Traders’ Diary: Improving market breadth a big positive
Sensex and Nifty advanced mainly on gains in financial counters amid firm global cues. Sensex closed 164 points higher at 37,145, while Nifty rose 56.85 points to 11,003.
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Evening Podcast: Can Dalal Street extend this rally?
A bigger thrust for Nifty shall be expected on a close above 11,042. In such a scenario, the index can initially head towards its 50-day EMA at 11,174. Traders who are already long should continue to hold their bets
- Mazhar Mohammad, Chartviewindia.in
Both Nifty and Bank Nifty surpassed the high of the ‘Dragonfly Doji’ pattern formed on the weekly chart and have closed above the same, thus confirming a trend reversal. Nifty may head towards the 11,100-11,180 zone soon
- Ruchit Jain, Angel Broking
Most of the near-term metrics are in the ‘buy’ mode and support extension of the ongoing rally. The index has the potential to move towards the 11,130-11,200 zone over the next few sessions
- Arun Kumar, Reliance Securities
Nifty formed a bullish candle on the daily scale as sustained buying interest was seen for most part of the session. It is forming higher highs- higher lows from past three trading sessions and supports are gradually shifting higher. Now it has to continue to hold above 10,950 zones to extend bounce towards 11,111 and then 11,141 mark. On the downside, supports are seen at 10,900-10,850
- Siddhartha Khemka, Head - retail research, MOFSL
Nifty has shifted support to 10,950-10,900 zone and resistance now is coming near 11,070-11,130 zone. If it manages to sustain above 11,000, Nifty can see adecent move towards 11,200 in the near term
- Rohit Singre, Senior Technical Analyst, LKP Securities
Confidence of domestic investors or mutual funds have helped the market to close higher. Total net equity inflows increased 12.30% in August 2019 which has triggered buying in broader market. If we track Advance/Decline ratio of the last 4 days, then it is clearly visible that the broader market is improving and that would minimise the down side for the market
- Shrikant Chouhan, Senior Vice-President, Equity Technical Research
Nifty formed a bullish candle on the daily scale amid sustained buying interest for most part of the session. The index has been forming higher highs and lows from past three sessions and supports are gradually shifting higher. Now it has to hold above 10,950 to extend its bounce towards 11,111 and then 11,141 levels, while on the downside supports are seen at 10,900 and then 10,850 levels
Mostly sectoral indices, barring IT, participated in the move and the market breadth too was inclined on the advancing side. In the absence of any major event, domestic macroeconomic data and global cues would dictate the market trend ahead. We expect recovery to extend further and Nifty to retest 11,150. Traders should prefer private banks, auto and infra counters for long trades while defensive viz. pharma and FMCG may continue to trade lacklustre
CLOSING BELL: Bank, FMCG stocks give Sensex 164-pt lift, Nifty tops 11,000; YES Bank climbs 4%, Maruti 3%
Top 10 NSE losers in afternoon session
Price as on 09 Sep, 2019 02:47 PM, Click on company names for their live prices.
McLeod Russel seeks debt restructuring
Bulk tea producer McLeod Russel India, a part of the Williamson Magor group, is in talks with the bankers for restructuring its debt, a company official said on Monday.
The company's short and long-term debt amounts to around Rs 1,700 crore.
CCI clears Mitsubishi's stake hike to 25% in TVS Automobile Solutions
The Competition Commission of India (CCI) on Monday said it has given nod to Japan-based Mitsubishi Corporation for increasing stake in TVS Automobile Solutions to 25 per cent. The CCI in a tweet said it "approves increase in shareholding of Mitsubishi Corporation in TVS Automobile Solutions Private Limited from 3.26 per cent to 25 per cent". "The parties submit that MC (Mitsubishi Corporation) and TASL (TVS Automobile Solutions Private Ltd) are not engaged in the production/sale of any similar or substitutable products or services in India.
Investment advice from Arun Thukral
If you wish to build wealth in the long term, investing in #equity directly through stocks or indirectly through mu… https://t.co/IHiTeCEqKH
Fair trade regulator Competition Commission of India (CCI) on Monday said it has cleared the acquisition of equity share capital of Quess Corp by Amazon.com NV Investment Holding LLC. Quess Corp in a regulatory filing on July 12 had said its board has approved the issuance of over 7.54 lakh equity shares to Amazon.com NV Investment Holdings LLC for an aggregate amount of around Rs 51 crore at an issue price of Rs 676 apiece by way of a preferential allotment.
Top 10 NSE gainers in the afternoon session
Price as on 09 Sep, 2019 01:21 PM, Click on company names for their live prices.
As a stock investor, how would you rate first the 100 days of Modi 2.0 on a scale of 1 to 10, with 10 being the best and 1 the worst?
European shares inch up on strong German data, stimulus hopes
European stock markets opened slightly higher after data showed a surprise rise in German exports and on firmer expectations of a stimulus by the European Central Bank later this week.
Japanese stocks end at 5-1/2-week high on global stimulus hopes
Japanese shares hit a 5-1/2-week closing high on Monday, supported by hopes that stimulus from the world's largest economies would help stave off a global recession.
Prime Minister Narendra Modi may have scored high marks on many fronts in the first 100 days of his second term, but Dalal Street has been left whining.
This period has turned out to be a very disappointing one for stock investors, as a relentless selloff wiped off over Rs 14 lakh crore of equity investors’ wealth after the initial feel-good mood that the NDA’s thumping poll victory had created.
Passenger vehicle sales decline for 10th straight month; down 31.57% in Aug
India's domestic passenger vehicle sales fell for the tenth straight month in August, declining 31.57 per cent to 1,96,524 units from 2,87,198 units in the year-ago period. Domestic car sales were down 41.09 per cent to 1,15,957 units as against 1,96,847 units in August 2018, according to data released by the Society of Indian Automobile Manufacturers (SIAM) released on Monday.
We may like midcaps and small caps very much but the life term of smallcaps is over. It is done and dusted. Let us not even waste time putting money there in the hope of a revival.
Up 35% in 2 months: This investment option is the flavour of the season
Silver, the white metal, has suddenly become a preferred bet for commodity investors over gold as was evident from the steep fall in the gold-to-silver ratio, which hovered at its lowest level since August 3, 2018.
Satyam case update
SAT overturns Sebi order to bar Price Waterhouse for 2 years
JUST IN: Manpasand Beverages to conduct forensic audit of past 3 fiscal years
Nifty reclaims 11,000
Ashok Leyland to observe non-working days at various plant locations during Sept
CLSA has a buy call on Dabur & L&T, here's why
CLSA ON DABUR
Maintains BUY rating despite near-term slowdown
Dabur’s CEO has a single-minded focus on mainstreaming Ayurveda
Strategies are directed towards this objective as healthcare has taken centre-stage with Govt policies
Mgmt recognises the current issues around portfolio, A&P, HR, NPD
Word of caution for the near-term due to the tough macro environment
Maintains 'buy' target at Rs 515
CLSA ON L&T
L&T’s losing businesses hurt consolidated PAT by 14% of FY19
Fixing losses: InvIT, Asset/stake sale, Nuke orders help, Hyd Metro hurt
Hydrocarbon turned decisively; Middle East (ME) profitable
Shipyard struggles; New strategy has enough steam left
Maintains 'buy' target at Rs 1,730
Ruchi Soya hits upper circuit as Patanjali set to infuse Rs 3,438 crore
Shares of Ruchi Soya hit 5 per cent upper circuit limit on Monday after the company informed bourses that the National Company Law Tribunal (NCLT), Mumbai has approved Patanjali’s resolution plan of Rs 4,350 crore with certain modifications.
The company said that Patanjali group will infuse Rs 204.75 crore as equity and Rs 3,233.36 crore as debt. It will infuse another Rs 900 crore through the subscription of non-convertible debentures and preference shares in the SPV. It will also provide a credit guarantee of nearly Rs 12 crore.
Fundamentally, the market is still trading above it's fair value that would attract selling pressure at each psychological resistance levels like 11,000 and 1,1100 etc. Technically, across the globe the markets are forming higher bottom that would minimize down side for the market. For the week, Nifty would remain between 10800 and 11100. Sector specific we need to focus on Metal sector and Pharmaceuticals.
- Ashish Nanda EVP & Business Head - PCG, Commodities and Currency Business, Kotak securities
First 100 days of Modi govt not too enthusing for Indian markets
First 100 days not too enthusing for Indian markets https://t.co/BsTJp5DESq
Sensex jumps 130 points, Nifty above 10,950; rupee trades at 71.71 against dollar.
Singapore trading sets stage for positive start
Nifty futures on the Singapore Exchange were trading 25 points, or 0.23 per cent, higher at 10,984.50, indicating a positive for Dalal Street.
Tech view: Nifty forms Dragonfly Doji candle
On the weekly scale, the index formed an indecisive 'Dragonfly Doji' candle, but the momentum looks slightly in favour of the bulls. The index needs to hold the 10,850-70 levels to keep the positive momentum alive.
Asian shares eke out modest gains
Asian stocks eked out modest gains on Monday, amid a cautious market mood as investors pinned expectations on likely stimulus to support growth in the world's major economies, which showed further signs of struggle. Australian stocks edged up 0.1 per cent, South Korea's KOSPI rose 0.8 per cent and Japan's Nikkei was up 0.5 per cent.
Oil up as Saudi signals OPEC cuts to continue
Oil rose after a Saudi official said there would be no change in Saudi Arabia's OPEC policy as Prince Abdulaziz bin Salman was made the new energy minister for the world's biggest crude exporter over the weekend. Brent was up 7 cents at $61.61 a barrel.
US stocks settled mixed on Friday
US stocks closed mixed on Friday as investors digested Federal Reserve Chairman Jerome Powell's speech as well as major economic data. The Dow Jones Industrial Average was up 69.31 points, or 0.26 per cent, to 26,797.46. The S&P 500 rose 2.71 points, or 0.09 per cent, to 2,978.71. The Nasdaq Composite Index fell 13.75 points, or 0.17 per cent, to 8,103.07.
US Fed repeats vow to act ‘as appropriate’
The US Federal Reserve will continue to act “as appropriate” to sustain the economic expansion in the world’s biggest economy, Fed Chair Jerome Powell said Friday in Zurich, sticking to a phrase that financial markets have read as signaling further interest-rate reductions ahead.
FIIs sell Rs 957 crore worth equities
Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 957 crore on Friday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 1,207 crore, data suggests.
Sensex on Friday
BSE benchmark Sensex rose 162 points or 0.44 per cent to 36,725 while NSE Nifty settled the day at 10,845, up 47 points or 0.43 per cent. The advance-decline ratio on BSE stood close to 1:1.
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