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Economic Times | 13 Sep, 2019 | 07.57PM IST

Traders’ Diary: Nifty likely to soon test 11,150

BSE benchmark Sensex rose 280 points for the day to close at 37,384 points while NSE’s 50-share Nifty climbed 93 points to 11,075.

!1 New UpdateClick here for latest updates
07:57 PM

Markets Podcast: What may guide your market next week

05:43 PM

Nifty surpassed the 11,080 level on the back of major contribution from banks and PSU stocks, specifically on the news of government selling stake in BPCL to a foreign company. Advance decline ratio stood at 2:1, even though the volumes were low. Based on weekly and daily formation of Nifty, it is clear that we are heading to hit the level of 200-day SMA, which is at 11,200. Strategy should be to add long in largecaps and midcaps with a stop loss at 10,940

- Shrikant Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities

05:39 PM

Subdued inflation kept hopes alive of a rate cut and positive vibes to support the auto sector lifted the market. Broadbased recovery in rate sensitive stocks fueled domestic market, while additional policy measures from European Central bank powered global peers

- Vinod Nair, Head of Research, Geojit Financial Services

04:57 PM

Nifty opened flat and struggled in the early hours. However, the index later gained momentum and closed 93 points higher. Nifty futures closed above falling trendline, implying if 11,050 level is held, then a move towards 11,200-11,250 can be expected in the coming sessions

- Gaurav Bissa, AVP Derivatives & Technicals, LKP Securities

04:43 PM

Nifty bounced back with strong market breadth as there was wide participation from midcaps and smallcaps. The undertone continues to remain on the positive side. Index is in a recovery mode and there are more legs on the upside. Nifty is likely to test the 11,300-11,500 zone on the upside. Traders should look to position on the long side. We have been contra on the index since 10,750 and have been recommending long for 11,300-11,500. We continue to maintain our bullish stance

- Amit Shah, Technical Research Analyst, Indiabulls Ventures

04:33 PM

Market recovered sharply on Friday and gained nearly a per cent amid volatility. We reiterate our bullish view and expect Nifty to test 11,150 shortly. Having said that, it’s still in a broader range thus focusing on stock selection and trade management makes more sense. In absence of any major domestic event, global cues will continue to dictate market trend

- Ajit Mishra Vice President, Research, Religare Broking

03:34 PM

CLOSING BELL: Private bank, oil stocks push Sensex 281 points higher; Nifty ends at 11,076; MRPL jumps 8%, BPCL 6%

CLOSING BELL: Private bank, oil stocks push Sensex 281 points higher; Nifty ends at 11,076; MRPL jumps 8%, BPCL 6%
03:05 PM

India's growth rate weaker than expected: IMF

02:56 PM

BEML sets up bogie traction motor run test facility for Metro

Price as on 13 Sep, 2019 02:56 PM, Click on company names for their live prices.
02:32 PM

Fertilizer stocks rise; Aries Agro surges 18%

Most fertilizer stocks were trading in the green in Friday's afternoon session. Shares of Aries Agro (up 17.46 per cent) , Khaitan Chemicals & Fertilizers (up 7.46 per cent) , Zuari Agro (up 5.78 per cent) , Fertilizers & Chemicals Tranvancore (up 3.83 per cent) , Basant Agro Tech (India) (up 2.96 per cent) and Rama Phosphates (up 1.86 per cent) were among the top gainers.
02:11 PM

Sensex stages a rebound; top gainers

Price as on 13 Sep, 2019 02:11 PM, Click on company names for their live prices.
02:04 PM

RBI likely to go for further policy easing on Oct 4

The Reserve Bank of India is expected to go for a further rate cut in the next month's monetary policy review as inflation is expected to pan out in line with the central bank's projection, experts say. According to global as well as domestic brokerages, moderating inflation and a negative output gap are likely to open the door for an accommodative monetary policy.
01:23 PM

Crude oil futures up on spot demand

Crude oil prices rose 0.18 per cent to Rs 3,906 per barrel in futures trade Friday as speculators raised their exposure on firm spot demand. On the Multi Commodity Exchange, crude for September contracts went up by Rs 7, or 0.18 per cent, to Rs 3,906 per barrel in a business turnover of 26,861 lots.
01:04 PM

European stocks steady after ECB stimulus boost

European shares were roughly flat in early trading on Friday, on course for a fourth straight week of gains after the European Central Bank took strong action on economic growth and signaled governments should also do more.
12:51 PM

Traders are advised to wait and avoid aggressive long bets until we see significant buying interest for the upside. A breakout above 11,141 could lead to an upside towards 11,300–11,400. However, a breach of 10,740 would bring the bears back on the front seat, which will pull the index back to the 10,600 level. To conclude, for the time being, the Nifty is likely to remain in the range of 10,740–11,100, and a move on the either side would dictate the further trend

- IndiaNivesh Securities

12:34 PM

Nikkei hits 4-month high on US-China trade hopes, ECB stimulus

Japan's Nikkei share average rose to a fresh four month-high, as signs of thawing in U.S.-China trade tensions and the European Central Bank policy easing tempered worries about a global economic slowdown. The benchmark Nikkei advanced 1.1 per cent to 21,988.29, marking its highest close since May 7. For the week, the index advanced 3.7 per cent, to post its biggest gain in eight months.
12:19 PM

We reiterate our view that the MPC will cut the repo rate by up to 75 bps through the rest of FY2020, with the possibility of 40 bps in the October policy.

- Kotak Institutional Equities

12:04 PM

Altico defaults on interest payment, raises concern

Foreign private equity-backed Altico Capital, an NBFC with more than Rs.4,000 crores of outstanding loans, has missed interest payments raising the spectre of another round of mark down of asset value by lenders and further restricting funding for the industry.
11:56 AM

YES promoters seek probe against short sellers hammering the stock

Yes Capital and Morgan Credit have written to the Surveillance and Investigation Department, National Stock Exchange, asking them to investigative and act against rumours spread against Yes BankNSE -4.34 %, causing damage to share value and opening up the field to short sellers.
11:34 AM

Top 10 NSE gainers

Price as on 13 Sep, 2019 11:34 AM, Click on company names for their live prices.
11:20 AM

US, China tariffs could lower global GDP by 0.8% in 2020: IMF

US, China tariffs could lower global GDP by 0.8% in 2020: IMF
11:14 AM

Pakistan may face serious financing issues: Moody's

Moodys credit rating agency has placed Pakistan among countries that might face serious financing issues in the extreme scenario under the ongoing US-China trade tensions as Islamabads reliance on foreign currency borrowing and thin reserve coverage of external debt payments have weakened its debt affordability.
11:13 AM

4 top stock ideas from global brokerages

JP MORGAN ON INFOSYS
Maintains Overweight, Target at Rs 850/share
Confident tone standing out in this environment
Infosys is still be an attractive stock in the “risk off” mindset
Expects Infosys’s revenue growth to moderate in FY21

CITI ON JSPL
Maintains BUY, Target at Rs 188/share
Annual Report shows strong Operating Cash flows
Citi opens a +ve catalyst watch on stock
New power PPAs likely to lead to stock price out-performance

GOLDMAN ON MOTHERSON SUMI
Upgrades Motherson Sumi to BUY, Target at Rs 121/share
40 fall in stock price has bought valuation down
Stock is closer to trough valuation
Solid order book to support wallet share gains

CLSA ON GLENMARK
Negative FCF; cumulative debt of Rs27bn due by FY22
Reorganisation into three different entities
Cumulative debt repayment of Rs27bn due by FY22
Consensus is underestimating the margin pressure from muted revenue growth
SELL rating on the stock with an unchanged TP of Rs350

11:05 AM

BoB to consider raising funds via bonds next week

Price as on 13 Sep, 2019 11:05 AM, Click on company names for their live prices.
10:57 AM

Aug CPI at 3.2%: Rising case for 50 bps RBI rate cut , says BofAML

  • August inflation posted a lower than expected 3.2%. Core is a reasonable 4%. We track 3.6% in September on higher agflation.

  • RBI MPC may cut by 35bp on Oct 4 & 15bp by Dec, pause, and cut 40bp to 4.5% repo rate by Sept 2020, if global growth weakens.

  • We see case for 50bp RBI cut on Oct 4, on 1. weak growth; and 2. time running out for lending rate cuts as busy season nears.

10:31 AM

Gold’s next hurdle to kick in at Rs 40,300

The prices of gold, of which India became the biggest consumer in the June quarter surpassing Greater China, could cross Rs 40,000 per 10 gram even without taxes, data on a premier commodities exchange showed.
Gold’s next hurdle to kick in at Rs 40,300
10:26 AM

DHFL slips over 2% on fresh payment default

Shares of Dewan Housing Finance Corporation (DHFL) declined over 2 per cent in Friday’s trade after the company reported a fresh case of default amounting to Rs 196.65 crore on bond repayment obligation.

The scrip was trading 2.70 per cent down at Rs 49.65 in the early trade.

The default by DHFL is towards principal and interest on non-convertible debentures (NCDs) worth Rs 350 crore issued by it, DHFL said in a regulatory filing on Thursday.
10:23 AM

F&O Update: All banking stocks decline except for Kotak Bank and ICICI Bank

10:19 AM

Major buying/selling by mutual funds in August 2019

Major buying/selling by mutual funds in August 2019
10:10 AM

Rupee rises 26 paise to 70.88 against US dollar in early trade

  • The Indian rupee appreciated by 26 paise to 70.88 against the US dollar in early trade on Friday as easing trade tensions between US and China strengthened investor sentiments.

  • Forex traders said fall in global crude oil prices and fresh foreign fund inflows also enthused investors.

  • US Treasury Secretary Steven Mnuchin on Thursday said that US wants to make 'meaningful progress' in China trade talks.

  • At the interbank foreign exchange the rupee opened at 70.94, then gained further ground and touched a high of 70.88, registering a rise of 26 paise over its previous close.
09:53 AM

Podcast: Let's talk business & markets

09:44 AM

YES Bank, Tata Motors, Cox & Kings among most active stocks on NSE

Price as on 13 Sep, 2019 09:44 AM, Click on company names for their live prices.
09:20 AM

OPENING BELL: Sensex declines 45 pts, Nifty flat; YES Bank drops 3%, SBI 1%

OPENING BELL: Sensex declines 45 pts, Nifty flat; YES Bank drops 3%, SBI 1%
09:02 AM

Pre-open session: Sensex gains 140 points, Nifty tops 11,000

Sensex gains 140 points, Nifty tops 11,000; rupee trades at 70.96 against dollar.
08:37 AM

Singapore trading sets stage for positive start

Nifty futures on the Singapore Exchange were trading 8.50 points, or 0.08 per cent, higher at 11,000, indicating a positive start for Dalal Street.
08:36 AM

Tech view: Nifty may consolidate with bias positive

Nifty negated the formation of higher lows of last four days. The index needs to surpass its multiple hurdles in the 11,111-11,141 range, else it may get stuck in a broader trading range, said Chandan Taparia of Motilal Oswal Securities.
08:36 AM

Asian shares gain in early trade

Asian stocks advanced on Friday as hints of progress in the US-China trade dispute and aggressive stimulus from the European Central Bank helped to counter worries about a global economic slowdown. MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.2 per cent, while Japan's Nikkei rose 0.4 per cent.
08:36 AM

Oil falls as trade tensions haunt

Oil futures fell on Friday as optimism over an end to the U.S.-China trade war faded, leaving prices set for a weekly loss after days of wild gyrations. Brent crude was down 17 cents, or 0.3 per cent, at $60.21 a barrel. Gloom over the dispute between Washington and Beijing left investors shrugging off a commitment from Organization of the Petroleum Exporting Countries (OPEC) producers to trim output, with more signs emerging that global economic growth is being stunted by the trade row.
08:36 AM

US stocks settled higher

US stocks closed higher, as Wall Street digested the fresh monetary decision of the European Central Bank (ECB), the latest development on US-China trade scenario and a batch of economic data.The Dow Jones Industrial Average imdex rose 45.41 points, or 0.17 per cent, to 27,182.45. The S&P 500 index added 8.64 points, or 0.29 per cent, to 3,009.57. The Nasdaq Composite index increased 24.79 points, or 0.30 per cent, to 8,194.47.
08:36 AM

Interim trade deal with China not on table: US

President Donald Trump’s trade advisers are not considering an interim trade deal with China that could delay some US tariffs, CNBC reported on Thursday, rebutting a Bloomberg report that a limited deal was under consideration. A senior White House official said an interim deal was ‘absolutely not’ on the table, CNBC reported.
08:36 AM

ECB cuts interest rate

The ECB approved a fresh stimulus package as expected, cutting interest rates and approving a new round of bond purchases to prop up euro zone growth and halt a worrisome drop in inflation expectations. The ECB cut its deposit rate to a record low of minus 0.5 per cent from minus 0.4 per cent and will restart bond purchases of 20 billion euros a month from November, it said in a statement.
08:35 AM

IIP growth, inflation go up

Factory output growth accelerated in July by 4.3 per cent from a rise of 1.17 per cent reported for June. The retail inflation in August showed a marginal rise to 3.21 per cent from 3.15 per cent in July. Nonetheless, the Consumer Price Index (CPI) in August was lower than the corresponding month of the last year when retail inflation stood at 3.69 per cent.
08:35 AM

Retail bid for SBI Life OFS today

State Bank of India has decided to offload 4.5 per cent in SBI Life Insurance for about Rs 3,515 crore, which is 1.4 per cent over the floor price fixed for the offer for sale, sources familiar with the process said. The two-day offer opened on Thursday and has seen non-retail investors bid aggressively for SBI Life shares, prompting SBI to exercise the option to retain oversubscription up to 10 million shares, over the 35 million base shares put on offer.
08:34 AM

FIIs buy Rs 784 crore worth equities

Net-net, foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 784 crore on Thursday, data available with NSE suggested. DIIs were net sellers to the tune of Rs 127 crore, data suggests.
08:34 AM

Sensex on Thursday

BSE benchmark Sensex settled at 37,104, down 167 points or 0.45 per cent with 22 constituents in the red. NSE's Nifty gave up the 11,000 mark to end the day at 10,982, down 54 points or 0.49 per cent.
08:33 AM

Good Morning, dear reader! Here's something to kickstart your trading day

Good Morning, dear reader! Here's something to kickstart your trading day
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