Sensex closes 106 points lower at 36,106

Closing bell

The 30-share BSE index Sensex dropped 106.41 points to close at 36,106.50 and the broader NSE-index Nifty slipped 33.55 points to 10,821.60, breaking its four-day rising spree on selling in banking shares amid negative cues from other Asian markets.

The fall was led by banking stocks, with IndusInd Bank, Kotak Bank, Federal Bank, Axis Bank, ICICI Bank, HDFC Bank and SBI declining up to 2.36 per cent. Other losers included ONGC, Maruti Suzuki, Sun Pharma, HDFC, Hero MotoCorp, ITC and HCL Tech, falling up to 1.31 per cent.

Shares of TCS ended 0.25 per cent lower at Rs 1,883 apiece ahead of its quarterly earnings.

On the other hand, Tata Motors, NTPC, Infosys, Yes Bank, M&M, L&T, Bharti Airtel, and HUL were the top gainers, rising up to 1.34 per cent.

The oil & gas index was the major loser at 13,169.52, lower by 0.81 per cent, followed by bank stocks at 30,933.09 (-0.75 per cent).

The top gainers at the NSE index Nifty were Titan, Tata Motors, Eicher Motors, Bajaj Auto and NTPC.

The major losers were Hindustan Petroleum, IndusInd Bank, Grasim, Infratel and Maruti.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net of Rs 276.14 crore Wednesday and domestic institutional investors (DIIs) were net buyers to the tune of Rs 439.67 crore, provisional data available with BSE showed.

On the macro front, the rupee depreciated 10 paise to 70.56 against the US dollar.

Brent crude futures were trading 1.27 per cent lower at USD 60.66 per barrel.

Elsewhere in Asia, Korea’s Kospi fell 0.06 per cent, Japan’s Nikkei dropped 1.29 per cent, and Shanghai Composite Index slipped 0.36 per cent, while Hong Kong’s Hang Seng rose 0.22 per cent.

In Europe, Frankfurt’s DAX was down 0.51 per cent, Paris CAC 40 fell 0.82 per cent, and London’s FTSE shed 0.29 per cent.

Torrent Power seeks 5 LNG cargoes

Torrent Power is seeking five liquefied natural gas (LNG) cargoes for delivery in 2019. The utility company is seeking cargoes for delivery over February, May, July, October and December. Read more here

The stock of Torrent Power was trading at Rs 260.80 lower by 0.40 per cent.

Sensex down 100 points

The 30-share BSE Sensex was trading lower by 106.11 points or 0.29 per cent at 36,106.80. The index was primarily dragged down by bank stocks while the scrips of auto majors were lending support.

The indices of oil and gas and bank were the top losers, trading lower by over 0.70 per cent.

The broader NSE index Nifty was trading at 10,819, lower by 35.20 points or 0.32 per cent. While the IndusInd bank emerged the top loser in the broader index, the positive zone was led by Titan.

Gold futures rise

At the Multi Commodity Exchange, gold for delivery in February was trading higher by Rs 108, or 0.34 per cent, to Rs 32,109 per 10 gram, in a business turnover of 15,159 lots. Read the gold futures report here

Top gainers and losers

BSE

NSE

 

Volkswgen, Ford to join hands

Volkswagen, Ford talks going well, according to the sources familiar with the plan.

Volkswagen AG and Ford Motor Co will unveil a deeper alliance next week that goes beyond cooperating in commercial vehicles in a move meant to save the automakers billions of dollars as they develop new technologies, two people familiar with the plan said. A global alliance is expected to be announced, one person said, adding that the pact will be unveiled next Tuesday during the Detroit auto show. Click here to read more on the alliance between Volkswagen and Ford

Ford shares were up 3.9 per cent at $8.70 on Wednesday afternoon. VW shares gained 2.4 per cent to close at 146.48 euros.

Adani bags order in Vizag

The Adani group, an infrastructure conglomerate, will build a Data Centre Park with a 5 GW capacity in and around Visakhapatnam over the next 20 years. The group has signed an agreement with the Andhra Pradesh government to develop the project, completely backed by renewable energy. It also marks Adani Group’s foray into the digital infrastructure space. Read more on the Adani Group's Data Center Park in Vizag here

The shares of Adani Enterprises were trading at Rs 150.80, up 1 per cent.

Glenmark inks pact

Drug major Glenmark Pharmaceuticals said its Suisse subsidiary Glenmark Specialty S.A. has entered into an exclusive licensing agreement with South Korea’s Yuhan Corporation for commercialising its nasal spray Ryaltris. Under the terms of the agreement, Glenmark will be responsible for manufacturing and supply of the product, while Yuhan will be responsible for regulatory filing and commercialisation in South Korea. Read more on the pact between Glenmark and South Korea's Yuhan Corporation here

The stocks of Glenmark was trading higher by 0.69 per cent at Rs 661.00  

Sensex, Nifty trading in red

The 30-share BSE index Sensex was trading at 36,141.04, lower by 71.87 points or 0.20 per cent primarily dragged down by bank stocks. While the top gainers were TCS, NTPC and L&T, the negative zone were led by ICICI Bank, Axis Bank, IndusInd Bank and Kotak Mahindra Bank.

Among the sectoral indices, the major losers were bank, oil and gas and telecom sectors.

The broader 50-share NSE index Nifty was trading at 10,820.20, lower by 34.95 points or 0.32 per cent.

Bandhan Bank Q3 profits rise

Bandhan Bank Ltd posted a 10.4 per cent rise in third-quarter profit, boosted by a surge in interest income. Net profit was 3.31 billion rupees ($46.89 million) for the three months ended December 31. Read the Q3 profit report of Bandhan Bank here

The scrips of Bandhan Bank were trading higher by 2.49 per cent at Rs 465.65.

Nifty Call

The Nifty and the Sensex began to decline due to selling pressure at higher levels. The Nifty Bank index is witnessing selling pressure and has slipped 0.7 per cent in today's session, dragged by private sector banks. The Nifty January futures contract started the session in negative territory at 10,873 levels. Read our Nifty Call for Janaury futures here

Top gainers and losers

BSE

NSE

 

IL&FS gets over 30 EOIs

“IL&FS has received a strong response to the asset monetisation process for the domestic roads vertical” File Photo

Debt-ridden Infrastructure Leasing & Financial Services (IL&FS) said it has received than 30 expressions of interest (EOI) for acquiring its stakes in its 22 assets across its domestic road vertical as a part of its asset monetisation plan. IL&FS group on December 18, 2018 had initiated the process for asset monetisation. Click here to read more on the IL&FS asset monetisation plan .

The stocks of the IL&FS Transportation Networks were trading higher by 0.09 per cent at Rs 11.77

Broker's call

Reliance Securities

JK Cement (Buy)

CMP: ₹699.65

Target: ₹1,000

PO06_FC_JK-Laks+PO06_Pouring_cement.jpg

JK Cement Ltd Limited is an India-based holding company. The company is engaged in manufacturing cement and cement products. Its product portfolio includes grey cement, white cement and wall putty. Post completion of QIP issue, JK Cement is set to witness a healthy traction ahead mainly led by ease of concern over possible increase in leverage, decent progress on capacity expansion programme, healthy earnings in subsequent quarters and likely improvement in the UAE operations. Read the Broker's call on JK Cement here

Sensex slips 92 points

The 30-share BSE index Sensex was trading lower by 91.68 points or 0.25 per cent at 36,121.23. The index was primarily dragged down by oil and gas and bank indices.

While the stocks of HDFC Bank, NTPC and L&T were lending support to the index, bank stocks Axis Bank, ICICI Bank, Kotak Mahindra Bank and IndusInd Bank were trading in the negative zone.

The broader NSE index Nifty was also trading in red, lower by 33.85 points or 0.31 per cent at 10,821.30.

Maruti hikes prices

Sales of MSI’s mini cars comprising Alto and WagonR were at 27,661

Maruti Suzuki India Ltd said that it will hike car prices by up to Rs 10,000 for select models with immediate effect to offset adverse impact of increase in commodity prices and foreign exchange rates. Read more on the price hike of Maruti Suzuki models here

The scrips of Maruti Suzuki India was trading at Rs 7463.00, lower by 0.04 per cent

Top gainers and losers at BSE

MCX-Nickel bounces up

The Nickel futures contract on the Multi Commodity Exchange of India (MCX) has bounced up sharply in the past week. The support in the ₹735-730 per kg zone held very well. Key resistances are at ₹800 and ₹810 which are likely to be tested in the near term. Read our Commodity call on MCX-Nickel here

Sensex falls 110 points

The 30-share BSE index Sensex is rallying at 36,101.98, lower by 110.93 points or 0.31 per cent. While the bank stocks - ICICI Bank, Axis Bank, Kotak Mahindra Bank and IndusInd bank were dragging the index down, the realty and consumer durables indices were lending support and trading in positive zone.

The bank index is trading lower by 0.87 per cent at 30,895.01 points, the oil and gas index is down by 1 per cent at 13,143.55.

The 50-share NSE index Nifty was also trading in red at 10,819.05, lower by 36.10 points or 0.33 per cent.

Saudi to slash oil exports

OPEC kingpin Saudi Arabia will slash its oil exports in January by 10 per cent. File Photo

OPEC kingpin Saudi Arabia will slash its oil exports in January by 10 per cent compared to November, its energy minister said. The world’s top crude supplier, would cut its exports to 7.2 million barrels per day in January, down from 8.0 million bpd in November. He also announced a further 100,000 bpd cut in February. Click here to know why Saudi Arabia has decided to slash the oil exports

Bajaj Corp Q3 profit rises 9 per cent

Bajaj Corp on Wednesday reported 8.93 per cent increase in standalone net profit at Rs 60.09 crore for the third quarter ended December 31, 2018. The board of directors recommended an interim dividend of ₹14 per share. Click here to read the Q3 results of Bajaj Corp

The stocks of the Bajaj Corp was trading higher by 2.76 per cent at Rs 385.45

Top gainers and losers

BSE

NSE

 

SBI hits over four-month high

The shares of State Bank of India (SBI) gain as much as 0.72 per cent to their highest since September 3 and breaks above a resistance at Rs 305.5. Resistance is identified as the 61.8 per cent Fibonacci projection level of the uptrend from March 23 low to August 10 high. More on the stock movement of SBI here

Wall Street extends rally

Wall Street rallied for a fourth session on Wednesday.

Wall Street rallied for a fourth session on Wednesday, propelled by Apple, chipmakers and other trade-sensitive stocks after signs of progress in trade talks between the United States and China. Market participants were encouraged by strong US jobs data and recent indications the US Federal Reserve is in no rush to raise interest rates. Read the US market report here

Sensex falls 62 points

The 30-share BSE-index Sensex after trading for a brief period in green, is rallying at 36,150.86, lower by 62.05 points or 0.17 per cent. The bank stocks ICICI Bank, IndusInd Bank, Axis Bank and Kotak Mahindra Bank dragged the index down.

The broader NSE index Nifty was also trading in red at 10,831.70 points, lower by 23.45 points or 0.22 per cent. The scrips of Tata Motors, UPL, NTPC, Bajaj Auto and Eicher Motors were the top gainers. While the stocks of Hindsutan Petroleum, IndusInd Bank, BPCL, Grasim and Wipro led the negative zone.

Indian shares snapped a four-session rally, as an overnight jump in oil prices hit trading sentiment, while investors awaited technology giant Tata Consultancy Services' results before making fresh bets.

Oil prices jumped about 5 per cent on Wednesday as US-China trade talks raised hopes of easing tensions between the world's top two economies, along with OPEC-led crude output cuts also providing support. India is the world's third biggest oil importer and spike in prices put pressure regionally.

TCS shares were trading flat, while those of Bandhan Bank were up as much as 1.86 per cent. Both the companies are due to report their quarterly results later in the day.

Yes Bank Ltd shares were up as much as 1.31 per cent, after the private sector bank said on Wednesday it had finalised potential candidates for the position of chief executive officer, but did not disclose names.

Gains in IT stocks were outweighed by losses in financial stocks on the Nifty index. Infosys Ltd's stock gained for a second straight session, rising as much as 0.87 per cent, after the company on Tuesday said it will consider a share buyback and a special dividend on Friday when it is due to report results.

Shares of Indusind Bank Ltd were down as much as 2.98 per cent, posting their biggest intraday loss since Dec 11. ( With inputs from Reuters)

Gold gains

Gold prices rose as growing expectations that the US Federal Reserve will pause its rate tightening cycle this year and an impasse between US President Donald Trump and Democrats on funding for a border wall weighed on the dollar. Spot gold was up 0.2 per cent at $1,295.85 per ounce and Silver was flat at $15.75 per ounce. Read the bullion market report here

Jet Airways proposes late debt repayments

Cash-strapped Jet Airways proposed to creditors that it would catch up with debt payments in arrears by September and from April would meet debt payments as they come due. The 25-year-old airline also owes money to pilots, lessors and vendors. Intense pricing competition, a weak rupee and rising fuel costs weighed on Indian airlines in 2018.

The stocks of the Jet Airways was trading lower by 0.43 per cent at Rs 242.90. Read more on the debt payment of the cash-strapped airliner here

Oil falls one per cent

Oil prices fell by 1 per cent on swelling US supply, although the mood in global markets was increasingly confident amid hopes the United States and China may soon end trade disputes that have undermined global economic growth. Both oil price benchmarks had jumped by around 5 per cent the previous day. More on the Commodities market here

Ashok Leyland bags order

The stocks of Ashok Leyland was trading at Rs 95.75, higher by 1.43 per cent. The company on Wednesday said it has bagged orders for 2,580 buses from the Institute of Road Transport, Chennai, the Uttar Pradesh State Roadways Transport Corporation and the Chandigarh Transport Undertaking. Click here to read more on the order bagged by Ashok Leyland

Indices recoup

The BSE index Sensex recouped after initial loss and is trading at 36,240.15, higher by 27.24 points or 0.08 per cent. While the stocks of Infosys and ITC were supporting the index, bank stocks Kotak Mahindra Bank, Axis Bank and IndusInd Bank were trading in negative zone.

Among the sectoral indices, the Auto and realty sectors were in positive zone. Oil and Gas index was the major loser.

The broader NSE index Nifty was trading at 10,855.65. UPL, Tata Motors, Bajaj Auto Eicher Motor and NTPC were the top gainers while the stocks of IndusInd Bank, Hindustan Petroleum, Infratel, BPCL and Wipro lead the negative zone.

Rupee rises 14 paise in opening trade

The rupee appreciated 14 paise to 70.32 against the US dollar in early trade amid weakness in the American currency on uncertainty over Federal Reserve rate hikes following the release of Fed meet minutes. Read the currency market report here

Broker's call

Centrum Broking

Federal Bank (Buy)

CMP: ₹96.65

Target: ₹135

We initiate coverage on Federal Bank, with a Buy rating and TP of ₹135. Federal Bank is evolving to a more prolific private banking franchise on the back of its balance sheet size, quality growth trajectory, pan India expansion strategy, branch light–distribution heavy model, digital architecture and senior management pedigree. Read the Broker's call on Federal Bank here

Inflation in Dec likely hit lowest since June 2017

India's December retail inflation is expected to have eased to its lowest since June 2017 as food costs fell and fuel prices rose at a slower pace, a Reuters poll showed, giving the central bank breathing space to keep policy on hold. Inflation likely cooled to 2.20 per cent in December - close to the lower end of the RBI 's medium-term target range of 2.0-6.0 per cent. Click here to read more on the December inflation report

Dollar weak on expectations of no 2019 Fed hikes

The dollar weakened versus major peers such as the euro and yen on Thursday due to growing expectations the Federal Reserve will pause its rate tightening cycle this year. The riskier currencies such as the Australian dollar fell by 0.15 per cent to $0.7155. Read the forex market report here

Sensex, Nifty on a choppy note

After opening on a choppy note, benchmark equity indices Sensex and Nifty are trading at 36,176.35, lower by 36.56 points or 0.10 per cent and 10,840.95, down by 14.20 points or 0.13 per cent. The investors turned cautious ahead of quarterly results of key bluechips amid weak Asian cues.

Analysts expect market to continue to remain volatile in the coming months in the wake of upcoming general elections.

Q3FY19 results will closely be watched by market participants, said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas. TCS is scheduled to announce its quarterly results later in the day.

“On the micro front slowdown auto and commodities stocks, liquidity crunch in the NBFC space, increase in farm loan waivers continue to remain a cause of concern. Global markets too continue to be volatile on the back of US-China trade tariffs and the ongoing government shutdown in the US,” Jani added.

Top losers include IndusInd Bank, Axis Bank, HCL Tech, Kotak Bank, HDFC, Bharti Airtel, PowerGrid, Asian Paints, TCS and SBI, falling up to 1.30 per cent.

While top gainers include Tata Motors, Yes Bank, NTPC, ONGC, Tata Steel and Infosys, rising up to 0.96 per cent.

On the macro front, the rupee appreciated 11 paise to 70.35 against the US dollar in early trade at the interbank foreign exchange.

Brent crude futures were trading 0.86 per cent lower at USD 60.91 per barrel.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net of Rs 276.14 crore Wednesday and domestic institutional investors (DIIs) were net buyers to the tune of Rs 439.67 crore, provisional data available with BSE suggested.

Elsewhere in Asia, Japan’s Nikkei fell 1.40 per cent and Shanghai Composite Index rose 0.23 per cent, while Korea’s Kospi fell 0.05 per cent. On Wall Street, Dow Jones Industrial Average rose 91.67 points, or 0.39 per cent, to 23,879.12 on Wednesday. ( PTI)

What to watch

Thursday will be one of the big days of this results season — Tata Consultancy Services and Bandhan Bank will declare their quarterly results for the period ended December 2018. Besides, Goa Carbon and Flexituff Ventures International will also announce their results.

Shares of Sun TV Network may remain in focus, as Rajinikanth’s  Petta  is set to release on Thursday, which has created a huge buzz among the audience. Besides, PVR and Inox Leisure will remain in focus due to higher footfalls with Ajith-starrer  Viswasam  also hitting the screens.

Ashok Leyland on Wednesday said it has bagged orders for 2,580 buses from the Institute of Road Transport, Chennai, the Uttar Pradesh State Roadways Transport Corporation and the Chandigarh Transport Undertaking. Shareholders will closely monitor, as the stock has tumbled quite drastically in the last few months.

World stocks boosted by US-China trade hope

Stocks around the world extended recent gains and oil prices jumped on Wednesday on optimism the United States and China may be inching toward a trade deal, soothing fears of an all-out trade war and its possible impact on global growth. MSCI's all-country index climbed 1.03 per cent for a fourth day of gains. Read the global markets report here

Opening bell

The 30-share BSE index Sensex opened 45.09 points higher at 36,258.00 against the previous close of 36,212.91.

The 50-share NSE index Nifty opened marginally lower by 8.3 points at 10,846.85 against the previous close of 10,855.15.

Day Trading Guide

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

₹2116 • HDFC Bank

₹675 • Infosys

₹290 • ITC

₹145 • ONGC

₹1108 • Reliance Ind.

₹305 • SBI

₹1887 • TCS

10877 • Nifty 50 Futures

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

Today's Pick

We recommend a buy in the stock of Prakash Industries at the current levels of Rs 91.8. The short-term outlook is positive for the stock. It can continue to trend upwards and hit the price targets of ₹95.5 and 97.5 in the short term. Read our stock recommendation and the stock movement of Prakash Industries here

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