Markets tommorow from Jayant Manglik, President, Retail Distribution, Religare Securities
Markets will react to the TCS's result in early trade on Friday as it will set the ground for another IT major Infosys' results. We're now just inches away from 10,000 mark in Nifty and the results of these two IT majors will be decisive. We reiterate our buy on dips view on markets and maintaining stock specific trading approach.
3:46 PM Bank Nifty hit its fresh closing high of 23,888, up 0.8%.
3:45 PM Nifty FMCG, Nifty Media, Nifty Financial Services and Nifty Metal were the leading sectoral gainers.
3:44 PM Tata Consultancy Services closed flat at Rs 2,444 ahead of its June-quarter results later in the day.
3:42 PM ONGC, Asian paints, Mahindra & Mahindra, Tata Motors and Coal India were the top five losers on Sensex and slipped in the range of 0.3% to 2%.
3:41 PM ITC, Bharti Airtel, ICICI Bank, Larsen & Toubro and Sun Pharma were the top five gainers on Sensex and rallied in the range of 1% to 3%.
3:40 PM The market breadth, indicating the overall health of the market, turned negative. On the BSE, 1,428 shares declined and 1,293 shares rose. A total of 164 shares were unchanged.
3:38 PM Broader markets underperformed with the S&P BSE Midcap and the S&P BSE Smallcap indices gaining 0.4% each.
3:37 PM The S&P BSE Sensex closed at 32,037, up 232 points, while the broader Nifty50 settled at 9,891, up 75 points.
3:30 PM India's volatility index VIX was up over 2% to 11.32
3:15 PM Indian Oil, Bharti Infratel and ONGC top losers on Nifty, shed up to 3%
3:11 PM Nifty FMCG lead sectoral chart, up 1.7%. ITC, Marico and Godrej Consumer Products gain most.
Oil prices continued to trade lower on worries about oversupply as the world's energy watchdog warned that a long-awaited market rebalancing could be delayed due to weak compliance with production cuts among OPEC members.
Brent crude fell 34 cents to $47.40 a barrel and US light crude was down 32 cents at $45.17.
3:06 PM Asian markets closed over 1% higher, lifting MSCI's 47-country world index to its latest record high. South Korea and Australia's main indexes both climbed 1.1%, the former helped as its central bank kept interest rates at a record low. Hong Kong's Hang Seng index also gained over 1%, while China's Shanghai Composite settled 0.6% higher after China reported upbeat data on exports and imports for June. Japan's Nikkei was restrained by a firmer yen and ended flat.
2:57 PM ITC (up 3%) continues to lead on Sensex; YES Bank (up 4%) top gainer on Nifty
2:31 PM At 2:30 pm, the Sensex was trading at 32,043, up 238 points, while the broader Nifty50 was ruling at 9,882, up 66 points. In intraday trade, the Sensex gained as much as 286 points to 32,091, while the Nifty reached 9,897, just 3-point away from its crucial 9,900 mark.
2:07 PM Shares of Housing and Urban Development Corporation Limited (HUDCO), AU Small Finance Bank and Central Depository Services (India) or CDSL continued their upward journey by gaining up to 42% in the last three trading sessions. CLICK HERE FOR FULL REPORT
2:03 PM European stock markets opened higher as investors eye new earnings reports. The pan-European Stoxx 600 was 0.12% higher with most sectors moving in positive ground. CAC 40 was trading up by 5 points at 5,227 level, FTSE was trading up by 2 points at 7,418 level, while German DAX was up by 9 points at 12,635 level.
1:25 PM TCS rose a little over 3% so far 2017, while Infosys plunged nearly 4% in the same period.
1:24 PM Hindustan Petroleum Corporation Limited (HPCL) rallied 6% to Rs 382 in intra-day trade, extending its Wednesday’s 5% gain on the BSE, after the media report suggested that the merger of the company with Oil and Natural Gas Corporation (ONGC) is likely to take place soon.
Deepak Jasani, head – retail research, HDFC Securities on Sensex touching 32,000
The rise in the markets has been aided by the risk-on sentiments prevailing across the globe. Valuations look stretched going by historical parameters; however some more upside is possible in the coming few weeks.
Retail investors may use this rise to re-weight their broad asset allocation, relook at the stocks that they own and clean/shrink their bulging portfolios of stocks. They may avoid chasing stocks that are at steep valuations but keep hunting for opportunities in the small/midcap space where promoters show genuine interest in improving shareholder value by restructuring their businesses/companies. For investors who are under-invested in stocks, SIPs in select equity stocks may be looked at.
12:36 PM Market check: Sensex, Nifty extended gains in the noon session with Nifty firmly above 9,850 and Sensex aboce 32,00 led by gains in FMCG, banking and fin services sector.
ITC, ICICI Bank, L&T, HDFC and Axis Bank gained the most on BSE Sensex while ONGC, Tata Motors, M&M and Coal India shed the most on the index.
Global Check: Asian shares scaled a two-year top on Thursday as investors wagered policy tightening in the United States would be glacial at best, lifting Wall Street to record peaks and lowering bond yields almost everywhere.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.2% to its highest since May 2015.
South Korea climbed 1.1% to a record after its central bank kept policy super easy to support consumer spending.
Australia's main index also jumped 1.1% while Japan's Nikkei was restrained by a firmer yen and ended flat.
Consumer goods stocks were among the top gainers on the NSE with index heavyweight ITC rising 2.7%.
Currency check: Asian currencies were higher on Thursday as the dollar took a knock after Federal Reserve Chair Janet Yellen signalled further rate increases in the United States will be gradual at best.
The dollar index, which measures the U.S. currency against six major rivals, was down 0.2% to 95.609.
11:52 AM Shares of banking stocks extended gains for the second day straight as low CPI could lead to rate cuts in the next monetary policy review meet.
Sensex rallied 1000 points in just 11 days on the back of huge foreign inflow, hope of reforms getting speedier. Reliance, ITC surge most in that period.
ITC, the top gainer up 8.3% to Rs 334 in past 11 trading days, has surged 20% in past two months after the proposed Goods and Service Tax (GST) rates announced by the Government in May 2017.
Reliance Industries rallied 8.2% to Rs 1,513 on BSE. On Wednesday, the stock hit high of Rs 1,525 in intra-day level, also its highest level since January 2008. Thus far in the calendar year 2017, the stock surged 40% against 20% rise in the benchmark index. CLICK HERE FOR FULL REPORT
10:44 AM Market check: Benchmark indices continued trading with gains, extending for the fourth day straight as investors cheer record low CPI inflation. Sentiments were also lifetd after Fed Chair Janet Yellen's dovish comments on gradual rate hike.
At 10:40 am, Sensex was trading at 32,033, up 230 points while the broader Nifty50 was ruling at 9,882, up 66 points.
Broader markets gained in line with the frontline indices with BSE Midcap and BSE Smallcap gaining 0.6% and 0.7% respectively.
10:28 AM TCS gains marginally ahead of quarterly numbers today. TRACK THE STOCK HERE
10:27 AM How Airtel and Idea will reap benefits from Reliance Jio's new rate plans CLICK HERE TO KNOW MORE
10:25 AM We think RBI will maintain their neutral stance even while potentially cutting the repo rate by 25bps on 2 August. Beyond the 25bps likely rate cut, we think RBI will remain in a wait and watch mode to decipher howtion trajectory evolves from July, when the impact of HRA allowances, GST and higher food prices start getting reflected: Deutsche Bank
9:57 AM All sectors trade in green on NSE with Nifty FMCG, up 1.1%, Nifity Pvt Banks advancing up 0.9%, Nifty Realty and Nifty Bank up 0.7% each
9:43 AM Sensex rose as much as 227 points to hit the record high of 32,031 surpassing its previous milestone of 31,885, hit on July 11 while Nifty gained as much as 65 points to hit 9,881 surpassing the last high of 9,830, hit on July 11.
Geojit Financial Services says: A turn lower was seen yesterday as signaled by the shooting star candle stick pattern, but the sharp turn higher in the closing hours, hints at invalidation of such view, and putting the 10,200 target in the radar. However, caution is advised, and any pull back below 9,820 should be seen as sign for volatility, but downside prospects very limited.
9:26 AM TCS up 1% ahead of June quarter earnings post market hours today.
9:25 AM ITC, ICICI Bank, L&T and NTPC gained the most on BSE Sensex while M&M, ONGC, Reliance lost the most on the index
9:23 AM Chart check: A turn lower was seen yesterday as signaled by the shooting star candle stick pattern, but the sharp turn higher in the closing hours, hints at invalidation of such view, and putting the 10200 target in the radar. However, caution is advised, and any pull back below 9820 should be seen as sign for volatility, but downside prospects very limited, says Anand James of Geojit
9:22 AM On a seasonally adjusted basis, we estimate that momentum in ‘core core’ inflation moderated in June and our trimmed mean measure also eased to 3.5% y-o-y from 3.8% in May. Discounts by retailers (clothing & footwear, household goods) and a sharp moderation in education price inflation (tuition fees) were responsible, confirming a more broad-based moderation in prices: Sonal Varma of Nomura
9:21 AM Benchmark indices opened at new record high for the fourth day in a row with Sensex hitting 32,000 and Nifty nearing 9,800
9:21 AM We continue to believe that there is a bubble in many newly listed stocks and also in some of the mid and small cap stocks. Already some newly listed IPOs, which crashed 35% to 54% (examples Satin Creditcare, Dr.Lal PathLabs, etc). Still many investors are ignoring the valuation comfort completely: G Chokkalingam, founder, Equinomics Research
Oil prices dipped on Thursday as producer club OPEC said it expected demand for its crude to decline next year as rivals pump more, pointing to a market surplus in 2018 despite efforts to tighten supply. Brent crude futures were at $47.70 per barrel, down 4 cents, or 0.1%, from their last close. West Texas Intermediate (WTI) crude futures were at $45.44 per barrel, down 5 cents, or 0.1%.
Trading ideas by Sacchitanand Uttekar
Buy INDIAN BANK with a stop loss below Rs 285 for an intermediate upmove towards Rs 360
Buy UJJIVAN FINANCIAL SERVICES with a stop loss below Rs 290 and taget of Rs 440
Nifty Outlook from Sacchitanand Uttekar of Tradebulls Securities
"Nifty is now in close proximity towards the upper end of the channel and only a sustained close above 9,840 for couple of days would accelerate the momentum else expect the index to witness a time-wise correction before the next up move begins towards 10,013. On the flipside expect 9,700-9,680 to act as an immediate support zone where longs should be added with an expectation of the secular up move to remain intact."
Overnight, The Dow Jones Industrial Average rose 123.07 points, or 0.57 percent, to close at 21,532.14, a record high. The Dow also hit an intraday record. The S&P 500 gained 17.72 points, or 0.73 percent, to 2,443.25 and the Nasdaq Composite added 67.87 points, or 1.10 percent, to 6,261.17.
9:00 AM Technical Calls: Buy HPCL, Arvind and Adani Enterprises, says Vaishali Parekh of Prabhudas Lilladher CLICK HERE FOR MORE
8:53 AM Asian shares scaled a two-year top on Thursday as investors wagered policy tightening in the United States would be glacial at best, lifting Wall Street to record peaks and lowering bond yields almost everywhere after US Fed Chair Janet Yellen's testimony.
Yellen's speech was a nod to Wall Street as the Fed signalled it will gradually tighten policy and gradually unwind its massive balance sheet, it said. Investors cheered Yellen's dovish tone, alleviating some concerns over the recent dip in inflation.
First Published: Thu, July 13 2017. 15:34 IST