Sensex ends 636 points higher at 37,327, HCL up 6%

Closing bell

The Sensex and Nifty settled around 1.7 per cent higher at the close on Thursday. The Sensex finished at 37,327, up 636 points or 1.74 per cent firmer, while the Nifty rose 176 points or 1.63 per cent at 11,032.

The majority of shares in the Sensex pack gained during the session, led by HCL Tech, which rose over 6 per cent, followed by Tata Motors (5.58 per cent), M&M (4.06 per cent), Bajaj Auto (3.99 per cent) and Reliance (3.87 per cent). The only stocks in the red were Tata Steel, which slipped 4 per cent, IndusInd Bank and Axis Bank.

All the sectoral indices on the BSE ended in positive territory. Energy sector shares gained the most, rising 3 per cent during the session, followed by auto, which was up 2.77 per cent. IT, technology, oil and gas and realty sector shares gained between 1.50-2 per cent each.

European shares bounce on Chinese export data, steadying yuan

Italian banks rose 0.9 per cent, also hitting a three-week high and outperforming gains in their European peers. File Photo

European shares rose for a second day on Thursday, as investors took heart from a stronger-than-expected rebound in Chinese exports and steadying of the yuan after a week of turmoil sparked by an escalation in US-China trade tensions.

The pan-European STOXX 600 index was up nearly 1 per cent, with more than 91 per cent of the companies on the index in positive territory, recovering from a three-day rout that began late last week.

Trade-sensitive tech and basic resources indexes led the gains, with no sector in the red. Click here to read in full the  European markets report .

Benchmark indices surge over 1.5%

The benchmark indices surged more than 1.5 per cent in late trading on Thursday. The Sensex zoomed nearly 600 points or 1.64 per cent to 37,291. The Nifty surged 163 points or 1.51 per cent to 11,019.

The top gainers on the 30-share index were HCL Tech, which spiked over 6 per cent, followed by Tata Motors (up over 5 per cent), Reliance (4.26 per cent), Reliance (3.90 per cent) and Bajaj Auto (3.39 per cent).

The laggards were Tata Steel, which dropped over 4 per cent, followed by IndusInd Bank (down 1 per cent), Axis Bank and L&T (both down 0.50 per cent).

Dollar slips as markets recover

The dollar edged lower across the board on Thursday, as risk sentiment stabilised after resilient Chinese trade data and Beijing's efforts to slow a slide in the value of the renminbi encouraged investors to buy riskier currencies.

Data showed Chinese exports rose 3.3 per cent in July from a year earlier, while analysts had looked for a fall of 2 per cent, and policymakers fixed the daily value of the yuan at a firmer level than many had expected, even though it was beyond the 7 per dollar level for the first time since the global financial crisis.

Against a basket of currencies the dollar was broadly steady at 97.58, but it weakened 0.1 per cent versus the Australian dollar and the British pound. Click here to read in full the global forex market report .

Oil rises due to firm yuan, expectations of more OPEC cuts

Brent crude had rebounded to $57.57, up $1.34 or 2.4 per cent, by 0844 GMT.

Oil jumped more than $1 a barrel on Thursday due to expectations that falling prices may lead to production cuts, coupled with a steadying of the yuan currency after a week of turmoil spurred by an escalation of US-China trade tensions.

Brent crude had rebounded to $57.57, up $1.34 or 2.4 per cent, by 0844 GMT. US West Texas Intermediate (WTI) crude futures jumped $1.49, or 2.9 per cent, to $52.58 a barrel.

China's yuan strengthened against the dollar and its exports unexpectedly returned to growth in July on improved global demand despite US trade pressure. Click here to read in full the global oil markets report .

Affle India soars on debut

Shares of Affle India Ltd rose as much as 28.7 per cent to Rs 958.7 on debut.

The marketing and advertising technology solutions provider, an arm of Singapore-based Affle Holdings Pte Ltd, saw a strong response to its Rs 459-crore ($64.74 million) IPO.

The offering, which included fresh issue of Rs 90 crore and an offer for sale for Rs 369 crore, was subscribed 86.5 times the shares on offer.

The IPO's price band was set at Rs 740-Rs 745. The NSE-listed stock opened at Rs 926 ($1 = 70.8950 rupees).  - Reuters

Jindal Steel and Power shares fall; company rejects rumours of payment default

Jindal Steel and Power (JSPL)

Shares of Jindal Steel and Power Ltd fell as much as 7.6 per cent to Rs 94.45, their lowest since February 20, 2017.

The steelmaker rejected speculation/ rumours of payment default in a statement. “Business is going on as usual and normal and company is generating adequate cash” - MD (Designate), V.R. Sharma said. Click here to read in full the Jindal Steel and Power share price report .

Sensex, Nifty extend gains

The Sensex and Nifty extended their gains to over 0.50 per cent in the afternoon session on Thursday.

The Sensex gained 225 points or 0.61 per cent to rise to 36,941, while the Nifty was at 10,913, up 57 points or 0.53 per cent firmer.

The top gainers on the Sensex were HCL Tech, which spiked up over 5 per cent, followed by Tata Motors (up 2.73 per cent) and TCS, Infosys and HDFC Bank (all gaining over 1.5 per cent).

The laggards in the Sensex pack were Tata Steel (down 4.85 per cent), Axis Bank (-1.98 per cent), IndusInd Bank (-1.91 per cent), L&T (-0.99 per cent) and HDFC (-0.75 per cent).

Tata Communications gets nod to demerge surplus land

A long-standing issue between Tata Communications and the Centre has been finally resolved with the Ministry of Corporate Affairs giving its approval to demerge surplus land held by the erstwhile Videsh Sanchar Nigam Ltd into a new entity -- Hemisphere Properties India Ltd (HPIL).

The Tata Group had acquired stake in VSNL in 2002 as part of the Centre's disinvestment programme. VSNL was fully acquired by the Tatas in 2008 and renamed Tata Communications. While the telecom business under VSNL was transferred to Tata Communications, there was a dispute related to the surplus land held by VSNL.  Click here to read in full the report on Tata Comm gets nod to demerge surplus land .

Nifty Call: Go long above 10,930 with fixed stop-loss

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 key benchmark indices - the Sensex and the Nifty began the session in green, taking positive cues from the Asian markets. The Nikkei 225 is up by 0.37 per cent to 20,593 and Hang Seng index has advanced 0.75 per cent to 26,193 levels.

After initial decline to the negative territory, the Sensex and the Nifty have started to trend upwards once again. The market breadth of the Nifty index is biased towards advances. The India VIX, volatility index has slumped 2 per cent to 16.38 levels. The Nifty mid and small-cap indices are trading mixed. Buying interest is seen in the Nifty IT index which has gained 1 per cent. Click here to read in full the Nifty call report.

Asian stocks find solace in China trade surprise, yuan's fix

Asian shares were trying to piece together a rally on Thursday as Beijing reported surprisingly solid trade numbers while also limiting the fall in its yuan, offering a brief respite from fears of a global currency war.

Data showed Chinese exports rose 3.3 per cent in July from a year earlier, when analysts had looked for a fall of 2 per cent. Imports also declined by less than expected, suggesting some resilience to the drawn-out Sino-US tariff struggle. Click here to read in full the Asian markets report .l

Benchmark indices steady

The benchmark indices, the BSE Sensex and NSE Nifty, held on to their morning gains at mid-session on Thursday.

The Sensex was up 147 points or 0.40 per cent at 36,838, while the Nifty was trading at 10,891, up 35 points or 0.33 per cent.

The top gainers in the Sensex pack were HCL Tech, which jumped over 4 per cent, followed by Tata Motors that was up 2.5 per cent, Bharti Airtel (2.37 per cent), YES Bank (1.84 per cent) and TCS (1.48 per cent). The laggards on the 30-share index were Tata Steel, down 3.61 per cent, followed by IndusInd Bank (2.38 per cent), Axis Bank (1.53 per cent), ONGC (1.42 per cent) and L&T (1.08 per cent).

Siemens jumps after profit beat, analyst upgrade

Siemens focuses on the areas of electrification, automation and digitalisation.

Shares of industrial conglomerate, Siemens , rose as much as 8.2 per cent to Rs 1,192.1, the best day for the share in nearly 3-1/2 years.

The company's June-quarter profit beat estimates. It has named Daniel Spindler as CFO, replacing Christian Rummel.

Prabhudas Lilladher (PL) has upgraded the stock to “buy” from “accumulate” on attractive valuations. Click here to read in full the Siemens share price report .

Cipla falls on June-quarter profit miss

Shares of Cipla Ltd fell as much as 3.5 per cent to Rs 500.25 on Thursday morning. The drugmaker posted a 6 per cent jump in June-quarter profit to Rs 478 crore ($67.48 million), missing estimates of Rs 496 crore.

Domestic trade generics business would collapse, while FY 20 domestic growth would likely fall to 4-5 per cent, Kotak Institutional Equites said.

Uncertainties remain around the trade generics ramp-up in India and the slowdown in the South Africa tender business, according to Nomura. Click here to read in full the Cipla share price report .

NSE index neutral in 10,843 to 10,913 range: Technicals

The NSE index looks neutral in the 10,843.31 to 10,913.07 range. This range is identified as the 238.2 per cent and 223.6 per cent Fibonacci projection level of the downtrend from the June 3 high to the June 19 low.

The index currently faces resistance at a descending trend line, which passes through the 223.6 per cent level; if this resistance is broken, then the index may rise to the 11,025.84 to 11,053.3 range. Click here to read in full the NSE Technicals report .

Gold price to rise to $1,600: Analysts

With gold prices crossing the $1,500-mark yesterday, analysts across the globe are now bullish on the metal and predict that prices will climb even higher.

Goldman Sachs has predicted the metal will rally to $1,600/ounce in the next six months. Fears over the US-China trade war and a dimming global economic outlook would drive this, it adds. Portfolio managers, who under-own gold-ETFs, may now increase their allocation to gold and fuel the rally further.

Analysts from UBS Group AG and Citigroup Inc. are also bullish on the yellow metal. Click here to read in full the gold markets report .

Tata Steel hits over 2-1/2-year low as Q1 profit plunges

Amid weak sentiment, many metal stocks shone on the bourses on Wednesday. Tata Steel led the segment with a gain of 2.5 per cent Arunangsu Roy Chowdhury

Shares of Tata Steel Ltd fell as much as 4.1 per cent to Rs 366.25, their lowest since January 4, 2017.

The steel maker posted a 64 per cent slump in quarterly net profit at Rs 693 crore ($97.97 million), missing estimates of Rs 1,542 crore. Expenses rose 6 per cent to Rs 34,459 crore.

During the quarter, steel prices across geographies declined, with weakening economic activities and uncertainty around the ongoing US-China trade conflict, the company said in a statement. Click here to read in full the share price report on Tata Steel .

RBI's risk-weight move may make personal loans cheaper

Will RBI’s move make your personal loans cheaper?

In a bid to boost consumption demand hit by the NBFC crisis, the RBI reduced risk-weights for consumer loans, in its monetary policy on Wednesday. Consumer loans include consumer durable loans, auto loans, credit card and personal loans. From 125 per cent, the RBI has brought down the risk weight to 100 per cent for consumer loans (excluding credit cards). Click here to read in full the report on why RBI's risk-weight move may make personal loans cheaper .

Rupee rebounds 18 paise to 70.71 against dollar in early trade

The rupee rebounded by 18 paise to 70.71 against the US dollar in early trade on Thursday, a day after the Reserve Bank of India cut the key interest rate by 35 basis points.

At the interbank foreign exchange, the rupee witnessed high volatility against the US dollar. The local unit opened strong at 70.80 and touched a high of 70.71 and a low of 70.83 against the American currency in early trade on Thursday.  Click here to read in full the rupee report .

Aurobindo Pharma Q1 net profit up 39.5 per cent at Rs 636 crore

File photo

  Aurobindo Pharma Ltd’s consolidated net profit increased 39.5 per cent at Rs 636 crore in the first quarter ended June 30, 2019, compared with Rs 456 crore in the corresponding quarter of the previous year.

The total revenue increased 28 per cent at Rs 5,444 crore, as against Rs 4,250 crore in the year-ago period.

“We have started the year with a healthy performance. Enhancing our quality management practices and adhering to the regulatory requirements continues to be our highest priority,’’ N. Govindarajan, Managing Director, Aurobindo Pharma, said in a release. Click here to read in full the report on Aurobindo Pharma results .

Yen stands tall on growth fears, central bank easing weighs on peers

The yen stood tall on Thursday, after global central banks startled markets with heavy rate cuts and threats of more to come as world economic risks grow, boosting the appeal of the safe-haven Japanese currency.

The New Zealand and Australian dollars clawed back some of their heavy losses from the previous session. On Wednesday, both currencies tumbled after the Reserve Bank of New Zealand stunned markets with a bigger than expected interest rate cut and flagged the possibility of negative rates. Click here to read in full the global forex markets report .

Sensex, Nifty trade firm

The Sensex and Nifty traded firm in early session on Thursday. The Sensex was at 36,729, up 38 points or 0.11 per cent higher, while the Nifty was at 10,869, up 14 points or 0.13 per cent firmer.

The top gainers on the Sensex were HCL Tech, Bharti Airtel, HeroMotoCorp, Tata Motors and Infosys, while the laggards were Tata Steel, IndusInd Bank, Asian Paints, Axis Bank and HDFC.

The telecom sector shares were up 2 per cent, while IT and technology shares gained around 1 per cent to prop up the 30-share index. Metals and consumer durables were the notable losers, dropping around 0.50 per cent.

According to an agency report, the domestic equity benchmarks started on a highly volatile note, gyrating nearly 250 points  in the opening session, amid weak domestic cues.

On Wednesday, the 30-share index settled 286.35 points or 0.77 per cent lower at 36,690.50. The Nifty also fell 92.75 points or 0.85 per cent to 10,855.50.

Market volatility extended to the second day after Reserve Bank of India (RBI) on Wednesday reduced its growth projection for the Indian economy to 6.9 per cent for the current financial year, from 7 per cent forecast in June, due to a slowdown in demand and investments.

The central bank, after the meeting of rate-setting panel Monetary Policy Committee (MPC), cut interest rate by an unusual 35 basis points to a nine-year low of 5.40 per cent in an attempt to boost an economy growing at its slowest pace in nearly five years.

According to experts, a downside risk to the lowered growth forecast due to growth headwinds in global economy and slowdown in domestic consumption has curtailed domestic investors sentiment.

Unabated foreign fund outflow too weighed on market mood, traders said.

Foreign portfolio investors sold shares worth a net of Rs 383.66 crore on Wednesday, while domestic institutional investors (DIIs) bought shares worth Rs 531.56 crore, provisional data showed.

Elsewhere in Asia, Hang Seng, Kospi, Shanghai Composite Index and Nikkei were trading in the green in their respective late morning sessions.

On the other hand, bourses on Wall Street ended higher on Wednesday. The rupee, meanwhile, appreciated 8 paise against its previous close to trade at 70.80 in early session.

Brent crude futures, the global oil benchmark, spiked 2.70 per cent to trade at 57.75 per barrel. (with inputs from PTI)

Asian shares take heart as Beijing limits yuan fall

Asian shares were trying to rally on Thursday after Beijing limited the fall in its yuan and provided temporary relief from fears of a global currency war, though worries about recession still lurked in the background.

China's central bank set its yuan midpoint beyond 7 to the dollar for the first time since the global financial crisis, but that was not as weak as many had expected. Click here to read in full the Asian markets report .

What to Watch: New order bodes well for J Kumar Infra

J Kumar Infraprojects has received a letter of acceptance from NHAI for construction of Dwarka Expressway from Road Under Bridge near Sector 21, Dwarka to Delhi-Haryana border on EPC mode. The project cost amounts to ₹1,540 crore. Shareholders will closely monitor the execution of the project. For the June quarter, the company has reported a profit of ₹40.92 crore on revenues of ₹673 crore; total order book as on June 30 stood at ₹9,606 crore, it added.

What to Watch: Qgo Finance: Offer-for-sale today

Rachana Singi, part of the promoter group of Qgo Finance (formerly Parnami Credits), proposes to sell up to 5,75,645 shares, representing 8.28 per cent of the share capital of the company on August 8 (to non-retail investors) and on August 9 (to retail investors) through an offer-for-sale on the BSE. The aims of the sale is to meet SEBI’s minimum public shareholding norm. The floor price for the offer is ₹22, it said. The stock last traded on August 5 and closed at ₹14.95.

What to Watch: NBCC, Coffee Day, Religare results eyed

Over 100 firms will declare their June quarter results on Thursday. Among these are Adani Enterprises, Capacite Infraprojects, City Union Bank, Coffee Day, Dredging Corp, Emami, GNFC, Godrej Properties, Hind Rectifiers, Hexaware, Huhtamaki, Kesoram, Mahanagar Gas, Max India, Midhani, NBCC, Quick Heal, Page Industries, P&G, Radico Khaitan, Ratnamani Metals, Rail Vikas, RCF, Sanghvi Movers, Religare, Tata Chem, Thermax, UCO Bank, UltraTech and Wonderla.

MCX logs highest gold delivery

The Multi Commodity Exchange has handled record delivery of 5,158.80 kg (valued at ₹1,821 crore) of gold on expiry of its August contracts amid volatile prices.

The open interest in gold contracts (all variants) also had earlier seen a six-and-a-half year high level of about 35,000 kg in July 2019. Gold (0.999 purity) prices last month increased by ₹1,250 per 10 grams to touch ₹34,923 per 10 grams from ₹33,673 on July 1. Click here to read in full the report on highest gold delivery by MCX .

Opening bell

The benchmark indices, the BSE Sensex and the NSE Nifty, opened Thursday's session in the green. The Sensex opened at 36,862, up 171 points or 0.47 per cent higher, while the Nifty opened at 10,899, up 43 points or 0.40 per cent firmer.

Day Trading Guide for Thursday August 8, 2019

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

₹2184 • HDFC Bank

₹776 • Infosys

₹253 • ITC

₹130 • ONGC

₹1109 • Reliance Ind.

₹289 • SBI

₹2214 • TCS

10874 • Nifty 50 Futures

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

Today's Pick: Bank of Baroda (₹97.6): Sell

Investors with a short-term view can sell the stock of Bank of Baroda at current levels. The long-term trend is down for the stock. Since encountering a key resistance at ₹140 in late May this year, the stock has been in a medium-term downtrend. Short-term trend is also down. Click here to read in full Today's Pick on Bank of Baroda .

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