Sensex rose over 42 points to close at 40,487.43 driven by buying in select bank and auto counters.
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Has FMCG sector outlook turned bullish?
Nifty attempted to continue with the bearish momentum from last week. As a result it tumbled down to test the Friday’s low of 11,888, which acted as a key support for the day. The hourly chart shows that the low nearly coincided with the lower end of a falling channel that provided additional support to the index. A leap thereon, however, turned out to be a short lived one. On the higher side, junction of the 20-DMA & the key hourly moving averages i.e. 11,980-12,000 put up a strong resistance thus forcing the Nifty down again. At the end of the day, the Nifty formed a Doji on the daily chart, which shows indecision in the minds of the market participants. Unless Nifty scales above the psychological mark of 12000 on closing basis it is expected to test the junction of the 40 DEMA & the daily lower Bollinger Band on the downside, which is near 11,820-11,800
Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services
Nifty formed a Doji candle on the daily chart, which indicates indecisiveness among the market participants. In the week gone by, it formed a Bearish Engulfing pattern on the weekly chart and a sustainable move below 11,888 may lead to a correction towards 11,800 and then 11,700. On the flipside, immediate hurdle is placed at 12,050 and then all-time high of 12,158 level
After showing a weakness in the last session, the Nifty shifted into a rangebound action and closed mildly higher. A doji type candle pattern was formed today (not a classical one) beside the negative candle of Friday. Normally, a formation of doji in a sideways range doesn't show any significant predictive signal. The formation of head & shoulder pattern is still intact in the Nifty as per daily time frame chart. This neckline of this pattern is at 11.880-900 levels. A sustainable move below this area could open up sharp weakness in the market ahead
- Nagaraj Shetti, Technical Research Analyst, HDFC Securities
Goal-based, long term SIP investments from retail investors continue to grow steadily, with SIP AUM at an all-time high at Rs 3.12 lakh crore. While, equity net inflows have come down sharply in November, partly due to investors booking profits, the overall mutual fund Industry AUM reached an all-time high of Rs 27 lakh crore
- N S Venkatesh, CEO, AMFI
Nifty remained volatile and closed above the 11,900 level led by metal and auto stocks. Key events to watch this week are FOMC meet on Dec 11, UK election results on Dec 12 and December 15, when the next tranche of US tariffs on Chinese imports is set to take effect. Also on the domestic front, IIP and CPI numbers due on Dec 12 will also be closely tracked. Continue to maintain stock specific approach and carefully invest in quality companies with a healthy growth outlook and reasonable valuations
- Hemang Jani, Head - Advisory, Sharekhan
Nifty opened with marginal gains and after a choppy day Nifty managed to give a positive closing at 11,938, forming Doji candle on the daily chart, hinting uncertainty in the markets. The index is in consolidation mood and the range would be 11,850 on the downside and 12,150 on the higher side, so traders are advised to use mentioned levels to trade in the coming sessions
- Rohit Singre, Senior Technical Analyst, LKP Securities
Nifty in the last session was a bit dull with lower activity. The index tried to move up but couldn’t sustain the strength and closed below the shorter term moving average. The momentum indicators are also suggesting some corrective action. Thus traders should look to remain short at the current levels for the corrective move. Overall trend is still bullish. On the downside, immediate support is seen at 11,900-11,800. Level of 12,000 is immediate resistance but bullish momentum will sustain if index manages above 12,100. Support: 11,900-11,800 & Resistance: 12,000-12,100
- Amit Shah, Technical Research Analyst, Indiabulls Ventures
During the week gone by, the index formed a Bearish Engulfing pattern on the weekly chart. Now a sustainable move below the 11,888 mark may trigger a correction towards 11,800 and then 11,700 levels. On the flipside, the immediate hurdle is placed at 12,050 and then at the all-time high of 12,158
We continue to maintain our cautious stance on Indian market considering the recent runup and stretched valuations. Going forward, market participants would keep a close watch on CPI, IIP and WPI numbers scheduled to release this week. On the global front, trade deal developments between the US and China would be a key determinant in deciding the direction for Indian as well as global markets
- Ajit Mishra, VP - Research, Religare Broking
Market was rangebound as investors are closely watching the upcoming economic macros such as CPI inflation and IIP data for any signs of progress in the govt’s effort to revive the economy. FIIs are likely to turn risk averse in domestic market as strong US job data, progress in trade talks and expectations of status quo in Fed policy will add impetus to global markets
- Vinod Nair, Head of Research at Geojit Financial Services
Beleaguered Coffee Day Enterprises Ltd.’s sale of its technology park to Blackstone Group Inc. is stalled as one of its creditors hasn’t approved the deal, people with the knowledge of the matter said.
Yes Bank Ltd. hasn’t issued the so-called no objection certificate as it’s seeking assurances on repayments of other loans taken by Coffee Day, said the people, asking not to be identified as the information isn’t public. All other creditors have approved the transaction, the people said.
YES Bank likely to reject $1.2 billion offer from Canada’s Braich, reports Bloomberg
Chief Economic Advisor KV Subramanian on Monday said though Indian economy is facing a slowdown, the country’s potential growth remains unaltered.
The slowdown is more on the cyclical side, ET Now quoted him as saying. Subramanian expects things to improve soon as the government is taking the necessary steps to spur growth.
Asian shares buoyed by strong U.S. job data, China worry caps gains
Asian stocks edged up on Monday, catching some of Wall Street’s momentum after surprisingly strong U.S. jobs data, although regional gains were capped by concerns about China’s economic slowdown due to the prolonged Sino-U.S. trade war, Reuters reported.
PSU shares advance; SAIL climbs 3%
Shares of PSU were trading with gains in Monday's afternoon session.
Shares of Steel Authority of India (up 3.39 per cent) , Oil India (up 2.14 per cent) , Power Finance Corporation (up 1.73 per cent) , REC (up 1.36 per cent) , Indian Oil Corporation (up 1.21 per cent) , National Aluminium Company (up 1.04 per cent) , HPCL (up 0.95 per cent) , Bharat Petroleum Corporation (up 0.83 per cent) , Oil & Natural Gas Corporation (up 0.75 per cent) ,Bharat Electronics (up 0.68 per cent) , National Mineral Development Corp (up 0.68 per cent) , Container Corporation of India (up 0.55 per cent) , Bharat Heavy Electricals (up 0.43 per cent) , Power Grid Corporation of India (up 0.4 per cent) and Coal India (up 0.21 per cent) were among the top gainers.
Jaguar Land Rover sales fall 3.4% in Nov
Price as on 09 Dec, 2019 01:08 PM, Click on company names for their live prices.
VA Tech Wabag jumps as co says hopes to return to growth path this fiscal
Price as on 09 Dec, 2019 01:02 PM, Click on company names for their live prices.
We are sticking to our conviction that there will be an improvement in the next three-four months and being investors in the broader market would give you far better returns
There may be some good reasons why RBI decided not to cut rates this time around. There is a lingering worry about the economy and earnings picking up.
- Sudip Bandyopadhyay, IndiTrade Capital
Bharat Bond ETF opens from Dec 12-20, Sebi nod obtained: Govt
Middle-income investors realising there is money to be made via MFs: Sanjay Sachdev
ICICIdirect recommends buying ACC December futures in range of Rs 1515-1525
ACC is expected to see a recovery from the recent low of Rs 1460 on the back of closure of short positions. The stock seems to be consolidating above Rs 1450. It may start witnessing short covering if it remains near current levels. However, delivery activity has picked up near Rs 1480, which remains an immediate support. The December series is starting with a higher OI base since June 2019, which has a major short bias. However, looking at its positioning near support we may see a short covering trend, the brokerage says. It recommends a target price of Rs 1,625, with a stop loss level of Rs 1,455.
SBI reduces MCLR by 10 bps across all tenors
Just a few days after the Reserve Bank of India maintained status quo on key rates, the country’s largest lender, State Bank of India (SBI) announced a reduction in lending rates. SBI announced on Monday that it has cut marginal cost-based lending rates (MCLR) across all tenors by 10 bps.
SPML Infra bags orders worth Rs 218 crore
Price as on 09 Dec, 2019 11:53 AM, Click on company names for their live prices.
14 stocks hit 52-week highs on NSE
Around 14 stocks rose to touch their 52-week highs on NSE in Monday's session.
Among the stocks that touched their 52-week highs were Adani Transmission, Agro Phos India, BF Utilities, Gujarat Gas, ICICI Securities, IIFL Securities, SRF, Uttam Value Steels and Visesh Infotecnics.
Voda Idea, YES Bank, Dish TV among most active stocks on NSE
Price as on 09 Dec, 2019 11:19 AM, Click on company names for their live prices.
There are a lot of beaten down midcaps but in the near term, if the overall market view is slightly cautious, one would avoid it at this stage, let the flows play out because this week itself, there is so much of news flow which is going to happen on trade, on the UK elections and there is also the US Fed meeting. So, there is a lot of news flow plus we will have the inflation data and IIP figures on 12.th So, let the macro data come out and then we will see.
- Sandip Sabharwal
Stock pick of the week: ZEE
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Global brokerage firm Jefferies downgraded SBI Life to ‘Underperform’ with a revised target price of Rs 835 (Rs 988 earlier). The scrip was trading 0.35 per cent down at Rs 959.55 at around 10.30 am (IST).
Jefferies retained ‘Underperform’ rating on ICICI Prudential Life Insurance Company and HDFC Life with a target price of Rs 415 (Rs 334 earlier) and Rs 490 (Rs 400 earlier). Shares of ICICI Prudential Life were down 1.38 per cent in the morning trade, while HDFC Life was down 0.37 per cent.
Shares of YES Bank gained 3 per cent in Monday's session ahead of its board meeting to decide on the details of preferential allotment of shares.
The company Board of Directors will meet on Tuesday to finalize and approve the details of the preferential allotment and convene an extraordinary general meeting subsequently, to obtain the approval of the shareholders for raising capital.
The company, however, said any preferential allotment shall be subject to receipt of all regulatory and statutory approvals.
Canara Bank to dilute 30% stake in Can Fin Homes in next 10 days: ET Now
Price as on 09 Dec, 2019 10:20 AM, Click on company names for their live prices.
Maruti Suzuki gains 2% as production increases in Nov
Shares of Maruti Suzuki advanced 2 per cent in early trade on Monday after the country’s biggest carmaker said it has increased its production in November by 4.33 per cent year-on-year. The company witnessed reduced output for nine-straight months due to lower demand. In a BSE filing, Maruti Suzuki said it produced 1,41,834 units in November as against 1,35,946 units in the year-ago month.
Telecom operator Vodafone Idea took a plunge in the early trade on Monday as investors were spooked by comments of its chairman predicting a closure of business in case there was no governmental help.
“If we are not getting anything, then I think it is the end of story for Vodafone Idea,” Kumar Mangalam Birla said at an event in New Delhi on Friday. “It does not make sense to put good money after bad… We will shut shop.”
Sensex gains 150 points, Nifty nears 11,950; rupee trades at 71.25 against US dollar
Singapore trading sets stage for weak start
Nifty futures on the Singapore Exchange traded 10 points, or 0.08 per cent, down at 11,944.50, indicating a flat to negative start for Dalal Street.
Tech view: Nifty forms bearish candle
Nifty50 formed a bearish candle on the daily chart on Friday, as it broke below its immediate resistance in the 11,950-60 zone with ease, suggesting that a short-term correction might have set in.
Asian shares play catch up with Wall Street
Asian stocks edged up on Monday, catching some of Wall Street's momentum after surprisingly strong US jobs data although regional gains were capped by concerns about China's economy due to the prolonged Sino-US trade war. Japan's benchmark Nikkei advanced 0.3 per cent while MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.3 per cent, with Australian stocks and South Korea's Kospi up 0.2 per cent and 0.6 per cent, respectively.
US stocks closed higher
US stocks closed higher as upbeat jobs report lifted investors' sentiment. On Friday, the Dow Jones Industrial Average was up 337.27 points, or 1.22 per cent, to 28,015.06. The S&P 500 increased 28.48 points, or 0.91 per cent, to 3,145.91. The Nasdaq Composite Index was up 85.83 points, or 1.00 per cent, to 8,656.53, Xinhua news agency reported.
FIIs sell Rs 867 crore worth stocks
Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 867.66 crore on Friday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 210.72 crore, data suggests.
Crude prices tumble
Oil prices fell on Monday after data showing China's overall exports of goods and services shrank for a fourth straight month, sending shivers through a market. Brent futures were down 33 cents, or 0.5 per cent, at $64.06 per barrel by 0055 GMT, after gaining about 3 per cent last week, boosted by news that OPEC and allies would deepen output cuts.