India Market Report – 03Apr2020

Indian equity/stock market ended with steep losses on Friday as Coronavirus cases showed no signs of abating while negative global cues further impacted sentiments.

S&P BSE Sensex slipped 674.36 points at 27,590.95.
Nifty 50 index shed 170 points at 8,083.80.

On the BSE, 1140 shares rose and 1099 shares fell.
In Nifty 50 index, 19 stocks advanced while 31 stocks declined.

IHS Markit announced Purchasing Managers’ Index (PMI) numbers for India yesterday. The headline seasonally adjusted IHS Markit India Manufacturing PMI fell from 54.5 in February 2020 to 51.8 in March 2020. Weighing on the headline figure was slowdown in production growth during March.

Banking stocks faced serious selling pressure. Among the private sector banks, RBL Bank (down 15.65%), Axis Bank (down 9.35%), IndusInd Bank (down 8.69%), Bandhan Bank (down 7.26%), City Union Bank (down 4.13%), Kotak Mahindra Bank (down 3.56%), Federal Bank (down 3.03%) and HDFC Bank (down 1.87%) declined. Continue reading

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Market Summary – 25Feb2020

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L&T Stock Analysis- 25Feb2020

L&T has been one of the main laggards in Nifty index since last 2 years, and the stock continues its under performance even now! Investors should not make any fresh investment in L&T stock till it crosses 1400. The market seems to be telling investors that L&T is not doing things correctly. The stock has a tendency to make sudden sharp upmoves, which maybe short covering.

But a reliable upmove has not been seen in L&T stock in a very long time. While the company is exposed fully to the slowdown in Indian economy, there seems to be something more. Bearish set up with target 1200. Avoid!

The weekly chart is very bearish and 1200 is looking imminent target.

The monthly chart is also bearish and even 1000 is possible because of the constant bearish signals. The stock is unable to hold any gains at all, which means large investors have been dumping the stock all along. Avoid L&T stock till it closes above 1400 on monthly basis.

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