Sensex closes 349 points higher at 41,565, HUL up 5 per cent

Nifty rides up 93 points to 12,201

 

3:40 pm

Closing bell

The benchmark indices held on to most of their morning gains to close Wednesday's session about 1 per cent firmer. The Sensex finished 349 points or 0.85 per cent higher at 41,565. The Nifty jumped 93 points or 0.77 per cent to 12,201.

The top gainers in the Sensex pack were Hindustan Unilever, which gained 5 per cent, followed by Kotak Bank, Nestle India, ICICI Bank and Asian Paints (which gained between 1.3-2.4 per cent).

The top losers on the 30-share index were IndusInd Bank (down 1.33 per cent), followed by SBI, Sun Pharma, UltraTechCement and Power Grid.

Among the BSE sectoral indices, the FMCG ended 1.85 per cent higher. Other notable gainers were the banking index (up 0.79 per cent), and enrgy (0.71 per cent).

3:20 pm

 

3:10 pm

Marred by tech glitch, NSE halts migration to new brokers’ platform

 

The National Stock Exchange (NSE) has put on hold plans to migrate stock brokers to NOW 2.0, the new version of its trading platform. The exchange has told brokers they will be back on NOW 1.0. Click here to read more on tech glitch forces NSE to halt migration to new brokers' platform.

3:00 pm

Ipca Labs Q3 net profit up 24% to Rs 197.54 cr

Drug firm Ipca Laboratories on Wednesday reported a 24.15 per cent rise in consolidated net profit at Rs 197.54 crore for the quarter ended on December 31, 2019, on account of robust sales. CLick here to read more on the Ipca Labs results.

2:45 pm

European shares edge up to record high

 

European shares inched to a record high on Wednesday as a drop in the number of new coronavirus cases soothed nerves, even as investors kept a wary eye on the outbreak's economic impact.

The pan-European STOXX 600 index rose as much as 0.2 per cent to a second consecutive record high of 429.42. A drop in new virus cases on Tuesday, as well as optimism over liquidity measures in China, had seen gains in China-sensitive stocks. Click here to read in full the European markets report.

 

 

2:25 pm

Dollar near four-month high on hopes virus is stabilising

 

The dollar held near a four-month high on Wednesday amid hopes the spread of the coronavirus had slowed, with the New Zealand dollar gaining after the central bank dropped a bias towards lowering interest rates.

Across mainland China 2,015 new cases of coronavirus were confirmed as of Tuesday, the lowest daily rise since January 30. China's senior medical adviser also said the outbreak might be over by April. Click here to read more on the dollar report.

 

2:10 pm

Oil jumps on fall in new coronavirus cases in China

 

Oil prices extended gains on Wednesday as China reported its lowest daily number of new coronavirus cases since late January, stoking investor hopes that fuel demand in the world's second-largest oil consumer may begin to recover from the epidemic.

Brent crude was up $1.12, or 2.1 per cent, at $55.13 per barrel at 0748 GMT. US West Texas Intermediate (WTI) rose 74 cents, or 1.5 per cent, to $50.68 a barrel.

According to data through Tuesday, the growth rate of new coronavirus cases in China has slowed to the lowest since January 30. Still, international experts remained cautious over forecasting when the outbreak might reach a peak. Click here to read in full the oil markets report.

1:50 pm

Benchmark indices firm, but off highs

The benchmark indices, Sensex and Nifty, traded firm but off their morning highs in the afternoon session on Wednesday.

The Sensex was quoted at 41,529, up 313 points or 0.76 per cent. The Nifty was trading at 12,192, up 84 points or 0.7 per cent.

The top gainers on the Sensex were HUL, which spurted up 5 per cent, Kotak Bank (2.3 per cent), Asian Paints (1.97 per cent), Nestle India (1.94 per cent) and TCS (1.35 per cent).

The laggards included IndusInd Bank (down 1.61 per cent), SBI (1.02 per cent), Sun Pharma (0.63 per cent), UltraTechCement (0.47 per cent) and Power Grid (0.18 per cent).

On the BSE sectoral index, the FMCG index was up 2 per cent. Power sector shares dragged the index down 0.97 per cent.

 

 

 

1:40 pm

 

1:10 pm

Nifty call: Go long on dips with stop-loss at 12,160

 

Following positive cues from the Asian markets, the Indian benchmarks have gained so far today. While the Nifty spot index is up by 0.7 per cent, the Sensex spot index is up by 0.8 per cent. Among the major Asian indices, the Nikkei gained 0.75 per cent and the Hang Seng is up by nearly one per cent. Click here to read in full the Nifty call report.

 

12:55 pm

City Union Bank Q3 profit up 8% at ₹192 cr

City Union Bank on Wednesday posted 8.04 per cent rise in net profit at ₹192.43 crore for the quarter ended December 31, 2019. It had logged a profit of ₹178.10 crore in the year-ago period, City Union Bank said in a filing to the BSE. Click here to read in full the City Union Bank results report.

 

12:40 pm

Global stocks inch up as drop in new coronavirus cases boosts confidence

A woman stands in front of a display showing market indices at the Tokyo Stock Exchange (file photo)   -  Reuters

 

Global share markets nudged higher on Wednesday amid hopes the worst of the coronavirus in China may have passed, although prevailing uncertainty about the outbreak kept investors wary.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.9 per cent, while Chinese shares reversed early losses to trade up 0.41 per cent. Click here to read in full the Asian markets report.

 

 

12:25 pm

Agri derivatives exchange NCDEX files for IPO

 

National Commodity & Derivatives Exchange Ltd (NCDEX), the country’s largest agri derivatives exchange, has filed a draft red herring prospectus with SEBI for an initial public offering (IPO).

Besides a fresh issue of equity shares of ₹100 crore, the proposed IPO will also help key investors get an exit/partial exit through an offer of sale of 1.45 crore shares of the exchange. Click here to read in full the report on NCDEX files for IPO.

12:10 pm

IndusInd Bank shares fall over 3 per cent after downgrade

Out of six banking stocks in the Sensex pack, three ended higher on Monday. IndusInd Bank led the sector with a gain of 3.34 per cent, closing at Rs. 1,540.45 SHASHI ASHIWAL

 

Shares of IndusInd Bank on Wednesday fell by over 3 per cent after Moody’s Investors Service revised down its outlook on the company to ‘negative’ from ‘stable’.

The scrip declined 3 per cent to Rs 1,252.50 on the BSE. At the NSE, it fell 3.16 per cent to Rs 1,251.70. Click here to read in full the IndusInd Bank share price movement report.

11:50 am

Benchmark indices maintain firm undertone

The Sensex and Nifty traded in a narrow range around their early highs at mid-morning on Wednesday.

The Sensex was trading at 41,614, up 397 points or 0.97 per cent higher. The 30-share benchmark hit a high of 41,671 during the session and a low of 41,330

The Nifty was at 12,211, up 103 points or 0.86 per cent.

The top gainers in the Sensex pack were HUL (up 4.75 per cent), Nestle Ind (2.53 per cent), Kotak Bank (2.10 per cent), HDFC (1.47 per cent) and Asian Paints (1.32 per cent).

Sun Pharma and SBI were the only stocks in the red.

 

11:35 am

ABB India bags orders worth ₹191 crore

ABB India on Wednesday said it has bagged two significant orders worth ₹191 crore to supply traction equipment for Chittaranjan Locomotive Works, and industrial drives to Megha Engineering and Infrastructures. Click here to read more on ABB India bags orders.

11:15 am

Gold flat as new virus cases fall, but concerns remain

 

Gold was little changed on Wednesday, as equities rose after the number of new coronavirus cases fell, while uncertainty over the economic impact of the outbreak underpinned bullion. Click here to read more on the gold rates.

 

11:00 am

How to settle I-T disputes through Vivad se Vishwas

 

One of the announcements that Finance Minister Nirmala Sitharaman made in her Budget speech was a dispute resolution scheme, called Vivad se Vishwas, for income-tax payers. A Bill to this effect has also been introduced in the Lok Sabha in the current Budget session of Parliament. Let’s look at the contours of the proposed scheme and whom it will benefit. Click here to read more on the Vivad se Vishwas scheme.

10:45 am

Oil prices rise as new virus cases slow, easing Chinese demand concerns

 

Oil prices rose for a second day on Wednesday amid preliminary signs that new coronavirus cases are slowing in China, easing concerns over the demand impact from the disease in the world's second-largest oil consumer.

Brent crude was up 73 cents, or 1.3%, at $54.75 per barrel at 0137 GMT. U.S. West Texas Intermediate (WTI) rose 46 cents, or 0.9%, to $50.39.

According to data through Monday, the growth rate of new coronavirus cases in China has slowed to the lowest since Jan. 31. Click here to read in full the oil markets report

10:30 am

Rupee rises 7 paise to 71.21 against US dollar in early trade

Betting big on foreign investment

 

The rupee appreciated by 7 paise to 71.21 against the US dollar in opening trade on Wednesday, driven by a positive opening in domestic equities.

Forex traders said a positive opening in domestic equities supported the local unit, while rising crude prices, foreign fund outflows and strengthening of the American currency weighed on the rupee and restricted its upmove. Click here to read more on the rupee trade.

10:15 am

Global stocks inch higher as new coronavirus cases fall

A woman stands in front of a display showing market indices at the Tokyo Stock Exchange (file photo)   -  Reuters

 

Asian shares and Wall Street futures nudged higher on Wednesday amid hopes the worst of the coronavirus in China may have passed, although prevailing uncertainty about the outbreak has kept investors wary.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.31per cent.

Chinese shares fell 0.12per cent, but investors in other equity markets looked past this decline. Shares in Hong Kong rose 0.57 per cent to a three-week high. Click here to read in full the Asian markets report.

10:00 am

Benchmark indices make further gains

The Sensex and Nifty extended their uptrend in early session on Wednesday. The Sensex was quoted at 41,574, up 358 points or 0.87 per cent higher. The Nifty jumped up 99 points or 0.82 per cent at 12,207.

The top gainers in the Sensex pack were Hindustan Unilever, up 3.93 per cent, followed by Nestle Ind (up 1.91 per cent), HDFC (1.85 per cent), NTPC (1.20 per cent) and Bharti Airtel (up 1.19 per cent). IndusInd Bank was the only stock in the red.

An agency report said the Sensex rally was fed by gains in the HDFC twins, RIL, ICICI Bank and HUL ahead of the release of inflation and factory output data.

In the previous session, Sensex settled 236.52 points, or 0.58 per cent, higher at 41,216.14 and the Nifty rose 76.40 points, or 0.64 per cent, to 12,107.90.

Meanwhile, on a net basis, foreign institutional investors sold equities worth Rs 209.39 crore, while domestic institutional investors bought shares worth Rs 344.63 crore on Tuesday, data available with stock exchanges showed.

According to analysts the report said, domestic investors are likely to stay focused on the last batch of Q3 numbers, factory output and CPI inflation for January. As per the consensus, inflation is expected to remain elevated confirming the recent action by the central bank.

The market also took positive cues from global markets that remained on a firm footing despite concerns over coronavirus (COVID-19), traders said.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a positive note. Stock exchanges on Wall Street closed with gains on Tuesday.

Meanwhile, the rupee appreciated 5 paise against the US dollar to 71.21 in morning session. Global crude benchmark Brent rallied 1.72 per cent to $54.94 per barrel (with inputs from PTI).

 

9:55 am

What to watch out for: Goldiam International's buyback, results in focus

Shares of Goldiam International will remain in focus on Wednesday, as its board of directors will consider a buyback proposal along with quarterly results for the period ended December 2019. Shareholders will closely monitor: the issue size, offer price, quantum of shares to be bought back, mode of purchase (from open market or tender offer through proportionate basis) and promoters’ interest (will they too participate or not). Besides, the record date will also be a crucial factor.

Archidply to turn ex-date for demerger

Shares of Archidply Industries will turn ex-date for the proposed demerger on February 14. Shareholders of Archidply Industries, the demerged company, are entitled to receive shares of Archidply Decor Ltd, the resulting company, in the ratio of one new equity share for every four equity shares in ADL. Investors wishing to participate in the scheme of arrangement need to own Archidply shares by Wednesday. The stock on Tuesday closed at ₹30.60, down 2.55 per cent, on the BSE.

Sundaram Mutual’s new equity scheme opens on Friday

Sundaram Mutual has launched a new open-ended equity scheme, Sundaram Balanced Advantage Fund. The New Fund Offer of the dynamic asset allocation fund will open for subscription on Friday and close on February 28. The scheme will reopen for ongoing subscription and redemption from March 12.

9:40 am

Daily rupee call: Rupee likely to strengthen today

 

Yesterday, the rupee (INR) traded flat against the dollar (USD) and closed at 71.28 versus its previous close of 71.29. The daily chart indicates that 71.3 is a strong support and until the local currency trades above that level, it could be bullish.

On the upside, the rupee has a hurdle at 71.2, and 71.1 is the subsequent resistance. On the other hand, if the domestic currency weakens, 71.3 and 71.4 are the supports spotted near the current levels. Click here to read more on the Daily Rupee Call report.

 

 

 

9:15 am

Opening bell

The benchmark indices, BSE Sensex and NSE Nifty, extended Tuesday's firm undertone into trading on Wednesday.

The Sensex opened 253 points or 0.62 per cent higher at 41,469, while the Nifty spurted up 77 points or 0.64 per cent at 12,185.

 

9:10 am

Day Trading Guide for Wednesday, February 12, 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

S1

S2

R1

R2

COMMENT

1225

1210

1255

1270

The stock is witnessing selling pressure at higher levels. Go short on a fall below ₹1,225 levels with a fixed stop-loss

 

₹773 • Infosys

S1

S2

R1

R2

COMMENT

767

760

780

786

Consider initiating fresh long positions with a stiff stop-loss only if the stock moves beyond ₹780 levels

 

₹212 • ITC

S1

S2

R1

R2

COMMENT

209

206

217

220

Fresh short positions can be initiated with a tight stop-loss only if the stock of ITC fails to rally above ₹217 levels

 

₹106 • ONGC

S1

S2

R1

R2

COMMENT

103

100

110

114

Initiate fresh long positions with a stiff stop-loss if the stock of ONGC climbs above ₹110 levels

 

₹1452 • Reliance Ind.

S1

S2

R1

R2

COMMENT

1436

1418

1467

1480

Initiate fresh long positions with tight stop-loss if the stock reverses higher from ₹1,436 levels

 

₹324 • SBI

S1

S2

R1

R2

COMMENT

318

312

330

337

Near-term view stays positive as long as the stock trades above ₹318 levels. Buy in dips with a fixed stop-loss

 

₹2151 • TCS

S1

S2

R1

R2

COMMENT

2130

2110

2175

2195

Make use of intra-day declines to buy the stock of TCS while maintaining a tight stop-loss at ₹2,130 levels

 

12126 • Nifty 50 Futures

S1

S2

R1

R2

COMMENT

12075

12025

12175

12225

Take fresh long positions with a tight stop-loss only if the contract moves above 12,175 levels

 

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

 

 

 

9:00 am

Today's Pick: Future Retail (₹353.7): Buy

 

After an intermediate-term downtrend, the stock of Future Retail found support at ₹323 in November 2019. The stock thereafter started to consolidate sideways in a narrow band between ₹323 and 353 with an upward bias. Investors with a short-term perspective can buy the stock at current levels. Click here to read the Today's Pick on Future Retail.

 

Published on February 12, 2020