Markets: Sensex closes 89 points higher at 36,725, Nifty flat at 11,058

 

March 7 | 3:35 pm

Sensex, Nifty end in the green

The benchmark indices, the BSE Sensex and the Nifty, ended Thursday's session in the green.

The Sensex ended the day up 89 points or 0.24 per cent higher at 36,725. The Nifty finished flat at 11,058.

The top gainers on the Sensex were L&T, M&M, Axis Bank, ITC and SBI, while the laggards were Coal India, NTPC, Sun Pharma, ONGC and YES Bank.

 

March 7 | 3:25 pm

DHFL: CARE re-rating non-merit based, irrational

 

Dewan Housing Finance Corporation (DHFL) has expressed concern over CARE’s re-rating of its long-term debt instruments. “DHFL reiterates its steadfast commitment to all its financial responsibilities. The company expresses concern and alludes to it as a non-merit based and entirely irrational decision,” DHFL Chairman and Managing Director Kapil Wadhawan said in a statement. Click here to read in full DHFL's take on CARE re-rating.

March 7 | 3:20 pm

Gold steady on firmer dollar ahead of ECB policy meeting

US gold futures fell 0.4 pe rcent to $1,317 per ounce.   -  istock.com

 

Gold prices steadied on Thursday as dollar traded near its more than two-week high, while a lacklustre appetite for riskier assets offered some support to the safe-haven metal ahead of European Central Bank's (ECB) policy meeting due later in the day. Click here to read in full the gold markets report.

March 7 | 3:10 pm

Emission fiasco: NGT slaps Rs 500 crore fine on Volkswagen

 

The National Green Tribunal (NGT) on Thursday slapped a fine of Rs 500 crore on German auto major Volkswagen for damaging the environment through the use of “cheat device” in its diesel cars in India. A bench headed by NGT chairperson Justice Adarsh Kumar Goel directed the carmaker to deposit the amount within two months. Click here to read in full the report on NGT's Rs 500-cr fine on Volkswagen.

 

March 7 | 3:05 pm

Sensex, Nifty build on gains

The Sensex spurted up 145 points or 0.40 per cent to trade at 36,782 in late session on Thursday. The Nifty was also trading steady, up 20 points or 0.18 per cent higher at 11,073.

The top gainers on the BSE were L&T, M&M, Axis Bank, ITC and Power GRid, while the laggards were Coal India, Sun Pharma, VEDL, ONGC and Infosys.

 

March 7 | 3:00 pm

European shares pull back ahead of ECB meeting

The Stoxx Europe 600 Index advanced 0.5 per cent. Representative image   -  Bloomberg

 

European shares retreated further from five-month highs on Thursday ahead of a European Central Bank meeting that is expected to slash growth forecasts and hint at a new round of ultra-cheap loans for euro zone banks. Click here to read in full the European share markets report.

March 7 | 2:40 pm

Euro takes a breather as investors prepare for ECB meeting

The euro took a breather in early trade on Thursday as investors prepared for the European Central Bank meeting, with many hoping any signals it will add fresh stimulus into the economy could inject some life into currencies stuck in trading ranges. Click here to read in full the forex markets report.

 

March 7 | 2:30 pm

Oil edges up on Venezuela and Iran sanctions, OPEC supply cuts

File Photo

 

Oil prices crept up on Thursday amid ongoing OPEC-led supply cuts and US sanctions against exporters Venezuela and Iran, but gains were capped by record US crude output and rising commercial fuel inventories.

Brent crude futures were at $66.12 per barrel at 0757 GMT, up 13 cents, or 0.2 per cent, from their last close. US West Texas Intermediate (WTI) crude oil futures were at $56.24 per barrel, up 2 cents. Click here to read in full the oil markets report.

March 7 | 2:10 pm

Asia shares sluggish as global growth concerns return

 

Asian shares eased on Thursday, as investors showed caution over the outlook for global growth as they awaited the outcome of Sino-US trade negotiations, while the euro remained under pressure ahead of the European Central Bank meeting. Click here to read in full the Asian share market report.

March 7 | 1:40 pm

Benchmarks back in the green

The Sensex and Nifty, which had slipped into negative territory in early afternoon trading, are back in the positive zone. The Sensex held gains of 85 points or 0.23 per cent at 36,721. The Nifty was at 11,062, up 9 points or 0.08 per cent.

The top gainers on the Sensex were L&T, M&M, Power Grid, ITC and Tata Motors, while the laggards were CIL, VEDL, Sun Pharma, YES Bank and NTPC.

March 7 | 1:35 pm

Nifty call: Go long on reversal from 11,050 levels

 

Despite the negative cues from the global markets, the Sensex and the Nifty began the session marginally in a positive note. But subsequently the benchmark indices turned volatile and have entered the negative territory.

The Dow Jones has declined 0.5 per cent to 25,673 and S&P 500 has fallen 0.65 per cent to 2,771 levels last session. Tracking the US markets, Asian markets have declined. The Nikkei 225 fell 0.65 per cent to 21,456 and Hang Seng Index has slumped 0.7 per cent to 28,823 levels in today's session. Click here to read in full the Nifty call report.

March 7 | 12:50 pm

Sensex, Nifty slip into the red

The Sensex and Nifty slipped into negative territory in the afternoon session on Thursday. The Sensex was down 16 points at 36,619, while the Nifty was trading at 11,035, down 17 points or 0.16 per cent lower.

The top gainers on the Nifty were L&T, M&M, Hindustan Petroleum, Infratel and Tata Motors, while the laggards were Indiabulls Housing Finance, Wipro, VEDL, YES Bank and IOC.

March 7 | 12:13 pm

Biocon hits over 2-week low; plant gets observations from US FDA

 

Biopharmaceutical company Biocon Ltd's shares fell as much as 3 per cent to Rs 607.05 in early trade on Thursday, their biggest intra-day per cent loss since February 15. Click here to read in full the report on Biocon share price movement.

March 7 | 11:45 am

Benchmark indices trade in ranges

The Sensex and Nifty were firm to easier at mid-session on Thursday. While the Sensex held gains of 48 points or 0.13 per cent at 36,685, the Nifty was trading almost unchanged at 11,051.

The top gainers on the Sensex were L&T, M&M, Tata Motors, Power Grid and TCS, while the losers were VEDL, YES Bank, Coal India, Infosys and ONGC.

The Sensex had gained over 193 points to close at 36,636.10 on Wednesday. The NSE gauge, Nifty, also rose over 65 points to end above the psychologically key 11,000 level.

According to an agency report, a constant moderation in prices of Brent crude, a global benchmark, boosted India’s macro-economic outlook.

Foreign portfolio investors (FPIs) purchased shares worth Rs 1,130.78 crore, while domestic institutional investors (DIIs) offloaded equities to the tune of Rs 878.45 crore on Wednesday, provisional data showed.

March 7 | 11:10 am

Reliance Cap to reduce debt by Rs 10,000–12,000 cr in 3-4 months

Anil Ambani

 

Reliance Capital Ltd, a part of billionaire Anil Ambani's Reliance Group, is to reduce its debt by about Rs 10,000-12,000 crore in the next 3-4 months. Click here to read in full the report on Reliance Cap debt reduction plans

March 7 | 11:00 am

Gold firm as risk sentiment takes back seat; strong dollar caps gains

US gold futures fell 0.4 pe rcent to $1,317 per ounce.   -  istock.com

 

Gold prices steadied on Thursday as lacklustre appetite for riskier assets offered some support to the safe-haven metal, while firm dollar limited gains ahead of the European Central Bank's (ECB) policy meeting due later in the day. Click here to read in full the gold report.

March 7 | 10:25 am

Insolvency and Bankruptcy Board inks cooperation agreement with IFC

The Insolvency and Bankruptcy Board of India (IBBI) has signed a Cooperation Agreement with the International Finance Corporation (IFC), a member of the World Bank Group (WBG). Click here to read in full the report on IBBI pact with IFC.

March 7 | 10:20 am

Euro awaits ECB, Canadian, Aussie dollars linger near 2-month lows

 

Major currencies kept to tight ranges on Thursday as traders focused their immediate attention on the European Central Bank's (ECB) policy review, while the Australian and Canadian dollar languished near two-month lows. Click here to read the global forex report.

March 7 | 10:15 am

Auditor clears DHFL of CobraPost charges, but flags other issues

 

Even as it gave a clean chit to Dewan Housing Finance Corporation (DHFL) and its promoters on newsportal CobraPost’s allegations, independent audit firm TP Ostwal & Associates has highlighted issues such as ‘significantly inadequate’ monitoring of 15 large accounts, and certain instances of deviations and non-adherence to the terms of sanction of loans. Click here to read in full report on DHFL cleared of CobraPost charges.

March 7 | 10:10 am

Nifty, Sensex flat to firmer in morning session

The benchmark indices, the Nifty and Sensex were flat to firmer in the morning session on Thursday. The Sensex was trading at 36,691, up 55 points or 0.15 per cent higher, while the Nifty was at 11,054, up 1.85 per cent or 0.02 per cent higher.

The top gainers on the Sensex were L&T, Reliance, Power Grid, Hindustan Unilever and ITC, while the laggards were VEDL, Coal India, YES Bank, ONGC and HeroMotoCorp.

March 7 | 10:05 am

Rupee surges 30 paise against US dollar in early trade

The near-term outlook remains negative for the rupee

The rupee appreciated by 30 paise to 69.98 against the US dollar in opening trade on Thursday, driven by foreign inflows and a positive opening in domestic equities.

The rupee opened strong at 70.08 at the interbank forex market and then gained further ground and touched 69.98, a gain of 30 paise over its last close. Click here to read in full the rupee report.

March 7 | 10:00 am

Oil edges up on OPEC cuts, US sanctions against Venezuela and Iran

Oil edged up on Thursday amid ongoing OPEC-led supply cuts and US sanctions against exporters Venezuela and Iran, although prices were prevented from rising further by record US crude output and rising commercial fuel inventories. Click here to read in full the oil markets report.

March 7 | 9:55 am

Rafale deal: No force on earth can make me reveal the source, says N Ram

 

N Ram, Chairman of The Hindu publishing group, responded strongly to Attorney-General KK Venugopal’s argument in the Supreme Court that the documents on the Rafale deal were “stolen” and those publishing them were guilty under the Official Secrets Act. Click here to read in full the report on N. Ram's response to A-G's argument on Rafale case documents.

March 7 | 9:50 am

Apex court to Centre on Rafale case: Are the ‘stolen’ documents untouchable?

 

The Centre, which accused former Union Ministers Yashwant Sinha and Arun Shourie and lawyer Prashant Bhushan of relying on stolen documents to seek a review of the judgment dismissing petitions on the Rafale deal, faced searching queries from the Supreme Court. “Are these documents untouchable” for consideration by the courts, it was asked. Click here to read in full apex court's question to Centre on Rafale case.

March 7 | 9:45 am

No regrets of not buying Jaguar Land Rover, says Anand Mahindra

Mahindra & Mahindra that had once vouched for acquiring Jaguar Land Rover (JLR) back in early 2000s, is now happy that it had backed off and did not buy the British iconic brand, which is in a bad shape right now. Click here to read in full the report on Anand Mahindra's views on JLR acquisition.

March 7 | 9:40 am

Company news: The Indian Hume Pipe Company

The Indian Hume Pipe Company has received two Letters of Acceptance aggregating to ₹254.98 crore (including GST) from Municipal Corporation Raipur, Chhattisgarh. The orders — ₹120.79 crore and ₹134.19 crore are under augmentation of water supply scheme Phase-II, of Municipal Corporation Raipur. The projects have to be completed within 18 months. Shares of Indian Hume Pipe closed 1.22 per cent higher at ₹298.05 on the NSE.

March 7 | 9:35 am

Will Relaxo slip after promoters’ sell?

Shares of Relaxo Footwears may remain in focus, as its promoters have reduced their stakes in the company. In a disclosure to the stock exchanges, the company said its promoters — Ramesh Kumar Dua, Lalita Dua, Gaurav Dua, Rahul Dua and Sakshi Dua — sold 24.40 lakh shares, constituting 1.96 per cent stake in the company, on March 5 and March 6 in the open market. After the transaction, promoters’ holding in the company has come down to 35.50 per cent from 37.47 per cent.

March 7 | 9:30 am

BoB merger: Ex-date for Vijaya Bank, Dena Bank

Shares of Vijaya Bank and Dena Bank will turn ex-date on Friday for the proposed merger with Bank of Baroda. The merger will take effect from April 1. According to the scheme, shareholders of Vijaya Bank will get 402 shares and Dena Bank shareholders will get 110 shares of Bank of Baroda for every 1,000 shares held. The Centre in September 2018 announced this merger to promote consolidation in the sector due to huge non-performing assets. The record date is March 11.

March 7 | 9:25 am

HFCL may remain in focus on order flow

Himachal Futuristic Communications on Wednesday said it has received an order worth ₹117 crore from Tata Project for supply of optical fibre cables. The order is for creating OFC network infrastructure under Bharat Net Phase-II project in Chhattisgarh. HFCL, on Monday, said it has bagged the ₹527.44-crore order from Jharkhand Communication Network for OFC (underground & aerial), GPON network and radio network at 1,684 gram panchayats of Jharkhand.

March 7 | 9:20 am

Asia shares sluggish as global growth concerns return

 

Asian shares rose marginally in early trade on Thursday, with caution prevailing as investors awaited some kind of resolution to Sino-US trade negotiations, while the euro remained under pressure ahead of the European Central Bank meeting.

Japan's Nikkei average fell 0.6 per cent , while Australian shares added 0.2 per cent . Click here to read in full the Asian share market report.

March 7 | 9:15 am

Opening bell

The Sensex and Nifty opened in the green on Thursday. The Sensex was quoting at 36,688, up 52 points or 0.14 per cent higher, while the Nifty was up 9 points or 0.09 per cent higher at 11,062.

March 7 | 9:10 am

Debate rages over SEBI’s ‘not fit & proper’ order on commodity players in NSEL scam

Commodity arms of leading brokerage houses were declared ‘not fit and proper’ by SEBI last week for their role in the NSEL scam, but the fact that similar strictures were not passed by the regulator against key management persons responsible for the company’s action has raised eyebrows. Click here to read in full the report on debate over SEBI order against commodity players in NSEL scam.

March 7 | 9:05 am

Day Trading Guide for March 7, 2019

₹2103 • HDFC Bank

S1

S2

R1

R2

COMMENT

2091

2075

2115

2130

Initiate fresh long positions with a stiff stop-loss only if the stock reverses higher from ₹2,091 levels

 

₹732 • Infosys

S1

S2

R1

R2

COMMENT

725

717

740

748

Consider initiating fresh short positions with a tight stop-loss only if the stock of Infosys falls below ₹725 levels

 

₹285 • ITC

S1

S2

R1

R2

COMMENT

282

279

288

291

As long as the stock trades above the key support level of ₹279, the near-term view is positive. Buy in dips

 

₹154 • ONGC

S1

S2

R1

R2

COMMENT

151

148

158

161

Fresh long positions can be initiated with a fixed stop-loss if the stock bounces up from ₹151 levels

 

₹1263 • Reliance Ind.

S1

S2

R1

R2

COMMENT

1250

1235

1280

1295

Make use of intra-day declines to buy the stock of RIL while retaining a stiff stop-loss at ₹1,250 levels

 

₹277 • SBI

S1

S2

R1

R2

COMMENT

272

266

282

290

The stock tests a key resistance and correction is possible. Make use of decline to buy it with a fixed stop-loss

 

₹1999 • TCS

S1

S2

R1

R2

COMMENT

1980

1960

2020

2040

Fresh long positions are recommended with a stiff stop-loss only if the stock rallies above ₹2,020 levels

 

11086 • Nifty 50 Futures

S1

S2

R1

R2

COMMENT

11035

10970

11125

11175

Initiate fresh long positions with a tight stop-loss if the contract reverses higher from 11,035 levels

 

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

March 7 | 9:00 am

Today's Pick: VIP Industries (₹441.8): Buy

Investors looking for a contrarian buy can consider the stock of VIP Industries at current levels. On Wednesday, the stock gained 4.7 per cent accompanied by above average volume, breaching the 21-day moving average. Click here to read in full the Today's Pick on VIP Industries

 

Published on March 07, 2019