Market Live: Sensex, Nifty off the day’s low points; pharma stocks see a surge

Market Live: Sensex, Nifty off the day’s low points; pharma stocks see a surge. Tepid global cues, weak rupee and rising crude and bond yields have a negative impact on the market.

Tepid global cues, weak rupee and rising crude and bond yields have a negative impact on the market.

Market Check: The market has continued to trade weak, with the Sensex falling around 100 points, while the Nifty hovers around 10,750-mark. Major sectoral indices are trading in the red. But pharmaceutical names are surging in today’s trade. The Nifty Pharma index is up over 2 percent. Midcap index, meanwhile, is trading flat. Dr. Reddy’s Labs is trading higher by over 2 percent. Sun Pharma and Cipla are the other top gainers, while Power Grid, HPCL, and M&M have lost the most.

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Equity benchmarks are off the day’s low points, with the Nifty hovering near 10,750, while the Sensex is down around 50 points.
 

The Sensex is down 53.47 points or 0.15% at 35409.61, while the Nifty is down 19.30 points or 0.18% at 10749.10. The market breadth is narrow as 973 shares have advanced, against a decline of 877 shares, while 96 shares are unchanged.

Sun Pharma and Dr. Reddy’s Labs are the top gainers, while Power Grid, ICICI Bank, and BPCL are the top losers.

Market Opens: Equity benchmarks have begun the day on a lower note, tracking negative global cues along with domestic issues of higher bond yields, crude prices as well as the weak rupee.

The Sensex is down 132.72 points or 0.37% at 35330.36, while the Nifty is lower by 45.60 points or 0.42% at 10722.80. The market breadth is in favor of the declines as 346 shares have advanced against a fall of 668 shares, while 68 shares are unchanged.

Shares of oil marketing companies (OMCs) are trading lower on the back of higher crude prices. Indian Oil, HPCL, and BPCL are trading up to 2 percent lower.

Dr. Reddy’s Labs, Tata Motors, and Tech Mahindra are the top gainers, while Power Grid, Asian Paints, BPCL, and HPCL have lost the most.

Rupee Update: The Indian rupee slipped in the early trade on Friday. It has opened lower by 34 paise at 67.46 per dollar versus 67.12 yesterday.

The rupee fell in the second half of the session following broad strength in the dollar against its major crosses an uptick in global crude oil prices. Yesterday, oil prices rose following reports that Venezuela is nearly a month behind delivering crude to customers from its main oil export terminals. In the recent past, it has been observed that higher crude oil prices have weighed on the rupee, said Motilal Oswal.

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Today, USDINR pair is to quote in the range of 67.35 and 67.80. On the domestic front, market participants will be keeping an eye on inflation and industrial production number that will be released earlier next week.

The expectation is that inflation in May could inch higher that could further weigh on the currency, it added.

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Market Live: Nifty gains nearly 100 pts; Sensex up over 300 points; Axis Bank, ICICI Bank lead gainer

Market Live: Nifty gains nearly 100 pts; Sensex up over 300 points; Axis Bank, ICICI Bank lead gainer.

All sectoral indices are trading in the green, with maximum gains coming in from banks, metals as well as automobiles.

Rupee Update: The rupee depreciated by 17 paise to 67.09 against the US dollar in early trade today after RBI's rate hike amid fresh demand for the American unit from importers and banks.

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Yesterday, the RBI hiked the policy rate for the first time in over four years - by 0.25 per cent - to curb inflationary pressures from high oil prices.

Weakness in the US dollar against other currencies, including the euro, limited the rupee's fall, analysts said

Market Update: The benchmark indices trading strong with Nifty gaining nearly 100 points and Sensex above 35,500. The realty index outperform the sectoral indices with over 2 percent gain.

The Sensex is up 324.51 points or 0.92% at 35503.39, and the Nifty up 94.30 points at 10779.00.

About 1710 shares have advanced, 463 shares declined, and 98 shares are unchanged.

Market Opens: It has been a good start to the market, with the Sensex rising over 150 points in the opening tick, while the Nifty opened above 10,700-mark.

The Sensex is up 155.26 points or 0.44% at 35334.14, while the Nifty is up 46.20 points or 0.43% at 10730.90. The market breadth is positive as 256 shares have advanced, against a decline of 72 shares, while 38 shares are unchanged.

All sectoral indices are trading in the green, with maximum gains coming in from banks, metals as well as automobiles. Midcaps, too, have seen a strong start; Nifty Midcap index is up over half a percent this morning.

ICICI Bank, IndusInd Bank, and Hindalco gained the most on both indices, while Wipro, Coal India, and Bharti Airtel have lost the most.

Rupee Update: The Indian rupee opened flat at 66.93 per dollar on Thursday against previous close 66.92.

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Near-month dollar-rupee June contract on the NSE was at 67.08 in the previous session. June contract open interest declined 2.11% in the previous day.

We expect the USD-INR to find supports at lower levels. Utilise downsides in the pair to initiate long positions, said ICICIdirect.

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Market Live: Sensex extends gains to 150 points, Nifty above 10,600; midcaps up almost 1%

Market Live: Sensex extends gains to 150 points, Nifty above 10,600; midcaps up almost 1%. Investors are looking for cues ahead of RBI policy meet outcome later in the day.

Investors are looking for cues ahead of RBI policy meet outcome later in the day.

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Benchmarks have extended their gains now, with the Sensex trading over 100 points higher, while the Nifty is well above 10,600-mark. A sudden spike is seen in metals, pharmaceuticals, as well as midcaps too. The Nifty Auto index is also trading higher by almost half a percent. Reliance Industries, HDFC and L&T are contributing to gains on Sensex and Nifty, while HDFC Bank, ICICI Bank and IOC are looking to cap the upside.

Market Opens: D-Street has begun the session on a flat note, but with a positive bias, even as investors look for cues ahead of Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) meet outcome later in the day. 

The Sensex is up 51.86 points or 0.15% at 34955.07, and the is Nifty up 13.10 points or 0.12% at 10606.30. About 232 shares advanced against a decline of 291 shares, while 48 shares were unchanged.

All sectoral indices on the Nifty are largely trading in the flat terrain, while some weakness is seen in the financial names, possibly on a caution note ahead of central bank’s meet outcome.

Coal India, Sun Pharma, and Bajaj Finance are the top gainers, while Power Grid, Airtel and Zee Entertainment have lost the most.

Among global markets, Asian stocks edged up after tech sector strength lifted Wall Street shares, while concerns about Italy's debt prompted investors to move into lower-risk government debt elsewhere, pushing U.S. Treasury yields down from recent highs.

Meanwhile, US stocks mostly edged higher on Tuesday as technology shares extended recent gains while U.S. Treasury yields fell on safe-haven buying after Italy's new prime minister outlined new economic policies that could add to the nation's debt

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Rupee opens higher: The Indian rupee opened higher by 7 paise at 67.08 per dollar on Wednesday versus 67.15 yesterday.

In the last few sessions rupee is consolidating in a range of 66.90 and 67.35 as most market participants are cautious ahead of the important RBI policy statement that will be released later today. Expectation is that the central bank could hold rates but at the same time could change its stance from ‘Neutral’ to ‘Hawkish’, said motilal Oswal.

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Sensex down 100 points, Nifty trades below 10,600; Idea extends losses

Market Live: Sensex down 100 points, Nifty trades below 10,600; Idea extends losses. Some cuts are visible in the PSU banking space, while the Bank Nifty is also down around quarter of a percent. Midcaps, meanwhile, are trading flat.

Some cuts are visible in the PSU banking space, while the Bank Nifty is also down around the quarter of a percent. Midcaps, meanwhile, is trading flat.

Market Update: After witnessing a flat opening, equity benchmarks are trading lower, but the Nifty is continuing to hover around 10,600. Financials, after beginning lower, have turned positive, but some weakness is seen in infrastructure names. The Nifty IT index is also higher by a quarter of a percent.

Midcaps, meanwhile, are trading around 0.10 percent higher. Biocon rallied over 6 percent in morning trade and hit a fresh 52-week high after Mylan and Biocon announced that the USFDA approved Mylan’s Fulphila, a biosimilar to Neulasta, which was co-developed with Biocon.

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The drug is used to treat low count of neutrophils in patients undergoing chemotherapy in certain types of cancer.

Biocon rallied over 6 percent in morning trade on Tuesday to hit a fresh 52-week high of Rs 695 on BSE after Mylan N.V. and Biocon announced on Tuesday that the U.S. Food and Drug Administration (USFDA) has approved Mylan’s Fulphila, a biosimilar to Neulasta, which was co-developed with Biocon.

The drug is used to treat low count of neutrophils in patients undergoing chemotherapy in certain types of cancer, the company said in a statement to exchanges.

Biocon pared some gains and was trading 2.5 percent higher at Rs 670.85 at 09:25 AM

Market opens: Equity benchmarks have begun the day on a flat note, with the Nifty holding on to 10,600-mark. The Sensex has managed to trade above 35,000.

The Sensex is up 26.02 points or 0.07% at 35037.91, and the Nifty down 11.30 points or 0.11% at 10617.20. The market breadth is negative as 217 shares advanced, against a decline of 289 shares, while 61 shares are unchanged.

Some cuts are visible in the PSU banking space, while the Bank Nifty is also down around the quarter of the percent. Midcaps, meanwhile, is trading flat.

Biocon’s shares were higher by 3.5 percent in the morning trade as the firm received a regulatory approval to a biosimilar Pegfilgrastim. The drug is used to treat patients with Nonmyeloid cancers.

Adani Ports, Wipro, Eicher Motors and Bharti Infratel are the top gainers, while Dr. Reddy’s Labs, SBI, and Grasim lost the most.

In the global markets, Asian stocks dipped on Tuesday as the markets took a breather after the previous day's rally, although tech-inspired Wall Street gains helped limit the losses, with investor focus moving away from trade concerns and back to benign economic fundamentals.

Wall Street's three major indexes rose on Monday, led by a rally in tech stocks, pushing the Nasdaq to a record closing high as investors bet on a continuation of strong economic growth while falling oil prices weighed on the energy sector.

Rupee Update: The Indian rupee opened higher at 67.07 per dollar on Tuesday versus previous close 67.11.

Rupee consolidated in a narrow range ahead of the important RBI policy meeting outcome that will be released tomorrow. The three-day policy meeting began yesterday; the expectation is that the central bank could hold rates but at the same time could change its stance from ‘Neutral’ to ‘Hawkish’. Market participants will also be keeping an eye on inflation outlook especially after the recent rally in global crude oil prices, said Motilal Oswal.

Recent GDP number showed India in Q4 grew at a pace of 7.7% compared to 7.2% in the previous quarter, thereby supporting the currency on lower levels.

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Market Live: Sensex flat, Nifty below 10,700; rupee wipes out gains

Market Live: Sensex flat, Nifty below 10,700; rupee wipes out gains, Dr. Reddy's top gainer. Asian stocks traded higher, tracking upside in US markets post better-than-expected US jobs report.

Asian stocks traded higher, tracking upside in US markets post better-than-expected US jobs report.

Rupee Update: Maintaining its uptrend for the fourth straight day, the rupee strengthened by 21 paise to a fresh one-month high of 66.85 against the dollar in opening today on increased selling of the greenback by exporters and banks, but could not sustain gains for long.

The rupee currently is trading at 67.03 a dollar, up 3 paise from the previous close.

Participants are also keeping an eye on RBI's second bi-monthly monetary policy meeting of 2018-19, being held from June 4-6.

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Forex dealers said a higher opening of the domestic equity market supported the rupee but the dollar's strength against some currencies overseas after the release of an upbeat US jobs report capped the gains.

On Friday, the rupee had gained 35 paise against the US currency to end at a near one-month high of 67.06 after a flurry of upbeat economic data bolstered confidence in the growth outlook. (With inputs from PTI)

Market Update: The market erased all its opening gains to trade lower despite strong global cues, pulled down by HDFC Bank that fell 2 percent on profit booking.

The Sensex is down around 100 points and the Nifty slips below 10,700 while the Nifty Bank index falls 200 points.

HDFC, TCS and FMCG stocks are under pressure while Reliance Industries, Infosys, ICICI Bank supported the market.

Dr. Reddy's Labs is the top gainer among Nifty50 stocks, rising nearly 3% after getting zero observations for Srikakulam plant from USFDA.

Benchmark indices erased opening gains to trade mildly higher due to selling pressure in HDFC Bank that pulled Nifty Bank index down by 75 points.

The 30-share BSE Sensex rose 39.50 points to 35,266.76 and the 50-share NSE Nifty gained 8.10 points at 10,704.30 while the Nifty Midcap index continues to underperform frontliners, falling 0.12 percent on weak market breadth.

About 907 shares declined against 719 advancing shares on the BSE.

Market Opening: Benchmark indices started off the week on a strong note, tracking a positive lead from global stocks.

The 30-share BSE Sensex rallied 236.77 points to 35,464.03 and the 50-share NSE Nifty rose 61.20 points to 10,757.40.

Hero MotoCorp, L&T, Bajaj Finance, Titan Company, HDFC Bank, ICICI Bank, Dr. Reddy's Labs, IndusInd Bank, HPCL, Tata Motors, BPCL, GAIL, IOC, HDFC and Coal India gained up to 2.5 percent.

Nifty Midcap index gained 54 points and Nifty Bank rallied 271 points.

Vakrangee, Anant Raj, Whirlpool of India, Can Fin Homes, Sanghi Industries, Satin Creditcare gained up to 5 percent.

VST Tillers fell 1 percent.

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Rupee Update: The Indian rupee opened higher by 10 paise at 66.96 per dollar versus 67.06 Friday.

The rupee rose against the US dollar, on Friday, after India’s Q4 GDP number showed growth of 7.7 percent compared to growth of 7.2 percent in the previous quarter. On the other hand, government data showed India’s fiscal deficit in the year ended March 2018 came in at 3.53% of GDP in line with the revised estimates. Overall, the numbers were in line with estimates and rupee was supported on lower levels, said Motilal Oswal.

India’s FX reserves for the week ended May,25 fell by USD 2.23 billion and currently stands at USD 412.82 billion compared to USD 415.05billion in the previous week.

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Copper prices likely to stay firm and trade inside the band of Rs 417-472 a kg

Copper prices likely to stay firm and trade inside the band of Rs 417-472 a kg. Looking ahead, copper prices likely to stay firm as fundamentals slightly improved as compared to earlier months.

Looking ahead, copper prices likely to stay firm as fundamentals slightly improved as compared to earlier months.

Since the start of the year, base metals traded firm, thought several challenges hit the key fundamentals. The trade war between world’s top metal consumers - China and the US, volatility in the dollar, and other geopolitical tensions have been overhauled by better global economic prospects.

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In the domestic futures market, commodities like zinc, lead and aluminium prices hit record highs recently due to a weak local currency.

Copper, the most active base metal in Indian futures platform has been held inside the tight range of Rs 417-472 per kg regions since January. In 2013, copper had rallied to an all-time high of Rs 512.65 a kg but later corrected lower.

In 2014-15 prices lost more than 35 percent, but a sharp turnaround was seen in 2016-17. Anyhow, since 2010, Indian prices managed to stay well above Rs 300 a kg mark.

A unilateral decision taken by the US to impose sanctions on Iran on the nuclear deal and imposing tariffs on their biggest trade partner, China has prompted complaints from its allies and affected commodities and currencies.

In the initial days of commencing the trade war, metal prices nosedived on expectations of lower demand, but later recovered on reports of both countries agreed to drop their tariff threats.

Easing worries of trade dispute supported the sentiments. However, a sharp recovery in dollar restricted major gains. North Korean tensions and Italian political crisis had an impact on prices as well.

Meanwhile, global inventory levels are steadily increasing, though prices are placed near multi-year highs.

As per International Copper Study Group’s (ICSG) monthly report, in February, a global surplus of refined copper was 86,000 tonnes against 23,000 tonnes in January. Copper output in February was 1.86 million tonnes while consumption was 1.78 million tonnes.

ICSG expects an increase in production due to higher mine productions from the world’s top producers Chile and Indonesia. As per the report, China remains the top consumer of copper, while India and European Union reported an increase in usage in the initial months of the year.

However, demand growth has declined in Japan, US, and South Korea. The report also hints that global demand for copper may continue growing due to increased usage of electrical, industrial, transportation and consumer needs.

In the domestic market, prices slightly gained after the decision taken by the TN government for permanent closure of a leading copper smelter controlled by Vedanta Resources. The protests against Copper plant at Thootukudi, TN, blaming it for polluting water and air turned violent, eventually leading to the closure.

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The shutdown of the plant will lead to a decline in supplies and likely to halt 40,000 tonnes of production in a year.

Looking ahead, prices likely to stay firm as fundamentals slightly improved as compared to earlier months.

Seasonal demand from China and global mine output would be the trendsetter in the international market, while the performance of domestic currency would guide the trend in the local market.

On the price side, a choppy trade inside Rs 417-472 a kg may be seen immediately, but breaking any of the sides would suggest a fresh directional move.

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Market Live: Sensex consolidates amid mixed Asia trade; Bajaj Auto, Vedanta up 3%

Market Live: Sensex consolidates amid mixed Asia trade; Bajaj Auto, Vedanta up 3%. Asian markets traded mixed as US-China trade concerns return to the fore.

Asian markets traded mixed as US-China trade concerns return to the fore.

Market Update: Benchmark indices are mildly higher amid consolidation, as better-than-expected GDP data for March quarter lifted investors sentiment.

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The Sensex rose 66.85 points to 35,389.23 and the Nifty gained 18.30 points at 10,754.50 but the market breadth remained in favor of bears.

About 1,066 shares declined against 910 advancing shares on the BSE.

Rupee Update: The Indian rupee is trading higher by 15 paise at 67.26 against the US dollar on continued selling of the American currency by banks and exporters amid robust macroeconomic data.

Data released by the CSO yesterday showed gross domestic product (GDP) growth in the January-March quarter of 2017-18 was at a seven-quarter high of 7.7 percent, helping India retain the tag of world's fastest-growing major economy.

Forex dealers said besides sustained selling of the American currency by exporters as well as banks, a higher opening in the domestic equity market supported the rupee.

However, the dollar's strength against other currencies overseas capped the gains.

Yesterday, the local currency had edged up by 2 paise to end at 67.41 against the American currency on stray dollar selling by banks and exporters.

ONGC share price fell nearly 4 percent after sources said the government may ask state-owned the company to bear fuel subsidy to help cut petrol and diesel prices.

The government does not want to cut excise duty and is looking at alternative means to reduce petrol and diesel prices that had on Tuesday touched an all-time high of Rs 78.43 per liter and Rs 69.31 a litre respectively.

Sources said the alternative in works is to ask ONGC give subsidy to fuel retailers so that they can sell petrol and diesel at below-market rates.

Oil producers ONGC and Oil India Ltd had till June 2015 made good as much as 40 percent of the under-recoveries or subsidy arising out of selling fuel at below market price. The same subsidy sharing in some form is being brought back, they said.

Sources said that meetings to decide on the subsidy sharing mechanism were on and an announcement may come as early as today, reports PTI.

ONGC Chairman and Managing Director Shashi Shanker, before the news of meeting came to, light, said that the company has not heard anything from the government on subsidy sharing.


Market Update:The market consolidates as investors digested better-than-expected March quarter GDP data which shows that India is the fastest growing economy.

The Nifty50 is trading in a narrow range around its previous closing levels but the Midcap index underperformed frontliners again, falling a third of a percent.

Bajaj Auto gained 2 percent after the company registered 30 percent growth year-on-year in May sales data.

Nifty Bank slipped around half a percent but ICICI Bank stands toll among banking space, rising nearly 4 percent.

Asian markets are mixed with investors cautious over trade tensions after the US announced tariffs on steel and aluminum imports, reports CNBC.

Market Opening: Benchmark indices started off last day of the week on a flat note despite better-than-expected fourth quarter GDP data.

The 30-share BSE Sensex fell 25.01 points to 35,297.37 and the 50-share NSE Nifty declined 16.90 points to 10,719.30.

Nifty Bank index fell 150 points and Nifty Midcap index declined 40 points.

ICICI Bank rallied nearly 4 percent after Chanda Kochhar has already proceeded on leave. The bank is calling it a 'planned annual leave'.

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Sun Pharma, Bajaj Auto, BPCL, HPCL, Maruti Suzuki, Ashok Leyland, Indiabulls Housing, HUL and Tata Motors are early gainers.

ONGC fell 4 percent. Axis Bank declined 1.6 percent and ITC lost 0.3 percent.

Escorts rallied 1.7 percent post May Auto sales data.

CG Power, Idea Cellular, Balrampur Chini, Suzlon Energy and PFC gained up to 7 percent.

Reliance Communications and Vakrangee fell up to 5 percent.

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