Sensex settles 236 points higher at 41,216; NTPC powers up 3 per cent
Nifty finishes 76 points higher at 12,107
The Sensex and the Nifty, which traded on a firm note throughout the session, closed the day more than 0.5 per cent higher.
The Sensex settled at 41,216, up 236 points or 0.58 per cent higher. The Nifty finished at 12,107, up 76 points or 0.63 per cent firmer.
The top gainers in the Sensex pack were NTPC (2.95 per cent higher), Maruti (2.07 per cent), SBI (1.84 per cent firmer), Power Grid (1.53 per cent) and Bajaj Auto (1.35 per cent).
The laggards on the 30-share index were Bharti Airtel (down 0.75 per cent), M&M (down 0.69 per cent), Nestle Ind (0.61 per cent), TCS (0.52 per cent) and Sun Pharma (0.42 per cent firmer).
The BSE sectoral indices were mostly firm; the utilities index gained 1.68 per cent during the session, while power rode up 1.50 per cent.
Gold ETFs see inflow of ₹200 crore in January; highest in 7 years
Gold exchange-traded funds witnessed a net inflow of ₹200 crore in January, making it the highest infusion in seven years, as geopolitical tensions in different parts of the globe and slowdown in global economy led investors to opt for the safe-haven. This also marks the third consecutive monthly inflow in gold exchange-traded funds (ETFs). Click here to read in full the report on Gold ETFs see inflow of Rs 200 cr in January.
European shares hit record high as rate of new coronavirus cases slow
European shares rose to a record high early on Tuesday as a slowdown in the rate of new infections in the coronavirus outbreak provided some relief, although markets still worried over the wider global economic impact.
The pan-European STOXX 600 index rose as much as 0.7 per cent to a record high of 427.46. The index has seen several volatile weeks after news of the outbreak, as investors weighed the economic impact and also the effects of liquidity measures put in place to soften the blow on the world's second-largest economy.
Record-high overnight finishes on Wall Street, driven by robust earnings, also lent some support.
Basic resources stocks were the best performing European sector, rising 1.7 per cent on an uptick in commodity prices.
Norwegian oil and gas explorer Aker BP rose 2.4 per cent after clocking better-than-expected fourth quarter core earnings.
Asian shares rally
File photo of MSCI's broadest index | Photo Credit: peshkov
Asian share markets followed Wall Street higher on Tuesday as China's factories struggled to re-open after an extended break, though analysts warned investors might be underestimating how economically damaging the challenge was likely to be. Click here to read in full the Asian markets report.
Dollar perched at 4-month highs
The dollar climbed to a four-month high against its rivals on Tuesday and closed within striking distance of a 2019 peak as subdued price swings encouraged hedge funds to load up on the relatively high-yielding greenback.
Daily price fluctuations or market volatility have fallen sharply in recent months, prompting investors to borrow in low-yielding currencies such as the euro and the franc and invest in dollars or other high-yielding currencies.
While that strategy has faced some setbacks thanks to some geopolitical events, generally such carry-trade strategies have proved to be rewarding. Click here to read more on the forex markets.
Oil rebounds amid broad market recovery
Oil prices rose around 1 per cent on Tuesday in sympathy with a rally in the equity markets but investors remained jittery over the Wuhan virus that has now killed over 1,000 in China.
Brent crude rose 53 cents, nearly 1 per cent, to $53.80 a barrel by 0730 GMT, retreating from an intraday high of $54.16. US West Texas Intermediate was up 46 cents, about 1 per cent, at $50.18 a barrel. Click here to read more on the oil markets report.
Nifty Call: Buy on declines with stop-loss at 12,080
The Indian benchmarks rebounded today after facing downward pressure during the last two trading sessions. Both the indices, i.e., the Nifty spot and the Sensex spot, gained by 0.8 and 0.7 per cent respectively.
All the major Asian indices are also trading in the green today. While the Hang Seng index is up by 1.4 per cent, the Dow Jones Shanghai index is up by 0.4 per cent. Click here to read in full the Nifty call report.
Benchmarks shed some early gains
The benchmark indices trimmed some of their morning gains by mid-session on Tuesday.
The 30-share benchmark was quoting 308 points or 0.75 per cent higher at 41,287, while the Nifty was 99 points or 0.83 per cent higher at 12,131.
The top gainers on the Sensex were Maruti, NTPC (up over 2 per cent), followed by UltraTechCement, Power Grid and Tata Steel (up around 1.60 per cent).
Hindustan Unilever, Sun Pharma, TCS and Nestle Ind were trading in the red.
Gold futures fall Rs 245 to Rs 40,434 per 10 gm
Gold prices on Tuesday fell by Rs 245 to Rs 40,434 per 10 grams in futures trade as participants cut down their positions in line with a weak trend overseas.
On the Multi Commodity Exchange, gold prices for April delivery fell by Rs 245, or 0.60 per cent, to Rs 40,434 per 10 gram in a business turnover of 1,425 lots.
The yellow metal for June delivery declined by Rs 257, or 0.63 per cent, to Rs 40,590 per 10 gram in 82 lots.
Analysts said subdued overseas cues influenced sentiment here. Globally, gold was trading 0.51 per cent lower at $1,571.40 per ounce in New York.
Concor to start shipping service linking Chennai and Dhaka this month
Container Corporation of India Ltd (Concor) will start coastal shipping services in the next few days on the country’s eastern coast, linking Chennai Port with Bangladesh’s capital Dhaka. Click here to read more on the Concor shipping service linking Chennai, Dhaka.
RBI tables draft framework for pan-India New Umbrella Entity for retail payment systems
The RBI has placed on its website a ‘draft framework for authorisation of a pan-India New Umbrella Entity (NUE) for Retail Payment Systems’ for public comments. Under the framework, promoter/promoter groups that want to set up an NUE can set it up as a company incorporated in India under the Companies Act, 2013. The NUE should have a minimum paid-up capital of Rs 500 crore. Click here to read more on the umbrella entity for retail payments system.
Tata Global Beverages renamed as Tata Consumer Products
Tata Global Beverages Ltd has been renamed as Tata Consumer Products Ltd to spearhead FMCG ambitions of the $ 113-billion Tata group. Click here to read more.
Infosys to buy US-based Salesforce partner Simplus
Infosys has entered into a definitive agreement to acquire Simplus, a Salesforce Platinum Partner in the USA and Australia, for about $200 million in cash, to accelerate its enterprise cloud capabilities Click here to read in full the report on Infosys to buy Simplus.
Benchmark indices hold firm
The Sensex and the Nifty, which shot up nearly one per cent in the opening session on Tuesday, continued to hold strong in the mid-morning session.
The Sensex was quoting at 41,335, up 355 points or 0.87 per cent, while the Nifty was at 12,146, up 114 points or 0.95 per cent.
The top gainers in the 30-share index were Tata Steel, Maruti (up over 2 per cent each), followed by UltraTechCement, NTPC and IndusInd Bank. Infosys and TCS were the only stocks to trade in the red.
All the BSE sectoral indices traded in the green. The metal index was up 1.69 per cent, followed by auto, basic materials, utilities, telecom and banking.
Asia shares inch up, coronavirus anxiety keeps investors edgy
Asian share markets looked set for another cautious session on Tuesday as investors tried to judge how quickly China's factories could return to work as the coronavirus continues to spread and deaths mount. Click here to read in full the Asian markets report.
Oil gains 1% as short-sellers take profit; investors still wary over coronavirus
Oil prices rose more than 1% on Tuesday as recent sharp falls have encouraged investors holding short positions to book profits, but the market remains jittery over the Wuhan virus, which has now killed more than 1,000 in China.
Brent crude rose 79 cents, or nearly 1.5%, to $54.06 a barrel by 0216 GMT, while U.S. West Texas Intermediate was up 63 cents, or about 1.3%, to $50.20. Click here to read more on the oil markets report.
Dollar, yen supported as coronavirus fears weigh on mood
The US dollar and Japanese yen were in demand on Tuesday, along with the bonds of both countries, as worries about the spread of coronavirus had investors heading for safe harbours.
The World Health Organization (WHO) said overnight that the spread of cases among people who have not been to China could be “the spark that becomes a bigger fire”. Coronavirus has killed 1,016 people in mainland China, Chinese health officials said on Monday, though they also reported a drop in the number of daily new cases. Click here to read in full the global forex markets report.
Rupee rises 10 paise to 71.20 against US dollar
The rupee appreciated by 10 paise to 71.20 against the US dollar in opening trade on Tuesday, driven by a positive opening in domestic equities.
The rupee opened strong at 71.23 at the interbank forex market then gained further ground to touch 71.20 per dollar, displaying gains of 10 paise against the greenback. On Monday, the rupee had settled at 71.30 against the US dollar. Click here to read in full the rupee report.
Daily rupee call: Buy rupee on declines with stop-loss at 71.45
The rupee (INR) gained on Monday against the dollar (USD), bouncing from the support at 71.4. Yesterday, it closed at 71.29, after registering an intra-day low of 71.43.
If the rupee can maintain the upward momentum, the nearest hurdle it will face is at 71.2 and 71.1. But if the local currency weakens, 71.4 will act as a support. Below that level, the support can be spotted at 71.5. Click here to read in full the Daily Rupee Call.
Safe-havens rise on coronavirus concerns, stocks rebound
File Photo | Photo Credit: BRENDAN MCDERMID
Gold rose and the dollar hit a four-month high against the euro on Monday on safe-haven appeal as the death toll from the coronavirus outbreak passed that of the SARS epidemic two decades ago, but Wall Street rallied to record highs.
Worries about the coronavirus kept investors on edge, as the World Health Organization warned transmission of the deadly virus among people who have not visited China could be “the spark that becomes a bigger fire.” Click here to read in full the US markets report.
Sensex, Nifty jump up
The benchmark indices sprinted up in morning trade on Tuesday. The Sensex notched up gains of 421 points or 1.03 per cent to 41,401. The Nifty surged 128 points or 1.07 per cent to quote at 12,610.
The top gainers on the Sensex were Tata Steel (up 2.48 per cent), UltraTechCement (1.88 per cent), Axis Bank (1.85 per cent), Reliance and IndusInd Bank (1.83 per cent).
TCS was the only stock in the 30-share index to trade in the red.
According to an agency report, the Sensex rallied over 400 points in opening session on Tuesday led by gains in Reliance Industries, ICICI Bank and HDFC Bank amid a positive start to global equities.
In the previous session, the Sensex settled 162.23 points, or 0.39 per cent, down at 40,979.62, and the Nifty slipped 66.85 points, or 0.55 per cent, to 12,031.50.
Meanwhile, on a net basis, foreign institutional investors sold equities worth Rs 184.58 crore, while domestic institutional investors offloaded shares worth Rs 735.79 crore on Monday, data available with stock exchanges showed.
According to traders, domestic stocks followed global equities, which rallied despite concerns over the coronavirus impact on the world economy.
The death toll in China due to the novel coronavirus epidemic has crossed 1,000, while the confirmed cases have gone over 42,000, health officials announced on Tuesday.
Bourses in Shanghai, Hong Kong and Seoul were trading on a positive note. Financial markets in Japan are closed on Tuesday for a public holiday.
Stock exchanges on Wall Street closed with significant gains on Monday. Domestic market participants are also tracking Delhi poll results, traders said.
Meanwhile, the rupee appreciated 4 paise against the US dollar to 71.23 in morning session. The global crude benchmark Brent rallied 1.39 per cent to $54.01 per barrel. (with inputs from PTI)
India Inc’s retail debt-raise dips in April-Dec
The amount of debt raised by India Inc via public issuances saw a sharp 59 per cent decline in the first nine months of the current financial year to ₹11,746 crore against ₹28,565 crore in the year- ago period. Click here to read in full the report on dip in India Inc's retail debt-raise.
What to watch: IDBI Bank, BSE, Coal India Siemens results eyed
A little over 150 companies will declare their Q3 results for FY19-20. Among them are: 3M India, Allahabad Bank, Aster DM, Ballarpur, BEML, BHEL, BSE, CESC, Cochin Shipyard, Coal India, Crisil, DB Realty, Deep Industries, Dreding Corp, GIC Housing, GNFC, Greenply Ind, HEG, Heidelbergcement, IDBI Bank, IRCON International, J Kumar Infraprojects, Jindal Stainless, Jyothi Structures, Kesoram, Lumax Auto, NLC India, RCF, Siemens, Syndicate Bank, VST Tiller and XPro.
Shutdown may impact Camlin Fine Sciences
Camlin Fine Sciences on Monday informed the exchanges that it is awaiting clearance from the provincial government to restart its manufacturing facility -- CFS Wanglong Flavors (Ningbo) Company Ltd -- at Xiaocao's Town, Yuyao City, Zhejiang Province. The unit was to restart on February 2 after the Chinese New Year Holidays; but this was rescheduled to February 10..
Shareholders will closely monitor further developments and the impact of the shutdown on the company's performance.
The benchmark indices, the BSE Sensex and the NSE Nifty, surged nearly 1 per cent at the open on Tuesday.
The Sensex was quoted at 41,299, up 319 points or 0.78 per cent, while the Nifty raced up 96 points or 0.80 per cent to trade at 12,128.
Day Trading Guide for Tuesday, February 11, 2020
Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:
₹1240 • HDFC Bank
Fresh short positions can be initiated with a stiff stop-loss only if the stock declines below ₹1,225 levels
₹773 • Infosys
Initiate fresh long positions with a fixed stop-loss if the stock of Infosys advances above ₹780 levels
₹210 • ITC
Near-term stance is once again bearish for the stock of ITC. Sell on rallies with a fixed stop-loss at ₹214 levels
₹106 • ONGC
Consider initiating fresh long positions with a tight stop-loss only if the stock moves beyond ₹110 levels
₹1436 • Reliance Ind.
Fresh long positions are recommended with a fixed stop-loss only of the stock gains above ₹1,450 levels
₹318 • SBI
Initiate fresh long positions with a stiff stop-loss if the stock of SBI reverses higher from ₹312 levels
₹2162 • TCS
Consider taking long positions with a stiff stop-loss if the stock of TCS rebounds up from ₹2,140 levels
12040 • Nifty 50 Futures
Fresh short positions can be initiated with a tight stop-loss only if the contract falls below 11,985 levels
S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.
Today's Pick: Fortis Healthcare (₹164.4): Buy
A Fortis hospital building is pictured in New Delhi. File Photo
| Photo Credit: ADNAN ABIDI
A Fortis hospital building is pictured in New Delhi. File Photo | Photo Credit: ADNAN ABIDI
Investors with a short-term perspective can buy the stock of Fortis Healthcare at current levels. The stock had gained 5 per cent accompanied by above average volume on Friday, breaking above a key resistance at ₹158. Also, it had surged 8 per cent last week, strengthening the short-term uptrend that has been in place from the December 2019 low of ₹129. Click here to read in full Today's Pick on Fortis Healthcare.