Markets Live: Sensex ends marginally higher; Dr Reddy's stocks spurt 8%

Closing bell

Reversing a five-session slide, the Sensex ended higher by over 35 points in see-saw trade due to value-buying in auto, metal, banking and realty stocks.

Asian markets ended mixed following a good show by US stocks as investors applauded easing of trade tensions between the US and China.

The 30-share Sensex opened in the green and hit a high of 34,754.60, but witnessed bouts of volatility. It finally settled at 34,651.24, showing a gain of 35.11 points, or 0.10 per cent.

 

 

The index had lost 940.58 points in the previous five sessions as investors rushed to unwind bets following post-poll instability in Karnataka amid discouraging global cues.

The NSE index, after shuttling between 10,558.60 and 10,490.55, finished the day at 10,536.70, showing a gain of 20 points, or 0.19 per cent.

 

SBI rose 3.69 per cent despite the lender posting a standalone net loss of Rs 7,718 cr in Q4 on mounting bad loans.

Sensex gainers, losers

 

As per provisional data, domestic institutional investors made purchases worth Rs 1,190.56 crore, while foreign portfolio investors sold shares worth Rs 496.03 crore yesterday.

ONGC, OIL may have to share fuel-subsidy burden

 

Moody’s Investors Service has assessed that as oil prices rise, Oil and Natural Gas Corporation and Oil India are facing an increasing risk that the Government will once again require them to share in the country's fuel-subsidy burden. Click here to read more

RCom moves NCLAT

 

Reliance Communications has moved the National Company Law Appellate Tribunal challenging the order of NCLT allowing a plea for its insolvency filed by Swedish telecom equipment major Ericsson. Read more

IOC net profit jumps 40%

 

Indian Oil Corporation Ltd has reported a net profit of Rs 5,218.10 crore for the last quarter of financial year 2017-2018. More on this

The Sensex and Nifty were trading flat as the political situation in Karnataka continued to be fluid. The Sensex was up 14.3 points or 0.04 per cent at 34,630.43 and the Nifty up 13.45 points or 0.13 per cent at 10,530.15.

Dr Reddy's shares jumped as much as 7.2 per cent to Rs 2,033. The stock touched intraday high of Rs 2,033 and a low of Rs 1,889 on the BSE. In terms of equity volume, 1.09 lakh shares exchanged hands in the afternoon trade.

 

NCLAT issues notice

 

The National Company Law Appellate Tribunal has issued a notice to the resolution professional and Committee of Creditors of Bhushan Steel over the plea filed by its operational creditor L&T. Read more

Dr Reddy's Labs net falls 3.3%

 

Dr Reddy's Labs has posted a profit of Rs 302.2 crore for the fourth quarter ended March 31, 2018 against a profit of Rs 312.5 crore in the corresponding quarter last fiscal. More on this

 

SBI net loss widens

 

State Bank of India's net loss widened to Rs 7,718 core in the fourth quarter ended March 31, 2018 against Rs 3,442 core in the year-ago quarter. Click here to read more

Sensex gainers, losers

Nifty gainers, losers

 

Benchmark indices were trading marginally higher as the political situation in Karnataka continued to be fluid, while investors awaited quarterly numbers from State Bank of India and Cipla Ltd due later in the day.

The Sensex was up 55.69 points or 0.16 per cent at 34,671.82 and the Nifty up 19.3 points or 0.18 per cent at 10,536.

“What we are seeing is a bounce from oversold levels. What is not evident, if you look at the index, is the amount of carnage that has happened in the mid-caps, small-caps and even the large-caps,” said Sunil Sharma, chief investment officer at Sanctum Wealth Management, adding that Monday's was a knee-jerk reaction to the Karnataka election news.

“Today is the realisation that it is not all bad from a market perspective. Also, corporate earnings are providing support to market,” he added.

Go long on Titan futures

 

The outlook for the stock of Titan Company (₹940) remains positive. The outlook will be positive as long as Titan remains above ₹868. If the stock fails to sustain above that level, the medium-term outlook will turn negative. Read more

Nifty 50 May Futures (10,540)

 

Traders should tread with caution and consider initiating fresh long position in a strong rally above 10,560 levels with a fixed stop-loss at 10,550 levels. The contract can rally to 10,575 and then to 10,600 in the near term. Click here to read more

 

Force Motors in a medium-term downtrend

 

Following a long-term uptrend from the August 2013 low of ₹225, the stock of Force Motors encountered a key resistance at around ₹4,800 in October 2016. In April 2017, it tested the key resistance at ₹4,800 and changed direction. Since then, the stock has been in an intermediate-term downtrend. Click here to read more

 

DLF hits over 6-month low

 

Shares of DLF hit the lowest in over 6 months. The real estate developer stock plunged as much as 5.3 per cent to Rs 183.25, its lowest since October 27. More on this

Grasim hits 10-1/2-month low

 

Shares of chemicals and industrial materials maker Grasim Industries hit 10-1/2-month low, and technicals suggested further downside. The stock fell as much as 2.4 per cent to Rs 1,011, its lowest since July 3, 2017. More on this

Benchmark indices looked set to snap a five-session losing streak,but the gains were limited as the political situation in Karnataka continued to be fluid, while investors awaited quarterly numbers from State Bank of India and Cipla Ltd due later in the day.

The BSE index was trading up 76.3 points or 0.22 per cent at 34,692.43 and the NSE index up 27.3 points or 0.26 per cent at 10,544.

 

“What we are seeing is a bounce from oversold levels. What is not evident, if you look at the index, is the amount of carnage that has happened in the mid-caps, small-caps and even the large-caps,” said Sunil Sharma, chief investment officer at Sanctum Wealth Management, adding that Monday's was a knee-jerk reaction to the Karnataka election news.

“Today is the realisation that it is not all bad from a market perspective. Also, corporate earnings are providing support to market,” he added.

Bajaj Auto was among the top percentage gainer on both the indexes. Petronet LNG Ltd rose as much as 2.8 per cent after posting an 11 per cent rise in quarterly profit on Monday. Ahead of the results, shares of State Bank of India fell 0.9 per cent, while Cipla slipped 0.3 per cent.

 

Petronet LNG jumps 3%

 

Shares of Petronet LNG jumped on strong Q4 show. The stock rose as much as 2.8 per cent to Rs 216.10. The company, engaged in the sale of re-gasified liquefied natural gas, has posted 11 per cent rise in quarterly profit. Read more

Mahanagar Gas hits over 16-month low

 

The stock plummeted as much as 8.27 per cent to Rs 772.15, its lowest since December 2016. The stock posted biggest intraday percentage loss since November 2016. More on this

Bajaj Auto jumps nearly 3%

 

Shares of Bajaj Auto jumped as much as 2.78 per cent to Rs 2,796.05, and the brokerages were bullish on exports outlook. Read more

The Sensex and Nifty turned flat due to profit-booking by funds and retail investors amid weak global cues. The BSE index was trading down 6.21 points or 0.02 per cent at 34,609.92 and the NSE index up 4.5 points or 0.04 per cent at 10,521.20.

Top five Sensex gainers were Bajaj Auto, Coal India, Dr Reddy's, NTPC and Bharti Airtel, while the major losers were Adani Ports, Asian Paints, HUL, State Bank of India and TCS.

 

Among BSE sectoral indices, auto, metal, capital goods and infrastructure remained investors' favourite, while oil & gas, FMCG, PSU and banking succumbed to selling pressure.

 

 

L&T wins new orders

 

The Buildings & Factories business of L&T Construction has bagged orders worth Rs 4,033 crore in the domestic market. Read more

Future Retail falls to 2-month low

 

Shares of Future Retail declined to over 2-month low on Q4 loss. The stock plunged as much as 6.9 per cent to Rs 491.25, its lowest since March 9. Click here to read more

SGX to launch Indian derivatives

 

Singapore Exchange plans to list new India-related equity derivative products in June despite the NSE applying for an interim injunction in a Mumbai court against their launch. Click here to read more

Sectoral indices

 

Benchmark indices were trading higher on value-buying in capital goods, auto, infrastructure and consumer durables stocks despite weak global cues. Also, the strengthening of rupee against the dollar boosted the domestic sentiment.

The Sensex was up 76.43 points or 0.22 per cent at 34,697.35 and the Nifty up 26.35 points or 0.25 per cent at 10,543.05.

 

As per provisional data, domestic institutional investors made purchases worth Rs 1,190.56 crore, while foreign portfolio investors sold shares worth Rs 496.03 crore.

Dollar takes breather

 

The dollar traded below a five-month high against a basket of currencies. The dollar's index against a basket of six major currencies last traded at 93.551, down from a five-month high of 94.058 set on Monday.  Read more

Crude oil

 

Oil prices rose on concerns that Venezuela's crude output could drop further following a disputed presidential election and potential US sanctions on the OPEC-member. More on this

 

 

Malabar Gold IPO

 

Malabar Gold & Diamonds has started preliminary work to list its jewellery chain on the stock exchange through an initial public offering. Click here to read more

Sensex gainers, losers

Nifty gainers, losers

 

The Sensex was trading higher by over 120 points due to value-buying in select blue-chips despite weak global cues. Strengthening of rupee against the dollar boosted the domestic sentiment.

The BSE index was up 129.42 points or 0.37 per cent at 34,745.55 and the NSE index up 29.85 points or 0.28 per cent at 10,546.55.

Asian shares skidded as a strong dollar sapped the demand for emerging market assets, while surging oil prices stoked concerns about a flare-up in inflation and faster US interest rate increases.

MSCI's broadest index of Asia-Pacific shares outside Japan was just a shade higher at 568.4 points, but well below an all-time peak of 617.12 hit in January.

Kingfisher, Plethico Pharma to be delisted

 

NSE has decided to delist Vijay Mallya-promoted Kingfisher Airlines, Plethico Pharmaceuticals and 16 other companies from May 30.  Click here to read more

 

Day Trading Guide for May 22

 

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

₹1991 • HDFC Bank

 

₹1182 • Infosys

 

Click here to view the full guide

 

Today's stock pick

KPIT Technologies (₹251.4): Sell

Investors or traders with a short-term view can sell the stock at current levels. The stock can extend its down-move and hit the price targets of ₹241 and ₹236 in the coming trading sessions. Stop-loss can be placed at ₹257 levels. Click here to read more

 

Asian markets

The dollar hovered near four-month highs on Tuesday on renewed optimism about global growth as the United States and China agreed to drop their tariff threats, while oil stayed at multi-year peaks over potential sanctions in Venezuela. Read more

 

Opening bell

The Sensex opened lower by 14.64 points at 34,601.49 against the previous close of 34,616.13 and the Nifty down 13.05 points at 10,529.75 against 10,516.70.