Markets: Sensex ends lower by 96 points; Nifty closes below 10,800

Sensex ends lower by 96 points

Surrendering early gains, benchmark Sensex dropped 96 points to end at 36,009.84 as investors booked profits even as global equities rose.

The 30-share index opened on a strong note at 36,191.87, but failed to hold on its gains and settled 96.66 points, or 0.27 per cent, lower at 36,009.84. Intra-day, the gauge swung between 36,214.26 and 35,840.60.

The major losers on the Sensex included IndusInd Bank, Tata Motors, TCS, Yes Bank and L&T. Among the gainers were ITC, ONGC, Vedanta Ltd, Infosys, Axis Bank and HDFC.

The NSE Nifty too slipped by 26.65 points to close at 10,794.95.

The top gainers   on Nifty were ITC, UPL, Wipro, Indian Oil Corp and Hindalco. The losers were IndusInd Bank, Tata Motors, Infratel, TCS and YES Bank.

On the macro front, the rupee was trading lower by 21 paise to 70.55 against the US dollar. Brent crude futures were trading 1.10 per cent higher at USD 62.36 per barrel.

Gold snaps 4-day rally

Globally, gold held steady at USD 1,294.06 an ounce. File Photo

Snapping a four-day rally, gold declined marginally by Rs 40 to Rs 33,030 per 10 gram at the bullion market on subdued demand from local jewellers, according to All India Sarafa Association. Silver too slumped by Rs 60 to Rs 40,450 per kg on weak demand from industrial units and coin makers. Read the bullion market report here

British shares on track

London's FTSE 100 rose 0.7 percent, outperforming European shares. File Photo

British shares opened higher, setting them up for their best week in two months with support from housebuilders. London's FTSE 100 rose 0.7 per cent, outperforming European shares, and the FTSE 250 climbed 0.3 per cent, on course to end 2019's first full trading week with the biggest gains since November. Read the UK markets report here

Karnataka Bank Q3 net up 60.7%

Karnataka Bank Ltd posted a net profit of ₹140.41 crore for the third quarter of 2018-19. Mahabaleshwara MS, Managing Director (MD) and Chief Executive Officer (CEO) of the bank, said here on Friday that the Q3 results are on the expected line. Read the Q3 results of Karnataka Bank here

The stocks of Karnataka Bank were trading at Rs 115.30, higher by 0.04 per cent.

European shares surf on post-Christmas recovery rally

European shares opened higher on Friday. File Photo

European shares opened higher on Friday, surfing on a global recovery rally which has lifted stocks from the lows hit just after Christmas thanks to optimism on Sino-US trade talks and a more dovish tone from the Federal Reserve. Read more on the European markets here

Farmers hope for next-gen GM seeds

After the Supreme Court this week that upheld a Monsanto patent on genetically modified (GM) cotton seeds, it has raised hopes among farmers that the company would now launch its next-generation seeds, the application for which it pulled two years ago. Monsanto has said local seed companies have illegally attempted to “incorporate unauthorised and unapproved herbicide-tolerant technologies into their seeds”. Click here to read more on the Supreme Court ruling and its impact on Indian farmers and agricultural sector

The stocks of Monsanto India was trading lower by 0.50 per cent at Rs 2,581

Asian LNG prices slide to 8-month low

Spot demand from China expected to be slow until Lunar New Year. File Photo

Asian spot prices for liquefied natural gas (LNG) slid to an eight-month low this week amid milder winter weather, which has curbed prompt demand growth in the region. Indian demand for LNG has also been firm with Torrent Power, Gail (India), Gujarat State Petroleum Corp (GSPC) and Indian Oil Corp seeking cargoes through tenders. Click here to read more on the LNG market

Sensex down by 100 points

The 30-share BSE index Sensex is trading at 35,998.16, lower by 108.34 or 0.30 per cent. While the stocks of TCS and L&T were the major losers, the index was supported by stocks of ITC and HDFC Bank.

Among sectoral indices, telecom, capital goods and realty were down by over one per cent.

The broader NSE Index Nifty was trading lower by 31.35 points or 0.29 per cent at 10,790.25

TCS appoints Independent Director

India’s largest IT services company Tata Consultancy Services on Friday said that it has appointed Daniel Hughes Callahan as an Additional and Independent Director. Callahan has been appointed as an Additional and Independent Director for a period of five years. Read more on the appointment of Independent Director of TCS here

RBI to eye Q3 results before easing lending curbs

RBI Governor Shaktikanta Das

Eleven PSBs will have to wait for about a month before knowing which of them will have lending curbs eased after a RBI panel reviews their December quarter results. The RBI's Board for Financial Supervision (BFS), chaired by the central bank's new Governor Shaktikanta Das, met on Thursday and looked at estimates for the financial performance of the banks in the October-December quarter. Read more

The stocks of Bank index at the Sensex was trading lower by 0.33 per cent at 30,831.12

Top gainers and losers

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Gold futures up

Gold prices rose by Rs 120 to Rs 32,000 per 10 gram in futures trade on Friday as speculators widened their bets, tracking a firm trend overseas. Globally, gold rose 0.11 per cent to trade at USD 1,228 an ounce in Singapore. Click here to read on the gold futures here

Reliance to shut crude refining unit

Crude refining unit (File Photo)

Reliance Industries Ltd, operator of the world's biggest refining complex at Jamnagar in Gujarat, will shut one of its crude refining units from January 16 for about 4 weeks for maintenance. Read more on the shutting down of the crude refining unit here

The shares of Reliance Industries were trading lower by 1.35 per cent at Rs 1,090.70 at the BSE index

Sensex falls 200 points

The 30-share BSE index Sensex was trading lower by 210.58 points or 0.58 per cent at 35,896.32. The stocks of TCS, Reliance Industries, L&T and ICICI Bank were trading in the negative zone while the stocks of ITC and ONGC were lending support.

Among the sectoral indices, the stocks of Industrials, Capital Goods, Information Technology, TecK, realty and telecom fell over one per cent at the BSE index.

The broader NSE index Nifty was trading at 10,758.45, lower by 63.15 points or 0.58 per cent.

Top gainers were: UPL, ITC, Hindalco, IOC and Vedanta Limited, while the major losers were Tata Motors, TCS, IndusInd Bank, Infratel and L&T

Eveready shares surge

Shares of battery maker Eveready Industries India Ltd jump as much as 17.7 per cent to Rs 213.8, highest since October 12. Promoter B M Khaitan-led Williamson Magor and Co Ltd is planning to sell Eveready Industries, media reported citing sources. Click here to read the stock movement of Eveready Industries .

The shares of Eveready were trading higher by 15.81 per cent at Rs 210.20

Nifty Call

The Nifty 50 futures contract has been stuck in a sideways range between 10,750 and 10,900 since the beginning of this week. Short-term traders with high risk appetite can go short at current levels. Stop-loss can be placed at 10,835 for the target of 10,760. Read our Nifty Call for January Futures here

Infosys: Q3 result, buyback info eyed

All eyes are now on Infosys, which is scheduled to declare its quarterly numbers for the period ended December 2018 today. Besides results, the board will consider a proposal of buyback and interim dividend. The stocks of Infosys is currently trading lower by 0.70 per cent at Rs 675

Sensex, Nifty in red

The 30-share BSE index Sensex is trading lower by 184.57 points or 0.51 per cent at 35,921.93, primarily dragged down by the stocks of TCS and Tata Motors.

The scrips of Tata Motors and TCS fell over 2.3 per cent. The bank stocks of Kotak Mahindra Bank and HDFC bank were lending support to the index.

Among the sectoral indices, the stocks of Information Technology, TecK, realty and telecom fell over one per cent at the BSE index.

The broader NSE index Nifty was trading lower by 51.60 points or 0.48 per cent at 10,770

'Make in India' a casualty as steel, auto firms spar over sourcing

Steel Ministry is putting pressure on automakers to use locally made steel by refusing to back down on tougher import rules despite warnings that the new regulations could disrupt the production of cars, government and industry sources said. India's auto industry is staring at production stoppages if new tougher rules on steel imports are not relaxed, a federal minister warned in a letter. Click here to read more on the steel ministry announcement and the impact on the auto industry

Focus on Karnataka Bank

Karnataka Bank is now offering loan of up to Rs 75 lakh at an interest rate of 8.80 per cent

Focus will be on private sector Karnataka Bank, which had posted a 20 per cent increase in net profit at ₹111.86 crore in Q2 ended September 2018 on lower provisioning for bad loans and healthy core income.

The scrips of Karnataka Bank are currently trading at Rs 115.20, lower by 0.04 per cent.

Broker's call

JMFL

Bajaj Corp (Buy)

CMP: ₹384.1

Target: ₹400

Bajaj Corp reported an in-line result clocking domestic volume growth of 7.3 per cent and earnings growth of 17.7 per cent on adjusted basis. The strong results as per retail offtakes has also helped strengthen its market position in Light Hair Oil space with further gains in market share in value/volume terms for BAD. Read our Broker's call on Bajaj Corp here

Top gainers and losers

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Wall St rallies for fifth session

Weak holiday numbers roil retail stocks.

Wall Street extended its rally into a fifth straight day in a session of whipsaw trading as investors responded to mixed comments by Federal Reserve Chairman Jerome Powell, while a warning from Macy's pummeled retail stocks. S&P 500 companies on average are seen posting 14.5 per cent growth in earnings per share as they report December-quarter results over the next few weeks. More on the US stock markets here

TCS sinks on low EBIT margins

TCS' margin slipped 90 bps Q-o-Q due to a talent crunch in the US.

The software services exporter Tata Consultancy Services Ltd shares fall as much as 2.7 per cent to Rs 1,837.15 , lowest since November 27. The stock is the biggest per cent loser on the NSE index, capping index gains by 8.3 index points. Currently the stock is trading at Rs 1,846.75, lower by 2.29 per cent. Read the stock of movement of TCS here

Shares subdued ahead of Infosys results

The shares were little changed, as investors awaited Infosys Ltd's results for clarity after rival Tata Consultancy Services' quarterly margins contracted. The 30-share BSE index Sensex was trading lower by 143.68 points or 0.40 per cent at 35,962.82.

TCS, the country's top software services exporter, kicked off the December-quarter corporate earnings on Thursday by posting a 24.1 per cent rise in quarterly profit but missed margin estimates.

“There is a sense of caution among investors, and there is a fairly bearish sentiment out there, but the index is holding its own and not selling off,” said Sunil Sharma, chief investment officer with Sanctum Wealth Management, Mumbai. “This suggests that the market is willing to look past all the bad news and that is typically suggestive of bull market action.”

The broader NSE index was down 0.33 per cent at 10,785.75. TCS shares were down as much as 2.72 per cent and on track for their third straight session of losses.

Shares of Infosys Ltd, scheduled to report quarterly earnings later in the day, were trading 0.38 per cent lower.

Losses on the NSE index were driven by TCS, Larsen & Toubro Infotech Ltd and Reliance Industries Ltd

“The large caps in particular are showing resilience. There are fairly positive cues in terms of macros, domestically we should start seeing improvements from corporate banks and PSUs based on lower loan provisioning,” Sharma said.

Some public sector banks will have to wait for about a month before knowing which of them will have lending curbs eased after a Reserve Bank of India panel reviews their December quarter results, an official with direct knowledge of the matter told Reuters on Thursday.

The Nifty Finance index was up 0.12 per cent, while Nifty PSU bank index was down 0.8 per cent.

IL&FS urges Exim Bank to release funds 

This is just a representational image.

IL&FS has urged the Export-Import Bank of India (Exim Bank) to release funds to secure the release of four employees still held hostage in Ethiopia by local staff. The local employees of IL&FS’ joint venture in Ethiopia, ITNL-Elsamex JV Bure, have demanded an additional four months’ net salary for the release of the four Indian employees who have been held hostage since November 24. Read more on the IL&FS crisis here

The shares of IL&FS Transportation Networks were trading lower by 2.48 per cent at Rs 11.40 at BSE index Sensex

Gold prices rise

Gold expected to retest resistance at $1,299/oz.

Gold prices climbed as the dollar fell back on expectations the US central bank may pause interest rates hikes if the US economy slows this year, while investors awaited news on progress in the Sino-US trade talks. Silver climbed 0.6 per cent to $15.65 and Platinum was up 0.2 per cent at $821.60 per ounce. Read the bullion market report here

Likely contender for YES Bank MD & CEO post

Plans are afoot to create a single level of information for YES Bank’s promoters

Former Deputy Managing Director of HDFC Bank Paresh Sukthankar could be one of the top contenders for the post of new Managing Director and CEO of Yes Bank. Though Yes Bank did not make the name of the candidates public, sources said it has sent names of at least three candidates to the RBI. Read the report on the likely top contender for the post of MD & CEO of YES Bank

The scrips of the private sector lender was trading lower by 0.32 per cent at Rs 186.10

BSE gets SEBI nod to introduce weekly F&O contracts

The BSE said it has received markets regulator SEBI’s approval to introduce weekly futures and options contracts on the S&P BSE BANKEX. The BSE will shortly introduce 7 weekly expiry futures and options contracts expiring on Thursday of the week. Read more on the SEBI's nod for weekly F&O contracts

Sensex, Nifty trade in red

The BSE index Sensex dropped 30.37 points or 0.09 per cent to 36,074.13 against the previous close of 36,106.47. While the stocks of ITCS, HDFC Bank and HDFC lend support to the index, the scrips of TCS emerged the major loser followed by L&T.

Among the sectoral indices, the realty sector is top loser, trading lower by 1.29 per cent, followed by Information technology and telecom sectors.

The broader NSE index was also trading lower by 9.25 per cent or 0.09 per cent at 10,812.35.

Oil slips on economic worries

Oil slipped amid concerns over the outlook for the global economy, but output cuts agreed by major exporters underpinned crude prices and kept markets on track for a strong weekly climb. Traders said the declines came on lingering concerns over the health of the global economy. Read the commodities market report here

Top gainers and losers

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Rupee gains 7 paise to 70.34

The rupee recorded its best gain since Sept 2013 last week istock shylendrahoode

The rupee opened strong at 70.38 at the interbank forex market against previous close of 70.41 a dollar then gained further ground and touched a high of 70.34 amid positive opening in domestic equities, displaying gains of 7 paise against the greenback. Read the currency market report here

Sensex slips 30 points

The 30-share index was trading 30.02 points or 0.08 per cent lower at 36,076.48. The gauge opened on a positive note and touched a high of 36,214.26 in morning trade.

The NSE Nifty is trading 10,821.75.

Top gainers at the BSE include HDFC, ONGC, ITC, Sun Pharma, HDFC Bank, Reliance, Asian Paints, HUL and Tata Steel.

While top losers were TCS, Bharti Airtel, HCL Tech, M&M, L&T, Indusind Bank and Powergrid.

TCS fell 2.21 per cent to 1846.50 after it reported 24.1 per cent growth in net profit at Rs 8,105 crore for the quarter ended December 2018. Read the TCS Q3 results report here

On the macro front, the rupee appreciated by 7 paise to 70.34 against the US dollar in opening trade. Brent crude futures were trading 0.21 per cent lower at USD 61.55 per barrel.

Elsewhere in Asia, Japan’s Nikkei rose 0.81 per cent and Shanghai Composite Index up 0.11 per cent, while Korea’s Kospi surged 0.38 per cent. On Wall Street, Dow Jones Industrial Average rose 122.80 points, or 0.51 per cent, to 24,001.92 on Thursday.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net of Rs 344.58 crore Thursday and domestic institutional investors (DIIs) were net buyers to the tune of Rs 10.98 crore, provisional data available with BSE showed. (Inputs from PTI)

Big relief for small businesses under GST

Compliance deficit The GST environment needs to improve holistically istock

Small businesses can breathe easy now as the Goods and Services Tax Council has decided to double the basic threshold limit for goods suppliers. The threshold for registration of service providers would continue to be ₹20 lakh, and in case of special category States, ₹10 lakh. Click here to read more on the outcomes of th GST Council meet

Broker's call

Prabhudas Lilladher

IndusInd Bank (Buy)

CMP: ₹1,566.45

Target: ₹1,765

Quick pointers: a) Bank has created another ₹250 crore of contingent provisions over and above ₹350 crore held from earlier quarter on IL&FS. IndusInd Bank’s earnings of ₹985 crore (PL estimate: ₹996 crore) was largely in-line with estimates but PPOP of ₹2,120 crore (PL estimate: ₹2,080 crore) beat estimates on strong treasury gains. Read our Broker's call on IndusInd bank

Dollar weaker versus peers

Within the ETCD segment, the USD-INR pair accounts for a larger share of the total volume — over 85 per cent V Sudershan V. Sudershan

The dollar held a soft tone versus its peers, on rising expectations the US Federal Reserve may hit the pause button on monetary tightening if the economy slows this year. Markets are now pricing in no further rate hikes by the Fed this year. Read the forex market report here

TCS stocks down by over 1.5%

TCS MD and CEO Rajesh Gopinathan

The stocks of the Tata Consultancy Services was trading lower by 1.73 per cent at Rs 1855.55.

The IT firm had reported 24.1 per cent growth in net profit at ₹8,105 crore for the third quarter ended December 31. The digital share of TCS revenue has been on the rise and now accounts for 30.1 per cent of the total, up 52.7 per cent YoY. Read our analysis on the TCS Q3 results here

Asia stocks reach 5-week high

A trader on the floor of the New York Stock Exchange watches the stock market drop on his screen shortly before the closing bell in New York, U.S., April 6, 2018. REUTERS/Lucas Jackson

Asian stocks inched up to five-week highs on Friday, after Chairman Jerome Powell reiterated the Federal Reserve will be patient about raising interest rates and news that trade talks between Washington and Beijing are moving to higher levels. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.2 per cent to the highest levels since December 6. Read the Asian markets report here

What to watch

Businessman and businesswoman working in office

All eyes are now on Infosys , which is scheduled to declare its quarterly numbers for the period ended December 2018 on Friday. The board will consider a proposal of buyback and interim dividend.

Shares of Himachal Futuristic Communications will remain in focus, as it has won orders worth ₹502.73 crore for supply of optical fibre cables to Larsen & Toubro and a consortium led by ITI.

Amal , Dhruv Estates , Infomedia Press , Integrated Capital Services , Karnataka Bank , Rasoi , Reliance Industrial Infrastructure and TRF are the other companies that will declare their quarterly results for the period ended December 2019 on Friday.

Opening bell

The 30-share BSE index Sensex opened at 36,191.87, higher by 85.37 points or 0.24 per cent against the previous close of 36,106.50.

The broader NSE index Nifty opened higher by 13.15 points or 0.12 per cent at 10,834.75 against the previous close of  10,821.60

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:

₹2109 • HDFC Bank

₹679 • Infosys

₹289 • ITC

₹143 • ONGC

₹1105 • Reliance Ind.

₹304 • SBI

₹1888 • TCS

10857 • Nifty 50 Futures

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

Today's Pick

We recommend a buy in the stock of Chambal Fertilisers & Chemicals at the current levels of ₹163.5. Outlook is bullish for the stock. Short-term targets are ₹170 and ₹173.5. Read out today's stock recommendation and stock activity of Chambal Fertilisers & Chemicals here

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