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(Bloomberg) — Before the trading day starts we bring you a digest of the key news and events that are likely to move markets. Today we look at:
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- Reliance earnings
- Adani power units
- Gold prices
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Good morning, this is Savio Shetty, an equities reporter in Mumbai. Asian markets trade cautiously ahead of US trade talks, while Nifty futures indicate a positive start after the index capped a second week of gains Friday. Investors will be watching Reliance Industries’ earnings beat and key data releases, including industrial production and results from majors UltraTech Cement and Ambuja Cements.
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Reliance earnings beat may boost appeal of largecaps
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Reliance Industries’ strong results are set to boost the case for large-cap stocks, following a strong showing from banking giants ICICI Bank and HDFC Bank. With over 92% of brokerages recommending a buy on Reliance, more fund managers may follow suit. Given the significant weights of Reliance and lenders in the Nifty, any downside in the index could be limited.
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Adani’s power units have room to rally, says Jefferies
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Adani Green Energy and Adani Energy Solutions are still trading a steep discount to their pre-Hindenburg forward valuations. Jefferies sees this gap as room for a rally as both companies execute their investment plans. While Adani Power trades above its pre-Hindenburg peak, the broker expects further gains on improved execution. Jefferies also expects operating profits for all three units to grow over 40% this financial year.
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JPMorgan sees gold hitting $4,000/oz next year
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Gold prices took a breather late last week after hitting record highs, but the rally may not have run its course, according to JPMorgan. The Wall Street Bank expects the precious metal to stay elevated, driven by sustained central bank purchases and growing investor demand, particularly from ETFs and China. It forecasts gold hitting $4,000/ounce by the second quarter of next year. (BLUE LINK FROM GOLD)
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Analysts actions:
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- L&T Finance Cut to Underweight at JPMorgan; PT 140 rupees
- RBL Bank Raised to Add at ICICI Securities; PT 210 rupees
- Mphasis Cut to Sell at BOB Capital Markets; PT 2,164 rupees
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Three great reads from Bloomberg today:
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- Top-Performing India Fund Sounds Caution on Stocks, Raises Cash
- Trump’s China Tariffs Set to Unleash Supply Shock on US Economy
- Big Take: Dollar Rout Burns Investors and Fuels Rush Into Hedges
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And, finally..
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A rally in Indian consumer stocks from early March lifted the NSE Nifty FMCG Index above the 58,000 mark, but the gauge failed to break its 200-day moving average for the third time, as sub-par results from giants Hindustan Unilever and Nestle India kept buyers cautious. The focus now shifts to whether the index can hold the 54,000 support level seen during previous sell-offs.
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—With assistance from Kartik Goyal and Chiranjivi Chakraborty.
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English (US)