Markets: Sensex closes down 134 points at 36,444

Sensex, Nifty end in the red

The Sensex and Nifty closed in the red on Tuesday. The Sensex finished 134 points down or 0.37 per cent lower at 36,444, while the Nifty ended at 10,922m, down 39 points or 0.36 per cent lower.

The top gainers on the Sensex were Sun Pharma, Kotak Bank, Bajaj Finance, Hero MotoCorp and Axis Bank, while the laggards were VEDL, Tata Steel, M&M, HCL Tech and Bharti Airtel.

IMF pessimism, trade tensions weigh on stocks

Pessimism about global growth drove down world shares and commodity markets on Tuesday and left investors seeking refuge in the dollar, government bonds and gold. Read the full report on European markets here.

Sensex, Nifty pare losses ahead of close

The Sensex pared its early losses in late session on Tuesday. Ahead of the close it was at 36,453 points, down 125 points or 0.34 per cent lower than its overnight close. The Nifty also cuts its losses to stand at 10,923, down 38 points or 0.35 per cent lower.

The top gainers on the 50-share Nifty index were Sun Pharma, Wipro, Titan, Kotak Bank and Hindustan Petroleum. The laggards were VEDL, Tata Steel, M&M, ZEEL and HCL Tech.

The Sensex closed Monday's session at 36,578, up 192 points, while the Nifty settled at 10,961, up 54 points.

Sun Pharma up 6% after domestic formulations distributor is replaced with own arm

Shares of Sun Pharmaceuticals on Tuesday surged over 6 per cent after it replaced its domestic formulations distributor, Aditya Medisales, with its own subsidiary, in the backdrop of a second whistle-blower complaint filed against the company. Read the full report on Sun Pharma share price movement here.

Sensex recovers some losses

The Sensex recovered some of its losses to trade at 36,429 in the afternoon session on Tuesday. It was down 149 points or 0.41 per cent lower. The NSE was trading at 10,910, down 51 points or 0.47 per cent lower.

The top gainers on the 50-share Nifty were Sun Pharma, Titan, GAIL, Kotak Bank and Bajaj Finance. The losers were VEDL, Tata Steel, M&M, ZEEL and JSW Steel.

India 4th most attractive investment market: PwC survey

CEOs’ confidence in global economic growth has dipped dramatically by a record jump in pessimism but India has emerged as ‘the rising star’ by surpassing the UK to become fourth most attractive destination, a PwC survey said on Monday. Read the report on India investment market in full here.

Sun Pharma replaces formulations distributor with own unit

Drugmaker Sun Pharmaceutical Industries Ltd said on Tuesday it will make its unit the new distributor for its domestic formulations business, replacing Aditya Medisales Ltd. Read the full report on Sun Pharma replacing formulations distributor here.

IMF, CEOs sound warnings as leaders gather in Davos

The International Monetary Fund trimmed its global growth forecasts on Monday and a survey showed increasing pessimism among business chiefs as trade tensions and uncertainty loomed over the world's biggest annual gathering of the rich and powerful. Read more on IMF, CEOs' warnings on growth forecasts here.

Byju’s acquires US-based Osmo for $120 million

Bengaluru-headquartered education technology venture Bjyu’s has bought US-based Osmo for nearly ₹850 crore ($120 million). Osmo provides a playful learning system, using physical toys in the digital world through augmented reality and its proprietary reflective artificial intelligence. Read the full report on Byju's acquisition of Osmo here.

Sensex, Nifty trade in the red

The Sensex and the Nifty extended their losses in the afternoon session on Tuesday. The Sensex was trading at 36,350, down 228 points or 0.63 per cent, while the Nifty was down 71 points or 0.66 per cent lower at 10,889.

The top gainers on the Sensex were Sun Pharma, Kotak Mahindra Bank, Bajaj Finance, Hindustan Unilever, while the laggards were VEDL, M&M, Tata Steek, HCL Tech and Tata Motors.

Infrastructure cos concerned about refinancing Re loans under new ECB framework

Infrastructure industry players have raised concerns over the new external commercial borrowing (ECB) framework unveiled by the Reserve Bank of India last week, as it makes repayment of rupee-denominated loans to domestic lenders from ECB proceeds impossible. Read the full report on refinancing of rupee loans under new ECB norms here.

Gold near 3-week lows as firmer dollar dents safe-haven appeal

Traders cite fresh buying by local jewellers to meet wedding season demand for the gain. File Photo

Gold prices edged lower on Tuesday, hovering near a three-week low touched in the previous session, as a firmer dollar made bullion more expensive for buyers using other currencies, even as concerns about a global slowdown mounted. Read the gold report in full here.

Sensex tanks over 200 points

The Sensex dropped over 200 points by mid-session on Tuesday. At 11.45 am it was trading at 36,361 points, down 217 points or 0.59 per cent lower. The Nifty was down 70 points or 0.64 per cent lower at 10,891 points.

The Sensex closed Monday's session at 36,578, up 192 points, while the Nifty settled at 10,961, up 54 points.

Prabhat Dairy surges on Rs 1,700-cr dairy biz sale to Lactalis

Prabhat Dairy will also sell its entire stake in Sunfresh Agro Industries. File Photo of Vivek Nirmal, Joint Manging Director at Prabhat Dairy Ltd.

Prabhat Dairy shares gained as much as 20 per cent to Rs 111.3, their highest intra-day gain since August 23, 2016. The dairy company will sell its dairy business to French dairy company, Groupe Lactalis, for Rs 1,700 crore ($238.31 million). Read the full report on Prabhat Dairy share price movement here.

Nifty call: Go short on reversal from 10,950, with stop-loss at 10,980

The Nifty 50 futures contract has failed to retain the momentum gained on Monday. The contract opened with a slight 20-point gap-down at 10,950 and fell to a low of 10,917. It is continuing to hover around the day’s low. Click here to read the Nifty call report in full.

Maruti Suzuki hits over 2-month low; chart suggests more downside

Sales of MSI’s mini cars comprising Alto and WagonR were at 27,661

Maruti Suzuki hit an over two-month low in Tuesday morning trade, with the chart suggesting more downside. Shares of Maruti Suzuki India Ltd fell as much as 1.78 per cent to Rs 7,080.1, their lowest since November 13. Click here to read the full report on Maruti Suzuki share price movement .

Sensex, Nifty trade in the red

The Sensex and the Nifty continued to trade in the red in the mid-morning session on Tuesday. The Sensex was down 171 points or 0.47 per cent at 36,407 points, while the Nifty was trading at 10,904, down 57 points or 0.52 per cent.

The top gainers on the Sensex were Sun Pharma, Kotak Bank, Bajaj Finance, Reliance Industries and Hindustan Unilever, while the laggards were VEDL, M&M, Tata Steel, Tata Motors, IndusInd Bank and Hero MotoCorp.

The Sensex closed Monday's session at 36,578, up 192 points, while the Nifty settled at 10,961, up 54 points.

Kotak Mahindra Bank Q3 net profit rises 23%

Private sector lender Kotak Mahindra Bank, on Monday, posted a 23 per cent growth in net profit for the third quarter of the fiscal, led by strong growth in interest income and a write-back of provisions. Read the Kotak Mahindra Bank results report in full here.

As millets turn food of choice in cities, traders reap a rich harvest

As urban consumers increasingly prefer small millets, traders are jumping onto the health-food bandwagon to cash in on the growing trend. Besides scarce supplies, the traders’ rising interest has led to an increase in the price of some varieties such as foxtail millet and browntop millet over the past couple of months. Read the full report on millets reaping a rich harvest for traders here.

GDP growth, reforms to boost insurance penetration in India: Moody’s

Expressing confidence about the country’s insurance sector, global ratings agency Moody’s on Tuesday said it will grow strongly on the back of robust GDP growth and evolving regulations. For the full report on growth of insurance sector in India click here.

Sugar output to drop to 30.7 million tonnes: ISMA

Sugar production in the current season is expected to be around 30.7 million tonnes (mt), a shy short of 31.5 mt estimated in earlier projections, said Indian Sugar Mills Association (ISMA) in a statement on Monday. Read the report on ISMA projection for sugar production in full here.

Prabhat Dairy to sell its milk processing biz to French firm

Lactalis, a French dairy products corporation, has entered into a definitive agreement to acquire Mumbai-based Prabhat Dairy’s milk processing business for about Rs 1,700 crore. The French group will be making the acquisition through its wholly-owned Indian subsidiary, Tirumala Milk Products, by way of a slump sale. Read the full report on sale of Prabhat Dairy biz to French firm here.

Asian shares, US stock futures dented by growth worries

Asian shares and US stock futures slipped on Tuesday as pessimism about world growth drove investors away from risky assets, while sterling dithered as the latest plan for Brexit appeared to come and go with no progress. Read the full report on Asian share movements here.

Sensex slips into the red in early trading

The Sensex quickly slipped into the red in early trading on Tuesday. It was quoting at 36,401, down 177 points or 0.48 per cent lower. The Nifty was likewise in the red, trading at 10,917, down 44 points or 0.41 per cent.

The top gainers on the Sensex were Sun Pharma, Kotak Bank, Bajaj Finance, ONGC and TCS, while the laggards were M&M, VEDL, Tata Steel, IndusInd Bank and Maruti.

The Sensex closed Monday's session at 36,578, up 192 points, while the Nifty settled at 10,961, up 54 points.

PTI adds: The benchmark Sensex fell on Tuesday after a five-session winning spree as investors cashed profits in IT, metal, banking, consumer durables, power and auto shares amid sustained foreign fund outflows. Cues from other Asian markets were weak too. The gauge had rallied over 725 points in the previous five sessions.

Brokers said investors turned cautious and preferred to log profits in recent gainers, dragging down key indices.

Besides, a weak trend at most of other Asian markets on concerns about the global economic outlook, after the International Monetary fund (IMF) slashed its world economic forecast on Monday, weighed on the sentiments here, they added.

The IMF lowered its global growth projections for 2019 and 2020 to 3.5 per cent and 3.6 per cent respectively, citing slowdown in several advanced economies around the world more rapidly than previously anticipated.

Meanwhile, foreign portfolio investors (FPIs) continued their selling activity on domestic bourses here. They sold shares worth a net Rs 29.79 crore, while domestic institutional investors (DIIs) made purchases to the tune of Rs 520.80 crore on Monday, provisional data showed.

Elsewhere in Asia, the Shanghai Composite Index fell 0.73 per cent, Korea’s Kospi was down 0.65 per cent and Taiwan’s index shed 0.21 per cent. Hong Kong’s Hang Seng fell 0.88 per cent and Japan’s Nikkei fell 0.06 per cent.

The rupee edged 5 paise higher to 71.23 against the US dollar in early session at the interbank forex market Tuesday on fresh selling of the American currency by exporters and banks.

Dollar holds firm as global growth concerns support safe-havens

The dollar hovered near 2-week highs against its peers on Tuesday as a slowdown in China's economy to 28-year lows fanned fresh worries over global growth and prompted investors to move into safe-haven currencies. Click here to read the dollar report in full here.

At 7.5%, 7.7% India to be top growing economy in 2020: IMF

Even as prospects for global economic growth remain clouded, the International Monetary Fund (IMF) has news that cheers for India. The multilateral agency on Monday retained its growth projection for the country at 7.5 per cent for 2019-20 and said it is likely to accelerate to 7.7 per cent in 2020-21. Click here to read the full report on India emerging top growing economy in 2020 .

Re rises 5 paise against dollar

The rupee opened strong at 69.38 at the interbank forex market.

The rupee edged 5 paise higher to 71.23 against the US dollar in early session at the interbank forex market on Tuesday on fresh selling of the American currency by exporters and banks. Read the rupee report in full here.

NCLT okays Airtel, Tata Tele merger

The National Company Law Tribunal (NCLT) has approved Bharti Airtel’s acquisition of Tata Teleservices’ (TTSL) mobility business, Airtel said in a stock filing on Monday. Read the full report on merger of Airtel, Tata Tele here.

IDBI Bank shares tumble over 3% post acquisition by LIC

Shares of IDBI Bank on Monday fell over 3 per cent on a day when insurance behemoth Life Insurance Corporation (LIC) announced completion of 51 per cent stake acquisition in the bank. Read the full report on IDBI share movement post acquisition by LIC here

Indian Oil, KG Denim: Buyback offer opens

Shares of Indian Oil Corp and KG Denim will remain in focus, as the buyback offers from these firms open on Tuesday and close on February 4. The PSU oil major will buy back about 29.77 crore shares (or 3.06 per cent of the total paid-up equity) at ₹149 a share. KG Denim plans to mop up 21.96 lakh shares at ₹40 a share. Both offers are being done through the tender route on proportionate basis for which the record dates are December 12 and November 30.

Shree Digvijay Cement: Open offer kicks off

The open offer from True North Fund to the shareholders of Shree Digvijay Cement opens on Tuesday. The acquirer plans to buy 3.56 crore shares, representing 25.1 per cent of the emerging share capital of the cement firm, at ₹23.33 a share after it had entered into a deal to buy 75 per cent stake from Brazil-based Votorantim. Cimentos de Portugal, a Portuguese company, had transferred its stake to Votorantim as part of its global restructuring in 2012.

Sensex, Nifty mixed at open

The benchmark indices the BSE Sensex and the NSE Nifty opened Tuesday's session mixed. The Sensex opened up 70 points or 0.19 per cent higher at 36,649, while the broader NSE Nifty opened in the red. The Nifty was quoting at 10,924, down 36 points or 0.34 per cent lower at the open.

The Sensex closed Monday's session at 36,578, up 192 points, while the Nifty settled at 10,961, up 54 points.

Day Trading Guide for Tuesday, January 22, 2019

Today's Pick: Sequent Scientific (₹86.8): Buy

Investors with a short-term perspective can buy the stock of Sequent Scientific at current levels. The stock has been in a medium-term uptrend since taking support at ₹42 in early October 2018. Short-term trend is also up. Read the Today's Pick on Sequent Scientific in full here.

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