Equity indices end firm but off highs, Sensex settles at 37,581

Closing bell

The benchmark indices, the BSE Sensex and the NSE Nifty, finished off their morning highs on Friday.

The Sensex ended up 254 points or 0.68 per cent higher at 37,581, while the Nifty finished at 11,109, up 77 points or 0.70 per cent firmer.

The top gainers on the Sensex were Maruti, Vedanta, Bajaj Finance, HDFC Bank and Hindustan Unilever, which rose between 1.9-3.5 per cent each.

YES Bank was a notable loser, dropping over 7 per cent during the session, followed by Tech Mahindra, Tata Steel, ITC and NTPC, which lost between 1.30-2.5 per cent each.

The auto, finance, consumer discretionary goods, and realty indices gained between 1-2 per cent each, to prop up the BSE index. The metals, healthcare, IT, telecom, utilities, power and technology shares dropped lower during the session.

Gold holds ground above $1,500 on trade tensions

India gold prices reflect global upside ANDREA COMAS

Gold was on course for its biggest weekly gain in more than three years on Friday as it held above $1,500 an ounce on heightened trade tensions between Washington and Beijing.

Spot gold was up 0.2 per cent at $1,502.57 per ounce at 0847 GMT, after it surpassed $1,500 for the first since April 2013 earlier this week.

Bullion has risen 4.3 per cent so far this week, and about 17 per cent for the year, gaining more than $100 in the past week.

US gold futures rose 0.3 per cent to $1,514.30 an ounce. Click here to read the gold report in full.

Sensex, Nifty trim gains

The benchmark indices gave up some of their afternoon gains ahead of the close on Friday.

The Sensex was trading at 37,695, up 367 points or 0.98 per cent firmer, while the Nifty was at 11,151, up 119 points or 1.08 per cent firmer.

Maruti and Vedanta drove up gains of over 3 per cent on the Sensex. Bajaj Finance, Hindustan Unilever and HDFC Bank were the other major gainers in the Sensex pack, each rising more than 2 per cent during the session.

YES Bank slumped more than 7 per cent, while Tech Mahindra lost 1.51 per cent during the session. ITC, Tata Motors and Tata Steel lost around 1 per cent each.

Telecom and metal sector shares were the notable losers on the BSE index. The benchmark index was propped up by auto sector shares that gained over 2 per cent and consumer discretionary, finance, consumer durables and realty shares that rose more than 1 per cent each.

Oil edges up on expectations of more OPEC output cuts, but trade worries linge r

File photo

Oil prices inched higher on Friday as expectations of more OPEC production cuts provided some support, although concerns over the long-running US-China trade dispute kept a lid on gains.

International benchmark Brent crude futures, were at $57.54 a barrel by 0646 GMT, up 16 cents, or 0.3 per cent, from their previous settlement.

US West Texas Intermediate (WTI) futures were at $52.68 per barrel, up 14 cents, or 0.3 per cent, from their last close. Click here to read in full the oil markets report .

Italy's political turmoil pushes European shares lower

The regions equity funds experienced their second-largest outflows on record in the week through February 13. File Photo

European shares fell on Friday, leading them to post a second straight week of losses, as worries about the stability of Italy's government rattled investors and concerns about Sino-US trade tensions lingered.

Milan's FTMIB index tumbled 1.6 per cent, with Italian banks hardest hit after the leader of the ruling League party, Matteo Salvini, pulled his support for the country's governing coalition on Thursday.

Markets have recently been sensitive to political developments in Rome, with Italian bond yields jumping each time there were doubts about the soundness of the government. Click here to read in full the European markets report .

Trade jitters boost yen, euro shrugs off Italian election scenario

The yen rose on Friday as US-China trade conflict jitters encouraged demand for safe-haven currencies, while the euro shrugged off a breakdown in Italy's governing coalition and the prospect of new elections.

After a tumultuous few days dominated by investor concerns about the escalating tariff war between Beijing and Washington, markets looked to be ending the week on a calmer note. Click here to read in full the global forex markets report .

Wall Street: S&P 500 posts biggest daily gain in two months as rebound continues

The S&P 500 registered its largest one-day percentage gain in about two months on Thursday, with technology shares providing the biggest boost as equities continued to rebound along with bond yields.

All major sectors advanced at least 1 per cent, and the S&P 500 technology index, which was at the heart of the recent sell-off, climbed 2.4 per cent. The benchmark S&P 500 extended a rebound that began on Wednesday and closed near its high of the day. The index gained 4 per cent from Wednesday's intraday bottom to Thursday's close. Click here to read in full the US markets report .

Asian shares edge up, gains capped by fresh trade jitters

Asian shares inched up on Friday, helped by Wall Street's rally, but fresh concerns about Sino-US trade ties capped gains in the region.

Weighing on risk appetite was a report from Bloomberg that Washington is delaying a decision about licenses for US firms to restart trade with Huawei Technologies.

That sent US stock futures down as much as 0.6 per cent in Asian trade.

Pan-European Euro Stoxx 50 futures fell 0.2 per cent in late Asian trade, indicating that European cash share markets will open a tad lower on Friday. Click here to read in full the Asian markets report .

Nifty Call: Buy on dips with a fixed stop-loss

Nifty 50 August Futures (11,177)

Taking positive cues from the global markets, the Sensex and the Nifty began the session with a gap-up open and continued to trend upwards.

The Dow Jones gained 1.4 per cent to 26,378 and S&P 500 index jumped 1.8 per cent to 2,938 last session. The Asian markets are trading mixed; the Nikkei 225 is up 0.4 per cent to 20,684 while the Hang Seng index is marginally down by 0.3 per cent to 26,042 levels.

Both the Sensex and the Nifty have gained over 1 per cent in today's session. The market breadth of the Nifty index is biased towards advances. The India VIX has declined 0.7 per cent to 15.9 levels. Buying interest is also seen in the Nifty mid and small-cap indices that have gained 1.5 per cent and 1.4 per cent respectively. Click here to read in full the Nifty call report .

RBI is likely to cut rates in October and early next year, say analysts

The Reserve Bank of India will cut interest rates again at its October meeting, making it the fifth in a row, according to economists in a  Reuters  poll, who said the  central bank's decision to ease by 35 basis points on Wednesday  was right.

While a survey taken ahead of August's meeting showed a 25 basis points rate cut was a done deal, the RBI was expected to keep rates unchanged for the rest of this year. Click here to read in full the report on RBI likely to cut rates in October, early next year .

Benchmark indices extend morning gains

The benchmark indices, the BSE Sensex and the NSE Nifty, surged over 1 per cent at mid-session on Friday.

The Sensex was up 408 points or 1.10 per cent at 37,736, while the Nifty gained 125 points or 1.14 per cent to trade at 11,158.

The top gainers in the Sensex pack were Vedanta, which spiked 4 per cent, followed by Bajaj Finance, HDFC, Maruti and L&T, all of which gained 2 per cent each during the session. The laggards on the 30-share barometer were YES Bank, which dropped over 2 per cent, followed by Bharti Airtel, ITC, M&M, Tata Motors and Sun Pharma.

All the BSE sectoral indices, with the exception of telecom, were in the green. The basic materials index was up 2 per cent, while finance, banking, capital goods, metal and realty sector shares gained over 1 per cent.

Oil prices improve on expectations of more OPEC output cuts

File photo

Oil prices rose on Friday, supported by expectations of more production cuts by OPEC amid fears the US-China trade row could lead to a global slowdown, curbing demand for crude.

International benchmark Brent crude futures, were at $57.61 a barrel by 0009 GMT, up 23 cents, or 0.4%, from their previous settlement.

US West Texas Intermediate (WTI) futures were at $52.79 per barrel, up 25 cents, or 0.5%, from their last close. Click here to read in full the global oil markets report .

Yen gains as US-China trade row supports safe-havens

The yen traded near an eight month high versus the dollar on Friday as renewed concerns about the US-China trade dispute and signs that central banks are more worried about the global economy boosted safe-haven assets.

The yen, which tends to be bought in times of economic uncertainty, was on course for its second weekly gain versus the greenback and its third weekly gain versus both the Australian and New Zealand dollars. Click here to read in full the report on yen gains amid demand for safe havens ,

Jamna Auto falls on plant shut-downs amid industry-wide crisis

Shares of Jamna Auto Industries Ltd fell as much as 8.5 per cent to Rs 36.5 on Friday morning. The company might shut all its plants in August due to weak demand from its customers, the maker of springs used in vehicle suspensions said on Thursday, underscoring the extent of the slowdown in the auto sector.

India's auto sector is facing a downturn, which industry executives say is the worst affected, triggering massive job cuts and factory shutdowns.

Up to last close, the stock was down 38.5 per cent this year, while peer Gabriel India Ltd fell 31 per cent. - Reuters

Hexaware Tech jumps on upbeat June-quarter results

IT services company, Hexaware Technologies Ltd's , shares rose as much as 8.6 per cent to Rs 399, posting their best intra-day gain since June 21. The company's June-quarter profit, revenue beat estimates.

The company has declared interim dividend of Rs 1.5 per share. The Q2 numbers are ahead of estimates at all levels, mainly led by strong execution and margin recovery, says Macquarie.

The company is well poised to deliver an industry-leading organic growth rate in its guided band of 12-14 per cent for this year, the broker adds.

Up to Thursday's close, the stock had risen 10.4 per cent this year. - Reuters

NBCC (India) hits near 5-year low on Q1 profit drop

Shares of NBCC (India) Ltd fell as much as 13.6 per cent to Rs 34.35, their lowest since September 17, 2014.

The civil engineering and construction services provider reported a 38 per cent drop in June-quarter net profit to Rs 48. 9 crore after market hours on Thursday.

Net sales fell by 16 per cent to Rs 1,891 crore. Around 24.2 million shares changed hands, compared with the 30-day average of about 11.8 million shares.’

Up to the last close, the stock down was down ~31 per cent this year ($1 = 70.5150 rupees) - Reuters

NSE index may test resistance at 11,241: Technicals

The NSE index is likely to test a resistance at 11,240.67. The resistance is identified as the 38.2 per cent Fibonacci retracement level on the downtrend from the July 5 high to the August 5 low.

The index broke above a resistance at 11,065.6, the 23.6 per cent retracement level, suggesting a move towards the 11,240.67 retracement level.

The index currently has some resistance at 11,135.58 also.

The wave pattern suggests the index may be in wave iv of a five-wave downtrend and the current wave may continue up to the 11,240.67 level.

On the downside, if the index breaks below the 11,065.6 level, it may lead to a further fall. _ Reuters

Max Ventures and Industries jumps on Q1 profit

Shares of Max Ventures and Industries Ltd jumped as much as 15.6 per cent to Rs 44.8, their biggest intra-day per cent gain since December 14, 2018.

The company, which primarily operates in the manufacturing and real estate areas, posted June-quarter profit of Rs 24.18 crore ($3.43 mln) against a loss of Rs 8 crore in the previous year.

The company's revenue more than doubled to Rs 426 crore. Up to last close, the stock was down 27.2 per cent this year ($1 = 70.5350 rupees). - Reuters

Rupee rises 22 paise to 70.47 against dollar in early trade

According to experts, over the next few years, cash in circulation will grow in line with GDP growth as India is a predominantly cash economy

The rupee appreciated by 22 paise to 70.47 against the US dollar in early trade on Friday, tracking gains in domestic equities, amid reports of a meeting between foreign investors and Finance Ministry officials regarding higher tax surcharge during the day.

At the interbank foreign exchange market, the rupee opened at 70.54, then gained momentum and touched a high of 70.47, registering a rise of 22 paise over its previous close. The domestic unit pared some gains and was trading at 70.53 against the dollar at 1006 hrs.

Forex traders said a positive opening in the domestic equity market, easing crude oil prices and reports that leading foreign investors will meet senior Finance Ministry officials on Friday on issues like higher tax surcharge supported the domestic unit. Click here to read in full the rupee report .

Asian shares inch up but gains capped by fresh US-China trade concerns

Asian shares caught the tail of a Wall Street rally on Friday, helped by China's better-than-expected export figures but fresh concerns about US-China trade ties are likely to limit gains in the region.

Weighing on risk appetite was a report from Bloomberg that Washington is delaying a decision about licenses for US firms to restart trade with Huawei Technologies. That sent US stock futures down as much as 0.6% in early Asian trade. They were last quoted 0.4% lower on the day. Click here to read in full the Asian markets report .

Sensex, Nifty up over 0.5%

The Sensex and Nifty snapped up gains of over 0.50 per cent in early session on Friday. The Sensex was trading at 37,553, up 213 points or 0.57 per cent, while the Nifty was at 11,101, up 69 points or 0.63 per cent.

The top gainers on the Sensex were Vedanta, HeroMotoCorp, HDFC Bank, HDFC and Maruti, while the laggards were Bharti Airtel, YES Bank, Tata Motors, ITC and TCS.

The BSE index was propped up by healthy gains in the basic materials sectoral index, which was up 1.92 per cent, followed by realty and metals that were up 1.24 per cent, finance shares that gained 1.19 per cent, energy sector shares that gained 1.08 per cent and power sector shares that gained 0.99 per cent.

On the other hand, the technology, IT and industrial indices were in the red.

According to an agency report, the Sensex rally was led by gains in banking and energy stocks amid reports that the government is likely to roll back higher surcharge on foreign portfolio investors.

In the previous session on Thursday, the 30-share index finished at 37,327.36, showing a jump of 636.86 points or 1.74 per cent. While, the NSE Nifty climbed 176.95 points or 1.63 per cent to 11,032.45.

Trading sentiment received a much-needed boost after reports emerged on Thursday stating the Centre is likely to withdraw higher surcharge on foreign portfolio investors (FPIs), introduced in the Budget, and may also take a re-look at the long-term capital gains tax.

Reports also suggest that leading overseas investors will meet Finance Ministry officials on Friday as the government seeks to ease concerns over dwindling FPI inflow.

Foreign investors have been on a selling spree since the Budget was presented in July, putting pressure on both the capital markets and the rupee.

FPIs sold shares worth a net of Rs 437.39 crore on Thursday, while domestic institutional investors bought shares worth Rs 291.29 crore, provisional data showed.

Market has got a a breather due to the expectation that the government is likely to be lenient on higher surcharge on FPIs. Additionally, prospects of lower interest rates going forward and rupee strength will ease the liquidity crunch situation, said Vinod Nair, Head of Research, Geojit Financial Services.

Meanwhile, the rupee appreciated 17 paise against its previous close to trade at 70.51 in early session. Brent crude futures, the global oil benchmark, slipped 0.26 per cent to trade at 57.23 per barrel.

Elsewhere in Asia, Hang Seng, Kospi, Shanghai Composite Index and Nikkei were trading on a mixed note in their respective late morning sessions. Bourses on Wall Street ended higher on Thursday.(with inputs from PTI)

Distribute disgorgement money to investors in 3 months: SAT to SEBI

The Securities Appellate Tribunal (SAT) has asked SEBI to compensate an investor to the tune of ₹18 lakh from the ₹4.5 crore that the regulator collected as disgorgement amount in a market manipulation case. SEBI has rarely distributed the disgorged amount but the SAT order on August 2 has laid down a principle that ‘disgorgement without restitution does not serve any purpose and SEBI cannot take shelter under the plea that it does not have the wherewithal to distribute the proceeds to investors,’ experts told  BusinessLine . SAT, in its order, said it ‘did not agree with helplessness of SEBI’ even as it sympathised with the regulator’s argument that distribution of disgorged money to market investors was a complex task. Click here to read in full the report on SEBI told to distribute disgorgement money to investors in 3 months .

Wall Street: S&P 500 posts biggest daily gain in two months as rebound continues

The S&P 500 registered its largest one-day percentage gain in about two months on Thursday, with technology shares providing the biggest boost as equities continued to rebound along with bond yields.

All major sectors advanced at least 1 per cent, and the S&P 500 technology index, which was at the heart of the recent sell-off, climbed 2.4 per cent. The benchmark S&P 500 extended a rebound that began on Wednesday and closed near its high of the day. The index gained 4 per cent from Wednesday's intraday bottom to Thursday's close. Click here to read in full the US markets report .

India is so far the worst performing market of 2019

Amid growing concerns on India’s economic growth and weak corporate earnings, the Indian stock market has been the worst performing market so far in 2019. The higher tax surcharge on foreign portfolio investors (FPIs) announced in the Budget, further pulled the rug from under investors over the past month.

After delivering a nothing-to-write-home-about returns of 7 per cent in calendar 2018, the Sensex has delivered a muted 3.5 per cent returns so far in 2019. The Nifty, that delivered 4 per cent return in 2018, posted a modest 1.5 per cent return in 2019 so far. Click here to read in full the report on India so far the worst performing market in 2019 .

What to Watch: Bombay Cycle to turn ex-bonus on Tuesday

Shares of BSE-listed Bombay Cycle & Motor Agency will turn ex-bonus on Tuesday. (Markets are closed on Monday for Bakri-id.) The company is rewarding its shareholders with one bonus share for every share held in the company, as on record date of August 14. Investors wishing to receive the bonus share from the company need to buy the company’s shares by Friday. According to June-end shareholding pattern, 929 small shareholders held 18.87 per cent stake in the firm.

What to Watch: NEL Holdings, another co to delist from NSE

The respective board of diretors of DQ Entertainment (International) and NEL Holdings (formerly Nitesh Estates) will meet on Friday to consider financial results for the quarter ended June 2019 and a proposal to voluntarily delist their shares from the NSE. However, both these stocks will continue to remain listed on the BSE. Shares of NEL Holdings and DQ Entertainment will remain in focus, as the move may impact liquidity/arbitrage opportunities at the bourses.

What to Watch: BPCL, BHEL, GAIL, MRF, RCom, Hindalco results

Over 125 companies will declare their quarterly numbers on Friday. Among these are Arvind Fashions, 63 moons, Balaji Tele, BHEL, BPCL, Britannia, Cadila Healthcare, Century Ply, GAIL, Hindalco, Inox Wind, Jamna Auto, Kirloskar Oil, MRF, NHPC, Nitco, Noida Toll, Oil India, PC Jeweller, Pfizer, RattanIndia Infra, RCom, SAIL, Shipping Corp, Sobha, Shree Cement, STC, Subros, Sun TV, TTK Healthcare, Uniphos Enterprises, Varroc Engineering, Vivimed Labs and VST Tillers.

Opening bell

The benchmark indices, the BSE Sensex and the NSE Nifty, opened Friday's session in the green. The Sensex was up 92 points or 0.25 per cent higher at 37,419. The Nifty was trading at 11,079, up 46 points or 0.43 per cent firmer.

On Thursday, the Sensex gained 638 points or 1.75 per cent to close at 37,327. The broader Nifty index rose 176 points or 1.63 per cent to close at 11,032.

Day Trading Guide for Friday, August 9, 2019

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

₹2235 • HDFC Bank

₹789 • Infosys

₹257 • ITC

₹130 • ONGC

₹1151 • Reliance Ind.

₹294 • SBI

₹2258 • TCS

11063 • Nifty 50 Futures

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

Today's Pick: Granules India (₹97.3): Buy

The stock of Granules India has gained 4 per cent with good volume on Thursday, breaking above an immediate resistance at ₹93. This rally provides traders with a short-term view an opportunity to buy the stock at current levels.  Click here to read in full Today's Pick on Granules India .

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