Sensex finishes 226 points higher at 41,613; UltraTech Cement, TechMahindra up 2.5 per cent

Nifty spurts 67 points to 12,248

 

4:00 pm

Benchmark indices close on a firm note

The benchmark indices, the BSE Sensex and the NSE Nifty, maintained their firm undertone to close Friday's session in the green.

The Sensex ended 226 points or 0.55 per cent higher at 41,613, tracking a rally in banking stocks amid a recovery in global equities. The Nifty finished 67 points or 0.56 per cent firmer at 12,248.

The top gainers in the Sensex pack were UltraTech Cement and Tech Mahindra, which rose nearly 2.5 per cent, while L&T, Axis Bank and Kotak Bank rose 2 per cent. The laggards were Power Grid, IndusInd Bank, Sun Pharma, TCS and Reliance.

According to an agency report, a rally in financial stocks ahead of the Union Budget is supporting domestic stocks.

Global markets rose after the World Health Organisation designated coronavirus infection an emergency for China, but not yet for the rest of the world.

3:25 pm

Euro near seven-week lows before PMI data release

File Photo   -  Reuters

 

The euro held near seven-week lows on Friday after the European Central Bank struck a more dovish tone at Thursday's meeting than some had expected.

Investor attention will turn to the flash PMI releases for January, which are some of the first indicators of how the global economy has performed moving into 2020.

The key data, the euro zone and German PMI figures, are expected to rise from previous readings. Higher-than-expected readings could trigger a rally.

The euro fell against the dollar, to $1.1049. It was near a five-week low against the British pound and 33-month low against the Swiss franc. Click here to read in full the forex markets report.

 

3:10 pm

Oil rises, but potential impact of China virus on fuel demand haunts market

 

Oil prices climbed on Friday, following a draw-down in US crude stocks, but were set to fall heavily for the week amid worries that a new coronavirus in China that has killed 25 so far may spread, curbing travel, fuel demand and economic prospects.

Brent crude futures were up 31 cents, or 0.5 per cent, at $62.35 a barrel by 0741 GMT after falling 1.9 per cent the previous session. For the week, Brent is down about 4 per cent.

US West Texas Intermediate futures were up 27 cents, or 0.5 per cent higher at $55.86 a barrel. The contract fell 2 per cent on Thursday and is 4.6 per cent lower for the week. Click here to read in full the oil markets report.

 

2:45 pm

Asian stocks hold steady but virus anxiety lingers

 

Asian shares steadied on Friday in holiday-thinned trade for the Lunar New Year, despite fears that a new coronavirus from China could spread rapidly as millions of people travel over the week-long break.

Most markets had stabilised overnight, as investors took some solace from the World Health Organisation (WHO) labelling the outbreak an emergency for China, where 25 people have died and more than 800 have been infected, but not, as yet, for the rest of the world. Click here to read in full the Asian markets report.

 

1:55 pm

 

1:35 pm

Benchmark indices hold firm

The Sensex and Nifty held firm in the afternoon session on Friday. The Sensex was up 188 points or 0.46 per cent higher at 41,575. The Nifty also gained 0.54 per cent or 65 points at 12,246.

The top gainers in the Sensex pack were NTPC, L&T, Axis Bank, Kotak Bank and ONGC, while the laggards were Power Grid, Bharti Airtel, Infosys, TCS and Reliance.

Among the BSE sectoral indices, capital goods rose 1.71 per cent, followed by the metal index (up 1.36 per cent), consumer durables (1.27 per cent), industrials (1.22 per cent) and the banking index (up 1 per cent).

1:21 pm

Nifty call: Buy on declines with stop-loss at 12,220 levels

 

Following an initial slip into negative territory, the Sensex and Nifty bounced back and are hovering in positive territory.

Asian stocks are flat; the Nikkei 225 is trading little changed at 23,827 levels, gaining marginally by 31 points in today's session. The domestic equity markets, the Sensex and the Nifty, have advanced 0.3 per cent and 0.4 per cent, respectively. The market breadth of the Nifty index is biased towards advances. Click here to read in full the Nifty call report.

12:30 pm

Westlife Development shares climb over 6 per cent on rise in Q3 profit

Shares of Westlife Development, the owner of the master franchisee of McDonald’s restaurants in West and South India, on Friday jumped over 6 per cent after the company reported an over three-fold jump in profit for the third quarter.

The company’s scrip climbed 6.43 per cent to Rs 448.40 on the BSE. On the NSE, it advanced 6.40 per cent to Rs 448.

The company on Thursday reported an over three-fold jump in consolidated net profit after tax at Rs 22.72 crore in the third quarter ended December 2019.

It had posted a consolidated net profit of Rs 6.92 crore in the year-ago quarter, Westlife Development said in a regulatory filing.

Total revenue during the third quarter stood at Rs 432.93 crore as compared to Rs 370.66 crore in the same period last fiscal, up 16.8 per cent, it added.

 

12:15 pm

Zensar Technologies shares plunge nearly 14 per cent after Q3 results

 

Shares of Zensar Technologies on Friday tumbled nearly 14 per cent after the company posted a 32.6 per cent fall in net profit for December 2019 quarter.

The scrip dropped 13.32 per cent to Rs 172 on the BSE. On the NSE, it cracked 13.59 per cent to Rs 171.85.

Zensar Technologies on Thursday posted a 32.6 per cent fall in net profit to Rs 39.5 crore for the December quarter. It had posted a profit of Rs 58.6 crore in the year-ago period, Zensar Technologies said in a statement. Click here to read in full the Zensar Technologies share price movement report.

11:50 am

Strides Pharma arm gets tentative USFDA nod for skin ointment

Strides Pharma Science Ltd logo   -  Website/strides

 

Strides Pharma Science on Friday said its arm has received a tentative nod from the US health regulator for triamcinolone acetonide ointment used in the treatment of various skin conditions.

In a regulatory filing, the company said “its step-down wholly-owned subsidiary, Strides Pharma Global Pte Ltd, Singapore, has received tentative approval for triamcinolone acetonide ointment USP, 0.05 per cent from the United States Food & Drug Administration (USFDA)”.  Click here to read more on USFDA nod for Strides skin ointment.

 

11:15 am

ITI Ltd’s Rs 1,400 crore FPO opens on bourses

The follow-on-public offer of public sector unit ITI Ltd, which is expected to garner Rs 1,400 crore, opened on Friday.

“Issue is opening today i.e. January 24, 2020,” the company said in a Bombay Stock Exchange (BSE) filing.

ITI Ltd on Thursday said it intends to raise about Rs 1,400 crore of which Rs 607 crore will be utilised for repaying loans.

The issue will close on January 28.

The company intends to sell its 18 crore shares, including one per cent quota for the employees, to be sold between the bracket of Rs 72 to Rs 77 per share.

“Further Public offering...of ITI Ltd comprising of a fresh issue of up to 180,000,000 equity shares for cash...and an additional issue of up to 1,800,000 equity shares constituting one per cent of the net issue which shall be reserved for allocation and allotment on a proportionate basis to eligible employees...,” the filing said.

The shares of ITI Ltd were trading at Rs 91.00 apiece on the BSE in the morning trade, down 2.10 per cent from the previous close.

11:00 am

Oil falls 2 per cent as concern over China virus threatens fuel demand

 

Oil prices fell 2 per cent on Thursday on concern that the spread of a virus from China could lower fuel demand if it stunts economic growth, but losses were limited by a drawdown in U.S. crude inventories.

Brent crude futures fell $1.17, or 1.9 per cent, to settle at $62.04 a barrel. The session low was $61.25, the lowest since early December.

United States (US) West Texas Intermediate (WTI) crude ended down $1.15, or 2 per cent, at $55.59 a barrel, after hitting $54.77, its lowest since November. Click here to read more on the oil markets report.

10:45 am

Euro slips to near 7-week low on ECB stance; virus fears support yen

File Photo   -  Reuters

 

The euro hovered near a seven-week low against the dollar on Friday after the European Central Bank (ECB) was seen as more dovish than expected, while anxiety over China's coronavirus outbreak propped up the safe-haven yen.

The euro stood at $1.1055, touching a seven-week low of $1.1036 hit in United States (US) trade on Thursday after the ECB held interest rates steady and launched a broad review of its policy.

ECB President Christine Lagarde on Thursday sought to redefine the ECB's main goal and how to achieve it, as years of the central bank's experiment with negative interest rates and quantitative easing have failed to deliver targetted inflation levels. Click here to read more on the global forex markets report.

 

10:30 am

Asian stocks steady as caution on China virus continues

 

Stocks made a barely positive start in early Asian trade on Friday after the world's health body called it a little too early to declare a coronavirus outbreak a global emergency.

But worries over rapid spread of the deadly virus kept investors on guard as millions of Chinese travel during the Lunar New Year holiday period. Click here to read more on the Asian markets.

10:15 am

Daily rupee call: Initiate rupee shorts with stop-loss at 71

 

The rupee (INR) declined on Thursday and closed the session at 71.27 versus its previous close of 71.19 against the dollar. Thus, it has breached support at 71.24, which also happens to be the 38.2 per cent Fibonacci retracement level of the previous upswing. This increases the chance for further weakness.

On the downside, the immediate support is 71.4, where the 50 per cent Fibonacci retracement of the previous uptrend lies. Subsequent support is at 71.6. If the local currency appreciates, 71.24 will act as a resistance, above which the resistance is at 71. Click here to read more on the Daily Rupee Call report.

10:00 am

Benchmarks move up in early session

The Sensex and Nifty looked to extend yesterday's firm run into trading on Friday.

The Sensex spurted 79 points or 0.19 per cent to trade at 41,465. Similary, the Nifty, which opened flat, edged up 23 points or 0.19 per cent to quote at 12,203 in early trade.

The top gainers in the Sensex pack were HCL Tech, L&T, HeroMotoCorp, Asian Paints and Hindustan Unilever. The laggards were Power Grid, Bharti Airtel, TCS, Kotak Bank and Infosys.

According to an agency report, bourses in Hong Kong and Japan were trading on a tepid note, while markets in China, Taiwan and South Korea were closed for a holiday on Friday.

Brent crude oil futures rose 0.06 per cent to USD 62.08 per barrel. On the currency front, the rupee depreciated marginally to 71.29 against the US dollar in morning session.

In the previous session, the Sensex has settled 271.02 points, or 0.66 per cent, higher at 41,386.40. Likewise, the Nifty closed 73.45 points, or 0.61 per cent, down at 12,180.35

Meanwhile, on a net basis, foreign institutional investors bought equities worth Rs 1,352.13 crore, while domestic institutional investors offloaded shares worth Rs 984.56 crore on Thursday, data available with stock exchanges showed (with inputs from PTI).

9:45 am

Re slips 5 paise to 71.31 versus dollar in early trade

 

The rupee declined by 5 paise to 71.31 against the US dollar in early trade on Friday as the spread of a deadly new virus from China kept investors edgy.

Besides, a rise in crude oil prices and a lower opening in the domestic equity market also impacted the rupee movement, forex dealers said.

However, fresh foreign fund inflows supported the Indian currency, they added. Click here to read in full the rupee report.

9:30 am

What to Watch: Will electric bus orders ignite Olectra Green?

Olectra Greentech has received letters of award for deployment of 555 electric buses from eight cities/state transport authorities under the FAME-II scheme of Government of India through Evey Trans Private Limited.

Olectra and EVEY are under common control of MEIL Holdings Limited. These orders are on Gross Cost Contract/OPEX model basis for a period of 10-12 years. With these, the number of total electric buses to be delivered by OGL has crossed 700, it said.

Further public offer of ITI opens today

The ₹1,400-crore FPO of public sector ITI Ltd will open for subscription on Friday and close on January 28. The company plans to sell 18 crore shares, including 1 per cent quota to its staff, in a price band of ₹72-77 a share.

The company intends to utilise the proceeds of the issue for funding its working capital requirements for FY2019-20 as well as repayment of existing debt. Shareholders will closely monitor the response to the issue, as it has lined up big plans with fresh funds.

Indian Bank, BoB, EIH, UltraTech results eyed

Over 40 companies including Aavas Financiers, Allsec Tech, Agri-Tech India, AMJ Land Holdings, Apollo Micro Systems, Aro Granite, Atul, Bank of Baroda, CG Vak Software, EIH, Emkay Global, Faze Three Auto, Infobeans Tech, Indian Bank, ION Exchange, JSW Steel, Kirloskar Ferrous, Mangalam Drugs, Onward Technologies, Oriental Hotels, Prestige Estates, Sonata Software, Supreme Industries, Tokyo Plast, UltraTech Cement and Wednt will declare their Q3 FY20 results on Friday.

9:15 am

Opening Bell

The Sensex and Nifty opened Friday's session flat. The Sensex was quoting at 41,409, up 23 points or 0.06 per cent higher on its overnight close. The Nifty was at 12,177, down 2 points on its previous close.

9:10 am

Day Trading Guide for Friday, January 24, 2020

₹1245 • HDFC Bank

S1

S2

R1

R2

COMMENT

1230

1215

1260

1275

Consider initiating fresh long positions with a stiff stop-loss if the stock rallies above ₹1,260 levels

 

₹784 • Infosys

S1

S2

R1

R2

COMMENT

775

768

790

800

Near-term outlook is bullish for the stock. Make use of intra-day dips to buy it with a fixed stop-loss at ₹775

 

₹237 • ITC

S1

S2

R1

R2

COMMENT

236

233

240

243

Fresh long positions are recommended with a stiff stop-loss only if the stock of ITC moves beyond ₹240 levels

 

₹117 • ONGC

S1

S2

R1

R2

COMMENT

115

113

120

123

Initiate fresh long positions with a fixed stop-loss only if the stock of ONGC reverses higher from ₹115 levels

 

₹1527 • Reliance Ind.

S1

S2

R1

R2

COMMENT

1515

1500

1545

1560

The stock of RIL is range-bound. Go long with a tight stop-loss on a strong rally above ₹1,545 levels

 

₹323 • SBI

S1

S2

R1

R2

COMMENT

316

310

328

334

Fresh long positions can be initiated with a fixed stop-loss only if the stock advances above ₹328 levels

 

₹2193 • TCS

S1

S2

R1

R2

COMMENT

2170

2150

2215

2235

Consider initiating fresh short positions with a tight stop-loss only if the stock declines below ₹2,170 levels

 

12201 • Nifty 50 Futures

S1

S2

R1

R2

COMMENT

12150

12100

12250

12300

Initiate fresh long positions with a tight stop-loss only if the contract manages to move beyond 12,250 levels

 

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

 

 

9:00 am

Today's Pick: Tanla Solutions (₹75.7): Buy

The stock of Tanla Solutions gained 5 per cent with above average volume on Thursday, breaking above a key resistance in the band between ₹70 and ₹72. Investors with a short-term horizon can buy the stock at current levels.

Since it took support at ₹43.5 in early November, the stock has been in a medium-term uptrend. But it has encountered a key resistance at around ₹70 in December and thereafter started to move sideways with an upward bias. The ongoing rally has helped the stock to surpass the significant medium-term resistance in the band between ₹70 and ₹72. Click here to read in full Today's Pick on Tanla Solutions.

 

Published on January 24, 2020