With JioFibre set to be launched on September 05, 2019, telecom players are revising their plans in a bid to maintain their share in the industry

With JioFibre set to be launched on September 05, 2019, telecom players are revising their plans in a bid to maintain their share in the industry and hence increase their revenue despite continually losing their subscribers to the Reliance juggernaut.

And it is not just telecom companies who are doing this, DTH service Tata Sky too made an announcement this week offering free additional months of usage to its subscribers. However, the offer will only be valid only for those who have the annual payment plans. Subscribers must note that the latest offer by DTH has only been made available in a few select cities whereas the extra validity is only valid on unlimited plans. Besides this, other cities too will get extra validity on fixed data plans.

Meanwhile, BSNL announced on Friday that the annual broadband plans which are set over Rs 399 will now bundle Amazon Prime membership which is worth Rs 999 for free, Telecom Talk reported. Previously, the State-run telco had offered Amazon Prime subscription for free with broadband plans priced over Rs 499, however now, the internet service provider has added the Rs 399 affordable broadband plan in the mix too.

However, the big players still remain Reliance Jio, Airtel and Vodafone-Idea. In view of the latest offers, companies have launched long term plans on broadband fibre.

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After InterGlobe Aviation Ltd reported 13% growth in yields for the June quarter, investors were probably expecting smaller peer, SpiceJet Ltd, to follow suit. InterGlobe Aviation runs IndiGo, the country’s largest airline by market share

Unfortunately, that hasn’t played out. Paarth Gala, associate (institutional research) at Prabhudas Lilladher Pvt. Ltd said SpiceJet’s yield for the June quarter increased by just 2% year-on-year. Broadly, this is a tad below Street expectations. As such, Gala was expecting it to increase by 3%.

“The airline’s operations remained stressed for a large portion of this quarter due to the continued grounding of its superior B737 MAX aircraft," highlighted the management in the investor presentation.

This limited the airline’s ability to take its yields up, owing to passenger disruptions and re-accommodation; while simultaneously increasing its fixed costs on this category of aircraft, added the company.

Even so, SpiceJet clocked a handsome 35% increase in operating revenues, helped by capacity expansion. A combination of robust revenue growth and 3% decline in fuel CASK (cost per available seat km, a unit measurement for airlines) helped the company clock 88% growth in its Ebitdar. Ebitdar is earnings before interest, taxes, depreciation, amortization and lease rentals, which is a key measure of profitability for airlines.

At the net level, SpiceJet reported a net profit of about 262 crores, far ahead of the Street estimate of 137.5 crores. One of the primary reasons for this steep jump in profitability, versus expectations, is the sharp growth in other income. That’s because SpiceJet has recognized aircraft and supplemental lease rentals worth 114 crores, incurred during the quarter relating to the 737 MAX aircraft, as other income.

As such “adjusted profit of 140 crores is broadly in line with our estimates," said SBICAP Securities Ltd’s analysts in a note.

SpiceJet added 32 aircraft during the quarter, taking its total fleet count to 107 as on 30 June 2019. The company had expected its grounded 737 Max aircraft to resume normal operations by July-August. However, the uncertainty around the resumption of services still persists.

The company’s shares have outperformed the BSE 500 index considerably so far in FY20. “Sector consolidation is an opportunity for SpiceJet to recoup lost market share, but the ability to profitably deploy the massive increase in capacity will be the key to the stock’s performance," said SBICAP analysts in a report on 15 July.

Here, substantial delays in resuming the 737 Max operations could hurt capacity growth. Yields are paramount as well. Unfortunately, considering that the current quarter is seasonally weak, the scope for expansion in SpiceJet’s yields appears limited.

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Global software major Infosys on Wednesday expanded its partnership with Google Cloud to help its clients accelerate their digital transformation

"As a qualified Google Cloud managed service provider, we will offer clients application lifecycle services with cloud and data analytics expertise," said the city-based IT firm in a statement here.

The partnership with the global search engine will enable the software vendor to offer consulting, assessment, migration and support services to enterprises for optimising their workloads on the Google Cloud Platform.

"We will offer industry-specific solutions on the Google platform for healthcare, financial services, insurance, telecom and retail industries," the outsourcing firm said.

The partnership also strengthens the vendor's capabilities to help companies innovate and industrialise analytics, drive accelerated insights for new revenue models, realise savings and achieve faster time to market.

Other services offered are data cafe, an enterprise portal for data exploration, and cognitive conversational inter-faces for contextual interactions.

Services include data marketplace for managing data as an asset, data governance and data operations across hybrid platforms.

"As Cloud has been a focus area for us, we invest in new solutions, partnerships and offerings to enable our clients to navigate their digital transformation journeys," said Infosys Vice-President David Wilson in the statement.

Enterprises will benefit from Google Cloud's secure platform and Infosys' expertise in data, AI, analytics, workload migration and cloud deployments.

"We are expanding our partnership with Infosys, which has domain expertise in managed services, as enterprises want to move mission-critical workloads to Google Cloud," said the Google arm's Vice-President Carolee Gearhart in the statement.

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The share touched its 52-week high Rs 404 and 52-week low Rs 79.50 on 20 August 2018 and 05 August 2019, respectively

Shares of Yes Bank fell nearly 3 percent intraday on August 9 after the private lender announced the opening of qualified institutional placement (QIP) at a floor price of Rs 87.90 per equity share with a proposed discount of not more than 5 percent.

Yes bank is planning to raise about Rs 2,000 crore ($ 285 million) via QIP.

JM Financial, Motilal Oswal and CLSA are managers to the sale.

The announcement was made after market hours on 8 August 2019.

Yes Bank was quoting at Rs 87.60, down Rs 1.55, or 1.74 percent on the BSE.

The share touched its 52-week high of Rs 404 and its 52-week low of Rs 79.50 on 20 August 2018 and 5 August 2019, respectively.

Currently, it is trading 78.24 percent below its 52-week high and 10.57 percent above its 52-week low.

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Lupin Ltd got the much-needed stimulus from the domestic market for its June quarter profitability. Shares of the company perked up 4% on Wednesday, as investors seemed relieved with the largely in-line performance

The company’s revenues for the first quarter were up 15.4% year-on-year, but little changed compared to the March quarter. Sales growth in the domestic market stood at 9.6% year-on-year. This market is gaining stature and now accounts for about 30% of global sales. On a sequential basis, revenues have increased by 24%, which is commendable. The same, however, cannot be said for its US sales, which accounts for about 35% of its global revenues. North American sales dipped by 11.4% quarter-on-quarter due to lower sales of key drugs and rising competition.

Thankfully, cost-control measures backed up domestic performance. Material and other costs were lower than the year-ago period. Needless to say, this bolstered its operating performance. As a result, Ebitda (earnings before interest, tax, depreciation and amortization) margins came in at 19.47%, as against 13.67% in the year-ago period. Analysts said this was along expected lines. However, the measure was lower on a sequential basis due to its poor performance in the US market. As such, Ebitda margins were 33 basis points lower compared to Q4 FY19.

Lupin still faces tough competition overseas. Of late, some of its new product launches, such as Solosec, have been gaining traction in the US. A positive is that it launched five products in the US market during the quarter. Besides, it has about 175 products in the US generics market. Nevertheless, growth in most of its overseas markets has been slower this quarter compared to Q4 FY19, and that does not bode well.

Besides, there are several overhangs on the Lupin stock. Pending US regulatory issues will continue to weigh as delays in resolving these issues are impacting sales and profitability. Another key development to watch out for is the number of new approvals it can get in the US market.

That apart, the Lupin stock appears expensive at a price-earnings multiple of about 25.4 times FY20 earnings estimates. A pickup in the US and overseas markets holds key to a long-term revival.

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The Sensex was down 286.35 points at 36,690.50, while Nifty was down 92.80 points at 10,855.50 

The last hour selling has pulled the indices to the day's low level after remained volatile as Reserve Bank of India (RBI) has cut the repo rate by 35 bps at 5.40 in its policy meet.

At close, the Sensex was down 286.35 points at 36,690.50, while Nifty was down 92.80 points at 10,855.50. About 1107 shares have advanced, 1348 shares declined, and 159 shares are unchanged. 

Indiabulls Housing, M&M, Tata Steel, Tata Motors and BPCL were among major losers on the Nifty, while gainers were Zee Entertainment, Cipla, HUL, Yes Bank and Hero Motocorp.

Except for IT and pharma, all other sectoral indices ended in the red led by bank, metal, auto, energy and infra. BSE midcap and smallcap index ended with a marginal loss.

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At an operating level, earnings before interest and tax may decline more than 6 percent, and its margin may contract sequentially by triple digits

IT services provider HCL Technologies is likely to report more than 5 percent sequential decline in its profit for the June quarter, but dollar revenue could be increased by more than a percent quarter-on-quarter (QoQ) and cross-currency revenue growth could be more than 1.5 percent QoQ.

The stock gained 1.28 percent to close at Rs 1,024.35 on August 6, ahead of the announcement of its earnings for the June quarter.

"We expect dollar revenues to grow 1.2 percent QoQ to $2,305 million supported by 0.5 percent contribution from Strong Bridge acquisition," said ICICI Securities, which expects profit to fall 7 percent and rupee revenue to grow 0.2 percent sequentially.

Kotak Institutional Equities also expects constant currency revenue growth rate of 1.55 percent of which 1 percent will be organic, with the balance attributed to the Strong-Bridge Envision acquisition.

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Indian shares were little changed on a volatile Wednesday as investors awaited the central bank's monetary policy decision, where it is expected to cut interest rates by 25 basis points

The broader NSE Nifty was lower by 0.08% at 10,936.50 as of 0405 GMT and the benchmark BSE Sensex was down 0.01% at 36,966.28. Both indexes swung between marginal gains and losses in early trading.

A Reuters poll last month showed the Reserve Bank of India (RBI) would cut rates, as Asia's third-biggest economy grapples with slowing growth, higher taxes and a credit squeeze.

However, investors were wary as most banks have not passed on the central bank's rate cuts to the consumers and that there were no announcements from the RBI regarding the crisis among India's shadow banks.

"The RBI has already axed rates by 75 bps but that hasn't led to any meaningful transmission in the economy as banks didn't lower rates," said Saurabh Jain, assistant vice-president (research), SMC Global Securities.

"One can sense that nothing meaningful is in the offing in policy announcement and hence may be a dampener for the markets."

The Nifty metals index was the top drag for the day as it fell 1.38%, while the commodities index fell 0.7%.

The public sector bank index, which was up 0.66%, and the IT index that rose 0.56% were among the gaining sectors for the day.

Among stocks, Indiabulls Housing Finance fell 7% after the company reported a fall in June-quarter profit on Tuesday.

Titan Company was also among the top NSE losers, as the stock declined 3.9%.

Central Bank of India rose as much as 10% after the lender reported better-than-expected earnings on Tuesday.

Yes Bank, which rose 2.23%, was the top gainer among NSE stocks.

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Indian shares reversed early losses to trade higher on Tuesday, a day after the government scrapped the special status of long-disputed Kashmir, while investors awaited the central bank's monetary policy decision scheduled on Wednesday

The broader NSE Nifty rose 0.62% to 10,930.40 as of 0409 GMT, while the benchmark BSE Sensex was up 0.57% at 36,909.50.

India on Monday revoked a constitutional provision giving Kashmir the authority to make its own laws, potentially stoking tension in the Himalayan region, which has been a flashpoint in ties with neighbouring Pakistan.

The move further raised investor uncertainty at a time when they are already grappling with slowing economic growth and a credit squeeze.

Investors were also awaiting the Reserve Bank of India's (RBI) policy decision on Wednesday. A Reuters poll last month showed the central bank was set to cut interest rates further as the country looks to stimulate growth and spending.

Finance minister Nirmala Sitharaman also said her department would hold talks with foreign portfolio investors (FPIs) about the tax surcharge on certain high-value investments, Mint reported.

"Domestically, the negative news flow may be behind us for the time being. There is hope in markets that the government may revive the economy and they are rallying on that hope," said Neeraj Dewan, a director at Quantum Securities.

"People are expecting the RBI to cut rates and the finance minister's statements about FPIs are also giving hope."

Banks and auto indexes led gains. The Nifty public sector banks index rose 1.5%, while the auto index was up 1%.

The IT index was flat in early trade as the rupee firmed after touching a five-month low on Monday.

Indiabulls Housing Finance led the gains among NSE stocks, rising 1.8%, while Yes Bank and IndusInd Bank rose about 1.5% each.

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Cigarette-to-soap maker, ITC’s June quarter results were not particularly encouraging. The cigarette business, which is ITC’s mainstay, disappointed

Varun Lohchab, an analyst at Jefferies India Pvt. Ltd points out that “ITC’s Q1FY20 missed slightly operationally as cigarette volumes grew 3% year-on-year (versus our 4% expectation)." Note that cigarettes form a big chunk of ITC’s profit contribution. For the June quarter, cigarettes accounted for as much as 86% of the company’s overall earnings before interest and tax, or Ebit. The cigarette business’ Ebit increased by 8% year-on-year during April-June. To put it in perspective, the growth was 1% below Jefferies’ estimates.

ITC’s fast-moving consumer goods (FMCG) business saw revenue growth of 6% which is not extraordinary and is largely in line with broader consumption trends, given the slowdown in the economy. Revenue growth from other businesses--hotels, farm, and paperboards, paper and packaging--was in double digits, which is nothing to complain about. However, the contribution from these segments to profits is relatively low at the moment. As such then, these segments don’t move the needle dramatically for ITC.

Overall, the company’s net profit of  3,174 crores was marginally better than a Bloomberg consensus estimate of  3,153.70 crores. Note that a whopping 54% growth in other income to  620 crores helped ITC’s June quarter net profit growth substantially.

“ITC’s 1Q performance was soft versus its financial year 2019 show but in-line with FMCG peers," said HDFC Securities Institutional Research in a report on 5 August.

What’s more, the outlook isn’t inspiring. “We expect 1Q growth trajectory to replicate over FY20, led by the higher base of cig (cigarette) volume growth and consumption slowdown," said analysts from HDFC Securities.

On Monday, shares of ITC traded nearly 2% lower, in line with the broader markets, with the Nifty 50 index down 1.6%.

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The cargo arm of SpiceJet has commenced its freighter service connecting Hyderabad with Delhi, Mumbai, Bangalore and Chennai

The first freighter landed at Rajiv Gandhi International Airport (RGIA) late on Thursday night.

With this, Hyderabad Airport now has six scheduled freighters operating, said the airport operator GMR Hyderabad International Airport Ltd (GHIAL).

The 737-700F type freighter aircraft used by SpiceJet will operate six days every week, arriving from Chennai at 9.45 p.m. and departing for Delhi at 10.45 p.m. This service will connect the Chennai-Hyderabad-Delhi-Mumbai-Bangalore sectors. 

The new SpiceJet freighter service will also offer an opportunity to the shippers from the region to access the Commonwealth of Independent States (CIS) and other markets via Delhi. The offering also includes postal circulation among the key metros, saving critical time and ensuring quick delivery of goods.

"With the addition of this new freighter, customers will have more options to ship their goods within the country and beyond. The availability of high-quality, daily cargo services is essential for the development of trade especially in high-value and time-sensitive products. This will also give a boost to the cargo and logistics sector in the region," said S.G.K. Kishore, CEO, GHIAL.

"The launch of our 737-700F freighter opens up another option to our customers in and around Hyderabad. We have received a positive response from the market and are confident that this move will add value to our customers' supply chains," said Manjiv Singh, Chief Project Officer, SpiceJet.

Apart from SpiceJet, the other scheduled freighter services that are operating from Hyderabad Airport include Lufthansa, Turkish, Qatar, Cathay Pacific and Blue Dart.

Hyderabad Airport Cargo serves many multinational companies across pharma, perishable, engineering, automobile, aerospace and leather industries. Apart from all major cargo hubs in India, international destinations like Frankfurt, Istanbul, Dubai, Doha and Hong Kong are also well connected with the RGIA.

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Following the recent reduction in GST rates of all electric-powered vehicles, automobile major Hyundai Motor India has slashed the price of Kona Electric

Recently, the GST Council slashed rates on all electric-powered vehicles from 12 to 5 per cent. 

The Fully Electric SUV, which was earlier priced at Rs 25.30 lakh, will now cost Rs 23.71 lakh.

Currently, Kona Electric is available in 15 dealerships across 11 cities.

On Thursday, automobile major Tata Motors had reduced prices of its electric vehicle (EV) -- Tigor EV -- by up to Rs 80,000 on the back of the GST rate cut.

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Indian shares plunged more than 1% on Friday dragged by auto and metal counters after broader Asia took a beating following U.S. President Donald Trump's threat to impose further tariffs on Chinese imports from next month

Trump vowed to slap a 10% tariff on $300 billion of Chinese imports from September 1, sharply raising the stakes in a bruising trade war with China and jolting global financial markets.

The news raised investor fears of a revival of trade hostilities between Washington and Beijing and sent MSCI's broadest index of Asia-Pacific shares outside Japan to its lowest level since mid-June.

In India, the broader NSE Nifty fell 1.17% at 10,853.90 as of 0451 GMT, while the benchmark BSE Sensex was 1.08% down at 36,629.77.

The volatility index rose as much as 10.1% to its highest level since June 3.

"Markets continue to be on the weaker side due to negative global cues and absence of any positive domestic news," said Gaurav Arora, head-Asia Pacific & Middle East, Greenwich Associates.

Metals and autos were among the biggest drags on the markets. The Nifty metals index fell 1.3% after copper prices slumped to fresh lows following Trump's comments.

Vedanta Ltd shares traded lower by 2.5% tracking the fall in copper prices, while Hindalco was down 2.1%.

Meanwhile, auto investors remained bearish on the sector following a continued fall in monthly sales by major automakers. The Nifty auto index fell nearly 1%.

Sector heavyweights were trading in the red. Eicher Motors fell as much as 2.6% and Hero Motocorp was down 2.9%, while Bajaj Auto was down 1.6%.

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India’s largest lender State Bank of India (SBI) is expected to report a net profit of 4,106 crores in the three months to June 2019 compared to a net loss of 4,875 crores in the same period last year, according to an average of estimates of 16 analysts polled by Bloomberg

In the June quarter of FY19, the bank had reported a net loss for the third consecutive quarter after setting aside funds to cover losses on its bond portfolio and increased gratuity.

Analysts at Kotak Institutional Equities expect slippages at 1.6% of its loans as recognition of large accounts is complete, while gross bad loans could decline led by higher write-offs. The bank’s provisions would be high due to the ageing of non-performing assets (NPAs), it said. The brokerage also expects loan growth of 12% y-o-y and net interest margin (NIM) sequentially unchanged at 2.9%.

“Non-interest income growth will be higher due to higher treasury income and income from written-off loans," said Kotak Institutional Equities.

Meanwhile, brokerage Prabhudas Lilladher expects SBI to report a net interest income – the difference between interest earned and expended – of 23,905 crores, up 9.7% from the June quarter of FY19. It also sees the bank’s pre-provisioning operating profit (PPOP) at 14,533 crores, down 14% year-on-year.

“SBI to see sharp earnings recovery and while we build slippages of 8,000-8,200 crore and credit cost of 200 bps (annualized) which should improve provision coverage ratio (PCR) to 70% but also help in higher write-off," said a report by Prabhudas Lilladher

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RPG-group owned tyre manufacturer Ceat Ltd has not been immune to the damages emanating from the slowdown in the domestic auto industry. Yet, it managed a decent performance for the June quarter

Ebitda (earnings before interest, tax, depreciation and amortisation) margin at 9.6% was about 70 basis points (bps) lower year-on-year (you), but better than the market estimate of 8.5%. Gains were largely the result of cost-cutting, especially discretionary operational expenses. Meanwhile, softer raw material following a decline in rubber prices also helped partially offset the pain on account of poor operating leverage.

Like its peers, Ceat too suffered a contraction in demand from original equipment manufacturers. “Demand contraction is visible across segments be it farm segment, industrial or retail. Orders from OEMs are down by nearly 8-10%," said Anant Goenka, managing director of the company.

The firm’s sales mix with 70% accruing from the replacement market turned out favourable, while largely steady exports during the quarter aided revenue growth that rose 2% year-on-year.

Yet, all these haven’t been enough to bring cheer to the investors.

The continued downturn in the auto industry has been weighing on investor sentiment. As was feared, auto sales numbers for July failed to bring any relief.

India’s automobile industry sank deeper into an abyss in July with sales at some of the top passenger vehicle makers plunging to their worst in about two decades.

This cannot bode well for tyre manufacturers, including Chet. The impact of a prolonged demand slowdown in the auto industry has started trickling down to the replacement market.

Shares of Ceat have declined 44% over the past year, in tandem with its peers such as Apollo Tyres Ltd and JK Tyres and Industries Ltd. Still, the current market price of 803 apiece discounts the estimated FY20 earnings by about 11 times.

The management of Ceat believes that the quarters ahead will get better as the worst in terms of revenue and profitability is behind.

However, its ongoing 3,000 crore expansion project will dent profitability, and given the headwinds in the auto sector, it is hard to tell if earnings will measure up in the near term.

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The best part about the Godrej Consumer Products Ltd (GCPL) stock is also the worst part. The stock has fallen a substantial 38% from its annual closing high on 31 August 2018, underperforming the Nifty 200 index

Clearly, investors seem to be baking in a good portion of the pessimism into the share price. At the current market price of  603.55, the stock trades at 37 times FY20’s estimated earnings, relatively cheaper than some of its other peers in the consumer staples industry.

In that sense, the good news is that the downside for the GCPL stock could well be limited hereon. But, the not-so-good part is that analysts see fewer triggers going ahead, for the trend in the share price to reverse.

What’s more, the company’s June quarter results, announced on Thursday, were hardly anything to be excited about. Net profit without one-off items came in at  291 crores, falling short of Bloomberg’s consensus estimate of  315 crores. While the stock closed higher on Thursday, it’s worth noting that it was trading at a new 52-week low of 590.20 on the previous day.

GCPL’s net comparable consolidated revenues rose by just 2% year-on-year. In the domestic business, volume growth came in at 5%, on a high base in the year-ago quarter. The sustainability of volume growth remains to be seen, said an analyst who did not want to be named. As such, volume growth was in line with Street expectations.

The domestic household insecticides segment continued to be a pain point, declining by 4% in the June quarter, over the same period last year. A higher base effect and extended summer season weighed on this segment’s performance. Plus, there is competition from the unorganized sector to deal with. GCPL’s natural neem incense sticks would have partially helped mitigate the impact of products from the unorganized market. The company has now scaled up its neem incense sticks to six states as of July 2019. Further, the general slowdown in the industry took a toll on the hair colour business, which remained soft with flat year-on-year growth.

Revenue growth in the international business was nothing to write home about, with constant currency sales growth at 9%, which is just about satisfactory.

As such, for sentiments to improve, a sustained recovery in consumption demand is necessary. In general, hopes of a better consumption environment are running low at the moment given the economic slowdown.

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Shares of Apollo Tyres Ltd took off after its first-quarter (Q1) results were announced, despite the below-par numbers on most counts. As it turns out, the Street was enthused that the company could maintain revenue growth in an otherwise subdued auto market

Besides, the Apollo Tyres stock has been on a downturn, falling about 33% this year. That’s perhaps why it saw a pullback of about 5.2% in trading on Wednesday.

Revenue for June quarter saw subdued growth of about 0.5% year-on-year. Even compared to the preceding quarter, revenue growth inched up marginally by 2.2%. But that seemed to be good enough for the Street, which expected a sharp slump in the original equipment market to impact revenue growth.

As it turns out, the replacement market was the saving grace for the company. The management noted in a release that while demand from automakers remained subdued, there was growth in the replacement market.

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Silver futures traded 0.07 percent higher to Rs 41,223 per kg on July 30 after speculators raised bets, driven by a firm trend overseas.

Silver for delivery in September contracts rose by Rs 28, or 0.07 percent, to Rs 41,223 per kg in a business turnover of 17,680 lots on the Multi Commodity Exchange.

Besides, the white metal to be delivered in December contracts surged by Rs 12, or 0.03 percent, to Rs 41,950 per kg in 1,182 lots.

Analysts said widening of positions by traders in sync with a firm trend overseas for precious metals mainly influenced silver prices here.

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The next crucial resistance is placed at 11,171, but before that it could face some pressure around 10,950 levels

The Sensex reclaimed Mount 36K on Tuesday and the Nifty climbed the 10,900 mark for the first time since February. Bulls seem to have taken control over D-Street as the index has managed to surmount the wall of worries. Experts feel it is now poised to hit fresh record highs, which might come in July itself.

The index witnessed a breakout above 10,930 which was the intraday high recorded on the day of Karnataka election result. The next crucial resistance is placed at 11,171, which is the record high formed in January, but before that it could face some pressure around 10,950 levels, they stated.

The Nifty registered a decisive break out above 10,930 by shrugging off the last 8 weeks of rangebound trade with a strong gap up opening. Experts said the market has now turned from a sell on rallies market to buy on dips markets.

It has brushed aside 3 key risks: 1) Rising trade war concerns; 2) Depreciating rupee against the dollar which has now stabalised; and 3) Rise in crude oil prices. After trading in a narrow range for most part of June, the index did breakout from the 10,650-10,850 range. It hit a low of around 10,550 and then bounced back swiftly to reclaim 10,900 levels this week.

So, what is in store for the markets going forward?

“New highs looks inevitable for the index. Once we manage to sustain above 11,171 levels, then the Nifty should hit 11,500 by year-end with a 100-point deviation on either side. Our long-term charts suggesting that the correction that was in progress from its lifetime high of 11,171 appears to have culminated at recent lows placed around 10,550 levels. In Elliot wave parlance, this correction is looking like a wave 4 of lower degree inside a long term bull market,” Mazhar Mohammad, Chief Strategist – Technical Research and Trading Advisory, Chartviewindia.in, said.

Once this ends, he sees the Nifty retesting its lifetime highs. “This leg of upmove should be strong as it is coming after a pause of two months. Hence, we will not be surprised if indices hit new lifetime highs sometime in August.”

VK Sharma, Head Private Client Group and Capital Market Strategy at HDFC Securities, said sees scope for further upside in the index. "A close above this would mean that the Nifty can scale a new highs before the Prime Minister Narendra Modi unfurls the national flag at the Red Fort this Independence Day."

What should investors do now?

Experts recommend that investors should use all dips to 10,876-10,860 levels to buy into quality largecaps and midcaps.

“The Indian market is quite resilient on the back of strong domestic inflows into mutual funds. We are positive on the market and feel this upward trend may continue. Going forward, the Nifty has strong resistance around 10,950 levels. If it continues to trade above these levels, one can expect the index to hit a new high in coming sessions,” Anuj Shah, Head-Privilege Client Group, Reliance Securities, said.

Shah recommends that investors look at mid-caps that have corrected sharply in the last three months. “Investors waiting for a correction in equities for the whole of last year should definitely revisit their equity portfolio and start allocating a major portion to it. Everyone is staying out of mid-caps, but one should look at select midcaps which have corrected sharply in last three months.”

He also advises one to hold and add select largecap private banks, autos and select pharma and cement stocks, which seems to have bottomed out for the long term.

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Kundra and Shilpa Shetty Kundra hold 25.48 percent and 25.43 percent stake, respectively, in Viaan Industries as on March 31, 2018.

Shares of vinaan industries rose 8.5 percent intraday on Wednesday after Raj Kundra, husband of Shilpa Shetty and promoter of the company, clarified on the over Rs 2,000 crore Bitcoin scam.

The share had closed at the 20 percent lower circuit on Tuesday after Kundra was interrogated for over 10 hours by the Enforcement Directorate (ED) in connection with the Bitcoin scam.

Kundra was interrogated for his alleged dealings with Amit Bhardwaj, who was arrested two months back in Delhi. Bhardwaj is known as a kingpin of sorts in the cryptocurrency market in India and overseas.

"We suspect certain bitcoin transactions between the main accused Bharadwaj and Kundra. We are investigating Kundra to ascertain if he has gained anything from it," a source at the ED told Moneycontrol.

Kundra said Bhardwaj was interested in buying a team in the poker league run by him. Once a team was allotted to him, Bharadwaj offered to pay for it using Bitcoins.

Bharadwaj's request was declined and led to his contract being terminated, as he had failed to make the payment. Kundra stated that ED wants to make him a witness in the case against Bharadwaj, something he has agreed to do.

Kundra and Shilpa Shetty Kundra hold 25.48 percent and 25.43 percent stake, respectively, in Viaan Industries as on March 31, 2018.

At 10:34 hrs Viaan Industries was quoting Rs 19.70, up Rs 1.30, or 7.07 percent on the BSE.

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