What happened at the Indian stock market today?

NIFTY extended losses amid unhelpful domestic sentiment. The 50-share NSE index NIFTY fell 0.56% to finish at 10741.10 on Wednesday. The Indian benchmark index NIFTY extended declined for the second straight day in an unpredictable trading session amid unhelpful domestic sentiment. The uncertainties around the composition of the next government in the southern state of Karnataka and the mixed earnings results hurt investors sentiment.

Looking overseas, European markets trading mixed to lower tracking Asian markets which finished mixed to lower on Wednesday. The Global equity markets are tracking losses today on rising geopolitical tensions in the Korean peninsula.

Among sector gauges compiled by the NSE NIFTY PSU BANK, NIFTY BANK, NIFTY FIN SERVICE, and NIFTY PVT BANK ended as top losers while NIFTY REALTY, NIFTY FMCG, and NIFTY MEDIA ended as top gainers.

From the NIFTY 50 basket of shares, ICICIBANK, CIPLA, ULTRACEMCO, RELIANCE, GAIL, GAIL, SBIN, and HINDALCO underperformed as top losers while HINDUNILVR, LUPIN, ITC, BAJFINANCE, and WIPRO are top gainers.

Top stocks to watch on Thursday 17 May

ALBK slipped by 3.47% and settled at Rs.38.95. Also, it recorded significant loss over recent days. Trading volume inflated by 144 percent at last session. But most of the trades are settled intraday. It signals negative breakout. It is continuously scaling down for 5 days. It is trading below its recent support zone. The Near-term resistance is seen around 52.

RCOM plunged by 15.32% and to close at Rs.10.5. At the same time, it recorded a remarkable weakness over recent days. Trading volume increased by 96 percent. Yet largely the volumes are intraday trades. There could be a bearish trend. It is steadily sliding for7 days. It is trading below its recent support zone. The Near-term resistance is seen around 22.

COLPAL advanced by 2.32% and ended at Rs.1178.2. At the same time, it maintained a considerable percent on the weekly basis. Trading volume rose by 249 percent on Wednesday. There is an evidence of positive breakout. It is steadily rising for 4 days. This stock is currently settled above the recent resistance zone. We see short-term support around 1087.

PNB plunged by 12.04% and settled at Rs.75.6. Trading volume rose by 451 percent on 16 May 2018. However numerous trades were settled intraday. There is an evidence of the bearish trend. The aggressive nature of sellers is indicated by the today’s gap. It is trading below its recent support zone. The Near-term resistance is seen around 99.

PETRONET volume rose by 85 percent at last session. Moreover, 72% of the trades are taken for delivery. It gives an impression of a bearish trend. Derivative traders were aggressive in adding short positions. Open interest gained by 7.12 %. It is trading below its recent support zone. The Near-term resistance is seen around 244.

FEDERALBNK slipped by 3.18% and ended at Rs.83.65. Meanwhile, it secured a considerable decline on the weekly basis. It is one among the top traded stocks. There is an evidence of It is steadily breaking low for 3 days. It is trading below its recent support zone. The Near-term resistance is seen around 103.

BANKBARODA plunged by 5.44% and finished at Rs. 132.05. It is the most active stock. It is heading for a bearish breakout. Derivative traders were aggressive in adding short positions. Open interest increased by 10.41 %. It is trading below its recent support zone. The Near-term resistance is seen around 151.

ENGINERSIN declined by 2.94% and settled at Rs.145.4. Trading volume inflated by 104 percent at last trading day. It is likely to witness bearish trend. It is steadily grinding lower levels for 3 days. It is trading below its recent support zone. The Near-term resistance is seen around 160.

JPASSOCIAT gained by 3.52% and to close at Rs.17.65. It did rise in the last trading session but fell by a significant margin on a weekly basis. It witnessed Bullish Engulfing pattern on daily chart. It is trading below its recent support zone. The Near-term resistance is seen around 22.

DISHTV volume inflated by 124 percent on 16 May 2018. Interestingly 58% of the trades are deliverable volume. The technical indicator RSI indicates oversold scenario. It is trading below its recent support zone. The Near-term resistance is seen around 81.

Q4 Result Insights

ITC

  • Net profit rose 10% to Rs 2,933 crore in this quarter when compared to the March quarter last year.

  • Revenue fell 5% to Rs 10,586.5 crore in this quarter, when compared to the March quarter last year.

  • Despite the raw materials fell the raw material cost rose 3% in this quarter.

  • Earnings per share remained at Rs 2.39 when compared to Rs 2.19 in March quarter last year.

  • Yearend earnings grew to Rs 9.2 in the current fiscal year when compared to the Rs 8.45 in the previous fiscal year.

Viewpoint: ITC being one of the major players in the FMCG sectors, depends largely on tobaccos and cigarettes for its revenue growth. The company has signaled that it will grow its total revenue to one lakh crores by 2030 excluding revenue from tobaccos and cigarettes.

TVS Motor Company Ltd

  • The sales grew by 31.17% from 6.75 lakh units in the fourth quarter to 8.89 lakh units in this March quarter.

  • The company reported growth of 40.4%, going up from Rs 2844 crores in March quarter last year to Rs 3992 crores in March quarter this year.

  • Profit before tax grew 43.3% to Rs 195crores in this quarter from Rs 134 crores in this quarter last year.

  • Profit after tax grew 30.4% to Rs 165 crores from Rs 128 crores in this quarter.

  • Earnings per share grew to Rs 3.49 in this quarter from Rs 2.67 in March quarter last year.

Viewpoint: TVS Motor Company Ltd ended this fiscal year on the positive note. As its revenue from scooters and two-wheelers show a positive growth. The company being the main player in the automobile industry is poised to capitalize on the future growth of the economy in the automobile sector.