Sensex closes firmer at 39,215

Nifty edges up to close at 11,687

 

15:40 pm

Closing bell

The benchmark indices, the BSE Sensex and the NSE Nifty, ended up about 0.20 per cent on Wednesday.

The Sensex was quoted at 39,215, a gain of 84 points or 0.22 per cent higher, while the Nifty was at 11,687, up 24 points or 0.21 per cent firmer.

The top gainers on the Sensex were SBI, Tech Mahindra, HCL Tech, IndusInd Bank and Kotak Bank, while the laggards were YES Bank, Maruti, ONGC, NTPC and Bajaj Auto.

The IT, technology, FMCG and banking indices propped up the BSE index, while the auto sector, oil and gas and energy  sector shares weighed on the index.

15:15 pm

European shares flat

A shares trader checks his trading systems at the start of the trading session the day after the Brexit deal vote of the British parliament at the stock exchange in Frankfurt, Germany.   -  Reuters

 

European shares were flat on Wednesday as upbeat results from chipmaker ASML and pharma firm Swedish Orphan Biovitrum were offset by a steep fall in oil stocks, with rising Sino-US trade tensions weighing.

ASML rose 3.4 per cent and boosted the tech sector after it reported better-than-expected quarterly results and kept to its forecast of a solid growth for the rest of the year. Click here to read the European share markets report.

14:55 pm

Sensex, Nifty stand firmer

The benchmark indices, the BSE Sensex and the NSE Nifty, came off their afternoon lows in late trading on Wednesday.

The Sensex was quoting at 39,231, up 100 points or 0.26 per cent, while the Nifty was trading at 11,691, up 28 points or 0.25 per cent firmer.

Among the top gainers on the Sensex were Tech Mahindra, Kotak Bank, HCL tech, IndusInd Bank and SBI, while the laggards were YES Bank, ONGC, Tata Motors, Bharti Airtel and Bajaj Auto.

The IT, technology, FMCG and banking indices on the BSE recorded gains of 0.63-0.89 per cent during the session. On the other hand, telecom, oil and gas and power sector shares dropped lower during the session.

14:45 pm

Euro at 1-week lows as expectations of more policy easing grows

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 euro fell to a one-week low against the dollar on Wednesday towards the lower end of this year's range, weighed down by expectations of monetary policy easing and investors' preference for the greenback.

Analysts say it is unlikely it will recover in the short-term, before a European Central Bank meeting next week where policymakers might unveil plans for fresh monetary stimulus. Click here to read the global forex markets report.

14:35 pm

Oil prices regain little ground lost in previous session

 

Oil prices on Wednesday regained little ground lost in the previous session, weighed down by industry data suggesting US crude inventories fell less than expected.

West Texas Intermediate crude futures were up 31 cents at $57.93 a barrel by 0829 GMT. Brent crude futures gained 53 cents to $64.88 a barrel. Both benchmarks had shed more than 3 per cent on Tuesday.

Crude inventories fell by 1.4 million barrels in the week to July 12 to 460 million barrels, the American Petroleum Institute (API) said on Tuesday.  Click here to read in full the oil markets report.

14:20 pm

Transfer of RBI reserves to Govt: Jalan panel to submit its report soon

The Bimal Jalan Committee on Economic Capital Framework will soon submit its report to the Reserve Bank of India Governor, Shaktikanta Das. Based on the recommendations, it will be decided what share of RBI’s reserves should be transferred to the Government. Click here to read the full report on Jalan panel report on RBI reserves.

13:50 pm

Asia shares subdued

An investor looks at an electronic board showing stock information of Shanghai Stock Exchange Composite Index at a brokerage house in Beijing. (file photo)   -  REUTERS

Asian shares drifted off on Wednesday as anxious investors awaited more earnings reports from corporate America, while the dollar held firm in the wake of robust US retail data and a Brexit-driven dive in the pound.

Oil prices also nursed losses on hints US tensions with Iran could be easing and as data showed stockpiles fell by less than expected last week. Click here to read in full the Asian markets report.

13:40 pm

Sensex, Nifty pare gains

The benchmark indices pared most of their morning gains in the afternoon session on Wednesday. The Sensex was trading at 39,182, up 51 points or 0.13 per cent higher on its overnight close, while the Nifty was quoting at 11,676, up 13 points or 0.12 per cent firmer.

Among the top gainers on the Sensex were Kotak Bank, Tech Mahindra, HCL Tech, Asian Paints and Infosys, while the laggards were YES Bank, ONGC, Bharti Airtel, Bajaj Auto and NTPC.

The IT, technology and FMCG sectoral indices gained to prop up the BSE index, while the oil and gas, utilities and energy sector indices weighed on the index.

13:35 pm

Nifty Call: Buy on declines with a stop-loss at 11,645 levels

 

Following a flat start the Sensex and the Nifty began to trend upwards witnessing buying interest. The Asian markets are marginally trading in negative territory. The Sensex and the Nifty have advanced about 0.3 per cent each. The India VIX is slightly down by 0.23 per cent to 11.53 levels. The Nifty Next 50 has gained 0.45 per cent to 27,488 levels. Click here to read the full Nifty call report.

13:25 pm

L&T Construction-led JV bags significant order for desalination plant in Gujarat

Infrastructure company Larsen & Toubro (L&T) on Wednesday said its arm L&T Construction-led joint venture has bagged contract for desalination plant from Gujarat Industrial Development Corporation (GIDC). Click here to read the full report on L&T Construction JV bags order for desalination plant.

13:10 pm

Apollo Hospitals' family mulls stake, asset sales to cut debt

 

The family that controls Apollo Hospitals Enterprise Ltd is looking to sell assets or bring an outside investor into their holding company to pay down debt.

“The aim is to reduce the Apollo shares pledged by the family as collateral to lenders, to 20 per cent of their total holding in the company from about 78 per cent now,” said Suneeta Reddy, Apollos managing director and one of the four daughters of founder Prathap Reddy. The Reddy family owns about 34 per cent of Apollo’s stock. Click here to read in full the report on Apollo Hospitals' family plans to cut debt.

12:20 pm

Sensex, Nifty stuck in a band

The benchmark indices, the BSE Sensex and the NSE Nifty, traded cautiously in a tight band at mid-session on Wednesday. The Sensex was trading at 39,256, up 125 points or 0.32 per cent higher. The Nifty was at 11,698, up 35 points or 0.30 per cent higher.

The top gainers on the Sensex were Kotak Bank, Tech Mahindra, HCL Tech, SBI and Hindustan Unilever.

YES Bank reversed its recent rising trend to fall more than 3 per cent. It was followed by ONGC, Axis Bank, Bajaj Auto and Bharti Airtel, which were down between 0.85-1.160 per cent.

The IT, technology and FMCG sector shares propped up the BSE index, while oil and gas and power were a drag.

11:55 am

DCB Bank shares plunge 14% post-June quarter earnings

Shares of DCB Bank plunged 14 per cent on Wednesday after the company witnessed a rise in its bad loan proportion during the quarter ended June. The scrip tumbled 14 per cent to Rs 205.30 on the BSE.

At the NSE, it cracked 12.60 per cent to Rs 205.30.

DCB Bank on Tuesday reported a rise of 17 per cent in its net profit to Rs 81 crore for the first quarter ended June 30. The bank’s net profit in the April-June 2018 quarter had stood at Rs 70 crore. Clich here to read in full the DCB Bank share price movement report.

11:30 am

LTI to acquire advanced analytics firm Lymbyc

 

Larsen & Toubro Infotech Ltd, a technology consulting and digital solutions company, has signed a definitive agreement to acquire Bengaluru-headquartered Lymbyc (previously known as Ma Foi Analytics). The financial terms of the deal were not disclosed.

Lymbyc is a specialist Artificial Intelligence, machine learning and advanced analytics company. The acquisition further strengthens LTI’s fast-growing digital and analytics offerings, the company said in a statement. Click here to read in full the report on LTI to acquire Lymbyc.

11:20 am

HDFC AMC hits record high on jump in Q1 profit

The shares of HDFC Asset Management Co Ltd was up as much as 6.9 per cent on Wednesday to a record high of ₹2,127.

On Tuesday it had posted 42 per cent jump in its June-quarter profit to ₹292 crore ($42.44 million) against ₹205 crore in a year ago period.

Also read: HDFC AMC Q1 net profit zooms 42 per cent, at ₹292 crore

The total expenses nearly halved from prior year because of a huge drop of 86 per cent in fees and commission expenses. The asset under management jumped 18 per cent, as of June 30.

The stock has an estimated PE of 41.1, well above sector average of 33.96. Up to last close, shares have risen 32.2 per cent this year, while peer Reliance Nippon Life Asset Management is up 43 per cent in the same period.

11:15 am

Nifty likely to test resistance at 11,819 levels

 

The NSE index is likely to test a resistance at 11,819.26. The level is identified as the 23.6 per cent Fibonacci projection level on the uptrend from the February 19 low to its June 3 high.

If index breaks above a resistance at 11,682.81, the 14.6 per cent projection level, it may move towards the 11,819.26. Some resistance is also expected at the 200-hour exponential moving average (EMA). Click here to read the Nifty call report in full.

11:05 am

Benchmark indices extend gains

The BSE benchmark extended its early gains in morning trade on Wednesday. The Sensex was trading at 39,256, up 125 points or 0.32 per cent higher on its overnight close, while the Nifty was at 11,696, up 34 points or 0.29 per cent higher.

The top gainers on the Sensex were Kotak Bank, which spurted 2.30 per cent, followed by Tech Mahindra, HCL Tech, Hindustan Unilever and SBI, each of which gained over 1 per cent. The laggards were led by YES Bank, ONGC, Power Grid, NTPC and Maruti.

Telecom, banking, FMCG, finance, IT and technology sector shares rose under 1 per cent in cautious trade.

11:00 am

Rupee slips 9 paise to 68.80 versus USD in early trade

Rupee

 

The rupee opened on a cautious note and fell 9 paise to 68.80 against the United States (US) dollar in early trade on Wednesday amid rising crude oil prices and foreign fund outflows.

At the Interbank Foreign Exchange, the rupee opened at 68.69 then fell to 68.80 against the US dollar, showing a decline of 9 paise over its previous closing.

The Indian rupee on Tuesday had closed at 68.71 against the US dollar. Click here to read in full the rupee report.

10:50 am

Dollar firm on upbeat US data

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 stood firm on Wednesday after upbeat US data further tempered expectations of aggressive policy easing by the Federal Reserve later this month.

The struggling pound and euro also provided additional impetus to the US currency.

The dollar index against a basket of six major currencies was effectively unchanged at 97.365 after gaining 0.5 per cent the previous day. Click here to read in full the global forex market report.

10:35 am

Suzlon Energy falls after company defaults on bond payment

 

Shares of Suzlon Energy Limited fell as much as 8.6 per cent to Rs 4.35, marking their biggest intraday percentage loss since June 28.

The debt-laden wind power equipment maker defaulted on a $172 million bond payment on Tuesday. Sources said that the company was in talks with several global private equity funds to sell a majority stake.

Earlier, it was reported that Canadian company Brookfield Asset Management Inc planned an offer for a majority stake in Suzlon and was talking to the firm's creditors to restructure its outstanding bank loans.

Read: Choppy winds: Suzlon defaults on ₹1,169-crore bond payment

About 2.9 million shares change hands in early trade.

Up to the last close, Suzlon shares were down 14 per cent this year.

10:27 am

Gold dips on firm dollar

SPDR Gold holdings fall 0.15% on Monday.   -  Reuters

 

Gold prices edged lower on Wednesday, as the dollar firmed on robust US retail sales data, while hopes of an interest rate cut by the Federal Reserve and broad uncertainties over trade between Washington and Beijing kept a lid on declines.

Spot gold was down 0.1 per cent at $1,404.38 per ounce, as of 0343 GMT. US gold futures slipped 0.3 per cent to $1,406.70 an ounce. Click here to read in full the gold report.

10:10 am

Stocks in Asia slip as Trump threatens to impose more tariffs on China

 

Caution returned to Asian equities on Wednesday after losses seen in the U.S. session in the wake of President Donald Trump saying he could impose more tariffs on China.

Japan’s Topix index and South Korean equities declined, with Australian shares opening with modest losses. Futures on the S&P 500 Index were steady after the U.S. gauge slipped amid a slew of earnings results and an antitrust showdown with Congress for tech firms. Benchmark 10-year Treasury yields ticked up as Federal Reserve Chairman Jerome Powell reiterated his dovish tilt. Oil was flat after Tuesday’s retreat. Click here to read in full the Asian markets report.

10:05 am

KNR Constructions bags work order for ₹847.35 cr from Navayuga Engineering

KNR Constructions on Tuesday informed the exchanges that it has received a work order for ₹847.35 crore from Navayuga Engineering Co, Hyderabad, on back to back basis. The order is for the balance work of Palamuru Rangareddy Lift Irrigation Scheme - Package 10, for the formation of Venkatadri reservoir bund. The stock jumped 2.58 per cent at ₹267.95 on the BSE.

10:00 am

Indices edge up in early trade

The benchmark indices traded firm in early session on Wednesday. The BSE benchmark was at 39,197, up 66 points or 0.17 per cent firmer, while the Nifty was up 0.15 per cent or 17 points at 11,680.

The top gainers on the Sensex were YES Bank, which has gained over 2 per cent, followed by Tech Mahindra, Kotak Bank, HCL Tech and Asian Paints. The laggards were led by NTPC, ONGC, Maruti, Bharti Airtel and Power Grid.

The majority of sectoral indices on the BSE were flat to mildly lower. Shares of the basic materials sector, which gained 0.63 per cent, and finance (up 0.40 per cent), helped prop up the index.

According to an agency report, on a net basis, foreign institutional investors sold equities worth Rs 444.99 crore, while domestic institutional investors purchased shares to the tune of Rs 637.71 crore, provisional data available with stock exchanges showed Tuesday.

According to traders, investors are cautious ahead of key earnings, amid weak cues from other global markets and unabated foreign fund outflow.

Mindtree, Wipro, YES Bank, Tata Elxsi and Dhanlakshmi Bank are among a few companies which will report June quarter results later in the day.

Elsewhere in Asia, the Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading in the red in their respective early sessions.

Meanwhile, the Indian rupee depreciated 7 paise (intra-day) to 68.79 against the US dollar.

The global oil benchmark Brent crude futures were trading 0.26 per cent higher at 64.52 per barrel. (with inputs from PTI)

9:55 am

Oil prices steady after falling to more than one-week lows

 

Oil steadied after falling more than 3 per cent overnight, with US crude trailing Brent after US inventory data fell short of expectations, amid conflicting signals from the US and Iran over the disputes that have roiled prices recently.

Brent crude futures were up 16 cents at $64.51, or 0.3 per cent by 0027 GMT. They ended 3.2 per cent down the previous session, after falling to the lowest since July 5. Click here to read in full the global oil markets report.

9:50 am

NMDC terminates Chhattisgarh project contract for BHEL

 

BHEL has received a notice of termination of contract from NMDC for the Chhattisgarh project. A contract to construct a Raw Material Handling System at NMDC’s under-construction Integrated Steel Plant, Nagarnar, Bastar District, Chhattisgarh, was executed by BHEL-ISG Bengaluru division. “Invocation of contractual clauses such as termination and provision for its redressal are part of contract management. BHEL proposes to take up the matter through the redressal mechanism available for dispute resolution between CPSEs,” the PSU said in a release to the exchanges. Shares of BHEL closed at ₹64.60, up 0.70 per cent, on the BSE on Tuesday.

9:45 am

Wall Street slips on Trump’s trade comments

Fed holds interest rates steady, sees no rate hikes in 2019. File Photo   -  Bloomberg

 

US stocks edged lower on Tuesday as quarterly results from banks added to concerns about lower interest rates dampening their profits, while comments from US President Donald Trump on trade also dragged down Wall Street's major indexes.

JPMorgan Chase & Co and Wells Fargo & Co beat quarterly profit estimates but reported weaker net interest income, pointing to rising deposit costs. Those results followed Citigroup Inc's results on Monday, in which the bank reported a drop in its net interest margin. Click here to read in full the US markets report.

9:40 am

DHFL to move out of F&O from Sept 27

Shares of crisis-hit Dewan Housing Finance Corporation will be excluded from the equity derivatives segment on the NSE. “No fresh contracts shall be introduced after the expiry of September 2019 contracts. All the existing futures and options contracts across all expiries shall expire on September 26, 2019,” the exchange said in a notice on Tuesday. However, new strikes would be introduced in the existing contract months if required, the bourse said. The housing finance firm had said the developments in past few quarters threaten its ability to continue as a going-concern.

9:35 am

Choppy winds: Suzlon defaults on ₹1,169-crore bond payment

 

Wind turbine maker Suzlon has defaulted on the payment of the principal amount of ₹1,169 crore ($172 million) due to its Foreign Currency Convertible Bondholders (FCCBs). Click here to read in full the report on Suzlon defaults on bond payment.

 

9:25 am

Shriram Trans Fin NCD issue opens today

The ₹300-crore non-convertible debenture issue of Shriram Transport Finance Company will open for subscription on Wednesday and close on August 16. The coupon rate for the 10 different series ranges from 9.12 per cent to 9.70 per cent. The issue has an option to retain over-subscription of up to ₹10,000 crore. The funds would be used for onward lending, financing and for repayment/prepayment of interest and principal of existing borrowings.

9:15 am

Opening bell

The benchmark inidces, the BSE Sensex and the NSE Nifty, opened Wednesday's session flat to weakly lower.

The Sensex opened at 39,126, down marginally on its overnight close. The Nifty opened the day at 11,670, up 8 points or 0.07 per cent higher than its previous close.

The Sensex closed Monday's session at 39,131, up 234 points or 0.60 per cent, while the Nifty ended at 11,661, up 72 points or 0.63 per cent higher.

9:10 am

Today's Pick: Uttam Sugar Mills (₹131.2): Buy

 

The stock of Uttam Sugar Mills jumped 10.5 per cent on Tuesday, surpassing a key resistance at ₹125. This recent rally provides an opportunity to buy for traders with a short-term perceptive. After encountering a key resistance at ₹160 in early March, the stock witnessed a short-term downtrend. But, a key support at around ₹110 had arrested the stock’s decline in mid-May this year. Since then, the support continues to cushion the stock and has limited the downside well. Click here to read in full Today's Pick on Uttam Sugar Mills.

9:00 am

Day Trading Guide for July 17, 2019

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

₹2392 • HDFC Bank

S1

S2

R1

R2

COMMENT

2380

2365

2407

2420

Fresh short positions can be initiated with a fixed stop-loss if the stock fails to move beyond ₹2,407 levels

 

₹784 • Infosys

S1

S2

R1

R2

COMMENT

774

765

795

805

Make use of intra-day declines to buy the stock of Infosys while retaining a tight stop-loss at ₹774 levels

 

₹271 • ITC

S1

S2

R1

R2

COMMENT

268

265

274

277

Fresh long positions are recommended with a tight stop-loss only if the stock advances above ₹274 levels

 

₹152 • ONGC

S1

S2

R1

R2

COMMENT

149

146

155

158

Utilise intra-day dips to buy the stock of ONGC while maintaining a fixed stop-loss at ₹149 levels

 

₹1293 • Reliance Ind.

S1

S2

R1

R2

COMMENT

1280

1265

1310

1325

Initiate fresh long positions with a stiff stop-loss if the stock of RIL reverses higher from ₹1,280 levels

 

₹364 • SBI

S1

S2

R1

R2

COMMENT

359

353

370

375

Consider initiating fresh long positions with a fixed stop-loss only if the stock rebounds up from ₹359 levels

 

₹2105 • TCS

S1

S2

R1

R2

COMMENT

2085

2065

2125

2145

The stock tests a key support. Go short with a stiff stop-loss on a decisive fall below ₹2,085 levels

 

11657 • Nifty 50 Futures

S1

S2

R1

R2

COMMENT

11600

11550

11700

11750

Fresh long positions can be initiated with a tight stop-loss if the contract advances above 11,700 levels

 

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

 

Published on July 17, 2019