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Economic Times | 08 Nov, 2019 | 09.35PM IST

Traders' Diary: Profit booking likely to continue

Sensex tumbled 330 points, tracking losses in IT, FMCG, metal and energy stocks after Moody's cut India's credit rating outlook citing growth concerns.

!1 New UpdateClick here for latest updates
08:25 PM

It is important to understand that Moody's had only lowered the outlook and not downgraded India's credit rating.India's high debt to GDP ratio is one of the factors that weighed in lowering the outlook. In the present global context of extensive fiscal stimulus to counter the slowdown, slight fiscal slippage is not a serious issue. Lowering the outlook of companies have nothing to do with their business prospects. Investors need not worry

- V K Vijaykumar, Chief Investment Strategist, Geojit Financial Services

08:24 PM

Trend of the market will be dictated by macro releases. India’s CPI inflation is expected to be on the higher side at 4.3% due to rise in vegetable prices as per consensus estimates. Despite the festive season the IIP is expected to decline to 2.3% as per estimates. Both the data released is expected to put pressure on rate sensitive stocks. However global concerns related to trade war has eased and the same could provide comfort for investors

- Vinod Nair, Head of Research, Geojit Financial Services

07:44 PM

Podcast: Should investors worry about outlook downgrade?

07:43 PM

Why Indians are falling out of love with gold

07:27 PM

Nifty continues to see strong supply at 12,000 level with a high probability of mean reversal towards the 11,700 mark. The MACD is about to see a negative crossover on the daily chart. On the weekly chart, we clearly see Nifty forming a Doji like pattern at the previous peak. In such cases, unless Nifty sees a close above the 12,100 mark, we would continue to see supply at higher levels

- Bhavin Mehta, Dolat Capital

07:26 PM

Weakness will be confirmed on any close below 11,850 level, as the breach of this level will not only result in a lower low on the price chart, but also result in a breakdown of the ascending trendline, which is in progress from the low of 10,691 level hit on September 20. In between, a decent support is placed around 11,820 mark, where the bulls may try to put up some fight. For the time being, the upside is capped around the 12,034 level

- Mazhar Mohammad, Chartviewindia.in

07:25 PM

We need a decisive breakout from here for bulls to make sure rally is sustained and we reach for higher numbers. The derivatives data point to a broader range of 12200 - 11800. While there may be some buying coming at lower levels, given the bullish undertone, but some profit booking is expected in the zone of 12100 - 12200. We also have our very important resistance of 12135 in the zone. So the market needs to take out this confluence of resistances to see the next leg of rally else is going back into a consolidation range

- Mustafa Nadeem, CEO, Epic Research

07:24 PM

On the weekly chart, we are witnessing a candlestick formation that resembles a ‘doji’. It has a low of 11,850, and a breach of the same might halt the ongoing momentum and we could witness further profit booking towards the 11,700 mark. We would advise traders to exit their longs if Nifty falls below 11,850. In case the support remains intact, the markets could possibly reach a new lifetime high. But even then we are of the opinion that longs should be exited at higher levels since the Nifty has rallied from 11,100 to its current levels without any meaningful correction. Thus, for the time being, a move above or below the 12,050–11,850 range might dictate the further trend

- Mehul Kothari, Senior Technical Analyst, IndiaNivesh Securities

05:08 PM

Nifty failed to hold the gains above 12,000 level and drifted sharply towards the 11,888 level. It formed a bearish candle on the daily scale and a Doji on the weekly scale. Multiple supports are seen at lower zones, while selling pressure is seen near 12,000 and 12,050 levels. Now, Nifty has to continue to hold above 11,850 level to witness an up-move towards 12,035 and then 12,103 levels, while on the downside supports are seen in the 11,780 – 11,750 zone

- Chandan Taparia, Technical & Derivative Analyst, MOFSL

04:45 PM

We expect profit taking to extend further in the index and 11,700 would act as crucial support ahead. Despite the overall buoyancy, we usually see stocks reacting sharply lower during corrective phase of the index thus we suggest keeping a few short positions also

- Ajit Mishra Vice President, Research, Religare Broking

04:40 PM

Rating downgrade forced investors to book profit in a volatile market and the rupee weakened to 3-week low. Given the subdued performance of the equity market during the year MF inflows fell to four month low while premium valuation of large & blue-chips is not attracting new funds in the market

- Vinod Nair, Head of Research, Geojit Financial Services

04:17 PM

Nifty closed on a flattish note, forming Doji star candle pattern on the weekly chart and evening star kind of candle pattern on daily chart, hinting a negative reversal if it manages to sustain below the lows of the current week. The index showed profit booking from strong resistance in 12,000-12,025, hinting we may see some more cuts if index continued to trade below its immediate resistance of 11,950

- Rohit Singre, Senior Technical Analyst, LKP Securities

04:01 PM

Moody’s downgrades outlook on SBI, HDFC Bank, Infosys, TCS and 17 others

After downgrading India’s sovereign outlook, Moody’s Investors Service on Friday downgraded its view to 'negative' from 'stable' on many top Indian companies, including SBI, HDFC Bank, TCS, Infosys, BPCL, NHAI and GAIL. Moody’s has downgraded outlook on companies belonging to information technology, infrastructure as well as oil and gas sectors. In total, the rating agency on Friday cut outlook on 21 Indian firms.
03:38 PM

CLOSING BELL

Late selloff sends Sensex 330 pts lower; Nifty barely holds above 11,900; private banks climb up to 4%
CLOSING BELL
02:58 PM

The SIP flows have remained robust even in the face of continued volatility in the market which augurs well for the mutual fund industry as well for the broader markets. It is also encouraging that there has been about 65% increase in the number of new SIPs added. Arbitrage funds as a category seem to be continuing to attract investor attention probably on account of their relatively stable returns and tax efficiency.

- G Pradeepkumar, CEO, Union Asset Management Company

02:54 PM

JUST IN

Moody's has revised outlook of six Indian financial institutions to ‘negative’ from ‘stable’. They include Exim Bank, HDFC Bank, Hero FinCorp, Hudco, IRFC, and SBI.
02:50 PM

D-Street made Rs 43 lakh crore in 3 years since cash ban; and these stocks made the most

Sensex has rebounded ever since, and gone through another roller-coaster ride to scale its new record high of 40,688 on November 7, 2019. In between, the 30-pack navigated many new headwinds, such as GST implementation, Sebi reclassification of mutual funds, credit crisis in NBFCs and global trade tensions.
02:40 PM

The long awaited 25,000 cr relief package for the realty sector is aimed at developers with unfinished projects to ensure delivery of homes to buyers. Along with real estate firms, the move is likely to have ripple effects across related commodities like steel, iron and cement. Physical demand should also see steel prices rally higher in the short term. ICEX Steel is indicating consolidation around the Rs 29,000 level. A breakout should see a rally to Rs 31,500-32,500 in the coming months

- Akshay Agarwal, Managing Director, Acumen Capital

02:33 PM

Bank of Baorda down ahead of Q2 earnings announcement

Price as on 08 Nov, 2019 02:33 PM, Click on company names for their live prices.
02:21 PM

GAIL (India) drops as Q2 net plunges 46%

Price as on 08 Nov, 2019 02:21 PM, Click on company names for their live prices.
01:52 PM

More reforms on cards?

01:49 PM

The quantum of geo-political concerns has declined for the investing community. It is likely to remain so over the next two to three months.

- Manishi Raychaudhuri, MD & Head of Equity Research, Asia Pacific, BNP Paribas

01:26 PM

SIP inflows dips marginally in October: Amfi

The SIP flow dipped to Rs 8,245 crore from Rs 8,262 crore. Total number of SIP accounts, however, surged to 2.18 crore, an addition of 4.74 lakh accounts during the month. The assets under management (AUM) via SIP mode crossed Rs 3 lakh crore, rising by Rs 14,600 crore in October. “We have cross Rs 3 lakh crore in SIP numbers which I think is an inflection point. It is a positive sign,” said NS Venkatesh, CEO at Amfi.
01:07 PM

Sensex back in the black, jumps 65 points

Sensex back in the black, jumps 65 points
01:05 PM

Asian shares eases from six-month highs on U.S.-China trade uncertainty

Asian stocks retreated from six-month highs on Friday on uncertainty over whether and when the United States and China will seal a deal marking a truce in their trade war that has slowed economic growth and roiled markets, Reuters reported.
12:53 PM

Bharat Forge declines as Q2 net drops by 19%

Price as on 08 Nov, 2019 12:53 PM, Click on company names for their live prices.
12:43 PM

Gold gains as Moody's downgrades outlook on India

Bullion counters gained on Friday as traders flocked to safe-haven counters after rating agency Moody’s downgraded its outlook for India. Moody's changed India's outlook to negative from stable while affirming India’s Baa2 ratings. Moody's expects Indian government to face very significant constraints in narrowing general government budget deficit and preventing a rise in debt burden. MMCX Gold (Dec) futures added 0.64 per cent to Rs 37,814 while MCX Silver (Dec) futures were trading 0.43 per cent higher at Rs 44,357.
12:31 PM

Brokerages bullish on Sun Pharma, see up to 22% upside

Brokerages maintained their bullish call on drugmaker Sun Pharma after it posted in-line profit growth for the September quarter on Thursday.
12:13 PM

BPCL falls on flattish Q2 net profit

Price as on 08 Nov, 2019 12:13 PM, Click on company names for their live prices.
11:58 AM

CLSA on Sun Pharma, IGL, Power Grid

POWER GRID
Both capex and capitalization decline
2QFY20 PAT growth slows on HVDC project delay
Earnings slowdown ahead as capitalisation peaked
New thermal plants and green corridor capex pickup are key

UPL
Challenging external environment but FY20 guidance retained
Maintain a BUY with an unchanged target price of Rs720
Revenue/Ebitda grew 9%/11% YoY on a like-for-like basis in 2QFY20
Weak EU and US offset by strong India and Latin America
FY20 guidance retained but challenges increase in external environment

SUN PHARMA
Keeping the faith on specialty product portfolio ramp-up
2QFY20 adjusted PAT grew 7% YoY, in line with our estimate
Ilumya gaining traction; encouraging start to recent Cequa launch
Retain our FY20-22 EPS estimates and our target price remains unchanged at Rs540

IGL
Volumes and margins beat; raise EPS estimate and TP; reiterate BUY
Potential April 2020 20% domestic gas price cut after a recent 12% cut is an added tailwind
Raise FY20/21 EPS estimates 32/24% and increase target price to Rs510
IGL is the strongest volume growth story in the CGD space; retain BUY
11:54 AM

Sebi Chairman Ajay Tyagi on Infosys | Probe on Infosys is going on, investors can derive whatever they want to

Sebi Chairman Ajay Tyagi on Infosys | Probe on Infosys is going on, investors can derive whatever they want to
11:48 AM

Amfi data: SIP inflow dips to Rs 8,245 crore from Rs 8,262 crore last month

Amfi data: SIP inflow dips to Rs 8,245 crore from Rs 8,262 crore last month
11:37 AM

India's inflation probably breached RBI target last month: Reuters poll

Indian retail inflation probably exceeded the Reserve Bank of India’s ( RBI) medium-term target of 4% in October for the first time in 15 months, mainly because of rising vegetable prices, a Reuters poll of economists showed. Nearly 85% of respondents forecast retail inflation, due on Nov. 12, to breach the RBI’s medium-term target. (Source: Reuters)
India's inflation probably breached RBI target last month: Reuters poll
11:21 AM

Raymond to demerge core lifestyle business

Price as on 08 Nov, 2019 11:21 AM, Click on company names for their live prices.
11:00 AM

IPO market has to be kick started with confidence building: Tyagi

IPO market has to be kick started with confidence building: Tyagi
10:41 AM

On equities side, we have world class regulatory system, there has been progress on the bond side; Much more needs to be done to bring in liquidity in secondary market for bonds

- Ajay Tyagi, Sebi Chairman

10:40 AM

Capital markets have come a long way: Ajay Tyagi

Capital markets have come a long way: Ajay Tyagi
10:35 AM

SBI cuts MCLR by 5 bps across all tenors; reduces FD rates as well

Price as on 08 Nov, 2019 10:35 AM, Click on company names for their live prices.
10:17 AM

Sabharwal terms Moody's downgrade 'Ridiculous'

09:55 AM

YES Bank, Voda Idea, RCom among most active stocks on NSE

Price as on 08 Nov, 2019 09:55 AM, Click on company names for their live prices.
09:24 AM

Podcast: Let's talk business & markets

09:19 AM

OPENING BELL: Sensex drops 100 pts, Nifty below 12,000; Raymond jumps 11%, YES Bank falls 3%

OPENING BELL: Sensex drops 100 pts, Nifty below 12,000; Raymond jumps 11%, YES Bank falls 3%
09:10 AM

Pre-open session: Sensex drops 50 points, Nifty below 12,000; rupee trades at 71.27 against dollar

08:37 AM

Singapore trading sets stage for gap-down start

Nifty futures on the Singapore Exchange traded 52 points, or 0.43 per cent, lower at 12,006.50, indicating a gap-down start for Dalal Street.
08:36 AM

Tech view: Nifty forms Dragonfly Doji candle

Nifty50 on Thursday broke above the psychologically important 12,000 mark on a closing basis. But the index formed a Dragonfly Doji candle on the daily chart and a close below 11,946 level can bring the bears back into the game. The index has more or less witnessed indecisive formations for the last six sessions.
08:36 AM

Moody’s cuts India’s outlook to negative

Moody's changed India's outlook to negative from stable while affirming India’s Baa2 ratings. Moody's says decision to change India's outlook partly reflects lower government, policy effectiveness at addressing economic, institutional weaknesses. Moody's says expects Indian government will face very significant constraints in narrowing general government budget deficit, preventing a rise in debt burden.
08:36 AM

MSCI ups China A shares weight in MSCI EM index

Global index provider MSCI said mainland Chinese stocks, or A shares, will rise to a weight of 4.1% in the MSCI Emerging Market Index, up from 2.55% currently, as it implements the final step of the weight increase of Chinese shares in its widely-followed emerging markets benchmark.
08:36 AM

Asian markets near record high levels

MSCI's gauge of stocks across the globe rose slightly to stand at 543.70, just a hair off the record high of 550.63 reached in January 2018. The index compiler's gauge of Asia-Pacific shares outside Japan edged up 0.2 per cent in early trade while Tokyo's Nikkei jumped 0.75 per cent to a 13-month high.
08:36 AM

US stocks settled higher

The Dow Jones Industrial Average was up 182.24 points, or 0.66 per cent, to 27,674.80 on Thursday. The S&P 500 rose 8.40 points, or 0.27 per cent, to 3,085.18. The Nasdaq Composite Index rose 23.89 points, or 0.28 per cent, to 8,434.52.
08:36 AM

Oil prices drop in early trade

US crude oil futures fell on Friday amid fading hopes that a deal to end the lingering trade war between Washington and Beijing would be signed any time soon, the gloom compounded by rising crude inventories in the United States. US West Texas Intermediate (WTI) crude was down 15 cents, or 0.2%, at $57 a barrel by 0032 GMT. The contract rose 1.4% on Thursday.
08:36 AM

M&M, Nestle to announce Q2 results

Nestle India, Mahindra & Mahindra, GAIL, Eicher Motors, Bank of Baroda, IDBI Bank, MRF, Ashok Leyland, Bharat Forge, Tata Power and Ashok Leyland are among some of the firms that will declare Q2 earnings later in the day.
08:35 AM

FIIs buy Rs 927 crore worth stocks

Net-net, foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 927 crore on Thursday, data available with NSE suggested. DIIs were net sellers to the tune of Rs 636 crore, data suggests.
08:35 AM

Sensex on Thursday

The benchmark Sensex closed at record level while the Nifty closed above the critical 12,000 mark over improved global cues. The Sensex closed 183.96 points higher at 40,653.74 while the Nifty closed 50.05 points higher at 12,016.10.
08:35 AM

Good Morning, dear reader! Here's something to kickstart your trading day

Good Morning, dear reader! Here's something to kickstart your trading day
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