Sensex adds 185 points to hit record closing high of 39,056

Closing bell

Rising for the fourth session in a row, the BSE benchmark Sensex added another 185 points to hit an all-time closing high of 39,056 and the NSE Nifty closed above the key 11,700-level on intense buying mainly in auto, IT and banking stocks amid hopes of RBI rate cut.

Tata Motors drove the Sensex rally for the second session in a row, surging over 8 per cent. Other top gainers were Bharti Airtel, TCS, Bajaj Finance, PowerGrid, IndusInd Bank and State Bank of India -- rising as much as 5 per cent.

Bucking the overall trend, Bajaj Auto, Sun Pharma, Vedanta, Tata Steel, HCL Tech and HDFC Bank stocks saw intense selling on account of profit-booking.

The 30-share Sensex started on a positive note at 38,988.57 and swung between a high of 39,121.69 and a low of 38,846.96. During the course, it also set its new intra-day record by touching 39,121.69. The gauge finally settled for the day at 39,056.65, 184.78 points or 0.48 per cent higher.

Similarly, the NSE Nifty opened higher at 11,711.55 and rose to a record intra-day high of 11,729.35. It, however, closed at 11,713.20, up 44.05 points or 0.38 per cent.

Sectorally, realty, telecom, auto and IT emerged as prominent gainers. On the other hand, indices of oil and gas, FMCG and basic materials were in the red.

The RBI’s rate setting panel on Tuesday started its 3-day deliberations for the first bi-monthly monetary policy of 2019-20 amid expectations of a cut in the key lending rate by another 25 basis points to boost economic activities.

Investors are keenly awaiting the outcome of the RBI’s first bi-monthly monetary policy review meeting. Experts believe that hopes of an interest rate cut by the Reserve Bank have also aided the recent rally in domestic equities.

Besides, domestic markets have a spillover effect of robust global sentiment as investors were encouraged by signs of strengthening economic indicators that showed manufacturing activities in China and the US improving.

Asian bourses followed Wall Street gains on Tuesday amid strong indications of an improving global macro-economic picture. - PTI

European stocks pause as Brexit impasse weighs

European shares treaded water on Tuesday following their strongest two-day rally since January, as Brexit uncertainty clouded sentiment with parliament deadlocked again over its exit from the European Union.

The pan-European index was up 0.03 per cent at 0720 GMT, nudging towards highs from September and March. Most European bourses posted slight gains and Britain's exporter-heavy FTSE 100 rose 0.5 per cent, helped by a weaker sterling. Click here to read in full the European markets report .

Euro falls below $1.12 as US data outperforms

The euro fell to a three-and-a-half week low and stood precariously near its weakest since June 2017 on Tuesday, as investors seized on relatively strong data out of the US to buy the dollar. Click here to read in full the global forex markets report .

Oil hits 2019 high on OPEC cuts, demand concerns ease

Crude oil production declined by 6.1 per cent in February AMIT DAVE

Oil hit a 2019 high above $69 a barrel on Tuesday on the prospect that more sanctions against Iran and further Venezuelan disruptions could deepen an OPEC-led supply cut, and as the market became less worried that demand may slow. The US is considering more sanctions against Iran, whose oil exports have been halved by existing measures, an official said. A key crude terminal in Venezuela, also under US sanctions, has halted operations again. Click here to read the oil markets report in full.

Manufacturing rebound pushes Asian shares to 7-month highs

People pass stock index tickers at the Singapore Exchange (SGX) premises (file photo)

Asia shares extended their rally on Tuesday as positive factory activity surveys from China and the US provided a much-needed boost to investor confidence. European shares were expected to rise, London's FTSE futures up 0.1 per cent, and Frankfurt's DAX futures also trading slightly higher. Click here to read the Asian markets report in full.

Sensex, Nifty edge lower in late trading

The benchmark indices the BSE Sensex and the NSE Nifty trimmed their gains in late trading on Tuesday. The BSE Sensex was trading at 38,997, up 125 points or 0.32 per cent higher, while the Nifty was trading at 11,696, up 27 points or 0.23 per cent firmer.

The top gainers on the Sensex were Tata Motors, Bharti Airtel, TCS, HDFC and Power Grid, while the laggards were Bajaj Auto, Sun Pharma, Tata Steel, ICICI Bank and HCL Tech.

The realty sector was the top performing index on the BSE, with gains of 2.30 per cent. The IT and telecom sector indices posted gains of over 1 per cent during the session.

Annai Infra Developers files draft papers to float IPO

Engineering, procurement and construction company, Annai Infra Developers, has filed draft papers with the markets regulator SEBI for its initial public offer. The Tamil Nadu-based company’s IPO is of up to 1 crore equity shares of face value of Rs 10 each at a price band to be decided later. Click here to read in full the report on Annai Infra Developers files draft papers for IPO .

Tata Power, Adani Power climb after SC rejects RBI loan default guidelines

Tata Power Company Ltd's shares rose as much as 3.49 per cent to Rs 77 rupees, while Adani Power Ltd climbed as much as 6.47 per cent to Rs 51.85 today. The Supreme Court on Tuesday dismissed a Reserve Bank of India circular that gave firms 180 days for debt resolution, failing which the issue would be taken under the country's bankruptcy court. Click here to read in full the report on Tata Power, Adani Power rise after SC rejects RBI loan default guidelines .

Wipro Infrastructure to acquire automation business of Incite CAM

Wipro Infrastructure Engineering (WIN), a business division of Wipro Enterprises Ltd, has entered into an agreement to acquire the industrial automation business of Bengaluru-based Incite CAM Centre for about Rs 20 crore. Click here to read in full the report on Wipro Infrastructure acquisition of Incite CAM business .

Benchmark indices consolidate gains

The benchmark indices consolidated their gains in the afternoon session. The BSE Sensex gained 163 points or 0.42 per cent to quote at 39,035. The Nifty was up 35 points or 0.31 per cent at 11,705.

The top gainers on the Sensex were Tata Motors, Bharti Airtel, TCS, HDFC and Power Grid. On the other hand, Bajaj Auto, HCL Tech, Tata Steel, VEDL, Sun Pharma and ICICI Bank stood weaker.

The realty and telecom indices led the rally on the BSE, with the telecom index notching up gains of 1.85 per cent and the realty sector gaining 1.79 per cent.

WhatsApp launches new fact-checking feature

WhatsApp has launched a new feature called Tip Line, with which users can share rumours or unverified information and check on their authenticity. Users need to send such information to a number on WhatsApp. Click here to read in full the report on WhatsApp feature to fact-check information. Click here to read more on new Whatsapp feature .

Nifty call: Go short on strong fall below 11,725 levels, with fixed stop-loss

The Sensex and the Nifty began the session on a marginally positive note, but remained choppy. Following a positive start, the Asian markets are trading on a flat note; the Nikkei 225 is hovering around 21,505 and the Hang Seng index is trading at 29,593 levels. The market breadth of the Nifty index is at break-even levels.  Click here to read the full report on Nifty call .

Dr Reddy's US arms sells dermatology brands to Encore

Dr Reddy’s Laboratories Ltd, through its wholly owned subsidiary Promius Pharma, LLC, has sold its rights for Sernivo (betamethasone dipropionate) Spray and assignment of its rights to market and distribute Promiseb Topical cream and Trianex (Triamcinolone Acetonide Ointment, USP) in the United States to Encore Dermatology. Click here to read the report on Dr Reddy's US arms sells dermatology brands to Encore .

Lupin gets nod from USFDA for Pithampur unit

Drug major Lupin Ltd on Tuesday announced receipt of the Establishment Inspection Report (EIR) from the US health regulator for its Pithampur facility in Madhya Pradesh. Click here to read the full report on Lupin gets nod for Pithampur plant .

Bajaj Auto sales up 18% in March

Bajaj Auto on Tuesday reported an 18 per cent rise in total sales at 3,93,351 units in March, compared to 3,34,348 units in the same month a year ago. Click here to read in full the report on Bajaj Auto sales in March .

RBI to conduct Dollar/Rupee buy/sell swap for $5 bn on April 23

ollowing enthusiastic response to its US Dollar/Indian Rupee Buy/Sell swap auction of 3 years tenor for $ 5 billion on March 26, the Reserve Bank of India has decided to conduct a similar auction on April 23, 2019. Click here to read in full the report on RBI currency swap .

Manufacturing growth at 6-month low in March: PMI

Reflecting a loss of “growth momentum”, manufacturing activities in the country slowed down to a six-month low in March amid softer increases in new orders, production and employment, according to a survey.

The Nikkei India Manufacturing Purchasing Managers’ Index (PMI) declined to 52.6 in March from 54.3 in February, a report said on Tuesday. A reading above 50 indicates expansion while a print below that level points to contraction. Click here to read in full the report on PMI at 6-month low .

Sensex, Nifty trade firmer at mid-session

The benchmark indices, the BSE Sensex and NSE Nifty, have recovered from their morning levels to stand firmer at mid-session.

The 30-share Sensex held gains of 148 points or 0.38 per cent at 39,020, while the Nifty was trading at 11,703, up 34 points or 0.29 per cent.

The top gainers on the Sensex were Tata Motors, Bharti Airtel, IndusInd Bank, Power Grid, and TCS, while the laggards were Bajaj Auto, HCL TEch, Tata Steel, ICICI Bank and HDFC Bank.

Among the sectoral indices, realty notched up gains of 2.47 per cent, while the telecom sector held gains of 1.31 per cent, and the auto index up 0.92 per cent.

The 30-share BSE index Monday settled at 38,871.87, showing a rise of 198.96 points, or 0.51 per cent. Intra-day, it hit a life-time high of 39,115.

Gold hits 3-week low as easing growth woes lift equities, dollar

FILE PHOTO

old prices slipped to a more than three-week low on Tuesday as waning global economic slowdown concerns lifted the dollar and equity markets. Spot gold was flat at $1,286.85 per ounce by 0332 GMT, after touching its lowest since March 8 at $1,285.80 earlier in the session. US gold futures were down about 0.2 per cent at $1,291.30 an ounce. Click here to read the full report on gold price movements.

Oil scales 2019 highs on firm China data, Iran sanctions threat

Crude oil production declined by 6.1 per cent in February AMIT DAVE

Oil prices rose to fresh 2019 highs on Tuesday, supported by firm Chinese economic data that eased demand concerns, the possibility of more sanctions on Iran and further Venezuelan supply disruptions. Brent crude rose 32 cents, or 0.5 per cent, to $69.33 a barrel by 0212 GMT, having earlier touched $69.50, the highest since mid-November. Click here to read in full the oil markets report .

Dollar gains as ebbing economic concerns lift bond yields

The dollar rose to a two-week high against the yen on Tuesday as ebbing concerns about weakness in the global economy lifted US bond yields from 15-month lows. The greenback was steady at 111.395 yen after touching 111.46, its highest since March 20. Click here to read the dollar report in full.

Bharat Road Network hits upper circuit; unit gets arbitration award

Bharat Road Network shares climbed as much as 20 per cent to Rs 112.2, their biggest intra-day percentage gain since February 7.

The company said on Monday its unit got an arbitration award of Rs 323 crore ($46.59 mln) in arbitration proceedings between the unit & NHAI.

More than 91,297 shares changed hands, compared to the 30-day moving average of 1,51,736 shares.

The stock has hit the upper circuit level and has posted its highest since March 13.

Sensex, Nifty hold steady

The Sensex was trading in positive territory in the morning session on Tuesday. The 30-share benchmark trimmed its early gains to trade at 38,908, up 36 points or 0.09 per cent higher. The NSE Nifty was also trading in the green at 11,676. This represented a gain of 7 points or 0.06 per cent on its Monday close.

The top gainers on the Sensex were Bharti Airtel, Tata Motors, Power Grid, SBI and IndusInd Bank. The laggards were HCL Tech, Bajaj Auto, ICICI Bank, Tata Steel and Reliance.

Among the BSE sectoral indices, realty was the top gainer with gains of 2.30 per cent. The power, utilities and telecom sectors recorded gains of more than 1 per cent.

Cyient falls 10%; co expects decline in Q4 design-led manufacturing revenue

Shares of industrial services provider Cyient Ltd fell as much as 10.1 per cent to Rs 584, their biggest intra-day per cent loss since November 2016.

The company said on Monday it expects a material decline in design-led manufacturing revenue during Q4 FY19.

Cyient said order delivery of about $5 million was delayed due to a delay in regulatory clearances at the customer end.

More than 8,23,877 shares changed hands, compared to the 30-day moving average of 286,873 million shares.

The stock has posted its lowest since February 22.

Manufacturing rebound lifts Asian shares to 7-month highs

People pass stock index tickers at the Singapore Exchange (SGX) premises (file photo)

Asian shares extended their rally on Tuesday as positive Chinese and US factory activity surveys aided investor confidence, and the ebbing concerns over the global economy spurred selling of safe-haven US bonds as yields rose from 15 month troughs. Click here to read in full the Asian share markets report .

Broker's call: Godrej Agrovet (Buy)

Motilal Oswal

Godrej Agrovet (Buy)

CMP: ₹524.1

Target: ₹610

Godrej Agrovet is a diversified agri company with pan-India presence and operations spread across five business verticals.

The diverse nature of Godrej Agrovet’s various businesses de-risks its operations, enabling it to focus on growth, optimise capital efficiency and to maintain its competitive advantage. It undertakes dedicated R&D in existing products, focussing on improving yields and process efficiencies. Strength of the ‘Godrej’ brand and its association with trust, quality and reliability help the company across segments, particularly in those involving direct sales to retail consumers.

In crop protection, Godrej Agrovet is focussing on multiple product launches with category expansion; it has guided for about 10 launches over the next 3-5 years with a potential of ₹10b. Growth in Astec will be driven by capacity expansion; Godrej Agrovet plans to invest ₹35-40 crore every year over the next 3-4 years in triazole chemistry. At a fixed asset turnover of 2-2.5x, it should aid in revenue CAGR of 15 per cent over FY18-21.

We expect consolidated revenue/ EBITDA CAGR (FY18-21) of 12 per cent/ 16 per cent to ₹7,300 crore/₹700 crore. We initiate coverage on Godrej Agrovet with ‘Buy’ rating and SOTP-based target price of ₹610.

Metals shares gain on positive global cues

The broader metal index rises for a second session, up as much as 2.8 per cent at its highest since January 1. Most base metals rise on Monday after data showed signs of improvement in China's manufacturing sector and as indications of progress in US-China trade talks supported sentiment. Click here to read the full report on rise in metal shares .

Chart Focus: Vedanta (Buy)

Investors with a medium-term horizon can buy the stock of Vedanta (₹183.7) at current levels. On Friday, the stock advanced 3.2 per cent, accompanied by above-average volume, decisively breaching a key resistance at ₹180. Moreover, the stock has conclusively surpassed the 21- and 50-day moving averages and trades well above them. Click here to read in full the Chart Focus on Vedanta.

Sensex, Nifty weakly positive

The Sensex and Nifty dropped their early gains to trade weakly positive in the morning session on Tuesday. The Sensex was little changed at 38,891, up 19 points or 0.05 per cent, while the Nifty was at flat at 11,669.

In early trade, the Sensex and Nifty extended their gains, tracking positive domestic and global cues. The BSE gauge Sensex opened at 38,988.57 and briefly crossed the psychological 39,000-level in early deals. It has, however, slipped slightly from these levels.

Similarly, the NSE benchmark Nifty started at 11,711.55 and went on to breach the key 11,700-mark before paring the early gains.

The 30-share BSE index Monday settled at 38,871.87, showing a rise of 198.96 points, or 0.51 per cent. Intra-day, it hit a life-time high of 39,115.

According to an agency report, the equities rally has been fueled by hopes of an RBI rate cut and positive global sentiment following robust Chinese macroeconomic data and progress in US-China trade talks.

Asian bourses followed Wall Street gains on Tuesday amid encouraging global economic sentiment. All benchmark equity indices in Shanghai, Tokyo and Seoul advanced.

Globally, investors were encouraged by macro indicators that showed manufacturing activity in China improving.

Meanwhile, the Indian rupee weakened by 22 paise to trade at 69.36 to the US dollar in early trade on Tuesday owing to increased demand for the greenback from importers and banks.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 898.79 crore on Monday, according to provisional data.

Brent crude futures, the global oil benchmark, rose 0.23 per cent to trade at $67.17 per barrel.

The Reserve Bank of India (RBI) will unveil on Thursday its first bi-monthly monetary policy decision of this new fiscal.

The Monetary Policy Committee (MPC) will meet from April 2 to 4 for the first bi-monthly policy statement for 2019-20. (with inputs from PTI)

Rupee slips 22 paise against dollar in early trade

The Indian rupee weakened by 22 paise to trade at 69.36 to the US dollar in early trade on Tuesday owing to increased demand for the greenback from importers and banks. Click here to read in full the rupee report .

GST mop up hits a record ₹1.06-lakh crore in March

GST collections for March have hit a record high of over ₹1.06 lakh-crore. On the other hand, direct tax collections (personal income-tax and corporate tax) are likely to miss the Budget estimates. Click here to read in full the report on GST mop-up in March .

Nickel leads base metals pack rise

Nickel led base metals prices higher on Monday after positive factory data from top steel producer China raised hopes for higher demand, while inventories fell. Click here to read in full the rise of nickel in the base metal pack

Core sector growth slows down to 2.1% in February

The growth of eight core industries slowed down to 2.1 per cent in February largely due to a fall in crude oil and petroleum refinery production and stagnant performance of the electricity sector. Click here to read in full the report on core sector growth in February .

Sensex begins new fiscal on a high, crosses 39,000

Days ahead of the beginning of voting in the first phase of the 2019 general elections, the Sensex and the Nifty hit a new lifetime high on Monday. Record inflow from foreign portfolio investors (FPIs) in anticipation that the Reserve Bank of India will cut the key lending rates, and improving prospects of a BJP-led majority government post elections, are fuelling the market rally, analysts told  BusinessLine . Click here to read in full the report on the Sensex trading session in the new fiscal .

Opening bell

The benchmark indices, the BSE Sensex and the NSE Nifty, traded in positive territory at the open on Tuesday.

The Sensex was trading at 38,908, up 36 points or 0.09 per cent higher, while the Nifty was at 11,684, up 15 points or 0.13 per cent firmer.

Day Trading Guide for Tuesday, April 2, 2019

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

₹2310 • HDFC Bank

₹755 • Infosys

₹297 • ITC

₹157 • ONGC

₹1391 • Reliance Ind.

₹322 • SBI

₹2031 • TCS

11748 • Nifty 50 Futures

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

Today's Pick: Tata Motors (₹187.1): Buy

Investors with a short-term perspective can consider buying the stock of Tata Motors at current levels. The stock gained 7.4 per cent accompanied by good volume on Monday decisively breaching above the 21- and 50-day moving averages. Click here to read in full the Today's Pick on Tata Motors .