Closing bell:  The equity indices fell the most in nearly two weeks on Monday as oil prices trended higher and pushed the rupee to a six-week low.

The broader NSE index ended down 158.35 points at 11,594.45, while the benchmark BSE index fell 495.10 points to close at 38,645.18.

Indiabulls Housing, Yes Bank, BPCL, IndusInd Bank and IOC were top losers on the Nifty, while gainers were Bharti Airtel, Wipro, Tech Mahindra,  Infosys and NTPC.

Among the sectors except IT, all other indices ended in red led by auto, bank, energy, FMCG, Pharma, and metal.

RBI has $43 billion in excess reserves, says BofAML

A panel named by India’s central bank to study its capital structure is likely to identify excess reserves of up to ₹ 3 lakh crore ($43 billion), or 1.5 percent of gross domestic product, according to Bank of America Merrill Lynch. Click here to read the full story

S&P BSE SENSEX

38,804.51 -335.77 -0.86%

S&P BSE BANKEX

33,531.56 -488.90 -1.44%

Nifty Call: Go short with stop-loss at 11,710 levels

The Sensex and the Nifty started the session on a negative note with a gap-down opening and continues to trend downwards. Both the indices are witnessing selling pressure and profit booking at higher levels. The Sensex has slumped 0.8 per cent and the Nifty has declined 0.9 per cent in today's session. The market breadth of the Nifty index is biased towards declines. The India VIX which measures the expected market volatility has jumped 5.8 per cent to 24.05 levels. The selling pressure is experienced in Nifty Mid and Small-cap stocks as well.

Read the full technicals here

1.42 p.m.

Indices trade with negative bias

Benchmark indices continue to trade with negative bias in the afternoon trade with the BSE Sensex falling 305.65 points to 38,834.63. The Nifty50 was trading way below 11,700 levels, down 106.90 points to 11,645.90.

1.20 p.m.

Maruti launches Baleno with BS-VI, smart hybrid technology

India's largest passenger car maker Maruti Suzuki India (MSIL), on Monday, announced the launch of a new 1.2 litre Dualjet, Dual VVT BS-VI engine with next generation Smart Hybrid technology in the Baleno, priced between ₹5.58 lakh and ₹8.90 lakh.

Click here to read full story

1.15 p.m.

NSE top 10 gainers and losers

12.40 p.m.

Index Heatmap

12.20 p.m.

Birlasoft recognized as Rising Star USA: report

Birlasoft, part of the USD 2 billion diversified CK Birla Group company on Monday announced it has been recognised as a `Rising Star' in the Salesforce Ecosystem Quadrant report for USA 2019 by Information Services Group, a leading global technology research and advisory firm.

12.10 p.m.

Markets update: The benchmark indices continues to trade lower on Monday with Sensex around 38,850 level.

The Sensex is down 292.92 points at 38,847.36, while Nifty is down 96 points at 11,656.80. About 706 shares have advanced, 1,500 shares declined, and 137 shares are unchanged.

12 noon

Alembic Pharma gets USFDA nod for multiple sclerosis treatment drug

Alembic Pharmaceuticals Limited on Monday announced that the it has received approval from USFDA for its Abbreviated New Drug Application Teriflunomide tablets. The approved ablets are used for treatment of multiple sclerosis.

11.40 a.m.

PC Jeweller: Shining through

The stock of PC Jeweller has been on a tear over the past one month. The shares of the company rallied by more than 50 per cent this past week and nearly 77 per cent in the last one month.

Read more on the reality check here

11.35 a.m.

Vodafone Idea Rights Issue: Improving signals

With the sector now having a semblance of stability, Vodafone Idea seems ready to take on competition with some measures in place.

Click here to read BL's take on Rights Issue

11.27 a.m.

SAIL : Ironing out the dents

While a favourable demand environment augurs well, a possible increase in wages and higher production costs will be dampeners.

Read the Stock Fundamental analysis here

11.17 a.m.

Oil marketing companies share plunge as crude hits near 6-month high

The shares of Indian oil marketing companies on Monday skid after global crude prices rallied by about 3 per cent to levels last seen in Nov 2018.

Oil prices shot up after United States announced that all buyers of Iranian oil will have to end their imports shortly, or be subject to U.S. sanctions. Removing the sanctions exemptions would reduce oil supply from a market that is already tight because of U.S. sanctions against Iran and fellow OPEC-member Venezuela.

Click here to read more

11.04 a.m.

Technicals: NSE index breaks support at 11,671

India's NSE index falls as much as 0.91 per cent on Monday and breaks a support at 11,670.66 points. The support at 11,670.66 points is identified as the 14.6 per cent Fibonacci retracement level on the uptrend from February 19 low to April 18 high (wave C).

Click here to read the full technical analysis

10.52 a.m.

Reliance Industries sees worst day in over 4 months

Shares of Reliance Industries Ltd fall as much as 3 per cent to Rs 1,345.05, posting their worst intra-day fall since December 11.

Read more here

10.45 a.m.

Jet Airways continues downward spiral, hits decade-low

Shares of Jet Airways Ltd on Monday plunged as much as 23.2 per cent to ₹ 126.65, their lowest level since March 13, 2009.

It has seen about ₹ 1,534 crore ($219.61 million), or just over 50 per cent of its market value, being shaved off since the airline suspended all operations on Wednesday last week.

Read more here

10.30 a.m.

SpiceJet, Emirates sign MoU for code share partnership

Budget carrier Spicejet on Monday announced signing of an initial pact for code share partnership with Gulf carrier Emirates.

The reciprocal partnership will allow opening of new routes and destinations for passengers of the two airlines, SpiceJet said in a statement.

Read the full story here

10.20 a.m.

Nucleus Software Exports: Buy

Investors with a medium-term horizon can buy the stock of Nucleus Software Exports at the current levels. The stock jumped almost 10 per cent last week to close at ₹377.9 on the BSE.  Click here to read the Chart Focus

10.15 a.m.

Consider going long on IndusInd Bank

The outlook for IndusInd Bank (₹1,764.30) remains positive. The stock finds immediate support at ₹1,683 and a crucial one at ₹1,514.60. IndusInd Bank finds immediate resistance at ₹1,828 and a major one at ₹1,932. A rally above this level can trigger a fresh up-move in the stock that has the potential to take the stock to new heights.  Read more on F&O pointers here

10.08 a.m.

Sensex cracks over 300 points

Mumbai 26/07/2018: An employee of a stock trading firm looking at a share price on his computer on Thursday. The benchmark senses touched a all time high during the intra-day trades. Photo: Vivek Bendre

The benchmark BSE Sensex cracked over 300 points in early trade Monday tracking losses in index heavyweights RIL, HDFC and ICICI Bank, amid weak global cues, sinking rupee and soaring crude oil prices.

At 10 a.m., the 30-share index was trading 309.56 points or 0.79 per cent lower at 38,830.72. The NSE Nifty too plunged to 101.80 points, or 0.87 per cent, to 11,651.

In the previous session Thursday, the BSE bourse settled 135.36 points, or 0.34 per cent, lower at 39,140.28. The broader Nifty slipped 34.35 points, or 0.29 per cent, to 11,752.80.  Click here to read more on the news

10 a.m.

In the IPO market, it’s a game of luck

Looking to make a quick buck on initial public offerings (IPOs)? Last week’s bumper listing of Polycab India and Metropolis Healthcare would have tempted many to try their luck in the primary market. But for many retail investors, the the IPO game may not be as rewarding as it sounds. Why?

The massive over-subscription in most of the IPOs often leads to retail investors getting allotted only a few shares. Hence, the mouth-watering returns on the listing mean little to an eager retail investor who would have bid for even the entire ₹2-lakh limit allowed under the retail category. We break down the basis of allotment under an IPO to explain this anomaly.

Click here to read more

9.52 a.m.

SEBI’s newly introduced insider-trading norms raise the bar on unpublished price-sensitive information

Companies and promoters will have to be more cautious in dealing with unpublished price-sensitive information (UPSI) from this month, as SEBI’s new insider-trading norms will hold them responsible if they hold on to UPSI without any ‘legitimate purpose’.

Read more here

9.48 a.m.

Downside to be limited in Tata Steel (₹542.8)

Tata Steel is range-bound between ₹525 and ₹560. Within this range, a dip to ₹535 and ₹530 is likely in the near term.

A break below ₹530 looks less likely as the bias and indicators on the charts are positive, suggesting the downside could be limited. But if Tata Steel declines below ₹530, a fall to ₹520 and ₹510 is possible.

A bounce from ₹530 will see it moving higher to revisit ₹560 levels.

A strong break above ₹560 will take the stock further higher to ₹570 and ₹580.

9.45 a.m.

RIL snaps two-week fall (₹1,382.9)

RIL snapped its two-week fall and surged over 3 per cent last week. The outlook is bullish. A test of ₹1,400 is likely in the near term. A decisive close above ₹1,400 will boost the bullish momentum.

In such a scenario, RIL can surge to ₹1,460. A further break above ₹1,460 will then increase the possibility of the stock targeting ₹1,520 over the medium term.

But if RIL reverses lower from ₹1,400, it can again fall to ₹1,350 and ₹1,320. In that case, it can remain range-bound between ₹1,320 and ₹1,400 for some more time.

A breakout on either side of ₹1,320 or ₹1,400 will decide the next move.

9.42 a.m.

Near-term view negative for Infosys   (₹716.4)

Infosys tumbled over 4 per cent last week. The stock can fall further to test ₹705 and ₹703 in the near term. A bounce from the ₹705-703 support zone will give a breather and take Infosys higher to ₹715 and ₹720 again. But a strong break and a decisive close below ₹703 will increase the downside pressure. Such a break will turn the outlook bearish and take Infosys initially lower to ₹690.

A further fall below ₹690 will then increase the likelihood of the stock testing ₹680 or even lower on profit-booking. It will also turn the possibility high of the stock tumbling to ₹650 over the short term.

April 22: 9.40 a.m.

ITC hovers above key support (₹304.3)

ITC fell sharply after making a high of ₹310, and gave back all the gains made last week. The near-term outlook is unclear. An immediate support is in the ₹303-302 region. If ITC sustains above this support, a bounce to ₹310 is possible.

In such a scenario, a range-bound move between ₹302 and ₹310 can be seen. A strong break above ₹312 is needed for ITC to gain fresh momentum and resume the current uptrend towards ₹320 and ₹325. But if it declines below ₹302, ITC can come under pressureand decline to ₹297.

A further break below ₹297 can then drag it to ₹292 and ₹290.

April 22: 9.36 a.m.

Outlook turns negative for SBI (₹310.9)

SBI is facing resistance near ₹320. The stock fell over a per cent last week. An inability to breach ₹320 keeps the bias negative. A key support is at ₹307, but SBI looks vulnerable to break it. A break below ₹307 can take the stock lower to ₹300 in the near term.

A bounce from ₹300 can see a relief rally to ₹305-307, but a break below ₹300 will increase the likelihood of the fall extending to ₹290 or even lower.

Traders holding long positions at ₹315 and ₹308 should remain cautious. Move the stop-loss higher to ₹305. Exit the trade at ₹313 if the stock moves up from the current levels.

April 22: 9.32 a.m.

Rupee opening : The Indian rupee opened lower by 39 paise at 69.75 per dollar on Monday versus 69.36 Thursday.

April 22: 9.25 a.m.

Opening Bell: The Sensex opened on a flat note and fell sharply on Monday following muted trend seen in other Asian markets as crude oil hits 5-month peak.

At 9.25 a.m., The Sensex is down 205.30 points or 0.52 per cent at 38,934.98 and the Nifty down 81.10 points or 0.69 per cent at 11,678.50.

Tech Mahindra, Bharti Infratel, Wipro, PowerGrid, Infosys are among major gainers on the indices, while losers are  BPCL, IOC, Bharti Airtel, Asian Paints and Indiabulls Housing Finance.

April 22: 9.14 a.m.

Index Outlook: Indices rule at new highs

Indices rule at new highs

But both the Sensex and the Nifty show signs of weakness

The domestic equity indices — the Sensex and the Nifty — closed the truncated week on a positive note. However, the indicators are showing signs of selling pressure; investors should be wary.

Read the full story here

April 22: 9.10 a.m.

Currency market

In currencies, the dollar index against a basket of six major currencies was a touch lower at 97.377.

The index was still within touching distance of a 1-1/2-month peak reached on Thursday after steady U.S. retail sales data.

The euro was little changed at $1.1241, having taken a hit late last week after purchasing managers' index (PMI) releases showed weak manufacturing activity in Europe.

The dollar was steady at 111.96 yen.

The Australian dollar, sensitive to shifts in risk sentiment, inched down 0.2 percent to $0.7141.

The Canadian dollar, on the other hand, added 0.25 percent to C$1.3363 thanks to a bounce in crude oil prices.

April 22: 9.05 a.m.                                                                              

Asia stocks firm, oil hits 5-month peak on Iran sanctions

Asian stocks were steady on Monday as investors took stock of recent data suggesting global growth may be stabilising, while oil prices spiked on a report the U.S. is likely to ask all importers of Iranian oil to end their purchases or face sanctions.

Equity markets were subdued as investors awaited the resumption of trading in major centres from the Good Friday holiday, with MSCI's broadest index of Asia-Pacific shares outside Japan little changed in early deals.

The index was within reach of a nine-month peak scaled on Thursday after Chinese economic data beat expectations and eased concerns about the health of the world economy.

The Shanghai Composite Index slipped 0.3 percent, South Korea's KOSPI edged up 0.1 percent and Japan's Nikkei added 0.15 percent.

April 22 : 9 a.m.

Is market valuation flashing red ?

Not really. While the price-earnings multiple is at an elevated level, this is due to structural changes in the market internals. Other valuation gauges signal a fairly valued market, but a further rally is warranted only if earnings improve

Click here to read the Big Story

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