Markets Live: Sensex ends higher by 161 points; Axis Bank jumps 3.4%

Closing bell

Domestic shares closed higher for a third straight session on Monday as financial stocks rose with global sentiment turning positive amid easing trade war fears. Both indexes marked their highest closing levels since March 14.

The Sensex ended up by 161.57 points or 0.48 per cent at 33,788.54 and the Nifty closed up 47.75 points or 0.46 per cent at 10,379.35.

 

Among BSE sectoral indices, consumer durables, oil & gas, FMCG and banking remained investors' favourite, while TECk, IT, healthcare and realty succumbed to selling pressure.

 

Top five Sensex gainers were Axis Bank, M&M, IndusInd Bank, ITC and Asian Paints, while the major losers were Infosys, Tata Motors, Bharti Airtel, TCS and Bajaj Auto.

Top 10 Nifty gainers

Top 10 Nifty losers

 

Investor now await the January-March results season, which will be kick-started by software services exporter Infosys Ltd on Friday, for cues about the economy.

“Expectation is that earnings could be a shade better this quarter,” said Gaurang Shah, head investment strategist, Geojit Financial Services.

“People are looking at domestic positivity rather than global uncertainty,” Shah said.

Global markets

Global stocks rose as the US government played down fears of a trade war with China that has roiled markets over the last week. MSCI's world equity index, which tracks shares in 47 countries, was up 0.24 per cent. Read more

 

European markets

European shares rose in early deals as hopes that a full blown trade war between the United States and China could be averted spread across markets. Read more

 

MCX - Aluminium

The MCX-Aluminium futures contract is currently hovering around a key resistance level of ₹136 – the 50 per cent Fibonacci retracement level. If the contract manages to sustain higher, the current upmove can extend towards ₹138 in the coming days. Read more

 

Bullion prices

Gold prices advanced by Rs 30 to Rs 31,500 per ten grams on continued buying by local jewellers, shrugging-off a weak trend overseas.  Read more

 

 

 

 

Binani Industries moves Supreme Court

Binani Industries has informed the Kolkata Bench of the National Company Law Tribunal that it has filed an application before the Supreme Court seeking permission for an out-of-court settlement and termination of insolvency proceedings against Binani Cement. Read more

 

Volatile MCX may see a rally

The short and medium-term outlook remains cautious for Multi Commodity Exchange of India (₹754.35). The stock finds an immediate support at ₹701 and a crucial one at ₹667. Read more

 

Domestic shares hit their highest in nearly four weeks on the back of gains in financials, while stronger Asian stocks also boosted sentiment.

Investor now await the January-March results season, which will be kick-started by software services exporter Infosys Ltd on Friday, for cues about the economy.

“Expectation is that earnings could be a shade better this quarter,” said Gaurang Shah, head investment strategist, Geojit Financial Services.

The 30-share BSE index Sensex was trading higher by 200.98 points or 0.6 per cent at 33,827.95 and the 50-share NSE index Nifty up 61.35 points or 0.59 per cent at 10,392.95.

 

Among BSE sectoral indices, consumer durables gained the most followed by oil & gas, banking and PSU. On the other hand, TECk index fell 0.9 per cent, IT 0.87 per cent and healthcare 0.2 per cent.

Top five Sensex gainers were Axis Bank, IndusIndBank, M&M, ITC and Asian Paints, while the major losers were Infosys, Bharti Airtel, Tata Motors, TCS and Sun Pharma.

Top Nifty gainers

Top Nifty losers

 

IOC in a medium term downtrend

The long-term trend has been up for the stock of Indian Oil Corporation since taking support at around ₹50 (adjusted) in 2013. This uptrend will remain in place as long as the stock trades above ₹140. Read more

 

High time holes in pillars of democracy are plugged

In the run-up to the general elections, the polity is being asinine in degrading our institutions and in an inexplicably lax attitude towards crooks by both the enforcement agencies and also the judiciary. Read more

 

SEBI mulls new norms for CAs, company secretaries

Chartered accountants, company secretaries, cost accountants and valuers may have to forfeit their fees and face penalties if they are found lacking in their dealings with listed firms, according to a new set of norms being considered by SEBI. Read more

 

Nifty futures

Traders can go long at current levels and also accumulate on dips at 10,390. Stop-loss can be placed at 10,375 for the target of 10,450. Revise the stop-loss higher to 10,420 as soon as the contract moves up to 10,430. Read more

 

 

Lemon Tree listing

Shares of hospitality chain Lemon Tree Hotels got listed at a premium of 10 per cent at Rs 61.60 over the issue price of Rs 56. Read more

 

SEBI F&O move

Recently, the SEBI board approved a set of rules to rationalise and strengthen the equity derivatives market. Among these, the most important proposals is physical settlement of all stock derivatives which the Securities and Exchange Board of India plans to carry out in a calibrated manner. Read more

 

Domestic shares rose for a third straight session on Monday and hit their highest in nearly four weeks on the back of gains in financials, while stronger Asian stocks also boosted sentiment.

Investor now await the January-March results season, which will be kick-started by software services exporter Infosys Ltd on Friday, for cues about the economy.

“Expectation is that earnings could be a shade better this quarter,” said Gaurang Shah, head investment strategist, Geojit Financial Services.

At 12.40 pm, the Sensex was trading higher by 137.47 points or 0.41 per cent at 33,764.44 and the Nifty up 50.05 points or 0.48 per cent at 10,381.65.

Both indexes gained as much as 0.5 per cent to their highest since March 15.

 

Financials drove the gains on the NSE index. Kotak Mahindra Bank climbed as much as 1.6 per cent to a record after Deutsche Bank raised its rating and price target, citing higher confidence on the lender's growth.

 

However, ICICI Bank fell over 2 per cent and was among the top percentage losers on the NSE index after reports that the company board is likely to meet to discuss the way ahead for Chief Executive Chanda Kochhar.

 

Jewellery and accessories retailer Titan Co Ltd rose as much as 3.2 per cent to a record on strong quarterly jewellery sales growth.

Among other gainers, Hindustan Petroleum Corp Ltd and Bharat Petroleum Corp Ltd were trading 4 per cent and 2.8 per cent higher, respectively. - Reuters

Gold prices unchanged

Spot gold was almost unchanged at $1,332.46 an ounce as of 0330 GMT. US gold futures were unchanged at $1,335.80 an ounce.  Read more

 

 

 

Forex market

The dollar index against a basket of six major currencies inched up 0.1 per cent to 90.189 after a drop of 0.4 per cent on Friday. Read more

 

Crude oil stabilises

Oil markets stabilised after slumping around 2 per cent last Friday on concerns over an intensifying trade dispute between the United States and China, as well as increased US drilling activity. Read more

 

Pre-noon trade

Domestic equities continued their uptrend on sustained DII buying ahead of earnings season beginning this week amid firm Asian cues.

At 11.50 a.m., the Sensex was up 140.53 points or 0.42 per cent at 33,767.50 and the Nifty up 49.4 points or 0.48 per cent at 10,381.

 

Among BSE sectoral indices, consumer durables gained the most followed by oil & gas, FMCG and capital goods, while TECk and IT indices succumbed to selling pressure.

 

Top five Sensex gainers were IndusInd Bank, M&M, ITC, Asian Paints and Axis Bank, while the major losers were Infosys, Tata Motors, Bharti Airtel, ICICI Bank and State Bank of India.

Investor now await the January-March results season, which will be kick-started by software services exporter Infosys Ltd on Friday, for cues about the economy.

“Expectation is that earnings could be a shade better this quarter,” said Gaurang Shah, head investment strategist, Geojit Financial Services. “People are looking at domestic positivity rather than global uncertainty,” Shah said.

Kotak Bank hits record high

Shares of Kotak Mahindra Bank on Monday hit a record high. The stock rose as much as 1.4 per cent to hit a record high of Rs 1,134.9. Read more

 

Titan rises on sales growth

Shares of jewellery and accessories retailer Titan Co Ltd rose as much as 2.6 per cent to Rs 961.90, highest since March 28. Read more

 

DLF shares up

Shares of real estate developer DLF Ltd rose as much as 1.5 per cent to Rs 207.45. Read more

 

 

 

Asian markets

Asian shares crept higher as a bounce in US stock futures soothed sentiment even as US President Donald Trump kept up his twitter war with China just a couple of days before President Xi Jinping gives a keynote speech. Read more

 

Rupee up 12 paise

The rupee strengthened by 12 paise to 64.85 against the US dollar in early trade on fresh selling of the greenback by banks and exporters. Read more

 

SME IPOs

 Almost 50 per cent of the SME IPOs which grabbed the headlines last fiscal for being subscribed multiple times are trading below their offer price, raising questions on their valuations. Read more

 

Domestic indices were trading higher by nearly 0.5 per cent on sustained buying by domestic institutional investors ahead of earnings season beginning this week coupled with firm Asian cues.

At 10.05 am, the Sensex was up 161.84 points or 0.48 per cent at 33,788.81 and the Nifty up 56.2 points or 0.54 per cent at 10,387.80.

 

Barring IT and TECk, all other BSE sectoral indices were trading in the green. Among them, consumer durables gained the most by 1.84 per cent, followed by metal 0.75 per cent, oil & gas 0.73 per cent and capital goods 0.59 per cent, while IT was down 0.12 per cent and TECk 0.03 per cent.

 

 

Top five Sensex gainers were Asian Paints, IndusInd Bank, Kotak Bank, YES Bank and L&T, while the major losers were ICICI Bank, Infosys, Coal India and PowerGrid.

 

Resistance to cap the upside in Tata Steel (₹586.3)

The level of ₹600 is a key near-term resistance. A strong break above it is needed for the downside pressure to ease. Such a break can trigger a corrective rally towards ₹630.  Read more

 

Near-term view is positive for RIL (₹909.7)

RIL snapped its four-week fall. The stock surged 2.8 per cent last week. Key resistances are at ₹921 and ₹928, which are likely to be tested in the near term. Inability to breach these hurdles can pull the stock lower to ₹900 or ₹890 levels again. Read more

 

Short-term outlook is negative for Infosys (₹1,129.3)

Infosys remained subdued and range-bound between ₹1,120 and ₹1,150. Key resistances are at ₹1,147 and ₹1,155. As long as the stock remains below these resistances, a fall to ₹1,090 cannot be ruled out. Read more

 

SBI forms a bullish reversal pattern(₹259.8)

The stock was up 3.8 per cent last week and has closed on a strong note. The level of ₹250 will now be a good support for the stock. The price action on the chart since March indicates the formation of an inverted head and shoulder pattern. Read more

Near-term view is positive for ITC(₹260.6)

The near-term view is positive. A rise to test the ₹264-₹266 resistance region is possible in the coming days. Whether ITC breaks above ₹266 or not will be key in deciding the next move.  Read more

 

The S&P BSE Sensex was trading higher by 126 points or 0.37 per cent at 33,752.97 and the Nifty50 up 45.05 points or 0.44 per cent at 10,376.65.

Asian shares crept higher as a bounce in US stock futures soothed sentiment even as US President Donald Trump kept up his twitter war with China just a couple of days before President Xi Jinping gives a keynote speech.

MSCI's broadest index of Asia-Pacific shares outside Japan responded by rising 0.7 per cent. Japan's Nikkei put on 0.6 per cent, while Chinese blue chips added 0.3 per cent and Hong Kong climbed 2 per cent.

The Sensex opened up by 26.64 points at 33,653.61 against the previous close of 33,626.97 and the Nifty up 15.75 points at 10,347.35 against 10,331.60.

Index Outlook: Guideposts for a volatile market

Investors are hoping that the trade war could soon fizzle out, given the limited attention span of Donald Trump and that he would start thinking about building the wall on the Mexican border, instead. If that happens, the equity market may rebound and we could have a sanguine range-bound market in 2018. Read more