Sensex spurts over 250 points, Nifty ends at 11,023; Yes Bank up 5%

Its a lacklustre trade on Friday with Sensex and Nifty gaining around 0.70 per cent each.

Aug. 30 | 3.50 pm

Closing bell: The equity indices ended in green on Friday, in a lacklustre trade. The broader NSE index rose 0.68 per cent to end at 11,023.25, while the benchmark BSE index inched 0.71 per cent higher to 37,332.79.

The Sensex hit an intraday high of 37,397.97 and a low of 36,829.81. Similarly, the Nifty touched an intraday high of 11,042.60 and a low of 10,874.80. The market breadth was positive as 1,411 shares advanced, against a decline of 1,116 shares, while 170 shares were unchanged.

Pharma stocks were the top gainers (up 2.02 per cent) on the NSE index, with the Nifty FMCG index raised as much as 1.76 per cent. The Nifty PSU bank index that tracks the public sector banks rose as much as 1.02 per cent, with a 8.25 per cent rise in Oriental Bank of Commerce.

Among the losers, shares of Bharti Infratel slipped as much as 3.23 per cent.

Aug. 30 | 3.25 pm

NTPC commissions first ultra supercritical 660 MW unit at Khargone in MP

State-run power giant NTPC on Friday said it has commissioned India’s first ultra supercritical unit having a capacity of 660 MW at Khargone in Madhya Pradesh.

This plant operates at an efficiency of 41.5 per cent, which is 3.3 per cent higher than the conventional supercritical ones, with steam parameters of 600 degree Celsius temperatures and 270 kg/cm2 pressure, a company statement said.

Aug. 30 | 3.20 pm

IDBI Bank introduces repo-linked home and auto loans

IDBI Bank on Friday said it will introduce two Repo Linked Products -Suvidha Plus Home Loan and Suvidha Plus Auto Loan from September 10.

The new Home Loan and Auto Loan products will be offered to new customers having good credit score and minimum income of Rs. 6 lakh per annum, the bank said in a statement. Read more here

Aug. 30 | 3.15 pm

Bata India hits a 52-week high

Bata India shares trade almost 2 per cent higher on Friday, hitting a 52-week high of Rs 1,536. The stock has gained over 4 per cent in a week and 18 per cent in a month.

Aug. 30 | 2.56 pm

IndiGo to start flights on Delhi-Riyadh and Delhi-Kuwait route from Oct 11

Low-cost carrier IndiGo will begin operations on the Delhi-Riyadh route from October 11, making the Saudi Arabian capital its 22nd international destination, the airline said on Friday. The company said it would also be operating flights on the Delhi-Kuwait route from October 11. The airline already has direct flights on the Mumbai-Kuwait route.

“The airline currently operates daily non-stop flights between Mumbai and Jeddah, thereby extending direct connectivity between the capital cities of India and the Kingdom of Saudi Arabia (KSA),” IndiGo said in its statement.

Aug. 30 | 2.51 pm

ONGC sets up $2 bn Euro Medium Term Note programme

Oil and Natural Gas Corporation Limited (ONGC) has set up a Euro Medium Term Note (EMTN) Programme of US$ 2 billion which will be listed on Singapore Stock Exchange.

An EMTN programme is an uncommitted facility and any drawdown thereof under this document would be subject to funding requirements.

This is landmark achievement for ONGC as it is amongst select few corporates and India's first Oil & Gas public sector integrated energy major to set up an EMTN Programme.

Aug. 30 | 2.45 pm

Kalpataru bags orders worth Rs 1,263 cr

Kalpataru Power Transmission, a leading global  EPC player in the power and infrastructure contracting sector has secured new orders worth Rs 1,263 crore.

These orders include transmission and distribution works from Power Grid Corporation and South America, according to a statement by the company.

Aug. 30 | 2.07 pm

NTPC creates separate company for coal mining

State-owned power giant NTPC on Friday announced incorporation of a subsidiary NTPC Mining Ltd, paving the way for its foray into commercial coal mining.

The power sector behemoth also has plans to list the coal subsidiary on stock exchanges.

“NTPC Ltd has incorporated a wholly owned subsidiary in the name of ‘NTPC Mining Ltd’ with Registrar of Companies, NCT of Delhi on August 29, 2019 for taking up coal mining business,” the company said a BSE filing.

Aug. 30 | 2.05 pm

L&T JV bags order for THDC India’s super thermal power project in UP

Infrastructure major Larsen & Toubro on Friday said its joint venture firm L&T-MHPS Boilers has bagged a “large” order for supply and commissioning of steam generator at THDC India’s super thermal power project in Uttar Pradesh.

L&T-MHPS Boilers (LMB) is a joint venture of Larsen a Toubro (L&T) and Mitsubishi Hitachi Power Systems (MHPS), while THDC is a JV between the Government of India and the Uttar Pradesh government.

Aug. 30 | 2 pm

NDRF, Wipro to work together in design for additive

The National Design and Research Forum joined hands with Wipro 3D to work together in design for additive manufacturing of aerospace systems and developing related industry standards.

According to an MoU signed on Friday, NDRF and Wipro 3D would also offer competency building and advisory programmes relating to additive manufacturing. The MoU was inked by NDRF Chairman, Dr M Annadurai and Wipro 3D’s Vice-President & Business Head, Ajay Parikh.

Aug. 30 | 12.58 pm

European stocks extend rally as real estate firms surge

European stocks on Friday extended gains from the previous session, helped by a surge in German real estate companies and on relief that trade tensions between the United States and China were easing.

The pan-European STOXX 600 index rose 0.31 per cent, after hitting near one-month highs on Thursday.

The real estate sector sector jumped 1.71%, led by gains in shares of German real estate companies after a report that the rent freeze in Berlin could be less strict than previously planned.

Shares of Deutsche Wohnen, Vonovia SE and LEG Immobilien AG rose between 3.6 per cent and 10 per cent.

Meanwhile, Italy's FTSE MIB was set to post its third straight session of gains, up 0.24 per cent, as the country appears to be moving closer to ending a three-week political crisis with the collapse of one government and the arrival of another.

Aug. 30 | 12.55 pm

Sugar export subsidy: Only a Band-Aid measure

From time to time the Centre keeps introducing measures for the ailing sugarcane industry. Given that many lakh cane farmers are dependent on the mills for their livelihood, especially in Maharashtra and UP where they make a large portion of the vote bank, the issue can’t be taken lightly by the government. But having said that will the recent sop for sugar exports to the tune of Rs 6,268 crore help?

Will this sop from the Centre be enough to end woes of the mills and the distressed cane farmers? Read the insight here

Aug. 30 | 12.50 pm

Will Q1 GDP growth slip below the 5.8 per cent mark?

The Central Statics Office (CSO) is likely to release the GDP growth data for the April-June quarter (Q1) soon. GDP growth had fallen sharply in the March quarter of FY19 to 5.8 per cent (in real terms)-- a 20-quarter low, led by slowdown across agriculture (negative growth), manufacturing, construction and trade. With concerns over growth only accentuating in the past few months, will GDP growth slip below the 5.8 per cent mark in the June quarter? Click here to read more

Aug. 30 | 12.45 pm

The tank is empty, Europeans don’t plan to buy new cars soon

European aren’t buying cars like as they used to and a European Commission survey is giving automakers little reason for hope. A measure of consumers intentions to buy a vehicle in the next 12 months has been edging up, but it remains well below zero.

That looks like a resounding no for an industry that’s already seen new car registrations fall 3.1 per cent in the first half of 2019.

 

Aug. 30 | 12.32 pm

The S&P BSE CPSE index fell nearly 2 per cent in the afternoon trade today.

 

 

Aug. 30 | 12.10 pm

Central bank moving to strengthen four supervisory pillars of NBFCs

The Reserve Bank of India, on Thursday, said it will make concerted efforts in 2019-20 to further strengthen each of the four supervisory pillars – onsite supervision, offsite surveillance, market intelligence, and submission of annual reports by statutory auditors – of non-banking finance companies (NBFCs).

This move comes in the backdrop of debt defaults by large NBFCs such as IL&FS and DHFL, and its ripple impact on banks. Read the full story here

 

 

Aug. 30 | 12 noon

The S&P BSE Capital Goods stock drops nearly 2 per cent in the noon trade.

 

Aug. 30 | 11.55 am

Glenmark Pharma gets USFDA nod for skin treatment ointment

Glenmark Pharmaceuticals on Friday said it has received final approval from the US health regulator for Pimecrolimus Cream, used to treat skin conditions such as eczema. The approved product is a generic version of Elidel Cream, 1 per cent, of Bausch Health US, LLC.

Glenmark Pharmaceuticals Inc., USA, has been granted final approval by the the United States Food and Drug Administration (USFDA) for Pimecrolimus Cream, 1 per cent, the company said in a BSE filing.

 

Aug. 30 | 11.50 am

NTPC falls over 5%

The shares of NTPC on Friday fell over 5 per cent in the morning trade. It becomes the top loser on the Nifty index.

Aug. 30 | 11.45 am

S&P BSE Energy Index falls over a percent

 

Aug. 30 | 11.35 am

SBI's credit card business mulls raising Rs 8,000 cr via IPO

SBI Card & Payments Services Ltd, the credit card subsidiary of State Bank of India (SBI) (SBI.NS), plans to raise about Rs 8,000 crore through initial public offering this year, a senior SBI executive involved in the process said.

SBI has already tapped banks to run the IPO process and a listing is expected to happen in the last quarter of this financial year, a reuters report said.

Aug. 30 | 11.30 am

Adani Green Energy up nearly 7%

Shares of Adani Green Energy were up 6.9 per cent after Subhash Chandra-backed Essel Group has decided to sell 205 MW of operating solar power assets worth ₹1,300 crore to it.

Aug. 30 | 11.20 am

Cheap imports threaten bicycle industry

The Indian bicycle industry plays an important role in the growth, development and expansion of the Micro, Small Medium and Enterprise (MSME) sector. India is the second largest producer of bicycles, next only to China, and manufactures around 1.5 crore bicycles every year. The Indian bicycle manufacturing and bicycle components industry is widely recognised for its distinct quality standards and variety in the global market.

Today however, the industry is in deep crisis due to increasing cheap imports from Bangladesh, Sri Lanka, China and low-cost South-East Asian countries. The total imports of bicycles, bicycle parts and components increased to $862 million in 2018 from $637 million in 2011. A half of the total imports are from China and Japan. However, a recent surge in imports from Bangladesh and Sri Lanka has emerged as a major threat for the Indian bicycle industry. Click here to read the insight

Aug. 30 | 10.55 am

Shriram Transport Finance internal panel to meet next month to consider raising funds

Shriram Transport Finance Company on Friday said its internal committee will meet next month to consider raising funds through issuance of debt securities.

“The company is considering raising of funds through various options of borrowings including by way of issue of debt securities in onshore/offshore market by public issue and/ or private placement basis,” Shriram Transport Finance Company said in a regulatory filing

Aug. 30 | 10.25 am

BSE ties up with SUFI for steel futures

The Steel Users Federation of India has signed a Memorandum of Understanding with the BSE to help the later launch futures trading in steel.

The BSE and SUFI will work towards enlisting steel futures in both long and flat steel to help industry players hedge the risk on the exchange platform. Read more here

 

Aug. 30 | 10.10 am

Rupee gains 12 paise against USD in early trade

The rupee appreciated by 12 paise to 71.67 against the United States (US) dollar in early trade on Friday following positive developments in the US-China trade talks.

Besides, firm trend in domestic equity markets and easing crude oil prices also revived the rupee sentiment, forex dealers said.

At the interbank foreign exchange, the rupee opened strong at 71.76 and gained further strength to touch a high of 71.49 against the US dollar. The domestic currency, however, could not hold on to the gains and was trading at 71.67.

Aug. 30 | 10.05 am

Markets update: Domestic equity benchmark BSE Sensex jumped over 200 points and the Nifty reclaimed the 11,000 level in early trade on Friday led by gains in financial and energy stocks amid positive global cues.

At 10.05 am, the 30-share index was trading 178.40 points, or 0.48 per cent, higher at 37,247.33, while the broader Nifty rose 55.35 points, or 0.51 per cent, to 11,003.65.

In the previous session, the BSE barometer ended 382.91 points, or 1.02 per cent, lower at 37,068.93, and the Nifty shed 97.80 points, or 0.89 per cent, to finish at 10,948.30.

Top gainers in the Sensex pack in early trade on Friday included Tata Steel, Vedanta, TCS, Yes Bank, ONGC, Tata Motors, HDFC twins, SBI, IndusInd Bank and ICICI Bank, rising up to 3 per cent.

On the other hand, TechM, HCL Tech, TCS, Bharti Airtel, Infosys and Asian Paints fell up to 1 per cent.

Investor sentiment recovered tracking firm cues from global markets, traders said.

Aug. 30 | 10 am

Govt sops sweeten sugar

Sugar prices firmed up at naka and mill level by ₹20 a quintal but ruled steady at the Vashi wholesale market on Thursday.

The government’s announcement of sops for 60 lakh tonnes sugar exports lifted spot prices. Arrivals to the Vashi market were at 60-62 truck loads and local dispatches were at 60-61 loads. Naka delivery rates: S-grade ₹3,250-3,310 and M-grade ₹3,350-3,410.

Aug. 30 | 9.57 am

Oil prices dip but set for solid weekly gains

Oil took a breather on Friday after three days of solid gains, but was set for its strongest week since early July, boosted by a decline in the United States (US) inventories and a looming hurricane in Florida, while new signs of trade talks emerged.

Brent crude was down 7 cents, or 0.1 per cent, at $61.01, by 0236 GMT after adding 1 per cent on Thursday. Brent is heading for a gain of nearly 3 per cent this week. Read the crude market report here

Aug. 30 | 9.55 am

Ramco Cements to hike capacity by next year

Ramco Cements Ltd is set to complete its ongoing expansion projects by the end of 2020 which will take its capacity up from 12.5 million tonnes (mt) per annum to 20 mt.

Among top two leading south Indian cement manufacturers, Ramco, which is deploying a capital expenditure of over ₹3,430 crore, expects its revenues to shoot up from ₹5,250 crore to over ₹7,500 by 2021-2022. Read the full story here

Aug. 30 | 9.52 am

Indian Hotels eyes ₹200 cr from property sales this fiscal; to buy stressed assets under GIC platform

Tata Group’s Indian Hotels Company Ltd (IHCL) is planning to sell assets worth ₹200 crore this fiscal to fund its expansion plan in core areas. Last year, it sold hotels in Thiruvananthapuram and Visakhapatnam as part of its plan to exit non-core properties

“We are looking at selling 4-6 more Ginger properties and the money that we’ll get from that sale will be redeployed in repositioning the Ginger brand. Last year we earned ₹200 crore from the sale of non-core assets. This year we plan to do the same,” Puneet Chhatwal, MD, IHCL, told BusinessLine. Read more here

Aug. 30 | 9.47 am

Priority is to improve fuel efficiency in petrol engines, says Maruti Suzuki's CV Raman

As Maruti Suzuki gears up for a diesel-free BS VI era from its product portfolio next year, CV Raman, Senior Executive Director, Engineering, and his team are busy working on alternative fuel engines. A whole lot of new technologies are being tested at the Rohtak and Gurugram R&D centres. Raman discusses the fuel roadmap in an interview. Read the excerpts here

 

Aug. 30 | 9.42 am

Will CG Power declare FY19 results this time?

The board of CG Power and Industries Solutions will meet on Friday to consider FY19 results. Earlier, the beleagured company had postponed the board meets that were supposed to announce the results. The last meet was scheduled on August 17.

Consequent to delay in finalisation of the results for FY19, the company was not in a position to finalise the results for the quarter ended June 30, 2019, it had then said. Shareholders and investors are keenly awaiting its financial numbers.

Aug. 30 | 9.32 am

Premier Explosives: Will it move on licence?

Premier Explosives on Thursday said it has received licence from the Chief Controller of Explosives, Nagpur, for manufacture of solid propellant at its Katepally factory, near Hyderabad.

The licence will enable the company to manufacture solid propellants of larger size at its greenfield project, it further said. Shareholders of Premier Explosives will closely monitor the development.

The company had reported a profit of ₹11.73 crore on revenues of ₹240.93 crore for FY19.

Aug. 30 | 9.30 am

YES Bank: All eyes on fund-raising plans

The board of directors of YES Bank will meet on August 30 to approve a proposal for further fund-raising. The bank may consider various options, including preferential issue and/ or qualified institutional placement/GDR/ADR.

The private sector lender had raised ₹1,930 crore through a QIP earlier this month. Marketmen expect the bank to raise another $1 billion, sometime during the current quarter. Shareholders would closely monitor the fund-raising exercise.

Aug. 30 | 9.25 am

HDFC AMC records lifetime high; buy in dips

HDFC AMC made a new lifetime high as it zoomed past its previous high of Rs 2,370 and closed at Rs 2,392 on Tuesday. The stock continued to rally on Wednesday and has recorded a new high of Rs 2,478.8. With this upmove, the stock has broken out of the Rs 2,050 and Rs 2,330 range, implying an upcoming bullish trend.

After declining to Rs 1,305 at the beginning of the year, the stock reversed its trend and rallied strongly until July. Subsequently, after losing momentum and trading in a sideways trend for a month, the stock has once again turned bullish. The breakout of the upper band of the consolidation range has opened the door for further upside.

On Monday, the stock closed above its 20-day moving average, bouncing-off from a trendline support in the daily time frame. Also, the Relative Strength Index (RSI) stays comfortably above 50, indicating a bullish bias. Hence, one can buy the stock on dips and hold until it breaks below Rs 2,200. Short-term potential targets are Rs 2,570 and Rs 2,610.

Supports: 2,330 and 2,220

Resistances: 2,570 and 2,610

Aug. 30 | 9.20 am

Opening bell: The equity indices opened on a positive note on Friday with Nifty trading around 11,000 level. At 9.16 am, The Sensex is up 173 points at 37,242, and the Nifty up 48 points at 10,996.

Aug. 30 | 9.12 am

Today's Pick - Take Solutions (₹118): Buy

Investors with a short-term perspective can consider buying the stock of Take Solutions at current levels.

Following a short-term downtrend in the months of June and July this year, the stock found support at ₹95 in early August. Subsequently, the stock reversed direction triggered by positive divergence in the daily relative strength index and price rate of change indicators. Since then, the stock has been in a nascent uptrend. - Read more on the today's pick here

Aug. 30 | 9.11 am

Day Trading Guide for August 30, 2019

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

 

₹2227 • HDFC Bank

S1S2R1R2COMMENT
2215220022422255Initiate fresh long positions with a stiff stop-loss only if the stock moves beyond ₹2,242 levels

 

₹806 • Infosys

S1S2R1R2COMMENT
800794813820Consider initiating fresh long positions with a tight stop-loss if the stock reverses higher from ₹800 levels

 

₹241 • ITC

S1S2R1R2COMMENT
239236244247Fresh short positions are recommended with a stiff stop-loss only if the stock of ITC declines below ₹239 levels

 

₹123 • ONGC

S1S2R1R2COMMENT
120117126129Initiate fresh long positions with a fixed stop-loss if the stock of ONGC rebounds up from ₹120 levels

 

₹1242 • Reliance Ind.

S1S2R1R2COMMENT
1227121312571275Consider initiating fresh short positions with a fixed stop-loss only if the stock falls below ₹1,227 levels

 

₹274 • SBI

S1S2R1R2COMMENT
270265279285As long as the stock trades below ₹279, the near-term stance is bearish. Sell on rallies with a fixed stop-loss

 

₹2233 • TCS

S1S2R1R2COMMENT
2210219022502270Initiate fresh long positions with a stiff stop-loss if the stock of TCS advances above ₹2,250 levels

 

10944 • Nifty 50 Futures

S1S2R1R2COMMENT
10900108501100011050A strong rally above 11,000 levels will be a positive cue for initiating fresh long positions with a fixed stop-loss

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

Aug. 30 | 9.10 am

Asian shares rise on conciliatory trade tone but mood cautious

Asian shares rose on Friday as China struck a hopeful tone on trade with the United States (US) but continued fears about a global growth slowdown, or even a recession, capped sharp rallies.

Investors were focused on a string of economic releases due over the weekend including China's official manufacturing survey which would provide a good gauge of the real impact from the US-China trade war. Read more

Aug. 30 | 9.09 am

Weak rollovers of Nifty 50, Bank Nifty point to shaky September

The markets ended the August derivative series on a weak note as both Nifty 50 and Bank Nifty indices declined further. The volatile Nifty 50 index slipped below the 11,000-mark to close the August settlement at 10,948.3.

With the government’s stimulus measures failing to lift sentiment, rollover of Nifty 50 stood at 55.22 per cent, which is the lowest since June 2013, when the rollover stood at around 50 per cent. The three-month average rollover is 72 per cent. Read the full report here

Published on August 30, 2019