While the home financier is in talks with overseas investors, trying to sell a 20-25 per cent stake, it also plans to raise about $150 million via qualified institutional placement over the next two months, said two people with direct knowledge of the matter.
The Dow Jones Industrial Average rose 173.33 points, or 0.63%, at the open to 27,860.24. The S&P 500 opened higher by 21.77 points, or 0.65%, at 3,355.46, and the Nasdaq Composite gained 95.29 points, or 0.88%, to 10,878.12 at the opening bell.
Traders should maintain their focus on the selection of stocks: Ajit Mishra, Religare Broking
The encouraging response to the fundraising by the lending firms has boosted the investors’ sentiment towards the banking stocks, which in turn helping the benchmark to sustain at the higher levels while other sectors are taking a breather after a substantial rally. Since we’re largely mirroring the global markets, further developments on the stimulus package announcement and US-China trade tension would be actively tracked by the participants for cues. Traders should maintain their focus on the selection of stocks as we’re still seeing enough opportunities across the board.
This is how the 30-pack Sensex moved in today's session. It touched a high of 38,414.37 and a low of 38,125.81 to finally settle at 38,369.63
CLOSING BELL: Sensex snaps 4-day winning run, falls 37 pts; Nifty settles above 11,300; IFCI, IDFC rally up to 20%
Banks, RIL lead the market fall
17 of 30 Sensex stocks end the day in the red
Index contributors: Kotak Bank, RIL, HDFC Bank, TCS, HUL
Top Index gainers: HCL Tech (4.75%), SBI (4.25%), TechM (2.78%)
Top Index losers: Kotak Bank (2.10%), Sun Pharma (2.04%), Bajaj Fin (1.25%)
S&P BSE AUTO biggest sectoral gainer, up 1.94%
S&P BSE Healthcare biggest sectoral loser, down 1.46%
Volume toppers: SBI, RIL, Axis Bank, ICIC Bank, Bajaj Fin
Balkrishna Industries: Stocks forms Double accumulation pattern
The daily chart of Balkrishna Industries shows nice accumulation at lower levels, first in the form of a V and then U. This shows buying interest at lower levels. Now, the stock looks ready to move out of this formation.
Bharat Forge rises 6% post Q1 numbers
Price as on 12 Aug, 2020 02:36 PM, Click on company names for their live prices.
MCX Silver futures recover over 9% from day’s low; Gold futures recover over 4%
India’s long-established tea industry is struggling. Heavy rains and the absence of tea pickers because of lockdowns have hammered production and sent local prices spiraling to records, while top buyers are turning to Kenya where the market has dropped, said Azam Monem, director at Mcleod Russel India Ltd., one of the country’s biggest growers.
3 metal stocks Hemang Jani of MOSL is bullish on
In terms of the stocks, we have a positive view on Jindal Steel & Power which remains a completely India focussed story with some sort of positive news on the captive mines side and debt reduction has also been carried out. JSW Steel is another one that we like. Vedanta is also an interesting technical play because there is a buyback announced by the company and a possibility that the agreement on the price may happen on a higher side, but it remains quite tricky.
Gold slumps below $1,900 as US dollar, yields rise
Gold dropped more than 2% to break below the key $1,900 per ounce level on Wednesday as a resurgent dollar forced bullion investors to reassess their positions after a record-breaking price rally. Spot gold fell as much as 2.5% to a near three-week low of $1,863.67, resuming its free fall after a brief hiatus in early trade. It was down 1.6% to $1,881.55 by 0540 GMT, extending losses after a 6% plunge on Tuesday.
YES Bank, BoB, SBI top gainers in the banking space, rise up to 5%
Price as on 12 Aug, 2020 12:57 PM, Click on company names for their live prices.
SBI: Inverted Head and Shoulder breakout
Trends in SBI are good today and the sustained sideways action seems to be giving a breakout on the upside. The chart shows a possible inverted Head and shoulder pattern breakout. The pattern has a possible target of upto 50 points! So worth buying a 200 call (10) and holding on for a while.
Power stocks rally up tp 10%
Price as on 12 Aug, 2020 12:20 PM, Click on company names for their live prices.
JMC Projects shares zoom nearly 14% on fresh orders
Shares of engineering firm JMC Projects (India) on Wednesday rallied nearly 14 per cent after the company said it has secured new orders worth Rs 1,363 crore. The stock jumped 13.51 per cent to Rs 55 on the BSE. On the NSE, it zoomed 13.63 per cent to Rs 55. In a filing to the BSE on Tuesday, the company said it has won Rs 1,169-crore building projects order in southern India; while in Bihar, it has won a water supply project of Rs 194 crore.
Sensex off day's low, still down 85 points
Only 2 stocks trade in the red in tourism & hospitality space
Price as on 12 Aug, 2020 11:46 AM, Click on company names for their live prices.
Here are the top gainers from the FMCG space
Price as on 12 Aug, 2020 11:07 AM, Click on company names for their live prices.
Gold lost some ground after Russia announced the world’s first Covid vaccine and profit booking was seen at higher levels. A recovering U.S dollar and gains in equities too pressured the safe haven asset. However, hopes of fresh economic stimulus measures and rising U.S-China tensions continue to offer lower level support to the metal.
- Hareesh V, Head Commodity Research at Geojit Financial Services
S&P BSE Metal biggest sectoral loser; all constituents in the red
BSE Healthcare falls for 2nd day in a row, down over 1%
Gold and silver tanked in early trade on Wednesday, thanks to a massive bout of profit booking after a steep rally even as Covid-19 rampages throughout India, disrupting lives. Hopes of vaccine development too prompted some investors to reduce exposure to safe-haven assets. Gold futures on MCX were down 2.75 per cent or Rs 1,429 at Rs 50,500 per 10 grams. Silver futures shed 7.14 per cent or Rs 4,776 to Rs 62,158 per kg.
YES Securities maintains 'Reduce' rating on Bajaj Electricals; Target at Rs 428
"We have lowered our FY21 estimates factoring in the sharp fall in Q1 profitability and slower recovery in EPC business. However, we maintain FY22 estimates on expectations of recovery in EPC business (completion of legacy orders in FY21) and recovery in demand for CP business. In the near term, though we are quite positive on the CP business, we remain skeptical over recovery in EPC business due to lower government spending and slower reduction in receivables. Valuations discount (Currently trading at 25.6x FY22E P/E) to peers would stay until EPC business remains under pressure. Maintain Reduce rating," YES Securities said.
Voda Idea, YES Bank, SBI among most active stocks on NSE
Price as on 12 Aug, 2020 09:25 AM, Click on company names for their live prices.
India's industrial production declined by 16.6 per cent in June, on account of disruption in normal business activity following the outbreak of coronavirus pandemic, the government data showed on Tuesday. The decline in factory output was widespread across the sectors, including manufacturing, mining, power generation, capital goods and consumer durables, as per the data released by the Ministry of Statistics and Programme Implementation.
SGX Nifty signals gap-down start
Nifty futures on the Singapore Exchange traded 113.50 points, or 1 per cent lower at 11,227, in signs that Dalal Street was headed for a gap-down start on Wednesday.
DIIs sell Rs 1,416 cr worth of stocks
Net-net, foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 1,013.66 crore, data available with NSE suggested. DIIs were net sellers to the tune of Rs 1,415.54 crore, data suggests.
Tech view: Nifty50 forms Doji candles as bulls look tired
The index formed a 'Doji' candle on the daily chart as uncertainty continued. Analysts said the formation of indecisive candles over the past couple of days suggests the bulls are tired and profit booking may be around the corner. They said the index faces resistance in the 11,340-380 range and has support in the 11,240-250 zone.
Hong Kong, China stocks mixed in early trade
Hong Kong shares began with slight losses Wednesday morning after top republican Mitch McConnell played down the chances of US lawmakers agreeing on a fresh stimulus package soon.The Hang Seng Index dipped 0.09 per cent, or 22.05 points, to 24,868.63. The benchmark Shanghai Composite Index dropped 0.38 per cent, or 12.80 points to 3,327.49, while the Shenzhen Composite index on China's second exchange eased 0.26 per cent, or 5.94 points to 2,237.51.
Japan stocks open higher on weak yen
Tokyo stocks opened marginally higher on Wednesday, supported by a weaker yen, despite losses on Wall Street on renewed pessimism about a new pandemic aid bill. The benchmark Nikkei 225 index was up 0.16 percent or 37.32 points at 22,787.56 in early trade, while the broader Topix index climbed 0.38 percent or 5.99 points to 1,591.95.
S&P500, Dow snap 7-day winning streak
US stocks closed lower on Tuesday, with the S&P 500 and Dow snapping a seven-day streak of gains and falling late in the session on growing uncertainty about breaking a stalemate in Washington over a fiscal stimulus deal. The Dow Jones Industrial Average fell 104.53 points, or 0.38 per cent, to 27,686.91, the S&P500 index lost 26.78 points, or 0.80 per cent, to 3,333.69 and the Nasdaq Composite index dropped 185.53 points, or 1.69 per cent, to 10,782.82.
Rupee settles 12 paise higher at 74.78 against US dollar
The rupee appreciated by 12 paise to close at 74.78 against the US dollar on Tuesday tracking weakness in the greenback and gains in the domestic equity market. Forex traders said gains in the domestic currency were supported by foreign fund inflows into domestic equity and debt markets.
Sensex on Tuesday
The BSE Sensex closed in the green for the fourth straight session on Tuesday, propelled by index heavyweights HDFC twins and Reliance, amid robust gains in global equities. A strengthening rupee, encouraging quarterly results and persistent foreign fund inflows further bolstered market sentiment, traders said. After touching a high of 38,556.27, the 30-share BSE Sensex pared some gains to end 224.93 points or 0.59 per cent higher at 38,407.01.
Good morning, dear reader! Here's something to kickstart your trading day