Sensex rallies 221 points to close at new high of 40,469

Closing bell

The benchmark indices, the BSE Sensex and the NSE  Nifty closed on a firm note on Wednesday. The Sensex finished at a new all-time high of 40,469, up 221 points or 0.55 per cent, while the Nifty ended at 11,961, a gain of 43 points or 0.37 per cent firmer

The top gainers on the Sensex were ICICI Bank, Infosys, HDFC, IndusInd Bank and HDFC Bank. Bharti Airtel dropped 3.31 per cent during the session, followed by Reliance, Bajaj Finance, ONGC and Maruti.

The realty index (up 2.59 per cent) was the top gainer on the BSE sectoral index, followed by banking (up 1.39 per cent), finance (1.05 per cent) and metals (0.72 per cent).

On the other hand, consumer durables lost 5.30 per cent, followed by telecom (down 2.69 per cent) and FMCG (1.04 per cent).

According to an agency report, the benchmark indices rose on the back of strong earnings, hopes for another economic booster from the government and positive cues from the global markets. (with inputs from PTI)

Why brokerages are not recommending a sell on Titan Company?

Shares of Titan Company plunged sharply on Wednesday after the company reported a muted second quarter result and weak guidance for H2 of current fiscal.

Shares crashed to a low of Rs 1,158, over 10 per cent fall, and currently ruling at Rs 1,163.05, against the previous day's close of Rs 1,283.80.

The company had reported a consolidated net profit of Rs 303 crore for the July-September period as against a profit of Rs 306 crore a year-ago. The September quarter consolidated sale of product services stood at Rs 4,601 crore (Rs 4,522 crore). Click here to read in full the report on Titan Company shares .

European shares weighed down by earnings reports, weak data

File Photo

European shares took a breather on Wednesday after closing at a four-year peak in the previous session, as a mixed bag of earnings reports and weak services sector data from the euro zone weighed on sentiment.

Societe Generale shares rose 4.6 per cent to a six-month high after the bank said it had set aside three-quarters of the cash needed to deliver a planned dividend payout this year.

The update helped power a 1 per cent rise in bank stocks, the most among the major European sub-sectors. The pan-European STOXX 600 index struggled for direction after rising about 0.1 per cent in early trading. Click here to read in full the European markets report .

Dollar holds ground against rivals

The dollar held its ground against other major currencies on Wednesday, supported by rising hopes for a US-China trade deal and an improving outlook for the US economy.

As the US and China work to narrow their differences enough to sign a “phase one” trade deal as early as this month, hopes of a breakthrough have boosted sentiment across world markets.

After sizeable moves on Tuesday, which included a strengthening in China's offshore yuan to three-month highs against the dollar, currency markets moved into wait-and-see mode. Click here to read in full the forex markets report .

Oil falls after 3-day rally on US crude build-up

Oil prices fell on Wednesday, pulled down by a larger-than-expected build in US crude stocks, after gaining for three sessions on expectations of an easing in US-China trade tensions.

Brent crude futures stood at $62.58 a barrel by 0738 GMT, down 38 cents, or 0.6 per cent. Brent settled up 1.3 per cent on Tuesday.

US West Texas Intermediate (WTI) crude futures fell 30 cents, or 0.5 per cent, to $56.93 per barrel, having closed up 1.2 per cent in the previous session. Click here to read in full the oil markets report .

Torrent Power inches closer to 52-week high on strong results

Workers of Tripura state electricity board fix power lines on utility poles on the outskirts of Agartala, capital of India's northeastern state of Tripura, September 26, 2012. It is rough being an employee of Torrent Power Ltd in the Indian city of Agra. Furious residents regularly take staff of the power distributor hostage or beat them up, stone-throwing mobs besiege the firm's high-walled compound, and one official recently had to be hospitalised after he was hit on the head with a brick. Torrent's experience highlights the perils for companies hoping to benefit from the privatisation drive, as well as the challenges facing India as it grapples with chronic energy shortages that stand in the way of its ambitions to become a global economic power. Picture taken September 26, 2012. To match Insight INDIA-POWER/ REUTERS/Jayanta Dey (INDIA - Tags: BUSINESS ENERGY SOCIETY)

Private power player, Torrent Power Ltd , rallied on the bourses after posting an impressive financial performance for the quarter ended September 2019. The company shares gained over 5 per cent, to hit an intra-day high of Rs 298.8 on Wednesday on the BSE, inching towards its 52-week high of Rs 313.80, last seen in July this year.

Torrent Power posted a standalone net profit of Rs 743 crore for the quarter ended September 30, 2019, up 85 per cent on the Rs 402 crore recorded in the corresponding quarter a year ago. Total income for the period stood at Rs 3,840 crore, up from Rs 3,449 crore in the same quarter last year.

Sensex, Nifty make further gains

The markets surged ahead in the afternoon session on Wednesday. The Sensex notched up gains of 274 points or 0.68 per cent to trade at 40,522. The Nifty gained 64 points or 0.54 per cent to trade at 11,981.

The top gainers on the Sensex were Infosys, YES Bank, ICICI Bank, IndusInd Bank and Tata Motors. Bharti Airtel, which dropped 3.12 per cent, led the laggards, followed by HCL Tech, SBI, Reliance and Maruti.

Realty was the top gainer on the BSE sectoral index (up 2.45 per cent), followed by banking (1.38 per cent), IT (0.97 per cent) and metals (0.82 per cent).

The consumer durables index dropped 4.44 per cent during the session, followed by telecom (2.43 per cent) and energy (0.19 per cent).

Maruti Suzuki, Toyota Tsusho kick starts vehicle recycling unit

Maruti Suzuki and Toyota Tsusho Group, on Wednesday announced setting up one-of-its-kind vehicle dismantling and recycling joint venture (JV), Maruti Suzuki Toyotsu India Private Limited (MSTI). Click here to read the full report on the joint venture between Maruti Suzuki and Toyota Tsusho .

Asian stocks fall as traders question next move in trade war

A woman stands in front of a display showing market indices at the Tokyo Stock Exchange (file photo)

Asian shares fell on Wednesday for the first time in four trading sessions as investors awaited new developments that might scale back a bruising trade war between the US and China.

MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.12 per cent. Australian shares were down 0.55 per cent, Chinese stocks fell 0.25 per cent, Japan's Nikkei stock index rose 0.21 per cent.

The pan-region Euro Stoxx 50 futures were down 0.03 per cent, German DAX futures were down 0.06 per cent, while FTSE futures were down 0.29 per cent. click here to read more on the Asian markets report .

Lupin results: Investors will be looking for clarity on drugmaker’s Japan generics business

Drugmaker  Lupin ’s board meets today to take stock of its financial performance for the second quarter — the three months ended September 30. But shareholders will also be looking for clarity from the management on Lupin’s generic drugs business in Japan. Click here to read in full the report on what Lupin's shareholders will seek as the company announces its results today .

Sensex, Nifty reverse losing trend

The Sensex and Nifty, which edged lower in the morning session, have reversed their losing trend and notched up gains of around 0.40 per cent by midsession.

The Sensex was up 171 points or 0.43 per cent at 40,430, while the Nifty rose to 11,963, up 46 points or 0.39 per cent on its overnight close.

The top gainers in the Sensex pack are Infosys, IndusInd Bank, ICICI Bank, Kotak Bank and L&T, while the laggards are Bharti Airtel, HCL Tech, Reliance, Maruti and TCS.

All you need to know on how the Sensex has outperformed the Nifty index

Does linking investments or fund flows to the Sensex enhance the chance of outperformance? The record of the past few years shows the 30-share Sensex, the key benchmark index of the BSE, has outperformed the 50-share Nifty of the National Stock Exchange (NSE).

Data shows that as on October 31, Sensex had gained 16.5 per cent from the lows of the past one year to hit a life-time high of 40,129. Comparatively, the Nifty index lagged behind. Till October 31, when the Sensex was hitting new highs, the Nifty index had gained 14.4 per cent from its lows of the past year.

Nifty is yet to take out its previous peak of 12,103 hit in June.

The Sensex has outperformed the Nifty on two- and three-year basis too.   Click here to read the full report on Sensex outperforming the Nifty .

Nifty call: Sell below 11,900 with stop-loss at 11,950

Nifty 50 November Futures (11,903)

The Nifty saw a bearish close yesterday and the negative bias seems to have carried over into today’s session as well. The index futures is currently hovering around an important support of 11,900 and a decisive break below it will turn the near-term trend negative. However, indices across Asia do not suggest a directional trend.

With 30 of the 50 stocks of the Nifty 50 index in a decline, the market breadth favours bears. However, volatility seems to be subdued as the volatility index, India VIX, is marginally down at 15.86 levels. Among the sectoral indices, the Nifty realty index is the top performer, with a gain of a little over 2 per cent, whereas the Nifty PSU bank index is the top loser, down by 1.4 per cent today. Click here to read the Nifty call report in full.

Daily Re call: Rupee weighed down by dollar demand

Tipping the scales Foreign investment flows are one of the influencing factors on the rupee’s movement

The rupee, after briefly trading above the critical resistance of 70.75 against the dollar, is being sold at levels below it, a bearish indication. After closing at 70.68 yesterday, it opened lower at 70.77 and has been sliding since the open, unable to sustain above the resistance.

The domestic currency has minor support at 70.89, below which the immediate support is the important level of 71. On the other hand, if the rupee gains from the current level of 70.84, it will face hurdles at 70.75 and 70.5. The weakness in rupee can be primarily attributed to the strengthening dollar. Click here to read the rupee call report in full.

Rupee slips 15 paise to 70.84 in early trade

The rupee opened on a cautious note and fell 15 paise to 70.84 against the US dollar in early trade on Wednesday tracking subdued opening in domestic equities.

However, weakening of the US dollar vis-a-vis other currencies overseas and easing crude oil prices supported the domestic unit and restricted the fall.

At the interbank foreign exchange, the rupee opened at 70.80 then lost momentum and fell to 70.84 against the US dollar, showing a decline of 15 paise over its previous closing.

The Indian rupee on Tuesday had closed at 70.69 against the US dollar. - PTI

Sensex, Nifty drop lower

The Sensex and the Nifty extended their losses in the morning session on Wednesday. The Sensex was at 40,107, down 140 points or 0.35 per cent lower, while the Nifty slipped 47 points or 0.40 per cent to trade at 11,869.

The top gainers on the Sensex were Sun Pharma, YES Bank, Kotak Bank, Infosys and Vedanta, while the laggards were Bharti Airtel, SBI, HCL Tech, Tata Steel and Reliance.

The realty index on the BSE rose 2.21 per cent in the session, while healthcare rose 0.53 per cent. All the other sectoral indices were in the red, with consumer durables down 3.96 per cent and telecom down 2.03 per cent.

An agency report attributed the fall in the Sensex to losses reported by the HDFC twins, RIL, ITC and TCS amid tepid global cues.

Sun Pharma rallied 5 per cent after the drug major said it had entered a licensing agreement with AstraZeneca UK to introduce certain novel ready-to-use infusion oncology products in China.

In the previous session, the 30-share Sensex settled 53.73 points, or 0.13 per cent, lower at 40,248.23. The Nifty too slipped 24.10 points, or 0.20 per cent, to close at 11,917.20.

Foreign institutional investors (FIIs) purchased shares worth Rs 473.17 crore in the capital market on Tuesday, while domestic institutional investors sold equities worth Rs 1,593.71 crore, data available with stock exchange showed.

According to traders, stock-specific action amid lack of directional cues kept market sentiment subdued.

Globally, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a cautious note as reports that a disagreement between the US and China over tariffs weighed on global investors.

Shares on Wall Street ended a tad lower on Tuesday. On the currency front, the rupee depreciated 9 paise against the US dollar to trade at 70.78 in early session. Brent futures, the global oil benchmark, fell 0.64 per cent to $62.56 per barrel. (with inputs from PTI)

Oil falls as big US inventory build-up offsets hopes for US-China trade talks

Oil prices fell on Wednesday, pulled down by a larger-than-expected build-up in US crude stocks, after gaining for three straight sessions on expectations of an easing in US-China trade tensions.

Brent crude futures were at $62.60 a barrel by 0330 GMT, down 36 cents, or 0.6 per cent. Brent settled up 1.3 per cent on Tuesday.

US West Texas Intermediate (WTI) crude futures fell 29 cents, or 0.5 per cent, to $56.94 per barrel, having closed up 1.2 per cent in the previous session. Click here to read in full the oil markets report .

Dollar lifted by hopes of a trade deal, strong US economic data

The US currency also nursed losses against the euro and the pound. File Photo

The dollar held the upper hand against its rivals on Wednesday, particularly versus traditional safe-haven currencies, on rising hopes for a US-China trade deal and a string of solid US economic data.

The dollar index against major currencies was little changed at 97.936 in early Asian trade, after rising 0.37 per cent the previous day.

Against the yen, the dollar traded at 109.08 yen, down slightly on the day but still not far from its October high of 109.285. Click here to read in full the forex market report .

Stocks edge lower as markets await clues on trade talks

A woman stands in front of a display showing market indices at the Tokyo Stock Exchange (file photo)

Asian shares pulled back slightly on Wednesday as investors awaited new developments toward scaling back a bruising trade war between the US and China.

MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.11 per cent. Australian shares were down 0.09 per cent, Chinese stocks drifted 0.08 per cent lower, while Japan's Nikkei stock index tacked on 0.2 per cent. Click here to read in full the Asian markets report .

Opening bell

The benchmark indices, the BSE Sensex and the NSE Nifty, opened Wednesday's session marginally lower.

The Sensex quoted at 40,150, down 98 points or 0.24 per cent lower on its overnight close.

The Nifty opened at 11,901, down 16 points or 0.14 per cent lower.

What to watch: Indiabulls HF: Results, fund-raising plans eyed

Indiabulls Housing Finance.

The board of directors of Indiabulls Housing Finance will meet on Wednesday to consider results for the quarter and half-year ending September 2019. Besides, its board will also consider raising funds through issue of non-convertible debentures and/or compulsorily convertible debentures and/or optionally convertible debentures and/or NCDs-cum-convertible warrants. Shareholders will closely monitor the quantum of funds the company plans to raise and the mode.

Nath Pulp to turn merger with Rama Pulp

Shares of Nath Pulp & Paper Mills will turn ex-date on Thursday ahead of its merger with Rama Pulp & Papers. According to a scheme, Nath Paper and its unlisted arm Nath Chemicals will merge with Rama Pulp. Shareholders of Nath Paper will get one share of Rama Pulp for every two shares; Nath Chemicals’ shareholders will receive 1.8 shares of Rama Pulp for every one share. Those who wish to receive Rama Pulp shares need to buy Nath Pulp shares by Wednesday.

 Tata Steel, Canara Bank, Cipla, Lupin results

Over 60 firms including Bannari Amman Sugars, Bajaj Electricals, Bosch, BSE, Canara Bank, Cipla, Clariant Chem, Corporation Bank, Exide, EID Parry, Emami, Fortis Health, Firstsource, Godrej Consumer, Hindustan Oil, Kalpataru, Lupin, Minda Corp, Munjal Showa, Manappuram Fin, Max Fin, Religare, Revathi Equipment, Prakash Ind, Satin Credit, Schneider, Shipping Corp, Taj GVK, Tata Steel, V-Guard and Voltas will declare their July-September quarter results on Wednesday.

Today's Pick: Minda Corporation (₹101.6): Buy

Investors with a short-term perspective can buy the stock of Minda Corporation at current levels.

The stock has been on an intermediate-term downtrend since encountering a key resistance at ₹155 in early January this year. But the stock found support at ₹65.5, 52-week low, in late August. Triggered by positive divergence in the daily price rate of change indicator, the stock changed direction. Since late August the stock has been in a medium-term uptrend. Click here to read in full Today's Pick on Minda Corporation .

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