Sensex rallies 337 points to close at 36,981, Tech Mahindra rides up nearly 4%

Closing bell

The benchmark indices, the Sensex and the Nifty, surged in late session, to close 0.9 per cent higher on Friday.

The Sensex finished at 36,981, up 337 points or 0.92 per cent higher, while the Nifty closed at 10,946, up 98 points or 0.91 per cent firmer.

The top gainers on the Sensex were Tech Mahindra  (up 3.77 per cent), Maruti (3.61 per cent), Axis Bank (3.35 per cent), Tata Steel (2.99 per cent ) and NTPC (2.96 per cent). The laggards were YES Bank, Sun Pharma, HCL Tech, TCS and Hindustan Unilever.

Among the BSE sectoral indices, the top gainers were auto and power sector shares that finished with gains of over 2 per cent, followed by metals, energy, utilities, and consumer discretionary goods that rose between 1-2 per cent.

European stocks off highs ahead of US jobs data

File Photo

European markets pulled back marginally from one-month highs on Friday, as German data showed an unexpected fall in industrial output and the impact of upbeat signals on US-China trade talks faded ahead of US jobs data later in the day.

Norway's Telenor fell 5.3 per cent after it scrapped a plan to create a telecoms joint venture with Malaysia's Axiata Group, while news of a bid for Thyssenkrupp AG's elevator business helped prop up Germany's DAX. Click here to read in full the European markets report .

Oil prices steady amid hopes for end to US-China trade war

Oil prices on Thursday soared more than 2% after the EIA report. File Photo

Oil prices were steady on Friday, with crude benchmarks poised for multi-week gains amid a sharp drawdown in US crude inventories, while trade tensions eased as Washington and Beijing agreed to hold high-level talks next month.

Brent crude was down 3 cents at $60.92 a barrel by 0850 GMT, while US West Texas Intermediate (WTI) crude was down 10 cents at $56.20 a barrel.

Brent is set to mark its fourth weekly gain, while US crude is headed for a second weekly rise. Click here to read in full the global oil markets report .

Benchmark indices notch up gains of nearly 1%

The Sensex and Nifty surged in late afternoon trading, notching up gains of nearly 1 per cent each.

The Sensex was trading at 36,947, up 302 points or 0.83 per cent higher, while the Nifty was at 10,931, up 83 points or 0.77 per cent higher.

The top gainers on the Sensex were Tech Mahindra (up 3.7 per cent), Axis Bank (3.08 per cent), Maruti (3.11 per cent), Bajaj Auto (3.02 per cent) and Bajaj Finance (2.54 per cent). The laggards were YES Bank (down 2.83 per cent), Sun Pharma (2.27 per cent), HCL Tech (0.91 per cent), TCS (0.68 per cent) and Hindustan Unilever (0.60 per cent).

Auto sector shares were the top gainers in the session, driving up over 2 per cent. Other notable gainers on the 30-share benchmark were power (up 1.41 per cent), energy (1.32 per cent), consumer discretionary goods (1.18 per cent) and utilities (1.13 per cent).

Cancellation of AP orders weighs on NCC's earnings

The stock price of NCC has tanked by over 51 per cent in the last three months, following the release of an AP government circular on cancellation of Rs 6,100 crore worth of orders, serving a hard blow to future earnings.

The stock, which dipped by 13 per cent in a single day after the AP circular was issued on May 29, has continued to tumble as investors’ concerns have accentuated after the June quarter earnings call. The management quantifying its exposures to the AP government’s projects, has only rattled investors more, as the pain is unlikely to abate soon. Click here to read in full the report on Cancellation of AP orders weighs on NCC's earnings.

Sun Pharma ordered to undergo a forensic audit by SEBI

Sun Pharmaceutical Industries Ltd  said that it is undergoing a forensic audit of its financial statements as ordered by the Securities and Exchange Board of India ( SEBI ).

SEBI has asked for a forensic audit of the company’s financial statements for three fiscal years to March 2018, the drugmaker told exchanges in a late evening filing on Thursday, without specifying the reason. The shares fell 3 per cent to Rs 439.35 at 9:23 AM in Mumbai. Click here to read in full the report on Sun Pharma ordered to undergo forensic audit .

Asian shares rise on trade talks hope, firm US data

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.4%.

Asian stocks gained on Friday, joining a global trend as investors took heart from firm US economic data and hopes a meeting between US and Chinese negotiators next month signals an easing in trade tensions.

The improvement in investors' appetite for risk reduced demand for safe havens such as government bonds and the yen, however.

In early European trade, the pan-region Euro Stoxx 50 futures and German DAX futures were little changed, while Britain's FTSE futures inched down 0.1 per cent. Click here to read in full the Asian markets report .

Nifty call: Buy on dips with stop loss at 10,890

Nifty 50 September futures (10,940)

The Nifty 50 opened Friday’s session with a marginal gain and is currently trading 0.5 per cent higher over yesterday's close. The index is trading above an important resistance, the 10,900 level. With positive cues from other Asian markets, the Indian equity market also looks to be positively biased. The Sensex is also trading higher, with 0.6 per cent gains over yesterday's close. Click here to read in full the Nifty call report .

Trading call: Indiabulls Housing Finance tumbles to 52-week low

The shares of  Indiabulls Housing Finance Limited  marked a new 52-week low on the back of the news that a PIL has been filed against the company.

The stock opened with a gap down at ₹422 versus Thursday’s close of ₹447.95 and declined to ₹405 in first few minutes of the trade. The stock recovered from its intraday low and is currently trading at ₹423, which is still 5.5 per cent lower against yesterday’s closing price. Click here to read in full the Trading Call on Indiabulls Housing Finance .

Sensex, Nifty spurt up 0.6 per cent

The Sensex and Nifty extended their morning gains by mid-session on Friday. The Sensex spurted 242 points or 0.66 per cent to 36,887, while the Nifty gained 64 points or 0.59 per cent to trade at 10,911.

The top gainers on the Sensex were Tech Mahindra, Axis Bank, Kotak Bank, NTPC and Maruti, while the laggards were Sun Pharma, HCL Tech, YES Bank, HDFC and Hindustan Unilever.

The 30-share benchmark was boosted by gains in power, energy, banking and finance sector shares, which gained between 1-1.5 per cent during the session. The index was weighed down by losses in realty sector shares, which fell 1.47 per cent.

Prithvi Haldia resigns from MCX board

Prithvi Haldia, a public interest director at leading commodity bourse Multi Commodity Exchange (MCX) has resigned from the company’s board. Haldia had joined MCX in 2016 for a period of three years and did not offer himself for the second term after his first term ended this year.

In a public statement issued on Thursday, Haldia said he resigned in the view of “upcoming heavy commitments in Ibaadat Foundation and Rekhta Foundation over the next 2-3 years.” Both the foundations, where Haldia is a chairman, are mainly known for promoting Urdu poetry. Haldia is a known corporate governance expert and is also the founder of financial market database company Prime Database. Click here to read more on Prithvi Haldia resigns from MCX board .

Cochin Shipyard may sail on Kochi Metro order

Cochin Shipyard  has received the Letter of Acceptance from Kochi Metro Rail for building 23 boats for the Kochi Water Metro Project.

These boats will provide inland transportation using electric/ hybrid technology. KMRL has a requirement of around 78 high-quality boats of international standard.

Of this, 23 boats having capacity of 100 PAX were tendered by KMRL. The contract is yet to be executed and its status will be announced later, the company said.

RBI not in favour of banks buying out insurers

Banks keen on branching out into insurance ventures by acquiring an insurer, may have to review their plans.

The Reserve Bank of India is not in favour of banks buying out insurance companies — they will not be able to acquire more than 30 per cent stake in insurance companies at one go. Click here to read in full the report on RBI not in facour of banks buying out insurers .

Indiabulls Housing Finance plunges on reports of litigation against company

Indiabulls Housing Finance Ltd 's shares fell as much as 9.6 per cent to Rs 405, their lowest since December 17, 2014.

The mortgage lender says it had noticed reports that a public interest litigation had been filed against the company and its promoters in Delhi Hight Court.

It clarified that the petition has not yet been filed in the High Court according to the website records of Delhi High Court, but has been leaked on social media.

Allegations in the litigation are the same as in the petition filed and subsequently withdrawn by Abhay Yadav in June, the company said. Click here to read the full report on Indiabulls Housing Finance shares plunge .

Embassy Office Parks REIT shines amidst real estate troubles

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At a time when the real estate sector is in doldrums with the S&P BSE Realty index declining 4 per cent in the last year and 2 per cent in the last six months, Embassy Office Parks REIT (real estate investment trust) has given nearly 24 per cent return since its listing in April this year. Here’s why:

While the residential real estate sector continues to struggle, the commercial realty market in India seems robust with double-digit rental growth over the past year or so. Unlike the supply overhang in the residential market, the office market is seeing lack of availability of quality office spaces. This has worked to the advantage of Embassy Office Parks REIT which has about 33 million square feet of commercial assets. The REIT has been able to consistently maintain an occupancy rate of 93-94 per cent over the past few quarters across its key office markets in the country - Bengaluru, Mumbai and Pune. As of June 2019, nearly 1.4 million square feet of new projects (Bengaluru and Noida) are two quarters ahead of targeted delivery, as per the company’s report. This is driven by healthy demand. Click here to read why Embassy Office Parks REIT is shining amidst real estate troubles .

Oil prices edge higher

Oil prices on Thursday soared more than 2% after the EIA report. File Photo

Oil prices edged higher on Friday, with crude benchmarks poised for multi-week gains amid a sharp drawdown in US crude inventories, while trade tensions eased after Washington and Beijing agreed to hold high-level talks next month.

Brent crude was up 3 cents at $60.98 a barrel, as of 0144 GMT, while US West Texas Intermediate (WTI) crude was up 8 cents at $56.38. Brent is set to mark its fourth weekly gain, while US crude is headed for a second weekly rise. “Crude has been trading higher after the news that China and the United States would restart their trade talks with an important meeting in October,” said Alfonso Esparza, market analyst at OANDA. Click here to read in full the oil markets report .

US jobs data supports dollar

Australia's dollar rose half a per cent after a surprise drop in the country's unemployment rate

Encouraging US economic data gave the dollar an edge over its peers on Friday, arresting a recent flight from the greenback while also supporting Asian currencies as investors toned down recent gloom over the global economy.

Separate surveys suggested the world's largest economy is in better shape than investors had feared. US service sector activity accelerated in August and private employers boosted hiring beyond expectations. It contributed to a broad risk-on shift in money, bond and stock markets stoked by news that China-US trade talks would resume next month, and supported the dollar. “Stronger than forecast employment, factory orders and productivity numbers contradicted the recent 'slowing US economy' narrative,” said Michael McCarthy, chief strategist at brokerage CMC Markets in Sydney. Click here to read in full the global forex market report .

Rupee rises 17 paise to 71.67 against $ in early trade

The Indian rupee appreciated by 17 paise to 71.67 against the US dollar in early trade on Friday as gains in the domestic equity market and resumption of US-China trade talks in October strengthened investor sentiments.

At the interbank foreign exchange, the rupee opened at 71.87, then gained further ground and touched a high of 71.67, registering a rise of 17 paise over its previous close. Click here to read in full the rupee report .

Asian shares rise, safe havens sold on trade war optimism, firm US data

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.4%.

Asian stocks joined global peers and rose on Friday while safe havens such as government bonds and the yen were on the defensive amid hopes for easing US-China trade tensions and as firm US economic data increased risk appetites.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.4 per cent, putting it on track for a 2.2 per cent weekly gain - which would make it the best week since mid-June. The Shanghai Composite Index was up 0.2 per cent and Hong Kong's Hang Seng rose 0.6 per cent. Australian stocks gained 0.6 per cent, South Korea's KOSPI climbed 0.3 per cent and Japan's Nikkei advanced 0.6 per cent. Click here to read in full the Asian markets report .

Benchmark indices trade firm

The benchmark indices traded on a firm note in early session on Friday. The Sensex was at 36,781, up 137 points or 0.37 per cent higher, while the Nifty was at 10,889, up 41 points or 0.39 per cent higher.

The top gainers on the Sensex were Tech Mahindra, up 4.75 per cent, followed by Axis Bank (up 1.73 per cent), NTPC (1.58 per cent), Vedanta (1.47 per cent) and SBI (1.17 per cent). The laggards on the 30-share benchmark were Sun Pharma (down 2.64 per cent), YES Bank (1.53 per cent), TCS (0.98 per cent), Bharti Airtel (0.65 per cent), and HDFC Bank (0.31 per cent).

According to an agency report, the Sensex advanced over 200 points in early session on gains in Infosys and RIL, amid positive cues from global markets.

In the previous session on Thursday, the BSE barometer ended 80.32 points, or 0.22 per cent, lower at 36,644.42, while the Nifty settled 3.25 points, or 0.03 per cent, higher at 10,847.90.

The report, quoting Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management, said regular news flow from the RBI and the Finance Ministry have helped to stabilise equity markets lately.

“Markets continue to display resilience in holding on to important technical long term support,” he said, adding that investors were further calmed by news of upcoming resumption of talks between China and the US.

Bourses in Shanghai, Hong Kong, Japan and Korea were trading in the green in their respective late morning sessions. On Wall Street too, stock exchanges ended significantly higher on Thursday.

The rupee, meanwhile, appreciated 12 paise against its previous close to trade at 71.72 in early session. 

Global oil benchmark Brent crude was trading 0.26 per cent higher at 61.11 per barrel.

On Thursday, foreign portfolio investors sold shares worth a net of Rs 561.17 crore, while domestic institutional investors purchased shares worth Rs 699.31 crore, provisional data showed. (with inputs from PTI)

Datamatics Global bags BIAL order

Bangalore International Airport on Thursday announced a strategic technology partnership with  Datamatics Global Services  to transform BIAL into a future-ready digital organisation. This involves automating and digitising more than 170 processes across the organisation.

Datamatics will implement the Integrated Document Management System and Business Process Management as a cloud-based solution. It, however, did not specify the deal size.

Adani Ports ₹1,960-crore buyback offer opens

The ₹1,960-crore buyback offer of  Adani Ports and Special Economic Zone  opens on Friday and closes on September 20. The company proposes to buy back up to 3.92 crore shares at a price of ₹500 a share on proportionate basis, through the tender offer route.

Shareholders whose names appeared in the books of Adani Ports on June 21, 2019, (record date) are only eligible to participate in the buyback offer. Analysts and investors will closely monitor the response.

RJio rolls out broadband operations with slew of freebies

Mukesh Ambani’s RJio on Thursday launched its optical fibre broadband services starting at ₹699 per month for an 100 Mpbs connection bundled with 100 GB of data.

High-end consumers can get up to 500 GB of data at 1 Gbps speeds by paying ₹8,499 a month. There is a one-time upfront fee of ₹2,500, of which ₹1,000 is non-refundable. Click here to read in full the report on RJio rolls out of broadband operations .

BSE Startups Platform opens with listings of Alphalogic, Transpact

Alphalogic Techsys and Transpact Enterprises became the first companies to get listed on the BSE Startups Platform on Thursday. The BSE had become the first stock exchange to get the approval from SEBI and launch its Startups platform in December 2018. Click here to read in full the report on BSE Startups Platform opens .

Opening bell

The benchmark indices, the BSE Sensex and the NSE Nifty, opened Friday's session in the green. The Sensex was quoting at 36,796, up 152 points or 0.41 per cent higher, while the Nifty was at 10,894, up 46 points or 0.43 per cent higher on its overnight close.

Day Trading Guide for September 6, 2019

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

₹2234 • HDFC Bank

₹834 • Infosys

₹244 • ITC

₹125 • ONGC

₹1198 • Reliance Ind.

₹273 • SBI

₹2215 • TCS

10881 • Nifty 50 Futures

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

Today's Pick: V2 Retail (₹115.1): Buy

Investors with a short-term perspective can buy the stock of V2 Retail at current levels, taking a contrarian stance. The stock is in a long-term downtrend. The medium-term trend is also pointing downwards. Nevertheless, the stock found a key support at around ₹100 in late August and began to move sideways with a positive bias.

Over the past one month the stock has been range-bound in the band between ₹100 and ₹150. On Thursday, the stock gained 7.4 per cent. Click here to read in full Today's Pick on V2 Retail .