It was an exceptional day for the equity markets as Nifty reclaimed 11,000 and gained over half a percent. The latest World Bank’s report stated that India has become the world’s sixth largest economy surpassing France, triggered upbeat start which further strengthened with favourable cues from global counterparts. Amid all, sectoral indices traded mixed wherein Energy topped the gainers list but pressure on broader front turned the market breadth negative.
Things have started falling in place with upbeat start of the earnings season however global negatives i.e. trade war scenario and crude oil price may continue to cause trouble in between. While almost the sectoral indices are contributing to the rally, PSU banks, metal and media are still reeling pressure. We reiterate our “buy on dips” advice on Nifty and suggest focusing more on stock selection.
* Karnataka Bank reported its Q1FY19 numbers, wherein its net profits rose 21.9% YoY to Rs 163.2cr. Its Net Interest Income rose 10.4% YoY to Rs 677.4cr. Gross NPAs improved by 20bps QoQ to 4.72%, while Net NPAs stood at 2.92% compared to 2.96% Q4FY18.
* Intellect Design Arena successfully rolled out Intellect Digital Origination at Bank of Bhutan, which is the oldest and largest commercial bank in Bhutan with over 37% market share. Intellect implemented an end-to-end credit decisioning system for both retail and SME line of businesses on a single platform.
* Lupin announced that it has received final approval for its Nitrofurantoin Capsules USP, 50 mg and 100 mg from the US FDA to market a generic version of Alvogen Malta Operations Ltd.'s Macrodantin Capsules.
Religare Super Ideas
Buy GAIL (India) Ltd @ 355-357 Stoploss 344 Target 378 CMP 356.60
Sell Canara Bank Future @ 243-245 Stoploss 252 Target 224 CMP 239.75
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