Sensex ends 174 points lower dragged by Tata Group shares

Nifty closes below 11,500 mark

4.00 pm

Closing bell

The 30-share BSE index Sensex ended 173.78 points or 0.45 per cent lower at 38,557.04 in a choppy trade, tracking losses in oil and gas, power, metal and auto stocks.

After opening in red, the Sensex had touched the intra-day high at 38,854.85 and an intra-day low at 38,474.66. The Tata Group shares including Tata Motors and Tata Consultancy Services dragged the indices lower. Whereas, the bank stocks lent support to the index.

Bajaj Finance was the biggest loser in the Sensex pack, cracking 4.91 per cent. Shares of Tata Consultancy Services too finished 1.16 per cent lower after the company’s June quarter earnings failed to meet market expectations. Auto stocks fell after the Society of Indian Automobile Manufacturers (SIAM) reported a decline in sales of all vehicle categories in June

The top gainers in the Sensex pack were Yes Bank, Sun Pharma, Kotak Mahindra Bank, ICICI Bank and Power Grid while the major losers were Bajaj Finance, Tata Steel, Tata Motors, Axis Bank and L&T.

The broader index Nifty closed 57 points or 0.49 per cent at 11,498.90. The top stocks leading in the index were Yes Bank, Coal India, Sun Pharma, ICICI Bank, and Kotak Mahindra Bank while the laggards were Bajaj Finance, IBUL Housing Finance, Bajaj Finserv, Tata Steel and BPCL. - With inputs from PTI

3.20 pm

Tata Motors hits 5-month low

Shares of Tata Motors Ltd fall as much as 3.5 per cent to ₹150.35, lowest since February 11. The stock breaks below a support at ₹155.04, the 76.4 per cent Fibonacci retracement level of the uptrend from Feb 8 low to April 22 high. The stocks of Tata Motors was trading 2.38 per cent lower at Rs 152.05

Tata Motors hits 5-month low

Shares of Tata Motors Ltd fall as much as 3.5 per cent to ₹150.35, lowest since February 11. The stock breaks below a support at ₹155.04, the 76.4 ...

Read More  

2:40 pm

Benchmark indices drop lower in late session

The benchmark indices dipped lower in choppy trade ahead of the close on Wednesday.

The Sensex was at 38,516, down 214 points or 0.55 per cent in late session, while the Nifty was at 11,485, down 70 points or 0.61 per cent lower.

The top gainers on the Sensex were Sun Pharma, YES Bank, Kotak Bank, ICICI Bank and HDFC Bank, while the laggards were Bajaj Finance, Tata Motors, Tata Steel, Axis Bank and Bajaj Auto.

All the BSE sectoral indices were in the red. The capital goods, industrials, basic materials and auto indices were among the major losers during the session.

 

2:25 pm

No proposal to privatise Railways: Piyush Goyal

There is no proposal to privatise Indian Railways, Lok Sabha was informed on Wednesday.

The response of the Railway to a question on privatisation came against the backdrop of a proposal of the national transporter to give two trains to private operators. Click here to read more on minister's statement on Railways.

2:03 pm

Sensex recoups some losses

The Sensex recouped some of its afternoon losses to quote at 38,603. This represented a loss of 127 points or 0.33 per cent lower on its overnight close. The Nifty was also down 0.37 per cent or 43 points at 11,512.

The top gainers on the Sensex were Sun Pharma, YES Bank, Kotak Bank, ICICI Bank and HDFC Bank, while the laggards were Tata Motors, Tata Steel, Axis Bank, L&T and Bajaj Auto.

 

1:48 pm

Nifty Call: Sell on rallies with stop-loss at 11,525 levels

The Sensex and Nifty began the session on a flat note. Following an initial rally, both the key indices started to decline experiencing selling pressure at higher levels. The Nikkei 225 is hovering flat at around 21,533, while the Hang Seng index has gained marginally by 0.26 per cent to 28,188 levels in today's session. Click here to read in full the Nifty call report.

1:25 pm

 

Deposits in Jan Dhan accounts cross Rs 1 lakh crore

Deposits in bank accounts opened under the Jan Dhan scheme, launched about five years ago by the Modi-government, have crossed the Rs 1 lakh crore mark.

According to the latest Finance Ministry data, the total balance in over 36.06 crore Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts was at Rs 1,00,495.94 crore as on July 3. The deposits in the accounts of the beneficiaries, which has been steadily rising, was Rs 99,649.84 crore on June 6 and Rs 99,232.71 crore in the week before. Click here to read more on deposits in Jan Dhan accounts.

1:00 pm

Sensex down over 200 points

The benchmark indices extended their losses in the afternoon session. The Sensex lost 228 points or 0.59 per cent to quote at 38,502, while the Nifty was down 72 points or 0.63 per cent at 11,482.

The top gainers on the Sensex were YES Bank, Sun Pharma, Kotak Bank, ITC and HDFC Bank, while the laggards were Tata Motors, Tata Steel, Axis Bank, L&T and Bharti Airtel.

All the sectoral indices on the BSE were in the red, with capital  goods down more than 2 per cent. The industrials, telecom, auto, metals and basic materials indices were down over 1 per cent.

 

12.45 pm

Oriental Bank of Commerce cuts MCLR

 

State-owned Oriental Bank of Commerce (OBC) has cut the marginal cost of funds-based lending rate (MCLR) by up to 10 basis points (bps) for various tenors with effect from Thursday.

MCLR for overnight and one-month loan tenor has been reduced by 10 bps to 8.20 per cent and 8.25 per cent, respectively. Earlier, MCLR for overnight and one-month tenor was 8.30 per cent and 8.35 per cent, respectively. Click here to read more on MCLR cut by OBC.

 

12.20 pm

Sensex slips 145 points

The 30-share BSE index Sensex slipped 145.32 points or 0.38 per cent to 38,585.50 led by Tata Group stocks.

The major gainers were Yes Bank, Infoys, Kotak Mahindra Bank, HDFC Bank and Power Grid while the laggards were Tata Motors, Tata Steel, L&T, Vedanta and Bajaj Finance. Among the sectoral indices, capital goods and metals stocks emerged top losers trading lower by over 1.6 per cent. Consumer durables index was alone trading in the positive zone.

Similarly, the NSE index Nifty was trading 42.15 points or 0.36 per cent lower at 11,513.75. The stocks lending support to the index were Yes Bank, Coal India, Titan, Wipro and Zee Entertainment while the scrips trading in red were Tata Steel, Tata Motors, JSW Steel, L&T and Vedanta.

12.05 pm

Gold and precious metals

Spot gold likely to break support at $1,387/oz.   -  Bloomberg

 

Gold prices eased as the dollar climbed higher on expectations of a less dovish US Federal Reserve, ahead of a testimony from the its Chairman Jerome Powell. Spot gold was down 0.4 per cent to $1,392.50 per ounce as of 0410 GMT. US gold futures slipped 0.4 per cent to $1,394.90 an ounce.

Spot gold is biased to break a support at $1,387 per ounce and fall into a range of $1,366-$1,377, according to Reuters technical analyst Wang Tao. Click here to read more on the gold and other precious metals prices here

11.50 am

TCS shares fall

Shares of India's top software services exporter Tata Consultancy Services Ltd fall as much as 2.9 per cent to an over six-week low of ₹2,071.3. On Tuesday, TCS posted a near 11 per cent rise in first quarter profit but flagged stress in global capital markets. Margins fall to 24.2 per cent from 25 per cent a year earlier. TCS is looking to maintain its revenue growth rate at ”double-digits.

The stocks of TCS were trading 1.07 per cent lower at Rs 2,108.60

TCS stocks slip as Q1 margins slip

Shares of Tata Consultancy Services (TCS) on Wednesday fell by over 1 per cent after the company’s June quarter earnings failed to meet market ...

Read More  

11.35 am

Shares edge lower

The shares edged lower amid renewed concerns over trade tension between the United States and India, with Tata Motors and Tata Consultancy Services dragging the index lower.

The benchmark BSE index was down 0.27 per cent or 106.40 points at 38,624.42, while the broader NSE index was 0.17 per cent or 19.40 points lower at 11,536.50.

“The U.S.-India development has spooked markets,” said Deven Choksey, founder, KR Choksey Investment Managers. Ahead of the Indo-U.S. trade talks on Friday, U.S. President Donald Trump once again warned the Asian country that its high tariffs were not acceptable. In May, India imposed higher tariffs on 28 US products, including almonds and apples.

The markets witnessed a sharp selloff in the last two sessions as investors were worried about a surcharge on foreign portfolio investors. “The finance minister will clarify about the surcharge and may find resolving the issue challenging as the government can't have different tax policy for domestic and global investors,” Choksey said.

Investors in broader Asia took a cautious stance as they weighed whether US Federal Reserve Chairman Jerome Powell would confirm or confound expectations for US policy easing this month. Powell will testify before the Congress on Wednesday and Thursday.

Shares of Tata Motors Ltd were top losers on the NSE index, with a 3.5 per cent fall, hitting their lowest since February 11. Shares of Tata Consultancy Services were down as much as 2.91 per cent, their lowest in over six weeks, after the IT services company reported lower quarterly margins on Tuesday.

Interglobe Aviation Ltd shares fell as much as 19 per cent after one of the co-founders of India's largest airline IndiGo alleged violation of corporate governance rules at the parent group. - Reuters

11.20 am

US stocks

S&P 500 futures gain. File Photo   -  Bloomberg

 

The S&P 500 ended slightly higher on Tuesday as gains in tech-related shares offset worries about a weakening outlook for earnings. Gains in Amazon.com, Facebook Inc and Apple gave the biggest boost to the S&P 500 and Nasdaq, which ended the day up 0.5 per cent.

Investors braced for remarks this week from Federal Reserve Chairman Jerome Powell during his two-day testimony before Congress, which starts on Wednesday. Also due on Wednesday is the central bank's June policy meeting minutes. Wall Street's main indexes have retreated from their record closing highs after a robust June jobs report. Click here to read the US stock markets report

11.05 am

Commodities market

Oil prices rise.   -  Bloomberg

 

Oil prices rose, led by US crude after an industry group reported that US stockpiles fell for a fourth week in a row, alleviating concerns about oversupply amid global trade tensions. The US and global benchmarks have gained this year as the Organisation of the Petroleum Exporting Countries (OPEC) and big producers such as Russia have honoured commitments to cut output. Read the commodities market report here

10.50 am

Sensex, Nifty slip to red

The domestic benchmark indices slipped to red after briefly trading in the positive zone in the early trade. The 30-share BSE index Sensex was trading 91.21 points or 0.24 per cnet lower at 38,936.61, after touching an intra-day high at 38,854.85. The index was dragged by TCS stocks.

The top gainers in the Sensex pack were Yes Bank, ITC, Asian Paints, HDFC Bank and ICICI Bank while the laggards were Tata Motors, Bajaj Finance, Vedanta, Mahindra & Mahindra and TCS.

Sectorally, consumer durables emerged top gainer while the auto and industrials stock indexes were losers.

Similarly, the broader index Nifty was trading 26.90 points or 0.23 per cent lower at 11,529. The gainers lending support to the index were Titan, IndusInd Bank, GAIL, Tata Steel, and Maruti while the stocks of TCS, Hindalco, Infosys, Bajaj Finance and UPL were trading in red.

10.35 am

InterGlobe Aviation shares slump

 

Shares of Interglobe Aviation Ltd fell as much as 19 per cent after one of the co-founders of India's largest airline IndiGo alleged violation of corporate governance rules at the parent group. Interglobe shares hit their lowest since March and were on course for their worst day since January 2016. Read more on the stock activity of InterGlobe Aviation and the IndiGo crisis here

The stocks of InterGlobe Aviation were trading 12.40 per cent lower at Rs 1,371.55

10.20 am

Rupee market

The rupee opened weak at 68.61 at the interbank forex market.   -  Getty Images/iStockphoto

 

The rupee tumbled 16 paise to trade at 68.67 against the US dollar in early trade amid unabated foreign fund outflows and rising crude oil prices. The rupee opened weak at 68.61 at the interbank forex market and slipped further to 68.67, showing a decline of 16 paise against its previous close. More on the local currency market, read here

10.05 am

Sensex, Nifty start on a choppy note

Domestic equity benchmarks BSE Sensex and NSE Nifty started on a choppy note as investors await direction from key global and domestic events scheduled this week.

After gyrating nearly 200 points in opening session, the 30-share index was trading 81.87 points, or 0.21 per cent, higher at 38,812.69. Similarly, the broader Nifty gained 21.50 points, or 0.19 per cent, to 11,577.40.

TCS was among the top losers in the Sensex pack, shedding up to 1.42 per cent, after the company reported a 10.8 percent rise in June quarter net at Rs 8,131 crore. The company said its bottomline has been hit a tad due to currency appreciation.

Tata Motors, Bajaj Finance, Vedanta, Bajaj Auto, Bharti Airtel and ONGC too fell up to 1.51 per cent. On the other hand, Yes Bank, HCL Tech, TechM, Infosys and Asian Paints rose up to 1.53 per cent.

In the previous session, the 30-share gauge settled 10.25 points or 0.03 per cent higher at 38,730.82, while the Nifty ended 2.70 points, or 0.02 per cent, lower at 11,555.90.

On a net basis, foreign institutional investors sold equities worth Rs 674.26 crore, while domestic institutional investors purchased shares to the tune of Rs 710.91 crore, provisional data available with stock exchanges showed Tuesday.

According to traders, market turned jittery after US President Donald Trump Tuesday launched a fresh attack on India for imposing tariffs on American products. Trump said it was “no longer acceptable”, days after he held talks with Prime Minister Narendra Modi and agreed to sort out the trade related issues.

Later this week, US Commerce Secretary Wilbur Ross and Energy Secretary Rick Perry are scheduled to address a major India centric conference in Washington DC. Investors also awaiting cues from US Federal Reserve Chairman Jerome Powell’s testimony before the Congress this week, traders said.

On the domestic front, the government is scheduled to release data on industrial production and consumer inflation on Friday.

Elsewhere in Asia, Shanghai Composite Index and Nikkei turned negative in their respective early sessions, Hang Seng and Kospi were trading in the green. Meanwhile, bourses on Wall Street ended higher on Tuesday.

Meanwhile, the Indian rupee depreciated 15 paise to 68.66 against the US dollar. The global oil benchmark Brent crude futures were trading 0.89 per cent higher at 64.73 per barrel. - PTI

9.55 am

Forex market

Euro, Hong Kong dollar, US dollar, Japanese yen, British pound and Chinese 100-yuan banknotes are seen in a picture illustration. (file photo)   -  REUTERS

 

The dollar edged toward a three-week high against a basket of major currencies on Wednesday, as an unwinding of bets on deep US interest rate cuts pushed Treasury yields higher. The dollar could continue to edge higher if Powell's comments on the US economy are perceived as neutral or even slightly hawkish, which would support the argument that additional rate cuts will be limited. Click here to read the forex market report here

9.40 am

Asian markets

People look at an electronic board showing stock information at a brokerage house in Shanghai, China (file photo)   -  REUTERS

 

Asian shares turned mixed while rising Treasury yields lifted the dollar as markets wondered if the world's most powerful central banker would confirm or confound expectations for US policy easing this month.

MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.4 per cent, after three sessions of losses. South Korea edged up 0.4 per cent, but Japan's Nikkei lagged with a loss of 0.2 per cent. Read the Asian markets report here

9.25 am

Stocks in focus

Germany firm BASF SE cut its 2019 sales and profit forecast by 30 per cent, as it succumbed to a deepening economic slowdown, a weakened automotive market and the fallout of the US-China trade spat. The cut was much bigger than many analysts had expected. With the warning coming from the one of the largest global chemical firms, analysts here fear that domestic peers such as UPL, Sharda Cropchem and Tata Chemicals may witness pressure.

The respective boards of GTPL Hathway and Himachal Futuristic Communications will meet on Wednesday to consider and approve the un-audited financial results for the first quarter ended June 30, 2019, both on standalone and consolidated basis. GTPL had reported a profit of ₹9.56 crore in Q1 of FY19 and HFCL posted ₹44.36 crore for the same period. While HFCL had posted PAT of ₹51.49 crore for the preceding quarter, GTPL reported a loss of ₹18.25 crore.

9.15 am

Opening bell

The 30-share BSE index Sensex opened 28.83 points lower at 38,701.99 against the previous close of 38,730.82. Similarly, the 50-share NSE index Nifty was down 19.1 points at 11,536.80 against the previous close of 11,555.90 in the opening trade.

9.10 am

Day Trading Guide

₹2379 • HDFC Bank

S1

S2

R1

R2

COMMENT

2365

2350

2395

2410

Initiate fresh short positions with a fixed stop-loss if the stock fails to move beyond ₹2,395 levels

 

₹715 • Infosys

S1

S2

R1

R2

COMMENT

708

700

722

730

Consider initiating fresh long positions with a stiff stop-loss only if the stock of Infosys advances above ₹722 levels

 

₹273 • ITC

S1

S2

R1

R2

COMMENT

270

267

276

279

Make use of intra-day rallies to go short with a tight stop-loss if the stock reverses down from ₹276 levels

 

₹153 • ONGC

S1

S2

R1

R2

COMMENT

150

147

155

158

Fresh short positions are recommended with a fixed stop-loss only if the stock falls below ₹150 levels

 

₹1279 • Reliance Ind.

S1

S2

R1

R2

COMMENT

1265

1250

1295

1310

Initiate fresh long positions with a fixed stop-loss if the stock of RIL rebounds up from ₹1,265 levels

 

₹359 • SBI

S1

S2

R1

R2

COMMENT

352

343

365

373

Fresh short positions can be initiated with a stiff stop-loss if the stock of SBI declines below ₹352 levels

 

₹2131 • TCS

S1

S2

R1

R2

COMMENT

2110

2090

2150

2170

Consider initiating fresh long positions with a tight stop-loss if the stock reverses higher from ₹2,110 levels

 

11552 • Nifty 50 Futures

S1

S2

R1

R2

COMMENT

11500

11450

11600

11650

Initiate fresh short positions with a fixed stop-loss only if the contract declines below 11,500 levels

 

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

9.00 am

Today's Pick

 

We recommend a buy in the stock of Aurobindo Pharma at the current levels of Rs 604.1. Since encountering a key resistance at ₹838 in late April 2019, the stock has been in a medium-term downtrend. But the stock found support in the band between ₹575 and ₹585 in late June. Taking a contrarian stance, the short-term outlook is bullish for the stock. Read our stock recommendation and stock activity of Aurobindo Pharma here

Published on July 10, 2019