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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Market Live: Nifty off its opening high ahead of F&O expiry; HDFC Bank top gainer

Market Live: Nifty off its opening high ahead of F&O expiry; HDFC Bank top gainer. Asian stocks recover after easing of Italian political concerns.

Asian stocks recover after easing of Italian political concerns.

Market Update: The market is trading higher ahead of expiry of May derivative contracts, tracking positive move in global peers after easing of Italy political concerns.

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The 30-share BSE Sensex rallied 94.98 points at 35,001.09 and the 50-share NSE Nifty rose 22.60 points to 10,637. About 1,013 shares advanced against 740 declining shares on the BSE.

HDFC Bank, HDFC, Reliance Industries and Infosys support the market while ICICI Bank, SBI, Axis Bank, TCS are under pressure.

Fuel Price Update: Petrol price was today cut by 7 paise a litre and diesel by 5 paise - the second reduction in as many days on the back of softening international oil rates.

Petrol in Delhi now costs Rs 78.35 a litre, down from Rs 78.42, according to a price notification issued by state-owned oil firms.

Diesel rates have been cut to Rs 69.25 per litre from Rs 69.30.

This is the second reduction in rates coming after a 16 day relentless price hike that followed lifting of a nearly three-week hiatus on price revision just before Karnataka went to polls. Petrol and diesel prices were yesterday cut by 1 paisa a litre each. That reduction followed rates touching an all-time high of Rs 78.43 per litre for petrol and Rs 69.31 for diesel in Delhi on Tuesday, reports PTI.

Rupee Update: The rupee strengthened by 6 paise to 67.37 against the dollar at the Interbank Foreign Exchange ahead of GDP data scheduled to be released later today.

Forex dealers said besides selling of the American currency by exporters and banks, weakness in the dollar against other currencies supported the rupee.

Furthermore, expectations of robust GDP growth and a higher opening in the domestic equity market, influenced the rupee uptrend, they added.

Yesterday, the rupee had ended with a solid 43 paise gain  against the American currency at 67.43 after traders unwound  bullish dollar positions.

Market Opening: Benchmark indices started off the expiry day on a strong note, tracking positive trend in global peers on easing of Italy political concerns.

The 30-share BSE Sensex rallied 141.30 points to 35047.41 and the 50-share NSE Nifty gained 42 points at 10,656.40.

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Jubilant Foodworks, Punj Lloyd, Apollo Hospitals, Deepak Fertilisers, Satin Creditcare, KNR Construction, Sadbhav Engineering and Saksoft surged up to 15 percent.

Manpasand Beverages, Vakrangee and V-Guard Industries fell up to 10 percent.

Asia Update: Asian stocks traded higher on easing of Italian political concerns.

Japan's Nikkei 225 rose 0.43 percent and Australia's S&P/ASX 200 advanced 0.41 percent.

In South Korea, the Kospi advanced 0.44 percent while China's Shanghai Composite rose 1 percent and Hong Kong's Hang Seng gained 0.8 percent.

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Market Live: Sensex dips 100 pts amid political turmoil in Italy; M&M, Coal India rally

Market Live: Sensex dips 100 pts amid political turmoil in Italy; M&M, Coal India rally. Asian shares extended a global sell-off. Japan's Nikkei, China's Shanghai Composite, Hong Kong's Hang Seng and South Korea's Kospi are down 1.5-2 percent.

Asian shares extended a global sell-off. Japan's Nikkei, China's Shanghai Composite, Hong Kong's Hang Seng and South Korea's Kospi are down 1.5-2 percent.

Market Update: Benchmark indices remained under pressure, with the Sensex falling 115.22 points to 34,834.02 and the Nifty declining 44.70 points to 10,588.60.

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The market extended previous day's losses with the Sensex falling more than 150 points following correction in global peers on political turmoil in Italy.

The Nifty50 has broken 10,600 levels while all sectoral indices are in the red barring IT.

Banking & financials pulled the market lower as Nifty Bank and Financial Services indices lost nearly a percent.

Oil retailers IOC, HPCL and BPCL fell up to 3 percent after cut in fuel prices.

M&M, Coal India and Power Grid gained 2 percent each following March quarter earnings.

The 30-share BSE Sensex declined 171.66 points to 34,777.58 and the 50-share NSE Nifty slipped 62.10 points to 10,571.20. shares have advanced, 895 shares declined, and 86 shares are unchanged.

Market Opening: Benchmark indices extended yesterday's losses on Wednesday, tracking weakness in global stocks on political turmoil in Italy.

The 30-share BSE Sensex dropped 151.57 points to 34,797.67 and the 50-share NSE Nifty slid 63.30 points to 10,570.

Vedanta, Tata Motors, SBI, ICICI Bank, Bharti Airtel, Axis Bank and Grasim Industries fell up to 2.5 percent.

M&M, BPCL, and Infosys are gainers in opening.

Nifty Midcap lost 156 points. Nifty Bank declined 237 points.

Dilip Buildcon, Glenmark Pharma, BEL, Eveready Industries, Vakrangee, Jain Irrigation, Canara Bank, Allahabad Bank and LIC Housing Finance slipped up to 6 percent.

Greenply Industries, Reliance Communications, Dish TV and Power Grid are gainers.

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Crude Update: Oil prices were lower on worries that Saudi Arabia and Russia will pump more crude weighing on the market.

Saudi Arabia and Russia have discussed raising OPEC and non-OPEC oil production by 1 million barrels per day (bpd) to counter potential supply shortfalls from Venezuela and Iran.

Brent crude was down 0.62 percent at $74.92 a barrel.

US West Texas Intermediate crude was down 0.36 percent at $66.49 a barrel, reports CNBC.

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Market Live: Sensex, Nifty consolidate after 3-day rally; weaker rupee lifts IT stocks

Market Live: Sensex, Nifty consolidate after 3-day rally; weaker rupee lifts IT stocks. Most Asian markets traded lower as investors focus on Italian politics and the fall in oil prices.

Most Asian markets traded lower as investors focus on Italian politics and the fall in oil prices.

Buzzing: Share price of Housing & Urban Development Corporation (HUDCO) rose 5 percent as company recovered a substantial amount of Rs 317 crore in an old loan default case.

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This is to inform you that, an old default case of a borrower has been substantially resolved after prolonged litigation, where HUDCO has received an amount of Rs 317 crore, against the dues of Rs 469.38 crore as on March 31, 2018, company said in release.

The meeting of board of directors of the company is proposed to be held on May 30, 2018 to consider, approve and take on record the audited financial statements (standalone and consolidated) for quarter & year ended March 31, 2018.

Market Update: The market consolidates after sharp rally in previous three consecutive sessions, as investors monitor the movement in rupee and crude oil prices.

The broader markets also traded in line with frontliners while all sectoral indices are in the red barring IT and Auto.

Technology stocks are on buyers' radar after the rupee falls 28 paise to 67.70 against the US dollar.

The 30-share BSE Sensex rose 6.16 points to 35,171.64 and the 50-share NSE Nifty gained 1.80 points at 10,690.50.

Buzzing: Rural Electrification Corporation (REC) share price declined 2 percent after it reported a 37 percent decrease YOY in its March quarter net profit at Rs 834.79 crore, missing estimates due to an increase in provisions for bad loans.

A Reuters poll of equity analysts had estimated profits to fall marginally to Rs 1224.3 crore in the fourth quarter of FY18.

The company had posted profit of Rs 1319.2 crore in the fourth quarter of last fiscal.

Interest income saw a 5 percent drop YoY in Q4 to Rs 5,444.59 crore. Other income dropped to Rs 33.03 crore in Q4 from Rs 131.70 crore in the year ago period.

Market Opening: Benchmark indices opened mildly lower on Tuesday morning due to profit booking after three-day run up.

The 30-share BSE Sensex fell 56.44 points to 35,109.04 and the 50-share NSE Nifty declined 21.90 points to 10,666.80.

L&T, Tech Mahindra, TCS, Infosys, HCL Technologies, M&M, Bajaj Finance and Coal India are gainers.

Bank of India and Aurobindo Pharma plunged 5 percent each.

Vedanta, Sun Pharma, Lupin and SBI are under pressure.

Nifty Bank lost 130 points and Nifty Midcap shed 65 points.

Manpasand Beverages slipped 20 percent for second consecutive session.

Venus Remedies, DB Realty, Kwality, Gravita, Mercator and Fortis Healthcare fell up to 7 percent.

Oil India, NMDC, Bajaj Hindusthan, Dhampur Sugar, Dwarikesh Sugar, Reliance Communications and Edelweiss Financial gained 2-5 percent.

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Oil Price Hike: Petrol and diesel prices continue to soar and touched another peak on Monday. Petrol was hiked by 16 paise to Rs 86.24 per litre in Mumbai.

This is the 16th straight hike in a row. Diesel prices on the other hand, were hiked by 15 paise to Rs 73.79 per litre in Mumbai. Petrol prices in Delhi were increased by 16 paise to Rs 78.43 per litre and diesel by 14 paise to Rs 69.31 per litre.

Since the dynamic pricing system resumed on May 14, petrol and diesel prices have risen by Rs 3.8 and Rs 3.38 respectively in the last 16 days in Delhi.

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