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10:50am HCL Tech on brokerage
radar: Brokerage firm UBS has retained
its neutral rating on HCL Technologies, citing strong dollar revenue growth.
It has raised its target price for the stock to Rs 1100 from Rs 875.
Going ahead, UBS expects HCL to
report 13 percent YoY (year-on-year) growth in dollar revenue in FY16. This
in turn will make it the fastest growing large-cap India-listed IT company,
it adds.
"Stronger than expected
revenue growth reported in 2Q FY15 has assuaged growing concerns on tapering
revenue growth. The company continues to operate well above its intended
margin target of 21-22 percent," UBS said in a report.
With focus shifting to engineering
services as the next growth driver, the stock is expected to see good support
at current valuation, UBS added.
10:20am Crude Update: Oil prices inched up today following a strong session on
Friday, as financial traders increased their bets on higher prices amid a
slowdown in US drilling, but analysts warned fundamentals remained weak.
Front-month Brent crude futures
were trading at USD 57.89 a barrel, up 2 cents since their last settlement,
while US crude was up 14 cents at USD 51.78.
Many money investors are calling a
bottom in oil prices, as speculators in US crude oil futures and options
raised net long positions by some 52 million barrels in the week to April 7,
data from the US Commodity Futures Trading Commission showed. That was the
biggest one-week rise in bullish bets since 2011, according to CFTC data.
Reuters data shows that open
interest in WTI strike options for USD 60, USD 70, USD 80, USD 90 per barrel
on Nymex has risen steadily since the beginning of the year, showing that
many traders are betting on rising prices. Even options volumes for USD 100 a
barrel have increased by almost 20 percent this year.
10:00am Market Check
The market remained in a
consolidation mode ahead of January-March quarter earnings that will be
kicked off with TCS and IndusInd Bank numbers on April 16. The Sensex rose
19.64 points to 28899.02 while the Nifty declined 1.25 points to 8779.10.
The BSE Midcap and Smallcap
indices continued to outperform benchmarks, up 0.7-1 percent. More than two
shares advanced for every share declining on the Bombay Stock Exchange.
The current rally in the market is
on expectation of things improving in the second half of the year, says
Krishna Kumar Karwa, MD, Emkay Global Financial Services. He, however, does
not see much in terms of earnings in the fourth quarter. Sentiment and
expectation are the reasons behind the robust FII and domestic flows seen in
recent times, he adds.
Karwa believes it is possible to
see the market take out new highs before the first half of FY15. But for it
to sustain, it has to be supported by earnings growth, he cautions.
Shares of L&T, Sun Pharma,
HUL, Bharti Airtel, Tata Steel and BHEL gained 1-1.5 percent while Tata
Motors, Infosys, HDFC Bank, TCS, M&M and Dr Reddy's Labs fell 0.5-1
percent. For More information please visit this site www.bigprofitbuzz.com
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