Friday, August 23, 2019

Nifty regains 10,750-mark as govt. said to rollback FPI tax

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Benchmark indices took quite a U-turn in the late morning trade by erasing losses from early morning trade. The Nifty is just above the crucial 10,700 marks. Investors were cautious ahead of the speech by Federal Reserve chairman Jerome Powell, awaiting possible clues on interest rate cuts.

According to the media reports, the government is working on steps to give cushion to the economy that may include an exemption foreign portfolio investors from tax on super-rich announced in the budget.

Currently, the Sensex is up 55 points at 36,528, and the Nifty is higher by 26 points at 10,768.

The Nifty PSU Bank index gained nearly 2% led by Bank of Baroda, Canara Bank, and Yes Bank. Allahabad Bank and Syndicate Bank rose 2%, Union Bank and SBI climbed 1.5% each.

Among the Nifty 50 stocks, 37 shares are trading higher and 13 are trading lower.

The most active stocks on the NSE included Yes Bank, Indiabulls Housing, IndusInd Bank and ICICI Bank. 

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Thursday, August 22, 2019

Indices trade lower as Nifty Realty plunges

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Benchmark indices made a weak start on Thursday. The Sensex is down 116 points at 36,943, while the Nifty is down 38 points at 10,880. (at 9.24 AM)

Sectorally, Nifty Metal & Realty are the top losers, falling 1.14% and ~5%, respectively.

The Realty index's plunge is being led by DLF, down ~15% and Oberoi Realty, down ~5%. 

A media report said that the Supreme Court has issued a notice to DLF based on a petition that alleged how DLF had suppressed key information regarding judicial proceedings against its largest chunk of land-bank in Haryana.

Oberoi Realty fell on news that its premises were raided by tax officials yesterday.

All indices are in the red, except Nifty FMCG, which is up 0.38%.

Yes Bank (+2%), Britannia (~+4%), Dr. Reddy's, ITC, Sun Pharma, and M&M are the top gainers, while Indiabulls Housing Finance (-5%), LIC Housing, Tata Steel, and Hindalco are the top losers.

The advance/decline ratio for the Nifty50 index is 2:3.

The broader market is also underperforming.

India Vix is up 2.4% at 17.42.

Elsewhere, Asian markets are trading lower.

The Fed released its minutes of the July meeting on Wednesday. The minutes said that the officials viewed the July interest rate cut as a “recalibration” of monetary policy and not the beginning of a long string of rate cuts.

On the currency front, the Indian rupee opened flat at 71.56 per dollar on Thursday vs. its previous close of 71.55/USD.

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Wednesday, August 21, 2019

Sensex, Nifty trade lower; Realty, Metal stocks slip

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Equity benchmark indices opened in the negative territory on Wednesday tracking global cues. Investors will also follow the release of the minutes of the Reserve Bank of India's Monetary Policy meeting later in the day.

Currently, the Sensex is trading 82 points lower at 37,246, while the Nifty is down 31 points at 10,958. Reliance Industries, Larsen & Toubro, Kotak Bank, and HDFC Bank weighed on the Sensex the most.

Britannia, Yes Bank, Indiabulls Housing Finance, Dr. Reddy's, Hindalco and Tata Motors are among the top losers, while Eicher Motors, Infosys, Bharat Petroleum, GAIL, and Sun Pharma stocks gain on the Nifty.

Market breadth favored losses with 593 stocks trading higher on the NSE and 914 in the negative territory.

Shares of Dr. Reddy’s Laboratories slipped 2% after it has received eight Form 483 observations by USFDA in the audit of formulations manufacturing plant at Duvvada, Vishakapatnam.
On the international front, US President Trump said that he had to confront China over trade even if it caused short-term harm to the US economy "because Beijing had been cheating Washington for decades".

On the currency front, the rupee opened 26 paise higher at 71.45 against the US dollar on Wednesday.

Foreign institutional investors (FIIs) bought equities worth Rs373.23cr on Tuesday, according to provisional exchange data.

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Tuesday, August 20, 2019

Sensex, Nifty trade higher after flat opening

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Benchmark indices opened flat on Tuesday.

The Sensex is currently up 95 points at 37,497, while the Nifty was up 16 points at 11,070 (9.39 AM).
Infosys, Zee Entertainment, and Hero MotoCorp were the top gainers, while Britannia, Yes Bank, and JSW Steel were the top losers. 

Shares of Mahanagar gas gained 10% in morning trade.

Further, Tata Motors was up 0.6% despite the company's long-term rating downgraded by CARE from AA/Stable to AA/-.

Shares of Yes Bank, on the other hand, slipped 2% in early trade.

Meanwhile, shares of Sterling & Wilson Solar will get listed on the exchanges today. The issue was subscribed 92%. 

Sectorally, FMCG and metal are in the red, while auto, infra, IT, and pharma are in the green.

The broader markets are also trading flat.

India Vix is down 0.32% at 16.53.

On the Nifty50, 21 stocks advanced, 28 declined, 1 remained unchanged.

Meanwhile, the rupee opened lower at 71.51 per dollar on Tuesday against previous close 71.43/$ yesterday.

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Monday, August 19, 2019

Nifty above 11,100 mark; Sun Pharma, Indiabulls Housing stocks surge

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Equity benchmark indices extended morning gains tracking global cues on Monday, with the Sensex up over 236 points at 37,5486. The Nifty is trading above the 11,100-mark, up 64 points.

Sun Pharma, Vedanta, Indiabulls Housing, NTPC, and L&T shares were among top gainers, while Powergrid, Maruti, Tata Motors and ONGC shares were among losers.

India VIX is down over 3% at 16.13 levels.

The Nifty Pharma index soared 1.7% led by Sun Pharma, Dr. Reddy’s, Cipla and Lupin.

On the international front, oil prices gain following a weekend attack on a Saudi oil facility by Yemeni separatists, although price gains were capped by an unusually downbeat OPEC report that stoked concerns about demand growth.

Asian stock markets rose on Monday on the back of positive leads from Wall Street on Friday on hopes of more stimulus from central banks around the world to prevent a global recession.

The Indian rupee opened higher at 71.17 per dollar on Monday. The 10-year government bond yield was at 6.553% compared with its previous close of 6.54%.

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Thursday, August 15, 2019

Sensex drops over 250 points led by HDFC Bank, Reliance, ICICI Bank

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Equity benchmark indices opened in the negative zone as selling pressure was seen in HDFC Bank, Reliance, ICICI Bank, TCS, and SBI.

Hero MotoCorp stock fell 1% on the back of its manufacturing facilities being closed from August 15-18, closure is, however a part of holiday calendar but also reflects prevailing demand scenario.

The Sensex was down 263 points at 37,048, while the Nifty fell by 79 points to trade at 10,949 levels.

India VIX is trading 5.41% higher at 17.24.

Yes Bank, pursuant to the allotment of its equity shares on August 15, 2019, has raised Rs1,930cr through the Qualified Institution Placement (QIP) route. The stock gained 2%.

On the sectoral front, metal, media, IT, Banking and realty indices fell over 1% each.

The Indian rupee opened lower against 71.38 against the greenback.

Meanwhile, Asian markets saw a relatively stable day yesterday as the Hong Kong markets closed in the green despite most other Asian indices succumbing to the US sell-off.

Further, crude oil prices rose after two days of declines, on the back of data showing a rise in US retail sales helped ease some concerns about a recession in the world’s biggest economy. 

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Wednesday, August 14, 2019

Sensex, Nifty trade higher; Dr Reddy’s, Sun Pharma stocks drag

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Equity benchmark indices opened higher on Wednesday led by a rally in global stock markets and after retail inflation data boosted chances of a rate cut. Reliance, HDFC, ICICI Bank, Infosys, and Bajaj Finance were among the top contributors to the index gain.

The Nifty Pharma index dropped 3% led by losses seen in Dr. Reddy’s, Glenmark and Sun Pharma.

The Sensex was up 124 points at 37,082, while the Nifty gained by 32 points to trade at 10,958 levels.

India VIX is trading 3.88% lower at 17.08.

The Indian rupee gained by 40 paise at 71 per dollar against previous close 71.40/$.

Meanwhile, oil prices fell after industry data showed US crude inventories unexpectedly rose last week, erasing some gains from the last session that were stoked after Washington said it would delay tariffs on some Chinese goods.

Asian indices opened in the green following the superb rally overnight in the US where President Trump extended the imposition of proposed tariffs on China. This saw oil prices rise sharply and energy stocks rallied along with short covering in financials. Expect Chinese Bank intervention in the yuan as Government sees stability in light of the Hong Kong crisis.

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Nifty regains 10,750-mark as govt. said to rollback FPI tax

According to the media reports, the government is working on steps to give cushion to the economy that may include an exemption to foreign...