Budget session back! Flat start for Sensex, Nifty
A volatile week is in store as a host of events internationally, results season and of course the second Budget session of Parliament gets underway. FII investments into India continue unabated as Post budget they have poured in Rs. 27,876.97 crore. Should the momentum continue, the next five sessions could well result in the FIIs clocking their highest net investment in equities post the Union Budget. MFs have been on a selling spree post the budget. With the corporate earnings' season has already kicked off on a positive note and in the wake of a good monsoon in the store, FIIs are likely to carry this momentum in equities. Besides Parliament session, the Bengal polls will also be on focus.
The outlook is a flat start. Global developments and F&O expiry on Thursday will keep the market volatile. On the macro front, eight infra industries data will be announced.
Trading ideas (Time period: 1-3 days)
Exide Industries (BUY, above Rs143, Target Rs153, SL Rs138): The stock signaled a breakout in Friday's trade from neckline of an inverted head & shoulders formation, accompanied by spurt in volumes. Moreover, in last few trading sessions, the stock had been consolidating above its 100-DMA. This move is likely to trigger sharp upmove towards its peak for the month of November 2015. Strength in momentum oscillators is also likely to ignite buying momentum in the short term. (Duration 5 days)
Derivative strategies (Time period: Till expiry)
² Short Strangle BankNifty April series Sell 17000 Call & 16500 Put with combined premium of 130-140 for target on spread of 25/10 with SL on spread 200
Lot size: 30 Remarks: Net maximum profit of Rs4,200 and net maximum loss of Rs1,800
Corporate Snippets
² Sunil Kanoria, SREI Infrastructure VC, said that the proceeds from Viom stake sale would be used to bring down debt of Rs130bn-140bn to Rs30bn. (ET)
² Vistara, a joint venture between the Tatas and Singapore Airlines has entered into a strategic partnership with TCS for a broad range of information technology services, including application maintenance services and airport infrastructure support. (BL)
² The department of telecommunications (DoT) has approved spectrum sharing between Reliance Communications and Reliance Jio in nine circles including Mumbai, Himachal Pradesh and Haryana. (BS)
² Government invited bids from merchant bankers interested in assisting it in the sale of 10% stake in blue-chip National Mineral Development Corporation (NMDC) which could fetch about Rs39.bn to the exchequer. (BS)
² Aurobindo Pharma has received final approval from USFDA to manufacture and market Esomeprazole Magnesium delayed release capsules, used in treatment of gastroesophageal reflux disease, in the American market. (BS)
² Havells India has launched entry-level modular switches under brand name Reo Bliss to boost its market share in the Rs50bn segment. (ET)
² Rating agency India Ratings downgraded Uttam Galva Steels to default, citing ongoing delays in debt servicing since February this year due to liquidity stress. (ET)
² ONGC Limited is planning to explore as many as 17 shale gas and oil wells in both east and west coasts with an investment of around Rs7bn. (BS)
² Reliance Industries has bought crude oil from Iran after a 6-year break and is looking to strike a long-term fixed quantity deal, post lifting of sanctions. (BS)
² Bharti Airtel is likely to consider a buy back of equity shares in its board meeting on April 27. (BS)
² Jet Airways has received shareholders' approval for the proposed merger of JetLite with itself. (BL)
² L&T Finance Holding, has undertaken massive downsizing exercise and asked close to 550 employees across businesses to go, citing high costs amid muted business. (ET)
Economy snippets
² Transport Minister Nitin Gadkari has set ambitious targets for FY17 of awarding 25,000km stretch of road projects as against 10,000km in FY16. (BL)
² The Reserve Bank of India (RBI) said eights states issued Rs989.6bn worth of bonds under the UDAY (Ujwal DISCOM Assurance Yojana) scheme. (BS)
² In a boost to telecom operators providing Internet protocol-based services such as 4G, the Department of Telecom has allowed interconnection among such networks of service providers. (ET)
² As per the latest government report, there are 77 loss- making PSUs at the end of March last year with a total aggregate loss of Rs273.60bn. (BS)
² Six months after auction process was initiated for 43 mines across 12-mineral bearing states, only six blocks have managed to find buyers. (BS)
² To fast track development of major ports, government is mulling giving land parcels of state-run ports to private players "on lease" for various projects. (BS)
² Indian firms raised a staggering over Rs480bn through issuance of shares to promoters and shareholders on a preferential basis in the first 11 months of 2015-16 to meet their business requirements. (BS)
Result table
| Rs m | Revenues | YoY % | PAT | YoY% |
| Cairn India | 17,168 | (35.9) | (1,09,482) | NM |
| HDFC Bank | 74,533 | 24.0 | 33,742 | 20.2 |
| M&M Fin Services | 11,507 | 16.6 | 4,113 | 12.0 |
| Persistent Systems | 7,017 | 36.0 | 808 | 6.3 |
| Reliance Industries | 6,20,100 | (11.0) | 73,980 | 15.9 |
Warm Regards,
Amar Ambani
IIFL
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