Sensex slips from lifetime high

Closing bell

Equity benchmark Sensex retreated from its lifetime high to close 135 points lower as investors booked profits at higher levels amid weak global cues.

After rising to an intra-day record of 39,487.45 points, the 30-share index turned negative to settle 135.36 points, or 0.34 per cent, lower at 39,140.28. The broader NSE Nifty slipped 34.35 points, or 0.29 per cent, to 11,752.80.

The benchmark indices had closed at record highs on Tuesday on earnings optimism and forecast of a near-normal monsoon. Markets were closed Wednesday for Mahavir Jayanti.

“After a period of significant momentum ahead of the general elections, the market may take a pause in some kind of an interim profit-booking,” said Joseph Thomas-Head Research, Emkay Wealth Management. “The accelerating scenario of a slowdown in global growth as also the definitive prospects of higher fuel prices and a weaker currency may also be working on the minds of the market participants at this juncture, he added.

Top losers in the Sensex pack included Yes Bank, Vedanta, IndusInd Bank, Tata Steel, L&T, SBI, NTPC, Kotak Bank, HDFC, HDFC Bank, PowerGrid, Infosys and ITC, falling up to 4.18 per cent. On the other hand, RIL was the biggest gainer on the index, rising 2.79 per cent ahead of its Q4 results.

Tata Motors, Asian Paints, TCS, Coal India, Hero MotoCorp, Axis Bank and HUL also ended in the green, rising up to 2.32 per cent.

Foreign institutional investors (FIIs) purchased equity worth a net Rs 1,038.58 crore on Tuesday, and domestic institutional investors (DIIs) bought shares to the tune of Rs 37.22 crore, provisional data available with stock exchanges showed. - PTI

Mahindra, Ford to co-develop mid-sized SUV for India

Mahindra & Mahindra (M&M) and Ford Motor Company on Thursday said they have signed a definitive agreement to co-develop a mid-sized SUV for India and other emerging markets. The new mid-sized sports utility vehicle (C-SUV) will have a common Mahindra product platform and powertrain, thus driving engineering and commercial efficiencies. Read more on the Mahindra and Ford collaboration to develop mid-sized SUV

SBI falls after Jet stops operations indefinitely

Shares of State Bank of India Ltd fall as much as 2.4 per cent to Rs 308.05, in their biggest intraday drop since March 27.  Jet Airways (India) Ltd, which halted operations indefinitely  on Wednesday, has debts of roughly $1.2 billion, with SBI being its biggest lender. Jet Airways’ shares were hammered on Thursday , falling as much as 34 per cent to their lowest in over 10 years. Read more on the SBI stock price here

SpiceJet shares zoom

Shares of SpiceJet continued their best performance for the fifth day in a row, zooming 15 per cent on Thursday, following the company’s plans to expand its fleet. The scrip jumped 14.99 per cent to Rs 152.60 -- its 52-week high on BSE. SpiceJet said it will induct six more Boeing 737-800 NG aircraft on dry lease. More on the stock price of SpiceJet, read here

The stocks of SpiceJet were trading higher by 3.17 per cent at Rs 136.90

RBL Bank results

Private sector lender RBL Bank reported a jump of 39 per cent in its net profit to Rs 247.2 crore for the fourth quarter ended March 31, 2019. Private sector lender RBL Bank on Thursday reported a jump of 39 per cent in its net profit to Rs 247.2 crore for the fourth quarter ended March 31, 2019.

The stocks of RBL Bank were trading marginally higher by 0.07 per cent at Rs 681.45

Sensex, Nifty trading flat

The 30-share BSE index Sensex was trading lower by 0.05 per cent or 18.88 points at 39,256.76. The top gainers were Tata Motors, Reliance, Axis Bank, Asian Paints, and TCS while the laggards were Vedanta, YES Bank, IndusInd Bank, PowerGrid and Tata Steel.

The 50-share NSE index Nifty was trading lower by 0.12 per cent or 14.65 points at 11,772.50. The stocks in the positive pack were Reliance, Tata Motors, Wipro, BPCL, and Cipla while the stocks of Vedanta, Hindalco, IBUL Housing Finance, YES Bank, and Infratel were in the red.

Aramco will stay committed to Ratnagiri project

Saudi Aramco will stay committed to the mega Ratnagiri refinery project despite its interest in Reliance Industries’ refining and petrochemicals business where it is reportedly eyeing a 25 per cent stake. Aramco, along with its West Asia counterpart, Adnoc (Abu Dhabi National Oil Company), will jointly hold 50 per cent in the Ratnagiri refinery where the other stakeholders are IndianOil, Bharat Petroleum Corporation and Hindustan Petroleum Corporation. Click here to read more on the Aramco-Reliance Industries deal

Nifty Call

A security guard stands behind a glass facade displaying the CNX Nifty logo at the National Stock Exchange (NSE) in Mumbai, India, on Monday, May 19, 2014. Indian stock-index futures rose and rupee forwards strengthened as benchmark gauges advanced to record highs last week after the main opposition alliance's biggest election win in 30 years. Photographer: Dhiraj Singh/Bloomberg

The market breadth of the Nifty index is biased towards declines. Selling pressure is also seen in the Nifty Mid and Small-cap indices which have slumped 0.9 per cent and 1.4 per cent respectively. Read our Nifty Call for April Futures here

Reliance Industries shares zoom

Reliance Industries stock posts biggest intraday per cent gain in over two weeks.

Shares of Reliance Industries rise as much as 3.1 per cent to Rs 1,385, their highest since April 3. The stock posts biggest intraday per cent gain in over two weeks as the company is scheduled to report March quarter results later in the day. Up to Tuesday's close, stock was up 19.84 per cent so far this year. More on the share price of Reliance Industries, read here

Indices trading flat

The 30-share BSE index Sensex was trading lower by 0.21 per cent or 84.40 points at 39,191.24 while the 50-share NSE index Nifty was trading 0.19 per cent lower or 22.05 points at 11,765.05.

The stocks of HDFC, Infosys, ITC, L&T and SBI were dragging the BSE index lower while the scrips of Reliance, Tata Motors, TCS, Axis Bank, and Asian Paints were lending support.

Sectorally, the biggest gainer were the energy stocks , trading higher by 2.17 per cent. The others in the positive pack were the oil and gas stocks. The indices of metal, realty, basic materials, telecom, and capital goods were in the negative zone.

The top gainers in NSE index were Reliance, Tata Motors, BPCL, Wipro and Tech Mahindra while the laggards were IBUL Housing Finance, Vedanta, YES Bank, Hindalco and Infratel

M&A deals

ONGC, after completion acquisition of HPCL, has two refining subsidiaries.

he M&A activities recorded a fall in the first quarter of 2019, with the January-March period posting a 33 per cent decline in value terms at $12.5 billion compared with the same period last year. The deals during the period also registered a 7 per cent fall in volume   terms with a total of 110 M&A deals. However, the quarter recorded a marginal increase in deal activity as compared to sequential fourth quarter (Q4 of 2018). Click here to read more on the merger and acquisition deals

Gold prices

Gold dips for a sixth straight session.

old fell to its lowest since end-December as indications that the global economy might not be as pain-stricken as previously feared prompted investors to take risks ahead of a slew of economic data. The metal has so far lost about 1.4 per cent in the holiday-shortened week, and is on track for a fourth straight weekly decline. Read more on the price movement of gold and other precious metals

Shares slip

The stock market slipped from record highs to trade slightly lower, dragged by banking shares, as sentiments soured a day after debt-ridden Jet Airways Ltd was forced to halt all operations after running out of funds.

The broader NSE index was down 0.22 per cent at 11,761.65, while the benchmark BSE index was 0.22 per cent lower at 39,189.08.

The indices were on track to snap four straight sessions of gains, but may end the truncated week around 1 per cent higher. Markets were shut on Wednesday due to a public holiday and will be closed for Good Friday.

Analyst Deepak Jasani of HDFC Securities said Jet's troubles have pressured its lenders, including State Bank of India and Punjab National Bank, resulting in a domino effect on the broader sector. “When markets are topping out, it will look at small triggers. This kind of a churn will continue,” Jasani said.

The Nifty PSU Bank index fell as much as 2.4 per cent to its lowest in over three weeks, with SBI dropping 2.4 per cent. Yes Bank Ltd, which is also a lender to Jet, fell by as much as 4.7 per cent in its sharpest intraday drop since February 18.

Jet Airways' shares nosedived 34 per cent to their lowest in 10 years after it halted all flight operations indefinitely on Wednesday as its lenders rejected its plea for emergency funds. This was the stock's worst-ever intraday drop.

Jet's rivals SpiceJet Ltd and InterGlobe Aviation Ltd benefitted from the exit of what was once India's largest private airline. SpiceJet climbed as much as 15 per cent, while IndiGo-owner InterGlobe Aviation rose 4.3 per cent to a record high.

Meanwhile, oil-to-retail conglomerate Reliance Industries Ltd rose as much as 3.1 per cent and was the top boost to the indexes. Sources told Reuters on Wednesday that Saudi Aramco, the world's biggest oil producer, is in talks to buy a stake of at least 20 per cent in Reliance's refining and petrochemicals businesses. Reliance is also due to report its results later in the day. - Reuters

L&T bags 'significant' orders

Infrastructure company Larsen & Toubro (L&T) said its heavy engineering arm has won various contracts for supply of critical reactors, equipment and systems for Process Plant sector. The company did not provide value of the contracts. Read more on the details of the new orders bagged by L&T

The stocks of L&T were trading lower by 1.34 per cent at Rs 1,363.95

Editorial on Jet Airways crisis

Lender-banks had finally managed to oust founder Naresh Goyal from the board and had acquired majority equity control of the beleaguered airline. More importantly, the lenders had agreed to pump in an additional ₹1,500 crore as emergency funding to keep the airline going — until a new investor was found in a bidding process that was to be completed within a quarter. Read more: Jet Airways’ lenders need to clarify why they pulled the plug after taking control of the airline

Granules India gets USFDA nod for pain relief drug

Granules India logo

Drug firm Granules India said it has received approval from the US health regulator for Acetaminophen tablets, used for temporary pain relief. The US Food and Drug Administration (USFDA) has approved its abbreviated new drug application (ANDA) for Acetaminophen 650 mg tablets, extended release, Granules said in a BSE filing. Read more on the USFDA nod for the pain relief drug by Granules India

The stock of Granules India was trading lower by 0.79 per cent at Rs 113.05

Sensex, Nifty in red

The 30-share BSE index Sensex was trading 0.23 per cent or 91.24 points lower at 39,184.40.

The top gainers were Tata Motors, Reliance, Asian Paints, Hero MotoCorp, and Axis Bank while the scrips of YES Bank, Bharti Airtel, Vedanta, IndusInd Bank and SBI were dragging the index lower.

Sectorally, all the major indices were trading in the negative zone barring, energy stocks, emerging the biggest gainer, trading higher by 1.46 per cent at 4,924.15. The biggest loser was the realty sector index trading lower by 2.57 per cent, followed by telecom stocks (-2.43%).

The larger index Nifty was trading lower by 0.28 per cent or 32.85 points at 11,754.30. The positive pack was led by Tata Motors, Reliance, Wipro, Tech Mahindra, and BPCL while the stocks dragging the index lower were YES Bank, IBUL Housing Finance, Vedanta, Hindalco, and Bharti Airtel

SpiceJet taking measures to deal with capacity crunch

SpiceJet Ltd Chairman Ajay Singh said the budget airline was taking “all possible proactive measures” to deal with capacity reduction in the aviation industry, a day after rival Jet Airways Ltd was forced to ground all flights as it ran out of funds. The shares of SpiceJet was trading higher by 7.16 per cent at Rs 142.20

Investments through P-notes

Investments through participatory notes in domestic capital market rose to Rs 78,110 crore at the end of March, amid positive market sentiments. Of the total P-note investments made till March-end, Rs 56,288 crore was in equities, Rs 20,999 crore in debt and Rs 119 crore in derivatives markets. Here's more on the investments through Participatory notes

Power sector sees debt rejig schemes making a comeback

Financial restructuring is not the solution for reviving stressed assets in the power sector, say experts

Power sector players are expecting a return of the debt restructuring schemes and revival of the Joint Lenders Forum designed to resolve potential bad debts. This follows the Supreme Court’s recent decision to quash the RBI circular of February 12, 2018, on resolution of stressed assets. Click here to read more on the power sector's return of debt restructuring schemes .

The power stocsks in the BSE index were trading lower by 0.91 per cent at 2,042.17

Indices trim early gains

The 30-share BSE index Sensex trimmed early gains and is trading lower by 0.15 per cent or 61.42 points at 39,214.22.

The stocks of Infosys, HDFC, SBI, YES Bank and Infratel were dragging the index down while the scrips of Reliance, Tata Motors, Asian Paints, Axis Bank and HDFC Bank were cushioning the BSE index.

Sectorally, the biggest gainer was the energy stocks, trading higher by 1.46. The top losers among the sectoral indices were telecom and realty, trading lower by over 2.4 per cent, followed by basic materials, and metal stocks.

The 50-share NSE index Nifty too was trading in red at 11,765.80, lower by 0.18 per cent or 21.35 points.

The top gainers were Tata Motors, Reliance, Wipro, Tech Mahindra, and Asian Paints while the laggards were Bharti Airtel, IBUL Housing Finance, YES Bank, Vedanta, and Hindalco

Oil prices extend losses despite surprise drop in US inventories

Brent, WTI hover around lowest in more than a year.

Oil prices edged down on Thursday despite a surprise decline in US inventories, with international benchmark Brent retreating from a five-month high touched in the previous session. Click here to read in full the oil markets report .

Euro buoyant on improved economic views

New Delhi: A customer exchanges currency at a forex bureau after the Rupee hit a new all-time low of 70.47 against US dollar in New Delhi, on Thursday, Aug. 30, 2018. (PTI Photo/Arun Sharma)(PTI8_30_2018_000269A)

The euro was buoyant on Thursday after more evidence of strength in China improved the outlook for the global economy, with the market looking next to European indicators to provide the currency with a further boost. Click here to read in full the global forex markets report .

Wall Street slips, weighed down by healthcare plunge

US stocks ended slightly lower on Wednesday as a drop in healthcare shares overshadowed a string of positive corporate earnings and upbeat economic data from the US and China. Click here to read in full the US markets report .

Asian shares off 9-month peak, European PMIs in focus

Asian shares slipped on Thursday after losses on Wall Street but trade was subdued as investors awaited business surveys in Europe and largely stayed on the sidelines ahead of the long Easter weekend holiday. Click here to read in full the Asian markets report .

Rupee rises 15 paise to 69.45 vs dollar in early trade

The rupee appreciated by 15 paise to 69.45 against the US dollar in opening trade on Thursday, driven by weakening of the greenback in overseas markets and sustained foreign fund inflows. Click here to read in full the rupee report .

Jet Airways shares tumble 10%

Shares of Jet Airways plunged 10 per cent in opening trade on Thursday, a day after the ailing airline shuttered its operations temporarily.

On the BSE, the scrip hit the lower circuit of Rs 217.70, a fall of 10 per cent compared to the previous closing level.

A similar trend was witnessed on the NSE too, where the share crashed to hit the lower price band of Rs 216.45. Click here to read in full the Jet Airways share price movement report .

Sensex, Nifty lose some of their early gains

The benchmark indices lost some of their opening gains to settle lower in the morning session on Thursday. The Sensex was up 71 points or 0.18 per cent higher at 39,347, while the Nifty was flat at 11,792, up 4 points.

According to an agency report, the Sensex extended its record run by rising over 200 points in early trade, led by gains in index heavyweight RIL ahead of its earnings.

Investor sentiment was also boosted by unabated foreign fund inflow, experts said.

It hit a lifetime high (intra-day) of 39,487.45 in early trade. The NSE Nifty too soared to another record high of 11,856 in early session.

In the previous session on Tuesday, the BSE bourse marked its lifetime closing high of 39,275.64. Similarly, the broader Nifty too settled at a new record closing level of 11,787.15.

According to Sunil Sharma, Chief Investment Officer at Sanctum Wealth Management, robust foreign inflows have been the primary reason behind a steep rally in Indian markets over the last few weeks. “Earnings growth and election outcome will be key monitorables going forward.”

Foreign institutional investors (FIIs) purchased equity worth Rs 1,038.58 crore on Tuesday, and domestic institutional investors (DIIs) bought equities to the tune of Rs 37.22 crore, provisional data available with stock exchanges showed.

Shares of RIL rallied over 2.30 per cent, adding more than 100 points to the gains on Sensex. The company is scheduled to release its Q4 results later in the day.

Other gainers in the Sensex pack include Tata Motors, Asian Paints, Hero MotoCorp, HDFC, ICICI Bank, Axis Bank, Maruti, TCS, HDFC Bank and HCL Tech, rising up to 2.04 per cent.

On the other hand, Yes Bank, Vedanta, SBI, Tata Steel, Bharti Airtel, IndusInd Bank and Infosys were the top losers, shedding up to 2.38 per cent

Meanwhile, the rupee appreciated marginally to 69.60 against the US dollar in early trade.

Brent crude futures, the global oil benchmark, was 0.08 per cent lower at USD 71.56 per barrel.

Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading in the red in early trade.

(with inputs from PTI)

Elections 2019: About 16 crore people to cast their votes on April 18

In 97 Lok Sabha constituencies across 12 States and one Union Territory, voters will make their choice on Thursday in the second phase of Lok Sabha elections. About 15.79 crore voters will select among 1,629 candidates in the fray. Click here to read in full the report on second phase of polling in Elections 2019 .

IBC reforms: Govt invites views on group insolvency, pre-packs

The Ministry of Corporate Affairs (MCA) has invited stakeholder comments on the proposed insolvency law reforms such as group insolvency, pre-packaged insolvency resolution and other issues related to the Insolvency and Bankruptcy Code, 2016 (IBC). Click here to read in full the report on Govt invites views on group insolvency, pre-packs .

Jet Airways: Lenders reasonably hopeful of successful bidding process for stake sale

Jet Airways lenders on Thursday said they are reasonably hopeful of a successful bidding process for stake sale, a day after the cash-starved carrier suspended its operations. Click here to read in full the report on Jet lenders hopeful of successful bidding process .

RBI likely to consider table of repo rate changes mapped to policy stance

The Reserve Bank of India (RBI) could consider evolving a table of repo rate changes mapped to its monetary policy stance, according to the State Bank of India’s economic research department. Click here to read in full the report on RBI move to consider table of repo rate changes mapped to policy stance .

Issuance of Govt bonds surges to ₹64,192 crore in FY19: ICRA

The issuances of GoI-FSBs (Government of India - fully-serviced bond) significantly shot up during FY2019 to ₹64,192 crore, compared to ₹15,095 crore during FY2018, according to credit rating agency ICRA. Click here to read in full the report on issuance of govt bonds surges .

Opening bell

The BSE Sensex opened in the green on Thursday at 39,435, up 159 points or 0.41 per cent higher. The NSE Nifty was at 11,856, up 69 points or 0.59 per cent higher.

Day Trading Guide for Thursday, April 18, 2019  

Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:

₹2304 • HDFC Bank

₹723 • Infosys

₹307 • ITC

₹160 • ONGC

₹1345 • Reliance Ind.

₹315 • SBI

₹2132 • TCS

11824 • Nifty 50 Futures

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

Today's Pick: Minda Industries (₹377): Buy

The stock of Minda Industries jumped 7.5 per cent accompanied by above average volume on Tuesday conclusively breaking above a key resistance at ₹370. After an intermediate-term downtrend, the stock found support at ₹256, a 52-week low recorded in early February this year. Subsequently, the stock changed direction triggered by positive divergence in the daily relative strength index. Click here to read in full Today's Pick on Minda Industries

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