Sensex recovers to close up 174 points at 40,850

Nifty finishes 43 points higher at 12,037

 

3:30 pm

Closing bell

Indian benchmark indices, the Sensex and Nifty, staged a fag-end recovery to close higher on Wednesday ahead of the Reserve Bank’s policy meet outcome.

At the closing bell, the 30-share BSE Sensex settled with gains of 174.84 points or 0.43 per cent at 40,850.29. The index swung between a high of 40,886.87 and a low of 40,475.83 during the day.

The 50-scrip NSE Nifty closed 43.10 points or 0.36 per cent higher at 12,037.30.

Among the Sensex stocks, Tata Motors emerged the top gainer, rising by 7 per cent. YES Bank, ICICI Bank, Vedanta and Tata Steel were among the other gainers. On the other hand, L&T, Reliance Industries, Maruti, Asian Paints and Bajaj Auto dropped.

Sectorally, the BSE metal index rose the most by 1.66 per cent, followed by the bankex and IT indices. BSE capital goods and energy led the losers’ chart.

Asian stocks were trading sharply lower as investors turned more anxious seeing no breakthrough coming soon in US-China trade deal logjam. - PTI

3:20 pm

European shares stabilise

Early market action remained tepid ahead of the Fed's policy statement. File Photo   -  Reuters

European shares edged higher on Wednesday, after a four-day slump, as gains in technology stocks and encouraging China services sector data helped offset more worries around the US-China trade dispute. Click here to read in full the European markets report.

3:10 pm

Oil gains ahead of OPEC meetings, helped by decline in US inventories

 

Oil gained on Wednesday ahead of meetings this week where OPEC and its allies are expected to extend production curbs to support the market, while industry data showing that US crude stockpiles fell more than expected, helped to lift prices.

Brent crude futures were up 44 cents, or 0.7 per cent, at $61.26 a barrel by 0706 GMT. US West Texas Intermediate (WTI) crude futures were up by 38 cents, or 0.7 per cent, at $56.48.

The Organisation of the Petroleum Exporting Countries (OPEC) and allies that include Russia - a group known as OPEC+ - are preparing to approve deeper crude output cuts this week, when they meet in Vienna, according to Iraq, the group's second-biggest producer. Click here to read in full the oil markets report.

 

2:50 pm

Stocks jolted by Trump's threat of longer, broader trade war

 

Asian shares extended their losses on Wednesday after US President Donald Trump said a trade deal with China might have to wait until after the 2020 presidential election, dashing hopes for a quick preliminary agreement.

Fresh US tariffs on Argentina and Brazil, as well as threatened duties on French goods, also darkened the mood, as a trade war that investors had hoped was easing a week ago, now looks like ramping up. Click here to read in full the Asian markets report.

2:15 pm

Union Government takes key decisions in Cabinet meet

 

The Union Cabinet has cleared the way for the Personal Data Protection Bill on Wednesday. The Cabinet had approved the launch of Bharat Bond Exchange Traded Fund. Click here to read more on the decisions taken in the Cabinet meet today.

1.35 pm

Sensex, Nifty slip into the red

The benchmark indices, the Sensex and Nifty, gave up their morning gains to slip into the red in the afternoon session.

The Sensex was trading at 40,507, down 168 points or 0.41 per cent lower, while the Nifty was at 11,938, down 55 points or 0.47 per cent lower.

The top gainers on the Sensex were Tata Motors (up nearly 5 per cent), YES Bank (up 3.53 per cent), ICICI Bank, Tech Mahindra and Sun Pharma (which gained between 1-2.5 per cent).

The laggards on the Sensex were Reliance (down 2.54 per cent), Larsen & Toubro (2.16 per cent), HDFC Bank, Tata Steel and Asian Paints (1.2-1.5 per cent).

1:10 pm

Nifty call: Initiate short positions on rallies with 12,065 as stop-loss

 

quity markets across the globe seem bearish this session. The US benchmarks closed lower yesterday and the Asian market, taking cues from US, has been on a decline since this morning. The Nikkei and the Hang Seng are trading lower, each down by one percentage point. However, Indian benchmarks i.e. the Nifty and the Sensex, rallied after an initial dip, and are currently hovering around their respective resistance levels. For the recovery to be sustainable, the indices have to breakout of those hurdles. Click here to read in full the Nifty call report.

12:55 pm

Former IAS officer, Ramesh Abhishek, to get funding for legal battle against 63Moons Technologies

 

In a rare instance, former Indian Administrative Services (IAS) officer and erstwhile chairman of the Forward Markets Commission, Ramesh Abhishek, will get funding from the government to fight a defamation case filed against him by 63Moons Technologies (erstwhile Financial Technologies).

The Department of Economic Affairs (DEA), which falls under the Ministry of Finance (MOF), in consultation with the Ministry of Law, recently approved funding of Abhishek’s legal costs, sources in the know told BusinessLine. Click here to read in full the report on funding for former IAS officer to fight case against 63 moons technologies.

12:20 pm

Gold makes strong advances on likely delay in US-China trade deal

 

Gold prices on Tuesday posted sharp gains in the domestic and global markets following fresh concerns on US-China trade negotiations.

Spot gold on Tuesday gained sharply, reflecting a sharp movement in the international markets. The India Bullion and Jewellers’ Association (IBJA) quoted gold prices at Rs 38,265 per 10 gm (PM rates for 999 purity without tax), which was higher by Rs 250 intra-day. Click here to read in full the gold markets report.

11:40 am

Wall Street falls as trade hopes wane

US stocks sold off for a third consecutive session on Tuesday after comments from President Donald Trump and Commerce Secretary Wilbur Ross threw cold water on hopes of a possible near-term respite from the market-bruising US-China trade war.

The blue-chip Dow had its worst day since October 8, and all three major stock indexes backed further away from last week's record highs that were fueled by optimism that an interim deal between the United States and China was in the works. Click here to read in full the US markets report.

11:30 am

At final call, around 92,700 BSNL, MTNL staffers opt for VRS

 

The government’s bait seems to have paid off, with 92,685 employees of BSNL and MTNL opting for the Voluntary Retirement Scheme (VRS) that opened on November 4 and closed on December 3. Click here to read in full the report on response to VRS offered by BSNL and MTNL.

11:20 am

CSB Bank makes strong debut, jumps 41 per cent

 

The scrip of CSB Bank made a strong debut at the bourses on Wednesday, listing with a premium of 41 per cent, against its issue price of Rs 195.

The scrip debuted at Rs 275, up 41 per cent at the BSE. Later, it touched a high of Rs 304, reflecting a sharp jump of 55.89 per cent. At the NSE, it got listed at Rs 275. Click here to read in full the report on CSB Bank makes strong debut.

11:05 am

Rupee slips 12 paise to 71.78 against dollar in early trade

 

The Indian rupee opened on a weak note and fell 12 paise to 71.78 against the US dollar in early trade on Wednesday, amid a weak opening in domestic equities and sustained foreign fund outflows.

Forex traders said, the domestic unit was trading in a narrow range ahead of the RBI monetary policy decision on Thursday.

At the interbank foreign exchange, the rupee opened weak at 71.76, then fell to 71.78 against the US dollar, showing a decline of 12 paise over its previous closing. Click here to read in full the rupee report.

 

10:55 am

Daily rupee call: Follow range trading strategy

 

After briefly trading above the resistance at 71.6, the rupee closed at 71.68 on Tuesday against the dollar. It registered an intraday high of 71.52. Thus, the Indian currency ended another session within the range between 71.6 and 71.88.

If the domestic currency regains bullish momentum and appreciates above 71.6, it will face hurdle at 71.4; whereas further weakening from current level will find support at 71.88, below which 72 is a strong base. Click here to read in full the Daily rupee call report.

10:30 am

Sensex, Nifty spurt up to trade in the green

After opening in the red, the Sensex and Nifty spurted up to trade in the green.

The Sensex was quoted at 40,733, up 58 points or 0.14 per cent higher in morning trade. The Nifty was at 12,011, up 17 points or 0.15 per cent firmer.

According to an agency report, the Sensex and Nifty started off on a weaker note on Wednesday tracking sharp losses in Asian markets amid growing uncertainties about US-China trade deal talks.

Besides, investors seem to be be taking a cautious stance ahead of Reserve Bank’s monetary policy outcome, which is due on Thursday.

Exchange data showed foreign institutional investors (FIIs) sold equities worth Rs 1,131.12 crore on Tuesday.

Experts said investors are worried after US President Donald Trump said that a trade deal with China might have to wait until after the 2020 presidential polls.

On Tuesday, the BSE Sensex settled at 40,675.45, down 0.31 per cent or 126.72 points; while, the Nifty closed at 11,994.20, showing a dip of 0.45 per cent or 54 points.

Meanwhile, the rupee was trading 10 paise lower at 71.76 to the US dollar in early deals.

Asian stocks were trading sharply lower as investors turned more anxious seeing no breakthrough coming soon in US-China trade deal logjam. (with inputs from PTI)

 

10:15 am

Yen, Swiss franc hold gains as trade war worries deepen

File Photo   -  Reuters

 

The yen and Swiss franc held gains against the dollar on Wednesday as appetite for safe-havens spiked after US President Donald Trump warned a trade deal with China might not come until after the 2020 US presidential election.

In offshore trade, China's yuan traded near its weakest versus the dollar since October due to waning hopes for a truce in trade war between the world's two-largest economies. Click here to read in full the forex market report.

9:55 am

Oil rises before OPEC+ meet, lifted by drop in US crude stocks

Oil prices rose on Wednesday ahead of a meeting of OPEC and its allies to discuss whether to extend production curbs to support the market, while industry data showing that US crude stockpiles fell more than expected helped to lift prices.

Brent crude futures were up 35 cents, or 0.6 per cent, at $61.17 a barrel by 0246 GMT. US West Texas Intermediate (WTI) crude futures were up by 31 cents, or 0.6 per cent, at $56.41. Click here to read in full the oil markets report.

 

 

 

9:40 am

What to Watch: HCL Technologies to turn ex-bonus on Thursday

Shares of HCL Technologies will remain in focus, as they will turn ex-bonus on Thursday. The company has rewarded its shareholders with a 1:1 bonus issue. Investors wishing to receive the bonus shares need to own the company’s shares by Wednesday. Earlier in 2015 and 2007 too, the company had rewarded its shareholders with 1:1 bonus issues. Currently, about 1.45 lakh retail shareholders hold 2.12 per cent stake in HCL Tech while FPIs hold 27.96 per cent and MFs 5.82 per cent.

Bharti Airtel: Fund raising meet eyed

The board of Bharti Airtel will meet on Wednesday to consider fund-raising plans. Among the proposals are issuance of equity shares, and/or bonds including FCCBs, debentures, non-convertible debentures alongwith warrants/convertible debentures and any other equity-based instruments through qualified institutional placement or rights issue.

Bharti Airtel may raise $3 billion (around ₹21,500 crore) to meet the adjusted gross revenue liability and to invest in its network.

9:30 am

Asian markets slide as Trump raises spectre of longer, wider trade war

Asian shares extended their losses on Wednesday after US President Donald Trump said a trade deal with China might have to wait until after the 2020 presidential election, dashing hopes for a quick preliminary agreement.

Fresh US tariffs on Argentina and Brazil as well as threatened duties on French goods also darkened the mood, as a trade war that appea red to be winding down a week ago now looks like ramping up. Click here to read in full the Asian markets report.

9:15 am

Opening bell

The benchmark indices, the BSE Sensex and the NSE  Nifty, opened Wednesday on a weak note.

The Sensex opened at 40,562, down 120 points or 0.30 per cent lower on its overnight close. The Nifty opened the day at 11,956, down 37 points or 0.31 per cent lower.

 

9:05 am

Day Trading Guide For December 4, 2019

₹1255 • HDFC Bank

S1

S2

R1

R2

COMMENT

1240

1225

1268

1280

Initiate fresh short positions with a stiff stop-loss if the stock reverses down from ₹1,268 levels

 

₹698 • Infosys

S1

S2

R1

R2

COMMENT

689

680

710

720

The stock is range-bound with a positive bias. Go long with a fixed stop-loss if it rebounds up from ₹689 levels

 

₹244 • ITC

S1

S2

R1

R2

COMMENT

241

238

247

250

Make use of intra-day rallies to initiate fresh short positions while retaining a stiff stop-loss at ₹247 levels

 

₹127 • ONGC

S1

S2

R1

R2

COMMENT

125

122

130

133

Fresh short positions can be initiated with a tight stop-loss if the stock of ONGC falls below ₹125 levels

 

₹1578 • Reliance Ind.

S1

S2

R1

R2

COMMENT

1560

1545

1590

1605

Consider initiating fresh short positions with a fixed stop-loss only if the stock of RIL declines below ₹1,560 levels

 

₹336 • SBI

S1

S2

R1

R2

COMMENT

330

324

344

351

Initiate fresh short positions with a fixed stop-loss if the stock of SBI fails to move beyond ₹344 levels

 

₹2050 • TCS

S1

S2

R1

R2

COMMENT

2030

2010

2070

2090

Make use of intra-day dips to buy the stock of TCS while maintaining a stop-loss at ₹2,030 levels

 

12051 • Nifty 50 Futures

S1

S2

R1

R2

COMMENT

12000

11950

12100

12145

Consider initiating fresh short positions with a tight stop-loss only if the contract declines below 12,000 levels

 

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

 

 

9:00 am

Today's Pick: Hexaware Technologies (₹326.5): Sell

 

Investors with a short-term perspective can sell the stock of Hexaware Technologies at current levels. The stock has been in a medium-term downtrend since encountering a key resistance at ₹395 in August. While trending down, the stock had breached a significant support at ₹360 as well as the 200-DMA in late October.

Short-term trend is also down for the stock. After one month of sideways consolidation, the stock has breached the lower boundary at ₹330 by declining 2.7 per cent with above average volume on Tuesday. Moreover, the stock has breached its 21-DMA and hovers well below 50- and 200-DMAs as well. Click here to read in full Today's Pick on Hexaware Technologies.

Date | Time
Published on December 04, 2019