Nifty index remained under pressure and slipped towards 11250 zones but however witnessed sharp up move after RBI currency intervention. It recovered more than 100 points from its lower levels and formed a Hammer Candle on daily scale. Now it has to surpass and hold above 11380 zones to extend it gains towards 11420 then 11450 while on a hold below the same could drag it towards 11333 zones
Nifty Index witnessed a sharp pullback rally in late trade after taking support at the 161.8% Fibonacci extension level placed at 11265 which also happened to be the 50-DMA. Further, a sustained trade above 11385 can extend the short covering rally to levels of 11430-11467. However, failure to take out the resistance level of 11385 can resume the corrective wave dragging it down to level of 11250-11190. RSI has also turned upwards after forming a positive divergence at the oversold zone on shorter time frame chart, indicating further short covering rally on cards in the coming sessions
Nifty recovered more than 100 points from its low point and formed a Hammer Candle on the daily scale. Now, it has to s urpass and hold above 11,380 level to extend its gains towards 11,420 and then 11,450 levels, while a hold below the same level could drag it towards the 11,333 mark
After two consecutive days of sharp losses, stock markets in India recovered some lost ground in trade today. Both the benchmark Sensex and the Nifty advanced to witness sharp gains as investors took to bargain buying at lower levels. The Indian rupee continued its slide to hit an all-time low of 72.91 against the US dollar. However, sentiment did get a bit of a boost following reports that Prime Minister Modi will be holding a meeting to discuss the current economic scenario as well as the rupee over the weekend. The markets expect some announcements to be made after the PM reviews the current economic situation. Barring the realty index, all other sectoral indices on the NSE closed the day in the positive zone
- Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas MF
After correcting sharply over the last two sessions, the Indian equity benchmark indices staged a smart comeback, led by a sharp recovery in the rupee from record lows of 72.91. The broader market indices exhibited a mix picture with BSE Smallcap underperforming the benchmark and closing lower by 0.3%, while BSE Midcap ended higher by 0.5%. Barring Realty & Banks, which underperformed, all the other sectoral indices ended in the green with FMCG, Metals & Capital Goods being the top gainers
- Jayant Manglik, President, Religare Broking
CLOSING BELL: Sensex snaps losing streak, surges 305 pts on reports PM will take stock of falling rupee
August trade deficit at $17.4 billion vs $18.02 billion in July
August merchandise imports rose 25.41% to $45.24 billion
Merchandise imports rose due to rising crude oil prices
Aug imports at $45.2 billion vs $43.79 billion in July
Rupee undervalued? Live in conversation with Anindya Banerjee, Kotak Securities
Indian rupee made a sharp recovery in the afternoon trade on Wednesday and was trading 36 paise or 0.50 per cent higher at 72.33 against the US dollar at 2.10 pm.
Shareholders of ICICI Bank at the company’s 24th annual general meeting (AGM) on Wednesday questioned veracity of allegations of quid pro quo by CEO Chanda Kochhar and her family members and conflict of interest with respect to a loan extended to certain entities, including the Videocon group.
#BreakingNews | Government may announce measures on #Rupee, oil after PM Modi meet: Agencies #ETMarkets https://t.co/nGH4IRIqoI
Most realty stocks were suffering strong losses in afternoon session of trade on Wednesday. The Nifty Realty index was trading 2.20 per cent down at 253 around 12:50 pm on Wednesday. Unitech (down 10.77 per cent) was the top loser in the realty index.
India’s rupee has been battered along with its emerging-market peers in recent weeks, but stock investors would do well to look beyond the currency’s slump and pay attention to an improving earnings picture, according to the nation’s largest brokerage.
Over 130 stocks hit 52-week lows on NSE
Over 130 stocks, including HPCL, BPCL, Bharti Infratel, InterGlobe Aviation (IndiGo), Indian Oil Corporation and Can Fin Homes, hit 52-week lows on NSE in Wednesday's session.
Do you agree with Raghuram Rajan’s contention that bulk of the NPA was created because banks went overboard with lending during the best growth phase of the economy?
A step towards bringing effeciency in agri sector?
Maharashtra government is considering to allow farmers to sell their produce directly in housing societies. A great… https://t.co/nUsnXOSdOD
Shares of Tata Motors Wednesday slipped as much as three per cent in morning trade on bourses after the Jaguar Land Rover (JLR) issued a warning to the UK government of massive losses if Britain was to leave the European Union (EU).
Nykaa preparing to launch IPO in two years: CEO
Beauty brands retailer Nykaa is looking at going public in two years and has begun preparations for its initial public offering (IPO), a top company official said. The company is also looking to double its revenue to around Rs 1,100 crore by 2018-19 end as it is bringing in new brands.
More than 20 stocks in the Nifty50 index have slipped below their 200- day moving average (DMA). The list included Adani Ports and Special Economic Zone, Bajaj Auto, Bharat Petroleum Corporation, Bharti Airtel, Bharti Infratel, Eicher Motors, Grasim, Hero MotoCorp, Hindalco Industries, HPCL, IOC, Maruti Suzuki, Power Grid, Tata Steel and Vedanta.
Giving a boost to the sectoral index, most FMCG stocks were trading with gains in Wednesday's session. The Nifty FMCG index was trading 1.24 per cent up at 30,441 around 10:40 am. Shares of Dabur India (up 3.47 per cent), Godrej Consumer Products (up 2.69 per cent), Hindustan Unilever (HUL) (up 1.92 per cent) and Marico (up 1.91 per cent) were the top gainers in the FMCG index.
Market Watch: Sensex, Nifty advance even as market breadth remains negative
Here are the top 10 BSE gainers
Price as on 12 Sep, 2018 10:09 AM, Click on company names for their live prices.
Pfizer drops 3% on valuation concerns
Shares of Pfizer declined nearly 3 per cent in Wednesday’s trade on valuation concerns, even as the drug maker's fundamentals remain strong. The stock has climbed 37 per cent in last three months and 74 per cent on year-to-date basis.
The rupee on Wednesday scaled a new record low of 72.92 against the US dollar in early trade on Wednesday amid renewed global trade war worries. Earlier, the local currency opened 5 paise down at 72.75 against the American currency.
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OPENING BELL: Sensex advances 50 points; Nifty50 above 11,300; Titan, Pfizer drop 2% each
Sensex gains 100 points, Nifty50 above 11,350; rupee hits fresh record low of 72.85 against dollar.
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FIIs sell Rs 1,454 crore worth of stocks
Foreign portfolio investors (FPIs) sold Rs 1,454.36 crore worth of domestic stocks on Tuesday, provisional data available with BSE suggested. DIIs were net buyers to the tune of Rs 750 crore, data suggested.
Singapore trading sets stage for positive start
Nifty futures on the Singapore Exchange were trading 32.50 points, or 0.29 per cent, higher at 11,354, indicating a positive start for the Nifty50.
Tech view: Nifty forms large bearish candle
With a 300-point drop in two sessions, the Nifty50 has drifted towards its 50-EMA. It recently broke its rising trend line. On the daily chart, it formed a bearish head-and-shoulder pattern, which has bearish implications. “Besides, a ‘Bearish Belt Hold’ is clearly visible on the weekly scale. After the last week’s ‘Bearish Engulfing’ candle, this is confirming a change in momentum,” said Chandan Taparia of Motilal Oswal Securities.
CPI, IIP numbers today
Data on retail inflation for August, IIP for July and manufacturing output for July will be released post market hours of Wednesday. Nirmal Bang Institutional Equities sees CPI print at 3.55 per cent YoY in August, down from 4.17 per cent in July. It expects IIP growth to come in at 7.5 per cent YoY in July against 7 per cent in June.
Asian shares at 14-month low
Asian stocks were pinned near 14-month lows on Wednesday, as investor confidence was chilled by verbal threats in US-China trade conflict, Reuters reported. MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.05 per cent, hovering near its lowest levels since July 2017. Tokyo's Nikkei fell 0.25 per cent while South Korea's KOSPI managed to eke out a modest 0.15 per cent gain.
Brent prices inch up
Crude oil stretched their gains from the previous day, when the market rallied as US sanctions squeezed Iranian crude exports and after US crude oil production in 2019 was forecast to grow at a slower rate than previously expected. Brent crude futures were 0.3 per cent higher at $79.31 per barrel after surging more than 2 percent on Tuesday.
US stocks settled higher
The S&P500 index advanced 10.76 points, or 0.37 per cent, to close at 2,887.89. The Dow Jones Industrial Average index added 113.99 points, or 0.44 per cent, to 25,971.06. The Nasdaq Composite index rose 48.31 points, or 0.61 per cent, to 7,972.47.
SC stays RBI’s circular on bad loan
The Supreme Court halted insolvency proceedings against defaulters in the power, sugar, shipping and textile sectors, providing relief to borrowers hours before the deadline for referring them to insolvency court expired by staying a Reserve Bank of India (RBI) circular issued in February
MFs net Rs 7,600 crore via SIPs in Aug
Retail investors are increasingly opting for systematic investment plans (SIPs) in mutual funds as the industry garnered over Rs 7,600 crore through this route in August, a surge of 47 per cent from the year-ago period. With this, total funds garnered through SIPs has reached to Rs 36,760 crore in the current fiscal so far (April-August), according to the data available with Association of Mutual Funds in India (Amfi).
Sebi calls for better governance standards
Sebi has called for bigger, cleaner and safer markets and enhancing the overall governance standards in the market for issuers, intermediaries or market infrastructure providers. It also said that a call on the recommendations by the fair market conduct committee to further strengthen the rules to deter financial crimes like frauds, market manipulations and insider trading, will be taken soon