Markets Live: Sensex ends down 68 points at 35,905 amid growing India-Pak tension

Closing bell

The benchmark indexes, the BSE Sensex and the NSE Nifty, closed in the red in a choppy trading session on Wednesday.

The markets opened the day on a firm note, but gave up all their gains to fall into the red following reports that Pakistan had brought down two IAF aircraft.

The Sensex ended at 35,905, down 68 points or 0.19 per cent lower, while the Nifty finished at 10,806, down 28 points or 0.26 per cent lower.

The top gainers on the Sensex were Bharti Airtel, Bajaj Auto, L&T, Sun Pharma and TCS, while the laggards were Tata Motors, VEDL, Hindustan Unilever, Kotak Bank and NTPC.

PTI adds: Investor sentiment took a beating after Pakistani fighter jets on Wednesday violated the Indian air space in Jammu and Kashmir’s Poonch and Nowshera sectors, brokers said.

After rising nearly 400 points in early trade, the Sensex turned negative triggered by across-the-market selling by participants. The index finally settled 68.28 points, or 0.19 per cent, lower at 35,905.43. The gauge had lost 239.67 points on Tuesday.

The rupee depreciated 25 paise to 71.32, after touching a low of 71.49 against the dollar (intra-day), also hitting trading sentiments.

Fears that foreign institutional investors (FIIs), who have been pumping sizeable funds into the Indian bourses in the past few sessions, may slow down their activity, too cast a shadow over domestic equities, experts said.

Pakistan on Wednesday claimed that it shot down two Indian military aircraft over Pakistani air space and arrested one of the pilots.

Later in the day, India’s External Affairs Ministry said Pakistan had used its Air Force to target military installations in India in response to Indian counter-terrorism operations but their attempts were foiled successfully though one Indian pilot is “missing in action“.

The move came after the Indian Air Force on Tuesday struck Jaish-e-Mohammed’s (JeM) biggest camp in Pakistan in a major “preemptive” action, killing a large number of terrorists and trainers of the Pak-based terror group preparing to carry out suicide attacks in India.

Domestic institutional investors sold equities to the tune of Rs 720.27 crore, while foreign institutional investors (FIIs) bought shares worth a net Rs 1,674.17 crore, provisional data showed.

European shares snap 3-day winning streak

London's FTSE 100 rose 0.7 percent, outperforming European shares. File Photo

European shares were lower in early deals on Wednesday, snapping a three-day winning streak as a warning from Beiersdorf hammered consumer staples stocks and Air France-KLM sank on news the Dutch government would raise its stake in the airline. Click here to read the European share markets report in full.

Asian stocks turn negative as India-Pakistan tensions worsen

Asian shares and Wall Street stock futures turned negative on Wednesday after Pakistan said it had shot down two Indian jets in its territory, sending investors out of riskier markets and into more conservative choices such as the yen.

Islamabad said on Wednesday it had carried out air strikes in Indian-controlled Kashmir and shot down two Indian jets in its own airspace, capturing one of the pilots as the risk of conflict between the nuclear-armed neighbours escalates. Click here to read in full the Asian share markets report .

Oil advances with OPEC firm on supply cuts despite US pressure to ease

Oil prices rose on Wednesday after a report of declining US crude inventories and as producer club OPEC seemed to stick to its supply cuts despite pressure from US President Donald Trump.

US West Texas Intermediate (WTI) crude oil futures were at $55.89 per barrel at 0755 GMT, up 39 cents, or 0.7 per cent, from their last settlement. Click here to read in full the oil markets report .

Yen, Swiss franc rise after Pakistan shoots down Indian jets

The yen and the Swiss franc strengthened on Wednesday after Pakistan shot down two Indian jets, sending investors out of riskier markets into safer havens.

The Japanese currency rose to a one-week high of 110.38 per dollar after Pakistan downed the jets a day after Indian warplanes struck inside Pakistan for the first time since a war in 1971. Click here to read in full the global currency report .

Sensex, Nifty recover from lows

In a choppy session, the Sensex and Nifty trimmed their losses to trade almost unchanged from their previous close.

The Sensex was down 14 points or 0.04 per cent at 35,959, while the Nifty was trading at 10,816, down 18 points or 0.17 per cent.

The top gainers on the Sensex were Bajaj Auto, Sun Pharma, TCS, L&T and Axis Bank, while the laggards were Tata Motors, VEDL, Hindustan Unilever, Kotak Bank and HDFC Bank.

Credit Suisse cuts rating, target on Wipro; shares fall

Credit Suisse downgraded its rating on software services provider Wipro Ltd to ‘under-perform’ from ‘neutral’. It has also cut the company’s target price to Rs 320 from Rs 370.

The company’s shares, which is the top drag on NSE index, has fallen 2.4 per cent to Rs 378.2. Click here to read in full the report on Wipro share price movement .

Nifty call: Tread with caution in volatile session

The 50-share NSE index Nifty reclaimed the 11,000 levels on Wednesday. File Photo

Nifty 50 February futures (10,783) Following a positive start amid mixed global cues, the domestic benchmark indices -- the Sensex and the Nifty --- slipped into the red on Indo-Pak tensions. The Sensex has fallen 0.3 per cent, while the Nifty has dropped 0.45 per cent. Click here to read the Nifty call report in full.

Sensex, Nifty slip into the red

The Sensex and Nifty, which opened the session on a firm note, slipped into the red in the afternoon session.

The Sensex was down 109 points or 0.30 per cent at 35,863, while the Nifty was trading at 10,794, down 40 points or 0.38 per cent lower.

PTI: The benchmark BSE Sensex gave up all early gains in afternoon trade on widespread selling after Pakistani fighter jets violated the Indian air space in Jammu and Kashmir. The gauge rallied nearly 400 points in morning trade.

According to brokers, investor sentiment took a beating after Pakistan claimed that it shot down two Indian military aircraft over Pakistani air space and arrested one of the pilots.

The Pakistani fighter jets on Wednesday violated Indian air space in Jammu and Kashmir’s Poonch and Nowshera sectors.

Major losers include Vedanta, Tata Motors, HDFC, Kotak Bank, Infosys, Tata Steel, Yes Bank, Maruti Suzuki and RIL, falling up to 2.56 per cent.

Most of the BSE sectoral indices, too, turned negative.

PSB recap plan insufficient to support lending growth: Fitch

The Indian government's recent announcement that it will soon inject $7 billion into state-owned banks under its recapitalisation plan is likely to help banks meet minimum regulatory requirements, but is not sufficient to support significantly stronger lending growth, according to Fitch Ratings. Click here to read in full the report on PSB recap plan and lending growth .

Gold steady on soft dollar after Fed comments; palladium near $1,550

Gold may retrace into $1,321-$1,331 range.

Gold held steady on Wednesday as the dollar traded near three-week lows, after US Federal Reserve Chairman Jerome Powell reiterated that the central bank will be patient in hiking interest rates, while palladium hovered near the psychological level of $1,550. Click here to read in full the gold markets report .

Sensex, Nifty shed gains

The Sensex and Nifty were firm but off their early highs at mid-session on Wednesday. The Sensex was trading at 36,026, up 52 points or 0.15 per cent higher. The Nifty was trading at 10,850, up 15 points or 0.04 per cent higher.

The top gainers on the Nifty were Sun Pharma, YES Bank, Bajaj Auto, Indiabulls Housing Finance and Larsen & Toubro. The laggards on the Nifty were Wipro, Infratel, VEDL, Kotak Bank and HCL Tech.

IOB board clears preferential issue

The board of directors of Indian Overseas Bank on Tuesday approved the issue of equity shares on preferential basis to Government of India towards the capital infusion of ₹3,806 crore it had received for the financial year 2018-19. In a regulatory filing, the bank said the board approved issue of 269.54 crore equity shares at a issue price of ₹14.12 (including premium of ₹4.12 an equity share). Last week, the Centre had approved capital infusion of ₹48,239 crore in 12 public sector banks in the current financial year to ensure the lenders to be able to maintain regulatory capital requirements.

After hiatus, banking scrips back in favour among FPIs

Bringing a seven-month selling spree to an end, foreign portfolio investors turned net buyers of Indian banking stocks in the first half of February with a net investment of around ₹3,780 crore in the sector. FPIs stopped being buyers in June 2018 when they closed with a net investment of ₹427 crore. Click here to read in full the report on banking scrips back in favour among FPIs .

Allahabad Bank, 2 others rise after RBI takes them off PCA list

Shares in state-owned Allahabad Bank, Corporation Bank and privately held Dhanlaxmi Bank rise as much as 6-10.4 per cent in early trade on Wednesday.

The Reserve Bank of India (RBI) on Tuesday removed the three banks out of its prompt corrective action (PCA) framework after they received a capital injection from the Government. Click here to read in full the report on share price movements of Allahabad Bank, Corporation Bank and Dhanlaxmi Bank .

RBI takes three banks out of PCA framework

The Reserve Bank of India seems inclined to bring more banks out of its restrictive prompt corrective action (PCA) framework. On Tuesday, the central bank took Allahabad Bank, Corporation Bank and Dhanlaxmi Bank out of PCA, thereby removing the constraints placed on these banks in terms of lending and undertaking branch expansion. Click here to read in full RBI takes three banks out of PCA framework .

India extends tariff deadline on US products

The government has extended the deadline to impose retaliatory customs duties on 29 US products, including almond, walnut and pulses, till April 1. The Commerce Ministry had asked its finance counterpart to again defer the implementation of a notification in this regard. Click here to read in full the report on India's extension of tariff deadline on US products .

The Sensex and Nifty surged up nearly 1 per cent each in Wednesday morning trade. The Sensex was up 303 points or 0.84 per cent higher at 36,277, while the Nifty was trading at 10,918, up 82 points or 0.76 per cent firmer.

According to an agency report, stocks staged a strong comeback on unabated foreign capital inflows amid short covering.

The top gainers on the Sensex were Sun Pharma, YES Bank, Bajaj Auto, Larsen & Toubro and Axis Bank, while the laggards were VEDL, Kotak Bank and HCL Tech.

Asian markets were also trading in the green ahead of the second summit between US President Donald Trump and North Korean leader Kim Jong Un in Vietnam.

The benchmark BSE Sensex had lost 239.67 points Tuesday after India carried out air strikes on a terrorist camp in Pakistan.

All the sectoral indices, led by auto, metal, bankex, FMCG and healthcare, were trading in the green, with gains of up to 1.32 per cent.

The report quoting brokers said continued investments by foreign funds and a fresh spell of buying by domestic investors amid a firm trend at other Asian bourses led the markets higher.

Besides, covering-up of short positions by speculators ahead of February month expiry in the derivatives segment on Thursday, too supported the upside in select stocks, they added.

Foreign institutional investors (FIIs) bought shares worth a net Rs 1,674.17 crore, while domestic institutional investors sold equities to the tune of Rs 720.27 crore Tuesday, provisional data showed.

In the Asian region, Hong Kong’s Hang Seng was up 0.44 per cent, Japan’s Nikkei rose 0.53 per cent and the Shanghai Composite Index was up by 0.79 per cent in early trade. Korea’s KOSPI too gained 0.24 per cent.

The US Dow Jones Industrial Average ended 0.13 per cent higher in Tuesday’s trade. (with inputs from PTI)

Krebs Biochemicals rights issue opens today

The ₹25-crore rights issue of Krebs Biochemicals & Industries will open for subscription on Wednesday and end on March 15. The company is offering 21 shares for every 100 held to its existing shareholders at ₹75 share. Krebs Biochemicals had set February 1 as the record date to identify eligible shareholders for the rights issue. The stock will remain in focus, as it closed at ₹87 on the NSE. At the end of December 2018, 4,706 small retail investors held 11.31 per cent stake.

Mac Charles promoters to dilute stake

The offer-for-sale by Embassy Property Developments Pvt Ltd and Jitendra Mohandas Virwani, promoters of Mac Charles (India), opens on Wednesday for non-retail investors and on Thursday for retail investors. The plan is to sell 8,72,900 shares. Non-retail investors can indicate their willingness to carry forward their bids on Thursday. The floor price is ₹340/share. The move is aimed at reducing promoters’ stake to meet public shareholding norm.

Insolvency plea against Hotel Leelaventure

Hotel Leelaventure on Tuesday said JM Financial Asset Reconstruction Company Ltd has filed an insolvency petition with the Mumbai Bench of the National Company Law Tribunal against the company. In 2014, the erstwhile corporate debt restructuring lenders with exposure of 95.6 per cent to the CDR debt had assigned their debt to JM Financial Asset Reconstruction. Hotel Leelaventure said that it is engaging with prospective investors for a resolution.

Asian shares tick up, dollar near 3-week low after Powell comments

Asian shares edged higher on Wednesday and the dollar fell to a three-week low after Federal Reserve Chairman Jerome Powell reinforced the United States (US) central bank's recent shift towards a more “patient” approach on policy in the face of a slowing economy.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.1 per cent in early trade, not far from its five-month high marked on Monday. Click here to read in full the Asian share markets report .

Dollar on defensive after Federal Reserve comments

The dollar remained near a three-week low on Wednesday after Federal Reserve Chairman Jerome Powell reiterated that the central bank would stay patient on monetary policy and as the pound rallied. Click here to read the dollar report in full.

Rupee recovers 6 paise against US dollar in early trade

The rupee strengthened by 6 paise to 71.01 against the United States (US) dollar in early trade Wednesday at the interbank forex market on some selling of the greenback by exporters and banks amid sustained foreign fund inflows.

A positive opening for the stock markets also boosted the domestic currency, dealers said. Click here to read in full the rupee report .

The Sensex and Nifty traded on a firm note in early session on Wednesday. After opening more than 100 points higher, the benchmark index jumped 290 points or 0.81 per cent to trade at 36,264. The Nifty also traded on a firm wicket, notching up gains of 76 points or 0.71 per cent at 10,911.

The top gainers on the Sensex were Sun Pharma, YES Bank, Bajaj Auto, Axis Bank and Larsen & Toubro, while the laggards were TCS and Kotak Bank.

Adani bags Guwahati airport, too

Adani Enterprises Ltd has placed the highest per passenger fee for running Guwahati airport, making a clean sweep of the six non-metro airports that were put up for privatisation by the Centre. Click here to read in full the report on Adani's successful bid for Guwahati airport .

Air strikes against terror camps may light up the market, says SBI Research

The markets reacted positively to the early morning air strikes, as they were seen as a decisive foreign policy move, an SBI report said.

The stock market, after a gap- down opening, covered a large area and closed with a lower loss on Tuesday. Click here to read in full prospects for market in aftermath of air strikes .

Wall St edges lower in choppy session

Wall Street's three major indexes fell slightly after a choppy session on Tuesday as investors eyed mixed US economic data and corporate news and waited for clarity on issues such as the US-China trade talks.

Weaker-than-expected housing data contrasted with a rosy consumer confidence report, while Home Depot Inc was among the biggest drags on the benchmark S&P 500 index after the home improvement retailer blamed bad weather for missed Wall Street forecasts. Click here to read in full the US share markets report.

Oil rises on OPEC-led supply cuts, report of falling US crude inventories

Oil prices rose on Wednesday after a report of declining crude inventories in the country and as producer club OPEC seemed to stick to its supply cuts despite pressure from US President Donald Trump. Click here to read in full the oil markets report .

NSEL scam: SEBI axe now falls on Geofin, Anand Rathi

Capital and commodity market regulator SEBI has declared Geofin Comtrade (formerly Geojit Comtrade) and Anand Rathi Commodities (ARCL) as not ‘fit and proper’ to neither trade nor facilitate trade in commodity derivatives for their suspected involvement in the ₹5,600-crore National Spot Exchange scam. Click here to read all about SEBI axe on Geofin, Anand Rathi .

Opening bell

The Sensex opened Wednesday's session in the green. It was up 185 points or 0.51 per cent higher at 36,158. The Nifty also opened in positive territory at 10,876, up 41 points or 0.38 per cent higher.

The benchmark indices closed Tuesday in the red, after a choppy session of trading that was impacted by India's air strikes in Pakistani territory.

Day Trading Guide for Wednesday, February 27, 2019

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

₹2110 • HDFC Bank

₹741 • Infosys

₹274 • ITC

₹147 • ONGC

₹1219 • Reliance Ind.

₹266 • SBI

₹2032 • TCS

10827 • Nifty 50 Futures

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

Today's Pick: DCB Bank (₹183.2): Buy

Investors with a short-term horizon can buy the stock of DCB Bank at current levels. Since taking support at ₹140 in October 2018, the stock has been in an intermediate-term uptrend.

While trending up, the stock had decisively breached a key long-term resistance at ₹160 last December. Following a short-term corrective decline, the stock found support at ₹171 in mid-February this year and resumed its upmove. The 50-day moving average also cushioned the stock at this base level. Click here to read the full  Today's Pick on DCB Bank .