US stocks tumbled at open on Thursday, as the arrest of a top executive of Chinese tech giant Huawei for extradition to the United States sparked fears of a flare-up in Sino-US tensions, while sliding oil prices added to the pressure.
Nifty has been making lower highs and lower lows from the last three sessions, and on Thursday broke two crucial supports of 10,777 and 10,650 levels. Now, till it holds below 10,777, it could extend weakness towards next meaningful support of 10,550 and then 10,480 zone. On the upside, immediate hurdle is seen at 10,650 and then 10,777 level
All the rallies should be utilised to create fresh shorts with initial targets placed around 10,191. For the time being, in an ideal scenario, the upside shall be capped at 10,747 but as the market heads for a binary event, traders should not be surprised if the bulls do not respect the 10,747 level on positive news flow. In any case, as of now, the 10,941 level looks like the intermediate top
A big bearish candle emerged just below the 200-DMA and this has reinforced the importance of the 200-DMA as resistance over coming days. As we approach Friday’s trade, it would be extremely crucial for the market to defend the 10,572 level
- Milan Vaishnav, Technical Analyst, Gemstone Equity Research and Advisory
Nifty cracked sharply as it opened below its 200-DMA at 10,750. The near-term oscillators are in the sell mode. Key internals of Indian market weakened on the back of poor sentiments. The index may fall towards 10,470-10,360
Frenzied selling in index pivotals pulled the key benchmark indices lower and pushed them to finally close the day with losses of over 1.50%. Investors are closely watching the meeting between the Opec and other top oil-producing countries, later in the week. Investors also turned cautious in the run-up to the announcement of five state elections' results next week. The outcomes of the five state elections will likely set the tone for the general elections next year. All the sectoral indices on the NSE closed with losses of over 1%
- Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas MF
Brent crude oil futures fall 5% to $58.49 per barrel, WTI falls 4.7% to $50.38
Markets have been behaving extremely volatile for the last one month and still there's no sign of slowing down, thanks to the upcoming events -- OPEC meet and assembly elections results. Such condition poses threat mainly to the traders as they end up losing on both sides. We suggest preferring hedged options trades instead of futures until market stabilises. Nifty has breached its crucial support at 10,700 and now 10,400 would act as cushion
Jayant Manglik, President, Religare Broking
CLOSING BELL: Sensex tanks 572 pts on global sell-off, Nifty manages to hold 10,600; Maruti plunges 5%, VIX jumps 5%
We are looking to balance oil market. All options on the table at Opec meet
- Saudi Energy Minister
Opec two-day meet
I don't need permission from any foreign govt to cut output: Saudi Energy Minister
JUST IN: Government to infuse Rs 3,054 crore in Allahabad Bank
The Reserve Bank of India (RBI) may cut key policy rates by 0.25 per cent either at the upcoming policy review in February or the one after that in April, Bank of America Merrill Lynch said Thursday.
For the second time in a row, the central bank maintained status quo on all key policy rates in the fifth bi-monthly monetary policy review announced Wednesday.
It had raised the repo rate, or the rate at which the RBI lends short-term money to the banks, twice by 0.25 per cent during its June and August policy reviews.
Top 10 BSE losers
Price as on 06 Dec, 2018 02:53 PM, Click on company names for their live prices.
Alembic Pharma to raise up to Rs 500 crore through NCDs
Drug firm Alembic Pharmaceuticals Thursday said it plans to raise up to Rs 500 crore through issue of non-convertible debentures (NCDs) on private placement basis.
The company's board of directors Thursday approved the issue of unsecured listed redeemable NCDs of up to Rs 500 crore on private placement basis under a shelf disclosure document in multiple tranches, Alembic Pharmaceuticals said in a filing to the BSE.
Shares of Alembic Pharmaceuticals were Thursday trading at Rs 615.90 per scrip on the BSE, down 2.05 per cent from their previous close.
Opec waiting for Russia before deciding how much oil to cut
Opec has made a planned cut in oil output effectively conditional on the contribution from non-Opec producer Russia, delegates said on Thursday as the group gathered in Vienna for a meeting aimed at supporting battered oil prices.
Five delegates said the group was waiting for news from Russia as Energy Minister Alexander Novak had flown back from Vienna for a possible meeting with President Vladimir Putin.
Novak returns to Vienna on Friday for talks between Opec and its allies, following discussions among OPEC producers on Thursday.
SoftBank Group Corp.’s 2.65 trillion yen ($23.5 billion) initial public offering for its telecom unit was fully subscribed, including an extra allotment of shares, people familiar with the matter said.
Their stock valuations may look a bit inflated, but analysts are latching on to them -- of course, with some rationale.
Graphite electrode majors HEG and Graphite India are making the numbers speak for themselves as both posted a manifold rise in bottom line as well as top line for the quarter through September.
The result: The stocks have rallied over 1,000 per cent in just a matter of 3 years!
The fact of the matter is fortunes of the graphite electrode sector are closely linked to electric arc furnace (EAF) method of steelmaking. Globally, the percentage of crude steel produced through the EAF route has gone up to 28 per cent in 2017, from 26 per cent in 2016.
These stocks scaled 52-week highs in a falling market
Price as on 06 Dec, 2018 01:05 PM, Click on company names for their live prices.
IT shares were trading in the negative zone with the Nifty IT index down 1.46 per cent at 14,793.45 on Thursday.
Shares of Tech Mahindra (down 3.78 per cent), NIIT Technologies (down 3.10 per cent), Tata Elxsi (down 2.83 per cent) and HCL Technologies (down 2.73 per cent) were trading lower.
Infibeam Avenues (down 1.48 per cent), MindTree (down 1.26 per cent) and Wipro (down 1.26 per cent) too were trading in the red.
Fitch sees Indian rupee weakening to 75 against dollar by end-2019
Fitch Ratings said on Thursday it expects the Indian currency to weaken to 75 rupees against the U.S. dollar by the end of next year on a widening current account deficit and tighter global financing conditions.
Despite a few recent advances, the rupee is on track for its worst yearly performance in five years in 2018 and a Reuters poll on Wednesday had forecast it to weaken further as uncertainty builds, heading into national elections due by May.
Maruti loses over Rs 9,500 crore in terms of m-cap
Top 10 NSE losers
Price as on 06 Dec, 2018 11:49 AM, Click on company names for their live prices.
IL&FS Investment Managers' board appoints 2 new additional directors
IL&FS Investment Managers, part of the debt-laden IL&FS group, Thursday said its board has approved appointment of Nand Kishore and Kaushik Modak as additional directors in the company. Kishore and Modak have been appointed to the board in the capacity of nominee directors of Infrastructure Leasing & Financial Service. Shares of IL&FS Investment Managers were trading 3.94 per cent lower at Rs 6.59 apiece on BSE. (Source: PTI)<br />
Infosys inaugurates new technology, innovation hub in US
IT firm Infosys Thursday announced inauguration of its new technology and innovation hub in Hartford in the US. The company also announced that it has hired more than 7,000 American workers in the last 18 months as a part of its ongoing commitment to accelerate the pace of digital innovation for American enterprises. (Source: PTI)
Sagar Cements climbs 3% on reports of new acquisitions
Shares of Sagar Cements climbed over 3 per cent in morning trade on Thursday after the company said it was increasing its stake in Odisha-based Jajpur Cements and MP-based Satguru Cement.
Sagar Cement will acquire the entire shareholding of Jajpur Cements from the current promoters and obtain requisite approvals to construct a 1.5 MTPA cement grinding facility, the company said in a regulatory filing.
The company will invest Rs 150 crore in Satguru Cement to set up a green field cements manufacturing plant of 1 million tonne capacity along with a waste heat recovery power plant at Rs 426 crore.
Shares of Power Grid Corporation climbed 1 per cent in early deals on Thursday in a bearish market on reports of bagging a project in Uttar Pradesh.
Power Grid Corporation bagged a project to set up a system for transmission of electricity from the 1,320 MW Jawaharpur thermal power project and to construct a 400 kV substation at Firozabad in UP along with associated transmission lines.
US index futures lurched lower, signaling no respite to the rout that’s lopped more than $3 trillion from the market since late September.
<br />S&P 500 Index contracts slumped as much as 1.9 per cent from Tuesday’s close, before trading at 2,663, down 1.4 per cent, as of 11:21 a.m. in Singapore. Selling pressure early in the session was so intense that it forced CME Group to intermittently pause trading, according to a spokesperson for the exchange.<br />
A key monitoring committee of Opec and its allies, including Russia, agreed on Wednesday on the need to cut oil output in 2019, two sources familiar with the decision said, adding that debates about volumes and the baseline for cuts were ongoing.
Check out the most active stocks on NSE
Price as on 06 Dec, 2018 09:26 AM, Click on company names for their live prices.
The good & the bad of 2018
If I was to pick 1 bad investment mistake of 2018 for myself it was Prakash Industries. Cheap can get cheaper w/o g… https://t.co/Ugp5NvkTHo
OPENING BELL: Sensex drops over 200 points, Nifty50 nears 10,700; IOC down 3%
Stocks in news: Future group,Power grid, Sagar Cements and more
Pre-open session: Sensex down 200 pts, Nifty below 10,750
Pre-open session: Sensex down 200 pts, Nifty below 10,750; Rupee trades at 70.80 against the dollar
Nifty futures hint at a weak start
Nifty futures on the Singapore Exchange were trading 87.50 points or 0.81 per cent lower around 7.50 am indicating a poor start for Nifty back home.
Tech View: Nifty forms bearish candle
In line with subdued global cues, the domestic equity market had a gap-down opening on Wednesday before signing off the session with a bearish candle on the daily chart. The Reserve Bank of India’s monetary policy outcome added additional volatility. For Thursday’s session, the 200-DMA level at 10,749 will be crucially important to watch for. This level also coincides with important pattern supports and almost acts as a proxy trend line.
Global markets dip
US stock futures and Asian shares tumbled on Thursday after Canadian authorities arrested a top executive of Chinese tech giant Huawei for extradition to the United States, fanning fears of a fresh flareup in tensions between the two superpowers. S&P500 e-mini futures fell almost 2 per cent at one point in thin Asian morning trade and were last were down 1.2 per cent. US markets were closed for trade on Wednesday.
Oil prices ease ahead of Opec meet
Oil prices dipped on Thursday in tepid trading ahead of a meeting by producer group Opec that is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30 per cent since October. US West Texas Intermediate (WTI) crude futures were at $52.57 per barrel at 0109 GMT, down 32 cents, or 0.6 per cent, from their last close. International Brent crude oil futures were down 17 cents, or 0.3 per cent, at $61.39 per barrel.
Rupee rises 3 paise to 70.46 against dollar
The rupee ticked higher by 3 paise to 70.46 against the US dollar Wednesday amid weakness in the greenback and easing crude oil prices. Forex traders said the rupee's rise was supported by dollar-selling by exporters and banks.
Tribunal rejects I-T move on penny stocks
The Income Tax Appellate Tribunal (ITAT) has quashed one of the first orders issued by the tax department in relation to the use of penny stocks for money laundering purposes. The tribunal, in a 20- page order, said merely producing evidence of purchase and sale of shares was insufficient to prove any wrongdoing. This judgment is a major setback for the central government’s crackdown against use of listed platform for money laundering and tax evasion, said lawyers.
Analysts cut price target of Shankara by up to 60%
Much-hyped building product retailer Shankara Building Products has destroyed nearly 72% of investor wealth in the past nine months despite 10 analysts tracking the stock giving buy recommendations. The stock, which was trading at Rs 1,945 in April, closed at Rs 579.60 on Wednesday. In the past 15 days, almost all brokerages have cut their target price by up to 60% and EBITDA by 25% for next two years.
FIIs & DIIs turn net sellers
FIIs sold equities worth Rs 357.82 crore while DIIs offloaded shares worth Rs 791.59 crore on Wednesday, data available with the NSE showed.