Date: 26 April, 2019

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DOMESTIC INDICES

Close Points % Change

SENSEX 38731 -324 -0.83

NIFTY 11642 -84 -0.72

MIDCAP 15130 -88 -0.58

SMALL CAP 14839 -8 -0.05

SECTORAL INDICES

Close Points % Change

OIL & GAS 14998 17 0.11REALTY 2061 2 0.10

CD 23884 -48 -0.20Healthcare 14441 -39 -0.27

CG 18214 -51 -0.28IT 15854 -58 -0.36

POWER 1999 -8 -0.42TECK 7821 -49 -0.62AUTO 19370 -157 -0.80

Finance 6300 -56 -0.88BANKEX 33233 -343 -1.02METAL 11136 -217 -1.91

BSE 200 GAINERS/LOSERS

GAINERS % LOSERS % ULTRACEMCO 5.14 INFRATEL -10.33IBVENTURES 4.99 M&MFIN -3.94

GRASIM 4.60 GODREJCP -3.63PIIND 3.39 ADANIPOWER -3.51

RAMCOCEM 2.94 RELCAPITAL -3.41

ADVANCE/DECLINES

BSE %

ADVANCES 1103 41

DECLINES 1400 53

UNCHANGED 155 6

INSTITUTIONAL ACTIVITY

Rs Cr 25/04/19 24/04/19 April Total

FII 3786 975 17178

MF -4070 -76 -1836

After being in the green for most part of the day andmaking an intraday high of 11,797 at around 11 am, theNifty starting receding from 1 pm and really sold off from2.45 pm as the end account considerations came to thefore.

The Nifty finally ended the day and the settlement 84points or 0.72% down at 11,642.

Experience tells us that one should not read too muchinto the happenings of the closing session to project thenext day’s movement. Thursday’s action has more to dowith the April series and not how the May series willperform.

We begin the May series with an OI of Rs 2.53 lakh croreas against the Rs 2.62 lakh crore with which we began theApril series. So we are lighter in the series.

However, when we look at the stock futures, we find thatwe are beginning the May series with a higher OI of 453Crore shares, which is 4% higher than the May seriesbeginning. However, it is 13% lower than theall-time highstock future OI of 523 Crore shares registered inFebruary, 2018.

The May series is more significant than the April as this isa longer series and will see the election results beingdeclared on May 23. So the premium is going to be highas it engulfs a binary event.

Notwithstanding the fact that the Nifty closed loweryesterday, it has been making higher lows and higherbottoms, which is not bad at all for the past threesessions.

The Nifty has a support at 11,550, as in April it hasbounced back four times from those levels. On the higherside, 11,800 is the resistance. So traders will do well totrade between this range unless a break out happens ineither direction.

GET READY FOR A VOLATILE MAY

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GLOBAL INDICES The move by Congress to field Ajay Rai and not Priyankafrom Varanasi is going to dampen the fighting spirit of theopposition in UP. Priyanka’s nomination would haveelectrified the scene in UP as the other political partieswould have withdrawn their candidates from Varanasiand supported Priyanka. However, that is likely to work tothe disadvantage of the opposition.

The U.S. markets have closed mixed yesterday withIndustrials suffering and technology stocks doing well.

Though the Dollar is at a two year high against globalcurrencies, it is likely to weaken against the Rupee todayin the opening trade. Crude oil, fortunately is down 1%.

The Nifty is likely to open flat but may gain ground duringthe day. Dr Reddy is well placed amongst the Nifty stocks.Axis Bank came out with better than expected results onlower provisioning and improvement in asset quality.

Traders must remember that the next week is a holidayshortened as the Markets are closed Monday as Mumbaivotes that day and on Wednesday on account ofMaharashtra Day.

Axis Bank posts Rs 1,505cr Q4 profit as provisions fallsharply, asset quality improvesAxis Bank posted profit of Rs 1,505 crore for the quarterended March 2019, as provisions fell sharply and assetquality improved with a decline in slippages.

The bank had posted a loss of Rs 2,188.74 crore in thecorresponding period last year. Higher NII, other incomeand operating income also supported profitability duringthe quarter.

Net interest income in Q4 grew by 21 percent YoY to Rs5,705.6 crore with credit growth at 13 percent YoY andnet interest margin at 3.44 percent.

Other income or non-interest income increased 26percent to Rs 3,526.3 crore and operating income shot up37 percent to Rs 5,014.4 crore compared to year-ago.

Close Points % ChgDOW JONES 26462 -134.97 -0.51

S & P 500 2926 -1.08 -0.04NASDAQ 8119 16.67 0.21

FTSE 7434 -37.62 -0.50CAC 5558 -18.39 -0.33DAX 5617 -14.07 -0.25

MSCI World 2169 -5.58 -0.26MSCI EM 1077 -7.81 -0.72

MSCI AC Pac. 163 -0.56 -0.34

EXCHANGE RATES

Value % Change

USD/INR 70.0 -0.18EURO/USD 1.114 0.09USD/GBP 1.291 0.07USD/JPY 111.7 0.02

COMMODITIES

Value %

RJ/CRB Index 186.0 0.00Gold ($ / Oz) 1282.9 0.25Silver ($ / Oz) 15.0 0.52

Crude Oil Futures 64.9 -0.54Brent Oil ($ / Barrel) 74.2 -0.24

BOND YIELD

Value % Chg bps

IND10 Yr Bond Yield 7.45 0.03

ADR

Value $ %Dr Reddys Labs 41.45 1.47

HDFC Bank 114.84 -1.00ICICI Bank 11.27 -0.27

Tata Motors 15.67 -1.07Wipro 4.46 0.45

Vedanta Ltd 9.70 -0.92INFOSYS 10.52 -0.57

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Asset quality of the bank improved considerably during March quarter. Gross non-performing assets as apercentage of gross advances dipped to 5.26 percent against 5.75 percent in previous quarter and net NPAdeclined to 2.06 percent against 2.36 percent in Q3, which were on expected lines.

In absolute term, gross NPAs were lower by 13 percent at Rs 29,789.44 crore and net NPAs by 32 percent toRs 11,275.6 crore compared to previous quarter.

For the financial year 2018-19, net profit stood at Rs 4,677 crore, which was quite higher compared to Rs275.68 crore reported in previous fiscal.

Net interest income (NII) grew 17 percent to Rs 21,708 crore during the year with net interest margin at 3.43percent.

Maruti Suzuki to stop mass production of diesel cars from April 2020Maruti will phase out all models with diesel engines less than 1.5 litres in view of the Bharat Stage VI emissionnorms kicking in from April 1, 2020.

Maruti is the first company in India to declare a ‘no-diesel’ plan in the compact segment which made upnearly half of its total domestic sales last year.

Diesel cars command less than 25 percent of Maruti’s total domestic passenger vehicles sales currently, asper company executives. The company said it will produce diesel models purely based on consumer demand.

This share is expected to slide further after BS-VI comes in given the expanded price difference betweenpetrol and diesel models. Diesel is expected to cost around Rs 2.5 lakh more than the petrol version, up fromaround Rs 1 lakh currently.

In Q4 FY19, Maruti saw 0.7 percent YoY decline in its volume, primarily due to subdued demand in light ofmultiple challenges such as increase in total cost of ownership after mandatory long-term insurance; risinginterest rate and non-availability of retail finance.

Average selling price (ASP), however, witnessed a jump of 1.4 percent on a YoY basis, chiefly because of therich product mix. This led to 0.7 percent YoY growth in its net revenue from operations.

MSIL posted YoY decline of 24.7 percent in its earnings before interest, tax, depreciation and amortisation(EBITDA) in Q4 FY19 and its EBITDA margin saw significant contraction of 368.7 bps (YoY). This was onaccount of a significant rise in commodity prices leading to rise in RM cost, higher sales promotion expenses,negative operating leverage and adverse foreign exchange.

Management has highlighted that demand is usually weak ahead of general elections and is going to impactthe performance in Q1 of 2019-20 as well. And there is uncertainty regarding fuel prices, which have risensignificantly in the past couple of months, and have a negative bearing on demand.

In light of these, the management has guided to a single-digit growth rate of 8 percent from 4 percent in itsproduction and sales growth in FY20.

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Tata Steel Q4 consolidated profit at Rs 2,295 crore, EBITDA margin at 17.7%Tata Steel posted consolidated net profit of Rs 2,295.2 crore for the quarter ended March 2019, down fromRs 14,688 crore posted in the same quarter last year.

Consolidated revenue for the quarter grew 25.9 percent YoY to Rs 42,423 crore in Q4FY19 from Rs 33,705crore last year.

Consolidated EBITDA for Q4FY19 grew 17.4 percent YoY to Rs 7,513.3 crore. However, EBITDA margindeclined to 17.7 percent from 19 percent in Q4 last year.

Gross debt decreased by Rs 8,781 crore during Q4FY19. The company aims to reduce this further by $1 billionby the end of FY20.

Standalone domestic EBITDA per tonne was at Rs 13,619, down from Rs 14,835 last year.

Cyient net profit jumps 54.7% to Rs 188 crore in March quarterCyient posted 54.7 percent rise in net profit to Rs 188.1 crore for the March 2019 quarter.

Revenue increased 9.5 per cent to Rs 1,162.9 crore, against Rs 1,061.8 crore in the year-ago period, it added.

On a sequential basis, the net profit more than doubled from Rs 92.1 crore, while revenue declined 2.1 percent in the reported quarter from Rs 1,187.6 crore in the October-December 2018 quarter.

For FY19, the PAT grew 18 percent to Rs 478.5 crore, while revenue was higher by 17.5 percent to Rs 4,617.5crore from the previous fiscal.

Board recommends final dividend of Rs 10 per share for the financial year 2018-19. Its cash and cashequivalents stood at Rs 998.3 crore at the end of March 2019.

In February, Board had approved buyback of shares worth about Rs 200 crore, said about 2.6 million shareshad been bought back till March 31, 2019, for Rs 167 crore.

Biocon Q4 profit up 64% at Rs 214 croreBiocon reported a 64 per cent rise in its consolidated net profit to Rs 213.7 crore for the fourth quarter endedMarch 2019.

The company had posted a net profit of Rs 130.4 crore for the corresponding period of the previous fiscal.

The company's consolidated revenue from operations stood at Rs 1,528.8 crore for the quarter ended Marchthis year. It was at Rs 1,169.5 crore for the same period year ago.

For the fiscal year ended March 2019, the Company’s net profit rose over two fold to Rs. 905.3 Crore asagainst Rs. 372.4 crore for 2017-18.

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SBI Life Q4 net profit rises 20% to Rs 458 croreSBI Life Insurance reported 20 percent increase in net profit to Rs 457.7 crore in the quarter ended March 31.

The total income of the private sector life insurer also increased to Rs 15,601 crore in the fourth quarter of2018-19, against Rs 10,052 crore in the year-ago period.

For the entire financial year, the insurer's net profit increased to Rs 1,327 crore, compared with Rs 1,150crore in the previous financial year.

The value of new business (VNB) stood at Rs 1,720 crore for 2018-19, up by 24 percent over the previousfinancial year.

MCX Q4 profit jumps 78.47% on higher incomeMCX reported 78.47 percent jump in consolidated net profit to Rs 61 crore for the fourth quarter of 2018-19on higher income. 0

Total income increased to Rs 110.80 crore during the January-March quarter of 2018-19 from Rs 96.58 crorein the same quarter previous financial year.

For the full 2018-19 fiscal, the MCX posted 35 per cent increase in its net profit at Rs 146.24 crore, ascompared with Rs 108.36 crore in the previous financial year.

Commenting on the performance, the company Managing Director and CEO Mrugank Paranjape said, "With arecord annual market share of 91.6 per cent, and year-on-year growth of 21 per cent in its average dailyturnover (ADT), MCX has rounded off a remarkable Q4 and also a highly successful FY2019."

The exchange witnessed a steady improvement, across all the four quarters of the financial year, in variousfinancial parameters such as Average Daily Turnover (ADT), Gross Revenue, EBIDTA, and PAT margins, hesaid.

Yes Bank Q4 FY19 previewNII may grow 22% YoY to Rs 2661cr. PAT is estimated to dip 20% YoY to Rs 944cr. Gross NPA may come in at2.3% vs. 2.1% in Q3 FY19. NIM may come around 3.3%. Key things to watch out for are asset quality, CASAand margins. Capital raising plan and strategy under new management.

Hero MotoCorp Q4 FY19 previewRevenue is expected to dip 10% YoY to Rs 7751cr. EBITDA margin may dip 220bps to 13.8%. PAT is likely todecline 26% to Rs 717cr.

Key things to watch out for would be outlook on exports, new launches and inventory.

Key U.S. IndicesDow 26,462 -135 -0.51%S&P 500 2,926 - 1 -0.03%Nasdaq 8,119 17 0.21%

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Wall Street Closes As 3MWeighs On Dow and Tech RalliesWall Street closed mixed on Thursday as tech stocks racked up gains, led by Facebook and Microsoft, butindustrial stocks were hit by a slump in 3M.

The S&P 500 slipped 0.04%. The Nasdaq Composite rose 0.21%. But the Dow fell 0.51%, with manufacturinggiant 3M accounting for the bulk of the losses.

What happened?3M reported lower-than-expected quarterly profit and downgraded guidance for full-year earnings asweakness in automotive and electronics markets as well as China hurt performance. Its shares slumped 13%,dragging the broader industrials sector lower.

United Parcel Service also delivered a blow, closing 8% lower, after missing estimates from Investing.com onboth the top and bottom lines. Rival shipping company FedEx fell 4%.

But it wasn't all doom and gloom on the earnings front as better-than-expected reports from Facebook andMicrosoft sent tech soaring.

Facebook shares gained 5.9% after the social-media company reported revenue and profit that topped WallStreet estimates. However, Facebook did set aside some $3 billion for a potential regulatory fine related to itshandling of client data.

Shares of Microsoft rose 3.3% on solid fiscal third-quarter results, helping the company join the $1 trillionmarket-cap club.

Tesla fell 4.3% after the electric-car maker produced a wider-than-expected quarterly loss.

Energy stocks, meanwhile, ended the day roughly unchanged as U.S. oil prices fell 1% a day after the EnergyInformation Administration reported a larger-than-expected build in domestic crude supplies.

South Korea ContractsSouth Korea’s first-quarter gross domestic product shrank by 0.3%, marking its worst performance in morethan a decade. The data came a day after a reading of consumer prices in Australia remained flat in the firstquarter, increasing expectations for a rate cut from the Reserve Bank of Australia.

The spate of weakness has prompted central banks, including the Reserve Bank of Australia, the Bank ofCanada and the Bank of Japan, to adopt more dovish stances, which has, in turn, pushed the U.S. dollar to aroughly two-year high.

U.S Economic dataThe number of Americans who applied for first-time jobless benefits surged to 230,000 in the week endedApril 20, up from 193,000 during the previous week, and above the 201,000 expected by economists polled.

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Orders for durable goods rose by 2.7% in March, the largest one-month increase since last summer, theCommerce Department said.

A key measure of business investment, core durable orders, rose 1.3% in March, the third straight monthlyincrease.

National vacancy rates for rental homes remained steady at 7% in the first quarter of 2019, compared withthe previous three months, while vacancy rates for homeowner housing fell 0.1%, according to theCommerce Department.

Other marketsThe Shanghai Composite lost 2.2% while theHang Seng was down 0.86%. The Nikkei ploughed a lone furrow,rising 0.48%.

European markets were mired in red except the Spanish IBEX 35.

The UK's FTSE 100 slumped 0.50%, the German Dax fell 0.25% and the all Europe Stoxx 600 slipped 0.21%.

Gold prices settled slightly higher while the ICE Dollar Index was generally flat.

Crude Oil dipsU.S. Crude oil prices finished lower on Thursday, and Brent prices gave up earlier gains to settle lower for thefirst time in five sessions, with both crude benchmarks marking a retreat from the nearly six-month highsthey reached earlier this week.

Traders continued to consider the likelihood that major producers will increase supply in response to tougherU.S. action against Iran’s oil market.

U.S.-based West Texas Intermediate crude for June delivery fell 68 cents, or 1%, to settle at $65.21 a barrelon the New York Mercantile Exchange after a loss of 0.6% Wednesday.

June Brent crude, the global benchmark, fell 22 cents, or 0.3%, to finish at $74.35 a barrel on ICE FuturesEurope, after trading as high as $75.60 during the session.

Brent prices on Thursday got an earlier lift from news that Poland and Germany suspended imports ofRussian crude via the Druzhba pipeline, the world’s longest oil pipeline, citing contamination, according to areport from Reuters. About 700,000 barrels a day of the pipeline’s 1 million-barrel a day capacity wassuspended, the report said, citing trading sources and Reuters’ calculations.

Russia expects the issue of contaminated crude to be resolved by Monday.

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DATA & EVENTS

OPENING TRADING CALLS

NOTE: ALL TRADING RECOMMENDATIONS GIVEN BY PCG TEAM ARE ON REAL TIME BASIS. A TRADINGRECOMMENDATION SHOULD BE CONSIDERED CLOSED OR SQUARED OFF AS AND WHEN A STOPLOSS OR TARGET ISTOUCHED IN INTRADAY TRADING. DO NOT WAIT FOR TARGET ACHIEVED OR STOPLOSS MESSAGE TO CLOSE THEPOSITIONS. REFER JAMMOON FOR TIMELY ENTRY AND EXIT FROM RECOMMENDATIONS.

RESULT CALENDAR-BSE500

DATE COMPANY DATE COMPANY DATE COMPANY26-Apr ATUL 30-Apr AMBUJACEM 01-May DCMSHRIRAM

CARBORUNIV BASF GUJGASLTDHDFCLIFE CANFINHOME 02-May BANDHANBNK

HEROMOTOCO CONCOR BLUESTARCOIEX EXIDEIND BOMDYEINGPEL GODREJPROP DABUR

SUPPETRO GRUH GREAVESCOTYESBANK INDHOTEL INTELLECT

27-Apr CHOLAFIN KOTAKBANK JMFINANCILPERSISTENT MONSANTO KANSAINER

28-Apr L&TFH RAYMOND LTI29-Apr CASTROLIND SCHAEFFLER MRF

KPRMILL SHOPERSTOP RADICOORIENTCEM TIINDIA SIS

RNAM TVSMOTOR SUNCLAYLTDTRENT ZENSARTECH SUNTECK

30-Apr AJANTPHARM 01-May BRITANNIA TATAPOWER

No. Reco Date Company Name Reco Cost SL Target1 24-04-2019 EICHERMOT MAY FUTURE BUY 20550-20645 20450 210002 25-04-2019 BANKNIFTY MAY FUTURE SELL 29843-29950 30050 295103 25-04-2019 NIFTY MAY 11600 PUT (EXP. 9 MAY) BUY 68.55 40 110

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DATA & EVENTS

RESULTS ANNOUNCED DURING MARKET HOURS

COMPANY Q4FY19 YoY (%) QoQ (%)

Sales (Rs Cr)

NP (Rs Cr) Sales NP Sales NP

Aditya Birla Money Ltd 42.2 3.3 -3.0 28.5 4.0 37.1

Indiabulls Ventures Ltd 595.6 110.5 54.4 106.7 5.2 -7.9

Lloyds Metals & Energy Ltd 128.9 7.8 18.2 -21.8 19.0 322.7

Maruti Suzuki India Ltd 20737.5 1795.6 0.7 -4.6 9.6 20.6

Wendt India Ltd 36.4 0.0 -6.5 -99.8 -15.1 -99.8

PL: Profit to Loss, LP: Loss to Profit, LL: Loss to Loss

RESULTS ANNOUNCED AFTER MARKET HOURS

COMPANY Q4FY19 YoY (%) QoQ (%)

Sales (Rs Cr)

NP (Rs Cr) Sales NP Sales NP

Apcotex Industries Ltd 151.7 15.3 9.0 26.7 -7.5 53.1

Axis Bank Ltd 14798.0 1505.1 25.7 LP 4.7 -10.5

Cyient Ltd 1162.9 176.0 9.5 45.2 -2.1 90.3

GHCL Ltd 911.3 118.6 26.2 44.3 4.8 15.7

Oriental Hotels Ltd 92.6 -0.5 -5.7 PL 3.1 PL

PL: Profit to Loss, LP: Loss to Profit, LL: Loss to Loss

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LIST OF NIFTY STOCKS

COMPANY CLOSE R2 R1 PIVOT S1 S2

NIFTY 50 11642 11860 11751 11688 11578 11515ADANIPORTS 389 395 392 390 387 385ASIANPAINT 1449 1471 1460 1449 1438 1427AXISBANK 741 766 754 746 734 726BAJAJ-AUTO 3095 3160 3127 3078 3045 2995BAJAJFINSV 7671 7788 7730 7677 7619 7566BAJFINANCE 3082 3131 3107 3090 3065 3048BHARTIARTL 333 341 337 329 325 317BPCL 358 367 362 355 350 343BRITANNIA 2972 3014 2993 2978 2957 2942CIPLA 558 571 564 558 552 545COALINDIA 254 259 256 252 249 245DRREDDY 2937 3006 2971 2905 2871 2805EICHERMOT 20350 20769 20559 20430 20220 20091GAIL 343 352 348 344 340 336GRASIM 923 977 950 913 886 849HCLTECH 1136 1161 1149 1139 1126 1116HDFC 1951 2018 1985 1966 1932 1913HDFCBANK 2262 2314 2288 2273 2247 2232HEROMOTOCO 2611 2656 2633 2616 2593 2575HINDALCO 197 205 201 198 194 192HINDUNILVR 1737 1778 1757 1742 1722 1707IBULHSGFIN 736 778 757 741 719 703ICICIBANK 396 406 401 397 393 389INDUSINDBK 1675 1742 1708 1691 1657 1640INFRATEL 273 311 292 279 259 246INFY 730 742 736 732 726 721IOC 153 157 155 153 151 150ITC 306 314 310 306 302 298JSWSTEEL 287 298 292 289 283 280KOTAKBANK 1359 1386 1372 1364 1350 1342LT 1358 1392 1375 1364 1347 1335M&M 665 676 671 667 662 658MARUTI 6880 7243 7062 6963 6782 6683NTPC 134 137 135 134 132 131ONGC 169 172 170 169 167 165POWERGRID 191 198 194 193 189 187RELIANCE 1370 1431 1401 1382 1351 1332SBIN 307 315 311 308 304 301SUNPHARMA 463 481 472 466 457 451TATAMOTORS 221 228 225 222 219 217TATASTEEL 511 537 524 516 504 496TCS 2203 2229 2216 2192 2179 2155TECHM 816 832 824 819 811 805TITAN 1146 1178 1162 1149 1132 1119ULTRACEMCO 4635 4828 4732 4590 4493 4352UPL 970 991 980 963 953 935VEDL 170 177 174 172 168 167WIPRO 295 298 296 295 293 292YESBANK 237 256 246 241 232 227ZEEL 416 430 423 418 411 406

SUPPORT - RESISTANCE

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PCG TEAM

Name DESIGNATION EMAIL ID

Mr. Vinod Sharma Head, PCG & Market Strategy vinod.sharma@hdfcsec.com

Mr. Devarsh Vakil Head, Advisory devarsh.vakil@hdfcsec.com

Mr. Nandish Shah Derivative Analyst nandish.shah@hdfcsec.com

Mr. Vinay Rajani Technical Analyst vinay.rajani@hdfcsec.com

Mr. Kushal Rughani Fundamental Analyst kushal.rughani@hdfcsec.com

Ms. Kinnari Patel Junior Analyst kinnari.patel@hdfcsec.com

Ms. Nisha Sankhala Fundamental Analyst nishaben.shankhala@hdfcsec.com

Mr. Dilip Parmar Currency Analyst dilip.parmar@hdfcsec.com

Mr. Tapan Patel Commodity Analyst tapan.patel@hdfcsec.com

Mr. Karan Shah Fundamental Analyst Karan.shah@hdfcsec.com

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