Sensex drops 180 points, Nifty around 12,200; Yes Bank gains 3%

3.55 pm

Closing bell: The BSE benchmark Sensex on Tuesday fell over 180 points tracking thin trade in global equities ahead of year-end holidays

The 30-share BSE index Sensex closed lower by 181.40 points or 0.44 per cent at 41,461.26 and the 50-share NSE index Nifty ended down 50.75 points or 0.41 per cent at 12,212.

The Sensex hit an intraday high of 41,702.98 and a low of 41,423.07. Similarly, the Nifty touched an intraday high of 12,283.70 and a low of 12,202.10. The market breadth was negative as 1,336 shares declined, against the advance of 1,148 shares, while 174 shares were unchanged.

At close, the biggest gainers in the Sensex pack were IndusInd Bank, ONGC, Hero MotoCorp, NTPC and Nestle rising up to 1.16 per cent.

While, HCL Technologies, RIL, HDFC Bank, TCS and Tech Mahindra were the top losers, shedding up to 1.88 per cent.

 

2.35 pm

IFCI realises ₹805 cr from NSE stake sale

IFCI, a government company, has realised ₹805.6 crore from the divestment of its remaining 2.44 per cent stake in National Stock Exchange.

This represents about 82 per cent of the total committed amount for the 2.44 per cent equity holding in NSE that was put on the block, sources close to the developments said. Read more here

2.12 pm

Why are NTPC’s shares seen trading near 10-month low?

NTPC Ltd is the world’s most-loved power producer by equity analysts, and yet its shares are trading near a 10-month low. Why?

The New Delhi-based company is the top rated stock among the world’s largest utilities, with a recommendation consensus of 4.9 on a Bloomberg scale where 5 is a unanimous buy. Analysts expect the company to wring more profit from soon-to-be acquired hydro-power assets, helping it lift its earnings and share price. Read more here

2.07 pm

India’s containerised trade in September quarter remains flat on weak domestic demand: Report

India’s containerised trade in the September quarter remained flat as compared to the global growth due to weak domestic demand, according to a report by maritime conglomerate Maersk Group.

However, the country’s overall exports to Africa grew 11 per cent led by appliances and kitchenware, vehicles and seeds, beans and cereals and flour. Read more here

1 pm

Oil prices likely to be under check in 2020

Oil prices are likely to remain in check during 2020 as OPEC+ production cuts are offset by higher output from other countries and a mixed outlook for demand, according to analysts.

Analysts see prices climbing higher in the middle of the year as stronger emerging-market demand and the OPEC+ cuts trim global inventories. Saudi Arabia surprised the market in early December with a deeper supply cut, which, along with signs of a thaw in the U.S.-China trade conflict that may boost demand, lead some prominent analysts to revise their forecasts higher.

12.30 pm

Nifty call: Initiate short on rallies with stop loss at 12,310

The Indian benchmarks are trading slightly on the downside. The Nifty and the Sensex spot indices are down by 0.1 per cent each. The Nikkei index looks subdued and is trading flat, but the Hang Seng index is trading lower by 0.15 per cent.

The December futures contract of the Nifty 50 index opened marginally lower at 12,259 against its previous close of 12,276.  Read more on the technicals here

12.10 pm

Pilots, cabin crew recruitments up by over 80% as airlines expand operations

Despite severe headwinds in the aviation sector, the recruitment of pilots and staff crew by airlines has gone up substantially in the past two years.

According to data released by the Ministry of Civil Aviation (MOCA), the hiring of pilots has gone up by 88.4 per cent while cabin crew recruitment saw rise of 82.8 per cent. Read more here

11.55 am

Transformers and Rectifiers bags export order worth Rs 166 crore

Transformers and Rectifiers (India) on Tuesday informed that it had bagged an order worth Rs 166 crore from Transmission Company of Nigeria PIc, Maitama, Abuja (a World bank-funded project).

With this, the company's order book stands around Rs 1,161 crore.

11.50 am

Alembic Pharma gets USFDA nod for an ophthalmic solution

Alembic Pharmaceuticals Limited on Tuesday announced that it had received the final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Travoprost Ophthalmic Solution USP, 0.004%.

The approved ANDA is therapeutically equivalent to the reference listed drug product, Travatan Ophthalmic Solution, 0.004%, of Alcon Pharmaceuticals Limited.

The drug is indicated for the reduction of elevated intraocular pressure in patients with open-angle glaucoma or ocular hypertension.

11.25 am

JSW Steel to close Vardhman Industries deal by December

Sajjan Jindal-promoted JSW Steel plans to close the deal to acquire Vardhman Industries for ₹127 crore by December-end as it has received the clarification sought from the National Company Law Appellate Tribunal (NCLAT). Read more here

11.10 am

Granules India gets USFDA nod for Loratadine tablets

Granules India on Tuesday said the US health regulator has given its approval to the abbreviated new drug Application filed by the drug firm for Loratadine tablets used to treat allergies.

“The US Food & Drug Administration (USFDA) has approved the Abbreviated New Drug Application (ANDA) filed by Granules India Ltd, for Loratadine tablets USP, 10 mg (OTC),” Granules India said in a filing to BSE.

11.05 am

Dilip Buildcon bags Rs 1,362-cr road project in Uttar Pradesh

Dilip Buildcon Ltd on Tuesday said it has bagged a Rs 1,362.06 crore road project in Uttar Pradesh.

In a regulatory filing the company said that it has executed an engineering, procurement and construction (EPC) agreement on December 20, 2019 with the Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) for the said project.

11.02 am

Asian markets drift lower as holiday lull counters trade cheer

Asian shares and US stock futures darted in and out of losses on Tuesday, as the holiday lull offset optimism that a US-China trade deal will boost exports and corporate earnings.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.01 per cent. Blue-chip shares in China rose 0.29 per cent after Premier Li Keqiang said on Monday the government was considering more measures to lower corporate financing costs. Australian shares were unchanged, while Japan's Nikkei stock index edged 0.02 per cent lower.

10.55 am

Govt-RIL face-off

Is the linking of RIL-Aramco deal to payment of Panna-Mukta and Tapti arbitral award justified? Click here to read the insight

10.45 am

Oil prices inch higher amid support for supply cuts, lower inventory forecast

Oil prices edged higher on Tuesday in thin pre-Christmas trading after Russia's energy minister said cooperation with OPEC to support the market would continue and as analysts forecast a second weekly decline in US crude inventories. Read more here

10.40 am

RBI sets Rs 50 lakh cap as exposure limit on NBFC-P2P lending platforms

The Reserve Bank of India (RBI) has set a Rs 50 lakh cap on the aggregate exposure of a lender to all borrowers across all Non-Banking Financial Company – Peer to Peer (NBFC-P2P) lending platforms at any point of time.

Further, the banking regulator has specified that the investments of the lenders on P2P platforms have to be consistent with their net-worth. Read more here

10.30 am

Balmer Lawrie to turn ex-bonus on Thursday

Shares of Balmer Lawrie & Co Ltd will remain in focus on Tuesday, as they will turn ex-bonus on Thursday. Balmer Lawrie is rewarding its shareholders with one bonus share for every two held.

Investors wishing to receive the bonus share need to own shares in the company by Wednesday, as the PSU major has set December 26 as the record date to identify eligible shareholders to receive the bonus entitlement. The PSU major had declared a 3:1 bonus in 2016 and a 3:4 bonus in 2013.

10.20 am

As Jharkhand sees new dawn, focus is on miners

The beleaguered mining sector faces one more headwind. With Jharkhand set to see a change of guard with the JMM-Congress combine forming the government, investors will closely monitor the initiatives and programmes of the new regime.

With the new Jagan Mohan Reddy government in Andhra Pradesh ending most of its predecessor’s initiatives, Jharkhand-based firms, especially miners such as SAIL, Tata Steel, Hindalco and Hindustan Copper, will closely monitor the new policy decisions.

10.10 am

Day Trading Guide for December 24, 2019

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

₹1302 • HDFC Bank

S1

S2

R1

R2

COMMENT

1288

1275

1315

1325

Make use of intra-day dips to go long on the stock while retaining a fixed stop-loss at ₹1,288 levels

 

₹735 • Infosys

S1

S2

R1

R2

COMMENT

728

722

743

750

Initiate fresh long positions with a tight stop-loss if the stock reverses higher from ₹728 levels

 

₹238 • ITC

S1

S2

R1

R2

COMMENT

236

233

242

245

Near-term stance is bearish for the stock of ITC. Sell on intra-day rallies with a fixed stop-loss at ₹242 levels

 

₹124 • ONGC

S1

S2

R1

R2

COMMENT

122

120

127

130

Fresh long positions are recommended with a stiff stop-loss only if the stock of ONGC moves beyond ₹127 levels

 

₹1571 • Reliance Ind.

S1

S2

R1

R2

COMMENT

1555

1540

1585

1600

Initiate fresh short positions with a tight stop-loss only it stock of RIL reverses down from ₹1,585 levels

 

₹332 • SBI

S1

S2

R1

R2

COMMENT

327

320

338

345

Consider initiating fresh short positions with a stiff stop-loss only if the stock of SBI falls below ₹327 levels

 

₹2232 • TCS

S1

S2

R1

R2

COMMENT

2210

2190

2250

2270

Fresh long positions can be initiated with a tight stop-loss if the stock rebounds up from ₹2,210 levels

 

12276 • Nifty 50 Futures

S1

S2

R1

R2

COMMENT

12220

12170

12320

12367

Consider initiating fresh long positions with a tight stop-loss only if the contract rallies above 12,320 levels

 

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

10.07 am

Today's pick - GIC Housing Finance (₹162.8): Buy

Investors with a high-risk appetite and short-term perspective can buy the stock of GIC Housing Finance at current levels. After registering a 52-week low at ₹128.5 in mid-October, the stock reversed direction and bounced up triggered by positive divergence on the daily relative strength index. For more read on the technicals, click here

 

10.03 am

Daily Rupee call: Wait and initiate fresh positions

After making an intraday high of 71.11, the rupee (INR) ended the session at 71.19 versus its previous close of 71.12 against the dollar (USD). Thus, the local currency remains with a bearish bias.

The rupee closed yesterday’s session just above the support at 71.2. If it breaks below that level, the immediate support is at 71.4, an important level. Read more on the technicals here

9.58 am

Markets opening: Equity benchmarks BSE Sensex and NSE Nifty started on a cautious note on Tuesday tracking thin trade in global equities ahead of year-end holidays.

The 30-share BSE index was trading 39.84 points or 0.10 per cent higher at 41,682.50 in early session. Similarly, the broader NSE Nifty advanced 13.10 points or 0.11 per cent to 12,275.85.

IndusInd Bank was the top gainer in the Sensex pack, rising up to 1.46 per cent, followed by Hero MotoCorp, M&M, Ultratech Cement, Titan, ONGC and NTPC.

On the other hand, HCL Tech was the top loser, shedding up to 1.32 per cent. HDFC Bank, Infosys, Tata Steel, Tech Mahindra, Axis Bank and Kotak Bank were also trading in the red.

In the previous session, the 30-share gauge closed 38.88 points or 0.09 per cent lower at 41,642.66; while the Nifty slipped 9.05 points or 0.07 per cent to 12,262.75.

With investor participation likely to remain thin in next few sessions on account of year-end holidays in domestic and global markets, traders and investors have turned cautious at higher levels, experts said.

Traders are also eyeing December derivatives expiry on Thursday for cues on market trend, they added.

Meanwhile, on a net basis, foreign institutional investors bought equities worth Rs 1,463.28 crore, while domestic institutional investors sold shares worth Rs 1,947.36 crore on Monday, data available with stock exchange showed.

Bourses in Shanghai were trading on a positive note, while those in Hong Kong, Tokyo and Seoul were trading in the red.

Benchmark indices on Wall Street ended with gains on Monday.

Brent futures, the global oil benchmark, inched 0.02 per cent higher to USD 66.40 per barrel.

Meanwhile, the rupee depreciated 4 paise to 71.22 against the US dollar in morning session.

Published on December 24, 2019