The benchmark indices are trading flat on Wednesday despite firm cues in the global markets.
Among sectoral indices, the Nifty Nifty Metal index has risen over 1.5% led by a rise in Jindal Steel & Power and NMDC.
That apart, stock-specific action is likely to continue during the day amid the release of June quarter results. Ambuja Cements, Canara Bank, Crompton Greaves Consumer Electricals, Hero MotoCorp and Jubilant FoodWorks are likely to announce their June 2018 quarter earnings later today.
GLOBAL MARKETS
Asian stocks rode higher on Wednesday thanks to strong US corporate earnings and hopes that China will boost fiscal support for its economy, while long-term US yields hovered near six-week highs on speculation the Bank of Japan could be less accommodative.
MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.17 per cent. South Korea's KOSPI advanced 0.35 per cent and Japan's Nikkei rose 0.5 per cent.
OIL PRICES
Oil prices rose for a second day on Wednesday after industry group data showed US crude inventories fell more than expected last week, easing worries about oversupply that had dragged on markets in recent sessions.
Brent crude was up 29 cents (0.4 per cent) at $73.73 a barrel. The global benchmark settled 38 cents higher at $73.44 a barrel on Tuesday, after climbing as high as $74. US West Texas Intermediate rose 22 cents (0.3 per cent) to $68.74, having settled the previous session up 63 cents, or nearly 1 per cent.
(with Reuters inputs)
Read our full coverage on Markets
CATCH ALL THE LIVE UPDATES
11:47 AM
This Adani Group stock zooms 100% in 17 trading sessions
Adani Green Energy (AGEL), an Adani Group company, is locked in the upper circuit for the fourth straight day, rising 10% to Rs 51.20. The stock has rallied more than 100% in past 17 trading days on the BSE and is trading at its highest level since its debut on the bourses on June 18, 2018. READ MORE
11:35 AM
Top gainers in BSE 500:
COMPANY LATEST PREV CLOSE GAIN() GAIN(%)
NAVIN FLUO.INTL. 691.00 600.05 90.95 15.16
MULTI COMM. EXC. 816.65 768.00 48.65 6.33
FUTURE CONSUMER 47.30 44.60 2.70 6.05
JINDAL STAIN. 64.35 60.90 3.45 5.67
REL. COMM. 14.35 13.65 0.70 5.13
11:23 AM
Sebi bans Nava Diganta, 9 directors from markets for at least 4 years
Sebi has banned Nava Diganta Capital Services as also its nine current and former directors from the securities market for at least four years for illegally raising money, and directed them to refund it to the investors. READ MORE
11:12 AM
5 out of 8 insurance, MF IPOs trade 23% below issue price in aggregate
Investors who subscribed to the shares of companies engaged in insurance and mutual fund businesses through initial public offering (IPO) have lost their money, with five out of eight stocks underperforming the market since their listing. These five companies collectively raised Rs 344 billion through IPOs, which is currently valued 23 per cent lower at Rs 264 billion. READ MORE
11:00 AM
India to remain fastest-growing major economy, but oil poses risk: Poll
India will remain the fastest-growing major economy this year supported by increased government spending ahead of next year's general election, but rising oil prices pose the biggest downside risk, a Reuters poll of economists showed. READ MORE
10:46 AM
Sebi proposes three-phase process for re-classification of promoters
The Sebi on Tuesday proposed a three-phase process for re-classification of promoters as public shareholders. In the first stage, the concerned promoter shareholder or the company will have to file an application to the stock exchange requesting re-classification. In the next stage, the request will go to the board of directors. READ MORE
10:28 AM
Nifty Metal index up over 1.5 per cent
10:16 AM
HDFC Bank likely to take fund raising plan from Dalal Street to Wall Street
HDFC Bank is likely to take its fund raising plan from Dalal Street here to Wall Street. Sources say the bank prefers an issue of American Depository Receipts (ADR) over Qualified Institutional Placement (QIP) for its Rs 15.5-billion ($2.2 billion) equity raising exercise.
Attractive valuations and greater investor appetite is prompting the country’s highest-valued bank to go for overseas issuance. However, the foreign institutional investment ceiling could force it to also do a fourth of its fund raising in the domestic market. READ MORE
10:11 AM
CIMB on MindTree
We raise FY19F-21F EPS by 2-5% to factor in better revenues and change in currency assumptions. We maintain Reduce given the unfavourable risk-reward at current valuations, in our view. Our higher target price is based on 17.5x forward P/E (up from 16.5x for improving sales/margins and ROE), close to its mean of 1-year and 5-year average 1-year forward P/E. Higher-than-expected EBIT margins are a key upside risk.
10:10 AM
TOP CONTRIBUTORS TO SENSEX TODAY
COMPANY LATEST CHG(RS) CHG(%) FREE FLOAT
MKT CAP
(RS CR) WEIGHT IN
INDEX (%)
ADANI PORTS 399.55 8.05 2.06 36407.72 0.97
TATA STEEL 533.90 7.20 1.37 41503.30 0.71
HERO MOTOCORP 3141.85 40.40 1.30 40782.78 1.42
H D F C 2001.25 22.05 1.11 338261.27 7.92
BAJAJ AUTO 2673.80 23.00 0.87 39459.59 1.50
10:08 AM
Edelweiss on Symphony
Symphony (SYML) reported a lower-than-expected Q1FY19 top line, suggesting high sensitivity of volumes/profitability to the subdued air coolers business (due to a bad summer).
Key highlights: a) High stock levels with dealers coupled with weak demand sentiment led to a double-digit drop in revenue at Symphony (40% drop was a surprise that translated to a sharper reduction in bottom line) and the industry at large. b) While management is enthused by current month booking advances, we estimate overall domestic growth in FY19 will be lower given back-ended channel stocking and nil new offerings by SYML this year.
We are trimming FY19/20E earnings by 10/6% building in lower industry numbers, which tests our long-term growth thesis on SYML. However, we maintain ‘BUY/SO’ with a revised target price of Rs 1,605 (versus Rs 1,870) lowering our premium to sector from 50% to 35% factoring in rising business volatility
10:01 AM
Edelweiss on Greenlam Industries
Factoring in the weak results and margin pressure, we are cutting the FY19/20 estimates by 11%/13%. We are also slashing the target multiple by 10% to 24x based on a slower-than-expected pickup in demand and a sluggish trend in the anticipated shift towards organised players. Thus, we are revising down the target price to Rs 1,100 (from Rs 1,430).
That said, given its presence in niche segments and the potential turnaround of new segments, Greenlam will deliver an EPS CAGR of 31% over FY18–20 with an FY20E ROCE of 30% in our view. Maintain ‘BUY’.
10:01 AM
Market Check
S&P BSE Sensex 36,878.79 Up 0.15%
Nifty 50 11,142.55 Up 0.07%
S&P BSE 200 4,778.84 Up 0.22%
Nifty 500 9,468.25 Up 0.19%
S&P BSE Mid-Cap 15,719.74 Up 0.35%
S&P BSE Small-Cap 16,302.46 Up 0.52%
09:49 AM
RESULT IMPACT Symphony tanks 20% on weak Q1 results
Shares of Symphony tanked 20% to Rs 1,125 per share, also their 52-week low on the National Stock Exchange (NSE) in early morning trade after the company’s consolidated net profit almost halved to Rs 200 million in June 2018 quarter (Q1FY19), on account of lower sales. Symphony, a world leader in evaporative air coolers, had a profit of Rs 390 million during the same quarter in the previous fiscal READ MORE HERE
09:48 AM
WEB EXCLUSIVE HDFC AMC IPO opens for subscription today. Should you invest?
The initial public offer (IPO) of HDFC Asset Management Company (AMC) opens today for subscription. The issue, which remains open till July 27, comprises of up to 25457555 equity shares of face value of Rs 5 each. The price band for the offer is fixed at Rs 1,095 - 1,100 per share. Bids can be made for a minimum lot of 13 equity shares and in multiples of 13 equity shares thereafter. READ MORE HERE
IPO Illustration: Ajay Mohanty
09:32 AM
HDFC Mutual Fund allots Rs 7.3 billion shares to anchor investors
HDFC Mutual Fund (MF) on Tuesday allotted shares worth Rs 7.3 billion to anchor investors ahead of its Rs 28-billion initial public offering (IPO). The shares were allotted at Rs 1,100 apiece — the top-end of the price band. Some of the investors’ allotted shares include Capital, Fidelity, Blackrock and Temasek. READ MORE
09:23 AM
Nifty sectoral trend
09:22 AM
BSE Sensex gainers and losers
09:18 AM
Market at open
At 9:15 AM, the S&P BSE Sensex was trading at 36,875, up 50 points while the broader Nifty50 was ruling at 11,140, up 6 points.
09:03 AM
Markets at pre-open
Index Current Pt. Change % Change
S&P BSE SENSEX 36,953.49 +128.39 +0.35
S&P BSE SENSEX 50 11,684.51 +31.39 +0.27
S&P BSE SENSEX Next 50 32,659.34 +84.90 +0.26
S&P BSE 100 11,408.08 +30.50 +0.27
S&P BSE Bharat 22 Index 3,433.67 +12.65 +0.37
(Source: BSE)
08:56 AM
Technical calls by HDFC Securities: Buy Surya Roshni, KEC International
Buy Surya Roshni
CMP: Rs 350
Target: Rs 380
Stop-loss: Rs 330
Stock price formed multiple bottoms in the range of 300-315 and bounced northward with the jump in volumes. Primary trend of the stock has been bullish with higher tops and higher bottoms on the monthly chart. The stock price has surpassed the crucial resistance of its 50 DMA. We recommend buying Surya Roshni for the upside target of 380, keeping SL at 330.
Buy KEC International
CMP: Rs 344.60
Target: Rs 370
Stop-loss: Rs 325
Stock price formed multiple bottoms in the range of 315-320 and bounced northward with a jump in volumes. The stock has been one of the out-performer in the mid-cap space for last 7 months. Oscillators and indicators have turned bullish on the short-term charts. We recommend buying KEC International for the upside target of 370, keeping SL at 325. READ MORE
08:53 AM
Today's picks: From L&T to Tata Steel, hot stocks to watch on Wednesday
Larsen & Toubro
Current price: Rs 1,324
Target price: Rs 1,345
Keep a stop at Rs 1,215 and go long. Add to the position between Rs 1,335 and Rs 1,340. Book profits at Rs 1,345.
Tata Steel
Current price: Rs 528
Target price: Rs 537
Keep a stop at Rs 523 and go long. Add to the position between Rs 534 and Rs 536. Book profits at Rs 537. READ MORE
08:50 AM
Top trading ideas by Prabhudas Lilladher: Buy Bank of India, Hind Zinc
BUY BANK OF INDIA
CMP: Rs 87.85
TARGET: Rs 103
STOP LOSS: Rs 80
The stock has witnessed much erosion from the peak level and recently has bottomed out at around 76.50 levels and given a bounce back. The current cluster of positive candles signify strength and has the potential to rise further in the coming days to scale till 100-103 levels. The RSI has recently indicated a trend reversal to signal a buy and is on the rise. With consistent decent volume participation witnessed, we recommend a buy in this stock for an upside target of 103 keeping a stop loss of 80.
BUY HIND ZINC
CMP: Rs 272.60
TARGET: Rs 305
STOP LOSS: Rs 260
The stock has indicated a good revival from the bottomed made at around 260 levels and looks potential for an upward move with potential and strength and with the RSI currently showing a trend reversal has also signaled a buy. The chart looks attractive for further rally and can scale upto 300-310 levels. With good volume activity seen, we recommend a buy in this stock for an upside target of 305 keeping a stop loss of 260. READ MORE
08:48 AM
Nifty outlook by Prabhudas Lilladher for today:
Nifty much to our liking continues to surge with supporting indicators and participation coming from many frontline stocks which looks healthy along with mid-cap showing signs of bottoming out and moving higher. The support for the day is seen at 11070 while resistance is seen at 11200. Axis, ICICI, SBI now have a favourable risk reward ratio.
08:45 AM
Technical calls by Religare Broking: Buy Dabur India, Muthoot Finance
Dabur India Limited
Rec: BUY
Last Close: Rs 373.70
Initiation range: Rs 370-372
Target: Rs 385
Stop loss: Rs 365
DABUR, after making a new record high in June, 2018, retraced marginally of late and tested support zone of 100 EMA on the daily chart. Currently, it hovering in narrow range around that area and formed a fresh buying pivot. We suggest traders to initiate fresh longs as per given levels.
Muthoot Finance Limited
Rec: BUY
Last Close: Rs 409.65
Initiation range: Rs 400-405
Target: Rs 430
Stop loss: Rs 385
MUTHOOTFIN has been witnessing correction for last eight months, after it failed to close the resistance barrier of its record high in November, 2017. It formed a base around 365 levels and recovering gradually from thereon. Indications are in the favour fresh surge. We advise traders not to miss this opportunity and create fresh longs as per the mentioned zone. READ MORE
08:41 AM
Markets on Tuesday
S&P BSE Sensex 36,825.10 Up 0.29%
Nifty 50 11,134.30 Up 0.45%
S&P BSE 200 4,768.52 Up 0.82%
Nifty 500 9,450.65 Up 0.93%
S&P BSE Mid-Cap 15,664.48 Up 1.77%
S&P BSE Small-Cap 16,218.54 Up 2.21%
08:35 AM
SGX Nifty
The SGX Nifty was at 11,153.50, up 0.10 per cent from the previous close.
08:32 AM
Asian Markets
Asian stocks rode higher on Wednesday thanks to strong US corporate earnings and hopes that China will boost fiscal support for its economy, while long-term US yields hovered near six-week highs on speculation the Bank of Japan could be less accommodative.
MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.17 per cent. South Korea's KOSPI advanced 0.35 per cent and Japan's Nikkei rose 0.5 per cent.
08:32 AM
Wall Street
The S&P 500 on Tuesday closed at its highest level since Feb. 1 as Alphabet's blowout results bolstered expectations of a robust earnings season.
The Dow Jones Industrial Average rose 197.65 points (0.79 per cent) to 25,241.94, while the S&P 500 gained 13.42 points (0.48 per cent) to 2,820.4. The Nasdaq Composite dropped 1.11 points (0.01 per cent) to 7,840.77. It reversed course after having hit a record high earlier in the session.
08:24 AM
Good Morning!
Welcome to Business Standard's live blog on markets.
LOA
Among sectoral indices, the Nifty Nifty Metal index has risen over 1.5% led by a rise in Jindal Steel & Power and NMDC.
That apart, stock-specific action is likely to continue during the day amid the release of June quarter results. Ambuja Cements, Canara Bank, Crompton Greaves Consumer Electricals, Hero MotoCorp and Jubilant FoodWorks are likely to announce their June 2018 quarter earnings later today.
GLOBAL MARKETS
Asian stocks rode higher on Wednesday thanks to strong US corporate earnings and hopes that China will boost fiscal support for its economy, while long-term US yields hovered near six-week highs on speculation the Bank of Japan could be less accommodative.
MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.17 per cent. South Korea's KOSPI advanced 0.35 per cent and Japan's Nikkei rose 0.5 per cent.
OIL PRICES
Oil prices rose for a second day on Wednesday after industry group data showed US crude inventories fell more than expected last week, easing worries about oversupply that had dragged on markets in recent sessions.
Brent crude was up 29 cents (0.4 per cent) at $73.73 a barrel. The global benchmark settled 38 cents higher at $73.44 a barrel on Tuesday, after climbing as high as $74. US West Texas Intermediate rose 22 cents (0.3 per cent) to $68.74, having settled the previous session up 63 cents, or nearly 1 per cent.
(with Reuters inputs)
Read our full coverage on Markets
CATCH ALL THE LIVE UPDATES
11:47 AM
This Adani Group stock zooms 100% in 17 trading sessions
Adani Green Energy (AGEL), an Adani Group company, is locked in the upper circuit for the fourth straight day, rising 10% to Rs 51.20. The stock has rallied more than 100% in past 17 trading days on the BSE and is trading at its highest level since its debut on the bourses on June 18, 2018. READ MORE
11:35 AM
Top gainers in BSE 500:
COMPANY LATEST PREV CLOSE GAIN() GAIN(%)
NAVIN FLUO.INTL. 691.00 600.05 90.95 15.16
MULTI COMM. EXC. 816.65 768.00 48.65 6.33
FUTURE CONSUMER 47.30 44.60 2.70 6.05
JINDAL STAIN. 64.35 60.90 3.45 5.67
REL. COMM. 14.35 13.65 0.70 5.13
11:23 AM
Sebi bans Nava Diganta, 9 directors from markets for at least 4 years
Sebi has banned Nava Diganta Capital Services as also its nine current and former directors from the securities market for at least four years for illegally raising money, and directed them to refund it to the investors. READ MORE
11:12 AM
5 out of 8 insurance, MF IPOs trade 23% below issue price in aggregate
Investors who subscribed to the shares of companies engaged in insurance and mutual fund businesses through initial public offering (IPO) have lost their money, with five out of eight stocks underperforming the market since their listing. These five companies collectively raised Rs 344 billion through IPOs, which is currently valued 23 per cent lower at Rs 264 billion. READ MORE
11:00 AM
India to remain fastest-growing major economy, but oil poses risk: Poll
India will remain the fastest-growing major economy this year supported by increased government spending ahead of next year's general election, but rising oil prices pose the biggest downside risk, a Reuters poll of economists showed. READ MORE
10:46 AM
Sebi proposes three-phase process for re-classification of promoters
The Sebi on Tuesday proposed a three-phase process for re-classification of promoters as public shareholders. In the first stage, the concerned promoter shareholder or the company will have to file an application to the stock exchange requesting re-classification. In the next stage, the request will go to the board of directors. READ MORE
10:28 AM
Nifty Metal index up over 1.5 per cent
10:16 AM
HDFC Bank likely to take fund raising plan from Dalal Street to Wall Street
HDFC Bank is likely to take its fund raising plan from Dalal Street here to Wall Street. Sources say the bank prefers an issue of American Depository Receipts (ADR) over Qualified Institutional Placement (QIP) for its Rs 15.5-billion ($2.2 billion) equity raising exercise.
Attractive valuations and greater investor appetite is prompting the country’s highest-valued bank to go for overseas issuance. However, the foreign institutional investment ceiling could force it to also do a fourth of its fund raising in the domestic market. READ MORE
10:11 AM
CIMB on MindTree
We raise FY19F-21F EPS by 2-5% to factor in better revenues and change in currency assumptions. We maintain Reduce given the unfavourable risk-reward at current valuations, in our view. Our higher target price is based on 17.5x forward P/E (up from 16.5x for improving sales/margins and ROE), close to its mean of 1-year and 5-year average 1-year forward P/E. Higher-than-expected EBIT margins are a key upside risk.
10:10 AM
TOP CONTRIBUTORS TO SENSEX TODAY
COMPANY LATEST CHG(RS) CHG(%) FREE FLOAT
MKT CAP
(RS CR) WEIGHT IN
INDEX (%)
ADANI PORTS 399.55 8.05 2.06 36407.72 0.97
TATA STEEL 533.90 7.20 1.37 41503.30 0.71
HERO MOTOCORP 3141.85 40.40 1.30 40782.78 1.42
H D F C 2001.25 22.05 1.11 338261.27 7.92
BAJAJ AUTO 2673.80 23.00 0.87 39459.59 1.50
10:08 AM
Edelweiss on Symphony
Symphony (SYML) reported a lower-than-expected Q1FY19 top line, suggesting high sensitivity of volumes/profitability to the subdued air coolers business (due to a bad summer).
Key highlights: a) High stock levels with dealers coupled with weak demand sentiment led to a double-digit drop in revenue at Symphony (40% drop was a surprise that translated to a sharper reduction in bottom line) and the industry at large. b) While management is enthused by current month booking advances, we estimate overall domestic growth in FY19 will be lower given back-ended channel stocking and nil new offerings by SYML this year.
We are trimming FY19/20E earnings by 10/6% building in lower industry numbers, which tests our long-term growth thesis on SYML. However, we maintain ‘BUY/SO’ with a revised target price of Rs 1,605 (versus Rs 1,870) lowering our premium to sector from 50% to 35% factoring in rising business volatility
10:01 AM
Edelweiss on Greenlam Industries
Factoring in the weak results and margin pressure, we are cutting the FY19/20 estimates by 11%/13%. We are also slashing the target multiple by 10% to 24x based on a slower-than-expected pickup in demand and a sluggish trend in the anticipated shift towards organised players. Thus, we are revising down the target price to Rs 1,100 (from Rs 1,430).
That said, given its presence in niche segments and the potential turnaround of new segments, Greenlam will deliver an EPS CAGR of 31% over FY18–20 with an FY20E ROCE of 30% in our view. Maintain ‘BUY’.
10:01 AM
Market Check
S&P BSE Sensex 36,878.79 Up 0.15%
Nifty 50 11,142.55 Up 0.07%
S&P BSE 200 4,778.84 Up 0.22%
Nifty 500 9,468.25 Up 0.19%
S&P BSE Mid-Cap 15,719.74 Up 0.35%
S&P BSE Small-Cap 16,302.46 Up 0.52%
09:49 AM
RESULT IMPACT Symphony tanks 20% on weak Q1 results
Shares of Symphony tanked 20% to Rs 1,125 per share, also their 52-week low on the National Stock Exchange (NSE) in early morning trade after the company’s consolidated net profit almost halved to Rs 200 million in June 2018 quarter (Q1FY19), on account of lower sales. Symphony, a world leader in evaporative air coolers, had a profit of Rs 390 million during the same quarter in the previous fiscal READ MORE HERE
09:48 AM
WEB EXCLUSIVE HDFC AMC IPO opens for subscription today. Should you invest?
The initial public offer (IPO) of HDFC Asset Management Company (AMC) opens today for subscription. The issue, which remains open till July 27, comprises of up to 25457555 equity shares of face value of Rs 5 each. The price band for the offer is fixed at Rs 1,095 - 1,100 per share. Bids can be made for a minimum lot of 13 equity shares and in multiples of 13 equity shares thereafter. READ MORE HERE
IPO Illustration: Ajay Mohanty
09:32 AM
HDFC Mutual Fund allots Rs 7.3 billion shares to anchor investors
HDFC Mutual Fund (MF) on Tuesday allotted shares worth Rs 7.3 billion to anchor investors ahead of its Rs 28-billion initial public offering (IPO). The shares were allotted at Rs 1,100 apiece — the top-end of the price band. Some of the investors’ allotted shares include Capital, Fidelity, Blackrock and Temasek. READ MORE
09:23 AM
Nifty sectoral trend
09:22 AM
BSE Sensex gainers and losers
09:18 AM
Market at open
At 9:15 AM, the S&P BSE Sensex was trading at 36,875, up 50 points while the broader Nifty50 was ruling at 11,140, up 6 points.
09:03 AM
Markets at pre-open
Index Current Pt. Change % Change
S&P BSE SENSEX 36,953.49 +128.39 +0.35
S&P BSE SENSEX 50 11,684.51 +31.39 +0.27
S&P BSE SENSEX Next 50 32,659.34 +84.90 +0.26
S&P BSE 100 11,408.08 +30.50 +0.27
S&P BSE Bharat 22 Index 3,433.67 +12.65 +0.37
(Source: BSE)
08:56 AM
Technical calls by HDFC Securities: Buy Surya Roshni, KEC International
Buy Surya Roshni
CMP: Rs 350
Target: Rs 380
Stop-loss: Rs 330
Stock price formed multiple bottoms in the range of 300-315 and bounced northward with the jump in volumes. Primary trend of the stock has been bullish with higher tops and higher bottoms on the monthly chart. The stock price has surpassed the crucial resistance of its 50 DMA. We recommend buying Surya Roshni for the upside target of 380, keeping SL at 330.
Buy KEC International
CMP: Rs 344.60
Target: Rs 370
Stop-loss: Rs 325
Stock price formed multiple bottoms in the range of 315-320 and bounced northward with a jump in volumes. The stock has been one of the out-performer in the mid-cap space for last 7 months. Oscillators and indicators have turned bullish on the short-term charts. We recommend buying KEC International for the upside target of 370, keeping SL at 325. READ MORE
08:53 AM
Today's picks: From L&T to Tata Steel, hot stocks to watch on Wednesday
Larsen & Toubro
Current price: Rs 1,324
Target price: Rs 1,345
Keep a stop at Rs 1,215 and go long. Add to the position between Rs 1,335 and Rs 1,340. Book profits at Rs 1,345.
Tata Steel
Current price: Rs 528
Target price: Rs 537
Keep a stop at Rs 523 and go long. Add to the position between Rs 534 and Rs 536. Book profits at Rs 537. READ MORE
08:50 AM
Top trading ideas by Prabhudas Lilladher: Buy Bank of India, Hind Zinc
BUY BANK OF INDIA
CMP: Rs 87.85
TARGET: Rs 103
STOP LOSS: Rs 80
The stock has witnessed much erosion from the peak level and recently has bottomed out at around 76.50 levels and given a bounce back. The current cluster of positive candles signify strength and has the potential to rise further in the coming days to scale till 100-103 levels. The RSI has recently indicated a trend reversal to signal a buy and is on the rise. With consistent decent volume participation witnessed, we recommend a buy in this stock for an upside target of 103 keeping a stop loss of 80.
BUY HIND ZINC
CMP: Rs 272.60
TARGET: Rs 305
STOP LOSS: Rs 260
The stock has indicated a good revival from the bottomed made at around 260 levels and looks potential for an upward move with potential and strength and with the RSI currently showing a trend reversal has also signaled a buy. The chart looks attractive for further rally and can scale upto 300-310 levels. With good volume activity seen, we recommend a buy in this stock for an upside target of 305 keeping a stop loss of 260. READ MORE
08:48 AM
Nifty outlook by Prabhudas Lilladher for today:
Nifty much to our liking continues to surge with supporting indicators and participation coming from many frontline stocks which looks healthy along with mid-cap showing signs of bottoming out and moving higher. The support for the day is seen at 11070 while resistance is seen at 11200. Axis, ICICI, SBI now have a favourable risk reward ratio.
08:45 AM
Technical calls by Religare Broking: Buy Dabur India, Muthoot Finance
Dabur India Limited
Rec: BUY
Last Close: Rs 373.70
Initiation range: Rs 370-372
Target: Rs 385
Stop loss: Rs 365
DABUR, after making a new record high in June, 2018, retraced marginally of late and tested support zone of 100 EMA on the daily chart. Currently, it hovering in narrow range around that area and formed a fresh buying pivot. We suggest traders to initiate fresh longs as per given levels.
Muthoot Finance Limited
Rec: BUY
Last Close: Rs 409.65
Initiation range: Rs 400-405
Target: Rs 430
Stop loss: Rs 385
MUTHOOTFIN has been witnessing correction for last eight months, after it failed to close the resistance barrier of its record high in November, 2017. It formed a base around 365 levels and recovering gradually from thereon. Indications are in the favour fresh surge. We advise traders not to miss this opportunity and create fresh longs as per the mentioned zone. READ MORE
08:41 AM
Markets on Tuesday
S&P BSE Sensex 36,825.10 Up 0.29%
Nifty 50 11,134.30 Up 0.45%
S&P BSE 200 4,768.52 Up 0.82%
Nifty 500 9,450.65 Up 0.93%
S&P BSE Mid-Cap 15,664.48 Up 1.77%
S&P BSE Small-Cap 16,218.54 Up 2.21%
08:35 AM
SGX Nifty
The SGX Nifty was at 11,153.50, up 0.10 per cent from the previous close.
08:32 AM
Asian Markets
Asian stocks rode higher on Wednesday thanks to strong US corporate earnings and hopes that China will boost fiscal support for its economy, while long-term US yields hovered near six-week highs on speculation the Bank of Japan could be less accommodative.
MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.17 per cent. South Korea's KOSPI advanced 0.35 per cent and Japan's Nikkei rose 0.5 per cent.
08:32 AM
Wall Street
The S&P 500 on Tuesday closed at its highest level since Feb. 1 as Alphabet's blowout results bolstered expectations of a robust earnings season.
The Dow Jones Industrial Average rose 197.65 points (0.79 per cent) to 25,241.94, while the S&P 500 gained 13.42 points (0.48 per cent) to 2,820.4. The Nasdaq Composite dropped 1.11 points (0.01 per cent) to 7,840.77. It reversed course after having hit a record high earlier in the session.
08:24 AM
Good Morning!
Welcome to Business Standard's live blog on markets.
LOA
Good information. Thanks for sharing. If you want to know more about stock market related topics then visit
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