Sensex, Nifty end on high note

Closing bell

The stock market continued its winning run for a seventh consecutive session with the BSE Sensex rising 268 points to close at over six-month high led by gains in index heavyweights like ITC, RIL and Infosys amid continuous foreign fund inflow.

The 30-share index started off on a strong footing at 38,218.59 points and touched a high of 38,396.06 before winding up at 38,363.47, recording a significant rise of 268.40, or 0.70 per cent. Intra-day it also hit a low of 38,078.23. The gauge had climbed over 1,420 points points in the previous six sessions.

The 50-share NSE Nifty closed at 11,509.80, higher by 70.20 points, or 0.61 per cent, after hovering between 11,543.85 and 11,451.55. These are the highest levels for both indices since September 7.

The gains on domestic bourses were led by PSU, oil and gas, infrastructure, realty, banking and power sector stocks as investors indulged in widening their exposure.

Traders said widening of positions by retail investors amid continued buying by foreign institutional investors (FIIs) as expectations that the incumbent government would return to power after the general elections, starting next month, boosted investor confidence.

Broadly, sentiments continued to remain bullish despite profit-booking at current levels by speculators, they added. Sentiment also got a lift after the GST Council approved a transition plan for the implementation of new tax structure for housing units at its meeting earlier in the day.

Most other Asian markets held steady ahead of a Federal Reserve policy meeting later this week, but were broadly at near six-month highs on expectations the US central bank might strike a dovish tone.

Meanwhile, on a net basis, FIIs bought shares worth Rs 1,823 crore, while domestic institutional investors (DIIs) offloaded equities to the tune of Rs 1,269 crore Monday, provisional data showed.

Bullion market

Pick-up in buying by local jewellers at domestic spot market, fuelled the uptrend. File Photo

Gold prices bounced back by Rs 140 to Rs 32,970 per 10 gram at the bullion market on the back of positive global trend and fresh buying by local jewellers. Silver followed suit and recovered by Rs 235 to Rs 38,960 per kg due to increased offtake from industrial units and coin makers. Click here to read more on the bullion market

European markets

Germany's DAX index was less than 0.05 per cent higher. File Photo

European shares opened flat to marginally higher, as investors made cautious moves ahead of a US Federal Reserve meeting while British Prime Minister Theresa May's third attempt to get a Brexit deal through parliament was blocked for now.

The pan-European STOXX 600 index rose 0.1 per cent by 0806 GMT after four sessions of solid gains, while Germany's DAX index was less than 0.05 per cent higher and London's FTSE dipped 0.1 per cent. Here's more on the European markets report

Sensex surges 253 points

The 30-share BSE index Sensex surged 253.81 points or 0.67 per cent to 38,348.88 supported by the stocks of Reliance, ITC, Infosys, SBI and Axis Bank. The broader NSE index Nifty too traded higher at 11,526.65, up 64.45 points or 0.56 per cent.

The BSE index scrips trading in red were L&T, Maruti, Hero MotoCrop, Bajaj Auto and Coal India. Sectorally, the stocks of energy, FMCG, telecom, utilities, oil & gas and power were in the positive zone.

The top gainers in Nifty were Infratel, HCL Technologies, NTPC, ITC and ONGC. The negative zone was led by Eicher Motors followed by Hero MotoCorp, JSW steel, L&T and Bajaj Auto.

Jet Airways shares plunge

Jet Airways aircraft maintenance engineers’ union wrote to DGCA that three months of salary was overdue to them. Representative image.

Shares of debt-ridden Jet Airways fell by five per cent amid massive cancellation of flights by the airline due to grounding of a large part of its fleet. The shares of the company plunged 5 per cent to Rs 225.10 on the BSE. On the NSE, shares declined 4.77 per cent to Rs 225.45. More on the Jet Airways crisis here

Rupee trades near day's low

Foreign investors put in Rs 751.92 crore on a net basis in capital markets on Tuesday. File Photo

The rupee has erased all its gains and trading near the day's low at 68.83 per dollar around 2.30 pm. Earlier, it had opened up 2 paise higher at 68.51 to a  US dollar on Tuesday ahead of the Federal Reserve’s policy meet. More on the local currency market here

L&T starts one-sided love affair with Mindtree

As Mindtree promoters and management calls L&T's attempt to acquire it a hostile move, L&T CEO SN Subrahmanyan says its a bid for 'dil' and 'pyaar' as the infrastructure group looks for the new alliances in a bid for a larger services play. Click here to read more on the 'love affair' between L&T and Mindtree

India's trade basket

The government hopes to export goods worth $330 billion in 2018-19 istock/Waldemarus Waldemarus

India’s merchandise exports in the current financial year are expected to top the levels achieved in 2013-14 for the first time in five years. Estimates are that the value of India’s exports will rise above $314 billion, as it had already earned $298 billion between April 2018 and February 2019. Here's how India's trade basket changed between 2013-14 and 2018-19

Sensex zooms 130 points

The 30-share BSE index Sensex was trading at 38,226.75 higher by 131.68 points or 0.35 per cent. The stocks of ITC, SBI, Reliance, NTPC and ONGC supported the index. The scrips of L&T, TCS, Maruti, Hero MotoCorp and Bajaj Auto were in the red.

Among the sectoral indices, the telecom stocks were trading higher by 2.03 per cent, followed by utilities, power, oil & gas and FMCG stocks.

The NSE index Nifty was trading at 11,496.70, higher by 34.50 points or 0.30 per cent. The top gainers were Infratel, NTPC, ONGC, SBI and Zee Entertainment, while the major losers were Eicher Motors, L&T, Hero MotoCorp, JSW Steel and Bajaj Auto

Nifty Call

03/02/2017 MUMBAI:The Nifty of National Stock Exchange of India Ltd. (NSE) building in Mumbai on February 3, 2017. Bombay Stock Exchange was listed on NSE. Photo: Paul Noronha

After taking mixed cues from the global markets, the domestic equity indices - the Sensex and the Nifty began the session marginally in positive territory. The market breadth of the Nifty index is biased towards advances. The India VIX has slipped 1 per cent to 16.73 levels. The Nifty March month contract started the session with a gap-up open at 11,525. Read our Nifty call for March futures here

Stocks set to surge

Indian stocks will accelerate gains in the lead-up to the election next month as foreign investors pile back in amid a “sharp under performance” in the market and earnings growth that’s expected to top the region, according to Goldman Sachs Group Inc. The Nifty 50 index will reach 12,500 in 12 months, implying a 9.1 per cent gain from Mondays close, while earnings growth this year is expected to climb 16 per cent. Click here to read more on Goldman Sachs estimate on the Indian stocks

Bullion market

Palladium hits a record high of $1,592.02/oz.

Palladium prices surged to a record, bolstered by worries about shrinking supply of the auto-catalyst metal, while gold rose on expectations that the US Federal Reserve will maintain a dovish tone at its policy meeting this week. Spot gold, meanwhile, rose 0.3 per cent to $1,307.02 per ounce, as the dollar languished near two-week lows hit in the previous session on growing expectations the Fed would shift to a more accommodative policy stance. More on the bullion market report here

Sensex, Nifty in green

The 30-share BSE index Sensex trading higher at 38,137.32, up by 42.25 points or 0.11 per cent. The stocks of ITC, SBI, ONGC, NTPC and Bharti Airtel lifted the index. The scrips of L&T was the major loser followed by TCS, HDFC Bank, Maruti and Hero MotoCorp.

Among the sectoral indices, the telecom stocks were in the positive, trading higher by 2.15 per cent at 1,052.32. Utilities and power were the other gainers.

The broader NSE index Nifty was trading at 11,473.65, higher by 11.45 points or 0.10 per cent. Top gainers were Infrate, ONGC, Bharti Airtel, Zee Entertainment and SBI while the negative zone was led by Eicher Motors, followed by Hero MotoCorp, L&T, JSW Steel and TCS.

Gold futures

Tracking a firm trend overseas, gold prices advanced by 0.11 per cent to Rs 31,720 per 10 grams in futures trading as speculators enlarged positions. Globally, gold rose 0.31 per cent to $ 1,308.30 an ounce in New York. Read more on the gold futures report here

Mindtree promoters vow to oppose hostile takeover bid by L&T

The promoters of IT company Mindtree have vowed that they would unconditionally oppose the attempted  hostile takeover bid by Larsen and Toubro , and dubbed it a grave threat to the organisation. The attempted hostile takeover bid of Mindtree by Larsen & Toubro is a “grave threat” and “value destructive” to the organisation collectively built over 20 years, the promoters said pledging to “unconditionally oppose” the hostile takeover attempt.

Commodities market

Brent crude oil futures were up 10 cents at $67.64 per barrel, close to this year's peak of $68.14. File Photo

Oil prices were near 2019 highs on Tuesday, supported by supply cuts led by producer club OPEC. Brent crude oil futures were up 10 cents at $67.64 per barrel, also close to this year's peak of $68.14 reached late last week. More on the commodities market report here

Auto stocks decline

The shares were largely unchanged, as investors creamed off profits after six sessions of gains. Stocks had run up last week on expectations that the current coalition government led by Prime Minister Narendra Modi would return to power after the general election starting next month.

“There is still some optimism in the market. There has been a run-up in the past few sessions and profit booking is inevitable,” said Saurabh Jain, AVP Research, SMC global securities. “This profit booking will last for a short time. Broadly, things are looking good, we are seeing some confidence return.”

The broader NSE index rose 0.12 per cent to 11,476.40. The benchmark BSE index was 0.15 per cent higher at 38,151.37. Both the indexes had gained 3.9 percent over the past six sessions.

Eicher Motors Ltd and Hero MotoCorp Ltd were among the biggest losers on the NSE index, falling over 2 per cent each. Oil and Natural Gas Corporation Ltd and Bharti Infratel Ltd both climbed over 3 per cent and were the top gainers.

Shares of IT services company Mindtree Ltd were trading 1.7 per cent lower after conglomerate Larsen & Toubro Ltd said it would buy a 20.32 per cent stake in Mindtree for Rs 3,269 crore ($477.1 million).

Shares of Anil Ambani-led Reliance Communications Ltd were locked in the upper circuit after his elder brother Mukesh Ambani, the country's richest man helped pay off debt owed to Sweden's Ericsson.  - Reuters

Hyundai, Kia invest in Ola

Bhavish Aggarwal, Co-founder and CEO of Ola and Euisun Chung, Executive Vice Chairman of Hyundai Motor Group.

Hyundai Motor Group (the Group) and Ola announced a strategic partnership under which Hyundai Motor Company and Kia Motors Corporation will invest a total of $ 300million in Ola, making it their biggest combined investment to date. As part of the strategic collaboration, the companies have agreed to co-create solutions to operate and manage fleet vehicles. Read more on the partnership between, Hyundai, Kia and Ola here

Mindtree shares fall

IT services company Mindtree Ltd fell in early trade on Tuesday after conglomerate Larsen & Toubro Ltd (L&T) said it would  buy a 20.32 per cent stake in Mindtree for Rs 3,269 crore  ($477.1 million).

The Mindtree stocks was trading lower by 1.83 per cent in the BSE index Sensex at Rs 944.90, while the stock of L&T Ltd was trading lower at 1350.75, down 2.04 per cent.

Forex market

The dollar index against a basket of six major currencies, dipped 0.1 per cent to 96.43.

The dollar was on the defensive, weighed by growing expectations the Federal Reserve would adopt a more accommodative policy outlook this week and concerns about slower US economic growth. The dollar index, which measures the greenback against a basket of six major currencies, dipped 0.1 per cent to 96.43, hovering close to a two-week low touched overnight. Read the forex market report here

Telecom gains, auto loses

The 30-share BSE index Sensex was trading higher by 82.82 points or 0.22 per cent at 38,177.89. The scrips of ITC, SBI, Reliance, ONGC and HDFC were lending support to the stock. While the stocks of L&T, HDFC Bank, TCS, Hero MotoCorp and Bajaj Auto were in the negative zone.

Sectorally, the telecom stocks were trading higher by 2.05 per cent at 1,051.29. Auto stocks were major losers.

The broader NSE index Nifty was trading higher by 17.05 points or 0.15 per cent at 11,479.25. The top gainers were Infratel, ONGC, Bharti Airtel, SBI and Hindalco while the major losers were Eicher Motors, Hero MotoCorp, Bajaj Auto, L&T and Adani Ports

Asian markets

Japan's Nikkei average dropped 0.3 per cent. File Photo

Asian shares held tight ranges ahead of the a Federal Reserve policy meeting, but were broadly supported near six-month highs on expectations the central bank might strike a dovish tone, while fresh Brexit worries dogged the pound.

MSCI's broadest index of Asia-Pacific shares outside Japan was flat, easing back from its highest level since September 21 hit earlier in the session. Chinese stocks held tight ranges, with benchmark Shanghai Composite hovering almost flat, the blue-chip CSI 300 declining 0.2 per cent, and the Hang Seng edging 0.1 per cent lower. More on the Asian markets report here

RCom stocks jump

Shares of Anil Ambani-led Reliance Communications Ltd (RCom) were locked in the upper circuit after his elder brother Mukesh Ambani helped pay off debt owed to Sweden's Ericsson.  India's richest man Mukesh Ambani, who controls oil-to-telecoms powerhouse Reliance Industries, appears to have offered support to ensure Anil Ambani paid off total dues of Rs 5.5 billion ($80 million) to Ericsson.

The stock of RCom was trading at Rs 4.40, higher by 10 per cent.

Indices in positive zone

The benchmark BSE Sensex rose over 73 points in early trade, extending gains for the seventh session, driven by sustained foreign fund inflows. Besides, covering-up of short positions ahead of March series expiry in the derivatives segment scheduled for Wednesday as markets will remain closed on Thursday, also supported the rising trend, brokers said.

The 30-share index was trading 28.47 points, or 0.07 per cent, higher at 38,123.54. The gauge had gained over 1,420 points in the previous six sessions. Sectoral indices, led by oil and gas, healthcare, realty, PSU, consumer durables and IT gained up to 0.78 per cent.

The NSE Nifty also advanced by 2.75 points, or 0.02 per cent, to 11,464.95.

Major gainers were Sun Pharma, ONGC, Bharti Airtel, SBI, ITC, Bajaj Finance, Reliance Industries, Infosys, Yes Bank, HDFC Bank, HCL Tech, HDFC, Coal India, IndusInd Bank, Kotak Bank and Asian Paints, rising up to 3.05 per cent. Bucking the trend, Hero MotoCorp, Bajaj Auto, L&T, Maruti Suzuki, ICICI Bank, PowerGrid, M&M, Vedanta and Tata Steel were down up to 2.42 per cent.

Brokers said sustained foreign fund inflows, continued buying by retail investors and a mixed global cues ahead of the US Federal policy meet, influenced the market here.

Meanwhile, on a net basis, foreign institutional investors (FIIs) bought shares worth Rs 1,823 crore, while DIIs offloaded equities to the tune of Rs 1,269 crore Monday, provisional data showed. - PTI

Rupee opens marginally higher

The rupee edged 2 paise higher to 68.51 against the US dollar in early trade ahead of the Federal Reserve’s policy meet. On Monday, the domestic unit had surged by 57 paise to close at an over seven-month high of 68.53 against the US dollar, also marking a sixth straight session of gains. Read more on the currency market report here

Brookfield to buy Hotel Leela assets

The company entered into a binding agreement with Brookfield-sponsored private real estate fund to sell four Leela hotels located at Bangalore, Chennai, Delhi and Udaipur. File photo

Debt-laden hospitality firm Hotel Leela Venture will sell its assets to Canada-based private equity firm Brookfield Asset Management for ₹3,950 crore. The deal covers four hotels, in Bengaluru, Chennai, Delhi and Udaipur, on a slump sale basis. The deal also gives Brookfield a 100 per cent shareholding in Leela Palaces and Resorts Ltd, which owns certain properties and holds the licence to develop a hotel in Agra. Read more on the asset sale deal between Brookfield and Hotel Leela here

The stocks of Hotel Leelaventures was trading at Rs 11.63, higher by 4.96 per cent.

Stocks in focus

Hotel Leelaventure on Monday entered into a binding agreement with real estate fund Brookfield Asset Management, to sell four hotels located at Bangalore, Chennai, Delhi and Udaipur, as well as a property in Agra. It also includes assignment of all hotel management contracts currently in operation and under development, along with employees. The transaction value is ₹3,950 crore. Besides, promoters would also transfer the Leela brand to Brookfield for all hospitality business.

The buyback offer from Monte Carlo Fashions to its shareholders opens for subscription on Tuesday and closes on April 2. The company 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. Only those shareholders whose names had appeared on the company’s records as on February 22 are eligible to participate in the buyback offer, as it would be done through the tender offer route on proportionate basis.

Tata Chemicals has signed a non-exclusive agreement with the Indian Space Research Organisation for the latter’s lithium ion cell technology. Under this agreement, ISRO will transfer the technology to Tata Chemicals, which will utilise the knowhow to manufacture lithium ion cells, said Tata Chemicals. The Vikram Sarabhai Space Centre, a part of ISRO, has developed the technology to produce space grade lithium ion cells of various kinds, to power its rockets and satellites.

Opening bell

The 30-share BSE index Sensex opened 123.52 points higher at 38,218.59 against the previous close of 38,095.07. The 50-share NSE index Nifty opened 20.85 points higher at 11,483.05 against the previous close of 11,462.20

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:

₹2261 • HDFC Bank

₹709 • Infosys

₹292 • ITC

₹155 • ONGC

₹1347 • Reliance Ind.

₹298 • SBI

₹2021 • TCS

11494 • Nifty 50 Futures

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

Today's Pick

We recommend a buy in the stock of Godfrey Philips at the current levels of ₹1,128.4. The stock surged over 5 per cent on Monday and has closed on a strong note. Traders can go long at current levels and also accumulate on dips at ₹1,105 and ₹1,090. Stop-loss can be placed at ₹1,070 for the target of ₹1,220. Read our stock recommendation and stock activity of Godfrey Philips here

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