Markets Live: Sensex ends flat; Karnataka election results eyed

Global markets

The MSCI world equity index, which tracks shares in 47 countries, was up 0.1 per cent, holding at its highest level in seven weeks and in positive territory for the year. European stocks were broadly flat as energy stocks and financials weighed. Read more

 

Closing bell

The Sensex and Nifty ended on a flat note ahead of the outcome of Karnataka assembly elections. Disappointing macroeconomic data added to the cautious mood.

Results of the Karnataka elections will be declared tomorrow, with most exit polls indicating a tight race between the ruling Congress and the BJP.

 

Wholesale price index-based rose to 3.18 per cent in April on costlier fuel and food items. Also, industrial output growth fell to a five-month low of 4.4 per cent in March due to a decline in capital goods production and deceleration in mining activity and power generation.

 

The Sensex, after opening at 35,555.83, hit an intraday high of 35,642.72 owing to positive global cues. However, emergence of profit-booking wiped off the early gains and the index finally closed up by 20.92 points or 0.06 per cent at 35,556.71.

Sensex gainers, losers

 

The Nifty edged up just 0.10 point to close at 10,806.60, after shuttling between 10,834.85 and 10,774.75.

 

Meanwhile, domestic institutional investors had bought shares worth a net Rs 1,163.35 crore, while foreign portfolio investors sold shares to the tune of Rs 325.44 crore on Friday, as per provisional data.

Bullion rates

Gold prices softened by Rs 115 to Rs 32,285 per ten gram. Silver also eased by Rs 100 to Rs 41,300 per kg due to reduced offtake by industrial units and coin makers. Read more

 

RBI may begin rate hike cycle from Dec

The Reserve Bank of India is expected to begin its rate hike cycle from December quarter, and may go for three rate hikes by 2019 taking the key policy rate to 6.75 per cent. Click here to read more

 

Tata Steel (₹606)

The key resistance is in the ₹615-620 region is likely to be tested in the coming days. Traders who have taken short position last week on rallies at ₹590 and ₹596 can exit and book loss at current level. More on this

 

RIL (₹988.5)

Though the weekly chart gives a mixed picture, the daily candles leave the near-term outlook positive. A test of the psychological resistance level of ₹1,000 is possible. A strong break above ₹1,000 will take the stock higher to ₹1,030. More on this

 

Infosys (₹1,181)

As long as Infosys remains above this support, It can break above the crucial ₹1,200-₹1,205 resistance region. Such a break will mark the end of the prolonged sideways consolidation phase. Click here to read more

 

ITC (₹283.9)

Price action on the charts suggests that the possibility is high of the stock breaching ₹290 and targeting ₹295 initially. Further break above ₹295 will take the stock up to ₹305.  More on this

 

Weekly trading guide

SBI (₹250.9)

SBI rose 3.7 per cent last week. This rally has eased the downside pressure and turned the near-term view positive. So, traders can exit and book loss on the short positions taken a couple of weeks back. Read more

 

The Sensex was trading down by over 50 points as traders remained cautious ahead of Karnataka election results tomorrow. Weak macroeconomic data also dampened the trading sentiment.

According to government data, wholesale inflation jumped to 3.18 per cent in April, from 2.47 per cent in March, due to higher fuel and food product prices.

Also, factory output grew 4.4 per cent in March 2018, much lower than the 7.1 per cent print recorded in the previous month. This is the first time in four months that the Index of Industrial Production (IIP) recorded less than 7 per cent.

Exit polls

While pollsters have predicted a hung Assembly in Karnataka, that party that wins the most number of seats in Old Mysore, Bombay-Karnataka and Coastal Karnataka regions, is likely to form the next government.

Read more

The Sensex was trading down 52.82 points or 0.15 per cent at 35,482.97 and the Nifty down 25.6 points or 0.24 per cent at 10,780.90.

Sensex gainers, losers

 

CBI files chargesheet in PNB scam

The CBI today filed its first chargesheet in the country’s largest financial scam worth over $2 billion in Punjab National Bank by billionaire jeweller Nirav Modi, detailing the alleged role of the bank’s former chief Usha Ananthasubramanian, who is now Allahabad Bank CEO and MD. Read more

 

Flipkart IPO

US retail giant Walmart Inc may come up with an initial public offer for Flipkart, in which it is buying roughly 77 per cent stake, in as early as four years. More on this

 

Crude oil ebbs from multi-year high

Oil prices fell away from last week's multi-year highs as a relentless rise in US drilling activity pointed to increased output, while resistance emerged in Europe and Asia to US sanctions against major crude exporter Iran. Click here to read more

 

M-cap of top-10 Sensex cos

Nine of the top-10 most valued Indian companies together added Rs 65,128.77 crore in market capitalisation last week, with RIL recording the maximum surge in its valuation. Read more

 

Nifty 50 May Futures (10,814)

Traders with a near-term view can sell the contract in rallies with a fixed stop-loss at 10,830 levels. The contract can breach the immediate support at 10,800 and test next support at 10,775. Click here to read more

 

PSU lenders slump

 Shares of state-run lenders Allahabad Bank, Dena Bank and UCO Bank fell between 3.7 per cent and 12.7 per cent, while Canara Bank rose as much as 4.8 per cent. Read more

 

FPIs pull out $2 billion

Foreign investors have pulled out Rs 12,671 crore ($2 billion) from the Indian capital markets, in the last eight trading sessions, primarily due to surge in global crude prices and rise in yields of government securities. Read more

 

GDP growth forecast

Despite moderation in factory output growth in March, India’s GDP is expected to grow by 7.7 per cent in January-March, up from 7.2 per cent in the preceding quarter. Read more

 

WPI inflation

Wholesale inflation jumped to 3.18 per cent in April, from 2.47 per cent in March, due to higher fuel and food product prices. Wholesale food prices in April rose 0.67 per cent year-on-year, compared with a fall of 0.07 per cent a month earlier. Click here to read more

 

Domestic indices were unchanged ahead of the consumer price inflation data for April later in the day, with investors awaiting the outcome of Karnataka elections.

The Sensex was trading down 28.48 points or 0.08 per cent at 35,507.31 and the Nifty down 11.75 points or 0.11 per cent at 10,794.75.

Exit polls on Saturday suggested that Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) could emerge as the leading party in the State, potentially boosting its chances in the general elections early next year.

 

Counting of votes will begin on Wednesday with the outcome expected later in the day.

“If the BJP wins in Karnataka, expect the NSE index to at least equal its record high of 11,171.55,” said Vinod Nair, head of research at Geojit Financial Services.

Top five Sensex gainers were Dr Reddy's, Sun Pharma, NTPC, State Bank of India and PowerGrid, while the major losers were ICICI Bank, M&M, Tata Motors, YES Bank and TCS.

PSU banks may seek early recapitalisation

The Reserve Bank of India’s revised framework for resolution of stressed assets may lead to public sector banks calling for an earlier recapitalisation by the government. Banks are making huge provisions after asset downgrades in the January-March 2018 quarter, when the new framework was implemented. Click here to read more

 

Nifty gainers, losers

 

Domestic indices were trading flat ahead of Karnataka election results tomorrow. The Sensex was up 6.1 points or 0.02 per cent at 35,541.89 and the Nifty up 2.9 points or 0.03 per cent at 10,809.40.

Sensex gainers, losers

BSE sectoral indices

 

Dollar holds steady

The dollar held steady, its recent rally running out of steam on the back of sagging US yields as investors wound back expectations that the Federal Reserve will launch a series of quick rate hikes. The dollar index against a basket of six major currencies was little changed at 92.520. More on this

 

Dena Bank slumps 12.5%

Shares of public sector lender, Dena Bank, slumped as much as 12.5 per cent on Monday as the Reserve Bank of India has initiated prompt corrective action against it. More on this

 

Sun TV hits over 8-month high

Sun TV Network Ltd rose as much as 11.7 per cent to Rs 969.90, its biggest intraday percentage gain since September 1, 2017 and highest since February 16. Read more

 

Rupee up at 67.21

The rupee strengthened by 12 paise to 67.21 against the dollar in early trade due to fresh selling of the US currency by exporters and banks and a firm domestic equity market. Read more

 

Domestic indices were trading marginally higher despite weak macroeconomic data. Factory output grew 4.4 per cent in March 2018, much lower than the 7.1 per cent print recorded in previous month.

 

According to brokers, a firm trend in other Asian markets following positive cues from Wall Street and unabated buying by domestic institutional investors supported the domestic sentiment.

Investors were keeping a close watch on Karnataka election results which will be published tomorrow. Most exit polls indicated a tight race between the BJP and Congress in Karnataka, where Assembly elections were held on Saturday.

 

The Sensex was trading higher by 68.92 points or 0.19 per cent at 35,604.71 and the Nifty up 14.05 points or 0.13 per cent at 10,820.55.

Tender in the buyback

PC Jeweller has announced a buyback to lift stock sentiment. Investors holding shares in the company can tender it in the buyback. Small shareholders who do not get a chance to cash out fully may sell in the open market. Those eyeing an exposure in gold companies can look at Titan Industries. Click here to read more

 

Signals pick up for telecom cos

The telecom sector, or whatever is left of it after the massive disruption created by Reliance Jio’s entry, saw the top few players defending their territories and living to fight another day. The smaller and regional players, however, just gave up. Click here to read more

 

National pension scheme

If you have been saving for retirement through the National Pension Scheme, you have every reason to smile. Many Tier-I funds of the NPS, across categories — equity, corporate debt and government securities — have managed market-beating returns over the short- and long-term. Click here to read more

 

SEBI, bourses step-up vigil

SEBI as well as stock exchanges have stepped up surveillance to keep a close tab on possible manipulations and excessive volatility in the markets ahead of Assembly elections results in Karnataka. The results of the single-phase Assembly elections will be declared on May 15. Read more

 

Index Outlook

The rally could face hurdles

The bellwether indices could start the week reacting to the index of industrial production data, which slowed to a five-month low of 4.4 per cent in March, and the exit poll outcome of the Karnataka State election. The election result to be announced on Tuesday can set the direction for the rest of the week. Click here to read more

 

Domestic indices opened the session on a flat note as industrial production (IIP) data slowed to a five-month low of 4.4 per cent in March. Traders also keenly await the exit poll outcome of the Karnataka State election.

The BSE index opened up 6.14 points or 0.02 per cent at 35,541.93 and the NSE index down 3.15 points or 0.03 per cent at 10,803.35.

Pre-open trade

The 30-share BSE index Sensex was up 20.04 points or 0.06 per cent at 35,555.83 and the 50-share NSE index Nifty up 8.65 points or 0.08 per cent at 10,815.15.