Morning Notes
27th May, 2019

Trading Range:

Nifty opened gap up at 11748 on Friday and made a high and low of 11859 and 11658 respectively before closing positive at 11844.


For the day, support for Nifty exists at 11750 and 11650 levels whereas resistance for Nifty stands at 11920 and 12000 levels.


Bank Nifty opened gap up at 30686, made a high of 31275, low of 30564, and closed positive at 31213. For the day, support for Bank Nifty exists at 31000 and 30700 levels whereas resistance for Bank Nifty stands at 31500 and 31800 levels.

Market Scan
Benchmark Indices
Index Clsg Chg%
Sensex 39,435 +1.61
Nifty 11,844 +1.60
BSE 200 4,948 +1.72
BSE Midcap 14,945 +2.01
BSE Smallcap 14,699 +2.42
Dow Jones 25,586 +0.37
NASDAQ 7,637 +0.11


NIFTY 11844.10 (+187.05) (+1.60%)
NIFTY MAY FUTURE 11869.40 (25.30 Points Premium)
NIFTY PCR - OI 1.23(+0.18)
NIFTY OPEN INTEREST 2.27Cr. (+3.68%)
INDIA VIX 16.46 (-15.14%)


CALL 11800 CE -2.82 lac Shares
CALL 12000 CE -10.16 lac Shares
PUT 11800 PE +2.38 lac Shares
PUT 11700 PE +10.71 lac Shares
Sectoral Indices (BSE)
Index Clsg Chg%
Auto 19,060 +2.94
Bankex 35,199 +2.74
PSU 7,703 +2.40
Healthcare 13,396 +1.21
IT 15,122 +0.34
Market Turn Over (`cr)
Index 24/05 23/05
BSE Cash 3,620 3,869
NSE Cash 41,507 52,322
NSE F&O 981,158 2,581,258
BSE Delivery % 40.23 35.15
Advances / Decines BSE Cash
Adv(%) Dec(%)
BSE 100 92.08 7.92
BSE 200 84.58 15.42
BSE 500 85.23 14.57
Total BSE 68.40 26.08
Commodities, Forex & Debt
Clsg Chg%
Crude Oil NYMEX $ bl 58.63 +1.24
Gold Rs./ 10 Gms 31530.00 -0.43
Silver Rs./ Kg 36384.00 -0.74
Rs.- US $ 69.38 -0.43
Rs.- Euro 77.76 -0.21
FII (Rs’cr’)
24/05* 23/05*
FIIs +1439.86 -741.37
MFs - -

*Date refers to the day of activity and not the day on which it is reported.

Details Buy Sell Open interest at the
end of the day
Net Position
No. of
(Rs. Cr)
No. of
(Rs. Cr)
No. of
(Rs. Cr)
(Rs. Cr)
Index Futures       75,036.00       5,862.19       78,531.00       5,871.47    3,18,112.00     26,131.40       (9.28)
Index Options  26,37,249.00  1,88,471.70  25,99,553.00  1,85,458.96    8,85,616.00     73,372.78  3,012.74
Stock Futures    2,94,498.00     17,014.31    3,00,630.00     17,379.00  15,10,526.00     92,365.26    (364.69)
Stock Options    1,41,621.00       8,534.36    1,40,578.00       8,493.64    1,43,392.00       8,519.08       40.71
Total  31,48,404.00  2,19,882.55  31,19,292.00  2,17,203.06  28,57,646.00  2,00,388.51  2,679.49
Corporate News
Consumer durables firm Usha International has launched a series of new water pump models setting eyes on the sector for its growth, a top company official said on Sunday. (BL).
Infrastructure major Larsen and Toubro (L&T) has raised its stake in IT firm Mindtree by about 2 per cent between May 20-24 by picking up shares worth over Rs.316 crore, according to regulatory data. (BL).
Drug firm Cipla said it is looking at continued growth across all its key markets in the current fiscal year and plans to file over 12 abbreviated new drug applications during the period. (ET).
Sleuths of Central Goods and Services Tax (CGST) Commissionerate Vadodara-II arrested Manpasand Beverages Limited (MBL) Managing Director Abhishek Singh and two others on charges of GST fraud worth Rs.40 crore on Friday. (ET).
Mother Dairy on Friday said it is increasing prices of its poly pack milk variants in Delhi-NCR by up to Rs.2 per litre from Saturday, citing higher milk procurement prices. It comes just days after Amul hiked milk prices by Rs.2 a litre. (BL).
Adani Solar is eyeing 50 per cent market share in retailing of solar panels in two years. In more news, Adani Green Energy, on Thursday, said its promoters’ stake has come down to 80.9 per cent from 86.50 per cent following an offer-for-sale. Two promoter entities, Adani Tradeline and Universal Trade and Investment, sold 8.75 crore shares having face value of Rs.10 each of Adani Green under an offer-for-sale on May 21-22, to meet the minimum shareholding norms, the company said in a BSE filing. (ET).
Ashok Leyland plans to spend about Rs.2,000 crore over the next couple of years as the country’s second largest medium and heavy commercial vehicles manufacturer gears up for future product programmes and growth in the light commercial vehicles business. (ET).
KIOCL Ltd (formerly Kudremukh Iron Ore Company Ltd) produced 2.24 million tonnes (mt) of iron ore pellets in 2018-19 against 2.32 mt in 2017-18. Of the pellets produced during 2018-19, 1.52 million tonnes were exported during the year. (BS).
Infosys on Friday completed the acquisition of 75 per cent shareholding in ABN AMRO Bank’s wholly-owned Stater NV. In March, the country’s second largest IT services firm had said it will acquire 75 per cent stake in Stater for 127.5 million euros (about Rs 989 crore). ABN AMRO continues to hold the remaining 25 per cent. (BL).
In breather to GMR Group, the Maldivian government has decided not to press for income tax and fines of over USD 20 million from the infra major on the compensation it received from the island nation for the premature termination of Male International Airport contract. (ET).
Delhi-based Flash Electronics sues Enfield in the US for patent infringement. The company said, ”we have learned of a lawsuit filed in The United States of America by Flash Electronics Pvt Ltd. that alleges that one of the components used in some of Company’s motorcycle models infringes on the plaintiff’s registered patent. The supplier of said component denies plaintiff’s claims vehemently.”. Eicher Motor further clarified that the company has a strategy of developing and if required, sourcing components and parts from multiple vendors and as such the above event is not considered material by the company in terms of principles of materiality set out in SEBI regulation. (ET).
Quarterly Earnings
Cement maker India Cements Ltd has recorded net profit of Rs 43.85 crore for the January-March quarter on the back of increase in cement volumes and net plant realisations. India Cements had recorded net profit at Rs 35.27 crore during the corresponding quarter of last year. Total revenue for the quarter ending March, 2019 increased to Rs 1,581.38 crore from Rs 1,401.73 crore registered last year, Srinivasan said in a statement. (ET).
NIIT Ltd on Saturday said its consolidated net profit rose 18 per cent to Rs 23.2 crore in the March quarter, helped by increased productivity and turnaround in its skills and careers (SNC) business. The skills and talent development firm had posted a net profit of Rs 19.7 crore in the year-ago period. Its revenue grew 8 per cent to Rs 239.7 crore in the quarter under review from Rs 222.8 crore in the year-ago period, NIIT said in a statement. (ET).
Fortis Healthcare has reported a consolidated net profit of Rs 151.19 crore for the quarter ended March, as against a net loss of Rs 914.32 crore in the corresponding period of the previous fiscal. Consolidated revenue from operations increased to Rs 1,184.15 crore from Rs 1,086.38 crore in the same quarter a year ago, Fortis Healthcare said in a filing to BSE. The company's net loss for the fourth quarter ended March 2018 includes a loss of Rs 833.50 crore on account of exceptional items, including allowance for inter-corporate deposits and interest thereon of Rs 445.03 crore, Fortis Healthcare said. Revenue from operations for the full fiscal stood at Rs 4,469.36 crore. It was Rs 4,560.81 crore in the previous financial year. (BL).
Infrastructure company PNC Infratech has reported a 25 per cent jump in standalone net profit at Rs 139.93 crore for the quarter ended March, helped by higher income. The company had posted a net profit of Rs 111.52 crore during the same quarter a year ago, PNC Infratech said in a statement. During January-March 2019, total income rose to Rs 1,087.96 crore from Rs 765.52 crore in the year-ago-quarter. (BL).
JSW Steel reported a 48% decline in net profit in the fourth quarter after higher costs squeezed margins. The company’s board approved new capital expenditure worth Rs 5,700 crore. Profit fell to Rs 1,495 crore in the three months ended March. Weak domestic demand, reflected in subdued steel prices, was compensated by a rise in exports, which stood at 22% of the company’s total standalone sales volumes, up from 20% last year. Ebitda came in at Rs 4,440 crore, while average sales realisation witnessed a drop of 2% over last year as steel prices remained under pressure from weakening demand driven down by the automotive industry as well as rising imports. (BS).
Essel Group direct-to-home arm Dish TV India Ltd Tuesday reported a consolidated net loss of Rs 1,316.30 crore for the fourth quarter ended March 31. The company had posted a net profit of Rs 118.21 crore in the January-March quarter a year-ago, Dish TV India said in a BSE filing. Its revenue from operations during the quarter was Rs 1,398.75 crore. It was Rs 1,532.37 crore during the corresponding quarter of the previous fiscal. (ET).
Jindal Stainless (Hisar) Limited (JSHL) reported a 19% increase in net profit in Q4FY19 to Rs 66 crore on a sequential basis even as net revenue went up 6% to Rs 2,361 crore during the quarter on higher demand from metro, railway and value added segments. Earnings before interest tax depreciation and amortization (EBITDA) grew by 8% to Rs 261 crore in Q4FY19 over Q3FY19. JSHL said high value segments like blade steel, precision strips, and coin blanks, helped it maintain its top line, despite challenges in export markets in the wake of trade protectionism. (ET).
State-owned REC posted around 50 per cent jump in standalone net profit to Rs 1,256.13 crore in the March 2019 quarter, mainly on the back of higher income. The company's standalone net profit for the quarter ended March 31, 2018, was Rs 839.40 crore, a BSE filing said. Its total income increased to Rs 6,685.90 crore in the March quarter, compared with Rs 5,948.09 crore a year ago. (BL).
Grasim Industries, a part of Aditya Birla Group, Friday reported a consolidated net profit of Rs 1,531.86 crore for the fourth quarter ended March 2019. The company had posted a net profit of Rs 853.62 crore during the January-March period of the previous fiscal, Grasim Industries said in a regulatory filing. The company had posted a net profit of Rs 853.62 crore during the January-March period of the previous fiscal, Grasim Industries said in a regulatory filing. Revenue from operations during the quarter under review stood at Rs 20,965.25 crore. It was at Rs 17,363.24 crore in the corresponding period of the previous fiscal. (BL).
Healthcare firm AstraZeneca Pharma India Friday reported a threefold jump in its net profit to Rs 9.82 crore in the quarter ended March 31. The company had posted a net profit of Rs 3.22 crore for the corresponding period of the previous fiscal, AstraZeneca Pharma India said in a filing to the BSE. Its total income stood at Rs 196.31 crore in the quarter, compared with Rs 153.06 crore a year ago. (ET).
State-owned Punjab & Sind Bank Friday said it has narrowed its net loss to Rs 58.57 crore in the March 2019 quarter, aided by lower provisioning. The bank had posted a loss of Rs 524.62 crore in the corresponding quarter of the previous financial year. However, there was a net profit of Rs 22.34 crore in the preceding quarter ended December 2018. Its total income in the quarter rose to Rs 2,304.37 crore, from Rs 2,337.13 crore in the year-ago period. (BL).
Whirlpool of India on Friday reported 13.91 per cent increase in profit at Rs 104.1 crore for the fourth quarter ended March 31, 2019. The company posted a profit of Rs 91.38 crore in the year-ago quarter. Total income from operations during the quarter under review stood at Rs 1,380.5 crore, up 7.6 per cent from Rs 1,282.42 crore in the year-ago period, Whirpool of India said in a BSE filing. The company's board has recommended a final dividend of Rs 5 per equity share for 2018-19. (BL).
Footwear major Bata India Friday reported a 69.47 per cent jump in standalone profit to Rs 88.26 crore for the fourth quarter ended March 31, 2019. It had posted a profit of Rs 52.08 crore in the January-March quarter of the preceding fiscal. The company's revenue from operations during the quarter under review stood at Rs 679.39 crore, up 7.44 per cent from Rs 632.31 crore in the year-ago period, it said in a BSE filing. The company's board has recommended a dividend of Rs 6.25 per equity share for the year ended March 31, 2019. (ET).
Commercial vehicle major Ashok Leyland Friday reported 12.12 per cent decline in net profit at Rs 652.99 crore for March quarter, 2018-19. The company posted a profit of Rs 743.12 crore for the same period of 2017-18. Income from operations rose to Rs 8,722.59 crore for the March quarter as compared with Rs 8,651.55 crore in the year-ago period, Ashok Leyland said in a regulatory filing. (BL).
HeidelbergCement India Ltd Friday reported a 16.89 per cent rise in its net profit to Rs 60.90 crore for the fourth quarter ended March 31. The company had logged a net profit of Rs 52.10 crore in the January-March quarter a year ago, HeidelbergCement India said in a BSE filing. Its net sales were at Rs 534.65 crore, up 1.75 per cent, during the quarter as against Rs 525.43 crore in the corresponding quarter of the previous fiscal. (BL).
ONGC Videsh, the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), Friday reported a 71 per cent jump in its 2018-19 fiscal year net profit on the back of a spike in crude oil production. Consolidated net profit in April 2018 to March 2019 period at Rs 1,682 crore was 71.4 per cent higher than Rs 981 crore net profit in the previous financial year, the company said in a statement here. Turnover rose 40.5 per cent to Rs 14,632 crore. (ET).
NTPC Limited has reported a net profit of Rs.4,350.32 crore for the fourth quarter ended March 31, 2019. This represents a 48.7 per cent increase over the net profit of Rs.2,925.59 crore recorded in same quarter of the previous financial year. The company board has recommended a final dividend of 25 per cent (Rs. 2.50 on equity share of Rs.10 each) for the fiscal year 2018-2019. It had paid an Interim Dividend at 35.80 per cent of the paid-up share capital (Rs.3.58 per equity share of Rs.10 each in February 2019). (ET).
NCC Limited has registered a profit of 70 per cent at Rs.174.36 crore for the fourth quarter ended March 31, 2019, as against Rs.102.7 crore it logged for the corresponding quarter of the previous year on a standalone basis. The Hyderabad-based construction major has achieved a Q4 turnover of Rs.3,389 crore as against Rs.2,395 crore, a growth of 42 per cent. The company logged in a profit of Rs.564 crore, up 97 per cent, from Rs.286.8 crore recorded in the last financial year. The company logged in a profit of Rs.564 crore, up 97 per cent, from Rs.286.8 crore recorded in the last financial year.The Board of Directors recommended equity dividend of 75 per cent ( Rs.1.50 per share of Rs.2 each) on the Paid up Capital of Rs.120.13 crore subject to the approval of the shareholders at the Annual General Meeting. (BL).
Economy and Sector News
Coimbatore-based Salzer Electronics Ltd has acquired 72.32 per cent stake in Kaycee Industries, a pioneer in industrial switches. In more news, India could be out of the mega trade deal being negotiated between 16 countries, including the ASEAN and China, if a proposal made by Beijing for a free trade pact excluding New Delhi is taken seriously by other members. (BL).
Close on heels of the Modi government winning a thumping victory in the Parliamentary elections, the Central Board of Direct Taxes (CBDT) sprang into activity on Friday and set a fresh income-tax revenue collection target for the current fiscal year, aiming to garner 20 per cent more than in the previous year. (BL).
India’s coal import increased by 13.4 per cent to 20.72 million tonnes in April compared to 18.27 million tonnes (MT) in the same last year, according to a report. Of the total imports during April 2019, non-coking coal or thermal coal shipments were at 15.08 MT, according to provisional data by mjunction services. Imports of coking coal, used in iron and steel making, were 3.52 MT in April while metallurgical coke imports during the month were at 0.22 MT. (BL).
Foreign investors have pulled out a net amount of Rs.4,375 crore from the Indian capital markets in May so far, driven by global and domestic factors. Prior to this, overseas investors had infused a net amount of Rs.16,093 crore in April, Rs.45,981 crore in March and Rs.11,182 crore in February in the capital markets (both equity and debt). According to the latest depositories data, foreign portfolio investors (FPIs) withdrew a net sum of Rs.2,048 crore from equities and Rs.2,309.86 crore from the debt market during May 2-24, taking the total net outflow to Rs.4,375.86 crore. (ET).
* ET - Economic Times, BS - Business Standard, BL - Business Line, TOI - Times of India, Mint, IE - Indian Express, BT - Business Today, IE - Indian Express
Global Markets

DJIA and NASDAQ Composite

US markets staged a small bounce on Friday ahead of the long Memorial Day weekend, after the US President indicated he would be willing to ease restrictions on Chinese telco giant Huawei as part of a broader agreement on trade with the Asian giant. The Dow Jones Index closed at 25,586, up 95.22 points by 0.37%. The Standard & Poor’s 500 index closed at 2,826, up 3.82 points by 0.14%. The Nasdaq Composite Index closed at 7,637, up 8.73 points by 0.11%.

FTSE 100

UK markets finished higher on Friday, tracking opening gains for stocks on Wall Street despite a small bid and following the widely expected resignation of Prime Minister Theresa May. The FTSE 100 index closed at 7,277, up 46.69 points by 0.65%.

Global Indices
24/05/2019 Clsg Chg%
Dow Jones 25,586 +0.37
NASDAQ 7,637 +0.11
FTSE 100 7,277 +0.65
Bovespa 93,627 -0.30
27/05/2019 Latest
(6:45 AM IST)
Nikkei 21,218 +0.48
Hang Seng 27,353 +0.32


Asia stocks edged up early on Monday, and the euro was confined to a narrow range after the weekend’s European Parliament elections highlighted the deepening political fragmentation of the 28-country bloc. Nikkei is currently trading at 21,218, up 100.82 points by 0.48%.

Precious Metals

Gold futures ended with a modest loss Friday, but tallied a weekly gain after seeing renewed haven demand on the back of trade-war worries.

Base Metals

The three-month nickel price on the London Metal Exchange climbed by more than 4% at the close of trading on Friday May 24, soaring beyond $12,300 per tonne amid a slight softening of the dollar index and while investors seek to cover shorts ahead of the UK bank holiday next week.

Crude Oil

Oil prices rose on Monday as ongoing supply cuts led by producer club OPEC kept markets relatively tight, but Brent remained below $70 per barrel on concerns over an ongoing trade war between the United States and China.


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ACMIIL/its associates and its Research analysts have no financial interest in the companies covered on the report. ACMIIL/ its associates and Research analysts did not have actual/beneficial ownership of one per cent or more in the companies being covered at the end of month immediately preceding the date of publication of the research report. ACMIIL/its associates or Research analysts have no material conflict of interest, have not received any compensation/benefits for any reason (including investment banking/merchant banking or brokera3ge services) from either the companies concerned/third parties with respect to the companies covered in the past 12 months. ACMIIL/its associates and research analysts have neither managed or co-managed any public offering of securities of the companies covered nor engaged in market making activity for the companies being covered. Further, the companies covered neither are/nor were a client during the 12 months preceding the date of the research report. Further, the Research analyst/s covering the companies covered herein have not served as an officer/director or employee of the companies being covered.

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