Markets Live: Sensex reclaims 34,000-mark; ends up 187 points

Closing Bell

Buoyed by easing crude oil prices and a recovery in the rupee, the BSE Sensex on Wednesday recaptured the 34,000-mark by jumping 187 points after four sessions of losses as global markets bounced back.

The broader Nifty, after struggling, also managed to end above the 10,200-level.

The rupee strengthened 37 paise to 73.20 (intra-day) against the US dollar in the forex market.

Fresh buying by domestic institutions was seen in Financial Servies, Metal, Realty, FMCG, Auto and Banking stocks towards the closing session. The Sensex managed to reclaim the 34K-mark, and ended at 34,033.96, gaining 186.73 points, while the Nifty was up 77.95 points at 10,224.75.

Prominent gainers in Realty were Oberoi Realty, which went up nearly 10% and ended at Rs 433.55, IB RealEst gained 4.50% at Rs 77.60 on the NSE.

Among financial services stocks, Bajaj Finance zoomed nearly 12% at Rs 2,332.70, IIFL surged 8.75% at Rs 384, M&M Finance climbed 6.75% at Rs 399.65 and Shriram Transport Fin gained 5.25% at Rs 1,058. (see table)

Among metal stocks, Hindalco witnessed heavy buying and the stock gained 5% at Rs 230.50, WelCorp rose 3.15% at Rs 127.50 and JSW Steel was up 1.76% at Rs 353.60 on the NSE.

FINANCIAL SERVICES STOCKS

REALTY STOCKS

 

Selling gets absorbed in markets; Sensex up 216 pts

Sensex reclaimed the 34,000-mark recouping from the heavy beating. Selling by traders was getting absorbed in late session which pulled up the indices. The indices have witnessed sharp volatility and subsequent buying at lower levels has provided the much-needed support to the market. The Sensex was quoted higher by 216.86 points at 34,066. The Nifty gained 80 points at 10,226.95 .

 

Sensex moves in volatile fashion

The Sensex gave up the 440- point gains that was registered in the opening session following weakness in IT and banking stocks. Fresh bouts of selling ensued in the mid-session that pulled down the indices. The Sensex saw sharp dips and then bounced back within an half an hour time, thus displaying a 'U' type curve on charts. The Sensex was up 156 points at 34,003, while the Nifty was up 45 points at 10,195.95.

 

 

Rupee up 35 paise in the mid-session

The rupee was trading stronger at 73.22, up 35 paise today. The domestic currency closed at 73.57 against the dollar yesterday. The rupee has turned stronger due to fresh dollar selling by exporters amid easing crude oil prices.

 

Technology shares were met with mild selling pressure. Infosys, TCS, Wipro, Tech Mahindra and MindTree declined between 050% and 2% .

 

Weakness in banks, IT weigh on markets

Markets encountered selling pressure in the mid-session and once again the indices were back in the red. The Sensex was down 60 points at 33,786.62 due to good supplies on rallies. Earlier in the day, the Sensex climbed over 400 points but those levels could not be sustained due to profit booking by traders. Banking and IT stocks have dragged the markets in the afternoon trades. Stocks such as SBI, Kotak Bank, Axis Bank, HDFC Bank and ICICI Bank  were down between 0.50% and 0.85%. YES bank was the worst hit as the stock plunged 4.25% at Rs 204.60

 

 

 

 

Realty shares build up nicely

Realty stocks turned stronger on value buying after recent fall. Stocks that gave support were Oberoi Realty, which jumped over 6% at Rs 419.40, SunTeck was up 3.13% at Rs 319.80, DLF, up 2% at Rs 156.20 and Sobha gained 1.40% at Rs 426

 

 

Telecom stocks advance

Telecom stocks were up over 2 per cent well supported by Bharti Airtel, GTPL, SterliteTech, MTNL and OnMobile. (See charts)

 

Short-covering props up indices

Markets continued to remain in the green during the day on fresh spell of buying by domestic investors amid short covering after recent fall. The rally was also triggered by fall in global crude prices. Besides, positive leads from most other Asian markets also fuelled the uptrend. The gauge had plummeted over 1,315 points in the previous four straight sessions.

 

Equity market indices remained steady in the mid-session on alternative buying and selling. The Sensex was at 33,964.62, up 117.39 points. The Nifty too was up 50 points at 10,198.60.

Major gainers include Bharti Airtel, Asian Paint, IndusInd Bank, HDFC, L&T, TCS, SBI and Hindustan UniLever. However, others such as Reliance Ind, Tata Steel, Vedanta, Maruti, Infosys, Sun Pharma and Kotak Bank declined on more selling orders. (See Chart)

LargeCap Stocks

 

 

Gold edges higher as global political, economic worries lend support

Gold prices nudged higher on Wednesday after hitting their highest in over three months in the previous session as global political and economic uncertainties bolstered safe-haven demand for the metal. Read more on this

 

 

Ambuja Cements falls to 3-month low on lower Q2 profit

Ambuja Cements stock fell as much as 3.8 per cent to Rs 192.95, its lowest since July 20. The cement maker's Q2 standalone profit plunged over 30 per cent to RS 179 croe, missing analysts' expectations of Rs 268 crore.

The company said on Tuesday that rising costs and volatility in exchange rate had hurt its performance during the quarter.

Macquarie analysts say “while cement demand continues to be in the double digits, stagnant prices have kept margins under pressure over the last six months” and maintained “neutral” rating with a price target of Rs 230. Deutsche Bank has said core cement EBITDA margins dropped 22 per cent to their lowest in at least 10 years due to higher-than-expected cost inflation.DB rates stock “hold” with a price target of Rs 225

Ambuja Cement intraday chart

 

HCL Tech jumps as Q2 profit beat estimates

Shares of software services firm HCL Technologies  rose as much as 3.3 per cent to Rs 982.55 on the BSE, sharpest intraday gain since April 23, before erasing some gains. At 11.45 am, the stock was seen trading at Rs 975, up 2.58%

The company posted a better-than-expected 14.8 per cent rise in Q2 net profit on Tuesday, helped by higher revenue from its software services business

“Both FY19 growth and margin guidances were maintained, though management exuded greater confidence in achieving the mid-point, implying better YoY growth in H2 and slightly higher organic contribution,” Jefferies said in a note

“...organic growth is now expected to outpace M&A in FY19,” CLSA Research also said.

 

Sensex prunes gains

Equities shed initial gains following profit booking by traders at higher levels. The Sensex climbed 453 points in the first half-an-hour, encountered resistance due to selling at the high point of the days. Once again, the Sensex has cut below the 34,000-mark and was quoted at 33,959.81, up 112.89 points.

 

Tech Mahindra stock hits 2-1/2 month low; more downside expected

Tech Mahindra stock fell as much as 3.33 per cent, in the opening deals, to Rs 646, its lowest since August 10, this year. At 11.30 am, the stock was quoted at Rs 661.50, down 1 per cent from its yesterday's close of Rs 668.25, on the NSE.

The stock has broken below its 200-day exponential moving average (EMA), seen as a bearish signal . The stock's 50-day EMA had cut below the 20-day EMA on Monday.

The scrip may fall to Rs 625.5, the 38.2 per cent Fibonacci retracement level of the uptrend from July 28, 2017 low to October 3, 2018 high.

Trend Intensity (TI) indicator rises to 19, suggests prices are trending downwards, MACD is also negative and below its signal line

 

 

Rupee against other currencies

 

 

 

Stock market indices gave up some of the initial gains after opening sharply higher on profit booking at higher levels. The Sensex was seen traded at 33,968, up 121.53 points. The Nifty, on the NSE, too was up 35 points at 10,182.25 pruning some of its gains in the opening session.

 

Sensex, Nifty hold on to gains

For more than an hour, the market was trading stronger amid strong rupee recovery today, bouyed by gains in Auto, Banking, Metals, Financials and Oil & Gas stocks. The Sensex was up by 220 points at 34,067.92. At the NSE, the Nifty gained 65.45 points at 10,212.25.

The rupee recovered today and was quoted at 73.28, gaining 29 paise against yesterday's close of 73.57.

LARGECAP STOCKS

SENSEX HEAVYWEIGHTS

 

SEBI nixes ‘upfront commission’ in MFs

SEBI has finally moved to curb upfront commission in the mutual funds (MF) industry with immediate effect. Read more

 

NSE gets SEBI nod to launch copper large futures contract

National Stock Exchange of India (NSE) on Tuesday said it has got regulatory approval to launch copper large futures contract with a trading unit of 25 tonne. Read more

 

 

Select Midcap stocks get a leg up on fresh buying

Among the Smallcap stocks, CanFin Homes, Apollo Tyres, Equitas Manapparum and Jubilant Food are the significant gainers today.

While Can Fin Homes stock climbed 5.70%, Apollo Tyres was up 3.70%, Equitas gained 3.20%, Manappuram, up 2.50% and Jubilant Food rose 2.40% (see Table below)

 

Sensex after opening higher by 356 points, pared some of the gains in the first-hour trade. The Sensex is still moving in the positive terrain and was up 248 points at 34,096.51, while the Nifty too was up 72 points at 10,218.

 

BSE BROAD MARKET INDICES

 

Banking stocks rally in early trades

Among the banking stocks, RBL Bank, PNB, IDFC Bank and IndusInd Bank rose the most today.  RBL Bank stock was up 3.15% at Rs 479.60, PNB gained 2.25% at Rs 66.20, while IDFC Bank was up 2% at Rs 35.10.

Auto stocks too went up  over 1 per cent. Notable gainers include Apollo Tyres, which was up 3.70% at Rs 203.50, M&M gained 2.25% at 746.05 and Exide was up over 2% at Rs 255.15.

NIFTY BANK INDEX

NIFTY AUTO INDEX

 

NSE Sectoral Indices

 

 

Sensex Stocks

 

Rupee stronger at 73.26

The rupee opened higher  against the US dollar on Wednesday on the back of dollar supplies. The domestic currency opened higher by 39 paise at 73.18 against  yesterday's close of 73.57.

At 9.40 am, the rupee was quoted at 73.26 versus the dollar.

 

 

BSE benchmark Sensex rose over 350 points in the opening session on Wednesday following gains in auto, metals, FMCG, Financial services and banking stocks amid rupee recovery.

The 30-share index spurted 321 points, or 0.95 per cent, to 34,168.97.  Yesterday, the benchmark ended 287 points lower at 33,847.23.

At the NSE, the Nifty too gained 118 points at 10,262.30

 

 

Day Trading Guide For October 24

Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:

₹1985 • HDFC Bank

Fresh short positions can be initiated with a fixed stop-loss if the stock declines below ₹ 1,974 levels. Read more

 

 

Stock markets opened sharply higher today. The BSE Sensex rose 356 points at 34231.65, while the Nifty, on the NSE, jumped 141 points at 10,288.15.

 

Today's Pick: Wipro (₹309.3): Sell

Investors with a short-term horizon can sell the stock of Wipro at current levels. The stock was in a medium-term uptrend from the key support level of ₹255 tested in June and until it registered a 52-week high of ₹339 on September 21. Read more

 

 

Wall Street extends recent fall but ends well off day's lows

U.S. stocks fell on Tuesday after worries about the earnings outlook added to recent selling pressure, though major indexes ended well off the day's lows as investors snapped up beaten-down shares late in the session. Read more