Sensex ends down 192 points at 38,684

Closing bell

The Sensex and Nifty ended almost 0.5 per cent lower in a choppy session on Thursday.

The benchmark indices dropped sharply lower after the RBI effected a 25 bps cut in the repo rate in its bimonthly monetary policy review.

However the market barometers then recovered to trade in the green, before once again falling to close in negative territory.

The Sensex finished at 38,684, down 192 points or 0.49 per cent, while the Nifty was at 11,598, down 45 points or 0.39 per cent lower.

The top gainers on the Sensex were Tata Motors, HeroMotoCorp, Bharti Airtel, HDFC and Asian Paints, while the laggards were TCS, HCL Tech, YES Bank, IndusInd Bank and Reliance.

European shares retreat after strong surge

European shares retreated from near six-month highs.

European stocks took a breather on Thursday after hitting an eight-month high in the previous session, with banking mergers in focus while investors awaited more developments in US-China trade talks. At 0720 GMT, the pan-European STOXX 600 index was down 0.4 per cent, having risen more than 3 per cent in the previous four sessions on hopes that a US-China trade deal could be imminent after both sides reported progress. Click here to read in full the European share markets report.

Brent slips further away from $70 level on build-up in US stocks

File Photo

Oil prices slipped a second day on Thursday, with Brent edging down further from the $70 mark, after weekly US oil data showed a surprise build in crude inventories and record production.

Brent futures were down 3 cents at $69.28 a barrel by 0603 GMT. Brent fell 6 cents on Wednesday, after touching $69.96, its highest since November 12, when it last traded above $70. Click here to read in full the report on global oil markets .

Sensex, Nifty drop sharply lower

The Sensex plunged more than 200 points in late trading on Thursday. The 30-share benchmark index was quoting at 38,643, down 233 points or 0.60 per cent lower. The NSE Nifty also lost 64 points or 0.55 per cent to trade at 11,579.

The top gainer on the Sensex were Tata Motors, HeroMotoCorp, Bharti Airtel, HDFC and Asian Paints. The laggards were TCS, IndusInd Bank, YES Bank, HCL Tech and Reliance.

Asian shares struggle near 8-month highs on trade jitters

Asian shares stepped back from eight-month highs on Thursday as investors took money off the table amid fresh concerns about the ongoing Sino-US trade talks and their impact on the prospects for world growth. Click here to read in full the Asian markets report .

RBI’s rate cut may not lead to significant reduction in lending rates

The RBI delivered on broad expectations of a repo rate cut , paving the way for lower lending and deposit rates in the coming months. While a few banks have trimmed their lending rates since the RBI’s February rate cut, liquidity constraints and a sticky 10-year G-Sec yield have impeded transmission. Hence, lending rate cuts have been little and few. Click here to read in full the report on rate cut may not lead to significant reduction in rates .

Nifty call: Tread with caution while the contract is range-bound

The CNX Nifty logo is displayed on a glass facade at the National Stock Exchange (NSE) in Mumbai, India, on Tuesday, Feb. 10, 2015. Prime Minister Narendra Modi conceded an overwhelming defeat in a local election in India's capital, his first setback at the polls since taking charge of Asia's third-biggest economy last year. Photographer: Dhiraj Singh/Bloomberg

Taking mixed cues from the global markets, the Sensex and Nifty began the session in marginally negative territory. Subsequently, the indices turned volatile and became range-bound.

The market breadth of the Nifty index is biased towards declines. The India VIX has gained 0.33 per cent to 18.84 levels. Both the Nifty mid and small-cap indices are also trading almost flat. Selling interest is witnessed in the Nifty IT index, while buying interest is seen in the Nifty Pharma index.  Click here to read the Nifty call report in full.

Euro stuck near one-month low after weak German data

The euro remained stuck near a one-month low on Thursday as more signs of weakness in the German economy detracted from optimism about US-China trade talks and a softer Brexit.

The euro has remained in a range of $1.12-$1.16 in 2019 despite a slowdown in the euro zone economy that has prompted new stimulus from the European Central Bank. Click here to read the global forex markets report .

Sensex, Nifty in positive territory

The benchmark indices, the BSE Sensex and the NSE Nifty, recovered from their lows to trade flat in the afternoon session on Thursday. The Sensex was trading at 38,883, up 6 points or 0.02 per cent higher. The Nifty was at 11,644, up 0.70 per cent or 0.01 per cent firmer.

The top gainers on the Sensex were HeroMotoCorp, HDFC, Bharti Airtel, Asian Paints and Sun Pharma, while the laggards were HCL Tech, TCS, YES Bank, Reliance and IndusInd Bank.

According to an agency report, the benchmark equity indices turned volatile in afternoon trade after the RBI cut repo by 0.25 per cent for the second time in a row, but kept the policy stance at ‘neutral’ amid uncertainty over monsoon.

The 30-share index fell 160.45 points to 38,716.67 in a knee-jerk reaction at noon, but has since pared all its losses. The NSE benchmark Nifty has also nudged up into the green.

Interest rate sensitive stocks - banking, realty and auto - witnessed a mixed trend following the Reserve Bank of India rate cut announcement.

The BSE auto index was trading at 19,241.02, up 77.92 points or 0.41 per cent, and the BSE realty index gained 0.81 per cent at 2,123.97. The BSE bankex, on the other hand, was hovering around 33,735.77, down 112.23 points or 0.33 per cent.

In an attempt to propel the economy ahead of the general elections, the RBI Thursday lowered the benchmark interest rate by 0.25 per cent, the second cut in a row, to the lowest level in one year on softening inflation.

The central bank, however, kept its monetary policy stance ‘neutral’ amid uncertainty over the monsoon.

It also lowered its GDP growth forecast for 2018-19 to 7.2 per cent from 7.4 per cent predicted in the February policy.

Market sentiment was also subdued after foreign investors turned net sellers in the previous trading session, traders said.

Foreign institutional investors (FIIs) pulled out Rs 1,040.48 crore Wednesday, and domestic institutional investors (DIIs) sold equities to the tune of Rs 80.83 crore, provisional data available with stock exchanges showed. (with inputs from PTI)

HCL Technologies sees biggest intraday per cent fall in nearly 4 months

Shares of software services exporter HCL Technologies Ltd fall as much as 3.5 per cent to Rs 1,081.5, their biggest intraday per cent loss since December 7, 2018. The company’s forward PE is 15.33 below sector average of 15.74. Click here to read the full report on HCL share price movement

Sensex, Nifty cut losses

The benchmark indices, the BSE Sensex and the NSE Nifty, recovered from their intra-day lows to trade flat in the afternoon session on Thursday.

The Sensex and Nifty fell sharply immediately after the RBI announced that it had cut the repo rate by 25 bps.  The indices have since recovered to trade flat.

The Sensex is trading at 38,854, down 22 points or 0.06 per cent lower, while the Nifty is at 11,637, down 6 points or 0.05 per cent lower.

Sensex, Nifty drop lower

The benchmark indices extended their losses at mid-session after the RBI cut the benchmark repo rate by 0.25 per cent to 6 per cent. The Sensex was trading at 38,772, down 105 points on its previous close.

The Nifty was quoting at 11,616, down 27 points or 0.24 per cent lower.

The indices, which were range-bound in cautious trade ahead of the announcement of the RBI's bi-monthly monetary policy statement, dropped lower after the RBI rate action.

The central bank, has however, kept its monetary policy stance at ‘neutral’. In the second policy review under Governor Shaktikanta Das, the six-member Monetary Policy Committee voted 4:2 in favour of the rate cut.

The interest rate was cut will result in lower cost of borrowing for the banks that are expected to transmit the same to individuals and corporates. The RBI had on February 7 cut the interest rate to 6.25 per cent from 6.5 per cent.

The last time the repo rate stood at 6 per cent was in April 2018.

The rate cut is in consonance with achieving the medium term objective of maintaining inflation at 4 per cent while supporting growth, RBI said in a statement.

The top gainers on the Sensex were Asian Paints, HeroMotoCorp, BhartiAirtel, Bajaj Auto and NTPC, while the laggards were YES Bank, HCL Tech, Tata Steel, Reliance and IndusInd Bank.

The realty, auto, telecom and healthcare sectors helped prop up the BSE, while the energy, IT and tech sectors were a drag on the index.  (with inputs from PTI)

Gold gains as dollar eases; focus on US-China talks

SPDR gold holdings fall to lowest since December 17 on Wednesday. File Photo

Gold gained on Thursday, supported by an easing dollar as investors awaited progress on the ongoing Sino-US trade negotiations after reports showed that both sides were nearing a deal. Spot gold rose 0.2 per cent to $1,291.89 per ounce as of 0332 GMT. US gold futures firmed 0.1 per cent at $1,296.90 an ounce. Click here to read in full the gold markets report .

Jet Airways extends falls

FILE PHOTO of a Jet Airways passenger plane

Shares of Jet Airways Ltd fell as much as 3.5 per cent to Rs 243, their lowest since March 25. The company is operating only 28 planes out of its 119-strong fleet, after failing to pay lessors as it awaits bailout funds promised by state-run banks . Click here to read in full the report on Jet Airways share price movement .

Sensex, Nifty trade in the red

The benchmark indices were in the red in cautious trade ahead of the RBI's monetary policy announcement.

The Sensex was trading at 38,811, down 65 points or 0.17 per cent lower, while the Nifty was at 11,622, down 21 points or 0.18 per cent lower.

The top gainers on the Sensex were Bharti Airtel, HeroMotoCorp, Asian Paints, Maruti and Tata Motors, while the laggards were HCL Tech, YES Bank, ONGC, Reliance and TCS.

Zee Entertainment hits 7-week low

Shares of Zee Entertainment Enterprises fell as much as 3.35 per cent to Rs 391, the lowest since February 13.

The stock has broken below its Ichimoku cloud, seen as a bearish sign. Click here to read in full the report on share price movement of Zee Entertainment .

Amara Raja Batteries shares rise; Galla family to buy 2% stake from Johnson Controls

Shares of batteries manufacturer Amara Raja Batteries Ltd rose as much as 3.8 per cent at Rs 698 - their biggest intra-day percentage gain since February 1.

The company said on Wednesday the Galla family had agreed to buy 2 per cent of the company from Johnson Controls & terminate the shareholders’ agreement with effect from April 1, 2019. Click here to read the report on Amara Raja share price movement.

Rupee slips 25 paise to 68.66 agains USD in early trade

The rupee depreciated by 25 paise to 68.66 against the US dollar in early trade on Thursday ahead of the Reserve Bank of India’s policy decision and foreign fund outflows. Click here to read in full the rupee report .

Broker's call: Reliance Industries (Neutral)

Motilal Oswal

Reliance Industries (Neutral)

CMP: ₹1,373.8

Target: ₹1,457

Reliance Industries’s stock price has almost tripled over the last five years, outperforming the Nifty by 122 per cent on a cumulative basis. This has been driven by the strengthening refining/petrochem businesses and the significant build-up in its retail and telecom segments.

Since our upgrade in October 2017, RIL has rallied by 59 per cent, outperforming the Nifty by 44 per cent. The stock now trades closer to our fair value. Moreover, we expect the core business to face headwinds in 2019.

Global refining and petrochem peers are trading at about 6x FY20 EV/EBITDA. We value RIL’s refining and petrochemical segments at 7.5x — the premium here reflects the company’s superior capability to manage the crude basket, refinery yields, hedging and multiple feedstock for its petrochem segment.

While telecom and retail remain in a significant build-up mode, we have already factored this in our estimates. As there is limited upside from here, we downgrade the stock to ‘Neutral’ from Buy.

Oil prices mixed, Brent edges up towards $70 level

Oil prices were mixed on Thursday, with Brent edging higher towards the psychologically important $70 level after easing in the previous session on data showing a surprise build in US inventories. Click here to read in full the oil markets report .

Euro firms on trade optimism, sterling higher after Brexit vote

The euro held firm against the dollar on Thursday as hopes of a trade deal between the United States and China bolstered risk appetite globally, while the British pound was buoyed after the UK parliament approved legislation to seek a Brexit delay. Click here to read in full the global forex market report .

Health cover policyholders may soon be able to receive claim amount in instalments

You may soon be able to opt for receiving personal accident and benefit-based health cover policy claims in instalments.

In a first-of-its-kind proposal, a working group constituted by the Insurance Regulatory and Development Authority of India (IRDAI), has suggested that a policyholder may be provided the option to receive the amount in lumpsum or in equated instalments. Click here to read in full the report on claim amount in instalments for health cover policyholders .

Sensex slips into red, Nifty nudges up

The Sensex slipped into the red in early trading on Tuesday. After opening weakly firmer, the benchmark index fell into negative territory. It was trading at 38,880, down 3 points or 0.01 per cent lower.

The NSE Nifty, on the other moved into positive territory after opening in the red. It was quoting at 11,653, up 9 points or 0.08 per cent higher.

PTI adds: Domestic equity benchmarks opened on a cautious note ahead of the outcome of the Reserve Bank of India’s first bi-monthly monetary policy review for fiscal 2019-20.

The 30-share index had settled 179.53 points, or 0.46 per cent lower, at 38,877.12 in the previous session.

Top gainers in the Sensex pack include Bharti Airtel, Asian Paints, Axis Bank, Tata Motors, PowerGrid, Hero MotoCorp, Bajaj Finance, HUL, Maruti and Bajaj Auto, rising up to 2.33 per cent.

On the other hand, HCL Tech, Yes Bank, Tata Steel, ONGC, Infosys, Vedanta and ITC were among the top losers, shedding up to 2.82 per cent.

Investors were cautious ahead of RBI’s bi-monthly monetary policy review, scheduled to be announced before noon on Thursday.

The RBI’s Monetary Policy Committee (MPC) is holding a three-day meeting between April 2-4 for the first policy statement for financial year 2019-20.

According to experts, RBI is expected to cut rates by 25 basis points and adopt a pro-growth stance. However, expectations of a poor rainfall and already slow economic growth alongside subdued inflation may pressurise RBI to go for a higher rate cut.

Market sentiment was also subdued after foreign investors turned net sellers in the previous trading session, traders said.

Foreign institutional investors (FIIs) pulled out Rs 1,040.48 crore on Wednesday, and domestic institutional investors (DIIs) sold equities to the tune of Rs 80.83 crore, provisional data available with stock exchanges showed.

Meanwhile, the rupee depreciated 20 paise to trade at 68.61 to the US dollar in early trade on Wednesday.

Brent crude futures, the global oil benchmark, fell 0.06 per cent to trade at $69.27 per barrel. Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading positive.

Skymet sees below-normal South-West monsoon

This year’s South-West Monsoon (June-September) is likely to be ‘below normal’, at around 93 per cent of the long-period average (LPA), private forecaster Skymet Weather said on Wednesday. Click here to read in full the report on below-normal South-West monsoon .

Rail Vikas Nigam IPO fully subscribed

State-owned Rail Vikas Nigam Ltd's initial public offering (IPO) to raise Rs 4,820 crores($70.45 million) was fully subscribed at the end of the book-running process, stock exchange data showed on Wednesday.

Investors bid for about 458 million shares in the company, which undertakes railway projects, or 1.8 times the 253.5 million shares on offer, as of 12:30 GMT.

The share sale comes amid IPOs by state-run firms such as e-auctioning company MSTC Ltd, which extended the sale by three days and cut the lower end of the price band to attract more investors.

The appetite for Indian equities has picked up days before a national election, amid renewed hopes of a second term for Prime Minister Narendra Modi, even though investors continued to maintain a cautious stance.

The IPO is through a share sale by the India government within a price band of Rs 17 to Rs 19 apiece.

Company news: Bhansali Engineering

Bhansali Engineering Polymers  on Wednesday said the work in respect of establishing a Research and Development Centre at Abu Road was completed on January 15 and the company has filed an application on March 12 for recognition of the R&D centre with the Department of Science and Industrial Research, Government of India. The recognition will enable the company avail benefits under the Income Tax Act, 1961. In another notification, it announced the successful commissioning of the compounding capacity expansion project at its Abu Road plant from the existing 100 KTPA to 137 KTPA within the envisaged cost and timeframe. Further, the compounding capacity expansion project has been funded through internal accruals and the company continues to remain a ‘zero debt entity’, it added. Shares of Bhansali Engineering slipped 3.15 per cent at ₹70.65 on the BSE on Wednesday. On Thursday, it was trading at Rs 71.25  , up Re 0.60  (+0.85%) on the BSE.

Company news: Tata Global Beverages

Tata Global Beverages  on Wednesday said Coffee Trade LLC, a step-down subsidiary, which was incorporated as part of restructuring of operations in Russia, is being liquidated consequent to completion of the restructuring. The liquidation will not have any significant impact on the financials of the group. Shares of Tata Global closed at ₹208.05, down 1.54 per cent, on the BSE on Wednesday.

Focus on Tata Steel on JV with Thyssenkrupp

Tata Steel will remain in focus, as the company said it supports the logic behind a joint venture with Thyssenkrupp, days after the companies submitted proposals to the European Commission for a nod to the proposed partnership. However, steel workers at Thyssenkrupp expect far-reaching guarantees for jobs and plants even if a planned joint venture with Tata Steel falls apart. Last year, the two companies had agreed to combine their European steel activities.

Rate cut hopes: Will RBI be more benevolent?

The Reserve Bank’s Monetary Policy Committee will unveil the first policy statement for 2019-20 on Thursday. The broad expectation among market participants is a 25-basis-point cut in the policy rate. In fact, some market participants are anticipating even a 50-bps cut. However, analysts’ focus will be on addressing the liquidity situation in the economy. Shares from rate-sensitive sectors such as banking and finance, FMCG, automobiles and realty will remain in focus.

Patent wins may keep Suven in good health

Suven Life Sciences on Wednesday informed the bourses of the grant of one product patent each from Israel, Japan, New Zealand and Sri Lanka. The patent is for new chemical entities indicated for the treatment of disorders associated with neurodegenerative diseases such as Alzheimer’s disease, attention deficient hyperactivity disorder (ADHD), Huntington’s disease, pain, Parkinson’s disease, and Schizophrenia, among others. Shareholders will closely monitor further developments.

Asian shares near 8-month highs, US-China talks in view

Asian shares held near an eight-month peak on Thursday as investors awaited developments on Sino-US trade talks, with both sides appearing closer to signing a deal and improved risk appetite weighing on safe-haven assets like the yen. Click here to read in full the Asian markets report .

Opening bell

The Sensex and Nifty opened mixed on Thursday. The Sensex was quoting at 38,895, up 18 points or 0.05 per cent higher. The Nifty was trading at 11,643, down 69 points or 0.59 per cent lower.

The BSE benchmark index ended Wednesday's session at 38,877.12, down 179.53 points or 0.46% from its previous close of 39,056.65. The Nifty 50 index, too, lost 69.25 points or 0.59% and ended at 11,643.95.

NSE to launch eight new agri-commodity contracts

The National Stock Exchange (NSE) will plunge into agri commodity trading with eight new contracts that are not traded on any other exchanges, sources told  BusinessLine . Click here to read in full the report on NSE launch of agri-commodity contracts .

Day Trading Guide for Thursday, April 4, 2019

Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:

₹2295 • HDFC Bank

₹754 • Infosys

₹295 • ITC

₹155 • ONGC

₹1373 • Reliance Ind.

₹320 • SBI

₹2080 • TCS

11729 • Nifty 50 Futures

S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.

Today's Pick: Indian Oil Corporation (₹153.7): Sell

The stock of Indian Oil Corporation fell by 2.8 per cent with low volume on Wednesday breaching the 21-day moving average. Investors with a short-term horizon can sell the stock at current levels. Click here to read in full the Today's Pick on Indian Oil Corporation