Benchmark indices end on a firm note, Sensex surges 537 points to 37,930

Closing bell

The benchmark indices, the BSE Sensex and the NSE Nifty, ended the week on a firm note, notching up gains of over 1 per cent on Friday.

The Sensex closed at 37,930, up 537 points or 1.44 per cent. The Nifty finished at 11,407, up 150 points or 1.33 per cent firmer.

The top gainers on the Sensex were Bajaj Finance, Hero MotoCorp, Maruti, Kotak Mahindra Bank and Bajaj Auto, while the laggards were YES Bank, Vedanta, Infosys, HCL Tech and Sun Pharma.

Among the BSE sectoral indices, the auto sector shares drove up 2.45 per cent, while FMCG, finance and banking sector shares were up 2.35 per cent, 2.25 per cent and 2 per cent firmer. Healthcare, information technology, technology and metals shares were among the losers during the session.

Yen gains as euro and yuan troubled by European vote and trade

Foreign exchange reserve

The Japanese yen strengthened on Friday, attracting safe-haven buying due to lingering concerns among investors about trade tensions and impending European Parliament elections.

Currency moves in response to recent US-Chinese trade hostilities have been fairly muted but traders have bid up the yen, considered a safe haven in times of stress because of Japans status as the worlds largest creditor. Click here to read in full the global forex markets report .

Oil lifted towards $73 by real and threatened supply cuts

Oil edged higher towards $73 a barrel on Friday, supported by real and threatened supply disruptions in West Asia and heading for a weekly gain.

US sanctions on Iran have cut the OPEC member's crude exports further in May, adding to supply curbs resulting from an OPEC-led pact. Meanwhile, rising tensions in West Asia this week has raised concern about additional supply disruption. Click here to read in full the global oil markets report .

European shares dragged by trade rhetoric

File Photo

European shares dropped on Friday after three days of gains, as Beijing ratcheted up its war of words with Washington over trade, weighing on risk appetite.

The pan-European STOXX 600 index was down 0.6 per cent by 0844 GMT, though it was still looking at its best weekly performance in the past 1-1/2 months. Click here to read in full the European markets report .

Shares swoon as Beijing ramps up war of words

People pass stock index tickers at the Singapore Exchange (SGX) premises (file photo)

World share markets suffered a fresh bout of risk aversion on Friday after tough words on trade from China, while bets on a new pro-Brexit leader in Britain whipped the pound towards its worst week since October.

Europe's bourses slipped 0.6 per cent early on what seemed a minor blip after what had happened in Asia. CLick here to read in full the Asian shares markets report .

Sensex, Nifty extend gains

The Sensex and Nifty, maintained their firm undertone, to notch up further gains in the afternoon session on Friday.

The Sensex was trading at 37,776, up 382 points or 1.02 per cent higher, while the Nifty was at 11,363, up 106 points or 0.94 per cent firmer.

The top gainers on the Sensex were Bajaj Finance, Hero MotoCorp, Hindustan Unilever, Maruti and Kotak Bank, while the laggards were Vedanta, Infosys, Sun Pharma, HCL Tech and TCS.

Among the sectoral indices, FMCG, finance, auto, banking, and capital goods shares surged more than 1 per on the BSE. On the other hand, metals, information technology and technology shares trended lower on the bourse.

Gold prices wobble as investor risk sentiment improves

Gold prices marked time on Friday, after seeing its biggest one-day percentage loss in a month in the previous session, on a firmer dollar and increased investor appetite for riskier assets due to strong US data and corporate results.

Spot gold was mostly unchanged at $1,286.44 per ounce as of 0536 GMT. US gold futures were steady at $1,287.20 an ounce. Spot gold fell 0.8 per cent on Thursday, its biggest one-day percentage decline in a month after risk sentiment improved. Click here to read in full the gold markets report .

Nifty call: Buy on dips with fixed stop-loss at 11,325 levels

Nifty 50 May futures (11,356) The Sensex and the Nifty started the session on a flat note, extending the up-move. The Dow Jones had gained 0.84 per cent to 25,862 and S&P 500 had surged 0.9 per cent to 2,876 levels in the last session. Asian markets showed mixed signs, the Nikkei 225 has gained 0.9 per cent to 21,250, while the Hang Seng index has slipped 1.2 per cent to 27,932 levels in today's session.  Click here to read in full the Nifty call report .

Fresh rain clouds head towards Andaman & Nicobar Islands

Satellite pictures on Friday morning showed rain-bearing clouds hovering over the extreme South-East Bay of Bengal and travelling towards the Andaman & Nicobar Islands.

The India Met Department (IMD) has set up a watch for signs of arrival of the South-West monsoon at this extreme eastern outpost in the country's territorial waters during the next two days.  Click here to read in full the weather report .

Sensex, Nifty spike up

The benchmark indices surged more than 0.70 per cent at mid-session on Thursday. The Sensex gained 297 points or 0.80 per cent to trade at 37,691. The Nifty was trading at 11,340, up 83 points or 0.74 per cent.

The top gainers on the Sensex were Bajaj Finance, Hero MotoCorp, Hindustan Unilever, HDFC and M&M, while the laggards were Vedanta, Sun Pharma, ONGC, Infosys and Tata Motors.

Among the sectoral indices, the FMCG, finance, auto, capital goods and consumer discretionary good and services were the top gainers.Healthcare, metal and information technology shares were among the losers during the session.

Oil marketers fall as prices gain on fourth day

Shares of oil marketers Indian Oil Corp Ltd , Hindustan Petroleum Corp Ltd and Bharat Petroleum Corp Ltd fell between 2 per cent and 2.5 per cent.

Oil prices rose for a fourth day, as rising tensions in the West Asia stoked fears of supply disruptions.

Brent crude futures rose 0.5 per cent from their last close. Indian Oil Corp fell as much as 2.3 per cent ahead of March-quarter results later in the day.

IOC was up 10.3 per cent, while HPCL has risen around 12 per cent this year, as of last close.

Dollar holds near two-week high on strong US data

Foreign exchange reserve

The dollar held near a two-week high against its peers on Friday, supported by strong United States (US) economic data and a bounce in Treasury yields.

The dollar index versus a basket of six major currencies stood at 97.836 after reaching 97.882 on Thursday, its highest since May 3. Click here to read in full the forex markets report .

Oil rises as West Asia tensions mount, set for weekly gains

Oil prices rose again on Friday and were on track for the first weekly gains this month, as rising tensions in West Asia stoked fears of supply disruptions.

Brent crude futures were at $73.00 a barrel at 0303 GMT, up 38 cents, or 0.5 per cent, from their last close, rising for a fourth straight session. Brent was up 3.4 per cent for the week, on track for its first gain in three weeks. Click here to read in full the oil markets report .

Hindalco hits near 3-month low; technicals suggest more downside

Hindalco Industries

Shares of Hindalco Industries Ltd fell as much as 3.75 per cent to Rs 187.30, their lowest since February 19.

The stock has cut below a support at Rs 189.47, the 38.2 per cent Fibonacci projection level of the downtrend from the October 4, 2018 high to the February 15, 2019 low.

A close below this 38.2 per cent level may lead to a further fall up to the next support at Rs 180.32, the 50 per cent level.

The stock trades below its 20, 50 and 200-day exponential moving averages, seen bearish for the stock.

The Trend Intensity (TI) indicator has risen to 16, suggesting a new downtrend has started for the stock; MACD is negative and below its signal line.

The stock is down about 14 per cent this year as of last close, while the broader NSE Index has gained 3.6 per cent in the same period.

PNB Housing Finance slips after promoter's stake sale falls through

Shares of PNB Housing Finance Ltd (PNBHFL) fell as much as 5.5 per cent to Rs 716.95, their worst intra-day percent loss since April 30.

Promoter Punjab National Bank Ltd's agreement with General Atlantic Group to sell part of PNBHFL for Rs 926 crore ($131.92 million) was terminated on Thursday.

Failure to receive regulatory approvals was cited as a reason for termination. Punjab National Bank is to continue as sole promoter of PNBH.

The Punjab National Bank stock fell 0.3 per cent.

PNBHFL is down 17.8 per cent this year as of last close, while its promoter's stock gained 3.7 per cent.

JK Tyre sees worst day in nearly five-months on Q4 profit slump

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Shares of JK Tyre and Industries Limited fall as much as 5.6 per cent to Rs 74.9, their biggest intra-day percentage loss since December 2018.

The tyre manufacturer's March-quarter consolidated profit fell 80 per cent due to higher expenses.

The total expenses for the quartter rose 24 per cent to Rs 2670 crore.

In comparison, rivals MRF Limited posted a 15 per cent drop in quarter-profit and CEAT Limited reported 17 per cent fall in profit.

Bajaj Finance touches record high

Shares of Bajaj Finance Limited gain as much as 4.4 per cent to a record high of Rs 3,248.

The stock broke above a resistance at Rs 3,193.33.

Breakout suggests that in a couple of days stock may test the next resistance at Rs 3,394.99.

The stock is up 62 per cent in the last one year as of Thursday's close, outperforming the Nifty’s 4.8 per cent gains in the same period.

YES Bank’s Gill to get annual salary of Rs 6 cr

Private sector lender YES Bank’s new Managing Director and CEO, Ravneet Gill, will get a salary of Rs 6 crore per year, apart from perquisites and employee stock options worth Rs 67.50 lakh, according to the proposal in the bank’s annual report for 2018-19.

The bank has also recalled the bonus of Rs 1.44 crore to co-founder and former MD and CEO, Rana Kapoor. Click here to read in full YES Bank proposals in the annual report for 2018-19 .

Rupee slips 29 paise to 70.32 versus USD in early trade

The rupee declined by 29 paise to 70.32 against the United States (US) dollar in opening trade on Friday as crude oil prices firmed up and US-China trade related concerns weighed on investor community.

Forex traders said, besides the US-China trade concerns, foreign fund outflows also kept pressure on the Indian rupee. Click here to read in full the rupee report .

Sensex, Nifty extend gains

The benchmark indices opened on a firm note and quickly shot up in early trading. The BSE Sensex spurted 217 points or 0.56 per cent to trade at 37,602, while the Nifty added 52 points or 0.46 per cent to quote at 11,309 in early trading.

The top gainers on the Sensex were Bajaj Finance, YES Bank, Hero MotoCorp, Bajaj Auto and HDFC, while the laggards were Tata Motors, Tata Steel, INfosys, VEDL and NTPC.

According to an agency report, value-buying in banking, IT and metal stocks lifted the benchmark BSE Sensex over 200 points and saw the NSE Nifty reclaim the 11,300 level in early trade.

In the previous session on Thursday, the BSE bourse closed 278.60 points, or 0.75 per cent, higher at 37,393.48; and the Nifty rose 100.10 points, or 0.90 per cent, to settle at 11,257.10.

The report quoting traders said value buying in recently battered stocks lifted key indices. However, volatility may increase ahead of the election results, amid continued tensions between the US and China and sustained foreign fund outflow, experts said.

Foreign institutional investors sold equity worth Rs 953.23 crore on Thursday, while domestic institutional investors purchased shares to the tune of Rs 948.00 crore, provisional data available with stock exchanges showed.

Bourses in China, Japan and Korea were trading on a mixed note in their respective early sessions; while, Wall Street indices ended in the green on Thursday.

On the currency front, the rupee depreciated 16 paise to 70.20 against the US dollar in early trade.

Brent crude futures, the global oil benchmark, were trading 0.30 per cent higher at $72.84 per barrel. (with inputs from PTI)

What to Watch: Bajaj Auto, IOC, Sobha results eyed

About 50 firms including Allsec Tech, Ajmera Realty, Arvind, Bajaj Auto, Bajaj Holdings, Balkrishna Ind, Birla Corp, Burnpur Cement, CESC, Corporation Bank, City Union Bank, Dr Lal Path, Engineers India, GIPCL, Gokaldas Exports, IOC, Jubilant Life, Monnet Ispat, Khadim, Polyplex Corp, Sobha, Spencer’s Retail, Sundaram Finance Holdings, Tecil Chem, Uniphos Enterprises and Zee Learn will declare their quarter/annual results for the period ended March 2019, on Friday.

What to Watch: Pennar Ind: Merger of group cos in focus

Pennar Industries (PIL) on Thursday said that it has received approval from the National Company Law Tribunal to merge its subsidiaries Pennar Engineered Building Systems and Pennar Enviro with itself. According to the scheme, shareholders of PEBS will receive 23 shares of PIL for 13 shares held, while shareholders of Pennar Enviro will receive one share of PIL for every share held. Trading in PEBS will be suspended after the record date to be fixed by the board of directors.

What to Watch: UPL board to meet for result, bonus

The board of directors of UPL is scheduled to meet on Friday to consider and take on record the audited standalone and consolidated financial results of the company for the year ended March 31, 2019, dividend on equity shares, and issue of bonus shares. If approved, it would be the second bonus issue from the company. In 2008, it had rewarded its shareholders with 1:1 bonus shares. Apart from the results, shareholders will closely monitor the bonus pronouncements.

Asian shares feeling blue as Shanghai turns red

Asian shares were struggling to end a bleak week in the black on Friday as upbeat United States (US) economic news and solid company earnings offered only a fleeting respite from the interminable US-China trade dispute.

Shanghai stocks slipped amid the fallout from President Donald Trump's move to block China's Huawei Technologies from buying vital American technology. Click here to read in full the Asian share markets report .

Amid flight of executives, SBI may seek court-appointed receiver to run Jet Airways

With the top management of Jet Airways resigning en masse, State Bank of India, the lead lender to the airline, may seek to appoint a court-appointed receiver to manage the affairs of the debt-ridden company. Click here to read in full the report that SBI could seek court-appointed receiver to run Jet Airways.

Airtel, Vodafone user base plummets with Minimum Recharge Plan rollout

The Minimum Recharge Plans launched by Bharti Airtel and Vodafone Idea Ltd (VIL) to clean up their low-paying subscriber base have resulted in a significant reduction in user base.

In the third quarter of FY19, VIL reported a 35 million reduction in user base and another 53 million during the fourth quarter. Click here to read in full the report on drop in Airtel, Vodafone user base.

As gulf between promoters widens, IndiGo could be headed to NCLT

The rift between the promoters of IndiGo could snowball into a legal spat with strong disagreements emerging on the way forward for the airline.

According to experts familiar with corporate disputes, the case could end up at the National Company Law Tribunal (NCLT) if the dispute is about the shareholders’ agreement or related to corporate governance issues. Click here to read in full the report on rift between IndiGo promoters could land the airline in the NCLT .

Wall Street rises for third straight day on data, earnings

Wall Street closed higher on Thursday as upbeat earnings and strong economic data put investors in a buying mood, with technology companies leading the charge. Click here to read in full the US markets report .

Opening Bell

The benchmark indices opened Friday's session in the green.

The Sensex was up 100 points or 0.27 per cent at 37,494, while the Nifty was at 11,271, up 14 points or 0.13 per cent higher on its overnight close.

Day Trading Guide for Friday, May 17, 2019

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

₹2313 • HDFC Bank

₹734 • Infosys

₹294 • ITC

₹165 • ONGC

₹1264 • Reliance Ind.

₹315 • SBI

₹2109 • TCS

11285 • Nifty 50 Futures

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

Today's Pick: Tata Global Beverages (₹220.6): Buy

The stock of Tata Global Beverages broke through the key barriers on Thursday, by gaining almost 11 per cent accompanied by extraordinary volume. This rally provides investors with a short-term perspective an opportunity to buy the stock at current levels.

Following an intermediate-term downtrend, the stock found support at around ₹177 in February. Since then, the stock has been in a medium-term uptrend. The stock took support at ₹200 last week after a minor correction. Click here to read in full the Today's Pick on Tata Global Beverages.

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