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Closing bell
The BSE benchmark Sensex plummeted over 334 points, while the NSE Nifty slipped below the key 12,000-level on Friday, dragged by heavy losses in banking and auto stocks.
A day after the Reserve Bank surprisingly maintained the status quo in its key policy rates and projected slower economic growth, investors turned cautious, weighed by weak macro indicators.
After opening on a positive note, the 30-share BSE Sensex witnessed a continuous slide and went on to hit a low of 40,393.46 during the day. The index finally settled at 40,445.15, down 334.44 points or 0.82 per cent lower.
Likewise, the 50-share Nifty shed 96.90 points or 0.81 per cent to settle at 11,921.50.
Yes Bank led the laggard’s list on the Sensex with a nearly 10 per cent drop after Moody’s Investors Service downgraded the private sector lender’s ratings.
Other top losers were SBI, IndusInd Bank, Tata Motors, Mahindra and Mahindra and HDFC.
On the other hand, Kotak Bank, Tata Steel, RIL, Asian Paint, TCS, Infosys and HDFC Bank closed with gains. Of the 30 Sensex stocks, 23 closed in the red and seven finished with gains.
Sectorally, the BSE auto index suffered the most by losing over 1.80 per cent, followed by finance, utilities, realty and bankex. The telecom index was the sole gainer on the chart.
In contrast to the Indian market, Asian bourses were trading higher as investors turned hopeful of the US and China striking a phase one trade deal following President Donald Trump’s latest comments that both sides were moving on track. - PTI
European shares edge higher
Pedestrians walk by the bull and bear sculpture in front of the Frankfurt stock exchange. -- Reuters
European shares inched higher on Friday as comments from the US President Donald Trump that trade talks with China were “moving right along” helped inject some calm into the markets after a rocky week.
The pan-European STOXX 600 index rose 0.3 per cent by 0819 GMT, with banks, technology firms and retail companies leading the gains. Click here to read more on the European markets .
Dr Reddy’s launches generic deferasirox tablets in US
Dr. Reddy’s Laboratories Ltd has launched Deferasirox Tablets for Oral Suspension, a therapeutically equivalent generic version of Exjade (deferasirox) tablets for oral suspension, approved by the US Food and Drug Administration (USFDA).
The Exjade brand had US sales of approximately $113 million MAT for the most recent 12 months ending in September 2019 according to IQVIA Health. Click here to read in full the Dr Reddy's report on launch of deferasirox tablets in US.
Sensex, Nifty down nearly 1 per cent
The benchmark indices, the Sensex and the Nifty, dropped nearly 1 per cent in the afternoon session on Friday.
The Sensex dropped 342 points or 0.84 per cent to 40,437, while the Nifty slipped 108 points or 0.90 per cent to 11,917.
The top gainers in the Sensex pack were Kotak Bank, Tata Steel, Infosys, HCL Tech and Asian Paints. The laggards were YES Bank, SBI, IndusInd Bank, HDFC and Tata Motors.
The BSE telecom index was the only index in positive territory. On the other hand, auto, utilities, finance and power were the major laggards, falling over 1 per cent each.
Nifty call: Sell on rallies with stop-loss at 12,065
The Nifty and the Sensex are trading lower today, despite positive cues from the Asian markets. Also, the benchmark indices of the US closed marginally higher yesterday. The Nifty spot index and the Sensex spot index are down by 0.25 per cent each.
After closing below support at 12,055, the December futures contract of the Nifty 50 index opened marginally higher at 12,065. But after registering a high of 12,082, the contract started to decline. It is currently trading at 12,021. Click here to read in full the Nifty call report .
Asian shares gain on lingering optimism over trade deal
Asian stocks gained on Friday as investors took heart from US President Donald Trump saying trade talks with China were “moving right along”, and US oil prices sat near 2-1/2-month highs after OPEC and other producers agreed to cut output.
European shares were expected to follow suit, with major European stock futures trading up around 0.2 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.4 per cent and Japan's Nikkei added 0.2 per cent. Click here to read in full the Asian markets report .
Sensex, Nifty sharply lower at mid-session
The Sensex and the Nifty, which opened Friday's session in the green, fell sharply by mid-session.
The Sensex was trading at 40,678, down 101 points or 0.25 per cent lower, while the Nifty was at 11,986, down 31 points or 0.26 per cent weaker.
The top gainers on the 30-share index were Asian Paints, Kotak Bank, HDFC Bank, Tata Steel and HCL Tech, which rose up to 2 per cent during the session. The laggards were YES Bank, that sank 8 per cent, followed by SBI, M&M, Tata Motors and HDFC (which dropped between 1.5-3.5 per cent).
Among the BSE sectoral indices, realty dropped 1 per cent, followed by auto (which was down 0.93 per cent), power (0.72 per cent) and consumer durables (0.59 per cent).
RBL Bank raises Rs 2,025 crore through QIP
RBL Bank on Friday said it has raised Rs 2,025.27 crore from institutional investors through a qualified institutional placement offering (QIP) and will utilise the proceeds to fund business growth. Click here to read more on RBL Bank QIP issue .
Yes Bank stock slumps over 5 per cent on ratings downgrade
Yes Bank shares tumbled over 5 per cent in morning deals on Friday, hit by ratings downgrade by Moody’s Investors Service.
The lender’s shares were trading at 58.75 apiece, down 5.39 per cent on the Bombay Stock Exchange (BSE)
Likewise, the stock dived 5.23 per cent to Rs 58.85 per unit on the National Stock Exchange (NSE). Click here to read more on the YES Bank share price movement .
Daily Rupee call: Go long on dips with stop-loss at 71.5
On Thursday, the rupee (INR) gained throughout the session and closed at 71.29 against the dollar (USD). The Indian currency has breached the resistance at 71.4 and it is most likely to advance on Friday.
The immediate resistance is at 71.2, above which 71 will be a key level to watch. On the other hand, if rupee weakens, 71.4 will now act as a good support. Below that level, 71.6 is a strong support. Click here to read in full the daily rupee call .
Dollar heads for weekly decline
Dollar tracks toward highest weekly close vs yen since May. File Photo
The United State (US) dollar nursed a week of losses on Friday, hit by nervousness on trade and mixed signals about the US economy, while the British pound stood tall as bets firmed that Prime Minister Boris Johnson can win a commanding electoral victory.
The safe havens of the Japanese yen and Swiss franc were in demand as a hedge against Sino-US trade talks collapsing, and as investors fretted that US jobs figures due later in the day may fail to deliver an expected rebound. Click here to read in full the global forex markets report .
Oil rises, US crude trading near two-month high after OPEC cut
Oil edged up in early Asia trade on Friday, with United State (US) crude trading near a two-month high after the Organisation of the Petroleum Exporting Countries (OPEC) agreed to increase output curbs by nearly 50 percent in early 2020, although the cartel stopped short of promising any further steps after March.
West Texas Intermediate oil futures were up by 2 cents at $58.45 a barrel by 0101 GMT. They rose to as high as $59.12 a barrel on Thursday, the highest since the end of September. Click here to read in full the oil markets report .
Sensex, Nifty hold steady
The Sensex and Nifty held steady in morning trade on Friday. The 30-share benchmark was up 74 points or 0.18 per cent at 40,853, while the Nifty traded at 12,034, up 16 points or 0.15 per cent.
The top gainers on the Sensex were Sun Pharma, Asian Paints, Tata Steel, Reliance and Kotak Bank (which rose between 0.50 to 1.50 per cent). The laggards were YES Bank, which dropped 5 per cent, followed by ONGC, SBI, HDFC and ITC (0.50-1 per cent lower).
According to an agency report, the equity benchmarks nudged higher as investors looked beyond domestic factors to focus on positive global sentiment.
On Thursday, the 30-share BSE index ended lower by 70.70 points or 0.17 per cent. The index swung between losses and gains after the RBI kept the key policy rates unchanged. The Nifty settled for the day with a loss of 24.80 points or 0.21 per cent at 12,018.40.
Meanwhile, the rupee was trading flat in opening trade on Friday. On Thursday, The RBI unexpectedly kept benchmark interest rate unchanged at 5.15 per cent and reverse repo rate at 4.90 per cent on concerns of headline inflation breaching its medium-term target.
However, the RBI promised to continue with its accommodative stance in its monetary policy.
Asian stocks were trading higher on Friday as investors hoped US-China trade talks would move in right direction after positive signals from American President Donald Trump. (with inputs from PTI)
Rupee opens flat at 71.30 against US dollar in early trade
The Indian rupee opened on a steady note at 71.30 against the United States (US) dollar in early trade on Friday, a day after the the Reserve Bank of India (RBI) kept key policy rate unchanged and decided to continue with its accommodative stance to support the economy.
Forex traders said, the domestic unit was trading in a narrow range as investors are awaiting fresh cues on the US-China trade front. Click here to read in full the rupee report .
Wall Street inches higher as December 15 tariff deadline looms
The Dow Jones Industrial Average rose 28.01 points, or 0.1 per cent, to 27,677.79, the S&P 500 gained 4.67 points, or 0.15 per cent, to 3,117.43 and the Nasdaq Composite added 4.03 points, or 0.05 per cent, to 8,570.70. File Photo
Wall Street eked out slight gains on Thursday as investors waited for concrete news on a hoped-for interim trade deal between the United States (US) and China before a new round of tariffs scheduled to kick in on December 15.
Tech stocks led all three major US stock averages marginally into the black following upbeat statements from President Donald Trump and Treasury Secretary Steven Mnuchin that the US-China trade negotiations are “on track” and “going well.” Click here to read in full the US markets report .
Asian shares gain as Trump fuels trade deal optimism
Asian stocks gained on Friday as investors took heart from United States (US) President Donald Trump saying trade talks with China were “moving right along”, and US oil prices sat near 2-1/2-month highs after the Organisation of Petroleum Export Countries (OPEC) and other producers areed to cut output.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5 per cent and Japan's Nikkei added 0.3 per cent. Clickl here to read in full the Asian markets report .
Opening bell
The markets opened on a firm note on Friday. The Sensex rose 91 points or 0.22 per cent to trade at 40,871, while the Nifty was at 12,044, up 26 points or 0.22 per cent firmer.
Day Trading Guide for December 6, 2019
₹1245 • HDFC Bank
₹714 • Infosys
₹246 • ITC
₹128 • ONGC
₹1550 • Reliance Ind.
₹336 • SBI
₹2121 • TCS
12047 • Nifty 50 Futures
S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.
Today's Pick: Mahindra CIE Automotive (₹150.7): Buy
Investors with a short-term perspective can buy the stock of Mahindra CIE Automotive at current levels. Following a medium-term downtrend, the stock found support at ₹135 in mid-August this year. Since then, the stock has been in a sideways consolidation phase. Significant support in the band between ₹135 and ₹140 has been cushioning the stock. Click here to read in full Today's Pick on Mahindra CIE Automotive .
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