Market Live: Nifty holds 11,000, Sensex flat; Tata Motors, Ashok Leyland in focus

Trends on SGX Nifty indicate a positive opening for the broader indices in India.

• Sep 11, 09:33 AM (IST)

  Tata Motors gains 4%: Share price of Tata Motors rose 4.5 percent on September 11 after company’s retail sales in China continued to recover (up 17.4% year-on-year) as the company’s local turnaround plan gathered momentum.

• Sep 11, 09:19 AM (IST)

  Market Opens: It is a flats start for the indices on September 11 on the back of firm global cues with Nifty holding above 11,000

  The Sensex is up 52.97 points at 37,198.42, while Nifty is up 9.50 points at 11,012.50.  About 561 shares have advanced, 263 shares declined, and 45 shares are unchanged.

  Yes Bank, Tata Motors, Tech Mahindra, Tata Steel, JSW Steel, Hindalco, SBI, Sun Pharma, L&T, Axis Bank, Coal India are among major gainers on the indices, while losers are BPCL, IOC, HPCL, Gail India, Infosys, Wipro and Ashok Leyland.

  On the sectoral front, buying seen in the metal, auto, pharma, bank and infra, while energy and IT sectors are marginally lower.

• Sep 11, 09:11 AM (IST)

  Brokerages View – Source – CNBC-TV18:

  Macquarie on NCC
  Outperform call, target cut to 108 from Rs 122 per share
  Co remains our best midcap pick in the construction Space
  Reduce FY20/21 earnings by 16%/10% to factor in AP slowdown
  Non-AP order book sufficient to get Rs 11,000 cr of revenue
  Balance sheet is in decent shape

  HSBC on Glenmark
  Maintain hold, target cut to Rs 435 from Rs 480 per share
  Co aims to reduce debt by Rs 700-800 cr per year
  Sale of stake in API & non-core assets can help but timing is uncertain

  CLSA on HCL Technologies 
  Maintain buy call, target at Rs 1,380 per share
  Digital business has lagged peers but is accelerating
  Leveraging partnerships to drive cloud business
  BUY on rebounding organic growth & undemanding valuation
  Organic growth acceleration is being driven by large deal wins

  CLSA on Axis Bank 
  Maintain buy rating, target at Rs 900 per share
  Quality of unsecured retail loans is holding up
  Management’s medium-term RoE target remains at 18%
  Expect a turnaround in earnings from FY20
  Independence for underwriting team can mitigate asset quality risks

  HSBC on Escorts 
  Buy rating, target cut to Rs 770 from Rs 980 per share
  Tractor demand may bottom out in H2
  UP/Maharashtra/Gujarat likely to see pick-up post monsoons
  MP/Rajasthan should continue to do well
  Co has reduced inventory in recent months
  Stock is cheap at 9x FY21e EPS

  CLSA on Wipro 
  Sell call, target at Rs 220 per share
  Poor execution despite early focus, investments & large acquisition
  Was early to focus on digital
  Made considerable acquisitions to beef up its presence in DX projects
  While digital growth is comparable, overall growth rates lag peers
  Weak Q2 guidance highlights company’s persistent execution challenges
  Expect co to remain at the bottom of its peer growth range in FY21

  CLSA on TCS
  Maintain buy call, target at Rs 2,570 per share
  Exploiting DX to expand addressable market
  Digital driving overall growth
  Buy for industry-leading growth and quality
  Deal wins & strong execution indicate a sustained growth recovery

  • Sep 11, 09:03 AM (IST)

    Rupee Opens: The Indian rupee slipped in the early trade on Wednesday. It opened lower by 14 paise at 71.84 per dollar versus Monday’s close 71.70.

  • Sep 11, 09:02 AM (IST)

    Market at pre-open: Indian indices are trading higher in the pre-opening session with Nifty above 11,050.

    At 09:01 hrs IST, the Sensex is up 175.57 points or 0.47% at 37321.02, and the Nifty up 50.40 points or 0.46% at 11053.40.

  • Sep 11, 08:45 AM (IST)

    India Motor Parts and Accessories at its meeting held on September 10, 2019, considered and approved bonus at the ratio of 1:2, i.e 1 equity shares for every 2 equity shares held.

  • Sep 11, 08:35 AM (IST)

    Stocks in the news: Tata Motors, Sun Pharma, HCL Tech, Glenmark, Indiabulls Real, TCS, JSW Energy

    

    Reliance Capital | DFM Foods | Quess Corp | Indiabulls Housing Finance | HCL Technologies and OBC are stocks, which are in news today.

  • Sep 11, 08:29 AM (IST)

    Crude Update: Oil prices rose on Wednesday after an industry report showed that crude stockpiles in the US fell last week by more than twice the amount that analysts had forecast.