Markets: Sensex trims losses, closes 79 points lower at 41,872

Nifty slips 19 points to 12,343

 

3:45 pm

Closing bell

The benchmark indices, the BSE Sensex and the NSE Nifty, closed weak but off their early lows on Wednesday. The domestic market took cues from the global market, where investor sentiment was dampened after the US said its initial trade deal with China does not include tariff rollback.

The Sensex finished 79 points or 0.19 per cent lower at 41,872. The Nifty ended at 12,343, a drop of 19 points or 0.15 per cent.

HeroMotoCorp was the top gainer on the Sensex, riding up 2.5 per cent during the session. It was followed by Titan, Maruti, Asian Paints and M&M. The laggards were led by IndusInd Bank, Infosys, SBI, Power Grid and ITC.

Among the BSE sectoral indices, the consumer durables, realty and auto indices were the prominent gainers, rising over 1 per cent. The banking index was down 0.70 per cent.

The Sensex hit a high of 41,969 and a low of 41,648 during the session.

3:30 pm

European shares tread water with US-China trade pact on the horizon

Pedestrians walk by the bull and bear sculpture in front of the Frankfurt stock exchange. -- Reuters

Pedestrians walk by the bull and bear sculpture in front of the Frankfurt stock exchange. -- Reuters

 

European shares were flat on Wednesday, ahead of the signing of an initial trade deal between Washington and Beijing, as comments from the US Treasury Secretary on China tariffs somewhat dimmed optimism.

The pan-European STOXX 600 index rose 0.01 per cent by 0850 GMT. Click here to read in full the European markets report.

 

 

3:20 pm

 

2:15 pm

Currencies mark time before trade deal; UK data eyed

 

Major currencies were closeted within tight ranges on Wednesday as investors awaited the signing of a US-China trade deal, with the greenback holding above a one-week low against its rivals.

Though the formal agreement, due in the early US hours, is aimed at drawing a line under 18 months of tit-for-tat tariff hikes that have hurt global growth, it will not end the trade dispute between the world's two largest economies. Click here to read in full the forex markets report.

 

1:50 pm

Stocks tick lower ahead of US-China 'Phase 1' trade deal signing

File Photo   -  Reuters

 

Stocks slipped in Asian trade on Wednesday as investors awaited the signing of an initial US-China trade deal, with sentiment somewhat dented by comments from the US Treasury Secretary that tariffs would remain in place for now.

European shares were expected to follow suit, with major European stock futures trading down around 0.2-0.3 per cent.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.48 per cent, retreating from its 19-month peak marked on Tuesday, and Japan's benchmark Nikkei shed 0.5 per cent, off its four-week high hit the previous day. Click here to read in full the Asian markets report.

1:40 pm

Oil drops on concerns that US-China trade deal may not stoke demand

The largest increases in oil production are seen coming from the United States. File Photo   -  Reuters

 

Oil prices slipped on Wednesday on concerns that the pending Phase 1 trade deal between the US and China, the world's biggest oil users, may not boost demand as the US intends to keep tariffs on Chinese goods until a second phase.

US Treasury Secretary Steven Mnuchin said late on Tuesday that tariffs on Chinese goods will remain in place until the completion of a second phase of a US-China trade agreement, even as both sides are expected to sign an interim deal later on Wednesday. Click here to read the global oil markets report in full.

1:25 pm

 

12:55 pm

Sensex, Nifty decline further

Doubts about how efective the US-China trade agreement will be, weighed on market sentiment on Wednesday.

The benchmark indices, the Sensex and Nifty, which opened in the red, extended their losses as the day progressed. 

The Sensex fell to 41,710 in the afternoon session. This represented a loss of 242 points or 0.58 per cent on its previous close.

The Nifty was quoting at 12,293, down 69 points or 0.56 per cent lower.

HeroMotoCorp, Titan, M&M, Asian Paints and Tata Steel were the top gainers on the Sensex, while the laggards were IndusInd Bank, Infosys, HDFC, ICICI Bank and UltraTech Cement.

 

12:10 pm

Stock brokers get more time from SEBI to implement upfront margin collection norms

The implementation of SEBI’s new upfront margin rule is likely to be delayed till April, when the clearing corporation and exchanges start collecting penalty for non-reporting of margin collection. Click here to read more on SEBI's margin collection norms.

 

11:45 am

Daily rupee call: Initiate rupee longs with tight stop-loss

 

The rupee (INR) closed flat against the dollar (USD) yesterday, though it faced considerable selling pressure in the first half of the session. Thus, it ended the session above the key support of 71 and since the trend is in favour of the local currency, it is less likely to depreciate below that level.

Notably, the exchange rate of the USDINR currency pair has been trading within the 70.5-72.25 range since September last year. Thus, if the rupee advances, taking support at 71, it can rally to 70.5. There is minor resistance at 70.75. On the other hand, if the rupee weakens below 71, the immediate support is at 71.2.

 

11:25 am

Rupee falls 14 paise, slips below 71 per US dollar in early trade

 

The Indian rupee opened on a cautious note and fell 14 paise to 71.01 against the US dollar in early trade on Wednesday as concerns over the US-China trade deal weighed on investor sentiments.

Forex traders said the rupee along with other Asian currencies weakened after reports surfaced that tariffs on billions of dollars in Chinese goods will stay in place until after the US presidential election in November.

At the interbank foreign exchange market, the rupee opened weak at 71.01, showing a decline of 14 paise over its previous closing.

The Indian rupee on Tuesday had closed at 70.87 against the dollar. Click here to read in full the rupee report.

11:10 am

Yen holds firm while investors wait for US-China deal

 

The safe-haven yen held firm and riskier Asian currencies softened a little on Wednesday, as currency investors awaited the signing of the US-China trade deal with trepidation.

The formal agreement is aimed at drawing a line underneath 18 months of tit-for-tat tariff hikes that have hurt global growth.

But hopes that it may herald warmer relations between the world's top two economies were dented late Tuesday when US Treasury Secretary Steven Mnuchin said that current tariffs on Chinese goods would stay, pending further talks. Click here to read in full the global forex markets report.

 

10:50 am

Sensex, Nifty drop lower

The BSE Sensex and the NSE Nifty, which opened in the red, extended their losses in the morning session on Wednesday.

The Sensex was at 41,728, down 223 points or 0.53 per cent lower. The Nifty was down 61 points or 0.51 per cent lower at 12,301.

The top gainers on the Sensex were Titan, HeroMotoCorp (both rose more than 1 per cent), Bajaj Auto, Asian Paints and Sun Pharma (which rose between 0.30-0.63 per cent).

The laggards were led by IndusInd Bank, which dropped 4.45 per cent, followed by UltraTech Cement, SBI, Power Grid and ICICI Bank (which lost 1-1.3 per cent).

According to a PTI report, the Sensex dropped nearly 200 points in opening session on Wednesday as global investor sentiment dampened after the US said its initial trade deal with China does not include a tariff roll-back.

The 30-share BSE index was trading 190.81 points or 0.45 per cent lower at 41,761.82. Similarly, the broader NSE Nifty fell 53.15 points or 0.43 per cent to 12,309.15.

In the previous session, the Sensex settled 92.94 points or 0.22 per cent higher at 41,952.63 - its all-time closing high. Likewise, Nifty ended 32.75 points, or 0.27 per cent, higher at 12,362.30, which was a record closing level.

Meanwhile, on a net basis, foreign institutional investors sold equities worth Rs 205.56 crore, and domestic institutional investors offloaded shares worth Rs 642.47 crore on Tuesday, data available with the stock exchanges showed.

According to traders, the indices retreated from their record highs after US officials on Tuesday said the trade truce with China, set to be signed on Wednesday, does not include a deal to roll back tariffs imposed on most Chinese goods.

The joint statement from the Treasury and the US Trade Representative’s office said “there is no agreement for future reduction in tariffs. Any rumours to the contrary are categorically false.” 

Bourses in Hong Kong, Shanghai and Seoul were trading on a negative note in their early sessions. Benchmarks on Wall Street, too, ended in the red on Tuesday.

The global oil benchmark, Brent crude futures, fell 0.23 per cent to $64.34 per barrel.

Meanwhile, the rupee depreciated 8 paise to 70.96 against the US dollar in the morning session.

10:30 am

Oil prices slip on concerns US-China trade deal may not boost demand

The largest increases in oil production are seen coming from the United States. File Photo   -  Reuters

 

Oil prices slipped on Wednesday on concerns that the pending Phase 1 trade deal between the United States and China, the world's biggest crude users, may not lead to more fuel demand as the US intends to keep tariffs on Chinese goods in place. Click here to read in full the oil markets report.

 

10:00 am

Asia stocks slip ahead of US-China trade deal signing

File Photo   -  Reuters

 

Stocks slipped in Asian trade on Wednesday as investors awaited the signing of an initial US-China trade deal, with sentiment somewhat dented by comments from the US Treasury Secretary that tariffs would remain in place for now. Click here to read in full the Asian markets report.

9:45 am

Indiabulls Ventures buyback to open

The ₹1,000-crore buyback offer of Indiabulls Ventures would open for subscription on Wednesday and end on January 28. It plans to buy back up to 6.66 crore equity shares at ₹150 a share. This represents 12.61 per cent of the total number of fully paid-up equity shares.

As the offer is through the tender route on proportionate basis, shareholders whose names had appeared on the company’s record books on December 18, 2019, are only eligible to participate in the buyback.

 

9:30 am

Sterlite Tech, RIIL, LTI, Tinplate results today

Wednesday will see a host of high-profile companies declaring their quarterly results for the period ended December 2019.

Among these are Den Networks, Larsen & Toubro Infotech, Plastiblends, Reliance Industrial Infrastructure, Sterlite Technologies and Tinplate Company. More focus would be on Sterlite Technologies, whose shares have been rising quite sharply over the last few days. After Infosys and Wipro, results of L&T Infotech would throw light on lower-tier IT firms.

 

9:15 am

Opening bell

The benchmark indices, the BSE Sensex and the NSE Nifty, opened the day in the red.

The Sensex was at 41,861, down 90 points or 0.22 per cent lower. The Nifty was down 356 points or 0.29 per cent lower at 12,326.

 

9:10 am

Day Trading Guide for January 15, 2020

₹1289 • HDFC Bank

S1

S2

R1

R2

COMMENT

1275

1260

1300

1315

Fresh long positions can be initiated with a stiff stop-loss if the stock moves beyond ₹1,300 levels

 

₹775 • Infosys

S1

S2

R1

R2

COMMENT

767

756

783

790

Make use of intra-day dips to buy the stock of Infosys while maintaining a fixed stop-loss at ₹767 levels

 

₹243 • ITC

S1

S2

R1

R2

COMMENT

240

237

245

248

Initiate fresh long positions with a stiff stop-loss if the stock of ITC advances above ₹245 levels

 

₹125 • ONGC

S1

S2

R1

R2

COMMENT

123

120

128

131

The stock of ONGC is moving in a narrow range without any bias. Desist trading in it for the session

 

₹1529 • Reliance Ind.

S1

S2

R1

R2

COMMENT

1515

1500

1544

1558

Consider initiating fresh short positions with a tight if the stock declines below ₹1,515 levels

 

₹327 • SBI

S1

S2

R1

R2

COMMENT

324

318

335

342

Initiate fresh short positions with a fixed stop-loss only if the stock falls below ₹324 levels

 

₹2207 • TCS

S1

S2

R1

R2

COMMENT

2185

2160

2230

2250

Fresh long positions are recommended with a stiff stop-loss only if the stock rallies above ₹2,230 levels

 

12397 • Nifty 50 Futures

S1

S2

R1

R2

COMMENT

12350

12300

12440

12485

Initiate fresh long positions with a tight stop-loss if the contract reverses higher from 12,350 levels

 

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

 

9:00 am

Today's Pick: Advanced Enzyme Technologies (₹181.1) : Buy

 

The stock of Advanced Enzyme Technologies gained 4 per cent accompanied by above average volume, breaking above a key resistance at ₹178 on Tuesday. This rally has strengthened the short-term uptrend that has been in place from the December 2019 low of ₹155. Investors with a short-term horizon can buy the stock at current levels. Click here to read in full Today's Pick on Advanced Enzyme.

Published on January 15, 2020