Rupee recovers; up 22 paise
The battered rupee strengthened to 74.17 against the US dollar in late session on Wednesday after the American currency weakened overseas amid increased selling by exporters.
The domestic currency buoyed up against the US dollar on fresh selling of the American currency by banks and exporters. Read more
CLOSING BELL
The stock market indices spurted higher on Wednesday following gains in auto, metals and banking stocks amid unabated buying by domestic institutional investors amid rupee recovery.
The 30-share BSE index surged 432.24 points, or 1.26 per cent, to 34,731.71. The barometer had lost 175 points on Tuesday.
After opening at 34,493.21, the index saw an intraday low of 34,346.50 and a high of 34,760 before ending at 34,731.71, gaining 432.24 points.
Banking stocks gave the much needed momentum to the overall market. The BSE Bankex zoomed 968 points at 28,381.58 with both the public sector and private banks gaining between 2 and 6 per cent.
Sectoral indices, led by capital goods, auto, oil and gas, metal and healthcare, rose up to 1.50 per cent.
The NSE Nifty too gained 159.05 points, or 1,54 per cent, at 10,460.10.
Prominent gainers include Hero MotoCorp, ONGC, Vedanta, Bajaj Finserv, Bajaj Finance, Bajaj Auto, Tata Motors, Eicher Motor, Bharti Airtel, Maruti Suzuki, SBI, Kotak Bank, RIL, Tata Steel, Axis Bank, Sun Pharma, HDFC Ltd, L&T, Coal India, SBI and ICICI Bank, rising between 3 and 10 per cent.
Meanwhile, in late deals the rupee too was trading higher by 21 paise at 74.18 against the American currency on the back of consistent dollar inflows.
NIFTY TOP GAINERS AT CLOSE
NSE AUTO INDEX at close
Nifty PSU Bank index at close
Nifty Financials at close
Banking stocks surge
Banking stocks went up over 3 per cent after getting battered over last five sessions. Public sector banks such as SBI, Bank of Baroda, PNB were in the limelight gained between 3 per cent and 5 per cent. Notable gainers among private banks were HDFC Bank, Kotak Bank, ICICI Bank, YES Bank, Axis Bank and IndusInd Bank. Private bank stocks rose between 2-5 per cent on the back of large buying from financial institutions.
On the NSE, the Nifty Bank index zoomed 805 points to 25,333 points.
Crude oil slips
Oil prices edged lower on Wednesday after the IMF lowered its global growth forecasts but prices were supported as Hurricane Michael churned towards Florida, causing the shutdown of nearly 40 per cent of US Gulf of Mexico crude output. Brent crude futures were down 2 cents at $84.98 a barrel by 0049 GMT, after a 1.3 per cent gain on Tuesday. US West Texas Intermediate (WTI) crude was down by 16 cents, or 0.2 per cent, at $74.8 a barrel, after rising nearly 1 per cent in the previous session. Read more
With the exception to the IT sector, all the other sectors have gone up sharply on the back of renewed buying following weakening of crude oil prices amidst strengthening of the rupee. There was continued buying by domestic institutional investors (DIIs) as well as select purchases by retail investors. The BSE Sensex rose 489 points at 34,801.46, while on the NSE, the Nifty gained 175 points at 10,476
BSE SECTORAL INDICES
On the NSE, NLC India climbed 10 per cent at Rs 81.55 after the company said that it had approved a share buyback of 14.19 crore shares at ₹88 a share.
TOP 25 VOLUME GAINERS
The 30-share index spurted 475.85 points, or 1.40 per cent, to 34,760.58. The barometer had lost 175 points on Tuesday.
Sectoral indices, led by capital goods, metal, auto, oil and gas, metal and healthcare, rose between 2 and 4.50 per cent.
The NSE Nifty too rose 166 points, or 1.52 per cent, at 10,467.55.
On the NSE, out of total 2,058 scrips being traded today, the number of advancing scrips was higher at 1,466 and the decliners were at 287.
BSE SECTORAL INDICES
NSE GAINERS
India’s debt lower than best, emerging market economies: IMF
India’s debt is lower than the best or emerging market economies in the world, a top IMF official has said as he cautioned that the global debt has reached a new record high of $182 trillion in 2017. Read more
Gold futures rise 0.27% on global cues
Gold prices rose 0.27 per cent in futures trade on Wednesday as speculators created fresh positions, taking positive cues from the global markets. At the Multi Commodity Exchange, gold for delivery in December was up by Rs 86, or 0.27 per cent, to Rs 31,369 per 10 gm in a trade volume of 24 lots. Read more
Rupee gains 23 paise in afternoon trade
The battered rupee rose 23 paise to 74.16 against the US dollar on Wednesday after the American currency weakened overseas amid increased selling by exporters.
Besides, RBI’s decision to inject Rs 12,000 crore liquidity into the system through purchase of government bonds on October 11 to meet the festival season demand for funds also supported the recovery in rupee, dealers said.
At 1 p.m, the rupee strengthened by 23 paise to quote at 74.16 against the US dollar on fresh selling of the American currency by banks and exporters. Read more
Mid-session
The benchmark indices Sensex and Nifty held firm at mid-session. Sensex was quoting at 34,697, up 397 points or 1.16 per cent higher. The Nifty was trading at 10,437, a gain of 136 points or 1.33 per cent higher.
The top gainers on the Nifty were Bajaj Finance, Bajaj Fin Serve, Eicher Motors, Titan and YES Bank. The laggards were Wipro, Infy HCL Tech, Sun Pharma and TCS.
NSE TOP GAINERS
NSE TOP LOSERS
Bajaj Finance gains as SBI aims to buy good quality NBFC assets
Shares of non-banking financial company (NBFC) Bajaj Finance rose sharply on Wednesday after SBI raised its target to buy “good quality” asset portfolios from NBFCs. Read more
NLC shares rise on buyback plan
Shares of power producer NLC India went up sharply on Wednesday after the company stated yesterday that it had approved a share buyback of 14.19 crore shares at ₹88 a share. Read more
JB Chemicals: Buyback offer opens today
JB Chemicals and Pharmaceuticals' buyback offer opens today. The company plans to buy back up to 33.33 lakh shares at ₹390 a share from all the eligible shareholders holding them as on the record date, which is September 12. The offer, which is through tender route, will close on October 24. The promoters have expressed their intention to participate in the tender up to an aggregate maximum number of 28.37 lakh shares. Shares of the company were trading at Rs 305.15, up Rs 7.35 on the NSE.
Aviation companies' stocks gain on ATF duty cut hopes
Shares of Indian aviation companies climbed higher on Wednesday on hopes of aviation turbine fuel duty cut. There is a buzz in the market that Finance Ministry may submit a proposal to the Election Commission to cut excise duty on aviation turbine fuel (ATF) from 14 per cent to 8 per cent. Read more
Govt mulls Ordinance to tweak Companies Act to cover governance issues
The government may bring an Ordinance to implement changes in the Companies Act based on recommendations of a Committee under the Chairmanship of Corporate Affairs Secretary Injeti Srinivas to look into issues of corporate governance. Read more
SEBI allows foreign exchanges to hold 15% in share depository
The market regulator SEBI has allowed eligible foreign entities including stock exchanges to hold 15 per cent stake in depository participants in India. Earlier, foreign players were allowed to hold 15 per cent in domestic stock exchanges but none of them have scaled up their holdings to that mark so far as India’s exchange space is considered heavily regulated, experts say. Read more
‘The current correction is a very healthy one’
As panic-stricken investors look for clues in the market swings amid a sliding rupee, higher crude prices and governance issues in corporate groups, Raamdeo Agrawal, Chairman, Motilal Oswal Asset Management Company (MOAMC), says the current correction provides a rare decadal opportunity for investors to buy into private banking and NBFCs. Read more
All the indices are in the green with the exception to BSE IT index, which lost 46.45 points at 15,075.44
NSE TOP TEN LOSERS
NSE TOP 10 GAINERS
BSE benchmark Sensex rose over 400 points today following gains in auto, financial services, media, metals and banking stocks amid unabated buying by domestic institutional investors amid rupee recovery.
The 30-share index spurted 409 points, or 1.19 per cent, to 34,708.37. The barometer had lost 175 points on Tuesday.
Sectoral indices, led by capital goods, auto, oil and gas, metal and healthcare, rose up to 1.50 per cent.
The NSE Nifty too was up by 137 points, or 1.33 per cent, at 10,438.30.
BSE SENSEX CHART
Oil dips as IMF lowers global growth outlook
Oil prices edged lower on Wednesday after the IMF lowered its global growth forecasts but prices were supported as Hurricane Michael churned towards Florida, causing the shutdown of nearly 40 per cent of US Gulf of Mexico crude output. Read more
Option traders bet on out-of-the-money Bank Nifty contracts
Banking stocks declined on Tuesday, pushing the Bank Nifty index lower on the back of renewed selling by domestic financial institutions. The Bank Nifty October contract was down 137.65 points and ended at 24,575. The underlying value of the contract closed at 24,527.65. Read more
BSE benchmark Sensex rose nearly 300 points in early trade today following gains in auto, metals and banking stocks amid unabated buying by domestic institutional investors amid rupee recovery.
The 30-share index spurted 298.90 points, or 0.87 per cent, to 34,598.37. The barometer had lost 175 points on Tuesday.
Sectoral indices, led by capital goods, auto, oil and gas, metal and healthcare, rose up to 1.50 per cent.
The NSE Nifty too was up by 98 points, or 0.96 per cent, at 10,400.60.
Global debt levels reached $182 trillion in 2017: IMF
Global debt levels reached a record $182 trillion in 2017, having grown 50 per cent in the previous decade, but the picture looks less grim when public assets are taken into account, the International Monetary Fund said on Wednesday. Read more
The rupee was trading at 74.24 against the dollar in early trades today due to lesser dollar demand by importers. The domestic currency opened stronger at 74.18.
10 am
Sensex up 322 points
The Sensex and Nifty extended their gains in early trading on Wednesday. The Sensex was quoting at 34,621, up 322 points or 0.94 per cent higher. The Nifty was trading at 10,393, up 92 points or 0.90 per cent higher.
Funding crunch squeezes Dalal St bulls
The margin financing business in India’s stock market has come to a virtual standstill. Leading high net worth individuals (HNIs), known for taking big derivative bets, are staring at a huge debt pile-up on account of the sharp fall of 25-70 per cent in the past couple of months in the share price of Titan, Tata Motors, VIP Industries, DHFL, Edelweiss Financial, Symphony, DLF, Aptech, Escorts, Bombay Dyeing, JP Associates and Kaveri Seeds, among others, according to promoters of two large Mumbai-based financial services firms, who did not want to be named. Read more
Asian markets subdued
Asian shares steadied in early Wednesday trade after world stocks hit eight-week lows the previous day on worries about global economic growth, although the pound stayed firm on hopes for a Brexit deal. Read more
Today's Pick
Dhampur Sugar Mills (₹142): Buy
Investors with a short-term perspective can buy the stock of Dhampur Sugar Mills at current levels as the stock has rediscovered its bullish momentum. On Tuesday, the stock jumped 12.4 per cent accompanied with above average volume, breaching above the 200-day moving average. Read more
9.30 am
Amber Enterprises: Playing it cool - BUY
As a play on the increasing aspiration levels and consumption in the country, investors can buy the stock of Amber Enterprises, a contract manufacturer of room air-conditioners. With the penetration of room air-conditioners (RACs) in India at just 4 per cent, versus a global average of 30 per cent, the segment has considerable untapped opportunities. Read more
Sensex, Nifty open in the green
The benchmark indices Sensex and Nifty 50 opened in the green on Wednesday. The Sensex was quoting at 34,493, up 194 points. The Nifty 50 stood at 10,331.85, up 30.80 points or 0.30 per cent.
Rupee opens higher
The rupee opened higher at 74.18 on Wednesday on the back of exporters' selling of greenback.
At 9.10 am, the domestic currency was quoted at 74.2250 against the US dollar.
The rupee weakened to 74.39 at close of yesterday's trading session due to unabated foreign fund outflows.
9.05 am
Godrej Consumer Products: Gaining colour - BUY
With the bellwether indices plunging, many large-cap stocks have nose-dived in recent times, presenting an opportunity for long-term investors. Godrej Consumer Products (GCPL), a solid player, spells one such opportunity. The stock has lost over 25 per cent since it touched its one-year high of ₹979.8 on September 3. Read more
Day Trading Guide
Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:
₹1942 • HDFC Bank
| S1 | S2 | R1 | R2 | COMMENT |
| 1930 | 1915 | 1955 | 1970 | Fresh short positions are recommended with a stiff stop-loss only if the stock falls below ₹1,930 levels |
₹717 • Infosys
| S1 | S2 | R1 | R2 | COMMENT |
| 706 | 698 | 726 | 735 | Consider initiating fresh long positions with a fixed stop-loss if the stock moves above ₹726 levels |
₹268 • ITC
| S1 | S2 | R1 | R2 | COMMENT |
| 265 | 262 | 271 | 274 | A strong rally above ₹271 will a positive cue to initiate fresh long positions with a fixed stop-loss |
₹146 • ONGC
| S1 | S2 | R1 | R2 | COMMENT |
| 144 | 141 | 150 | 153 | Initiate fresh long positions with a tight stop-loss if the stock of ONGC rebounds up from ₹144 levels |
₹1090 • Reliance Ind.
| S1 | S2 | R1 | R2 | COMMENT |
| 1070 | 1050 | 1110 | 1130 | Fresh long positions are recommended with a fixed stop-loss only if the stock of RIL rallies above ₹1,110 levels |
₹262 • SBI
| S1 | S2 | R1 | R2 | COMMENT |
| 257 | 250 | 267 | 272 | Initiate fresh long positions with a tight stop-loss if the stock reverses higher from ₹257 levels |
₹2090 • TCS
| S1 | S2 | R1 | R2 | COMMENT |
| 2070 | 2050 | 2110 | 2130 | Fresh long positions can be initiated with a stiff stop-loss only if the stock of TCS climbs above ₹2,110 levels |
10314 • Nifty 50 Futures
| S1 | S2 | R1 | R2 | COMMENT |
| 10260 | 10210 | 10370 | 10420 | Consider initiating fresh long positions with a tight stop-loss only if the contract advances above 10,370 levels |
S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.
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