Market Update: Sensex up 100 pts, Nifty inches towards 10,300; ICICI Securities falls sharply

Market News Update : Sensex up 100 pts, Nifty inches towards 10,300; ICICI Securities falls sharply.

Market Live: Sensex up 100 pts, Nifty inches towards 10,300; ICICI Securities falls sharply
 

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Benchmark indices were higher in pre-opening trade on Wednesday, continuing upside for third consecutive session.

NBCC has received sanction from Ministry of Home Affairs (MHA), Government of India, for the construction of 14,460 bunkers in villages along the Indo-Pak Border in Jammu and Kashmir amounting Rs 415.73 crore.

NBCC is already executing border fencing work on Indo-Pak & Indo-Bangla borders for the MHA.

The market gained strength amid volatility, with the Nifty inching towards 10,300 levels and the Sensex gaining more than 100 points.

The broader markets extended gains, with the Nifty Midcap index rising 0.8 percent and BSE Smallcap gaining 1.2 percent.

The 30-share BSE Sensex was up 119.84 points at 33,490.47 and the 50-share NSE Nifty rose 30.30 points to 10,275.30.

About four shares advanced for every share falling on the BSE.

Tata Motors was the top gainer among Nifty50 stocks, up more than 5 percent after strong JLR show in the US in March

RBI Approval: IndusInd Bank informed exchanges that the Reserve Bank of India has granted approval for the proposed company's acquisition of 100 percent stake in ISSL.

In March, the bank entered into an agreement with Infrastructure Leasing and Financial Services, the promoter shareholder of IL&FS Securities Services (ISSL) to acquire 100 percent of ISSL.

Order Win: Building construction company Capacit'e Infraprojects has received contracts worth Rs 365.50 crore from Oberoi Realty Group entities. The stock gained 2 percent.

Appointment: Den Networks said Himanshu Jindal has been appointed as chief financial officer of the company with immediate effect.

Rajesh Kaushall has resigned as chief financial officer and will continue to act as an advisor to the company, it added.

Listing: Mishra Dhatu Nigam share price opened lower at Rs 87 on the National Stock Exchange, down 3.3 percent compared to the issue price of Rs 90.

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The stock price fell as much as 4.4 percent in morning to hit a day's low of Rs 86.05 while it touched an intraday high of Rs 90.90.

The Rs 438-crore initial public offer of speciality alloy maker Mishra Dhatu Nigam (MIDHANI) was subscribed 1.21 times during March 21-23, 2018.
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Opening Bell: Sensex, Nifty open mildly higher; Tata Motors, RIL, TCS, Tech Mahindra gain

Sensex, Nifty open mildly higher; Tata Motors, RIL, TCS, Tech Mahindra gain. Benchmark indices were higher in pre-opening trade on Wednesday, continuing upside for third consecutive session.

Market Live: Sensex, Nifty open mildly higher; Tata Motors, RIL, TCS, Tech Mahindra gain

Benchmark indices were higher in pre-opening trade on Wednesday, continuing upside for third consecutive session.

Midcap Performer: Nifty Midcap gained 13 points.

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Zensar Technologies, Akzo Nobel, IDBI Bank, Jet Airways, InterGlobe Aviation, Infibeam, Voltas, Pidilite Industries and VST Tillers gained up to 5 percent.

Market Update: Benchmark indices opened mildly higher on Wednesday, with the Sensex rising 92.32 points to 33,462.95 and the Nifty gaining 11.80 points at 10,256.80.

Technical Recommendations: We spoke to Guiness Securities and here’s what they have to recommend:

Stocks in news: Bharat Forge and Ramkrishna Forgings in focus - North America Mach Class 8 truck sales up 102 percent at 46,900 units versus 23,215 units YoY: Agencies

Tata Motors: March auto sales

-JLR US sales up 10.2 percent at 14,232 units versus 12,918 units

-Jaguar US sales down 34.2 percent at 3,260 units versus 4,953 units

-Land Rover US sales up 37.8 percent at 10,972 units versus 7,965 units

ICICI Securities: ICICI Securities make their debut on the bourses on Wednesday, it will be the first time in almost three years that a company whose public issue remained largely undersubscribed will list on the stock exchanges.

Mishra Dhatu: Shares of Mishra Dhatu Nigam (MIDHANI) will list on BSE and NSE on Wednesday. The initial public offer (IPO), which was oversubscribed by 1.21 times, was opened for subscription from March 21 to March 23. The company had fixed the price band of Rs 87-90 for the public offer.

Zensar Technologies: Technology firm Zensar said it has bagged a four-year deal from the City of San Diego for network services for a deal value of up to USD 79 million.

Market Check: Benchmark indices were higher in pre-opening trade on Wednesday, continuing upside for third consecutive session.

The 30-share BSE Sensex was up 66.19 points at 33,436.82 and the 50-share NSE Nifty gained 46.80 points at 10,291.80.

Kwality rallied 10 percent. Voltas was up 2 percent and Zensar Technologies gained 3 percent. Infibeam was up 2.5 percent.

Videocon was down 5 percent.

The three major US stock indexes ended higher after a choppy session on Tuesday as investors looked forward to earnings season while the S&P 500 pushed above a key support level, Reuters reported.

The Dow Jones Industrial Average rose 389.17 points, or 1.65 percent, to 24,033.36, the S&P 500 gained 32.57 points, or 1.26 percent, to 2,614.45 and the Nasdaq Composite added 71.16 points, or 1.04 percent, to 6,941.28.

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Asian markets were mixed in early Wednesday trade as Japanese stocks tracked gains seen on Wall Street overnight on a bounce in large cap technology names.

Japan's Nikkei 225 edged up by 0.42 percent and Topix crept higher by 0.16 percent. South Korea's benchmark Kospi index slipped 0.09 percent, weighed down by declines in the technology sector, CNBC reported.

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Top 3 stocks which could give up to 17% return in next 3-4 weeks

Going forward, if Nifty fails to trade above 10290 can resume the corrective wave dragging the Index lower to levels of 10080-10000.

The Nifty50 index started the April F&O series on a positive note gaining in excess of 1 percent on Monday. Further, it is approaching its upper-end of the channel resistance placed at 10,290 which also happened to be the 61.8% Fibonacci retracement level of the recent decline (i.e. 10490-9960).
 

A successful breakout from the channel on healthy volumes can extend the current pullback to levels of 10430-10640 levels. However, failure to trade above 10290 can resume the corrective wave dragging the Index lower to levels of 10080-10000.

Technical oscillator such as the relative strength index or the RSI has turned upwards after taking support at the 40 level i.e. formed a higher low suggesting a temporary pause in the corrective wave and price has closed above the 200-DMA making room for more upside.

Moreover, a move above the 50 level can extend the short covering rallies in the coming trading sessions.

Here is a list of top three stocks which could give up to 17% return in the next 3-4 weeks:

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On the daily chart, Capacite Infraprojects Ltd. (CAPACITE) is on the verge of a breakout from the channel pattern after taking support at the 127% Fibonacci extension level placed at 290 (as indicated on chart).

A sustained trade above 320 can trigger a breakout from the channel resuming the uptrend. On the weekly chart, the stock has turned upwards after forming a tweezers bottom suggesting bull trend reversal on cards.

Moreover, RSI formed a positive divergence with price affirming bullishness building up in the stock. The stock may be bought in the range of 306-310 for targets of 340-360, keeping a stop loss below 285.

On the weekly chart, Infibeam Incorporation Ltd. (INFIBEAM) is on the verge of a breakout from a trend line resistance placed at 158. Breakout with healthy volumes can trigger a bull trend reversal.

Moreover, on the daily chart, the stock has witnessed buying on heavy volumes after taking support at the 78.6% Fibonacci retracement level suggesting further upside in the stock.

The RSI has turned upwards breaking out of the upper Bollinger Bands suggesting extended bullishness in the coming trading sessions. The stock may be bought in the range of 151-153 for targets of 164-170, keeping a stop loss below 144.

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On the weekly chart, JB Chemicals & Pharmaceuticals Ltd. (JBCHEPHARM) has taken support at the 89% Fibonacci retracement level and turned higher. Further, a sustained trade above 320 can resume the uptrend taking it higher.

On the daily chart, the stock is on the verge of a breakout from a “W” pattern, the neckline is placed at 321 after forming a consolidation base around 280 levels. The stock may be bought in the range of 310-314 for targets of 345-365, keeping a stop loss below 290.

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Opening Bell:Sensex, Nifty open flat despite weak global cues; banks rally

Market Live: Sensex, Nifty open flat despite weak global cues; banks rally. PSU banks are outperforming all sectors after the RBI on Monday announced that lenders could spread bond trading losses over four quarters. The Nifty PSU bank index was up 2 percent.

PSU banks are outperforming all sectors after the RBI on Monday announced that lenders could spread bond trading losses over four quarters. The Nifty PSU bank index was up 2 percent.

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Market opens: The market has begun the day on a mildly lower note, with the Nifty holding on to the 10,200-mark in the opening minutes. The Sensex was trading almost flat.

The Sensex is down 17.92 points or 0.05% at 33237.44, while the Nifty is down 4.60 points or 0.05% at 10207.20. The market breadth favours the negative as 268 shares advanced, against a decline of 295 shares, while 80 shares were unchanged.

PSU banks are outperforming all sectors after the RBI on Monday announced that lenders could spread bond trading losses over four quarters. The Nifty PSU bank index was up 2 percent.

There is some weakness seen in Nifty metal and pharma along with IT indices. Meanwhile, the midcap index is trading mildly lower.

Pre-opening rates: Pre-opening rates suggest a lower opening for the markets in India. The Sensex is trading flat, while the Nifty is trading around 20 points lower.

ICICI Bank and Adani Ports are trading in the red as of now.

Rupee opens: Indian rupee opens at 65.08 per dollar.

Rupee has opened higher by 9 paise at 65.08 per dollar versus 65.17 Wednesday.

The Indian rupee gained in the early trade on Tuesday. It has opened higher by 9 paise at 65.08 per dollar versus 65.17 Wednesday.

According to ICICIdirect, USD-INR to find supports at lower levels. Utilise downsides in the pair to go long in USD-INR.

Gold prices rose slightly in early Asian trade on Tuesday after a more than 1 percent gain in the previous session, as mounting global trade tensions fuelled demand for the safe-haven bullion.

SGX Nifty: The SGX Nifty indicate a negative opening for the broader index in India, a fall of 52 points. The Nifty futures were trading around 10,212.5-level on the Singaporean Exchange.

Asian Market Update: The Indian market are likely to open on negative note on Tuesday on the back of negative global cues.

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Asian indices are trading in red on the back of escalating trade spat between the United States and China and a renewed slump in tech shares such as Amazon.com sapped investor confidence.

The Japan's Nikkei and Shanghai Composite, Taiwan Weighted slipped 1 percent in today's trade.

The US markets slipped in Monday's trading on the back of drop in technology stocks on trade war worries.

The Dow Jones Industrial Average shed 458.92 points, or 1.9 percent, at 23,644.19, S&P 500 was down 58.99 points, or 2.23 percent, to 2,581.88 and the Nasdaq Composite slipped 193.33 points, or 2.74 percent, to 6,870.12.

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Closing Bell: Sensex up over 280 pts, Nifty ends above 10,200; Oil prices hit a 4-year-high selling

Closing Bell: Sensex up over 280 pts, Nifty ends above 10,200; banks recover in last hour. Oil prices decoded: Who gets what when you fill up your vehicle with a litre of fuel.

Closing Bell: Sensex up over 280 pts, Nifty ends above 10,200; banks recover in last hour.

 

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The Sensex is up 286.68 points or 0.87% at 33255.36, while the Nifty is up 98.10 points or 0.97% at 10211.80.

Market at Close: The market has ended the first session of the new fiscal on a strong note, with the Sensex gaining over 280 points, while the Nifty has managed to end above 10,200. A gain in pharma, auto, IT and infra names pushed the indices in a strong zone, but a last hour recovery in the Bank Nifty aided sentiment and helped both closes around high points of the day. The market breadth favoured the advances.

 The Sensex is up 286.68 points or 0.87% at 33255.36, while the Nifty is up 98.10 points or 0.97% at 10211.80.

Adani Ports, Kotak Mahindra Bank, and Cipla have gained the most on both indices, while ICICI Bank, Axis Bank, and IOC were the top losers.

Market Check: The benchmark indices trading strongly as Nifty touched 10,200 level in the afternoon trade. The Sensex up 275.30 points at 33243.98, and the Nifty up 92.10 points at 10205.80.

About 2048 shares have advanced, 527 shares declined, and 151 shares are unchanged.

Oil prices decoded: Who gets what when you fill up your vehicle with a litre of fuel.
India has the highest retail prices of petrol and diesel among South Asian nations as taxes account for half of the pump rates

Petrol prices on Monday hit a 4-year-high selling at Rs 73.83 per litre while diesel rates touched an all-time high of Rs 64.69 in the national capital. In Mumbai, the prices were even higher given the higher rate of VAT levied by the state government.

Though the crude prices have surged recently due to the decisions by oil-producing countries to reduce the production, India has the highest retail prices of petrol and diesel among South Asian nations as taxes account for half of the pump rates.

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Fuel price build-up

Crude oil price on Monday opened at USD 69.33 per barrel which pegs the price of one litre of crude oil to Rs 28.35. The price is calculated assuming an average dollar-rupee conversion rate of Rs 65.03 per dollar and one barrel equal to 159 litres.

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China imposes additional tariffs in response to US duties on steel, aluminium

China imposes additional tariffs in response to US duties on steel, aluminium. The tariffs, to take effect on Monday, was released late on Sunday and matches a list of potential tariffs on up to USD 3 billion in US goods published by China on March 23.

China has slapped extra tariffs of up to 25 percent on 128 United States products including frozen pork, as well as on wine and certain fruits and nuts, in response to US duties on imports of aluminium and steel, China's finance ministry said.

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 The tariffs, to take effect on Monday, was released late on Sunday and matches a list of potential tariffs on up to USD 3 billion in US goods published by China on March 23.

China's Ministry of Commerce (MOFCOM) said it was suspending its obligations to the World Trade Organization (WTO) to reduce tariffs on 120 U.S. goods, including fruit. The tariffs on those products will be raised by an extra 15 percent.

Eight other products, including pork, will now be subject to additional tariffs of 25 percent, it said, with the measures effective from April 2.

"China's suspension of its tariff concessions is a legitimate action adopted under WTO rules to safeguard China's interests," the Chinese finance ministry said.

China has imposed the additional tariffs amid escalating trade tensions between Beijing and Washington, sparking fears of a full-blown trade spat between the world's two biggest economies.

US President Donald Trump is preparing to impose tariffs of more than USD 50 billion on Chinese goods intended to punish Beijing over US accusations that China systematically misappropriated American intellectual property - allegations Beijing denies.

China has repeatedly promised to open its economy further, but many foreign companies continue to complain of unfair treatment. China warned the United States on Thursday not to open a Pandora's Box and spark a flurry of protectionist practices across the globe.

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In a statement published on Monday morning, MOFCOM said the United States had "seriously violated" the principles of non-discrimination enshrined in World Trade Organization rules, and had also damaged China's interests.

"China's suspension of some of its obligations to the United States is its legitimate right as a member of the World Trade Organization," it said, adding that differences between the world's two largest economies should be resolved through dialogue and negotiation.

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Today's Opening Bell News 2 April 2018

Nifty begins April series on a positive note, Sensex up 100 pts; ICICI Bank cracks. 

Canara Bank is also trading lower by around 6 percent after it called off its stake sale in Can Fin Homes. Meanwhile, GAIL, Vedanta, Maruti Suzuki and Tata Motors were trading in the green.

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Shares of Can Fin Homes declined 8 percent in the early trade on Monday as Canara Bank called off the divestment process in the company.

The bank decided to called off the divestment process since the quote received was not in tune with the valuation, as per BSE release.

Canara Bank holds 30 percent stake in Can Fin Homes.
 

Market Opens: Shares have begun the financial year on a positive note, with the Nifty trading above 10,100, while the Sensex is up around 100 points.

The Sensex is up 96.72 points or 0.29% at 33065.40, while the Nifty is up 41.90 points or 0.41% at 10155.60.

ICICI Bank is lower by over 3 percent on the back of negative developments around its CEO Chanda Kochchar, while Axis Bank is also trading lower by over 1 percent. A media reported said that the RBI has asked the lender to review Shikha Sharma’s tenure.

Among other stocks, Canara Bank is also trading lower by around 6 percent after it called off its stake sale in Can Fin Homes. GAIL, Vedanta, Maruti Suzuki and Tata Motors were trading in the green, while Titan was lower by half a percent.

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Pre-opening rates: Pre-opening rates for the market in the new financial year have kicked in. The Nifty is trading flat, while the Sensex is seen lower by over 100 points.

ICICI Bank is down around 10 percent, while Axis Bank is down around 4 percent. 

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