Sensex closes at new high of 40,653

Closing bell

The benchmark indices, the Sensex and the Nifty, closed Thursday's session at record highs. The Sensex set a fresh closing high of 40,653. This represented a gain of 183 points or 0.45 per cent on its overnight close. The Nifty finished above the key  12,000-mark at 12,016, up 50 points or 0.42 per cent.

The top gainers on the Sensex were Sun Pharma (up  3.02 per cent), IndusInd Bank (2.88 per cent), Reliance (1.86 per cent), ITC (1.78 per cent) and Vedanta (1.74 per cent).

The laggards were YES Bank (down 3.27 per cent), Hindustan Unilever (1.83 per cent), ONGC (1.69 per cent), Tata Motors (1.66 per cent) and Axis Bank (1.33 per cent).

The majority of the BSE sectoral indices closed the session in positive territory, with shares in the energy sector rising 0.96 per cent, followed by metal sector shares (up 0.9 per cent), realty (0.78 per cent) and consumer durables (up 0.75 per cent). On the other hand, oil and gas, capital goods, utilities and auto dropped between  0.26-0.50 per cent.

According to a PTI report. the Sensex scaled a fresh closing peak, tracking gains in metal, energy and banking stocks as positive domestic and global cues enthused investors.

In order to boost growth by steering consumption in real estate, the government on Wednesday approved a Rs 25,000-crore fund to help complete over 1,600 stalled housing projects, the report said.

The fresh booster is likely to have a positive impact on related industries as well, experts said, adding that strong corporate earnings and sustained foreign fund inflow have also kept domestic market sentiment upbeat.

Further, global markets turned positive after the Chinese commerce ministry said that China and the US have agreed on a plan to remove tariffs imposed on two-way goods in stages, as negotiators try to craft a trade deal.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul settled in the positive terrain following the news. Exchanges in Europe too were trading in the green in their respective early deals.

Brent crude futures, the global oil benchmark, rose 1.38 per cent to USD 62.59 per barrel.  (with inputs from PTI)

Oil rebounds on fresh hopes for US-China trade deal

Brent crude was down 1 cent at $62.01 a barrel. File Photo

Oil prices rose on Thursday amid new hints from China on progress towards a trade deal with the US, offsetting downward pressure from a huge increase in US crude stockpiles.

Brent crude futures were up 33 cents, or 0.5 per cent at $62.07 a barrel by 0812 GMT, after settling down $1.22 per barrel, or almost 2 per cent on Wednesday.

West Texas Intermediate crude futures rose 37 cents, or 0.7 per cent, from their last close to $56.72 a barrel. They settled 88 cents lower, or 1.54 per cent, in the previous session. Click here to read in full the oil markets report .

Dollar strengthens versus yen on Chinese ministry comments

Dollar nurses losses after weak manufacturing data. File Photo

The dollar gained versus the yen on Thursday after comments from a Chinese commerce ministry spokesman about the terms of a possible trade deal prompted investors to dump perceived safe-havens such as the Japanese currency.

The Chinese commerce ministry said that China and the US must simultaneously cancel some existing tariffs on each other's goods for both sides to reach a “phase one” trade deal.

The proportion of tariffs cancelled must be the same, and how many tariffs should be cancelled can be negotiated, said the spokesman. Click here to read in full the dollar report .

US-China trade optimism drives European shares to 4-year high

The pan-European STOXX 600 was up 0.5 per cent. File Photo

European shares hit a more than four-year high on Thursday after China said Beijing and Washington have agreed to cancel existing tariffs in different phases, adding fuel to a rally that is now spanning to its fifth straight day.

China and the US must simultaneously cancel some existing tariffs on each other's goods for both sides to reach a ”phase one” trade deal, the Chinese Commerce Ministry said.

The pan-European STOXX 600 index rose 0.4 per cent by 0813 GMT, with export-heavy Germany outperforming with a 0.7 per cent rise.

Among the top gainers across European sub-sectors were automakers and miners, while defensive plays such as telecoms and utilities fell, suggesting higher risk appetite. Click here to read in full the European markets report .

Asian stocks pull up as trade doubts resurface

Japan's Nikkei shed 0.61 per cent. File Photo

Asian shares napped near multi-month peaks on Thursday while bonds eked out a bounce as reports of delays in sealing a preliminary Sino-US trade deal left investors frustrated at the lack of concrete progress.

In early European trades, the pan-region Euro Stoxx 50 futures were up slightly, while those for German DAX were flat. London's FTSE futures rose 0.2 per cent.

MSCI's broadest index of Asia-Pacific shares outside Japan dipped a slight 0.2 per cent, just off a six-month high hit earlier in the week. Click here to read in full the Asian markets report.

Sensex, Nifty resume uptrend

The Sensex and Nifty resumed their uptrend in the afternoon session on Thursday. The broader 50-share benchmark scaled the key 12,000-mark in the process.

The Sensex spurted 167 points or 0.41 per cent to 40,637, while the Nifty gained 41 points or 0.34 per cent to 12,007.

The top gainers on the Sensex were IndusInd Bank  (which jumped 3.33 per cent), followed by Vedanta (up 1.61 per cent), HDFC (1.61 per cent), ITC (1.38 per cent) and Bajaj Finance (1.15 per cent).

The laggards were led by YES Bank (2.40 per cent), Tata Motors (2.29 per cent), ONGC (1.86 per cent), Hindustan Unilever (1.63 per cent) and Axis Bank (1.37 per cent).

Bajaj Allianz General Insurance launches mobile app for farmers

Bajaj Allianz General Insurance has rolled out a mobile app ‘Farmitra,’ catering to the specific needs of farmers. Through this app, which the company claims is the first of its kind in the industry, farmers will not only get insurance solutions, but also a range of other information and advisories, which will cater to their day-to-day farming needs. Click here to read in full the report on Bajaj Allianz General Insurance's app for farmers .

Nifty call: Initiate longs with tight stop-loss

The Nifty is currently hovering around the psychological level of 12,000. After a gap up opening, the index inched down and has been consolidating since the morning. The Sensex, too, is following a similar price pattern. Major Asian indices are flat, and the US benchmarks closed yesterday’s session without major changes.

The advances-declines ratio of the Nifty 50 index is at 21-29 i.e. 29 out of the 50 stocks are in a decline, indicating a bearish bias, and the volatility index – India VIX – is marginally up at 15.8 levels today.  Among the sectoral indices, the Nifty realty index is the top gainer, up by 0.9 per cent and the Nifty PSU index is the top loser, down by 0.9 per cent. Click here to read in full the Nifty call report .

No cheer for YES Bank shares after Rakesh Jhunjhunwala’s stake buy

The share price of YES Bank has had a muted response to the news of high networth individual, Rakesh Jhunjhunwala, picking up a minor stake in the bank. Just days ago YES Bank shares spiked up over 30 per cent to touch a high of Rs 78 from around Rs 50.

But analysts believe the counter is still witnessing selling pressure and lacks investor trust, which is the key reason for the share price not moving up sharply, despite regular commentary by the bank management and Jhunjhunwala’s recent stake buy.

Usually, news of the high networth Jhunjhunwala picking up stake in any company is followed by a massive rally in the counter, as it gives investors confidence about the fundamental story behind the company. Jhunjhunwala has a wide fan following among equity market investors in India due to his past record of picking up multi bagger stocks.  Click here to read in full the report on YES Bank share price movement .

Sensex, Nifty flat at mid-session

The Sensex and Nifty were trading flat at mid-session on Thursday, coming off their morning highs in choppy trade.

The Sensex was at 40,524, representing a gain of 54 points or 0.13 per cent, while the Nifty was at 11,975, up 9 points or 0.08 per cent.

The top gainers on the Sensex were IndusInd Bank, Infosys, HDFC, ITC and Reliance, while the laggards were Tata Steel, Tata Motors, Hindustan Unilever, ONGC and YES Bank.

Among the BSE sectoral indices, the top gainer was realty, which rose 0.64 per cent, and telecom, which gained 0.37 per cent. The metal index was down 1.03 per cent, while auto came down 0.95 per cent.

India faces China challenge in its lust for gold

The consumer demand for gold from India in the July-September quarter fell about 32 per cent from a year ago to 124 tonnes, its lowest level in 13 quarters. Demand was hurt by elevated prices of the yellow metal, dampened consumer sentiment due to the economy slowing, and an increase in import duty in July from 10 per cent to 12.5 per cent. Click here to read in full the report on India's gold demand and the China challenge .

IRDAI’s proposed hike in self-assessment of losses to simplify claim-filing for customers: Industry players

Insurance companies believe that the Insurance Regulatory and Development Authority of India’s proposed hike in the limits for self-assessment of damages will benefit customers, who may now be able to report damages of higher values on their own without having to wait for days for a surveyor. Click here to read in full the report on IRDAI's proposed hike in self-assessment of losses .

IRDAI bars Reliance Health Insurance from selling new policies due to low solvency margin

In a setback to the newly set up Reliance Health Insurance Company, the insurance regulator has barred it from selling new policies and has asked it to transfer the entire policyholders’ liabilities along with financial assets to Reliance General Insurance by November 15. Click here to read the report on IRDAI bar on Reliance Health Insurance selling new policies .

Rupee slips 14 paise to 71.11 against $ in opening trade

The rupee opened on a weak note and declined by 14 paise to 71.11 against the US dollar in opening trade on Thursday after reports that the US-China trade deal signing could be delayed to December weighed on investor community.

Forex traders said, the decline in the domestic unit was largely in tandem with other Asian currencies after reports of delay in US-China trade deal. However, sustained foreign fund inflows, positive opening in domestic equities and easing crude oil prices supported the local unit.

The rupee opened weak at 71.10 at the interbank forex market and then fell further to 71.11, down 14 paise over its last close. The rupee had settled at 70.97 against the US dollar on Wednesday.

Sensex, Nifty off early highs

The Sensex and Nifty, which opened on a firm note, retreated from their early highs in the morning session.

The Sensex was trading at 40,520, up 50 points or 0.13 per cent, while the Nifty slipped below the 12,000 mark, to trade flat at 11,966.

The top gainers on the Sensex were IndusInd Bank, ITC, HDFC, Reliance and SBI, while the laggards were Tata Steel, Tata Motors, YES Bank, Vedanta and Hero.

The top gainers on the BSE sectoral indices are telecom (up 0.72 per cent), realty (0.61 per cent), consumer durables (0.57 per cent), energy (up 0.53 per cent) and finance (0.50 per cent).

The laggards were metals (down 1.16 per cent), banking (0.76 per cent) and utilities (0.27 per cent).

According to an agency report, the Sensex jumped over 200 points to hit its lifetime high of 40,676 in early session on Thursday, led by gains in index heavyweights HDFC, ITC and RIL, as positive domestic cues boosted investor sentiment.

In the previous session, the Sensex settled at a fresh closing peak, rising 221.55 points, or 0.55 per cent, to 40,469.78, while the Nifty finished at 11,966.05, showing a gain of 48.85 points, or 0.41 per cent.

The government on Wednesday approved a Rs 25,000 crore fund to help complete over 1,600 stalled housing projects, including ones that have been declared NPAs or admitted for insolvency proceedings, as it looks to boost growth by steering consumption in real estate and associated sectors.

According to experts, the fresh booster to the real estate sector, which will have a positive impact on other industries as well, strong corporate earnings and sustained foreign fund inflow have buoyed domestic market sentiment.

Globally, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a negative note amid reports of a possible delay in the US-China trade agreement.

Shares on Wall Street too ended on a weak note on Wednesday.

On the currency front, the rupee depreciated 10 paise against the US dollar to trade at 71.07 in early session.

Brent futures, the global oil benchmark, slipped 0.09 per cent to USD 61.70 per barrel. (with inputs from PTI)

Rupee to weaken below 71

istock.com/Kritchanut

The rupee is trading around a critical support of 71 against the dollar. In yesterday’s session, it closed with a considerable loss of 0.4 per cent at 70.98 against the previous close of 70.68. Click here to read in full the report on Daily Rupee Call.

Opening bell

The BSE Sensex and the NSE Nifty opened Thursday's session on a firm note. The Sensex was trading at 40,616, up 146 points or 0.36 per cent firmer, while the Nifty rose 38 points or 0.32 per cent to scale the 12,000-mark. It was trading at 12,004 in the opening session.

Day Trading Guide for Thursday, November 7, 2019

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

₹1256 • HDFC Bank

₹712 • Infosys

₹261 • ITC

₹144 • ONGC

₹1434 • Reliance Ind.

₹317 • SBI

₹2188 • TCS

12008 • Nifty 50 Futures

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

Today's Pick: Sundaram-Clayton (₹2,179.8): Buy

The stock of Sundaram-Clayton, after a pause, resumed its downtrend since the beginning of the year. Though the stock attempted a recovery in the February and March, the rally did not sustain as it faced another round of substantial sell-off at ₹3,250. This brought down the price to fresh 52-week low of ₹1,662.5 over a period of time. The stock recovered from that low and was largely consolidating between ₹1,740 and ₹2,100. Click here to read in full Today's Pick on Sundaram-Clayton .