Sensex closes above 40,000-mark; PSU banks, FMCG back in action

Better than expected corporate earnings aided the positive sentiment

Closing Bell

Domestic equity benchmark BSE Sensex closed above the key pschological 40,000 mark on the back of expectations that the government would withdraw long-term capital gains tax (LTCG). Also, better than expected corporate earnings coupled with revival in auto demand in the festive season aided the positive sentiment.

Optimism over US-China trade deal and the European Union extending Brexit deadline to January 31, 2020, also triggered renewed buying interest.

Traders were also looking at the US Federal Reserve’s decision on interest rate cut.

In line with the market buoyant sentiment, the BSE benchmark Sensex opened firm at 40,055.63, and touched an intraday high of 40,178.12, before finishing at 40,051.87, up by 220.03 points.

It ended yesterday at 39,831.84.

Market breadth remain positive

The market breadth was positive. Out of the total 2,673 shares traded on the BSE, 1,384 shares rose and 1119 shares declined. A total of 170 shares were unchanged.

On the NSE, the Nifty, after touching a high of 11,883, ended at 11,844.10, up 57.25 points over previous close.

PSU Banks, prominent gainers

Sectoral indices such as PSU Banking, IT and FMCG scored signifcant gains today. (SEE CHART BELOW)

PSU Banking index, on the NSE, went up 3.75% to 2,413.40 and the IT index gained 1.41% to 15,395.65.

BHEL rallies on new orders

The stock of public sector major BHEL went up over 9 per cent today after the company recently bagged an order for the turbine generator and associated packages for the greenfield 2x660 MW Khurja Super Thermal Power Project in Bulandshahr, Uttar Pradesh.

The order, valued at around ₹1,600 crore, was received from THDC India Ltd, a joint venture between the Government of India the Uttar Pradesh Government.

On the BSE, BHEL was up by Rs 5, or 9.58 per cent, at Rs 58.90. Volumes traded in the counter were higher at 59.71 lakh shares against the two-week average quantity of 38.70 lakh shares.

 

FMCG CHART AND STOCKS

FMCG chart and stock price

 

BSE SENSEX CHART

Sensex chart

 

3.10 pm

NIFTY IT STOCKS

 

3 pm

 

2.50 pm

Reliance General Insurance scraps IPO plan; withdraws offer documents

 

Reliance General Insurance, part of Anil Ambani-led Reliance Group, has decided to withdraw its proposed initial share sale offer.

The initial public offering (IPO) was slated for fresh issue of shares worth Rs 200 crore.

READ MORE

Anil Ambani   -  PTI

 

2.40 pm

PSU Bank stocks

 

 

2.25 pm

BHEL stock surges nearly 10% on heavy volumes

 

The stock of public sector major BHEL went up over 9 per cent today after the company recently bagged an order for the turbine generator and associated packages for the greenfield 2x660 MW Khurja Super Thermal Power Project in Bulandshahr, Uttar Pradesh

READ MORE

 

2 pm

 

 

1.55 pm

Rupee: Tread with caution ahead of Fed meet

The rupee closed marginally higher at 70.84 against the dollar on Tuesday. In today’s session, it opened at 70.88 and looks a tad weaker. It is approaching a key level of 71. Taking a broader view in the chart, the rupee seems to have formed a range between 70.75 and 71.

READ MORE

At the interbank foreign exchange, the rupee opened at 71.60. File Photo   -  Bloomberg

 

1.45 pm

Nifty 50 October Futures (11,846)

After some initial volatility, the Sensex and the Nifty started to trend up on the back of buying interest and have gained 0.5 per cent each. The market breadth of the Nifty index is biased towards advances.

READ MORE

 

 

12.45 pm

NIFTY INDICES

 

12.15 pm

Beware of your risk: All F&O stocks are now physically settled

All stocks in the derivative segment will be physically settled. This means delivery of shares is a must, if one fails to square-off his or her position ahead of the expiry date.

READ MORE

 

5 value stocks for you

With stock prices soaring after the corporate tax cut announcement, do you want to invest in stocks again? If yes, here are some fundamentally-sound ...

Read More

BSE to introduce weekly F&O contracts on stocks in equity derivatives on September 19

The weekly futures and options contracts will expire on every Thursday of the week, excluding monthly expiry week.

Read More  

12 noon

Edelweiss Financial Services up 4% on positive cues about Kora investment

 

Shares of Edelweiss Financial Services traded 4 per cent higher today after it got approvol recently from the Competition Commission for the US-based Kora’s proposed investment worth USD 75 million (about Rs 532 crore) in Edelweiss Group.

READ MORE

11.55 am

Broker's call

Geojit Financial

Ultra Tech Cement Ltd: Buy

CMP: Rs.4,122                                   

Target Price: Rs.5,170

 

UltraTech registered robust growth in consolidated revenue in Q2FY20 (+21.9% YoY) primarily driven by higher realisations (+23.2% YoY). EBITDA margin expanded 320 bps YoY to 21.5% benefited from lower power and fuel costs and improved product mix.

However, cement volumes declined 1.0% YoY to 18.7m t owing to continued tepid demand. The company is set to benefit from gradual revival of cement demand in the second half, amid low fuel cost environment, improved contribution from new acquisitions owing to uptick in utilization and deleveraging with strong cash flow generation and potential non-core asset sale.

 

Ultratech Cement: Low volume growth, weak realisations play spoilsport with analysts’ projections

 Cement major Ultratech Cement reported Q2 numbers on Monday, with stellar bottomline growth of 72 per cent year-on-year (y-o-y). However, while the ...

Read More

UltraTech Cement net up 63 per cent on lower cost, higher realisation

Company plans to invest Rs 940 cr

Read More  

11.40 am

BSE MIDCAP SELECT INDEX

 

11.35 am

Shriram City Union Finance down on muted sales numbers

 

The stock of Shriram City Union Finance went down today on the back of selling pressure after the comany reported muted sales numbers for the second quarter ended September 30, 2019.

READ MORE

Shriram City Union Finance issues NCDs

Shriram City Union Finance has announced the issue of secured redeemable non-convertible debentures (NCDs). The base issue size is ₹100 crore, with an ...

Read More

Shriram City aims for quarterly reduction in NPAs

Hopes entry into newer markets will drive SME and two-wheeler loans

Read More  

11.10 am

Rupee slips 11 paise against dollar in early trade

The rupee depreciated by 11 paise to 70.95 against the US dollar in morning trade on Wednesday, as investors were cautious ahead of the US Federal Reserve’s interest rate decision.

READ MORE

Bullish bias remains as long as rupee holds above 71

After a minor correction, the rupee appreciated last Friday and ended the session with 0.2 per cent gain at 70.88 against the dollar. The bullish ...

Read More

Rupee outlook: Rupee bullish above 71.2

The rupee trimmed its gain on Thursday, as it closed the day lower by 0.16 per cent at 71.02 against the dollar. The demand for dollar dampened the ...

Read More  

11 am

Apollo Hospitals stock in fine fettle; up 3%

Apollo Hospitals shares rose over 3% to Rs 1,476 on the BSE today. On the BSE, volumes traded in the counter were around 30,000 shares as at 10.45 am.

Recently, promoters of Apollo Hospitals divested 3.6 per cent holding in Apollo Hospitals Enterprise Limited (AHEL)...

READ MORE

Apollo Hospitals promoters divest stake through bulk deal

Promoters of Apollo Hospitals divested 3.6 per cent holding in Apollo Hospitals Enterprise Limited (AHEL), through a bulk deal on Thursday. Promoter ...

Read More  

Company news: Apollo Hospitals

on Monday said it has issued letters of comfort (LOC) worth ₹101 crore relating to credit facilities availed by its subsidiary companies. The company ...

Read More  

10.50 am

ITI Ltd shares zoom nearly 13% on cloud services solution launch

The stock of ITI shares zoomed nearly 13% today to Rs 97.40 on the BSE. Volumes traded in the counter were 4.45 lakh shares as at 10.30 am today.

READ MORE

ITI (₹86.6): Buy

The stock of ITI jumped 7.6 per cent accompanied by above average volume on Tuesday, rebounding from a key support level of ₹80. This rally provides ...

Read More  

10.40 am

HDFC Life hits new high at Rs 637

 

Shares of HDFC Life Insurance hit a new all-time high at Rs 637.70 on the BSE, despite talk of a stake sale at a sharp discount.

The counter witnessed a volume of 10.74 crore shares, as against the two-week average of about 1.90 crore shares on the BSE.

READ MORE

HDFC Life Q2 profit up 7.5%

HDFC Life Insurance has registered a 7.56 per cent in net profit to ₹308.69 crore in the second quarter of the fiscal, against ₹286.98 crore a year ...

Read More

HDFC Life Q1 net up 12%

HDFC Life Insurance reported a near 12 per cent increase in net profit for the first quarter of the fiscal, led by robust growth in new business ...

Read More  

10.25 am

BSE SMALL CAP STOCKS

 

10.15 am

 

10.15 am

ADVANCES AND DECLINES ON THE BSE

ADVANCES/DECLINES ON BSE

 

10.15 am

NIFTY INDICES

 

10 am

Intraday stock futures Recommendation

 

Buy Tata Steel in the range of Rs 394.00-395.00

Sell United Breweries in the range of Rs 1298.00-1299.00

Q2 outlook bleak for steel firms

Operating profits, margins may face pressure due to low volumes and realisations

Read More

 

9.55 am

Why Vodafone Idea and Bharti Airtel shares are crashing

Worry about the unfolding story in India’s telecom sector kept some of the largest fund managers and foreign portfolio investors (FPIs) awake during the Diwali weekend.  READ MORE

Bharti Airtel defers Q2, half yearly results to November 14 on AGR issues

Sunil Mittal calls on Telecom Minister on Monday to discuss looming issues on AGR

Read More  

Vodafone Idea partners Red Hat, TCS in the fight against Jio, Airtel

Vodafone ropes in Red Hat for cloud technologies and TCS for better customer experience

Read More  

9.45 am

Broker's technical call on Nifty and Bank Nifty

ICICI SECURITIES

Derivatives View (October 30):

Buy Nifty in range of 11770-11792

 

Buy Bank Nifty in range of 29800-29850…

 

Nifty

 

The Nifty continued its upward journey and witnessed sharp upsides on the back of a strong up move among auto and metal stocks. Broader market participation also continued as both midcap and small cap indices ended with strong gains. Writing continued at ATM Put strikes of 11700 and below indicating further upsides are expected. Nifty futures ended at a premium of 9 points with a rise in IVs by 3.47%. The highest Put base is at 11700 strike with almost 31 lakh shares while the highest Call base is at the 12000 strike with 30 lakh shares.

 

Bank Nifty

 

Post a flat opening, the Bank Nifty saw strong buying momentum throughout the sessions to extend its gain towards 30000 on the back of a strong recovery in Axis Bank and other midcaps. Closure of positions was seen at 30000 Call in the first session of the week itself indicating further upsides. We feel short covering can be seen once the index closes above 30000.

 

9.35 am

Domestic equity benchmark BSE Sensex crossed the key pschological 40,000 market in the opening session.

The BSE benchmark Sensex opened firm at 40,055.63, immediately touched a high of 40,100.26. Now, the index was being quoted at 39,892.40, up by 60.56 points.

On the NSE, the Nifty after touching a high of 11,883 initially, met with profit booking and was now quoted at 11,808.80.

The number of advancing scrips were higher at 843 against the decliners at 519.  The advancers to decliners ratio was at 58:36.

 

 

Tax cut news push Sensex, Nifty higher

However, telecom stocks such as Airtel took a beating on SC’s deadline on fee payment

Read More

Global share rally pauses on trade risks ahead of Fed

A rally in global shares stalled, with Asian markets stuck in tight ranges early on Wednesday, as the prospect of a rate cut by the Federal Reserve ...

Read More  

9.30 am

Tata Global, Tata Chem, Concor results in focus

Around 40 firms will declare their July-September quarter results on Wednesday. Among them are Balaji Amines, Concor, Chemfab, Caplin Point, Creditaccess, Graphite...

READ MORE

 

 

9.25 am

 

 

9.15 am

Pre-Open session

Domestic equity benchmark BSE Sensex has crossed the key pschological 40,000 market today in the pre-open session.

The Sensex rose 223 points to 40,054.

On the NSE, the Nifty gained 87 points to 11,883.

 

Stocks surge on buzz of next round of sops for markets

Govt looking at aligning LTCG, DDT, STT into one tax for easier compliance

Read More  

 

9.05 am

Today's Pick: ITI (₹86.6): Buy

 

The stock of ITI jumped 7.6 per cent accompanied by above average volume on Tuesday, rebounding from a key support level of ₹80. This rally provides investors with a short-term perspective an opportunity to buy the stock at current levels.

READ MORE

 

9 am

Japan's Nikkei index opens lower

 

Japan's main Nikkei index opened lower on Wednesday with investors cautious ahead of the US Federal Reserve's interest rate decision and the Bank of Japan's policy announcement this week.

READ MORE

 

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 per cent. File Photo   -  Reuters

 

8.55 pm

 

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Day Trading Guide for October 30, 2019

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

 

₹1242 • HDFC Bank

 

S1S2R1R2COMMENT
1228121512551265

 

Initiate fresh short positions with a fixed stop-loss if the stock reverses down from ₹1,255 levels

 

 

₹650 • Infosys

 

 

S1S2R1R2COMMENT
640630657670

 

Consider initiating fresh long positions with a stiff stop-loss only if the stock moves beyond ₹657 levels

 

 

8.45 pm

Broker's call: SBI (Accumulate)

Dolat Analysis

SBI (Accumulate)

CMP: ₹280.5

Target: ₹315

The bank reported a loss on account of higher credit costs. Including the exceptional item, the profit has been ₹3,000 crore. The bank has not taken the benefit of the new tax rate (at this juncture)

READ MORE

 

SBI reports lower bad loans and slippages, but sustainability will be key

The trend in slippages and core net interest income has been bumpy over the past year

Read More

SBI Q2 net zooms to ₹3,012 cr on one-time gain

Lifted by exceptional item of Rs 3,484 cr on account of partial sale of investment in life insurance arm

Read More  

SBI's home loan processing fee is back. What does it mean for borrowers

Though processing fee may appear small, it is nonetheless a tidy sum that cannot be ignored.

Read More  

Published on October 30, 2019