Markets Live: Oil & gas, infra stocks drive Sensex up 331 points; Nifty closes at 10,582

4 pm

The S&P BSE Sensex ended higher by 331.50 points or 0.95 per cent at 35,144.49 and the Nifty50 up 100.3 points or 0.96 per cent at 10,582.50 on heavy buying in oil & gas, capital goods, infrastructure and bank stocks amid firm global cues.

 

 

Top five Sensex gainers were ICICI Bank, NTPC, Axis Bank, Reliance and L&T, while the major losers were Sun Pharma, Tata Motors, PowerGrid, IndusInd Bank and State Bank of India.

Top 5 Nifty gainers were Eicher Motors, IOC, BPCL, Hindustan Petro and NTPC, while the major losers were Sun Pharma, Tata Motors, Indiabulls Housing Finance, PowerGrid and Cipla.

 

Fresh foreign fund inflows, easing of Brent crude prices to below $70, strengthening of rupee to 72.51 against the dollar, better-than-expected macroeconomic data and positive global cues boosted the domestic sentiment.

3.50 pm

Eicher Motors climbs over 6%

 

Shares of Eicher Motors Ltd rose as much as 6.2 per cent to Rs 23,286.4, their highest since October 17, as a 50-day strike at Royal Enfield's Oragadam facility ended effective Tuesday. Read more

3.40 pm

Oil falls over 1%

 

Oil prices fell more than 1 per cent, with benchmark Brent crude slipping below $70 per barrel and US crude under $60, after US President Donald Trump put pressure on OPEC not to cut supply to prop up the market. Read more

3.30 pm

Bullion rates

 

Gold prices fell Rs 100 to Rs 32,050 per 10 grams owing to slackened demand from local jewellers despite a firm trend in overseas markets. Silver cracked below the Rs 38,000-mark by plunging Rs 700 to Rs 37,450 per kg. Read more

 

3.20 pm

Hindalco to invest Rs 6,000 cr

Satish Pai, Managing Director, Hindalco Industries

 

Hindalco will invest “at least” Rs 6,000 crore towards setting up of downstream facilities in India over the next four years. The investments will be made at Mudra in Gujarat where it will set up an extrusion plant, while at Sambalpur district in Odisha it will opt for setting up a flat rolled products unit. Read more

3.10 pm

European markets

 

European shares rose in early deals as hopes for a de-escalation of the Sino-US tariff war chased the previous session's fears about a possible downfall of technology stocks after suppliers of Apple cut their forecasts. Read more

3 pm

Pre-close trade

The Sensex was trading higher by 233.40 points or 0.67 per cent at 35,046.39 and the Nifty up 72.85 points or 0.69 per cent at 10,555.05 on heavy buying in oil & gas, infrastructure, capital goods and auto stocks amid firm European cues.

 

 

Top five Sensex gainers were NTPC, ICICI Bank, Reliance, Axis Bank and Hero MotoCorp, while the major losers were Sun Pharma, Tata Motors, PowerGrid, IndusInd Bank and State Bank of India.

 

Fresh foreign fund inflows, strengthening of rupee to 72.51 against the dollar, easing of crude oil prices and better-than-macroeconomic data boosted the domestic sentiment.

2.50 pm

Production costs take the sheen off aluminium

 

Domestic manufacturers of aluminium have been suffering losses for the past few years, mainly on account of increased cost of production. The companies are not able to pass on the increased costs because sales are dependent on the LME prices of aluminium, which considers the global supply and demand situation. Read more

2.35 pm

Strong dollar likely to weigh on gold

 

The movement in the dollar index could influence gold in the coming days. The US dollar index (96.9) has an immediate resistance at 97.15. A strong break above it can take the index higher to 97.8 and 98 in the coming days. Read more

2.25 pm

Reality Check - Cipla

 

Cipla has declined nearly 18 per cent over the last month. The fall in the share price has been steep, after it registered a poor show (year-on-year) in the recent September.  Read more

2.15 pm

NSE indices

BSE indices

 

 

2.05 pm

Sensex gainers, losers

Top 10 Nifty gainers, losers

 

2 pm

Benchmark indices were trading higher by 0.7 per cent on firm global cues, strengthening of rupee to 72.51, fresh foreign fund inflows, better-than-expected macroeconomic data and lowering of crude prices to below $70 per barrel.

The Sensex was up 249.12 points or 0.72 per cent at 35,062.11 and the Nifty up 77.9 points or 0.74 per cent at 10,560.10.

1.45 pm

MCX gold, silver

 

Gold prices fell Rs 143 to Rs 31,160 per 10 grams at the futures trade due to profit-booking by participants at prevailing levels even as the precious metal strengthened overseas. Silver prices fell Rs 55 to Rs 36,640 per kg. Read more

1.35 pm

MMTC shares jump nearly 8%

mmtc

 

Shares of MMTC rose as much as 7.7 per cent to Rs 32.30 to their highest since October 16. The shares hit their biggest intraday gain since October 11. Read more

1.25 pm

Lupin gets USFDA nod for asthma drug

 

Lupin has received approval from the US health regulator to market Budesonide Inhalation Suspension single-dose ampoules, used for treating asthma. Lupin shares were trading down 0.94 per cent at Rs 852.40 on the BSE. Read more

1.15 pm

Suven gets product patent

 

Suven Life Sciences has been granted a product patent each by Australia and Hong Kong for a new chemical entity for the treatment of disorders associated with neuro-degenerative diseases. The company shares were trading down 0.73 per cent at Rs 252 on the BSE. Read more

1.05 pm

Cipla arm to acquire Avenue Therapeutics

 

Cipla's subsidiary InvaGen Pharmaceuticals Inc has entered into definitive agreements to acquire US-based speciality business firm Avenue Therapeutics for up to $ 215 million (around Rs 1,560 crore). Cipla shares were trading down 0.38 per cent at Rs 529.90 on the BSE. Read more

12.55 pm

Nifty futures

 

Nifty 50 futures contract opened with a wide 35-point gap-down at 10,468. However, the contract has managed to bounce from the day's low recovering all the losses. The index futures made a low of 10,460 and has reversed sharply higher to the current levels of 10,515. Read more

12.40 pm

Copper, other metals under pressure

 

London copper edged higher on Tuesday after slipping to a 1-1/2-week low earlier in the session, but aluminium and nickel stayed close to multi-month lows as investors were worried over slower global demand. Read more

12.30 pm

Gold edges up on bargain-hunting

 

Spot gold was up 0.3 per cent at $1,204.22 per ounce at 0339 GMT, having touched its lowest since October 11 at $1,199.72 earlier in the session. US gold futures inched up 0.1 per cent to $1,204.7 per ounce. Read more

12.20 pm

Tata Sponge Iron

 

Tata Sponge Iron appears well-placed to benefit from favourable market conditions for steel and its raw materials. The company’s operating performance has been improving steadily over the past few years. Encouraging trends in volume growth and realisations, focus on costs and favourable market conditions are positives for the company. Read more

12.10 pm

HOEC: Discover the potential - Buy

 

Investors with a long-term perspective and high-risk appetite can buy the stock of Hindustan Oil Exploration Company that is proceeding quite well on its revival plan from August 2017. HOEC stock more than doubled from August 2017 to August 2018 but has since fallen about 20 per cent. Read more

12 noon

Benchmark indices wiped off their early losses as Asian shares pared losses on US-China trade optimism. Gains in oil marketers and an upbeat sentiment over a strong set of inflation data helped cap the losses.

The Sensex was trading up 7.95 points or 0.02 per cent at 34,820.94 and the Nifty up 6.3 points or 0.06 per cent at 10,488.50.

 

 

Asian shares, which saw a sell-off earlier in the day after technology stocks dropped overnight on Wall Street, pared losses on hopes of a de-escalation of the Sino-US tariff war.

“What's notable about our market is that we're only flat; many participants would have expected a similar kind of drop in our markets, but that has not happened,” said Sunil Sharma, chief investment officer with Sanctum Wealth Management.

A decline in crude prices, a set of healthy earnings growth when adjusted for public-sector banks, and strong mutual fund flows have helped stem the losses, added Sharma.

Oil prices fell around 1 per cent after US President Donald Trump put pressure on OPEC to not cut supply to prop up the market.

Retail inflation rate, which includes food and energy prices, dropped sharply in October to 3.31 per cent on a year-on-year basis, the slowest pace in 13 months and below the Reserve Bank of India's (RBI) medium-term target of 4 per cent for a third straight month.

"This could bode well for the share market, as structurally low inflation delivers real earnings growth,'' Sharma added.

11.45 am

Asian markets

 

Asian shares pared losses as hopes for a de-escalation of the Sino-US tariff war drew support from reports that China's top trade negotiator was preparing to visit the United States ahead of a meeting between the two countries' leaders.

Chinese shares reversed earlier losses to be in the positive territory. The blue-chip index was last up 0.1 per cent. That helped lift MSCI's broadest index of Asia-Pacific shares outside Japan off the day's low. It was still down 0.5 per cent after skidding 1.7 per cent at one point. Read more

11.35 am

Crude oil drops by 1%

 

Oil prices fell around 1 per cent, with Brent crude sliding below $70 per barrel and WTI below $60, after US President Donald Trump put pressure on OPEC not to cut supply to prop up the market. Read more

11.25 am

The Sensex was trading lower by 73.29 points or 0.21 per cent at 34,739.70 and the Nifty down 13.9 points or 0.13 per cent at 10,468.30 on weak global cues.  However, better-than-expected macroeconomic data and fresh foreign fund inflows capped the losses. Easing crude prices, which slipped below the USD 70 a barrel mark, and strengthening of rupee to 72.51 also supported investor sentiment.

Top five Sensex gainers were Axis Bank, Coal India, M&M, Asian Paints and Adani Ports, while the major losers were Tata Motors, IndusInd Bank, Sun Pharma, State Bank of India and Hero MotoCorp.

11.10 am

Dollar hits 16-month high

 

The dollar traded just below a 16-month high versus a basket of peers, benefiting from save-haven flows as investors shunned riskier assets because of political uncertainties in Europe and fears of a global economic slowdown. Read more

11 am

Rupee rebounds to 72.51

 

The rupee rebounded to 72.51 against the US currency owing to lower crude oil prices and better-than-expected macro economic data on the domestic front.  Read more

10.50 am

Monte Carlo board meet

 

 

The board of Monte Carlo Fashions will meet today to consider the financial results for the period ended September 30, 2018, and a proposal for buyback of shares. Read more

10.40 am

NLC buyback offer

 

The ₹1,248.99-crore buyback offer of NLC India (formerly Neyveli Lignite Corporation) will open for subscription on Tuesday and close on November 28. The company shares were trading up 0.37 per cent at Rs 80.55 on the BSE. Read more

10.30 am

What to watch

 

Ashok Leyland, GIC and Tata Steel are among over 200 firms that will declare their July-September quarter results today. Read more

10.20 am

Sayaji shares jump 5%

 

Sayaji Industries has commenced its new dextrose monohydrate plant at its present factory premises at Kathwada, Ahmedabad. The company has increased the manufacturing capacity of dextrose monohydrate to 60 tonnes per day from the existing 10 tpa with an investment of approximately ₹40 crore. Read more

10.10 am

Ratnamani Metals falls nearly 0.5%

Ratnamani Metals & Tubes has received a new domestic order valued at ₹165 crore for supply of CS pipes to the oil & gas sector to be completed between February and October 2019. The company shares were down 0.38 per cent at Rs 884.25 on the BSE. Read more

10 am

Acrysil shares gain over 1%

 

Acrysil has entered into an agreement for the supply of quartz kitchen sinks with GROHE, a leading German brand, and part of Japan’s LIXIL group. The company shares were up 1.16 per cent at Rs 607.90. Read more

9.50 am

Broker's call

Dalmia Securities

Globus Spirits (Buy)

CMP: ₹158.70

Target: ₹199

Click here to read more

9.40 am

 

 

9.30 am

 

 

 

 

9.15 am

Opening bell

The 30-share BSE index Sensex opened 99.81 points lower at 34,713.18 against the previous close of 34,812.99 points. The 50-share NSE index Nifty opened at 10,456.85 against the previous close of 10,482.20, down 25.35 points.

9.10 am

Day Trading Guide

₹1923 • HDFC Bank

S1

S2

R1

R2

COMMENT

1910

1895

1935

1950

Initiate fresh short positions with a stiff stop-loss if the stock reverses down from ₹1,935 levels

 

₹664 • Infosys

S1

S2

R1

R2

COMMENT

655

645

675

686

Fresh long positions are recommended with a fixed stop-loss only if the stock of Infosys climbs above ₹675

 

₹273 • ITC

S1

S2

R1

R2

COMMENT

271

268

277

280

Make use of intra-day rallies to initiate fresh short positions while maintaining a stiff stop-loss at ₹277

 

₹156 • ONGC

S1

S2

R1

R2

COMMENT

154

151

159

162

Consider initiating fresh long positions with a tight stop-loss only if the stock moves beyond ₹159

 

₹1078 • Reliance Ind.

S1

S2

R1

R2

COMMENT

1066

1050

1095

1100

Initiate fresh short positions with a tight stop-loss if the stock of RIL falls below ₹1,066

 

₹277 • SBI

S1

S2

R1

R2

COMMENT

273

268

282

287

Fresh short positions can be initiated with a stiff stop-loss if the stock of SBI fails to move beyond ₹282

 

₹1915 • TCS

S1

S2

R1

R2

COMMENT

1900

1880

1940

1960

Initiate fresh long positions with a fixed stop-loss if the stock of TCS advances above ₹1,940

 

10503 • Nifty 50 Futures

S1

S2

R1

R2

COMMENT

10450

10400

10550

10600

Fresh long positions are recommended with a fixed stop-loss only if the contract moves beyond 10,550

 

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

9.00 am

Today's Pick

India produces sugar of all three grades- raw, refined and white. File Photo   -  The Hindu

 

We recommend a buy in the stock of Uttam Sugar Mills at the current levels of ₹155.6. The stock trades well above its 50- and 200-day moving averages. It can extend its uptrend and reach the price targets of ₹162 and ₹165 in the ensuing trading session. Read more

Published on November 13, 2018