Sensex zooms 425 points on global rebound; Nifty above 11,450

4.00 pm - Closing bell

Benchmark Sensex rebounded about 425 points to end well above the 38,000-mark, breaking its two-day falling streak on gains in heavy-weights RIL, SBI and ICICI Bank amid persistent foreign fund inflows and positive global leads. The broader NSE Nifty too inched closer to the key 11,500 mark.

A stronger rupee also supported the rally. The rupee strengthened 19 paise to 68.77 against the dollar (intra-day).

Markets commenced on a strong note largely in line with a firming trend at other Asian bourses but remained range-bound as investors were cautious. Buying activity gathered momentum in late afternoon trade that helped both Sensex and Nifty to regain their key levels.

The 30-share Sensex stayed in the green for the better part of the session and hit the day’s high of 38,297.70 as buying pace gathered momentum towards the fag-end. It finally ended at 38,233.41, up 424.50 points, or 1.12 per cent.

The gauge had lost over 575 points in the previous two sessions, tracking a sell-off across global markets. The broader NSE Nifty climbed 129 points, or 1.14 per cent, to close at 11,483.25 Intra-day, it shuttled between 11,495.90 and 11,352.45.

Oil-to-telecom conglomerate Reliance Industries emerged as a prominent gainer in the Sensex pack, spurting over 3 per cent.

Foreign institutional investors (FIIs) remained net buyers, pumping in Rs 150.40 crore, while domestic institutional investors (DIIs) sold shares worth Rs 12.52 crore Monday, provisional data showed.

3.50 pm - Masala bonds market revives as rupee gains

Firms raked in Rs 4,56,962 crore during the April-January period of 2018-19 via private placement of corporate bonds.

A rebound in the Indian rupee and a government policy to boost the currency are helping to resuscitate sales in the Masala bond market that is yet to gain traction since its emergence in 2015. After a rout in emerging-market currencies last year, the government in September unveiled a tax break for non-resident buyers of Masala bonds as part of measures to boost the local currency. Read more on the Masala bonds market here

3.35 pm - Bullion market

Gold prices fall in line with subdued trend overseas and muted demand from local jewellers. File Photo

Gold shed Rs 50 to Rs 33,170 per 10 gram in line with subdued trend overseas and muted demand from local jewellers, according to the All India Sarafa Association. Silver followed suit and slipped by Rs 100 to Rs 39,100 per kg owing to reduced offtake by industrial units and coin makers. Click here to read the bullion market report

3.20 pm - NSE's mock trading session

The National Stock Exchange will conduct a mock trading session in the capital market segment on March 30. Trades resulting from the mock session do not attract any obligation in terms of funds pay-in or pay-out, the exchange said. Read more on the NSE's mock trading session here

3.05 pm - European markets

The pan-region STOXX 600 index edged higher, a day after hitting a 12-day low. File Photo

European shares were subdued after four days of losses amid concerns about a softening global economy and uncertainty over Britain's exit from the European Union. The pan-region STOXX 600 index edged higher, a day after hitting a 12-day low. Germany and Madrid slipped while Paris and London's FTSE 100 were slightly higher. Airbus rose 1.2 per cent, providing the biggest boost to the main European index. More on the Europe stock markets report , click here

2.50 pm - Gold futures

Gold futures traded lower by 0.27 per cent at Rs 32,138 per 10 grams amid a weakening global trend and profit-booking by speculators. Globally, gold prices fell 0.11 per cent to $1,320.90 an ounce in New York Tuesday. It had touched over three-week high of $1,322.70 an ounce Monday, its highest since February 28 on Monday. Click here to read what the analysts say on fall in gold futures

2.35 pm -  Sensex regains 38,000 mark

The 30-share BSE index Sensex surged 290.42 points or 0.77 per cent to trade at 38,099.33 to regain the 38,000 mark. On Monday, the BSE index had dropped to 37,808.91 points following the world stock markets and global sell-offs.

The stocks of Vedanta, Bajaj Finance, Reliance, SBI and Asian Paints lent support to the index while the scrips of Infosys, ITC, TCS and L&T were trading in red.

Among the sectors, all the stock indices barring information technology and TecK were trading in the positive zone.

The 50-share NSE index Nifty traded higher at 11,457.85, up 103.6 points or 0.91 per cent.

The top gainers were Vedanta, Bajaj Finance, Reliance, SBI and Grasim while the stocks of Tech Mahindra, UPL, Infosys, ITC and Wipro were in the negative zone.

2.20 pm - Forex market

Euro, sterling look to extend overnight gains. File Photo

The euro steadied on Tuesday after economic surveys showed tentative signs of a recovery in the euro zone economy but warning signs from bond markets continued to unnerve investors. The dollar rebounded modestly after global markets recoiled on Monday in the wake of an inversion in the US Treasury yield curve, which has signalled a recession in the past. Click here to read the complete forex market report

2.10 pm - Reliance Industries buys John Players

John players logo

Reliance Industries said, its unit Reliance Retail Ltd (RRL) has acquired consumer goods company ITC Ltd's menswear brand John Players. ITC sold the brand John Players and related trademarks and intellectual property to Reliance Retail as part of its restructuring plan. Read more on the acquisition of ITC's John Players by Reliance Industries

1.55 pm - Sensex jumps 139 points

The 30-share BSE index Sensex jumps 139.19 points or 0.37 per cent to 37,948.10. The stocks of Vedanta, Reliance, NTPC, Bajaj Finance and SBI lend support to the index. However, the scrips of TCS, Infosys, ITC, L&T and Bajaj Auto were trading in red.

Sectorally, the stock indices of energy, utilities, power and realty cushioned the BSE index.

The 50-share NSE index Nifty was trading higher by 46.10 points or 0.41 per cent to reclaim the 11,400 mark. The NSE index is trading at 11,402.90

The top gainers were Vedanta, GAIL, Reliance, NTPC and Bajaj Finance while the stocks trading in negative were Tech Mahindra, UPL, Infosys, TCS and ITC.

1.40 pm - Broker's call

Axis Direct

Symphony (Buy)

CMP: ₹1,345.95

Target: ₹1,469

Symphony

Symphony is the largest air cooler company in India with about 50 per cent market share of organised market in value terms and upwards of 40 per cent in volume terms. Symphony operates on asset light business model requiring low capital investments; it outsources almost all its production to nine different OEMs (original equipment manufacturers) thus ensuring that it is not dependent on any one vendor. Read our Broker's call on Symphony here

1.25 pm - Nifty Call

The Sensex and the Nifty began the session marginally on a positive note. The Nifty March contract started the session on a flat note, opening at 11,370 levels. After initial rally, the contract marked an intra-day high at 11,412 and began the decline testing key resistance at 11,400. Read our Nifty Call for March Futures here

1.05 pm - Sensex, Nifty marginally high

The 30-share BSE index Sensex was trading at 37,850.05, higher by 41.14 points or 0.11 per cent. The stocks of Reliance, ICICI Bank, SBI, Kotak Mahindra Bank and Bajaj Finance were leading the positive pack. The major losers were Infosys, ITC, TCS, HDFC and L&T.

Among the sectoral indices, only information technology and TEcK stock indices were trading in negative. The gainers were Realty, power, utilities and energy.

The broader 50-NSE index Nifty was trading higher by 19.10 points or 0.17 per cent. The top gainers were Vedanta, NTPC, GAIL, Reliance and Zee Entertainment while the losers were UPL, Tech Mahindra, Infosys, TCS and ITC.

12.50 pm - NTPC hits over 5-month high

File photo

The shares of power producer NTPC Ltd rise as much as 2.51 per cent to Rs 138.75, highest since October 24, 2018. The stock breaks above a resistance at Rs 137.57, the 61.8 per cent Fibonacci retracement level of the downtrend from October 27, 2017 high to February 13, 2019 low. At 12.45 pm, the stock of NTPC was trading at Rs 137.70, higher by 1.51 per cent. More on the stock activity of NTPC , read here

12.35 pm - 'Liquidity position comfortable'

Subash Chandra Garg, Secretary, Department of Economic Affairs

The finance ministry and the Reserve Bank of India (RBI) said liquidity situation of the economy is comfortable and it will be boosted further by Rs 35,000 crore through the rupee-dollar swap window. Liquidity situation is comfortable now, Department of Economic Affairs Secretary Subhash Chandra Garg said.

The rupee-dollar swap auction announced by the RBI will infuse Rs 35,000 crore in domestic liquidity. Read more on Subhash Chandra Garg's take on liquidity situation and the rupee swap auction

12.20 pm - Indices trim early gains

The 30-share BSE index Sensex was trading 31.1 points or 0.08 per cent higher at 37,840.01. The scrips of Reliance, SBI, ICICI Bank, Kotak Mahindra Bank and Asian Paints were lending support to the index while the stocks of Infosys, ITC, TCS, HDFC and L&T were dragging it.

Sectorally, the biggest gainer was the realty sector, trading higher by 1.65 per cent. The major losers were information technology and TeCK stocks.

The broader Nifty was trading at 11,367, higher by 12.75 points or 0.11 per cent. The top gainers were Vedanta, IBUL Housing Finance, GAIL, NTPC and Bajaj Finance. The stocks of Tech Mahindra, Infosys, UPL, TCS and Wipro were in the red.

12.05 pm - RBI’s rare $5 bn India FX swap

The success of India’s $5 billion swap auction will decide whether it will become a popular instrument in the central banks liquidity tool box. In an unusual move, the RBI will buy dollars from banks for three years and offer them rupees in return. The move will bulk up the central banks foreign-exchange reserves while injecting cash into the banking system to ease the liquidity crunch typically seen before the fiscal year-end in March. Click here to read more on the RBI's rare swap auction

11.50 am - Broker's call

CD Equisearch

Talwalkars Healthclubs (Buy)

CMP: ₹115.55

Target: ₹150

BL21_TALWALKAR

The stock currently trades at 4.9x FY19e EPS of ₹23.8 and 3.9x FY20e EPS of ₹30.06. Talwalkars is in a sweet spot, marked by strong brand visibility in a growing market. Its focus on expanding its footprint through alliances and low-cost PWG would help it enjoy improved margins — NPM of 27.1 per cent and 29.5 per cent in FY19 and FY20 respectively. Read our Broker's call on Talkwalkars Healthclubs here

11.35 am - Markets update

The shares rose tracking broader Asian markets after two sessions of losses, as US Treasury yields edged higher, easing concerns about a recession in the world's largest economy.

Also supporting the equities was a stronger rupee, which rose as much as 0.25 per cent to 68.77 against the dollar. However, the outlook for global economy remained murky as investors weighed the probability of whether the US economy is in danger of slipping into recession.

The broader NSE index rose 17.65 points or 0.16 per cent to 11,371.90. The benchmark BSE index gained 53.95 points or 0.14 per cent to 37,862.

Financials drove gains on the Nifty index, with the Nifty Bank index rising as much as 0.83 per cent. The Nifty auto index snapped five consecutive sessions of losses to rise as much as 0.71 per cent.

Shares of Jet Airways Ltd rose as much as 8.93 per cent after founder Naresh Goyal and wife Anita Goyal exited the company.

Shares of Mindtree Ltd were down 0.2 per cent. The company's board is due to meet later in the day to decide about a share buyback proposal as it faces a $475 million hostile takeover bid from Larsen & Toubro

IT stocks like Infosys Ltd and Wipro Ltd were among the biggest losers on the index, falling as much as 2.06 per cent and 1.21 per cent, respectively. Spicejet Ltd slipped as much 5.05 per cent, while Interglobe Aviation Ltd lost 2.33 per cent.

“Domestic markets are well placed, sentiments are still positive, the selloff was mainly because of fears of global slowdown and some correction after last week's rally,” said Neeraj Dewan, director, Quantum Securities. "There is a sense that the same government may continue so there will be stability at the Centre....this is supportive of our market.”

Last week, Indian equities rallied on optimism that the current coalition government led by Prime Minister Narendra Modi would return to power after the general election starting next month.

11.20 am - L&T wins various contracts

Infrastructure company Larsen & Toubro (L&T) said it has won various contracts across India, including for construction of hospitals in Jharkhand, a commercial complex in Hyderabad and a manufacturing facility in Gujarat. The company said the orders fall under “large” category which ranges between Rs 2,500 crore and Rs 5,000 crore as per its classification of contracts. Read more on the contracts won by Larsen & Tourbro

The stocks of L&T were trading at Rs 1,379.75, higher by 0.19 per cent

11.05 am - UPL hits near 2-week low

Shares of agrochemicals maker UPL Ltd fall as much as 1.2 per cent to Rs 901.75, lowest since March 14. The stock price cuts below its parabolic SAR, suggesting a reversal of the uptrend is possible. In the near-term, stock has support at Rs 887.45, the 150 per cent projection level and at its 20-day exponential moving average. Click here to read more on the stock activity of UPL Ltd

10.50 am - Indices higher by 0.23 per cent

The 30-share BSE index Sensex was trading higher by 89.52 points or 0.24 per cent at 37,898.43. The scrips of Vedanta, Asian Paints, Reliance, SBI and ICICI Banks were lending support to the index. The stocks of Infosys, TCS, Hero MotoCorp, ITC and Bajaj Auto were trading in red.

Among the sectoral indices, the I-T index was trading in red, lower by 1.19 per cent. The positive pack was led by realty sector, followed by energy.

The 50-share NSE index Nifty was also trading in green. The index was trading higher by 23 points or 0.20 per cent at 11,377.25. Top gainers were IBUL Housing Finance, Vedanta, SBI, GAIL and Reliance. The negative pack was led by Tech Mahindra, followed by Infosys, UPL, TCS and Wipro.

10.35 am - Commodities market

Oil prices firmed, pushed up by ongoing supply cuts led by producer club OPEC and by US sanctions on Iran and Venezuela, but analysts warned that signs of a sharp economic slowdown could soon drag on crude markets. Brent crude oil futures were at $67.46 per barrel at 0110 GMT, up 25 cents, or 0.4 per cent, from their last close. More on the commodities market report here

10.20 am - Jet Airways stocks soar

Burdened with more than $1 billion of debt, Jet is struggling to stay afloat. File Photo

Jet Airways Ltd's shares climbed about 8.5 per cent on Tuesday to a near two-month high after  founder and chairman Naresh Goyal stepped down  and lenders took control of the airline, in an attempt to rescue it from bankruptcy. Shares of Jet Airways rose as much as 8.6 per cent to Rs 275.90, highest since February 1, on Tuesday. Read more on the stock activity of Jet Airways and the rescue plan

The stocks of Jet Airways was trading by 7.05 per cent at Rs 272.45

10.10 am - Currency market

At the Interbank forex market, the rupee opened higher at 68.88. File Photo

The rupee strengthened by 15 paise to 68.81 against the US dollar in opening trade on Tuesday on fresh selling of the greenback by exporters. At the Interbank forex market, the rupee opened higher at 68.88 and strengthened further to 68.81 against the US dollar, higher by 15 paise over its previous close. Here's more on the local currency market

9.55 am - Sensex, Nifty recoves

Domestic equities staged a comeback with the BSE Sensex recovering over 77 points, while the NSE Nifty inched closer to 11,400 points driven by smart gains in oil & gas, banking and metal stocks amid positive Asian cues.

The 30-share BSE index Sensex jumped 119.64 points or 0.32 per cent to trade at 37,982.55. The gauge had lost 575 points in the previous two sessions.

The stocks lending support to the index were Reliance, ICICI Bank, SBI, ONGC and NPTC. The stocks trading in red were Infosys, TCS, Power Grid, Bajaj Auto and M&M.

Sectorally, the stocks of Information Technology was trading lower by 1.04 per cent. The positive pack was led by realty sector, followed by oil & gas and energy.

The 50-share NSE index Nifty was trading higher by 38.85 points or 0.34 per cent at 11,393.10. The top gainers were ONGC, IBUL Housing Finance, IOC, Coal India and NTPC. The major losers were Tech Mahindra, Infosys, Wipro, TCS and PowerGrid.

Major gainers that supported the recovery were ONGC, Coal India, Reliance Industries, IndusInd Bank, Tata Steel, Vedanta Ltd, Yes Bank, Tata Motors, ICICI Bank, SBI, Kotak Bank, Sun Pharma, Bajaj Finance, Axis Bank, L&T and Maruti Suzuki, gaining up to 1.99 per cent.

Following yesterday’s rally, the shares of Jet Airways gained another 6 per cent with its founder and Chairman Naresh Goyal and his wife Anita Goyal stepping down from the crisis-hit airline’s board.

A firm trend in other Asian markets and a slightly better trend overnight on Wall street buoyed the trading sentiments in the domestic equity market.

Brokers said buying by retail investors and unabated foreign fund inflows amid a firm trend in other Asian markets led the markets higher.

Foreign institutional investors (FIIs) remained net buyers, pumping in Rs 150.40 crore, while domestic institutional investors (DIIs) sold shares worth Rs 12.52 crore Monday, provisional data showed. - With inputs from PTI

9.40 am - Asian markets

Asian shares were shaky after US Treasury yields sank to their lowest since late 2017, further below short-term interest rates and adding to fears of a US recession. MSCI's broadest index of Asia-Pacific shares outside Japan was flat in early trade after two days of losses. Click here to read more on the Asian markets report

9.25 am - Stocks to watch

Cochin Shipyard said it has bagged an order worth ₹270 crore for supply of nine floating border outpost vessels (FBOPs) from the Home Ministry. The first set of three FBOP boats, which will join the water wing of the Border Security Force, has to be delivered within 18 months and the subsequent batches of three each at nine-month intervals, the CSL said, and added the vessels will be designed in-house. Shareholders will closely monitor the execution of the order.

The board of Mindtree , which last week deferred a decision on share buyback, is meeting again. The board of the IT company had met on Wednesday too, but no decision was taken on the agenda item at hand - the proposed buyback of equity shares - and the firm had informed the stock exchange that the meeting has been adjourned to a future date. The company is working on plans to ward-off a ₹10,800-crore hostile takeover threat from L&T.

Yuken India informed the exchanges that “by way of abundant caution the board has decided to consider an estimated income of ₹125 crore from Joint Development Agreement with Brigade Enterprises and to discharge the capital gain tax liability accruing on the same”. Yuken had entered into a JDA with Brigade Enterprises in 2016 for development of the company’s property at Whitefield in Bangalore. Investors of both the firms will closely monitor further developments.

9.15 am - Opening bell

The 30-share BSE index Sensex opened in green. It is trading higher by 77.38 points at 37,886.29 against the previous close of 37,808.91. The broder NSE index Nifty opened 35.65 points higher at 11,389.90 against the previous close of 11,354.90.

9.10 am - Day Trading Guide

₹2282 • HDFC Bank

₹735 • Infosys

₹295 • ITC

₹158 • ONGC

₹1325 • Reliance Ind.

₹293 • SBI

₹1986 • TCS

11370 • Nifty 50 Futures

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

9.00 am - Today's Pick

We recommend a sell in the stock of Mahindra CIE Automotive at the current levels of Rs 229. On Monday, the stock fell 4 per cent breaching its 21- and 50-day moving averages. Since registering a 52-week high at ₹301.8 in early November 2018, the stock has been in a medium-term downtrend. Read our stock recommendation of Mahindra CIE Automotive here

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