Sensex rises for 8th session, ends marginally higher

Nifty ends in red; marginally lower by 0.1 per cent

4.00 pm

Closing bell

Continuing its upward journey for the eighth consecutive session, market benchmark BSE Sensex ended marginally higher Wednesday, following gains in Infosys, HDFC twins and L&T amid uninterrupted capital inflows by foreign funds.

The 30-share BSE index closed 23.28 points or 0.06 per cent higher at 38,386.75. The stock of Infosys was the top gainer ending at Rs 738.50, higher by 2.36 per cent. The other contributors to the index were the scrips of HDFC Bank, HDFC, L&T and YES Bank. The losers were ICICI Bank, NTPC, Maruti, ONGC and Bajaj Finance.

However, gains were capped tracking weakness in Asian shares that slipped from six-month highs after a lackluster session as investors took profits ahead of a policy decision by the US Federal Reserve amid a report of US concerns that China is pushing back against American demands in trade talks.

Sectorally, the stocks of information technology and realty were in the positive zone climbing 1.27 per cent and 1.57 per cent respectively.

However, emergence of profit-booking and losses in select heavy weight stocks on expiry of March series derivative contracts, the index turned negative and hit a low of 38,316.21 before returning in positive terrain to close the day higher by 23.28 points, or 0.06 per cent, to 38,386.75.

The barometer had rallied about 1,500 points in the previous seven sessions.

The 50-share NSE index Nifty closed marginally lower at 11,521.05, down 11.35 points or 0.10 per cent.

The top gainers were IBUL Housing Finance, Infosys, Hindalco, Wipro and Dr Reddy's while the losers were Hindustan Petroleum, Zee Entertainment, BPCL, IOC and NTPC.

Markets will remain closed Thursday on account of Holi.

Stocks of software exporters were centre of brisk activity after the rupee slipped below the 69 mark against the dollar. Software exporters’ majority of revenues come in dollar.

On a net basis, foreign institutional investors (FIIs) bought shares worth Rs 2,132.36 crore Tuesday, while domestic institutional investors (DIIs) sold shares worth Rs 1,253.67 crore, provisional data showed.

(With inputs from PTI)

3.30 pm

European stock markets

European shares retreated from near six-month highs.   -  Bloomberg

 

European shares retreated from near six-month highs, with German stocks leading losses as chemicals producer Bayer sank 10 per cent following another US court verdict on weed killer Roundup's link to cancer. The Fed is expected to hold interest rates steady and release long-awaited details of a plan to end the monthly reduction of its massive balance sheet. More on the European stock markets here

3.10 pm

Sensex, Nifty trade flat

The 30-share BSE index Sensex was trading marginally higher by 20.22 points or 0.05 per cent at 38,383.69. The broader NSE index Nifty was trading marginally lower by 12.50 points or 0.11 per cent at 11,519.90

2.55 pm

Broker's call

Motilal Oswal

Hindustan Unilever (Buy)

CMP: ₹1,699.6

Target: ₹2,125

 

We maintain ‘buy’ rating on the stock with a target price of ₹2,125, target multiple of 52x FY2021 EPS (which is aout 15 per cent premium to three-year average due to significantly improving business fundamentals). Read the Broker's call for Hindustan Unilever here

2.40 pm

RCom reaches upper circuit

Shares of Reliance Communications hit the highest trading permissible limit for the second day in a row. File Photo   -  Reuters

 

Shares of Reliance Communications further zoomed 10 per cent to hit the highest trading permissible limit for the second day in a row. The scrip rose sharply by 10 per cent to Rs 4.84, its upper circuit limit, on the BSE. On NSE, shares advanced 9 per cent to Rs 4.80. More on the stock activity of Reliance Communications here

2.25 pm

Rupee trades higher

Extending its gains for the sixth session, the rupee opened higher at 68.92. File Photo   -  The Hindu

 

The rupee was trading higher by 22 paise at 68.74 against the US dollar around 12.40 pm. It fell 19 paise to 69.15 in early trade after crude price rose to a four-month high in global market amid increased demand for the American currency from importers. Click here to read more on the local currency market here

2.10 pm

Sensex, Nifty unchanged

The 30-share BSE index Sensex was trading higher by 81.24 points or 0.21 per cent at 38,444.71. The stock of Infosys emerged the biggest gainer, climbing 2.4 per cent at Rs 738.85. The positive pack was followed by HDFC Bank, HDFC, L&T and HCL Technologies.

Among the sectoral indices, Information technology and realty sector stocks lent support to the index. Oil & gas emerging the biggest loser, trading lower by 2.34 per cent.

The NSE index Nifty was trading flat at 11,532.45. The top gainers were IBUL Housing Finance, Infosys, Hindalco, Wipro and Dr Reddy's. The major losers were Hindustan Petroleum, Zee Entertainment, BPCL, IOC and NTPC.

1.50 pm

Oil consumption rises for third month before elections

 

Oil consumption in India continued to gather strength in February as increased demand for transportation and cooking fuel ahead of federal elections outweighed an economic slowdown. Hectic campaigning during the worlds biggest election, set to kick off next month, will boost the use of transportation fuel as political parties traverse the country courting voters. More on the oil consumption in India here

1.35 pm

Nifty Call

 

The Nifty 50 futures has been consolidating sideways today within its overall uptrend; oscillating between 11,500 and 11,580. Short-term traders can make use of dips and go long at 11,520 and 11,505. Stop-loss can be placed at 11,490 for the target of 11,585. Read our Nifty Call for March futures here

1.15 pm

Indices remain unchanged

The 30-share BSE index Sensex was trading flat at 38,401.57, higher by 38.10 points or 0.10 per cent. The top contributors to the index were the stocks of Infosys, HDFC Bank, HDFC, Reliance and L&T. The negative pack were led by ICICI Bank, followed by NTPC, Kotak Mahindra Bank, ONGC and Bajaj Finance.

Sectorally, IT and realty sector stocks were in the positive zone. Oil & gas were the top loser.

The broader NSE index Nifty was trading marginally lower by 3.70 points or 0.03 per cent at 11,528.70. The top gainers were IBUL Housing Finance, Hindalco, Infosys, Wipro and YES Bank.

The stocks of Hindustan Petroleum, NTPC, IOC, BPCL and Zee Entertainment were dragging the index down.

1.05 pm

Silver to see best year since 2015

Silver prices in India have been relatively stable for the last two years. File Photo   -  Reuters

 

Silver will see a resurgence in demand this year from rural Indians spending cash handouts from the government designed to aid local economies ahead of the general election, according to Metals Focus Ltd. Purchases are set to rise to about 6,590 tons, beating the 6,442 tons bought in 2018 and marking the best year since record consumption in 2015. Read more on the silver demand and silver prices in India

12.40 pm

Realty firms can opt for old or new rates for ongoing residential projects

Real estate developers have the option to adopt a lower rate of Goods and Services Tax (GST) without input tax credit (ITC), or go for the existing rate with ITC. This applies to ongoing projects (buildings where construction and actual booking have both started before April 1, 2019, but which will not be completed by March 31, 2019). Projects beginning on or after April 1 will fall into the lower GST rate regime automatically.

The stocks of realty sector was trading higher by 1.52 per cent at 2,035.41

Realty firms can opt for old or new rates for ongoing residential projects

GST Council approves transition plan for new rate structure

Read More  

12.30 pm

Bullion market

Spot gold was down about 0.1 per cent at $1,304.85 per ounce.   -  istock.com

 

Gold prices dipped after posting gains in the previous three sessions, as the dollar gained ground ahead of an interest rate decision by the US Federal later in the day. Spot gold was down about 0.1 per cent at $1,304.85 per ounce, as of 0428 GMT, trading in a narrow $3 range. US gold futures dipped about 0.2 per cent to $1,304.60 an ounce. Read more on the bullion market here

12.15 pm

Sensex flat, Nifty marginally low

The 30-share BSE index Sensex was trading flat at 38,386.55, higher by 23.08 points or 0.06 per cent.

While the stock of Infosys emerged the top gainer, the pack was followed by HDFC Bank, HDFC, L&T and Reliance. The scrips of ICICI Bank, NTPC, Kotak Mahindra Bank, ONGC and ITC were pulling the index down.

The NSE index Nifty was trading marginally lower by 9.50 points or 0.08 per cent at 11,522.95. The top gainers were IBUL Housing Finance, Infosys, Hindalco, Dr Reddy's and Wipro while the losers were Hindustan Petroleum, BPCL, Zee Entertainment, IOC and NTPC

12.05 pm

Hindalco hits nearly 6-week high

Hindalco Industries

 

Shares of Hindalco Industries Ltd gain as much as 2.77 per cent to Rs 207.95, their highest since February 8. MACD turned positive on Tuesday and is above its signal line. More on the stock activity of Hindalco Industries here

The stock is currenty trading at Rs 206.45, higher by 1.98 per cent in the BSE index Sensex, while in the NSE index Nifty the stock was trading higher by 2.10 per cent at Rs 206.60.

11.50 am

'India's growth in last 5 years have been transformational'

“The rapid economic growth and developmental strides of India in the last five years have been transformational”   -  Getty Images/iStockphoto

 

The rapid economic growth and developmental strides of India in the last five years have been transformational and the country is all set to emerge as a USD 5 trillion economy in the next five years, India’s envoy to the US Harsh Vardhan Shringla said at an event organised by the Federation of Indian Chambers of Commerce and Industry with the George Washington University’s Institute for International Economic Policy said. Click here to read more on Shringla's thought on Indian economy and growth.

11.35 am

Commodities market

Irrespective of the basins, producers will get complete marketing and pricing freedom in future bid rounds, the notification said

 

Oil prices dipped, retreating from a four-month high as economic growth concerns dampened the outlook for fuel consumption. International Brent crude oil futures were at $67.50 a barrel at 0222 GMT, down 11 cents, or 0.2 per cent, from their last close. Brent touched $68.20 a barrel on Tuesday, its highest since November 16. Read more on the commodities market report here

11.20 am

Indices pause

Shares were largely unchanged as investors looked for further cues before taking bets, with gains in IT and financials countering losses in consumer and energy scrips.

Benchmark indices witnessed a rally over the past seven sessions, fuelled by optimism that the current coalition government led by Prime Minister Narendra Modi would return to power after the general election starting next month. “We've had a huge rally, it's been unrelenting upwards and markets are going to take a rest at some point,” said Sunil Sharma, chief investment officer, Sanctum Wealth Management. “People are gearing up for elections, so some people may take money off the table as we head closer to polls.”

The broader NSE index was up 0.11 per cent or 13 points at 11,545.40 while the benchmark BSE index gained 79.28 points 0.21 per cent to 38,442.75.

Infosys Ltd and Wipro Ltd were among the top percentage gainers on the NSE index, rising 2.3 percent and 1.7 percent, respectively. Among financials, Indiabulls Housing Finance rose as much as 4.16 percent, while Housing Development Finance Corporation gained 0.92 percent.

Nifty auto index fell 0.4 per cent. Eicher Motors Ltd lost up to 1 per cent and Bajaj Auto Ltd slipped 0.86 per cent. “There is some concern about the auto sector due to higher inventories, so there will be selective upside in the market,” said Deven Choksey, founder, KR Choksey Investment Managers.

State-run fuel retailers Hindustan Petroleum Corp, Bharat Petroleum Corporation and Indian Oil were among the biggest losers on the NSE index, falling between 2.7 per cent to 4.3 per cent. - Reuters

11.10 am

Rupee emerges Asia's best currency

 

Asia’s worst-performing currency took five weeks to become its best. The turnaround has been fuelled by the improved chances of Prime Minister Narendra Modi winning a second term amid recent tensions between India and Pakistan. The high-yielding rupee will likely advance further if Modi wins a second term. Take a look at the state of play in India’s currency market

10.50 am

Sensex, Nifty steady

The 30-share BSE index Sensex was trading steady at 38,440.04, marginally higher by 76.57 points or 0.20 per cent. Infosys was the top gainer followed by L&T, HDFC, Reliance and HDFC Bank. The major losers were Kotak Mahindra Bank, ICICI Bank, ITC, ONGC and NTPC.

Sectorally, the stocks of Information technology and realty sectors companies were lending support to the index while the scrips of oil and gas was the leading the pack in the negative zone.

The broader index Nifty was trading marginally higher by 7 points or 0.06 per cent at 11,539.40. The top gainers were IBUL Housing Finance, Infosys, Hindalco, Wipro and L&T. The loser were Hindustan Petroleum, Zee Entertainment, BPCL, IOC and ONGC.

10.35 am

Jet Airways stocks fall

Shares of Jet Airways Ltd dropped about 7 per cent as the company's distress aggravated after the government called for an emergency meeting to discuss the cash-strapped carrier's woes.

Jet Airways shares drop as crisis deepens

Shares of Jet Airways Ltd dropped about 7 per cent on Wednesday as the company's distress aggravated after the Indian government called for an ...

Read More  

The stock of Jet Airways is now trading at Rs 219.50, lower by 4.17 per cent in the BSE index Sensex.

10.20 am

US markets

 

The benchmark S&P 500 index ended little changed on Tuesday as investor optimism regarding the Federal Reserve's expected affirmation of its dovish policy stance was offset by reports of fault lines emerging in ongoing US-China trade negotiations. The blue-chip Dow snapped a four-day winning streak, while the Nasdaq limped back into positive territory just before the closing bell. Read more on the US markets report

10.05 am

Markets flat

The 30-share BSE index Sensex was trading higher by 50.43 points or 0.13 per cent at 38,413.90. The index was supported the stocks of Infosys, HDFC, HDFC Bank, L&T and Hindustan Unilever. The scrips of Kotak Mahindra Bank, Reliance, ICICI Bank, ONGC and NTPC were in red.

Among the sectoral indices, IT and real estate were boosting the index. Sectoral indices led by oil and gas, PSU, auto, bankex, power and consumer durables were trading in the negative zone, falling up to 1.22 per cent.

The NSE index Nifty was trading higher by 4.95 points or 0.04 per cent at 11,537.35. The positive zone pack was led by IBUL Housing Finance followed by Infosys, Hindalco, Wipro and Dr Reddy's while the major losers were Zee Entertainment, Hindustan Petroleum, IOC, BPCL and ONGC.

Infosys, Vedanta, HCL Tech, L&T, Sun Pharma, Axis Bank and TCS were trading in the green.

While, top losers were ONGC, NTPC, Coal India, Kotak Bank, SBI, M&M, IndusInd Bank, ICICI Bank, Yes Bank, Hero MotoCorp, Tata Motors, Asian Paint, PowerGrid and ITC Ltd, falling up to 1.69 per cent.

Brokers said sentiment was bullish on strong buying by foreign institutional investors (FIIs), but subdued overseas cues and emergence profit-booking at existing higher levels capped the gains.

On a net basis, FIIs bought shares worth Rs 2,132.36 crore on Tuesday, while domestic institutional investors (DIIs) sold shares worth Rs 1,253.67 crore, provisional data showed.

(With inputs from PTI)

9.55 am

Currency market

 

The rupee fell 19 paise to 69.15 against the US dollar in early trade after crude price rose to a four-month high in global market amid increased demand for the American currency from importers. At the interbank forex market, the rupee opened lower at 69.11 and weakened further to 69.17 on increased demand from importers. Click here to read more on the local currency market report here

9.40 am

Asian markets

Asian shares edged lower on Monday on fading hopes of a Fed rate cut. File Photo   -  Reuters

 

Asian shares got off to a cautious start, holding close to six-month highs on hopes the US Federal Reserve will stick to a dovish stance and unveil a plan to stop cutting bond holdings later this year.

MSCI's broadest index of Asia-Pacific shares outside Japan ticked down 0.1 per cent from a six-month high touched the previous day. Japan's Nikkei was also down 0.1 per cent. More on the Asian markets report here

9.25 am

Stocks to watch

Amidst the takeover battle between Larsen & Toubro and Mindtree, the board of the latter will meet on Wednesday for a buyback proposal. The promoters of the IT services firm are trying to ward off the takeover threat, even as L&T plans a hostile takeover of Mindtree, paying ₹980 a share to acquire 20.3 per cent stake from VG Siddharth, buying 15 per cent from the public, and making an open offer at ₹980 a share later. Shareholders will monitor the developments.

The six-month buyback offer of Infosys opens on Wednesday. The IT major plans to mop up shares from the open market at a maximum price of ₹800 a share amounting to ₹8,260 crore. It may be recalled that in 2017, the company had launched its maiden buyback offer worth ₹13,000 crore at ₹1,150 a share and bought back around 11.30 crore shares. Investors and shareholders will closely monitor the daily disclosure by Infosys on the buyback.

Parsvnath Developers on Tuesday said the Delhi High Court has upheld its claim of ₹1,034 crore in a dispute with Rail Land Development Authority. The case relates to a project in the national capital. In February 2016, Parsvnath had terminated its development agreement with RLDA due to a title dispute; it had bought the land for ₹1,651 crore. Parsvnath Rail Land Project Pvt Ltd, an SPV created for the project, had moved the arbitration process to settle the issue.

9.15 am

Opening bell

The 30-share BSE index Sensex opened 70.39 points higher at 38,433.86 points against the previous close of 38,363.47. The 50-share NSE index Nifty opened marginally higher by 1.75 points to 11,534.15 against the previous close of 11,532.40.

9.10 am

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:

₹2267 • HDFC Bank

S1

S2

R1

R2

COMMENT

2250

2235

2280

2295

Fresh long positions are recommended with a fixed stop-loss only if the stock advances above ₹2,280 levels

 

₹721 • Infosys

S1

S2

R1

R2

COMMENT

713

705

730

736

Initiate fresh long positions with a stiff stop-loss if the stock of Infosys rebounds up from ₹705 levels

 

₹299 • ITC

S1

S2

R1

R2

COMMENT

297

294

303

306

Outlook is bullish for the stock of ITC. Make use of dips to buy the stock with a fixed stop-loss at ₹297 levels

 

₹157 • ONGC

S1

S2

R1

R2

COMMENT

154

151

160

163

Make use of intra-day rally to initiate fresh short positions while maintaining a tight stop-loss at ₹160 levels

 

₹1375 • Reliance Ind.

S1

S2

R1

R2

COMMENT

1360

1345

1387

1400

Consider initiating fresh long positions with a stiff stop-loss if the stock of RIL climbs above ₹1,387 levels

 

₹302 • SBI

S1

S2

R1

R2

COMMENT

295

287

307

313

Initiate fresh short positions with a tight stop-loss only if the stock of SBI falls below ₹295 levels

 

₹2024 • TCS

S1

S2

R1

R2

COMMENT

2000

1980

2045

2065

Fresh long positions can be initiated with a fixed stop-loss only if the stock moves beyond ₹2,045 levels

 

11570 • Nifty 50 Futures

S1

S2

R1

R2

COMMENT

11520

11475

11620

11670

Consider initiating fresh long positions with a tight stop-loss only if the contract rallies above 11,620 levels

 

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

9.00 am

Today's Pick

File Photo   -  Reuters

 

We recommend a buy in the stock of Union Bank of India at the current levels of Rs 87.7. The stock jumped 4.7 per cent accompanied by good volume, breaking above a key resistance at ₹83 on Tuesday. The short-term outlook is bullish for Union Bank of India. The stock can extend the upmove and reach the price targets of ₹91.5 and ₹93. Read more on our stock recommendation and stock activity of Union Bank of India

Published on March 20, 2019