Closing bell
The S&P BSE Sensex slumped 345.56 points or 0.98 per cent to 34,812.99 and the Nifty50 dropped 103 points or 0.97 per cent to 10,482.20 on heavy selling in auto, oil & gas, PSU and power stocks amid firm European cues.
The rupee plunged to 73.07 as Brent crude jumped to $71.59 per barrel after Saudi Arabia announced a supply cut in December. Domestic sentiment was hit as investors turned cautious ahead of key inflation data to be released later in the day.
Top five Sensex losers were Tata Motors, Hero MotoCorp, PowerGrid, Maruti and Adani Ports, while the only five gainers were Tata Steel, Kotak Bank, Infosys, TCS and L&T.
Oil marketing companies and financials were the major losers. Hindustan Petroleum Corp Ltd was the top percentage loser on the NSE index with a drop of 6.73 per cent, while I ndian Oil Corp Ltd fell 4.66 per cent. Bajaj Finance Ltd closed 4 per cent lower.
European markets
European shares bounced back thanks to strong oil stocks, while tobacco firms were dented by new signs of regulators tightening the screws on menthol cigarettes. The pan-European STOXX 600 gained 0.2 per cent by 0826 GMT. Read more
Bullion prices
Gold prices recovered by Rs 80 to Rs 32,150 per 10 gram at the bullion market on fresh buying by jewellers to meet the wedding season demand even as the precious metal weakened overseas. Silver too ended higher by Rs 150 to Rs 38,150 per kg. Read more
Nifty auto, media and PSU bank stocks were the major losers.
Pre-close trade
The Sensex was trading lower by 267.73 points or 0.76 per cent at 34,890.82 and the Nifty down 77.05 points or 0.73 per cent at 10,508.15 on heavy selling in auto, PSU, oil & gas and power stocks amid firm European cues.
Major Sensex losers were Tata Motors, Hero MotoCorp, PowerGrid, Vedanta and Maruti, while the only four gainers were Kotak Bank, Tata Steel, Infosys and TCS.
Avenue Capital picks up 27% stake in Arcil
Avenue Capital has acquired 27 per cent stake in Asset Reconstruction Company (India) for an undisclosed sum. Following the investment, Avenue Capital will get a board seat in Arcil. Read more
Aviation stocks nosedive
Shares of J et Airways (India) Ltd,SpiceJet Ltd and InterGlobe Aviation Ltd fell between 3.9-6.6 per cent as oil prices jumped more than 1.5 per cent after top exporter Saudi Arabia announced a supply cut in December and other producers considered reductions heading into 2019. Read more
Global markets
Sterling fell, helping to boost the dollar to a 16-month high, amid mounting doubts over whether Prime Minister Theresa May can come up with a Brexit deal that would win the backing of the European Union and her own party. Read more
JSW Steel on a downward reversal mode
The stock of JSW Steel has been on a long-term uptrend since late 2015. Intermediate-term trend is also up. However, the stock reversed direction after recording a new high at ₹427 in mid-September 2018. Since then, it has been on a medium-term downtrend. Read more
Disappointed Q3 earnings
European companies are delivering their most disappointing earnings in nearly three years as a sluggish economy and rising costs take their toll on bottom lines, dealing another blow to investor confidence shaken by Italy's budget crisis and Brexit. Read more
RIL to invest Rs 3,000 cr more in Odisha
Reliance Industries will invest an additional ₹3000 crore through its “new businesses” in Odisha over the next three years, says the company’s Chairman and Managing Director Mukesh Ambani. The conglomerate has already invested ₹6,000 crore in the State. Read more
Sensex gainers, losers
Nifty gainers, losers
The Sensex was trading lower by 190.91 points or 0.54 per cent at 34,967.64 and the Nifty down 55.4 points or 0.52 per cent at 10,529.80 on heavy selling in auto, oil & gas, PSU and realty stocks amid firm European cues.
Investors turned cautious ahead of September IIP data and October inflation data due to be released later in the day. Weakening of rupee to 73.04 as Brent crude jumped to $71.59 a barrel after Saudi Arabia announced a supply cut in December dampened the trading sentiment.
Top five Sensex gainers were Tata Steel, Kotak Bank, Infosys, TCS and Sun Pharma, while the major losers were Tata Motors, Hero MotoCorp, PowerGrid, YES Bank and Adani Ports.
MCX gold, silver
Gold futures were trading higher by 0.36 per cent at Rs 31,408 per 10 grams due to creation of fresh positions by traders on positive global cues. Silver futures were higher by 0.52 per cent at Rs 37,071 per kg. Read more
Brent crude jumps 2%
Brent crude oil prices jumped 2 per cent after top exporter Saudi Arabia announced a supply cut in December. Brent crude futures were at $71.59 per barrel at 0644 GMT, up by 2 per cent from their last close. WTI crude futures rose 1.5 per cent to $61.08 per barrel. Read more
Nifty 50 November Futures (10,602)
Nifty 50 futures contract has been oscillating around 10,600 since Friday. The contract has been range-bound between 10,580 and 10,650. A breakout on either side of 10,580 or 10,650 will determine the direction of the next move. Read more
Rupee breaches 73/$ mark
The rupee breached the 73 per dollar mark due to increased dollar demand from importers and as Brent crude again crossed the $71 a barrel mark. Front-month Brent crude futures were at $71.59 per barrel at 0644 GMT, up by 2 per cent from their last close. Read more
Domestic shares were trading marginally lower as a weak rupee boosted IT stocks, but losses in financials and auto stocks capped the gains. The broader NSE index was down1.3 points or 0.01 per cent at 10,583.90, while the benchmark BSE index was lower by 50.28 points or 0.14 per cent at 35,108.27.
Asian shares drifted lower as signs of softening demand in China rekindled anxiety about the outlook for world growth, but Saudi Arabia's plans to cut production helped to halt a slide in oil prices.
Several factors, including the uncertainty around liquidity of non-banking financial companies, upcoming elections and ongoing corporate earnings, are bound to keep the market volatile, said Siddharth Sedani, head of equity advisory at brokerage firm Anand Rathi.
Investors were also cautious ahead of the release of index of industrial production data for September and inflation data for October later in the day. A Retuers poll found retail inflation likely slowed to its slowest pace in 12 months in October after food and fuel costs fell, keeping the official consumer prices gauge below the central bank's medium-term target for a third consecutive month.
Cadila shares marginally down
Zydus Cadila has received final approval from the US health regulator to market Nystatin and Triamcinolone Acetonide ointment, used in the treatment of fungal skin infection. Shares of Cadila Healthcare , the listed entity of the group, were trading down 0.04 per cent at Rs 360.20 on the BSE. Read more
Biocon shares down 1.6%
The USFDA has completed the inspection of its new manufacturing facility in Bengaluru without any observation. The company shares were down 1.63 per cent at Rs 629.95 on the BSE. Read more
Lupin shares up 1.5%
Lupin has received an establishment inspection report from the USFDA after the completion of Nagpur facility inspection. The company shares were trading up 1.5 per cent at Rs 867 on the BSE. Read more
Cipla shares gain 1.5%
Cipla has received final approval from the US health regulator for Valganciclovir tablets, used in the treatment of viral eye infection in AIDS patients. The company shares were trading up 1.51 per cent at Rs 534.75 on the BSE. Read more
Domestic shares erased their early gains as investors turned cautious ahead of release of index of IIP data for September and inflation data for October later in the day. Weakening of rupee to 72.97 as Brent crude breached the 71 a dollar mark dampened the domestic sentiment.
The Sensex was trading down 24.84 points or 0.07 per cent at 35,133.71 and the Nifty up 7.5 points or 0.07 per cent at 10,592.70.
Titan posts over 5-week intraday gain
Titan Company Ltd rose as much as 4.2 per cent to Rs 883.4, highest since November 2. The stock was among the top percentage gainers on the NSE index, posting sharpest intraday percentage gain since October 10. Read more
Tata Motors drops over 3%
Shares of Tata Motors fell as much as 3.3 per cent to a one-week low of Rs 188.9 as Jaguar Land Rover total retail sales fell 4.6 per cent in October. Tata Motors was among the top percentage losers on the NSE index. Read more
Gold holds steady near 1-month low
Spot gold was little changed at $1,209.57 per ounce at 0121 GMT. On Friday, prices fell to their lowest since October 11 at $1,206.13 per ounce. US gold futures were up 0.3 per cent at $1,211.7 per ounce. Read more
Asian markets
Asian shares drifted lower as signs of softening demand in China rekindled anxiety about global growth outlook, but Saudi Arabia's plans to cut production helped to halt a slide in oil prices. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.07 per cent, trimming earlier losses on a bounce in Chinese shares, but struggling to break into positive territory. Read more
Tata Sponge Iron
A supplier of sponge iron to steel producers, Tata Sponge Iron appears well-placed to benefit from favourable market conditions for steel and its raw materials. The company’s operating performance has been improving steadily over the past few years. Read more
FPIs infuse Rs 4,772 crore
Foreign investors have pumped in nearly Rs 4,800 crore into the Indian capital markets in the last five trading sessions, after pulling out hefty funds in October, amid cooling global crude oil prices and rising rupee. Read more
Rupee slumps to 72.89
The rupee weakened by 39 paise to 72.89 against the US dollar due to increased dollar demand from importers and as Brent crude again breached the $71 a barrel mark. Read more
Sensex gainers, losers
Nifty gainers, losers
Benchmark indices turned flat as investors turned cautious ahead of the release of index of industrial production (IIP) data for September and inflation data for October later in the day.
Domestic sentiment was also hit as rupee weakened to 72.86 on dollar demand from importers and as Brent crude breached the $71 a dollar mark. Oil prices rose about one per cent as Saudi Arabia announced a supply cut for December.
The Sensex was down 35.44 points or 0.1 per cent at 35,123.11 and the Nifty down 8.8 points or 0.08 per cent at 10,576.40.
Domestic indices were trading higher by nearly 0.3 per cent on heavy buying in IT, TECk and consumer durable stocks amid weak global cues. The Sensex was up 96.63 points or 0.27 per cent at 35,255.18 and the Nifty up 33.4 points or 0.32 per cent at 10,618.60.
BSE sectoral indices
NSE sectoral indices
Sensex gainers, losers
Nifty gainers, losers
The Sensex is trading higher by 126.79 points or 0.36 per cent at 35,285.34 and the Nifty up 44.35 points or 0.42 per cent at 10,629.55 on heavy buying in consumer durables, IT, TECk and metal stocks amid weak global cues.
Asian shares were down as soft Chinese economic data and falling oil prices rekindled anxiety about the outlook for world growth. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.17 per cent in early trade. Australian shares were down 0.08 percent, while Japan's Nikkei stock index eased 0.12 per cent.
9.15 am
Opening bell
The S&P BSE Sensex opened higher by 120.04 points at 35,278.59 against Friday's close of 35,158.55 and the Nifty50 up 35.45 points at 10,620.65 against the previous close of 10,585.20.
Weekly trading guide
SBI (₹283)
SBI began the week on a positive note but failed to sustain the momentum. The stock had reversed sharply lower from the high of ₹299.9. However, key supports are poised near current levels in the ₹281-280 region and then in the ₹278-276 zone. Though a test of these supports is possible, a strong break below ₹276 looks less likely. The 21-day moving average is on the verge of crossing over the 200-day moving average. This is a bullish signal, indicating that that the downside could be limited. As such, an eventual upward reversal either from the ₹281-280 or ₹278-276 support zones can take the stock up to ₹290 or 293. A further decisive break above ₹293 will trigger a fresh rally to ₹311. The bullish outlook will get negated only if SBI breaks below ₹276 decisively. The next target is ₹270. Traders with a medium-term perspective can go long at ₹282 and accumulate at ₹279. Stop-loss can be placed at ₹269 for the target of ₹308. Revise the stop-loss higher to ₹285 as soon as the stock moves up to ₹292.
ITC (₹277.2)
ITC has been oscillating around ₹280 over the last two weeks. The near-term view is mixed for the stock. Key near-term supports are at ₹276.5, ₹273.5 and ₹271. A break below ₹276 can take ITC lower to ₹273 and ₹271 in the near term. However, the outlook will turn negative only if the stock declines decisively below ₹271. In such a scenario, a fall to ₹265 or even ₹260 is possible in the coming days. On the other hand, if ITC manages to sustain above ₹276, a bounce to ₹288 or ₹290 can be seen in the near term. But, inability to breach ₹290 levels can drag the stock lower to ₹275 and ₹273 again. The short-term outlook will turn positive only if ITC manages to breach ₹290 decisively. This break can take the stock higher initially to ₹297 and ₹300 levels. A further break above ₹300 will pave way for the next target of ₹307. Traders holding long positions at ₹283 and ₹280 should remain cautious. Retain the stop-loss at ₹273 for the target of ₹298. Revise the stop-loss higher to ₹285 as soon as the stock moves up to ₹289.
Infosys (₹661.4)
After inching higher in the initial part of the week, Infosys tumbled over 2 per cent on Friday, giving back all the gains. The price action on the daily chart keeps the downtrend intact. Immediate support is at ₹655. A break below it can drag the stock lower to the crucial support region of ₹635 and ₹630. The presence of the 200-day moving average and the 38.2 per cent Fibonacci retracement level makes the ₹635-630 region a crucial support zone. If Infosys manages to bounce from this support zone, an up-move to ₹670 and ₹680 is possible. However, the outlook will continue to remain negative. An eventual break below ₹630 will drag the stock lower to ₹600 and ₹590. Traders can hold the short positions taken at ₹670 and ₹675. Retain the stop-loss at ₹710 for the target of ₹600. Revise the stop-loss lower to ₹665 as soon as the stock moves down to ₹655. The outlook will turn positive only if the stock manages to rise past the psychological level of ₹700. But such a strong up-move looks less probable at the moment.
RIL (₹1,093.3)
RIL inched higher for the second consecutive week. The stock was up 1.8 per cent last week. It made a high of ₹1,117 and has come-off slightly from there. The stop-loss on the short positions has been hit. Immediate support is at ₹1,085. If RIL manages to sustain above this support, an up-move to ₹1,135 or ₹1,140 is possible in the near term. Inability to breach ₹1,140 can pull the stock lower to ₹1,100 and 1,085 levels again. But a strong break above ₹1,140 will boost the momentum. Such a break can take the stock up initially to ₹1,175. A further break above ₹1,175 will then pave way for the next target of ₹1,200. On the other hand, if RIL declines below the immediate support level of ₹1,085, it can fall to ₹1,055. A break below ₹1,055 will then increase the likelihood of the down-move extending to the crucial medium-term and the 200-day moving average support level of ₹1,035. A bounce from this support can trigger a relief rally to ₹1,100 or even higher levels. But a break below ₹1,035 can drag RIL lower to ₹1,000 or ₹990.
Tata Steel (₹573.3)
Tata Steel surged over 2 per cent intra-week but failed to sustain higher. The stock made a high of ₹587 and has come-off, giving back all the gains, and closed the week on a flat note. An inverted head and shoulder pattern is visible on the charts. The neckline support of this pattern is poised in the ₹564-563 region. Though a dip to test this support zone cannot be ruled out, the outlook will turn negative only if Tata Steel declines decisively below ₹563. A strong break below ₹563 can drag the stock lower to ₹550 or even ₹540 in the coming weeks. But if Tata Steel manages to sustain above ₹563 and reverses higher, it can gain fresh momentum. In such a scenario, a rally to ₹595 or ₹600 is possible in the near term. Inability to breach the psychological level of ₹600 can trigger a pull-back move to ₹585 or even lower levels. But a strong break above ₹600 will see fresh buyers coming into the market. Such a break will then increase the likelihood of the stock targeting ₹625 and ₹640 thereafter.
Gurumurthy K
9.00 am
Index Outlook
The Sensex and the Nifty were almost flat last week. It would be wise to stay cautious. This week, macro economic data such as IIP, CPI and WPI will provide direction to domestic market. The rupee movement and price action of crude oil also need to be observed. Read more