Sensex, Nifty end over 1% higher

4.05 pm - Closing bell

BSE benchmark Sensex zoomed over 400 points while the NSE Nifty reclaimed the 11,500 mark on robust buying in banking, finance, telecom and IT stocks. Heavy short-covering on expiry of March series futures and options (F&O) contracts buoyed investor sentiment, analysts said.

The 30-share Sensex, after a positive start at 38,208.30, stayed in the green throughout the session, with buying pace gathering momentum towards the end. It finally finished at 38,545.72, showing a gain of 412.84 points or 1.08 per cent. The broader NSE Nifty settled at 11,570, higher by 124.95 points or 1.09 per cent.

In the Sensex pack, gainers included HCL Tech, SBI, ITC, Bharti Airtel, Sun Pharma, Yes Bank, Axis Bank, TCS, Asian Paints, ICICI Bank, TCS, Bajaj Finance and Infosys, jumping up to 3.84 per cent. On the other hand, Tata Steel, ONGC, Bajaj Auto, PowerGrid, M&M and Hero MotoCorp fell up to 1.73 per cent.

In the broader market, the top gainers were IBUL Housing Finance, Zee Entertainment, Adani Ports, HCL Technologies and UPL while the laggards were Hindalco, ONGC, Tata Steel, Dr Reddy's and PowerGrid.

On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 1,481.11 crore Wednesday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 134.92 crore, provisional data available with the BSE showed.

The rupee, meanwhile, depreciated 11 paise against the US dollar to 68.99 (intra-day). The benchmark Brent crude futures were trading lower by 0.37 per cent at USD 67.58 per barrel. - With inputs from PTI

3.55 pm - PE, VC investment in India at $20.5 bn in 2018

 

Private equity (PE) and venture capital (VC) investments in the country stood at USD 20.5 billion across 786 transactions in 2018 on account of tech-enabled start-ups, e-commerce and information technology-enabled services, according to a report by Grant Thornton. The funding in 2018 was the same as the investment in the preceding year, the assurance, tax and advisory firm said. Click here to read more on the PE-VC investment in India in 2018

3.40 pm - European markets

European banking stocks slipped 0.8 per cent, led by Swedbank, which extended losses from a 12 per cent fall in the previous session. File Photo   -  Reuters

 

European shares edged higher as signs of progress in US-China trade talks offset nerves over global growth and Britain's chaotic path towards leaving the European Union. The pan-region STOXX 600 index edged marginally higher with Paris and Frankfurt's traditionally trade-sensitive index rising while Milan fell. Read more the European stock markets here

3.25 pm - PFC completes REC acquisition

 

State-owned Power Finance Corporation (PFC) completed the acquisition of majority stake in REC Ltd by transferring Rs 14,500 crore to the government, an official said. The transaction has helped the government meet its disinvestment target of Rs 80,000 crore for the current financial year. The government’s 52.63 per cent equity in REC would be transferred in the name of the PFC by the closing of the stock market. Click here to read more on the acquisition of REC by PFC

3.10 pm - Fairfax’s Indian bank gears up for stock market listing

 

Catholic Syrian Bank Ltd, in which Watsa’s Fairfax India Holdings Corp. received approval to take a controlling stake, is gearing up for a listing that may involve a Rs 4 billion ($58 million) initial public offering (IPO), according to Chief Executive Officer (CEO) C. VR. Rajendran. Catholic Syrian Bank has hired Axis Capital Ltd to manage the listing, and is debating exactly which route to market it will take. Click here to read more on Catholic Syrian Bank's stock market listing

2.55 pm - Sensex surges

The 30-share BSE index Sensex surged 368.85 points or 0.97 per cent to 38,501.73. The top gainers were HCL Technologies, SBI, Sun Pharma, YES Bank and Bharti Airtel while the stocks of ONGC, Bajaj Auto, PowerGrid, Tata Steel and M&M were trading in red.

Sectorally, the realty index was biggest gainer, trading higher by 1.5 per cent, followed by TecK, information technology, finance, bank and telecom.

The broader index Nifty was trading higher by 104.30 points or 0.91 per cent at 11,549.035. The positive pack was led by IBUL Housing Finance, followed by Zee Entertainment, Adani Ports, Hindustan Petroleum and HCL Technologies while the laggards were Hindalco, ONGC, Dr Reddy's, Bajaj Auto and Tata Steel.

2.40 pm - NTPC Solapur project's second unit to be commercially operational

State-run power giant NTPC said Unit-2 of 660 MW of Solapur Super Thermal Power Project in Maharashtra will begin commercial operation from midnight Friday. Unit-1 of 660 MW of Solarpur project has already been commissioned. The project has two units of 660 MW each. “Unit-2 of 660 MW of Solapur Super Thermal Power Station (2 X 660 MW) will be declared on commercial operation from 00:00 hrs of March 30 2019,” according to a BSE filing.

According to the statement, with this, the commercial capacities of Solapur Super Thermal Power Station, NTPC and NTPC group would become 1,320 MW, 45,725 MW and 52,866 MW, respectively.

The stocks of NTPC was trading lower by 0.37 per cent at Rs 136.45. - PTI

2.25 pm - 'Trump should delay decision on terminating India from GSP programme'

A CbC report aggregates country-by-country information relating to the global allocation of income, taxes paid, and certain other indicators of an MNC. istock/daboost daboost

 

President Donald Trump should delay his decision to terminate the preferential trade status granted to India till the general elections in the country are over, several influential United States (US) lawmakers, including Democratic presidential aspirant Tulsi Gabbard said. Under the US GSP programme, nearly 2,000 products including auto components and textile materials can enter the US duty-free if the beneficiary developing countries meet the eligibility criteria established by the Congress. Read more

2.10 pm - RBI raises FPI investment limit in G-Secs

 

The RBI upped the investment limit for FY2019-20 for foreign portfolio investors (FPI) in Central government securities (G-Secs) to 6 per cent of outstanding stock of securities from 5.5 per cent in FY2018-19. The limit for FPI investment in State development loans (SDLs) and corporate bonds has been left unchanged at 2 per cent and 9 per cent of outstanding stocks. Read more on the FPI investment limit in G-Secs here

2.05 pm - Nifty Call

 

The Sensex and the Nifty began the session on a positive note and continued to trend up despite negative global cues. The Nifty March month contract began the session on a flat note opening at 11,458. After marking an intra-day low at 11,448 the contract started to trend up and has conclusively breached the key resistance at 11,500 levels. Traders can buy the contract with a stop-loss at 11,490 levels. Read our Nifty Call for March Futures here

1.50 pm - Sensex jumps 316 points

The 30-share BSE index Sensex jumped 343.73 points or 0.90 per cent to 38,449.11. The stocks of Infosys, ITC, ICICI Bank, Reliance and SBI cushioned the index. The scrips of IndusInd Bank, PowerGrid, ONGC, Bajaj Auto and M&M, on the other hand, were trading in red.

Sectorwise, the stocks of realty sector, TecK, Bank, information technology and finance were trading in the positive zone.

The 50-share NSE index Nifty was trading higher by 102.2 points or 0.89 per cent at 11,547.25. The top gainers were HCL Technologies, Adani Ports, IBUL Housing Finance, Sun Pharma and Zee Entertainment while the losers were ONGC, Hindalco, PowerGrid, Dr Reddy's and IndusInd Bank.

1.35 pm - Infosys to buy 75% stake in ABN AMRO's mortgage services arm

Infosys Ltd said on Thursday it would buy a 75 per cent stake in ABN AMRO Group NV's mortgage administration services unit for 127.5 million euros ($143.53 million). The stocks of Infosys was trading higher at Rs741.9, up 1.76 per cent.

Infosys to buy 75 per cent stake in ABN AMRO's mortgage services arm

Stater stake to boost IT major’s mortgage servicing capabilities in Continental

Read More

1.20 pm - Sensex, Nifty rise

The 30-share BSE index Sensex was trading higher by 220.18 points or 0.58 per cent at 38,353.06. The broder index Nifty was trading higher at 11,514.95, up 69.90 points or 0.61 per cent.

The top gainers were HCL Technologies, Adani Ports, IBUL Housing Finance, Sun Pharma and Zee Entertainment while the laggards were ONGC, Hindalco, PowerGrid, Dr Reddy's and IndusInd Bank.

1.05 pm - NTPC raises $450 million from global markets

 

NTPC Limited has raised $ 450 million through a 5 year bond offering in the international markets. NTPC’s $ 6 billion MTN Programme was set up in 2006 and this issuance was the tenth offering under the Programme taking the cumulative amount raised under the MTN Programme to $ 4.30 billion. Read more on NTPC's fund raising Programme here

The stocks of NTPC was trading lower by 0.84 per cent at Rs 135.80

12.50 pm - Govt to infuse Rs 5,042 cr into Bank of Baroda

 

The government has decided to infuse Rs 5,042 crore into state-owned Bank of Baroda ahead of merger of two other public sector lenders Dena Bank and Vijaya Bank with BoB. The capital infusion will be by way of preferential allotment of equity shares (special securities/bonds) of the bank during FY2018-19. Here's more on the capital infusion of government into Bank of Baroda

The stock of Bank of Baroda was trading higher by 5.68 per cent to Rs 128.45

12.35 pm - Sensex jumps 222 points

The 30-share BSE index Sensex jumped 222.88 points or 0.58 per cent to 38,355.76. The top gainers were HCL Technologies, Sun Pharma, YES Bank, Infosys and HDFC while the scrips of ONGC, PowerGrid, Bajaj Auto, IndusInd Bank and Hero MotoCorp were trading in red.

Among the sectoral indices, the realty stocks led the positive pack trading higher by 2.17 per cent. The other gainers were IT and TecK stocks gaining 1.56 per cent and 1.47 per cent respectively.

The 50-share NSE index Nifty was trading higher at 11,516.45, up 71.40 points or 0.62 per cent. The major gainers were HCL Technologies, Adani Ports, IBUL Housing Finance, Sun Pharma and Zee Entertainment.

The laggards were ONGC, Hindalco, PowerGrid, Dr Reddy's and IndusInd Bank

12.20 pm - Bullion market

Palladium drops to $1,433.38/oz, lowest since February 18.   -  Reuters

 

Palladium prices fell to a more than 5-week low, a day after posting its steepest decline in over two years, as concerns about the global economy and a buoyant dollar prompted investors to take profits. Spot gold prices on the other hand were steady at $1,309.71 per ounce. Click here to read the gold and other precious metals market report

12.05 pm - Broker's call

Motilal Oswal

Alkem Laboratories (Buy)

CMP: ₹1,750.9

Target: ₹2,170

 

Alkem’s 9MFY19 performance was subdued due to a course correction and weak season in domestic formulations (DF). But, we remain positive on Alkem due to its superior execution in DF and US generics, thereby driving 23 per cent earnings CAGR over FY19-21E. Read the Broker's call on Alkem Laboratories here

11.50 am - RBI throws open rupee interest rate derivatives market to non-residents

The RBI said non-residents can undertake transactions in the rupee interest rate derivatives markets to hedge an exposure to rupee interest rate risk and for purposes other than hedging.

RBI throws open rupee interest rate derivatives market to non-residents

The RBI, on Wednesday, said non-residents can undertake transactions in the rupee interest rate derivatives markets to hedge an exposure to rupee ...

Read More  

11.35 am - Commodities market

File Photo   -  Reuters

 

Oil prices fell, extending losses into a second straight session, after widely watched data showed a surprising increase in US stocks. International Brent crude oil futures were at $67.63 a barrel at 0045 GMT, down 20 cents, or 0.3 per cent, from their last close. Brent closed down 0.2 per cent on Wednesday. Prices came under pressure from a rise in US inventories, athough analysts pointed to support from efforts by the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russia, known as OPEC+, to trim output. Read the Commodities market report here

11.20 am - Shares rise ahead of derivatives expiry

The shares rose ahead of the expiry of monthly derivatives contracts, bolstered by IT and financial stocks, as investors turned their focus on a slew of events for further cues.

The RBI's monetary policy decision is scheduled next week, where it is expected to slash rates to boost spending, while companies begin reporting their quarterly performances mid-April. Further, India heads into general elections in less than two weeks, and the incumbent government is expected to return to power.

“We are expecting a rate cut from the next policy meet. If it is a 50 bps cut then we may see a quantum jump in the market...and as we get closer to the polls, markets will remain in a range, we may not see any adverse effect,” said R K Gupta, managing director at Taurus Asset Management. “We are waiting for cues from the next corporate earnings. If the results don't support high expectations, then we may see a correction before the polls.”

Domestically, traders are also awaiting cues from the roll-over of monthly derivatives contracts later in the day.

The broader NSE index rose 61.90 points or 0.54 per cent to 11,506.95. The benchmark BSE index gained 198.49 points or 0.52 per cent to 38,331.37.

Nifty's bank index ticked up as much as 0.56 per cent, with State Bank of India rising 1.2 per cent to its highest since September 3, and Housing Development Finance Corporation gaining as much as 1.46 per cent.

Among IT stocks, HCL Technologies Ltd was the top gainer on the index, rising as much as 3.7 per cent. Infosys Ltd advanced 2.1 per cent while Tata Consultancy Services Ltd gained 1.9 per cent.

Oil and Natural Gas Corporation Ld and Dr. Reddy's Laboratories Ltd were among the top losers on the index. - Reuters

11.05 am - Opinion | Rupee strengthens. Should RBI worry?

 

With the Indian currency doing a volte face in its performance, becoming one of the best performing emerging market currencies this year, from being among the worst performing, the central bank has been quite busy trying to control undue volatility in the rupee. The rupee is likely to vie for the RBI’s attention for the rest of 2019 too, given that many of its drivers are now turning positive. Read the Opinion on the latest USD-INR swap auction and should RBI worry as the Indian currency strengthens

10.50 am - Forex market

 

The dollar edged up as many of its peers weakened after more central banks shifted to dovish policy stances amid a deteriorating global economic outlook. The dollar index against a basket of six major currencies was 0.1 per cent higher at 96.879 and headed for its third day of gains. Click here to read the forex market report

10.35 am - Nifty regains 11,500 mark

The 30-share BSE index Sensex traded higher by 175.76 points or 0.46 per cent to 38,308.64. The index was cushioned by the scrips of Infosys, HDFC, TCS, HCL Technologies and SBI. The stocks of HDFC Bank, ONGC, PowerGrid, IndusInd Bank and M&M were trading in the negative zone.

Sectorally, the biggest gainer was the realty stock index, trading higher by 2.03 per cent, followed by information technology stocks (1.45%) and TecK stocks (1.28%).

The 50-share NSE index Nifty was trading higher by 57.30 or 0.5 per cent at 11,502.35, thus reclaiming the 11,500 mark. The top gainers were HCL Technologies, IBUL Housing Finance, Adani Ports, YES Bank and Tech Mahindra.

The stocks of ONGC, Dr Reddy's, PowerGrid, Hindalco and Tata Steel were trading in red.

10.20 am - US markets

File Photo   -  Reuters

 

US stocks eased on Wednesday as Treasury bond yields fell again and a prolonged inversion in the yield curve fanned fears of a US economic slowdown. Benchmark 10-year Treasury yields slid, but came off 15-month lows reached overnight, as investors remained focused on central bank dovishness globally. Bank and financial stocks fell, with the S&P 500 financial index ending down 0.4 per cent. More on the US stock markets, read here

10.05 am - Currency market

At the interbank forex market, the rupee opened lower at 69.04. File Photo   -  PTI

 

The rupee fell 10 paise to 68.98 against the US dollar in early trade on increased demand for the greenback from importers and banks. At the interbank forex market, the rupee opened lower at 69.04 and weakened further to 69.06. Read the local currency market report here

9.50 am - Sensex surges 150 points

The 30-share BSE index Sensex surged 150.01 points or 0.39 per cent to 38,282.89. The top gainers were HCL Technologies, YES Bank, Infosys, TCS and Bajaj Finance while the laggards were ONGC, Bharti Airtel, M&M, PowerGrid and Hero MotoCorp.

Sector-wise, the stocks of realty and information technology were the top gainers trading higher by 1.94 per cent and 1.74 per cent respectively. The telecom stocks were the major loser trading lower by 0.78 per cent.

The 50-share NSE index Nifty was trading higher by 50.25 points or 0.44 per cent at 11,495.30. Top gainers were HCL Technologies, Zee Entertainment, Vendanta, IBUL Housing Finance and Adani Ports while the scrips of Tata Motors, JSW Steel, ONGC, PowerGrid and IndusInd Bank were trading in red

9.40 am - Asian markets

 

Asian share markets were painted red as recession concerns sent bond yields spiralling lower across the globe, overwhelming central bank efforts to calm frayed nerves. MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.3 per cent, with South Korea down 0.7 per cent and Shanghai blue chips slipping 0.3 per cent. Read the Asian markets report here

9.25 am - Stocks to watch

Lumax Industries has decided to commence in-house manufacturing of PCBs for lighting components from April 1. The board has also approved the purchase of machines required for manufacturing the PCBs from Lumax Auto Technologies for ₹16 crore. Lumax Auto had earlier said that it is in the process of making an impact assessment following Lumax Industries’ decision to manufacture on its own. Shareholders of both firms will monitor the development closely.

Shares of Vodafone Idea will turn ex-rights on Friday. Shareholders would be able to buy 87 shares for every 38 held at an issue price of ₹12.50 a share. The ₹25,000-crore rights issue will open on April 10 and close on April 24. The telecom services provider has fixed April 2 as the record date for the purpose of determining the shareholders who will be eligible to apply for the rights issue. Investors wishing to participate in the rights issue need to own the telecom giant’s shares by Thursday.

9.15 am - Opening bell

The 30-share BSE index Sensex opened higher at 38,208.30, up 75.42 points against the previous close of 38,132.88. The broader NSE index Nifty opened 23.30 points higher at 11,468.35 against the previous close of 11,445.05.

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:

₹2300 • HDFC Bank

S1

S2

R1

R2

COMMENT

2280

2250

2330

2350

Initiate fresh short positions if the stock breaks below ₹2,280. Keep the stop-loss at ₹2,295

 

₹729 • Infosys

S1

S2

R1

R2

COMMENT

720

705

735

742

Resistance ahead. Go long with a stop-loss at ₹729 only if Infosys breaks decisively above 735

 

₹293 • ITC

S1

S2

R1

R2

COMMENT

290

285

294

296

Initiate fresh short positions with a stop-loss at ₹292 if ITC declines below ₹290.

 

₹160 • ONGC

S1

S2

R1

R2

COMMENT

158

155

163

165

Near-term view is positive. Go long and also accumulate on dips with a stop-loss at ₹156

 

₹1350 • Reliance Ind.

S1

S2

R1

R2

COMMENT

1330

1310

1370

1390

Near-term view is negative. Initiate fresh short positions now with a stop-loss at ₹1,375

 

₹308 • SBI

S1

S2

R1

R2

COMMENT

305

300

310

317

Resistance ahead. Go long only if SBI breaks above ₹310. Keep the stop-loss at ₹307

 

₹1968 • TCS

S1

S2

R1

R2

COMMENT

1950

1930

1980

2000

Outlook is negative. Go short now and also on rallies. Stop-loss can be placed at ₹1,985

 

11449 • Nifty 50 Futures

S1

S2

R1

R2

COMMENT

11410

11365

11485

11510

Wait for dips and go long with a stop-loss at 11,385 if the index futures bounce from 11,410.

 

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

9.00 am - Today's Pick

 

We recommend a buy in the stock of Bajaj Electricals at the current levels of Rs 560.3. The outlook for the stock of Bajaj Electricals is bullish. The stock surged over 5 per cent on Wednesday. Traders with a short-term perspective can go long at current levels and also accumulate on dips at ₹545. Read the stock activity of Bajaj Electricals here

Published on March 28, 2019