Market updates: Sensex rallies 290 points to 34,247, IndusInd Bank shines

Nifty reclaims 10,100 level

 

 

3:35 pm

Closing bell

The BSE Sensex surged 290 points on Wednesday following gains in index heavyweights Reliance Industries, HDFC and ICICI Bank amid persistent foreign fund inflows.

After hitting an intra-day peak of 34,350.17, the 30-share benchmark settled 290.36 points, or 0.86 per cent, higher at 34,247.05.

Similarly, the NSE Nifty climbed 69.50 points, or 0.69 per cent, to 10,116.15.

IndusInd Bank was the top gainer in the Sensex pack, rallying around 8 per cent, followed by Kotak Bank, Reliance Industries, HDFC, Axis Bank and SBI.

On the other hand, Hero MotoCorp, Tata Steel, Bajaj Auto and ONGC were among the laggards.

On a net basis, foreign institutional investors bought equities worth Rs 490.81 crore on Tuesday, provisional exchange data showed.

Buying in financial stocks led benchmarks higher during the day, traders said.

Persistent foreign fund inflows too buoyed the market, they added.

On the global front, bourses in Shanghai and Hong Kong ended in the red, while Seoul and Tokyo settled with gains.

Stock exchanges in Europe were trading on a negative note in early deals.

Global investors are awaiting the US Federal Reserve’s latest policy outcome, which will be the first since the US began to reopen and the first since Friday’s blockbuster jobs report

International oil benchmark Brent crude futures tumbled 2.26 per cent to $40.25 per barrel.

On the currency front, the rupee settled on a flat note at 75.59 against the US dollar. - PTI

 

3:15 pm

Benchmark indices spurt up

The Sensex and Nifty extended their gains ahead of the close on Wednesday. The Sensex was up 335 points or 0.99 per cent at 34,292. The Nifty was at 10,132, up 85 points or 0.85 per cent firmer

The top gainers on the Sensex were IndusInd Bank, Kotak Bank, HDFc, Reliance and Axis Bank. The laggards were Hero MotoCorp, Bajaj Auto, Tata Steel, ONGC and Titan.

Among the BSE sectoral indices, the realty index shot up nearly 2 per cent.

 

2:55 pm

Covid-19 impact: India’s engineering exports register a steep fall in April

India’s engineering goods exports posted a growth only in China and Singapore in April 2020, while shipments declined sharply in other top markets like the US, the UAE and the EU as the world struggled to cope with the Covid-19 disruptions.

https://www.thehindubusinessline.com/economy/covid-19-impact-indias-engineering-exports-register-a-steep-fall-in-april/article31793814.ece?homepage=true

2:35 pm

Banks lead European stocks higher ahead of Fed's economic view

File Photo   -  Bloomberg

 

European shares rose on Wednesday, with banks leading the gains as investors awaited the US Federal Reserve's first economic projection since the COVID-19 pandemic set off a recession in February.

After trading sightly lower in the past two sessions, the pan-European STOXX 600 gained 0.8% by 0717 GMT.

Eurozone banks jumped 2.5% after sources told Reuters that European Central Bank officials were drawing up a scheme to cope with potentially hundreds of billions of euros of unpaid loans due to the coronavirus crisis.

2:15 pm

Dollar falls as nerves set in before Fed policy decision

 

The dollar fell against most currencies on Wednesday amid some speculation the US Federal Reserve could take steps to curb a recent rise in bond yields in a policy decision later in the day.

The Australian and New Zealand dollars extended their recent rally against the greenback as investors continue to cheer a resumption of economic activity in both countries following the lifting of coronavirus restrictions.

The main focus is a Fed policy meeting later on Wednesday. While no major changes are expected, recent rises in yields have pushed up the dollar due to increasing signs that the US economy is slowly rebounding from the health crisis shock, though a full-fledged recovery is still distant. Click here to read in full the global forex market report.

1:55 pm

Oil down as rising US inventories reawaken supply anxiety

Representative Image   -  Reuters

 

Oil prices fell on Wednesday after a rise in crude and fuel stockpiles in the US revived fears about oversupply and falling fuel demand in the world's largest crude consumer amid the coronavirus outbreak.

Brent crude futures fell 67 cents, or 1.6 per cent, to $40.51 a barrel by 0636 GMT after gaining nearly 1 per cent on Tuesday.

West Texas Intermediate (WTI) futures dropped 80 cents, or 2.1 per cent, to $38.14 a barrel, having risen about 2 per cent in the previous session. Click here to read more on the global oil markets.

 

 

1:35 pm

Asia stock rally loses steam as markets wait for Fed

 

Asia's stock markets edged up to a fresh three-month high on Wednesday, with the dollar again under pressure but sentiment was largely cautious ahead of the US Federal Reserve's next move.

The inch higher in equities follows two weeks of strong gains, turbocharged by Friday's data showing a completely unexpected rise in US employment last month. Support for safe havens from gold to the yen, though, pointed to growing caution. Click here to read in full the Asian markets report..

 

1:15 pm

Nifty call: Initiate long positions above 10,150

 

The Indian benchmark indices, which opened with a gap-up, have been consolidating since the beginning of the session. The Nifty spot and the Sensex spot indices are trading higher by half-a-per cent compared to yesterday’s close. Cues from the Asian markets seem to be mixed as the Nikkei index has closed today with a marginal gain of 0.15 per cent, whereas the Hang Seng index is trading flat.  Click here to read more on the Nifty call report.

 

1:00 pm

Panacea Biotec shares zoom 20 per cent on tie-up with US-based Refana for Covid-19 vaccine

 

Shares of Panacea Biotec on Wednesday zoomed 20 per cent after the company said it is setting up a joint venture in Ireland with US-based Refana Inc to develop a vaccine for Covid-19.

Following the announcement, shares of Panacea Biotec advanced 20 per cent to Rs 202.80 -- its upper circuit limit -- on the BSE.

The scrip jumped 20 per cent to Rs 203.70 -- its highest trading permissible limit -- for the day on the NSE.

The company is advancing its response to address the unprecedented challenges of Covid-19 by collaborating with Refana Inc to make a vaccine accessible globally through a joint venture (JV) company to be based in Ireland, Panacea Biotec said in a regulatory filing.

The collaboration aims to bring to patients a whole inactivated virus-based vaccine for Covid-19, it added.

Under the partnership, Panacea Biotec will be responsible for product development and commercial manufacturing, while the JV entity undertaking will handle clinical development and regulatory submissions across the world. - PTI

 

12:40 pm

Hero MotoCorp shares decline over 2 per cent after Q4 earnings

Shares of Hero MotoCorp on Wednesday dipped over 2 per cent after the company reported a 26.46 per cent decline in consolidated profit after tax (PAT) for the fourth quarter ended on March 31, 2020.

The stock declined 2.25 per cent to Rs 2,331.85 on the BSE. At the NSE, it dipped 2.39 per cent to Rs 2,330.20.

The country’s largest two-wheeler maker Hero MotoCorp on Tuesday reported a 26.46 per cent decline in consolidated profit after tax (PAT) at Rs 613.81 crore for the fourth quarter ended on March 31.

The company, which had posted a PAT of Rs 776.23 crore in the same quarter a year ago, said it has rationalised capex spends for the current financial year by half.

 Revenue from operations during the quarter under review stood at Rs 6,333.89 crore as against Rs 8,120.73 crore in the same quarter a year ago, Hero MotoCorp said in a regulatory filing.  - PTI

12:20 pm

BHEL commissions 270-MW Unit I of Bhadradri Thermal power plant

Bharat Heavy Electricals Limited (BHEL) has commissioned Unit I of the 4x270 MW Bhadradri Thermal Power Project in Telangana.

https://www.thehindubusinessline.com/companies/bhel-commissions-270-mw-unit-i-of-bhadradri-thermal-power-plant/article31792767.ece?homepage=true

 

12:05 pm

Benchmark indices steady at midsession

The  Sensex and Nifty held steady at midsession on Wednesday. The 30-share benchmark was at 34,048, up 92 points or 0.27 per cent. The Nifty was at 10,065, up 19 points or 0.19 per cent.

The top gainers on the Sensex were IndusInd Bank, TCS, HCL Tech, Kotak Bank and HDFC. The laggards were Tata Steel, Hero Moto Corp, ONGC, Bajaj Finance and LT.

Among the BSE sectoral indices, healthcare was the top gainer, gaining nearly 1 per cent in the session.

 

 

 

11:45 am

India records 9,985 new Covid-19 cases

The Covid-19 death toll rose to 7,745 and the number of cases climbed to 2,76,583 in the country after it registered 279 fatalities and 9,985 new infections within a period of 24 hours till Wednesday 8 AM, according to the Union Health Ministry. Click here to read more on Covid cases in India.

 

11:20 am

63 moons lures brokers with 50% discount as NSE shuts NOW

After the National Stock Exchange (NSE) said it was shutting down its ‘free’ internet trading platform NOW, tech company 63 moons technologies said it will offer a 50 per cent discount to brokers on its trading software. The move was reminiscent of the old days of fierce competition between the NSE and Financial Technologies (former name of 63 moons). Click here to read more.

11:05 am

Daily rupee call: Go long with tight stop-loss

Loan business The primary function of banks is to put the money of their account-holders to use by lending to others Kritchanut

 

The rupee (INR) opened higher on Wednesday at 75.51 versus yesterday’s close of 75.61 against the dollar (USD). It continues to trade within the range of 75 and 75.6 and until it breaches either of these levels, the next leg of trend cannot be confirmed.

If the local currency appreciates on the back of support at 75.6, it will face hurdles at 75.3 and 75.15. On the contrary, if the rupee breaks below 75.6, it might attract considerable selling interest, in which case the exchange rate might move to 75.8 and 76. Click here to read in full the Daily Rupee Call report.

10:45 am

Go the extra mile to ensure funds reach MSMEs, FM tells bank chiefs

Finance Minister Nirmala Sitharaman has asked public sector banks (PSB) chiefs to maintain “proactive outreach” at branch level to ensure a success of the ₹3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) announced by the government to meet the liquidity needs of the MSME sector during the Covid-19 crisis. Click here to read more.

 

10:25 am

Rupee opens firm

 

The rupee opened firm on Wednesday at 75.49 to the dollar. It has since edged down to 75.52.

The Indian unit closed the previous session at 75.61

 

10:05 am

Sensex, Nifty edge up

The benchmark indices, the BSE Sensex and the NSE Nifty, traded firm in the morning session on Wednesday.

The Sensex was up 110 points or 0.32 per cent at 34,054, while the Nifty gained 26 points or 0.26 per cent at 10,073.

The top gainers on the Sensex were IndusInd Bank, Kotak Bank, ITC, HDFC and HCL Tech. The laggards were Tata Steel, HeroMotoCorp, L&T, Bajaj Finance and ONGC.

According to a PTI report, Sensex advanced over 200 points in early trade tracking gains in index-heavyweights HDFC twins, Reliance Industries and Kotak Bank amid sustained foreign fund inflows.

In the previous session, the BSE barometer settled 413.89 points or 1.20 per cent lower at 33,956.69, and the broader Nifty ended 120.80 points or 1.19 per cent down at 10,046.65.

On a net basis, foreign institutional investors bought equities worth Rs 490.81 crore in the capital market on Tuesday, provisional exchange data showed.

According to analysts, market opened on a positive note as fresh foreign fund inflows and stock-specific gains led benchmarks higher.

On the global front, bourses in Hong Kong and Seoul were trading with gains, while those in Shanghai and Tokyo were in the red. Stock exchanges on Wall Street ended on a mixed note in overnight trade.

International oil benchmark Brent crude futures fell 1.60 per cent to $40.52 per barrel. - PTI

9:55 am

Dollar nurses losses amid caution ahead of Federal Reserve policy meeting

 

The dollar nursed losses against most currencies on Wednesday amid some speculation the United States (US) Federal Reserve could take steps to curb a recent rise in bond yields at its policy meeting.

The Australian and New Zealand dollars pulled back slightly against the greenback but sentiment remained positive as economic activity resumes in both countries following the lifting of coronavirus restrictions. Click here to read in full the global forex market report.

 

9:45 am

Oil drops after US inventory build renews oversupply concerns

Representative Image   -  Reuters

 

Oil prices fell on Wednesday as an industry report showed a rise in crude and fuel inventories in the United States (US), renewing concerns about oversupply and slumping fuel demand in the world's largest crude consumer.

Brent crude futures fell 57 cents, or 1.4 per cent, at $40.61 a barrel by 0055 GMT after gaining nearly 1 per cent on Tuesday.

West Texas Intermediate (WTI) futures declined 68 cents, or 1.8 per cent, to $38.26 a barrel, having risen about 2 per cent in the previous session. Click here to read in full the global oil markets report.

 

9:30 am

Asian shares slip after mixed Wall Street session

 

Asian equities slipped on Wednesday after most United States (US) stocks pared gains made during their recent rally, although the Nasdaq benchmark reached its second straight day at a record high as oil prices rose.

Investors adopted a more cautious stance as attention turned to the US Federal Reserve, which wraps up its two-day meeting later on Wednesday. Click here to read in full the Asian markets report.

 

 

9:15 am

Opening bell

The benchmark indices, BSE Sensex and NSE Nifty, opened Wednesday's session on a firm note.

Sensex was at 34,029, up 72 points or 0.21 per cent, while the Nifty was up 55 points or 0.55 per cent at 10.102.

 

9:10 am

Day Trading Guide for Wednesday, June 10, 2020

₹986 • HDFC Bank

S1

S2

R1

R2

COMMENT

970

950

1000

1015

Initiate fresh short positions with a stiff stop-loss if the stock reverses down from ₹1,000 levels

 

₹717 • Infosys

S1

S2

R1

R2

COMMENT

710

700

726

735

Fresh long positions can be initiated with a tight stop-loss if the stock rebounds up from ₹710 levels

 

₹198 • ITC

S1

S2

R1

R2

COMMENT

195

192

201

204

Consider initiating fresh short positions with a fixed stop-loss only if the stock of ITC slumps below ₹195 levels

 

₹90 • ONGC

S1

S2

R1

R2

COMMENT

88

85

93

96

Fresh long positions are recommended with a stiff stop-loss if the stock of ONGC rallies above ₹93 levels

 

₹1537 • Reliance Ind.

S1

S2

R1

R2

COMMENT

1520

1505

1555

1570

Make use of intra-day rallies to initiate fresh short positions while maintaining fixed stop-loss at ₹1,555 levels

 

₹184 • SBI

S1

S2

R1

R2

COMMENT

178

172

190

196

Consider initiating fresh long positions with a stiff stop-loss only if the stock jumps above ₹190 levels

 

₹2073 • TCS

S1

S2

R1

R2

COMMENT

2050

2030

2095

2115

Fresh short positions are recommended with a fixed stop-loss only if the stock declines below ₹2,050 levels

 

10034 • Nifty 50 Futures

S1

S2

R1

R2

COMMENT

9970

9900

10100

10170

Fresh short positions can be initiated with a tight stop--loss if the contract fails to move beyond 10,100 levels

 

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

 

9:00 am

Today's Pick: GNFC  (₹152.3): Buy

 

The stock of Gujarat Narmada Valley Fertilizers & Chemicals gained 5 per cent accompanied by above average volume on Tuesday, breaking above a key resistance at ₹147. This up move provides traders with a short-term perspective an opportunity to buy the stock at current levels.

Since recording a 52-week low at ₹95.7 in late March, the stock has been in a medium-term uptrend. After a corrective decline in early May, the stock found support at ₹124 in late May and resumed the uptrend. The near-term trend is also up for the stocks. While trending up, it had breached its 21- and 50-day moving averages and trades well above them. Moreover, there has been an increase in daily volume over the past two weeks. The daily relative strength index hovers in the bullish zone backing the uptrend and the weekly RSI trends upwards in the neutral region. Further, the daily as well as the weekly price rate of change indicators feature in the positive terrain implying buying interest. Click here to read in full Today's Pick on GNFC.v44f

Published on June 10, 2020