Traders’ Diary: Nifty trading range at 8,500-9,500 levels
Bajaj Auto, Maruti Suzuki and Hero MotoCorp were the top Sensex gainers.
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The man who saw the stock selloff coming now has no time for lockdown
We expect Nifty to scale the 9,320-9,600 zone. On the downside, immediate short-term support is placed at around 8,650-8,350. The daily and weekly strength indicator, both RSI and Stochastic, have turned bullish along with positive crossover, which supports bullish sentiment ahead
- Rajesh Palviya, Axis Securities
The 9,000 level will act as strong support in the coming week. If Nifty holds above this zone, then we may see it march towards immediate resistance of 9,350-9,500 zone
- Rohit Singre, Senior Technical Analyst, LKP Securities
The 9,200-9,300 zone will be a key resistance area. The daily momentum indicator has completed the pullback cycle till the equilibrium line. Also, the intraday momentum indicator is showing signs of weakness. Once the weakness gets reflected into the price action then the traders can start building short positions. On the downside, 8,900-9,000 is immediate support zone
Cognizant will miss the top end of its first-quarter revenue outlook and the IT services firm withdrew its full-year guidance, as the Covid-19 pandemic takes a toll on its business. The company also drew down on $1.74 billion in debt to boost its financial flexibility and has stopped share buybacks.
Indian market in sync with Global markets was up again today on expectations of infections peaking out and more stimulus measures. This uptrend seems to be a short-term bear market rally and may not be sustainable. In India, there is speculation that the package may help worst affected sectors and MSMEs may get some relief in the package to be announced
- Vinod Nair, Head of Research at Geojit Financial Services
CLOSING BELL: Sensex surges 1,266 points, snaps 7-week losing streak; Nifty tops 9,100; M&M, Maruti rally up to 17%
SENSEX SURGES 1,300 POINTS
The Sensex is poised to close this holiday shortened week with a strong uptick of 12% as global markets bounced back on initial signs of peaking out of Covid-19 infections in major hotspots like Italy and the US. While the trajectory of Covid-19 infections in India is now getting steeper, it is hoped that the effect of lockdown will start to show positive results in the coming days. With the exception of the FMCG sector, valuations have become reasonable for most sectors. Investors should accumulate stocks with strong balance sheets, market leadership and good management quality. Such stocks can deliver good returns when economic conditions normalise
The Reserve Bank of India (RBI) on Thursday said the outlook for domestic financial markets is highly uncertain, given the strong capital outflows.A sharp moderation in global crude oil prices, reports of a spike in Covid-19 cases in India, strain on the banking sector caused by the distress of a private sector bank, and growing worries about global economic recession led to bearish momentum in the domestic stock market, the RBI said in its April Monetary Policy report.
Amfi March Data
#AMFI MARCH DATA | Equity inflow at Rs 11,723 crore vs Rs 10,796 crore MoM https://t.co/2fz6MfY89S https://t.co/g9wfqIl7YT
Goldman Sachs said a 10 million barrel-per-day (bpd) cut by major producers would not be enough to improve global balances in a market reeling from a coronavirus-led demand collapse and a mounting supply glut. "Ultimately, the size of the demand shock is simply too large for a coordinated supply cut, setting the stage for a severe rebalancing," the Wall Street bank said in a note dated on April 8.
Market at day's high; here's a look at the top 10 NSE gainers
Price as on 09 Apr, 2020 01:24 PM, Click on company names for their live prices.
India GDP to grow below 2%: Goldman Sachs
S&P BSE AUTO rallies nearly 9%. Bajaj Auto up 12%, Maruti 11%. This is how the index stocks are performing
Here are the volume toppers in the 30-pack Sensex
FPIs continue to sell their holdings of domestic debt and equity. MTD total outflow are to the tune of nearly 9000 crore, but it is significantly lower than what it was during March, when total outflow was to the tune of 1.18 lakh crore rupees. As a result of the outflows and speculative pressure on Rupee, evident from the premium in the NDF market, USDINR continues to inch higher. However, the pace of depreciation in rupee has weakened due to lower rate of outflows and increased intervention from RBI. Over the next few weeks, the key data to watch will the infection curve of COVID19, followed by any signs of whether second wave is emerging in China or not. If the curve continues to flattens across the globe, then it will help rupee recover lost ground. Otherwise, rupee can continue to inch towards 77.50 levels
COVID-19: Marico says Q4 EBITDA may see "modest decline"
FMCG major Marico said its January-March quarter EBITDA may see "modest decline" following disruptions on account of Covid-19 pandemic and associated lockdowns.
Markets @12: Sensex up 1,000 points, Nifty above 9,000. Trace the morning session's market movement through this graph.
Here are the top five scrips in the 30-pack Sensex contributing to this rally.
Impact of Covid-19 on inflation ambiguous
India's inflation likely fell to a four-month low in March: Reuters poll
India’s retail inflation is expected to have dropped to a four-month low in March on softer food and fuel prices and as already slowing demand likely plummeted due to a nationwide lockdown towards the end of the month, a Reuters poll found.
BSE Metal up 3%; all index stocks trading in the green.
Price as on 09 Apr, 2020 11:11 AM, Click on company names for their live prices.
We expect the rupee (Spot) to quote in the range of 75.50 and 76.50
- Motilal Oswal Financial Services
VA Tech Wabag hits upper circuit on securing Rs 90 cr order
Shares of VA Tech Wabag hit upper circuit limit in Thursday's trade after the company announced it has bagged Rs 90 crore-contract for operations and maintenance of sewage treatment plant in Bahrain.
S&P BSE AUTO biggest sectoral gainer, up 7%; Tata Motors rallies 11%, Maruti 8%. This is how the index stocks are faring.
Adani Gas jumps 3% after it cuts prices of CNG and PNG
Shares of Adani Gas rose 3 per cent on Thursday after the company announced reduction in prices of compressed natural gas (CNG) and piped natural gas (PNG) used for cooking in household kitchens, in line with a cut in raw material rates.
NSE gives more time to brokers for submission of reports
The National Stock Exchange (NSE) has relaxed compliance requirements for brokers to submit reports pertaining to client funding and net worth certificates in the wake of prevailing coronavirus pandemic. However, the due date for submitting the quarterly report on incidence of cyber-attacks and threats will remain unchanged — 15 days after the end of the quarter, NSE said in a circular.
OPEC, allies consider output cut after price crash
Top crude producers will on Thursday hold a crucial teleconference to discuss a possible cut in output after a collapse in demand caused by the coronavirus and a damaging Saudi-Russia price war caused a crash in the market.
All telecom stocks trading in the green; Bharti Airtel up 3%, Vodafone Idea 2%
Price as on 09 Apr, 2020 10:12 AM, Click on company names for their live prices.
Pharma stocks continue to gain, see formation of fresh longs
Vodafone Idea, Tata Motors, Vedanta among most active stocks on NSE
Price as on 09 Apr, 2020 09:49 AM, Click on company names for their live prices.
Titan's jewellery division revenue dips 5% in March
Financials, IT and RIL top Sensex contributors in early trade
Podcast: What's buzzing on D-Street today
Gold eases on profit booking
Bullion counters eased on Thursday tracking the trend in global markets as profit booking continued for the second day on a trot. Gold futures were down 0.11 per cent or Rs 51 to Rs 44,890 per 10 grams. Silver futures slipped 0.39 per cent or Rs 170 to Rs 42,969 per kg.
OPENING BELL: Sensex surges 800 points, Nifty above 8,900; IndusInd Bank jumps 8%, Sun Pharma 5%
Nifty futures on the Singapore Exchange traded 26.50 points or 0.30 per cent lower at 8,884.50, indicating a positive start for Dalal Street.
Tech view: Nifty forms Shooting Star
Nifty fell on Wednesday after encountering strong resistance above the 9,100 level. This was the third instance in the recent past, when a short-term bounce on the index fizzled out around the 9,000 mark.Analysts said the index needs to reclaim the 8,800 level for any comeback. Downside supports are placed around 8,350 level, they said.
Asian stocks rise in early trade
Asian shares rose on hopes the coronavirus pandemic is nearing a peak and that governments would roll out more stimulus measures. Hong Kong's Hang Seng and South Korea's Kospi advanced 0.97 per cent each while China's Shanghai Composite added 0.48 per cent. Japanese Nikkei edged 0.33 per cent lower.
Oil prices gain ahead of key meet
Oil prices extended gains Thursday after Russia signalled it was ready to cut output before a key producers' meeting aimed at boosting energy markets as the coronavirus pandemic strangles demand. US benchmark West Texas Intermediate rose 4.6 per cent to $26.26 a barrel, while Brent crude, the international benchmark, jumped 2.7 per cent to $33.73.
US stocks gain 3% in overnight trade
The Dow Jones Industrial Average index rose 779.71 points, or 3.44 per cent, to 23,433.57, the S&P500 index gained 90.57 points, or 3.41 per cent, to 2,749.98 and the Nasdaq Composite index added 203.64 points, or 2.58 per cent, to 8,090.90.
FIIs buy Rs 1,943 crore worth of stocks
Net-net, foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 1,943 crore on Wednesday, data available with NSE suggested. DIIs were net sellers to the tune of Rs 1,758 crore, data suggests
Sensex, Nifty on Wednesday
The 30-share Sensex closed 0.58 per cent or 173 points lower at 29,893.96 points, while the 50-share Nifty declined 0.49 per cent or 43.45 points to close at 8,749. The Centre is looking at extending the lockdown beyond April 14 after many state governments and health experts suggested such a course of action on the ground that the coronavirus threat is still looming large.
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