Sensex ends 403 higher; Nifty by 131 points

Closing bell

The 30-share BSE index Sensex surged 403.65 points or 1.14 per cent to end at 35,756.26. The index was supported by metal stocks which was rallying around 3 per cent, followed by basic materials (2.24%) and oil & gas (2.19%).

While the metal and bank stocks were trading in the positive zone, the auto shares were in the red.

The top gainers were Vedanta Ltd, Tata Steel, ONGC, NTPC and Yes Bank while the major losers were Hero MotoCorp, Hindustan Unilever, Bajaj Auto and IndusInd Bank.

The 50-share NSE index Nifty also ended in a high note at 10,735.45, higher by 131.10 or 1.24 per cent.

Top gainer were IBUL Housing Finance, Tata Steel, Vedanta Ltd, Adani Ports and Hindalco and the top losers were Dr Reddy's, Hero MotoCorp, Hindustan Unilever, Zee Entertainment and IndusInd Bank

Sugar output

Sugar

Indian Sugar Mills Association (ISMA) said on Wednesday that sugar mills produced 21.9 million tonnes of the sweetener between October 1 and February 15. This is nearly eight per cent more than a year earlier, as a few mills started crushing earlier than usual. Read more on the sugar output and yield here

European stocks

The Stoxx Europe 600 Index advanced 0.5 per cent. Representative image

The Stoxx Europe 600 Index advanced 0.5 per cent as of 8:21 am London time to the highest in 19 weeks. Futures on the S&P 500 Index increased less than 0.05 per cent to the highest in more than 11 weeks. Read the European stock market report here

Top gainers and losers

BSE

NSE

Strides Pharma gets USFDA approval

Strides Pharma Science on Wednesday said its step-down wholly-owned subsidiary has received approval from the US health regulator for Ethosuximide Softgel capsules, an anti-epileptic medication. The product was approved in the first review cycle by the USFDA in less than 10 months of filing. Click here to read more on the USFDA approval for Strides Pharma

FDI inflows

Foreign direct investment (FDI) into India contracted by 7 per cent to USD 33.49 billion during April-December in the current fiscal, according to commerce and industry ministry data.

Markets update

The 30-share BSE index Sensex was trading higher by 206.14 points or 0.58 per cent at 35,558.75 supported by the metal stocks. The stocks of Vedanta Ltd and Tata Steel were trading higher by over 3 per cent.

The other top gainers were the scrips of ONGC, YES Bank, SBI and L&T. The stocks of Hero MotoCorp, Hindustan Unilever, Bajaj Auto, ITC and IndusInd Bank were the top losers.

In the broader NSE index Nifty, the stocks of Adani Ports, IBUL Housing Finance, Vedanta Ltd, Tata Steel and Hindalco lent support and the index was trading higher by 73.50 points or 0.69 per cent at 10,677.85. Major losers were Infratel, Zee Entertainment, Hero MotoCorp, Hindustan Unilever and Dr Reddy's

Saudi Aramco in talks with RIL

India turns to Saudi oil after arbitrage from US shuts. File Photo

Saudi Aramco is keen on increasing its investments in India, according to Saudi Aramco CEO, Amin Al Nasser. Saudi Aramco and Abu Dhabi National Oil Company (ADNOC) are partnering in a proposed $44-billion oil refinery in Ratnagiri, Maharashtra. More on the Aramco investments in India here

The stocks of Reliance Industries are trading at Rs 1,225.70, higher by 0.77 per cent

Palladium breaks $1,500 level on supply woes

Palladium up 19 pct this year, among best performing metals.

Palladium prices broke above $1,500 for the first time on Wednesday due to a prolonged supply deficit, while gold rose to a fresh 10-month high as the dollar struggled ahead of the US Federal Reserve's policy meeting minutes. Spot palladium rose to an all-time high of $1,500.50 per ounce and was 0.7 per cent higher at $1,490. More on the precious metals price report here

Top gainers and losers

BSE

NSE

 

E-commerce FDI policy changes haven’t shaken confidence in India: Walmart

Retail major Walmart said it is disappointed with the recent changes in the foreign direct investment (FDI) policy for e-commerce firms in India, and hopes for a collaborative regulatory process going forward which results in a level-playing field. “In India, we remain optimistic about the e-commerce opportunity, given the size of the market, the low penetration of e-commerce in the retail channel, and the pace at which it’s growing,” Walmart Inc President, Chief Executive Officer and Director C Douglas McMillon said. Read more on Walmart's opinion on the e-commerce FDI policy changes here

Broker's call

HDFC Securities

L&T Infotech (Buy)

CMP: ₹1,731.85

Target: ₹2,240

L&T Infotech (LTI) posted strong revenue (broad-based across verticals/geo) and steady operating performance. APAT at ₹376 crore, -6.2 per cent q-o-q was impacted by Fx loss of ₹6 crore (versus forex gain of ₹71.1 crore in 2Q). Read our Broker's call on L&T Infotech here

Markets update

The 30-share BSE index Sensex gained 219.18 or 0.62 per cent and is trading at 35,571.79. The stocks of Vedanta Ltd, Tata Steel, ONGC, YES Bank and L&T were lending support to the index, while the scrips of Hero MotoCorp, Hindustan Unilever, Bajaj Auto, PowerGrid and IndusInd Bank were trading in red.

Among the sectoral indices, the metal stocks were leading the pack trading higher by 2.59 per cent at 10,340.56, followed by capital goods (1.23%), basic materials (1.69%), oil & gas (1.41%) and industrials (1.1%).

The 50-share NSE index Nifty was trading at 10,674.90, higher by 70.55 points or 0.67 per cent supported by Vedanta Ltd, Tata Steel, Adani Ports, IBUL Housing Finance and GAIL stocks. The scrips of Zee Entertainment, Hindustan Unilever, Bajaj Auto, Hero MotoCorp and Dr Reddy's were in the red.

Nifty Call

The 50-share NSE index Nifty reclaimed the 11,000 levels on Wednesday. File Photo

Taking cues from the positive Asian markets, the Sensex and the Nifty began the session in the green, with a gap-up opening. The Nifty metal and PSU bank indices are witnessing buying interest and have surged 2 per cent and 1.4 per cent respectively. Traders can buy the contract in declines while maintaining a stop-loss at 10,650 levels. Read our Nifty 50 for February futures here

Reliance Group stocks drop

Shares of Anil Ambani's Reliance group companies fall on Wednesday, after the  Supreme Court found Ambani guilty on contempt in Ericsson case .

RCom shares drop as much as 9.2 per cent to Rs 5.45. Reliance Infrastructure Ltd falls as much as 8.7 per cent. Reliance Naval and Engineering Ltd shares down as much as 3.4 per cent while those of Reliance Power Ltd fall as much as 5 per cent

Alembic Pharma gets USFDA nod

Drug firm Alembic Pharmaceuticals on Friday said it has received approval from the US health regulator for Acetazolamide extended-release capsules, used for the treatment of various kinds of glaucoma. Read more on the USFDA approval for Alembic Pharma drug here

Shares join Asian rally; RIL, Infosys drive gains

The shares edged higher, taking cues from other Asian stocks that rallied to 4-1/2-month highs, as investors bet the latest round of talks between the United States and China would yield a trade deal, putting an end to a protracted tariff war.

The 30-share BSE index Sensex was trading at 35,588.96, higher by 236.35 points or 0.67 per cent, while the broader index Nifty was trading 10,678.75, higher by 74.40 points or 0.70 per cent.

US President Donald Trump said on Tuesday that trade talks with China were going well and suggested he was open to pushing off the deadline to complete negotiations, saying March 1 was not a “magical” date. Tariffs on $200 billion worth of Chinese imports are scheduled to rise to 25 per cent from 10 per cent from March 1 if the world's two largest economies do not settle their trade dispute.

“For Nifty, 10,600 is an important support region. In the absence of any key price triggers, that has acted as temporary bounce point,” said Anand James, chief market strategist at Geojit Financial Services, adding that the market is also tracking progress in the China-U.S. talks.

The US Federal Reserve will release the minutes from its January meeting later in the day, while the RBI is scheduled to release the minutes of its February meeting on Thursday. “There is some bargain-hunting happening. Apart from infrastructure stocks, ancillary sectors such as materials, cement, metals have also found some buying in anticipation of the GST meeting,” James said.

IT stocks bounced back after two days of losses. Shares of Infosys Ltd, the top gainer on the NSE index, rose as much as 1.6 per cent.

Financial stocks such as ICICI Bank Ltd and energy stocks such as Reliance Industries Ltd were also among the biggest gainers. ICICI Bank advanced as much as 1.3 per cent, while Reliance Industries added 1.4 per cent.

Meanwhile, shares of Anil Ambani's Reliance group companies fell after India's Supreme Court found Ambani guilty on contempt in Ericsson case. Reliance Communications Ltd shares dropped as much as 9.2 per cent, while those of Reliance Infrastructure Ltd fell as much as 8.8 per cent. (Reuters)

Top gainers and loser

BSE

NSE

India Inc keen on keeping investment tap open

Indian business leaders are bullish on making investments despite the political uncertainty in the run up to the general elections. In terms of mergers and acquisitions (M&A) involving Indian buyers, there is a clear expectation that deal-making will continue to increase, with seven out of 10 Indian business leaders expecting a significant increase in M&A in their industry. Click here to read more on the India Inc expectations and investments

Shutting out foreign funds hurts India’s bad debt market

India’s distressed debt market is being hobbled by rules that bar foreign funds from directly buying up bank loans, according to Bank of America Corp.

Markets update

The 30-share BSE index Sensex jumps 162.48 points or 0.46 per cent at 35,515.09 led by Vedanta Ltd and Tata Steel. Apart the metal stocks, the scrips of Infoys, HDFC, L&T, Reliance and HDFC Bank were leading the positive zone. The stocks of TCS, Hindustan Unilever, Bajaj Auto and Hero MotoCorp were trading in red.

Among the sectoral indices, metal stocks were leading the pack at 10,247.13 points (higher by 1.66 per cent), followed by basic materials, capital goods, industrials, and oil & gas.

In the broader index Nifty, the stocks of Vedanta Ltd, Tata Steel, Adani Ports IBUL Housing Finance and UltraTech Cement were lending support. Nifty was trading at 10,656.85, higher by 52.50 points or 0.50 per cent.

On the other hand, the scrips of Bajaj Auto, TCS, Infratel, Hero MotoCorp and ITC were the major losers.

RCom chairman Anil Ambani held guilty in Ericsson case

Reliance Communication Ltd Chairman Anil Ambani. File Photo

Supreme Court held Reliance Communication (RCom) Chairman Anil Ambani and two directors - Reliance Telecom Chairman Satish Seth and Reliance Infratel Chairperson Chhaya Virani - guilty of contempt of court and asked them to pay Rs 453 crore in four weeks. Failure to comply with the order will invite a jail term of three months. More on the Ericsson case and Supreme Court judgement here

The scrip of Reliance Communication was trading lower by 6.48 per cent at Rs 5.63 in the 30-share BSE index Sensex

BSE buyback

BSE has decided to go for share buyback.

BSE has decided to go for share buyback, it informed the NSE, where it is listed. BSE has more than Rs 2,900 crore net worth and close to Rs 1,700 cr cash on its balance sheet. It can start buyback after July first week, the exchange said. More on the BSE buyback here

US stocks

US stocks gained ground as upbeat results from Walmart boosted investor sentiment and high-level US-China trade talks resumed in Washington. All three major US equity indexes closed higher, with the Nasdaq ending its seventh consecutive day in the black.

Markets update

The 30-share BSE index Sensex trades 205.04 points or 0.58 per cent higher at 35,557.65 led by metal stocks. While the top gainers were Vedanta Limited, Tata Steel, L&T, ONGC and Infosys, the scrips of Bajaj Auto, IndusInd Bank, Hero MotoCorp, M&M and HCL Technologies were leading the negative zone.

Among the sectoral indices, metal stocks trade over 2 per cent, followed by capital goods, basic materials and Industrials.

The broader NSE index Nifty was trading at 10,669.15, higher by 64.80 points or 0.61 per cent.

Broker's call

Motilal Oswal

Kaveri Seed (Buy)

CMP: ₹421.45

Target: ₹582

File photo

Revenue declined 5 per cent y-o-y to ₹67.2 crore (our estimate: ₹71.4 crore) in 3QFY19. EBITDA fell 99 per cent y-o-y to ₹10 lakh (our estimate: ₹8.9 crore), with the margin shrinking to 0.2 per cent from 13.8 per cent in the year-ago period. Read our Broker's call on Kaveri Seed here

Top gainers and losers

BSE

NSE

 

Vedanta says no revised bid for Essar Steel

The talks between billionaire Anil Agarwal-owned Vedanta and JSW Steel for submitting a higher joint bid for the stressed Essar Steel asset seem to have not taken off. According to sources, Vedanta was in talks with JSW Steel the past few weeks to increase its bid from ₹36,000 crore to ₹48,000 crore with both companies contributing ₹24,000 crore each.

The stocks of Vedanta Limited was trading higher at Rs 157.50, higher by 2.94 per cent

Commodities market

(File photo)

Oil prices slipped from 2019 highs on Wednesday as soaring US production and expectations of an economic slowdown undermined efforts led by producer club OPEC to cut supply to tighten global markets. International Brent crude futures were down 27 cents, or 0.4 per cent, at $66.18 per barrel after hitting a 2019 high of $66.83 per barrel on Monday. Read the commodities market report here

Markets update

The 30-share BSE index Senses was trading at 35,572.44, higher by 219.83 points or 0.62 per cent. While the top gainers were led Vedanta Ltd and Tata Steel, the stocks of Bajaj Auto and Hero MotoCorp were leading the negative zone.

Among the sectoral indices, metal stocks was trading at 2.38 per cent followed by basic materials (1.61) and oil and gas (1.41).

The broader NSE index Nifty was trading 10,674, higher by 69.65 points or 0.66 per cent.

IBUL Housing Finance, Tata Steel, Vedanta Ltd, JSW Steel and Hindalco were the top gainers, while Bajaj Auto, Hero MotoCorp, HCL Technologies, Infratel and Dr Reddy's were trading in red.

Currency market

The rupee inched up 3 paise to 71.31 against the US dollar in early trade even as foreign fund outflows continued amid firming oil prices. Foreign institutional investors (FIIs) remained in sell-off mode, offloading shares worth a net Rs 813.76 crore on Tuesday.

Editorial | Corporate Q3 earnings

Close Up Of A Businessman Analyzing Graph On Digital Tablet

India Inc’s earnings for the third quarter of FY19 are far from comforting and could weigh on stock prices in the coming months. The disappointing growth in profit, after a good run in the June and September quarters, could be a harbinger of challenging times ahead for equity investors. Read our editorial on the corporate Q3 earnings and its impact on the stock market investors

Forex market

The dollar was capped against its peers on falling US yields and before the Federal Reserve's policy meeting minutes, though it managed to gain on the yen as stronger investor risk appetite curbed demand for the Japanese currency. The US currency was up 0.2 per cent at 110.83 yen. Read the forex market report here

Sensex zooms 255 points

The 30-share BSE index Sensex jumped 255.83 points or 0.72 per cent to 35,608.44 in the morning trade. Metal, banking and realty stocks soared amid sustained buying by domestic institutional investors. Positive cues from other Asian markets too buoyed mood on Dalal Street.

The scrips of Reliance, HDFC and Infosys supported the index. The stocks of HCL Technologies, Bajaj Auto, Hero MotoCorp and Hindustan Unilever were trading in the negative zone.

Among the sectoral indices, consumer durables, basic materials, energy and metal stocks were trading over 1.2 per cent.

The broader NSE index Nifty was trading higher at 10,680.45 by 76.10 points or 0.72 per cent. Tata Steel, Vedanta, Hindalco and BPCL were major gainers while Bajaj Auto, Hero MotoCorp, HCL Technologies and Dr Reddy's were leading the negative zone.

According to traders, investor sentiment was positive on strong buying by domestic institutional investors (DIIs).

On a net basis, DIIs were net buyers to the tune of Rs 1,163.85 crore, while foreign institutional investors sold shares worth a net of Rs 813.76 crore on Tuesday, provisional data available with BSE showed.

Investors also took cues from other Asian equities that were trading positive on hopes of a resolution to US-China trade tiff.

(With inputs from PTI)

Stocks in focus

Shares of close to 20 companies will turn ex-dividend on Thursday. Among these are BPCL (₹11/share), CARE Ratings (₹6), Goldiam International (₹2), GPT Infraprojects (₹2), India Nippon Electricals (₹3), LKP Finance (₹3), Manaksia (₹3), Modison Metals (₹1), Mayur Uniquoters (₹2), Natco Pharma (₹3.50), Oil India (₹8.50) and Page Industries (₹41 + ₹70 special dividend). Investors wishing to receive the dividend need to buy these shares by Wednesday.

Shares of Monte Carlo Fashions may see some demand on Wednesday, as they turn ex-date on Thursday for the proposed buyback. It plans to buy back 10 lakh shares, representing 4.60 per cent of the total paid-up equity share capital of the company, at ₹550 a share. The company has fixed the record date at February 22 for the buyback. Investors wishing to participate in the offer need to own the company’s shares by Wednesday, as it would be done on tender basis.

The board meeting of Mahindra CIE Automotive and Varun Beverages will be held to consider and approve audited financial results (standalone and consolidated) for FY ended December 2018. For FY17, Mahindra CIE had posted a profit of ₹69.30 crore on revenues of ₹2,063.33 crore; Varun Beverages, which on Monday acquired the bottling franchisee rights of PepsiCo, had recorded a PAT of ₹235.60 crore and turnover of ₹3,490.56 crore.

Asian markets

MSCI Asia-Pacific index up 0.15 per cent. File Photo

Asian stocks gained a tad on Wednesday after US-China trade talks resumed, while investors awaited minutes from the US Federal Reserve for clues on policymakers' thinking on interest rates and its balance sheet reduction policy. Read the full Asian markets report here

Opening bell

The 30-share BSE index Sensex opens 212.32 points higher at 35,564.93 against the previous close of 35,352.61. The 50-share NSE index Nifty also opens higher by 54.9 points at 10659.25 against the previous close of 10,604.35

Day Trading Guide

₹2084 • HDFC Bank

₹725 • Infosys

₹275 • ITC

₹139 • ONGC

₹1216 • Reliance Ind.

₹262 • SBI

₹1904 • TCS

10617 • Nifty 50 Futures

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

Today's Pick

We recommend a buy in the stock of Sterlite Industries at the current levels of ₹231.9. The stock recorded a 52-week low at ₹181 on February 12 and bounced forming a hammer candlestick pattern. The short-term outlook is bullish for the stock. Read our stock recommendation and the stock movement of Sterlite Industries here

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