Sensex slips 758 pts from day's high, ends 19 pts up; RIL dips 4% post AGM

Traders monitor BSE index at a brokerage firm, as the Sensex goes down, in Mumbai | PTI
Erasing all its morning gains, the Indian stock market ended flat with positive bias on Wednesday, mainly, on selling in Reliance Industries (RIL), Bharti Airtel and HDFC Bank. 

RIL shares reversed their morning gains and ended 4 per cent lower at Rs 1,840 on the BSE after its 43rd annual general meeting (AGM). Among major announcements, RIL Chairman Mukesh Ambani informed that Google will invest Rs 33,737 crore for a 7.7 per cent stake in Jio Platforms. The company also said that the Saudi Aramco deal has not progressed as expected due to disruption in energy markets owing to the Covid-19 pandemic but it remains committed to the deal. CLICK TO READ AGM HIGHLIGHTS

The S&P BSE Sensex today slipped 758 points from day's high to end flat at 36,052 levels, up just 19 points. The index had hit a high of 36,810.25 in the intra-day deals. IT major Infosys (up 6.5 per cent) ended as the biggest gainer on the index while RIL was the top loser. 

NSE's Nifty ended at 10,618 levels, up 11 points or 0.10 per cent.

In the broader market, the S&P BSE MidCap index ended 0.35 per cent lower at 13,230 points while the S&P BSE SmallCap index settled at 12,659, down 0.05 per cent.  

Sectorally, IT stocks rallied the most in trade today. The Nifty IT index jumped over 5 per cent to 16,459.80 points. Nifty Pharma and Nifty FMCG also ended in the green while Nifty PSU Bank ended over 1 per cent lower. 

Global markets

European shares rebounded on Wednesday from losses in the previous session, bolstered by positive updates on a potential COVID-19 vaccine, while investors weighed a mixed bag of quarterly reports at the start of earnings season.

In commodities, oil prices rose following a sharp drop in US crude inventories, with the market waiting for next steps from a meeting later in the day on the future level of output cuts by OPEC and its allies. Gold surged to a one-week high.

(With inputs from Reuters)


3:54 PM IST Nifty 50 has been consolidating in the range of 10,550-10,900. Mixed activity was seen across sectors. FMCG, IT and Metals trade strong while banking remains weak. Nifty has strong support at 10,550, above which it trades strong. Only a breach of the same is expected to invite selling pressure. Advice traders to remain long with mentioned support at 10,900/11,100 levels on the higher side.

3:52 PM IST Google will invest Rs 33,737 crore for a 7.7 per cent stake in Jio Platforms, announced Reliance Industries chairman, Mukesh Ambani at the 43rd Annual General Meeting of RIL shareholders.   Addressing shareholders virtually, Ambani thanked them for their faith in the company and highlighted the recent capital raising efforts of the company that include a rights issue and stake sales in Jio Platforms. READ MORE

3:50 PM IST COMPANY NAME LATEST HIGH LOW CHG (rs) CHG(%) VALUE (rs CR) VODAFONE IDEA 8.65 9.33 8.41 -0.69 -7.39 70.85 RELIANCE COMMUNI 2.70 2.70 2.70 0.12 4.65 3.28 TATA TELE. MAH. 3.57 3.73 3.55 0.01 0.28 0.30 BHARTI AIRTEL 564.15 589.80 559.70 -24.95 -4.24 36.79

3:48 PM IST

3:45 PM IST

3:40 PM IST Reliance is now ranked among the World’s 60 largest companies by market capitalization. And when Reliance scales still higher summits of success, our employees and shareholders will surely reap its rewards: Mukesh Ambani at #RILAGM #NayeIndiaKaNayaJosh #Reliance— Reliance Jio (@reliancejio) July 15, 2020

3:38 PM IST One of the finest presentations by a diversified conglomerate. The AGM was a spectacular show of management confidence.#Reliance— Shyam Sekhar (@shyamsek) July 15, 2020

3:37 PM IST

3:36 PM IST

3:33 PM IST >> S&P BSE Sensex ends flat at 36,051.81 level, up 18.75 points or 0.052 per cent. >> NSE's Nifty settles at 10,618.20 level, up10.85 points or 0.10 per cent.

3:32 PM IST

3:30 PM IST >> Will work with other start-ups to 'Make in India' and 'Made in India'

LIVE UPDATES

Market Closing Comment :: Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities

Nifty 50 has been consolidating in the range of 10,550-10,900. Mixed activity was seen across sectors. FMCG, IT and Metals trade strong while banking remains weak. Nifty has strong support at 10,550, above which it trades strong. Only a breach of the same is expected to invite selling pressure. Advice traders to remain long with mentioned support at 10,900/11,100 levels on the higher side.

Reliance AGM highlights: Mukesh Ambani welcomes Google to Jio Platforms

Google will invest Rs 33,737 crore for a 7.7 per cent stake in Jio Platforms, announced Reliance Industries chairman, Mukesh Ambani at the 43rd Annual General Meeting of RIL shareholders.
 
Addressing shareholders virtually, Ambani thanked them for their faith in the company and highlighted the recent capital raising efforts of the company that include a rights issue and stake sales in Jio Platforms. READ MORE

Telecom stocks at Close

COMPANY NAME LATEST HIGH LOW CHG
(rs)
CHG(%) VALUE
(rs CR)
VODAFONE IDEA 8.65 9.33 8.41 -0.69 -7.39 70.85
RELIANCE COMMUNI 2.70 2.70 2.70 0.12 4.65 3.28
TATA TELE. MAH. 3.57 3.73 3.55 0.01 0.28 0.30
BHARTI AIRTEL 564.15 589.80 559.70 -24.95 -4.24 36.79

Reliance Group stocks at Close


Market Snapshot at Close


RIL 43rd AGM :: Reliance is now ranked among the World’s 60 largest companies by m-cap

MARKET VOICE :: Shyam Sekhar on RIL AGM

Sectoral trends on NSE at Close


Markets At Close :: RIL ends as top loser


Closing Bell

>> S&P BSE Sensex ends flat at 36,051.81 level, up 18.75 points or 0.052 per cent.

>> NSE's Nifty settles at 10,618.20 level, up10.85 points or 0.10 per cent.

RIL 43rd AGM :: RIL's m-cap has grown at 31% CAGR since its IPO in 1977

RIL 43rd AGM :: Intellectual Property will be an important pillar in RIL's growth journey, says Mukesh Ambani

>> Will work with other start-ups to 'Make in India' and 'Made in India'

RIL 43rd AGM :: In the years to come, RIL will create more growth drivers apart from Jio, O2C biz & Reliance Retail, says Mukesh Ambani

RIL 43rd AGM :: Have a 15-yr vision to build RIL as one of the world’s leading new energy and new materials company, says Mukesh Ambani

have a 15-year vision to build Reliance as one of the world’s leading new energy and new materials company

5G plan, Google stake in Jio Platforms see Voda Idea, Airtel slip up to 6%

Shares of telecom services providers - Bharti Airtel and Vodafone Idea - lost up to 6 per cent in intra-day trade on the BSE on Wednesday, after Mukesh Ambani announced that Google will buy 7.73 per cent stake in Jio Platforms for Rs 33,737 crore. That apart, Ambani said the company plans to design an entry level 4G, or even 5G smart phone, to support India's cellular market. READ MORE 
 


MARKET UPDATE:: Bharti Airtel slips over 4% post RIL's announcement at the AGM


MARKET CHECK :: Sensex turns negative


STOCK ALERT:: RIL extends fall, down 4.5%


RIL 43rd AGM :: Saudi Aramco deal has not progressed as expected due to disruption in energy markets, Covid-19

>> Committed to deal with Saudi Aramco

RIL 43rd AGM :: Have received strong interest from investors and bankers to invest in Reliance Retail, says Mukesh Ambani

>> Says, will induct global partners, investors into Reliance Retail in next few quarters


RIL 43rd AGM :: Revenue from retail biz grew 8x in last 5 yrs, says Mukesh Ambani

>> Profit grew 11x during the period


RIL 43rd AGM :: Will merge Den Networks and Hathway Cables with Network18, says Mukesh Ambani

>> Merger will be subject to necessary approvals, says Ambani

RIL 43rd AGM :: Investment in RIL will be our biggest investment under the recently announced $10B digitization fund, says Sundar Pichai

RIL 43rd AGM :: RIL launches Jio Health platform in the awake of Covid-19 crisis

RIL 43rd AGM :: RIL launches virtual learning solution

MARKET CHECK :: Sensex slips to day's low


NEWS IMPACT:: Vodafone Idea slips 5% as RIL says Jio ready with 5G solution


STOCK ALERT :: RIL erases gains, slips 1%


RIL 43rd AGM :: Jio Platforms is conceived with the vision of developing original, captive, intellectual property, says Ambani

>> He says, the time has come for a truly global digital products & services co to emerge from India

>> Dedicates the 5G Solution to PM Modi under Atma Nirbhar Bharat

RIL 43RD AGM :: Co unveils Jio Glass


RIL 43rd AGM :: Jio is ready with a world class 5G solution, field deployment can happen next year, says Mukesh Ambani

RIL 43rd AGM :: Jio has developed a 'Made in India' 5G solution from scratch, says Mukesh Ambani

>> Trials to begin once 5G spectrum is rolled out

RIL 43RD AGM :: Mukesh Ambani lists five accelarators of growth of Digital Connectivity

>> Mobile Broadband; 
 
>> JioFiber Home Broadband:
 
>> Enterprise Broadband;
 
>> Broadband for SME;
 
>> NB-IOT (Narrow Band Internet of Things)

RIL 43rd AGM :: Profit booking at RIL counter


NEWS ALERT :: RIL had yet another remarkable year; m-cap crosses Rs 12 trn, says Mukesh Ambani

NEWS ALERT :: RIL's 43rd AGM begins


ALERT :: Markets eye Rs 2,000 apiece level for RIL; AGM to begin shortly


NEWS ALERT :: India, US may discuss new H1-B visa rules: Agencies


Investors must shun retail apparel stocks over negative operating leverage

Unlike retailers such as Avenue Supermarts, which mainly sell groceries, apparel retailers have been operating with a minimal number of stores and are held back by ongoing restrictions. READ MORE

INDEX GAINER:: Tata Steel up around 2%


STOCK ALERT :: Infosys hits all-time high ahead of Q1 results


MARKET UPDATE:: BSE Midcap index underperforms Sensex


Bharti Airtel dips 2% in an otherwise strong market



MARKET UPDATE:: Top 5 losers on the BSE at this hour


UTI MF schemes receive payments for side-pocketed Zee Learn exposure

UTI Mutual Fund (MF) has received the dues from Zee Learn (ZLL) after the fund house had side-pocketed the exposure to the Essel group company last week. In an exchange note, ZLL disclosed that balance amount was paid to UTI MF by Zee Entertainment Enterprises (ZEEL) and “they were in the process of acquiring the non-convertible debentures (NCDs) subject to necessary paperwork and legal approvals as required”. READ MORE

Gold steadies above $1,800 as virus fears, US-China tensions rise

Gold prices edged higher on Wednesday, holding firm above the psychological $1,800 level, as worries over surging coronavirus cases and simmering U.S.-China tensions boosted demand for the safe-haven metal. Spot gold was up 0.1% at $1,808.61 per ounce by 0240 GMT. U.S. gold futures eased 0.1% to $1,811.40. "Demand appears firm for gold on any dips to the $1,800 regions for now with investors hedging Covid-19 risks, most especially after the renewed lockdown in California," said Jeffrey Halley, a senior market analyst at OANDA. READ MORE

FPIs hike stake in TCS in June 2020 quarter, cut holding in HCL Tech, Wipro

Foreign portfolio investors (FPIs) have increased their stake in information technology (IT) major Tata Consultancy Services (TCS), Larsen & Toubro (L&T) Technology Services, and L&T Infotech, and trimmed their holdings in HCL Technologies and Wipro during the April – June quarter (Q1FY21). That apart, FPIs also cut their stake in Mindtree, Persistent Systems, eClerx Services, Sonata Software and NIIT Technologies by up to two percentage points, according to the latest shareholding pattern disclosed by these companies. Infosys, which is scheduled to announce its Q1FY21 numbers on Wednesday, has not yet filed its June quarter shareholding data with the stock exchanges yet. READ MORE

Telecom stocks trade lower in an otherwise firm market

COMPANY LATEST(rs) CHG(%)
VODAFONE IDEA 9.17 -1.82
BHARTI AIRTEL 581.20 -1.34
TATA COMM 719.30 2.68
» More

Infosys, HCL Tech, L&T Infotech, Granules, Laurus Labs hit record highs

Shares of three information technology (IT) companies – Infosys, HCL Technologies and Larsen & Toubro (L&T) Infotech – hit their respective record highs on the BSE on Wednesday after IT services major Wipro reported a better-than-expected performance in June quarter of FY21 (Q1FY21), as its profitability improved despite a contraction in revenues on a sequential basis. READ MORE

IRCTC's investors should brace for lower returns

The stock of Indian Railway Catering and Tourism Corporation (IRCTC) has seen a sharp 67 per cent recovery from its March lows, which is also faster than the 39 per cent rise in the BSE Sensex. Though IRCTC’s strong growth potential over a medium to long-term led by its monopolistic position in Indian railway services justifies the Street’s action, investors should brace themselves for lower returns in the near term, thanks to poor top-line visibility.  READ MORE

MARKET UPDATE:: Metal stocks rally; S&P BSE Metal index up over 1.5%


Infosys, RIL contribute the most to S&P BSE Sensex's 700-point rally today


Covid-19 pandemic to trigger deglobalisation. Can India be the next China?

The Covid-19 pandemic that brought the world to its knees and triggered nation-wide lockdowns across countries since the past few months can lead to deglobalisation alleviate some woes, such as worsening inequality, but it could come at the cost of impairing productivity, raising prices, slowing the growth of emerging markets (EMs) and triggering even worse regional conflicts, argues a July 13 report from Nomura titled 'The world after Covid-19'. READ MORE

Top gainers on BSE at this hour

COMPANY PRICE(rs) CHG(%)
WIPRO 259.90 15.49
HATHWAY CABLE 47.05 12.83
INFOSYS 842.15 7.53
UJJIVAN SMALL 37.20 6.59
GHCL 161.50 6.46
» More on Top Gainers

RIL-owned firms in focus ahead of 43rd AGM; RIL hits fresh all-time high

Shares of Reliance Industries (RIL)-owned companies engaged in media, broadcasting & cable TV business rallied up to 20 per cent in the intra-day trade on Wednesday, ahead of RIL’s annual general meeting (AGM) due later in the day. Hathway Cable & Datacom has surged nearly 20 per cent to Rs 49.80, extending its Tuesday’s 20 per cent rally on the BSE. In the last one month, Hathway Cable & Datacom and Hathway Bhawani Cabletel & Datacom have rallied 73 per cent and 28 per cent respectively, while Reliance Industrial Infrastructure surged 46 per cent. READ MORE

Infosys Q1 preview: Revenue may dip 4%; magnitude of pricing pressure eyed

Further, analysts expect Q1FY21 to be the peak pain quarter for the IT firms as already lockdowns have been relaxed to a certain extent in India and abroad as well. “While new deal wins will be challenging until economies open up completely, we believe Q2FY21 onwards revenue growth will stabilise and Q3/Q4 will probably be quarters of recovery and that too stronger than historical averages,” said Edelweiss Securities in result preview note. READ MORE

MARKET UPDATE:: Sensex extends gain, up over 600 points now


NEWS ALERT :: Maruti to voluntarily recall WagonR & Baleno (Petrol)

>> Co to voluntarily recall WagonR (1 Litre) manufactured b/w Nov 15, 2018 & Oct 15, 2019 & Baleno (Petrol) manufactured b/w Jan 8, 2019 & Nov 4, 2019. 
 
>> Co will inspect the units for a possible issue with the Fuel Pump.
 

BROKERAGE VIEW:: Motilal Oswal Financial Services on SAIL

Rating: NEUTRAL | TP: Rs 34
  • We expect sales volumes to decline ~4% in FY21 on weak domestic demand; however, we expect volumes to grow at ~10% to 15.1mt in FY22, implying a CAGR of 3% over FY20–22. 
  • We expect 2HFY21 to be better operationally, with recovery coming in volumes from key sectors such as Infra and Construction. We expect the adverse impact of lower prices and negative operating leverage to be offset by lower raw material cost in FY21; as a result, we build in moderate decline in margins.
  • High working capital due to higher receivables from the Railways and completed steel inventory accumulation led to elevated debt levels in FY20. Leverage remains elevated at ~9.3x net debt / EBITDA, which is a key concern and exposes the company to any volatility in steel prices.
  • We expect net debt to reduce by INR72b over FY20–22E to INR461b, factoring a reduction in working capital through receipts from the Railways and the part liquidation of iron ore inventory.
  • We value the stock at 6.5x FY22E EV/EBITDA at Rs 34/sh. Maintain Neutral

BROKERAGE VIEW:: Centrum Broking on Pfizer

The company recently launched Zavicefta (patented product), with an excellent initial sale ramp-up. Company now awaits next planned patented product launch of Zinforo. We maintain our Buy rating on the stock with target price of Rs 4,700, valued at 36x FY22E. Multiple in-line with GSK post the dividend pay-out. We have adjusted our earnings estimates for other income in FY21E (increased 6%) and FY22E (decreased 13%) for the interim dividend pay-out of Rs 320 per share. FY21E we have assumed some gain post the Pfizer Upjohn hive-off concludes.  At CMP of Rs 4,133 the stock trades at 29x FY21E EPS Rs 140.5 and 32x FY22E EPS of Rs 130.5.

BROKERAGE VIEW:: ICICI Securities on Wipro

We expect Covid-19 disruptions to impact revenues in the near term. However, considering the margin improvement in Q1FY21E and improvement in growth from Q2FY21E, we expect margins to witness expansion in FY21E, FY22E. Further, we expect Wipro to witness healthy growth revenue in coming years mainly led by healthy traction in deals, growth focus of new CEO, acquisition of new logos and traction in digital revenues. This, along with reasonable valuation (~13x FY22E EPS) prompts us to maintain BUY on Wipro with target price of Rs 300 (16x FY22E EPS).

BROKERAGE VIEW:: ICICI Securities on Godrej Properties

Rating: REDUCE | TP: Rs 826

Godrej Properties’ (GPL) FY20 annual report highlights the company’s aggressive intent to grow its volumes and pursue business development in a stressed market. We believe that GPL with its strong execution track record, healthy balance sheet (cash reserves of Rs25bn as of March 2020) and counter-cyclical business development strategy will emerge stronger over the medium-term. We revise our target price for GPL to Rs826/share (earlier Rs721) factoring-in recent
project additions and higher premium to NAV of 30%. However, we downgrade our rating to REDUCE from BUY post the 35% run up in stock price over the last 3
months as we believe that the stock is expensive with RoEs of 6-7% over FY20-22E at a FY22E P/B of 4.2x.

BROKERAGE VIEW:: Prabhudas Lilladher on Mindtree

Rating: REDUCE | CMP: Rs 978 | TP: Rs 888

We maintain our Reduce rating as we consider stock valuations expensive against the downturn of discretionary spends & top client concentration (30% of revenues). Our EPS estimates are upgraded on account on better margin performance, change in deprecation policy & higher other income. We value MTCL at 14X Sep-22 EPS of Rs. 63.5 to arrive at changed TP of Rs 888. MTCL is trading at 16X/15X FY22/23E earnings of Rs.61/66 respectively. 

MARKET CHECK :: Swift upmove in markets, Sensex jumps nearly 600 pts


Most active stocks by volume

COMPANY PRICE(rs) CHG(%)
VODAFONE IDEA 9.13 -2.25
SUZLON ENERGY 4.47 -4.49
WIPRO 258.80 15.00
FUTURE CONSUMER 11.45 1.33
B H E L 39.60 1.80
» More on Most Active Volume

Rupee Opening

Rupee opens higher at 75.34 per US dollar vs Tuesday's close of 75.42/$

Wipro surges 15% as Q1 operational performance beats Street estimate

The company’s IT services EBIT (earnings before interest and taxes) margins came at 19 per cent in Q1FY21, led by higher utilisation, cost efficiency and rupee depreciation. Analysts, on an average, had expected margins of around 16.6 per cent for the quarter. IT service dollar revenues in constant currency declined 7.5 per cent quarter on quarter (QoQ), in line with analyst estimates. READ MORE

Nifty IT index jumps 4%; Infosys gains 3% ahead of June quarter results

At 10:00 am, the Nifty IT index was ruling over 4 per cent higher at 16,283.05 points with all the 10 constituents trading in the green. Wipro was the top gainer on the index - up 15 per cent at Rs 258.75. Other constituents of the index such as NIIT Tech, Tech Mahindra, Infosys, and HCL Tech gained up to 4.5 per cent. In comparison, the benchmark Nifty was trading over 1.3 per cent higher at 10,747.40 levels. READ MORE

NEWS ALERT :: Govt may monetise ITDC-owned Hotel Ashoka and Samrat

>> Govt could mop up Rs 7,600 crore via monetisation

>> Monetisation may happen in 3 phases

>> Govt could lease 11 acre area of Hotel Ashoka

(As reported by CNBC Aawaz)


Ahead of Q1 nos | Bandhan Bank up over 3%


Nifty IT index rallies 3%, trades as top gainer on NSE


Wipro extends gains, surges 13% now


Sector Watch :: Metal stocks build gains on strong global cues; JSPL up 4%, Tata Steel 3%


Nifty Bank index rises 300 pts


MARKET CHECK :: Sensex jumps 400 pts


Vodafone Idea eases around 2%


YES Bank adds 2%

>> The bank on Tuesday allotted shares worth Rs 4,100 crore to 14 institutional investors in the ‘anchor’ category of its follow-on public offering (FPO).


Result Impact | Delta Corp advances 3%

>>  It has reported net loss of Rs 28.24 crore in Q1 June 2020 as compared to net profit of Rs 42.48 crore in the year-ago period.


SBI to hold board meeting today to consider fund raising; stock up 0.7%


Reliance Industries hits fresh record high ahead of AGM


Wipro nears 10% upper circuit post Q4 nos


Sectoral trends on NSE at Open


Sensex Heatmap at Open


Opening Bell


Opening Bell | Markets zoom really a per cent in early deals


RIL 43rd AGM: Jio biz update, bonus, Aramco deal details. What's in store?

While RIL's AGM has always been a much sought-after event for the corporate world, business media, investors, and other stakeholders, this time the AGM holds a greater significance given the company's record-breaking deal spree for its digital business vertical, Jio Platforms. So far, RIL has raised a record Rs 1.18 trillion in less than three months by selling 25.24 per cent stake in Jio Platforms to 13 marquee investors, including Facebook, Silver Lake, General Atlantic, Intel Capital, and Qualcomm Ventures. READ MORE

Top gainers and losers on the S&P BSE Sensex at Pre-open


Markets at Pre-open


Markets at Pre-open


NEWS ALERT :: Zydus starts human trials of its vaccine, ZyCoV-D, for Covid-19

>> The company said, the Adaptive Phase I/ II human clinical trials of its plasmid DNA vaccine, ZyCoV-D commenced today with the first human dosing

>> Says, the vaccine was able to elicit high level of neutralizing antibodies in animal studies.

(Via BSE filing)

Stocks to watch: RIL, Infosys, Bharti Airtel, SBI, Wipro, Bandhan Bank, LTI

RIL: All eyes will be on Mukesh Ambani-controlled Reliance Industries (RIL)'s 43rd annual general meeting (AGM) today. Clarification on Saudi Aramco deal, plans for Jio Platforms listing, Jio Fiber trajectory, and the launch of 5G services are some of the key expectations of the analysts from the AGM.
 
Wipro: Information technology (IT) IT services major Wipro on Tuesday reported a better-than-expected quarterly performance in Q1 of FY21, as its profitability improved despite contraction in revenues on a sequential basis.
 
Infosys: The IT major is slated to announce its June 2020 quarter results later in the day. The company is expected to report subdued numbers due to disruptions caused by the Covid-19 pandemic. Deal pipeline, key impacted verticals, and the magnitude of pricing pressure and revival trend are some of the key things to watch out for. That apart, the company on Tuesday said it has partnered with investment management company Vanguard whereby it will manage certain activities of the US firm. READ MORE 


NEWS ALERT :: Strongly oppose US actions, will impose sanctions on US persons & entities in response, says China

>> “Hong Kong affairs are purely China’s internal affairs and no foreign country has the right to interfere,” China's foreign ministry said.

(Source: Reuters)

NEWS ALERT :: US President Donald Trump signs law slapping sanctions on China for interference in Hong Kong

>> Besides, he signed an executive order ending the preferential treatment that Hong Kong has long enjoyed.

>> Trump also signed a bill approved by the U.S. Congress to penalize banks doing business with Chinese officials who implement the new security law.

>> Under the executive order, U.S. property would be blocked of any person determined to be responsible for or complicit in “actions or policies that undermine democratic processes or institutions in Hong Kong,” according to the text of the document released by the White House.

(Source: Reuters)

Trading ideas by Religare Broking

Indraprastha Gas Limited
 
Recommendation: Buy
 
Last Close: Rs 414.75
 
Of late, IGL has retraced considerably from the top and tested the major support zone of the long-term moving average (200 EMA) on the daily chart. The existence of major support combined with the oversold reading of the oscillators is pointing towards a gradual rebound ahead. READ MORE

NEWS ALERT :: Bank Of Japan holds deposit rate at -0.1%, reports Reuters

>> Keeps 10-year yield target around 0%

>> Monetary policy kept steady

Bulk deals on BSE as on Tuesday

Bulk deals on NSE as on Tuesday

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


Rupee check

Source: Bloomberg


Oil rises after US crude stocks drop, focus on OPEC+ meeting

>> Oil prices rose on Wednesday after a sharp drop in U.S. crude inventories, with the market waiting for more direction from a meeting later in the day on the future level of production by OPEC and its allies.
 
>> Brent crude LCOc1 futures were up 10 cents, or 0.2%, at $43 a barrel, and US West Texas Intermediate (WTI) crude CLc1 futures rose 14 cents, or 0.4%, to $40.43 a barrel.

(Source: Reuters)

SGX Nifty hints at a gap-up start

>> At 8:22 am, the index was ruling 74.80 points or 0.71 per cent higher at 10,683 level.

Asian markets set to shake off coronavirus spread, US-China tensions

Source: Reuters


Wall Street ends higher, led by energy and materials

Source: Reuters


Good morning!

Welcome to the Business Standard live blog.

Catch all the live market updates here.

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel