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Global markets consolidate as US stocks correct another day. Oil weakness hits energy stocks while gold rebounds on safe haven buying.

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Indian Indices: Asian indices opened flat to slightly positive as overnight US indices closed marginally in the red for another day. Gold prices saw defensive buying while bond yields fell as markets consolidated the recent gains. Oil importers gained while oil exporters fell even as financial stocks saw profit booking.

Nifty witnessed huge reversal intraday after hitting 9700 to close marginally in the red as midcap stocks led the sharp selloff. Metals, Realty and select FMCG sold off while select Pharma and Cement majors saw buying while the broader market breadth was extremely poor. For today expect weekend blues to see quiet trade in the first half while second half profit booking may be on the cards.

The BSE Sensex is currently trading at 31211.85, down by 78.89 points or 0.25% after trading in a range of 31197.36 and 31365.39. There were 11 stocks advancing against 20 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 1.35%, while Small cap index was down by 1.50%.

The CNX Nifty is currently trading at 9590.25, down by 39.75 points or 0.41% after trading in a range of 9585.15 and 9647.65. There were 15 stocks advancing against 36 stocks declining on the index.




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Technical view: Nifty found strong resistance around 9700 and now finds support around 9600 which if broken can trigger a fall till 9500. Bank Nifty also saw resistance around 23900 while 23650 will act as support on the downside, which if broken can see 23650 being tested.


Just Dial Jun FUTs (SELL Below 392 with Stop Loss at 398 for Target of 382): The stock has been consolidating for the past six days and has finally broken down from a Symmetrical Triangle pattern on the daily charts. The recent price action indicates that steeper decline is on the cards. Other momentum oscillators also suggest that the downfall is likely to extend.


India's government is facing mounting pressure to raise import duties on edible oils after farmers staged mass protests in key farm states amid a slump in oilseed prices to below government support levels. (Moneycontrol)

With the Goods and Services Tax (GST) coming into effect from July 1, train passengers will have to pay a bit more to travel AC and first class. Service tax on ticket charges is set to hike from 4.5 % to 5 % after the GST implementation. (FE)

RBI Governor Urjit Patel had argued for avoiding “premature policy action” and waiting for more inflation data at the meeting of the interest rate setting panel earlier this month.

Nifty Movers: The top gainers on Nifty were Power Grid up by 0.99%, Wipro up by 0.88%, NTPC up by 0.63%, Sun Pharma up by 0.62% and TCS up by 0.48%. On the flip side, Indiabulls Housing down by 4.51%, Indian Oil Corporation down by 2.96%, Bank of Baroda down by 2.15%, Bosch down by 2.07% and Tata Steel down by 2.03% were the top losers.

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were IT up by 0.28% and TECK up by 0.14%, while Realty down by 2.06%, Metal down by 1.42%, Basic Materials down by 1.33%, Industrials down by 1.30% and Auto down by 1.24% were the losing indices on BSE.



On the global front: On the global front, Asian shares were trading mostly in green, with China in focus after the country’s banking regulator sought more information on credit risks linked to loans to major companies that bought major assets abroad. Japanese manufacturing activity slowed in June as new orders grew at the slowest pace in seven months, a sign of a slight weakening in domestic demand.


Global Signals:The Asian markets were trading mostly in green; FTSE Bursa Malaysia KLCI increased 0.26 points or 0.01% to 1,777.69, KOSPI Index increased 6.79 points or 0.29% to 2,377.16, Hang Seng increased 9.72 points or 0.04% to 25,684.25 and Nikkei 225 increased 13.65 points or 0.07% to 20,124.16.On the other hand, Shanghai Composite decreased 25.89 points or 0.82% to 3,121.56 and Taiwan Weighted decreased 20.91 points or 0.2% to 10,378.15.Jakarta Stock Exchange was closed on account of ‘Commemoration Day’ holiday.


Bajaj Financial Research report-Sharetipsinfo

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Company Overview:

Bajaj Finance Limited is a non-banking finance company (NBFC). The Company is engaged in lending and allied activities. It focuses on consumer lending, small and medium-sized enterprises (SME) lending, commercial lending, rural lending, fixed deposits and value-added services. Its consumer lending products include two-wheelers and three-wheelers finance, consumer durables finance, digital products finance, retailer finance, salaried personal loans, e-commerce consumer finance, e-commerce seller finance and home loan. Its SME lending products include loan against property and business loans. Its commercial lending products include loan against securities and financial institutions group lending business. Its rural lending products include personal loans cross-sell, salaried personal loans and gold loans. It offers retail fixed deposits and wholesale fixed deposits. It is engaged in life insurance distribution, general insurance distribution and mutual fund distribution.

Key Points:

Operating performance strong:

Bajaj Finance (BFL) has reported a robust operating performance for Q4FY2017, with the Net Interest Income (NII) surging by 48.3% YoY to Rs1,477.0crore, while the Non-interest Income increased by 49.7% YoY to Rs212.2 crore. The impressive growth in the NII was driven by healthy growth in Advances (up 32.9% YoY) and expansion of Net Interest Margin (NIM; calc) by 103BPS. During the quarter, the company enjoyed the benefits of lower Cost of Funds (CoF) while lower NIMs during Q3FY2017 (due to demonetisation) resulted in NIM expansion. Provisions surged by 85.1% YoY to Rs289.7 crore, which was due to the additional charge of Rs70 crore toward demonetisation and non-recurring provisions. Going forward, the BFL management indicated that it will have to take a further charge of ~Rs40 crore in the next 2-3 quarters as the final impact of demonetisation, which at ~2% of PPOP should not have any significant adverse effect. NIM expansion and well-managed operations resulted in the PAT growing by a healthy 42.6% YoY to Rs449.2 crore.

AUM growth picks up post demonetisation:

Q3FY2017, which was BFL’s seasonally strong quarter, was impacted on account of demonetisation with an adverse effect on its credit growth. Consequently, BFL’s performance in Q4FY2017 has been comparatively better on a QoQ basis. In Q4FY2017, the company’s business growth improved, with AUM expanding by 36.1% YoY. Its main loan segments, viz. Consumer loans (45% of AUM, up by 43% YoY), SME loans (36.7% of AUM, up by 18% YoY), Commercial loans (13% of AUM, up 51.5% YoY) and Rural loans (5% of AUM, up 129% YoY) all reported healthy growth. Digging further deep, the Consumer loans business was mainly driven by Digital Products (up 63% YoY), Personal loans (up 60% YoY) and Salaried loans (up 93% YoY). Growth in the SME book was fueled by a 56% YoY expansion in Professional loans and a 31% jump in Business loans. Loan Against Property (LAP) has seen a slowdown due to the BFL management’s cautious approach, resulting in the LAP portfolio remaining flat.

Asset quality dips marginally:

During Q4FY2017, the asset quality of BFL witnessed some stress, with the Gross Non-Performing Assets (GNPA) increasing by 21BPS QoQ to 1.68% while the Net NPA increased by 5BPS QoQ to 0.44%. The company also took additional provisions worth Rs70 crore on account of demonetisation and non-recurring provisions, which resulted in the slight deterioration in asset quality. However, the asset quality is still at a very healthy level, and the company boasts of 74% Provision Coverage Ratio, besides Rs300 crore of general provisions, which is also comforting.

Outlook and valuation:

BFL has delivered a decent performance for Q4FY2017 despite growing competition and the lag effects of demonetisation. Healthy operational parameters, AUM expansion and a decent asset quality are the key differentiating factors. BFL has been a leading innovator in the NBFC space and going forward better customer mining and further improvement in systems & processes will allow it to maintain its strong growth trajectory and profitability. We upgrade  to ’Buy’ with a price target of Rs1,550.

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