Sensex closes flat at 37,830

Closing bell

The benchmark indices, the Sensex and Nifty, closed flat on Thursday. The Sensex finished at 37,830, down 16 points at 0.04 per cent, while the Nifty finished at 11,252, 19 points or 0.17 per cent lower.

The top gainers on the Sensex were Vedanta, Sun Pharma, IndusInd Bank, Axis Bank and Power Grid, while the laggards were Tata Motors, Bajaj Finance, Reliance, YES Bank and NTPC.

Healthcare, IT and technology sector shares gained 0.75-1.61 per cent to prop up the BSE index, while the energy, oil and gas, metal and industrials sector shares lost between 0.60-2 per cent, weighing on the index.

Benchmark indices firm in late session

The benchmark indices, the BSE Sensex and the NSE Nifty, were broadly firmer ahead of the close on Thursday.

The Sensex held gains of 48 points or 0.13 per cent at 37,896, while the Nifty was at 11,280, up 9 points or 0.09 per cent firmer on its overnight close.

The top gainers on the Sensex were Vedanta, Sun Pharma, IndusInd Bank, Tech Mahindra and TCS, while the laggards were Tata Motors, Bajaj Finance, HCL Tech, YES Bank and Tata Steel.

Healthcare, IT and technology sector shares rode up between 0.60-1.3 per cent on the BSE index, while energy, oil and gas and metals lost between 0.80-1.10 per cent.

Euro sinks to 2-month low vs dollar

The euro sank to a new two-month low against the dollar on Thursday as investors waited for the European Central Bank to confirm that borrowing costs will get cheaper and that it will start buying bonds again.

Money markets are pricing in a 50 per cent chance of a 10 basis points interest rate cut by the ECB on Thursday, a smaller probability than last week, but some expect that President Mario Draghi will open the door for further cuts down the road or for more quantitative easing. Click here to read in full the forex markets report .

Oil advances on Gulf tensions but demand concerns cap gains

Oil prices edged higher on Thursday amid West Asia tensions and a big fall in weekly US crude stocks, but gains were stemmed by a frail demand outlook amid increasing signs of slowing global economic growth.

Brent crude futures rose 28 cents, or 0.4 per cent, to $63.46 a barrel by 0650 GMT, after dropping 1 per cent overnight - the first fall in four sessions.

US West Texas Intermediate crude was up 27 cents, or 0.5 per cent, at $56.15 a barrel, having dropped 1.6 per cent in the previous session. Click here to read in full the oil markets report .

Asian shares tick higher, euro near 2-month lows before ECB decision

Asian shares rose after a cautious start, while the euro hovered near two-month lows as soft economic data fuelled hopes the European Central Bank could cut rates at its meeting on Thursday.

Those hopes are set to lift European shares, with pan-region Euro Stoxx 50 futures up 0.45 per cent, German DAX futures up 0.43 per cent and FTSE futures up 0.19 per cent in early European trade. Click here to read in full the Asian markets report .

Benchmark indices back in the green

After dropping into the red at mid-session, the benchmark indices, the Sensex and Nifty, spurted into the green in the afternoon session.

The Sensex was up 50 points or 0.13 per cent at 37,898. The Nifty was at 11,279, up 8 points or 0.07 per cent.

The top gainers on the Sensex were IndusInd Bank, Sun Pharma, Vedanta, Bajaj Auto and Infosys, while the laggards were Bajaj Finance, Tata Motors, YES Bank, Reliance and Tata Steel.

The 30-share benchmark was propped up by the healthcare, IT, technology and telecom sector shares, while the energy, oil and gas, and industrials and metal sector shares weighed on the index.

Nifty call: Sell on rallies with fixed stop-loss at 11,310 levels

The CNX Nifty logo is displayed on a wall 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 Sensex and Nifty began the July derivatives expiry session on a positive note and witnessed a rally initially. However, the benchmark indices failed to sustain the upmove and began to decline on the back of selling interest.

The market breadth of the Nifty index is now marginally biased towards declines. The volatility index, India VIX, has declined 1 per cent to 12.63 levels. Selling interest is seen in Nifty Auto, Metal and PSU Banks, which have fallen in the range of 0.5-1 per cent, while Nifty Pharma has gained 1.3 per cent. Click here to read in full the Nifty call report.

Sensex, Nifty slide into red

The Sensex and Nifty gave up their morning gains to trade in the red at mid-session on Thursday.

The Sensex dropped 13 points or 0.04 per cent to quote at 37,833, while the Nifty was at 11,266, down 5 points or 0.04 per cent.

IndusInd Bank, Sun Pharma, Vedanta, Power Grid and TCS were the top gainers in the Sensex pack, while Tata Motors, YES Bank, Bajaj Finance, Reliance and L&T edged lower.

The healthcare, telecom, realty and technology sector shares propped up the 30-share index, gaining between 0.5-1 per cent. On the other hand, energy, oil and gas, metals were a drag, dropping 0.5-1 per cent during the session.

Cox & Kings hits lower circuit on fresh payment default

Shares of Cox & Kings Ltd fell by 4.7 per cent daily limit to a record low of Rs 14.1.

The tour operator on Wednesday said it defaulted on a Rs 174 crore ($25.22 million) payment of commercial papers.

Last month the company had defaulted on commercial paper payments of Rs 150 crore. The company has been undergoing a liquidity crunch over the past months, leading to loan defaults and rating downgrades. - Reuters

Tata Motors hits over 5-month low ahead of quarterly results

The SUV Hexa will be available post BS-VI, said SN Barman, V-P, Sales, Marketing and Customer Support, Tata Motors

Shares of Tata Motors Ltd fell as much as 3.3 per cent to Rs 146.3, their lowest since February 11. The country’s biggest automaker by revenue is set to report its quarterly results on Thursday.

Consolidated loss is expected to come in at Rs 1,938 crore ($280.99 mln) for the three months to June 30, versus a loss of Rs 1,902 crore last year, according to Refinitiv data.

Revenue is also expected to fall around 14 per cent, amid a slump in demand at home.

The stock is set for a third straight session of losses; down 12.4 per cent this year as of last close. Sixteen of the 37 analysts covering the stock have a “buy” or ”strong buy” rating, 18 have “hold”, while three rate it at “sell” or “strong sell”; median PT is Rs 192 - Refinitiv data.

Rival Maruti Suzuki India Ltd, down 22.7 per cent this year, is due to report its results on Friday.

GE T&D India hits over 5-year low after Q1 profit sinks

Shares of heavy electrical equipment maker, GE T&D India Ltd , fell as much as 10.1 per cent to Rs 192.65, their lowest since March 5, 2014.

Q1 profit plunged 96 per cent to Rs 3.37 crore ($488,494.29) from Rs 8.25 crore a year ago. Revenue fell 37 per cent to Rs 734 crore. Over 45,700 shares changed hands, 2.6 times the 30-day average.

Up to last close, the GE T&D stock had fallen 27 per cent this year, while Schneider Electric Infrastructure had lost 20 per cent ($1 = 68.9875 Indian rupees).

Euro nears two-month low as markets brace for dovish ECB

The euro was mired near a two-month low on Thursday ahead of a European Central Bank meeting that could signal monetary easing as growth in the currency zone falters.

Sentiment towards the single currency took a blow after data showed Germany's manufacturing sector contracted at the fastest pace in seven years while French business growth unexpectedly slowed, sending European bond yields lower. Click here to read in full the global forex markets report .

Oil steadies as global demand worries spark fall

Oil ticked higher early on Thursday after falling in the previous session as more signs of slowing global growth added to demand concerns, with Middle East tensions underpinning prices.

Brent crude futures were up 6 cents at $63.24 a barrel by 0053 GMT, after dropping 1% overnight, falling for the first time in four sessions. Click here to read in full the oil markets report .

Rupee rises 6 paise to 68.92 against $ in early trade

Identification of currency notes is key to successful completion of cash-based transactions by visually impaired persons

The rupee appreciated by 6 paise to 68.92 against the US dollar in early trade on Thursday amid a positive opening in the domestic equity market.

Forex traders said heavy buying in the domestic equity market supported the domestic unit. However, foreign fund outflows and rising crude oil prices weighed on the local currency.

Besides, the rupee is expected to trade in a narrow range ahead of the crucial European Central Bank (ECB) policy statement to be released later on Thursday. Click here to read in full the rupee report .

NSE index may test resistance at 11,488

The NSE index is likely to test a resistance at 11,488.01. The resistance is identified as the 61.8 per cent Fibonacci retracement level on the uptrend from its May 14 low to June 3 high.

The index cuts above a resistance at 11,342.94, the 76.4 per cent retracement level, and a close above this level may lead to further gains to the 61.8 per cent level.

The index's wave pattern suggests that the correction is not yet complete and the final wave v of this correction may start from the 61.8 per cent level or from a descending trend line.

In the near term, the index has supports at 11,342.94, 11,301.42 and at 11,243.58.

Asian shares dither ahead of ECB outcome, euro nears 2-month low

Asian shares were cautious on Thursday, shrugging off a tech-fuelled rally on Wall Street while the euro hovered near two-month lows as soft economic data bolstered expectations of rate cuts in Europe.

Japan's Nikkei gained 0.5% to nearly three-month highs while Australia's benchmark index hit a new 12-year top on Wednesday.

South Korea's KOSPI was the only index in the red as leading chipmakers shed recent gains amid trade tensions between Seoul and Tokyo. Click here to read in full the Asian markets report .

Sensex, Nifty extend gains

After opening Thursday's session on a firm note, the Sensex and Nifty extended their gains to over 0.40 per cent on their overnight close. The Sensex rode up 178 points to 38,026, while the Nifty gained 47 points to 11,318.

IndusInd spurted over 3 per cent to lead the Sensex pack, followed by Sun Pharma, Bajaj Auto, Power Grid and Hero MotoCorp, all of which gained over 1 per cent.

The laggards were led by Tata Motors that dropped 1.79 per cent, followed by M&M, Tata Steel, Asian Paints, and Kotak Bank.

Telecom shares on the BSE gained 1.4 per cent in the session, followed by healthcare that rose 1.03 per cent. The finance, utilities and banking sector shares gained up to 0.50 per cent. Metals, oil and gas and energy sector shares were a drag on the index, falling up to 0.8 per cent.

According to agency reports, besides tracking firm global cues, the benchmark indices rallied on gains in index heavyweights, HDFC and HDFC Bank stocks.

Investors were also upbeat ahead of the expiry of July futures and derivatives contracts.

On a net basis, foreign institutional investors sold equities worth Rs 1,393.71 crore, while domestic institutional investors purchased shares to the tune of Rs 2,140.26 crore, provisional data available with stock exchanges showed on Wednesday.

Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading in the green in their respective early sessions. Equities on Wall Street, too, ended on a positive note on Wednesday. (with inputs from PTI)

Shriram Transport Finance sees best day in over 9 months on Q1 profit

Non-bank lender, Shriram Transport Finance 's shares rose as much as 9.15 per cent to Rs 1,010 rupees, its biggest intra-day per cent gain since October 12, 2018.

The company posted a 11 per cent jump in June-quarter profit to Rs 634 crore ($91.95 million); total revenue was up 8.7 per cent to Rs 4,054 crore. 2.2 million shares changed hands in early trade versus the 30-day average of 2.9 million shares.

Up to last close, the stock had fallen 25.4 per cent this year, while peer Mahindra and Mahindra Financial Services Ltd, which reported a 74.6 per cent fall in Q1 profit, had lost ~35.3 per cent.

Bharti Infratel rises after profit jumps nearly 40 per cent

Telecom tower company, Bharti Infratel's shares were up 3.8 per cent at Rs 274.15, hitting a near four-week high.

June-quarter consolidated profit after tax rose 39 per cent to Rs 887 crore ($128.6 mlilion), led by a higher number of towers and co-locations under operation. Click here to read in full Bharti Infratel's share price report .

IBBI puts age cap on resolution professionals

Resolution professionals cannot take up insolvency assignments once they have attained the age of 70, insolvency regulator IBBI has said.

They will not be eligible to obtain the ‘Authorisation for Assignment’ from the Insolvency Professional Agency (IPA) once the 70 years age is attained, according to IBBI. Click here to read in full the report on IBBI age cap on resolution professionals .

What to Watch: Tata Motors, BoB results on Thursday

Tata group companies Tata Coffee, Tata Motors and Tata Steel BSL will declare their April-June quarter results on Thursday. Besides, Ambuja Cements, AU Small Fin, Bank of Baroda, Bajaj Finserv, Bajaj Finance, Biocon, CDSL, Genus Power, Greenlam, Grindwell Norton, Gruh Fin, IFB Ind, Jubilant Ind, MphasiS, Persistent Systems, Onward Tech, PVR, RS Software, Rane Brake, South Indian Bank, Taj GVK and Thirumali Chem will also declare their results.

What crisis? In the first quarter, banking, NBFC stocks were the top picks of FPIs

Despite the crisis faced by banking and non-banking financial companies, stocks from the sector were among the top picks of foreign portfolio investors (FPIs) in the first quarter of FY20. The sectors collectively received investments of about ₹10,700 crore during the period, indicating a possible revival in confidence among the FPIs. Click here to read in full the report on banking, NBFCs top picks of FPIs in Q1 .

What to Watch: LIC reduces 2.02% stake in MTNL

Crisis-ridden Mahanagar Telecom Nigam on Wednesday informed the exchanges that Life Insurance Corporation of India had sold stake in the company during the last two months. In a disclosure to the bourses, it said, LIC had sold 1.27 crore shares of MTNL in the open market between June 4 and July 22. Following the selling, LIC’s holding in the company got reduced to 13.607 per cent from 15.629 per cent. Shareholders will closely monitor further action from LIC.

What to Watch: Will new order lift McNally Bharat?

McNally Bharat Engineering Company on Wednesday said that it has received an order worth ₹46.70 crore from SGTORE Company Ltd, a Hong Kong-based company. The order is for design and engineering and supply of equipment. The work has to be executed in 330 days after the commencement date of the contract, the company further said. Shareholders of McNally Bharat, which had reported a loss of ₹466 crore for FY18-19, will closely monitor its execution.

Opening bell

The benchmark indices, the BSE Sensex and the NSE Nifty, opened Thursday's session on a firm note.

The Sensex was trading at 37,924, up 76 points or 0.20 per cent firmer on its overnight close, while the Nifty opened at 11,290, up 19 points or 0.17 per cent higher.

On Wednesday, the Sensex settled 135 points or 0.36 per cent lower at 37,847, while the Nifty dropped 59 points or 0.53 per cent at 11,271.

Day Trading Guide for July 25, 2019

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

₹2279 • HDFC Bank

₹786 • Infosys

₹270 • ITC

₹143 • ONGC

₹1258 • Reliance Ind.

₹339 • SBI

₹2096 • TCS

11277 • Nifty 50 Futures

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

Today's Pick: Zee Entertainment Enterprises (₹379.2): Buy

Given the current market volatility, investors with a contrarian view can buy the stock of Zee Entertainment Enterprises at current levels. On Wednesday, the stock gained 5 per cent accompanied by above average volume, breaking out of a narrow sideways in the band between ₹325 and ₹365 on the upside.

The stock was on a sideways consolidation phase for the past two months. Key medium-term support in the ₹320-325 band had arrested the stock’s decline in mid-May 2019. Since then, the stock has been moving sideways with an upward bias. The stock had recently breached its 21- and 50-day moving averages and hovers well above them. Click here to read Today's Pick on Zee Entertainment

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