Markets Live: Sensex ends lower by 239 points at 35,973

 

Sensex, Nifty end lower

The Sensex and the Nifty closed down but off their early lows on Tuesday. The Sensex ended at 35,973, down 239 points or 0.66 per cent lower, while the Nifty finished at 10,835, down 44 points or 0.41 per cent lower.

The benchmark indices reversed Monday's gains in early trade, on news that the IAF had conducted air strikes in Pakistani territories.

The top gainers on the Sensex were Tata Motors, Coal India, TCS, Axis Bank and YES Bank, while the laggards were HCL Tech, HDFC, ICICI Bank, Infosys and SBI.

European shares fall as trade optimism cools; FTSE lags on strong pound

 

European shares were firmly in the red on Tuesday as the optimism about US-China trade talks that swept stocks to fresh October highs cooled, with London's FTSE 100 lagging the broader markets as the sterling rallied.

The pan-European STOXX 600 was down 0.2 per cent by 0842 GMT, in line with France's CAC 40 and Germany's trade-sensitive DAX. The index closed at its highest level since October 9 on Monday. Click here to read the European markets report in full.

Palladium soars above $1,550 on mine strike fears; gold rises

Palladium hit a record high on Tuesday, surging above $1,550 as a threatened strike by South African mine-workers added to supply concerns in an already tight market, while gold prices edged up on a subdued dollar.

Spot palladium, which traded as high as $1,554.50 per ounce, was down 0.5 per cent at $1,534 as of 0731 GMT. The metal has risen 21 per cent so far this year on a sustained supply deficit. Click here to read in full the gold markets report .

Dollar near 1-week lows before Fed testimony; pound jumps

 

The dollar held near a one-week low against its rivals on Tuesday as currency markets waited for testimony from Fed Chairman Jerome Powell that might give a further boost to risk appetite.

Risky assets had a strong start to the week with the Chinese currency hitting a seven-month high on Monday after US President Donald Trump confirmed he would delay a planned hike in tariffs on Chinese imports. Click here to read the dollar report in full.

Oil eases after Trump urges OPEC to curb efforts to boost prices

 

Oil inched lower on Tuesday to extend losses of more than 3 per cent from the previous session, easing after US President Donald Trump called on OPEC to rein in its efforts to boost prices.

International Brent futures were at $64.70 a barrel at 0728 GMT, down 6 cents, or 0.1 per cent, from their last close. Brent, which plunged 3.5 per cent on Monday, touched its lowest since February 14 on Tuesday at $64.32 a barrel. Click here to read the oil markets report in full.

Asian shares slip from 5-month highs

Asian shares lost steam on Tuesday after scaling a five-month high as investors waited to see if Washington and Beijing can clinch a trade deal, while the pound advanced on hopes the UK Prime Minister Theresa May will delay a Brexit deadline. Click here to read in full the Asian share markets report .

Sensex, Nifty down, but off lows

The Sensex and Nifty traded in the red in the afternoon session on Tuesday. However, both the benchmarks were trading off their early lows, struck on news that the IAF had carried out air strikes on targets in Pakistan.

The Sensex was trading at 36,049, down 164 points or 0.45 per cent lower, while the Nifty was at 10,846, down 34 points or 0.27 per cent lower.

The top gainers on the Sensex were Coal India, Tata Motors, TCS, Axis Bank and YES Bank, while the laggards were HDFC, ICICI Bank, Infosys, SBI and NTPC.

Nifty call: Go long at current levels, buy on dips at 10,810

The Nifty 50 futures contract has reversed sharply higher from the day's low, recovering most of its losses. The contract opened with a wide 93-point gap-down at 10,794 and tumbled to an intra-day low of 10,725. The index futures have clawed back from the day's low, breaking above the psychological level of 10,800. Click here to read the full Nifty call report .

Sensex, Nifty make headway

The Sensex and Nifty continued to make headway in the afternoon session on Tuesday. The benchmark indices had dropping nearly 1 per cent in the morning session, after the IAF launched air strikes against targets in Pakistan.

The Sensex was trading at 36,111, down 101 points or 0.28 per cent lower, while the Nifty was at 10,862, down 17 points or 0.16 per cent lower.

The top gainers on the Nifty were Tata Motors, Ultratech Cement, TCS, Bajaj FinServe and ZEEL, while the losers were NTPC, Indibulls Housing Finance, ICICI Bank, Hindustan Petroleum, and HDFC.

Regulations in last 2 years against every telco except Jio: Vodafone CEO

British telecom major Vodafone on Monday alleged that regulatory outcomes in India over the past two years have been against every telecom operator except Reliance Jio.

Currently, in India, Vodafone operates as Vodafone Idea Ltd in partnership with Aditya Birla Group. Click here to read in full the report on Vodafone CEO's observations on Indian telecom scenario .

Titan breaks support at Rs 1,027; may test Rs 996

 

Shares of jeweller and watch manufacturer Titan Company Ltd fall as much as 2.33 per cent and breaks below a support at Rs 1,027.48.

The Stock also broke below its 20-day exponential moving average (EMA), that was acting as support in the last couple of weeks

The Stock's MACD is below its signal line, trend intensity is falling from a level of 32 since Feb. 14, both unfavourable for the stock Click here to read in full the report on Titan share price movement

Sensex, Nifty recover some losses

The Sensex and the Nifty recovered some of their early losses by the midsession on Tuesday. The Sensex was trading at 35,988, down 224 points or 0.60 per cent, while the Nifty was trading at 10,826, down 53 points or 0.49 per cent lower.

The top gainers on the NSE were Tata Motors, Ultratech Cement, TCS, Bajaj Finance and ZEEL. The losers were NTPC, Indiabulls Housing Finance, ICICI Bank, Hindustan Petroleum and HDFC.

RBI revamps pay of bank CEOs, directors to reflect performance

 

Come FY2020, private sector banks, foreign banks operating under the Wholly Owned Subsidiary (WOS) Model and foreign banks operating in India may be required to incorporate malus (financial penalty)/ clawback (taking back already disbursed money) clauses in deferred compensation in the event of negative contributions of the bank in any year, give joining/sign-on bonus only in the form of Employee Stock Option Plan (ESOP), and make disclosure on remuneration in annual financial statements. Click here to read in full the report on RBI revamp of bank CEOs, directors' pay .

SEBI declares Geofin Comtrade, Anand Rathi Commodities not ‘fit and proper’ to trade

 

The capital and commodity market regulator has declared Geofin Comtrade and Anand Rathi Commodities as not fit and proper to facilitate trade in the commodity derivatives space, and has ordered them to transfer their clients’ holding to other unrelated registered entities within 45 days. Click here to read in full the report on SEBI order against Geofin Comtrade, Anand Rathi Commodities .

HPCL shares decline 3 per cent; Britannia up over 1 per cent on NSE rejig

 

Shares of Hindustan Petroleum Corporation (HPCL) fell by nearly 3 per cent Tuesday after the National Stock Exchange (NSE) said Britannia Industries will replace the oil marketing company in the Nifty50 index from March 29.

The company’s shares opened the day on a weak note and further declined 2.95 per cent to Rs 221.40 on NSE. Click here to read in full the report on HPCL share price movement .

Dewan Housing shares fall sharply after ICRA downgrade

 

Dewan Housing Finance Corp Ltd's (DHFL) shares fell over eight per cent on Tuesday, a day after ratings agency ICRA cut its rating on the housing finance company's commercial papers.

ICRA downgraded its rating on Dewan Housing's Rs 80 billion ($1.12 billion) worth commercial papers to “A2 plus” from ”A1 plus”, citing the company's ability to raise funds and generate new business. Click here to read the full report on DHFL share price movement.

 

Sensex, Nifty pare losses

The Sensex and Nifty tripped on the rising border tension between India and Pakistan on Tuesday morning.

After opening in the red, the indices dropped sharply lower, registering losses of 1 per cent each.

Both the Sensex and the Nifty have come off their earlier lows. The Sensex is trading at 35,939, down 274 points or 0.76 per cent lower, while the Nifty is down 83 points or 0.77 per cent lower at 10,796.

Millennials are facing $1 trillion debt

 

More than a decade has passed since young Americans have faced debt levels this high.

Debt among 19 to 29-year-old Americans exceeded $1 trillion at the end of 2018, according to the New York Federal Reserve Consumer Credit Panel, which is the highest debt exposure for the youngest adult group since 2007. Click here to read the report on millennials facing heavy debt .

IAF air strikes: Cabinet Committee on Security meets

 

The Cabinet Committee on Security met PM Narendra Modi regarding the IAF air strike, reports Vijaita Singh .

Finance Minister Arun Jaitley, External Affairs Minister Sushma Swaraj, Home Minister Rajnath Singh and Defence Minister Nirmala Sitharaman were present at the meeting.

National Security Advisor Ajit Doval and other top officials of the prime minister’s office and the security apparatus were present at the meeting, official sources told PTI .

Four Indian IL&FS staff in Ethiopia released from captivity

 

The three-month-long captivity of four Indian IL&FS employees in Ethiopia came to an end with their release on Saturday night. The four have reached India.

They had been held captive by Ethiopian employees of ITNL-Elsamex JV Bure. Click here to read the report on release of IL&FS staff in Ethiopia .

Thermax to buy out stake in joint venture

Thermax has entered into a definitive agreement with Germany-based companies Mutares Holding-24 AG and Balcke-Duerr GmbH to acquire their shareholding in its joint venture Thermax SPX Energy Technologies Ltd. According to the Thermax web site, it owns 51 per cent in the JV. Post transfer of shares, TSPX will become a wholly-owned arm of Thermax. The company did not disclose the deal value. Shareholders of Thermax will monitor developments.

Sensex, Nifty down more than 1%

The benchmark indices, the BSE Sensex and NSE Nifty, sank deeper into the red in early trading on Tuesday after opening the session in negative territory. The Sensex dropped 459 points or 1.27 per cent to trade at 35,753, while the NSE Nifty was at 10,740, down 139 points or 1.29 per cent.

The top gainers on the Sensex were TCS and Hindustan Unilever, while the laggards were led by YES Bank, which dropped 3.77 per cent, VEDL (down 3.57 per cent), Sun Pharma (down 2.65 per cent), SBI (down 2.46 per cent) and Tata Steel (down 2.35 per cent).

According to a PTI report, the indices fell on rising tension between India and Pakistan, weak Asian cues and selling pressure in the banking, power, IT and power counters.

According to brokers, domestic investor sentiment took a beating after the Pakistan Army on Tuesday alleged that the Indian Air Force violated the Line of Control (LoC) in Muzafarabad sector.

The allegation came amid heightened tension between India and Pakistan after the February 14 suicide attack by Pakistan-based Jaish-e-Mohammad terror group that killed 40 CRPF soldiers in Jammu and Kashmir’s Pulwama district.

Most of the BSE sectoral indices were trading in the red, led by banking, power, PSU, realty and IT stocks with losses up to 0.90 per cent.

A fresh round of selling by domestic institutional investors (DIIs) also dampened market sentiment here, brokers said.

Meanwhile, DIIs sold shares worth Rs 1,764.4 crore, while foreign portfolio investors (FPIs) bought shares worth a net of Rs 2,134.35 crore on Monday, provisional data showed.

In the Asian region, Hong Kong’s Hang Seng was down 0.49 per cent, Japan’s Nikkei fell 0.20 per cent, Taiwan shed 0.14 per cent, Korea’s Kospi shed 0.19 per cent and Singapore Straits Times was down 0.27 per cent in late morning trade Tuesday.

The US Dow Jones Industrial Average, however, ended 0.23 per cent higher on Monday. (with inputs from PTI)

Defence Ministry says no information about air violations into Pakistan

 

The Defence Ministry said on Tuesday that it had no information about Pakistani allegations that an Indian aircraft violated Pakistani airspace. “I have no information,” said a defence spokesman. Click here to read the full report on Defence Ministry's reaction to Pakistani allegation of airspace violation .

Rupee sheds 30 paise against US dollar in early trade

 

The Rupee depreciated 30 paise to 71.30 against the United States (US) dollar in early trade Tuesday at the forex market on fresh demand for the US currency from importers.

Strength in dollar against some currencies overseas and a lower opening in domestic equities kept pressure on the domestic unit, dealers said. Click here to read the rupee report in full.

Company news: GE T&D India

GE T&D India  has received a ₹162-crore contract from Power Grid Corporation of India. The order is to extend the 765kV AIS Substation and for setting up a new 400kV /220kV Gas-Insulated Substation (GIS) at Bhuj and extend the existing 400kV GIS at Tirunelveli Substation, associated with the Green Corridor Transmission System. Through this project, GE will help evacuate around 2,500 MW of wind power generated in Gujarat. All key 765kV and 400 kV AIS, 400kV GIS equipment and automation systems will be supplied from GE T&D India’s manufacturing facilities at Pallavaram, Padappai, Noida and Hosur. The project will be delivered on turnkey basis. However, shares of GE T&D slipped about 3 per cent at ₹291.95 on the NSE on Monday. On Tuesday, the share was at Rs 283.20, down Rs 8.75 () on the NSE.

Thermax to buy out stake in joint venture

Thermax has entered into a definitive agreement with Germany-based companies Mutares Holding-24 AG and Balcke-Duerr GmbH to acquire their shareholding in its joint venture Thermax SPX Energy Technologies Ltd. According to the Thermax web site, it owns 51 per cent in the JV. Post transfer of shares, TSPX will become a wholly-owned arm of Thermax. The company did not disclose the deal value. Shareholders of Thermax will monitor developments.

Tata Metaliks: Board to meet for fund-raising

Tata Metaliks will remain in focus, as its board is meeting on Tuesday to consider a fund-raising proposal. The fund-raising could be through issue of equity shares, preference shares or any other securities through one or more methods including through qualified institutional placement, private placement, rights issue or preferential issue. Shareholders will closely monitor the mode, the quantum and the price of the fund-raising instrument.

Adani lands 5 airports with winning bids

 

Gautam Adani’s infrastructure conglomerate Adani Group has entered the airports business by emerging the highest bidder for five of the six non-metro airports being privatised by the National Democratic Alliance (NDA) government. Click here to read in full the report on Adani lands 5 airports with winning bids .

Yen sags, sterling up on report UK's May to delay Brexit date

 

The yen on Tuesday hovered near its weakest against the dollar this year after optimism over US-China trade negotiations boosted investors' appetite for riskier assets during the previous session. Click here to read the dollar report in full.

Oil steadies after sell-off; market eyes Trump intervention

 

Oil prices edged higher on Tuesday, finding steady ground after tumbling more than 3 percent in the previous session when US President Donald Trump called on OPEC to ease its efforts to boost the market. Click here to read the oil markets report in full.

 

Pound jumps to 4-week high, Asian shares take a breather

The pound climbed to near four-week highs on Tuesday on a report United Kingdom (UK) Prime Minister Theresa May could seek to delay a Brexit deadline while Asian shares paused at a five-month peak on signs Washington and Beijing were making progress on a trade deal. Click here to read the full Asian markets report .

Opening bell

The Sensex and the Nifty opened in the red on Tuesday, reversing Monday's gains. The  benchmak index opened down 325 points or 0.90 per cent at 35,888.'

The Nifty was similarly weak. It opened at 10,774, down 105 points or 0.97 per cent.

 

Day Trading Guide for Tuesday, February 26, 2019

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

₹2123 • HDFC Bank

 

₹754 • Infosys

 

₹276 • ITC

 

₹148 • ONGC

 

₹1232 • Reliance Ind.

 

₹270 • SBI

 

₹1985 • TCS

 

10887 • Nifty 50 Futures

 

S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.

 

Today's Pick: Motherson Sumi Systems (₹158.6): Buy

The stock of Motherson Sumi Systems gained 11 per cent accompanied by extraordinary volume on Monday, decisively breaking above a key resistance at ₹150. Investors with a short-term view can buy the stock at current levels.

Following a short-term downtrend, the stock recorded a 52-week low at ₹127 in early February and found support at around ₹130. Subsequently, the stock changed direction triggered by positive divergence in the daily relative strength index. Since then, the stock has been on a near-term uptrend. Click here to read in full the Today's Pick on Motherson Sumi Systems