang of government policies on pricing and distribution. It likes GAIL, Petronet, IGL and MGL.

- Metals: It recommends avoiding the sector as Chinese slowdown could have strong repercussions.

- Auto and Cement: Near term challenges could keep stock momentum in check. It prefers Ashok Leyland.

- Pharma: It expects pharma to spring a surprise in the coming months.

Source:https://www.moneycontrol.com/news/business/markets/hdfc-securities-sees-nifty-hitting-12400-in-2019-6-sectors-it-is-talking-about-3316931.html

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Indian ADRs end in red: ICICI Bank, Tata Motors end lower, Wipro falls 4%

In the IT space, Infosys was down 1.94 at USD 9.10 and Wipro plunged 4.09 percent at USD 4.93. In the banking space, ICICI Bank fell 2.74 percent at USD 9.93 and HDFC Bank shed 2.33 percent at USD 100.40.

Indian ADRs ended lower on Friday. In the IT space, Infosys was down 1.94 at USD 9.10 and Wipro plunged 4.09 percent at USD 4.93.

In the banking space, ICICI Bank fell 2.74 percent at USD 9.93 and HDFC Bank shed 2.33 percent at USD 100.40.

In the other sectors, Tata Motors slipped 0.48 percent at USD 12.37 and Dr Reddy's Laboratories was down 1.21 percent at USD 36.84.

Source: https://www.moneycontrol.com/news/business/markets/indian-adrs-end-in-red-icici-bank-tata-motors-end-lower-wipro-falls-4-3317801.html

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Nifty forms Inverted Hammer pattern on weekly scale; 10,700 crucial for bulls

The Nifty50 fell sharply and wiped out momentum of last six trading sessions to slip towards 10,750 levels on Friday. The index plunged nearly 200 points for the first time in last nine consecutive sessions, forming big bearish candle on the daily charts.

Concerns on global economy growth and threat of partial US government shutdown dented market sentiment globally, but the consistent fall in oil prices continued to support the market.

Experts expect the consolidation to continue in the coming sessions and the index is likely to defend crucial support of 10,700 levels, experts said, adding the trading volume could be low in coming week as FIIs generally go on leave during Christmas and New Year.

The Nifty50 after opening flat extended losses as the day progressed and touched an intraday low of 10,738.65 in late trade. The index closed 197.70 points or 1.81 percent lower at 10,754.

The Nifty lost half a percent during the week due to sharp correction on Friday and formed Inverted Hammer kind of pattern on the weekly scale.

"After a brief outperformace vis-à-vis global markets in the month of December Nifty50 appears to have resumed its downswing, perhaps in solidarity with global trends, as it signed off the last session of the week with a large bearish candle which has erased almost last 5 sessions of labored upmove," Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.

Source:https://www.moneycontrol.com/news/business/markets/technical-view-nifty-forms-inverted-hammer-pattern-on-weekly-scale-10700-crucial-for-bulls-3316671.html

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Rupee trades near day's low at 70.14/USD

Indian rupee is trading near to day's low at 70.14 per dollar, down 44 paise against Thursday's close 69.70.

Yesterday the rupee ended at the highest level against the US dollar since November 30 as crude oil price plunged to the lowest level over a year. It gained 70 paise against Wednesday's close of 70.40 per dollar.

Rupee gained sharply against the US dollar following broader weakness in the dollar and plunge in global crude oil prices. Gains in the rupee were triggered after the Federal Reserve in its policy statement mentioned that rate hike in the coming year could be restricted to two compared to earlier estimates of three rate hikes next year, said Motilal Oswal.

Fed Chairman Jerome Powell said the central bank would continue trimming its balance sheet by USD 50 billion each month, and left open the possibility that continued strong data could force it to raise rates to the point where they start to brake the economy’s momentum.

Today, USD-INR pair is expected to quote in the range of 69.70 and 70.50. Pound failed to break the crucial resistance of 1.2740 ahead of important Bank of England policy statement, wherein the central bank, it added.

Source:https://www.moneycontrol.com/news/business/markets/rupee-trades-near-days-low-at-70-14usd-3314021.html

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International Market Update

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Sensex continues to trade lower, Nifty holds on to 10,900; Airtel up 2%

Market opens It’s a mildly lower start to the market on Friday morning, amid weak global cues. The Nifty is holding 10,900-mark. 

Among sectors, Nifty IT index is down around half a percent, while energy and pharma are in the negative zone. Automobile names are trading in the green. 

The Nifty Midcap index is up one quarter of a percent. 

The Sensex is down 31.04 points or 0.09% at 36400.63, while the Nifty was down 16.20 points or 0.15% at 10935.50. The market breadth is positive as 295 shares advanced, against a decline of 107 shares, while 21 shares were unchanged.

Bharti Airtel, Yes Bank, HPCL and Indiabulls Housing are the top gainers, while Infosys, Power Grid and IOC have lost the most. 

Rupee opens The Indian rupee opened at 69.72 per dollar on Friday versus previous close 69.70.

Source: https://www.moneycontrol.com/news/business/markets/market-live-sensex-continues-to-trade-lower-nifty-holds-on-to-10900-airtel-up-2-3313861.html

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