MARKET WRAP: Sensex adds 234 pts, Nifty holds 11,650; YES Bank up 10%

Domestic indices ended higher on Tuesday lifted by broad-based gains led by sectors like financial, realty and FMCG sectors. The upside, however, was capped by losses in the information techology (IT) sector.

The benchmark S&P BSE Sensex settled 234 points, or 0.60 per cent, higher at 39,131 level with YES Bank, Tata Motors, Sun Pharma and NTPC being the top gainers. Among losers, TCS, Mahindra and Mahindra and HCL Technologies lost the most. The broader Nifty50, too, ended with gains of 73 points, or 0.63 per cent, at 11,661 level. 

The indices touched intra-day highs of 39,174 level at the Sensex and 11,670 level at the Nifty50.

In the broader market, S&P BSE MidCap ended 99 points, or 0.69 per cent, higher at 14,565 level while S&P BSE SmallCap added 37 points, or 0.27 per cent to close at 13,726 level. 

Sectorally, all the sectors ended in the green except IT and media. The Nifty realty index ended the day nearly 2 per cent higher, followed by Nifty PSU Bank index (up 1.37 per cent), Nifty FMCG index (up 1 per cent) and Nifty Metal index (up 0.69 per cent). Nifty IT index ended the day with a loss of 0.59 per cent.

GLOBAL CUES

Most Asian stock markets ended mixed on Tuesday as investors awaited US retail sales data and corporate earnings. 

Japan's Nikkei settled 0.7 per cent lower while South Korea's Kospi ended 0.45 per cent higher. China's Shanghai Composite slipped 0.16 per cent.

(With inputs from Reuters)


3:42 PM IST

3:42 PM IST

3:41 PM IST

3:40 PM IST

3:38 PM IST The benchmark S&P BSE Sensex settled 234 points, or 0.60 per cent, higher at 39,131 levels while the broader Nifty50, too, ended with gains of 74 points, or 0.64 per cent, at 11,663 levels. 

3:29 PM IST Earnings of automobile companies in the April-June quarter (Q1) of 2019-20 (FY20) are likely to be severely hit by poor sales volumes in the three months. The sales in this quarter are among the worst in over a decade.   A poll of five brokerages — Motilal Oswal, Edelweiss Securities, Antique Broking, Citi and Prabhudas Lilladher — estimate that the combined net profit of auto companies will drop by a third and net sales revenue will decline 10.5 per cent year on year (YoY) READ MORE

3:25 PM IST Motilal Oswal Financial Services   The brokerage firm pegs profit after tax (PAT) at Rs 2500 crore, up 33 per cent from a profit of Rs 2,099 crore during the same quarter last year. On a sequential basis, however, MOFSL expects a flat growth in PAT of 1.5 per cent over as compared to Rs 2,483.5 crore clocked during the January-March 2019 quarter. READ MORE

3:13 PM IST Management sounded confident on deal pipeline, but cautious on parts of BFSI, Manufacturing and Life Sciences. INFO strengthened its capital allocation policy to return 85% of free cash flows (from 70%) going forward. We fine tune our estimates and maintain target price of Rs 780. Margin improvement and reduction in attrition remain key for further re-rating of the stock. Maintain BUY.

3:11 PM IST Our analysis of Vedanta’s (VEDL) FY19 annual report indicates that: 1) zinc and oil & gas divisions will drive growth; 2) balance sheet is strong to meet capital and debt commitments; and 3) dividend yield (10% plus) over the next two years is likely to sustain. On the flip side, we see concerns arising from: 1) low importance to local hiring & content and public policy & advocacy in materiality matrix; 2) INR44bn contingent liability on tax disputes related to the oil & gas division; and 3) profit concentration in two divisions. At CMP, we believe risk-reward is balanced. Maintain ‘HOLD’ with target price of Rs 175. The stock is currently trading at 3.4x FY21E EBITDA

3:11 PM IST We have revised our loan growth estimates over FY19-21E downward and FY21E provisons upwards which may negatively impact the FY21ABV by 7.8%. Hence we maintain a multiple of 0.9x FY21E ABV but reduce our TP to Rs131 from Rs142. Risks to our call include lower loan growth and stress in corporate / SME

3:09 PM IST We estimate earnings growth to turn positive at 9% CAGR over FY19-21 led by: (a) Protection business continuing to grow at a robust pace, thus driving margins, (b) improved operating leverage aided by increasing use of technology, and, (c) recovery in the core savings business. We estimate IPRU to report ~22% CAGR in VNB over FY19-21E  led by 17% CAGR in new business APE while operating RoEV is expected to sustain at ~19%. Maintain BUY with price target of Rs 475/share (2.3x Mar-21E EV).

3:08 PM IST The KIE consumer universe (ex-ITC) underperformed the broader markets, down 3% over the past one month. Fall in crude price augurs well; some inflation for agri-commodities. We noticed increased new product launch activity centered at leveraging the fast-growing e-commerce and modern trade channels. The sector remains expensive despite some recent underperformance; top picks: JUBI, ITC, CLGT and MRCO.

LIVE UPDATES

Sectoral trends on NSE at close


Top gainers and losers on S&P BSE Sensex at close


Market at close


Market at close


Closing Bell

The benchmark S&P BSE Sensex settled 234 points, or 0.60 per cent, higher at 39,131 levels while the broader Nifty50, too, ended with gains of 74 points, or 0.64 per cent, at 11,663 levels. 

Q1 results preview: Poor sales likely to dent earnings of auto companies

Earnings of automobile companies in the April-June quarter (Q1) of 2019-20 (FY20) are likely to be severely hit by poor sales volumes in the three months. The sales in this quarter are among the worst in over a decade.
 
A poll of five brokerages — Motilal Oswal, Edelweiss Securities, Antique Broking, Citi and Prabhudas Lilladher — estimate that the combined net profit of auto companies will drop by a third and net sales revenue will decline 10.5 per cent year on year (YoY) READ MORE

Wipro Q1FY20 preview: Analysts see modest revenue growth, EBIT margin dip

Motilal Oswal Financial Services
 
The brokerage firm pegs profit after tax (PAT) at Rs 2500 crore, up 33 per cent from a profit of Rs 2,099 crore during the same quarter last year. On a sequential basis, however, MOFSL expects a flat growth in PAT of 1.5 per cent over as compared to Rs 2,483.5 crore clocked during the January-March 2019 quarter.
READ MORE

IIFL on Infosys

Management sounded confident on deal pipeline, but cautious on parts of BFSI, Manufacturing and Life Sciences. INFO strengthened its capital allocation policy to return 85% of free cash flows (from 70%) going forward. We fine tune our estimates and maintain target price of Rs 780. Margin improvement and reduction in attrition remain key for further re-rating of the stock. Maintain BUY.

Edelweiss on Vedanta

Our analysis of Vedanta’s (VEDL) FY19 annual report indicates that: 1) zinc and oil & gas divisions will drive growth; 2) balance sheet is strong to meet capital and debt commitments; and 3) dividend yield (10% plus) over the next two years is likely to sustain.

On the flip side, we see concerns arising from: 1) low importance to local hiring & content and public policy & advocacy in materiality matrix; 2) INR44bn contingent liability on tax disputes related to the oil & gas division; and 3) profit concentration in two divisions. At CMP, we believe risk-reward is balanced. Maintain ‘HOLD’ with target price of Rs 175. The stock is currently trading at 3.4x FY21E EBITDA

Centrum on Karnataka Bank

We have revised our loan growth estimates over FY19-21E downward and FY21E provisons upwards which may negatively impact the FY21ABV by 7.8%. Hence we maintain a multiple of 0.9x FY21E ABV but reduce our TP to Rs131 from Rs142. Risks to our call include lower loan growth and stress in corporate / SME

Motilal Oswal Securities on ICICI Prudential Life Insurance

We estimate earnings growth to turn positive at 9% CAGR over FY19-21 led by: (a) Protection business continuing to grow at a robust pace, thus driving margins, (b) improved operating leverage aided by increasing use of technology, and, (c) recovery in the core savings business. We estimate IPRU to report ~22% CAGR in VNB over FY19-21E  led by 17% CAGR in new business APE while operating RoEV is expected to sustain at ~19%. Maintain BUY with price target of Rs 475/share (2.3x Mar-21E EV).

Kotak on consumer sector

The KIE consumer universe (ex-ITC) underperformed the broader markets, down 3% over the past one month. Fall in crude price augurs well; some inflation for agri-commodities. We noticed increased new product launch activity centered at leveraging the fast-growing e-commerce and modern trade channels. The sector remains expensive despite some recent underperformance; top picks: JUBI, ITC, CLGT and MRCO.

Wipro trades flat


Real estate developers at risk as stress in credit market dries up funding

India’s year-old credit woes that began after a shock default by the IL&FS Group continue to linger, with many mortgage lenders struggling to roll over debt amid downgrades in their credit ratings. Shadow banks that lent heavily to developers in recent years are among the worst hit, as the recovery in housing sales remains tepid amid a slowdown in the nation’s economic growth. READ MORE

Federal Bank Q1 net profit up 46% to Rs 384 crore as bad loans ease

Total income of the bank increased to Rs 3,620.82 crore for the quarter, against Rs 2,938.24 crore in the year-ago period, the bank said in a regulatory filing.
 
It earned Rs 3,229.30 crore as interest income in the June quarter of this financial year, up from Rs 2,667.38 crore a year ago. READ MORE

Result impact | HDFC AMC rises over 1.5% on 42% rise in PAT


Market check


Market check


Earnings Alert | HDFC AMC reports Q1FY20 nos

-- Net profit at Rs 292 crore, up 42.2% YoY

-- Revenue at Rs 505.4 crore, up 7% YoY

Nomura sees Nifty hitting 12,900 by March 2020, up 11% from current levels

Global financial services major Nomura has pencilled in a double-digit gain for Indian markets by the end of the financial year. The target for the National Stock Exchange's Nifty index is 12,900, an 11 per cent gain from current levels. "Portfolios geared away from consumption, which is facing a slowdown, and towards a pick-up in the investment cycle may benefit," said Saion Mukherjee, managing director and head of India equity research at Nomura, speaking at a media roundtable in Mumbai on Tuesday. READ MORE

Banks warn of 'severe plunge' in recoveries after bankruptcy ruling

A court earlier this month allowed ArcelorMittal’s $6 billion purchase of Essar Steel, and also modified the distribution of the proceeds, saying the money has to be shared proportionately. A petition filed by the banks in the country’s top court seeks to quash the bankruptcy tribunal’s ruling, court filings seen by Bloomberg show. READ MORE

Does a contrarian investing strategy yield better results? An analysis

Savvy investors buy stocks for the long term with an aim to beat market returns over a period of time. It not only takes skill to identify such counters among the myriad choices available, but also disciplined investing. While the strategy of ‘going with the flow’ and buying/selling stocks as most other investors/traders are doing is common, it takes skill to identify stocks and a lot of courage to make an investment decision that is contrary to the popular trend. Swimming against the tide is a risky proposition and may/may not yield the desired result. READ MORE

Result Impact | Federal Bank tanks over 3% after banks reports rise in NPA


Earnings Alert | Federal Bank Q1FY20 result

-- Net NPA at Rs 1,673 crore, up from Rs 1,620 crore YoY

-- Gross NPA at Rs 3,395 crore, up from Rs 2,868 crore YoY

Earnings Alert | Federal Bank Q1FY20 result

-- Net Interest Income at Rs 1,154.2 crore

-- Gross NPA at Rs 3,395, GNPA ratio at 2.99%



 

STOCK ALERT :: YES Bank trades above Rs 100/sh after 7 trading sessions


NEWS ALERT | April to June retail sales down 17%: Shashank Srivastava, executive director, Maruti Suzuki to CNBC TV18

-- Dealer stock going up

-- Inventory levels have gone up in the last 4-5 months


NEWS ALERT | Have set a target of 12,900 points for Nifty by March 2020: Nomura

-- Low rates & expectations of economic recovery positive for the market

-- Overweight on financials, infra & healthcare sectors

(As reported by BTVi)

Nifty sectoral indices at this hour


Earnings Alert | TV18 Broadcasts posts consolidated PAT of Rs 23 crore

-- Co had net loss of Rs 7 crore in Q1FY19

-- Profit attributable to owners is Rs 18 crore

Earnings Alert | TV18 Broadcast reports standalone net profit of Rs 171 crore in June quarter

-- Co had net loss of Rs 2,733 crore in Q1FY19



Earnings Alert | TV18 Broadcast posts consolidated operating revenue at Rs 1198 cr in Q1FY20

-- Operating revenue up 10% YoY

-- Posts consolidated EBITDA at Rs 77 cr, up 96% YoY

Motilal Oswal Financial Services on ICICI Prudential Life

Recommendation: BUY

CMP: Rs 384

Target Price: Rs 475 

We estimate ~22% CAGR in VNB over FY19-21E led by 17% CAGR in new business APE while operating RoEV is expected to sustain at ~19%. We thus estimate VNB margins to recover to ~19.6% by FY21E while operating metrics improve further. Despite outperformance over the recent months the stock is still trading at attractive levels of 1.9x FY21E P/EV (LTA of 2.5x) and thus offers 24% upside to our fair value of INR475/share (2.3x Mar-21E EV). Maintain Buy.

Sector View :: Infrastructure | Anand Rathi Shares and Stock Brokers

Investment intentions at the second highest: During Jun'19, projects of ~Rs 1.9 trn were announced (more than the total announced in all of Q1 FY19). This was the second highest in the past 27 months and was up ~315% y/y. In Jun'19, announcements in roads and real estate declined from a year ago, but were offset by strong announcements in manufacturing and shipping infra.

Awards of nearly Rs 0.2 trillion in Jun'19: The month saw awarding of nearly Rs 0.2 trn was down ~43% y/y. The significantly lower tendering and the pre-budget slowdown seem to have led to the muted awarding. In line with the trend in announcements, roads and real estate were the biggest losers in Jun'19, their proportions of awards falling respectively ~11 and ~31 percentage points from a year back. Their shortfalls were largely made good by irrigation and power projects, up y/y respectively ~24 and ~9 percentage points.

Stock picks: 

KNR Constructions, Ahluwalia Contracts, PNC Infratech and Ashoka Buildcon.

NEWS ALERT | Current market situation is quite negative: Ashish Harsharaj Kale, President, FADA to CNBC TV18

-- FADA released vehicle registration data for June

Alert: FADA is Federation of Automobile Dealers Associations

Deepak Fertilisers & Petrochem slips over 5%


Buzzing | YES Bank trading near day's high


NEWS ALERT | Vehicle registrations down 5.4% MoM in June: FADA

-- Commercial vehicle registrations down 19.3% MoM

-- Two-wheelers registrations down 5%, personal vehicles' registration down 4.6%, three-wheelers registration down 2.8%

-- Prersonal vehicle inventory continues to decrease

-- 2-wheelers, CV inventory rises further



NEWS ALERT | Q1 vehicle registrations down 6% (YoY): FADA

-- Commercial vehicle registrations down 14% YoY, followed by two-wheelers at 6.4%

-- Registration of three-wheelers decline 6.1%

-- June firgures negative for MoM and YoY

Alert: FADA is Federation of Automobile Dealers Associations

Market check | Sensex reclaims 39k


Tata Metaliks tanks 7% after profit in April-June quarter declines

Tata Metaliks slipped as much as 7 per cent intra-day on the BSE to hit an over two-month low of Rs 541 per share on Tuesday after its profits tanked over 35 per cent year-on-year (YoY) in the April to June quarter (Q1FY20). The Tata Steel subsidiary declared a profit of Rs 19.62 crore, down 35.4 per cent, for the recently concluded quarter against a profit of Rs 30.39 crore in the same quarter last year. Profits declined on the back of a nearly 10 per cent rise in the cost of raw material. READ MORE
Illustration by Ajay Mohanty

NEWS ALERT | CRISIL assigns 'AA1-/Stable' rating to Trident's long-term facilities of Rs 4,000 cr


Network18 Media trades 1% lower ahead of results


NEWS ALERT | Bombay HC quashes CRZ clearance given to Rs 14,000 cr Mumbai coastal road project: PTI

-- CRZ is coastal regulatory zone

GTPL Hathway hits 10% lower circuit


ONGC trades higher


Contrarian buying ideas by Motilal Oswal Financial Services


Cummins India skids 5% as Managing Director Sandeep Sinha resigns

Cummins India shares slumped 5 per cent to Rs 712.5 apiece in intra-day, on the BSE on Tuesday after managing director Sandeep Sinha decided to step down from his managerial position "to pursue business interests outside of Cummins".
 
"We wish to inform you that Mr. Sandeep Sinha shall cease to be the Managing Director, Director and Key Managerial Personnel of the Company with effect from closing business hours of August 16, 2019," the company said in a BSE filing. READ MORE

NEWS ALERT | Support the dividend announcement by Mindtree: L&T at AGM

(As reported by CNBC TV18)


Tata Motors off day's lows


NEWS ALERT | Tenneco files appeal with SAT w.r.t open offer for Federal-Mogul's shares: CNBC TV18

--  Tenneco had launched an open offer for 25% stake in the company

Most active stocks by volume

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
DEWAN HSG. FIN. 50.10 1.60 3.30 2874077
YES BANK 94.90 1.70 1.82 2587859
REL. COMM. 1.71 -0.09 -5.00 1621747
SPICEJET 128.20 1.95 1.54 1153353
ICICI BANK 427.50 5.10 1.21 1143773
» More on Most Active Volume

5paisa Capital trades higher ahead of June quarter results


RBL Bank down 4%


Buzzing | Voltas gains 0.8 per cent


DHFL recovers after slipping 8%; auditors seek more info on financials

Shares of Dewan Housing Finance Corporation (DHFL) dipped 8 per cent in Tuesday's trade to hit an intra-day low of Rs 44.5 on the National Stock Exchange (NSE), after reports suggested that the company's auditors have sought more financial information from the management. However, the counter recovered and was trading 2.7 per cent higher at Rs 49.8 levels at 10:15am. The stock had tanked 29 per cent on Monday to 10-year low. READ MORE

Sector watch: Are banks looking at a stable June 2019 quarter?

“The story of two halves is likely to persist in the banking and financial services space in Q1FY20 -- while improvement in core performance will aid banks’ prospects, NBFCs will continue to be plagued by liquidity constraints, reflected in availability as well as cost of funds,” analysts at Edelweiss Securities wrote in an earnings preview note.
 
For private banks, lower credit costs, contained slippages from retail and agri-based loans and improved market share could be a booster while falling benchmark yields could benefit public sector lenders, experts say. READ MORE

Ashok Leyland dips 4% on closing Pantnagar plant due to weak demand

At 9:50 am, the stock was trading 1.58 per cent lower at Rs 84.15 apiece as against a 0.29 per cent rise in the benchmark S&P BSE Sensex. The Nifty Auto index was down 0.43 per cent with Bajaj Auto, Mahindra and Mahindra, and TVS Motors slipping over 1 per cent each. Other counters like Eicher Motors, Bharat Forge, Motherson Sumi, Bosch, and MRF tryes were also down in the range of 0.02 per cent to 0.4 per cent. READ MORE

Market check | Indices inching higher


Nifty Auto index trades lower


Tata Metaliks hits 52-week low after Q1 results


Jet Airways hits 5% lower circuit ahead of creditors' meeting


Nifty IT index trades lower


Sadbhav Engineering gains 2% in early trade


Broader market check


UPL dips over 1%


Automotive Stampings & Assemblies tanks over 8% on weak Q1 nos.


REC gains over 1%


Indian Oil Corp trades flat with positive bias


Indiabulls Housing Fin dips over 3%


TCS trades lower


Infosys holds gains in an otherwise weak market


Tata Motors dips 0.5%


Cummins India trades over 2% lower


Ashok Leyland slips over 3%


Mahindra & Mahindra dips 2%


DHFL slips 5%


Sectoral trends on NSE at this hour


Top gainers and losers on S&P BSE Sensex


Market at open


Market at open


NEWS ALERT | Cartica Capital sells 2.03% stake from February 14-July 12, 2019: Page Industries

-- Now holds 2.98% stake against 5.01% in Oct 2018

Top gainers and losers on S&P BSE Sensex during Pre-open trade


Market at pre-open


Rupee opening

Rupee opens at 68.56/$ vs Monday's close of 68.53 against the US dollar

Market at pre-open


Stocks to watch: Indiabulls Housing Finance, Jet Airways, HDFC, Cipla

Here's a look at some of the counters which are likely to trade actively on Tuesday -
 
Indiabulls Housing Finance: CRISIL has put the company's long term bank borrowings and debt instruments under watch with negative implications, as per reports.
 
Results today: HDFC Asset Management Company, TV18 Broadcast, Network18 Media & Investments, Next Mediaworks, Federal Bank, Agro Tech Foods, DCB Bank, 5Paisa Capital, Jay Bharat Maruti, Vikas Multicorp
 
Jet Airways: First meeting of creditors to be held today. READ MORE

RBI slaps Rs 7-crore penalty on SBI for violating various regulatory norms

SBI, the country’s biggest bank, also failed to comply with directions on opening and operating current accounts, reporting of data to the Central Repository of Information on Large Credits (CRILC), and reporting of frauds. The RBI had carried out the statutory inspection to assess SBI’s financial position on March 31, 2017. READ MORE

Investors flee debt funds as credit quality slumps to lowest in 16 months

Monthly net outflows from the fixed-income funds jumped to Rs 1.7 trillion ($25 billion) in June, the most in at least a year, estimates provided by Morningstar Investment Adviser India show. The data include all types of debt funds that invest in corporate and government bonds of different maturities and that are sold to both individual and institutional buyers. READ MORE

Why is India trying to kill off the industry of domestic hedge funds?

Even that measly $6 billion figure for so-called Category 3 Alternative Investment Funds overstates the industry’s development. Some managers of vanilla mutual funds now seek the AiF registration to avoid regulatory restrictions on what they can pay distributors for selling to mom-and-pop investors. Alternatives that are meant for the rich don’t have such restraints. But leave aside the pretenders. Rather than encourage a community of investment vigilantes who target firms falsifying accounts or stealing from investors, the Indian taxman is threatening to disband it. READ MORE

Why analysts are positive on BEML stock despite muted Q1 expectations

BEML (earlier Bharat Earth Movers) has corrected more than 10 per cent from its 52-week highs in April. While the soft execution during the March quarter and muted expectation in the June quarter due to the elections has impacted sentiment, analysts continue to be positive on the stock, given the multiple triggers. READ MORE

Give priority to safety, do not chase high returns in company FDs

Company FDs are unsecured instruments, offered by both manufacturing companies and non-banking financial companies. “Returns offered by company FDs can be 100-250 basis points higher than those offered by bank FDs across tenures,” says Navin Chandani, chief business officer, BankBazaar. READ MORE

Securitisation market clocks 56% growth in Q1 despite liquidity crisis

With the non-banking financial company (NBFC) sector, especially housing finance companies (HFCs), battling a liquidity crisis, the securitisation market has got a shot in the arm and continues to soar. It has clocked an impressive 56 per cent growth in the first quarter (Q1) of 2019-20 (FY20).
 
In the June quarter of FY20, the securitisation volume stood at Rs 50,300 crore, as opposed to Rs 32,300 crore in the same quarter in the preceding financial year. In 2018-19 (FY19), the securitisation volume stood at Rs 1.99 trillion. READ MORE

NEWS ALERT | Sandeep Sinha resigns as managing director of Cummins w.e.f Aug 17: CNBC TV18


11,450 key level for Nifty; investors may cut losses if market rises

The Nifty seems to have sustained itself above the support level of 11,500. But, it still appears to have several bearish characteristics. However, there are also some bullish signals. The advance-decline ratios are negative and there are high volumes associated with the selling. READ MORE

Today's picks: From Gail to Infosys, hot stocks to watch on Tuesday

Bank Nifty
 
Current 30,445.95 (30483)
 
Target: NA
 
Stop long positions at 30,325. Stop short positions at 30,600. Big moves could go till 30,800, 30150. Trend seems to be
negative. READ MORE

Nifty outlook and top stock picks by Prabhudas Lilladher: Buy TCS, Maruti

TCS
 
Recommendaation: BUY
 
CMP : Rs 2145.70
 
TARGET : Rs 2,250 
 
STOP LOSS : Rs 2,080
 
The stock has indicated a reversal after the recent correction and has showed signs of bottoming out near 2080 levels with the bias improved with favourable indicators. The RSI also has indicated a trend reversal from the oversold zone to signal a buy and with good volume participation witnessed. We recommend a buy in this stock for an upside target of Rs 2250 keeping a stop loss of 2080. READ MORE

Top trading ideas by Anand Rathi: Buy GSPL, Apollo Hospitals

NIFTY: BUY | TARGET: 11650 | STOP LOSS: 11520
 
Nifty closed in the positive territory in the last trading and it may bounce till the upper end of the range i.e. till 11650 levels. The rises so far on the hourly charts appear to be corrective one, hence this is just a short term bounce and the overall bias remains negative. The support on the lower side is pegged at 11520, hence that should be the stop loss. READ MORE

Bulk deal on NSE as on Monday

FII/FPI & DII trading activity on NSE, BSE and MSEI


Rupee check

Source: Bloomberg


Oil check

At 8:05 am, Brent Crude Futures were at $66.44 per barrel


SGX Nifty

At 8:00 am, SGX Nifty was trading 9 points lower at 11,577.5 levels

Asian Markets check

Source: Reuters


US Market check

Source: Reuters


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