MARKET WRAP: Sensex slips 143 pts amid weak global cues; financials decline

Topics Markets | Coronavirus | TCS

((Photo credit: Kamlesh Pednekar)
The Indian stock market ended Friday's volatile session in the negative territory amid weak global cues. The relentless rise in Covid-19 cases both in India as well as on the global front weighed on investor sentiment. The S&P BSE Sensex slipped 143 points or 0.39 per cent to settle at 36,594 levels while NSE's Nifty ended at 10,768, down 45 points or 0.42 per cent. 

HDFC, HDFC Bank, ICICI Bank, and Axis Bank contributed the most to the Sensex's fall. Axis Bank ended as the top loser on the index while Reliance Industries (RIL) ended as the biggest gainer - up around 3 per cent. RIL hit a fresh lifetime high of Rs 1,884.40 during the day before settling at Rs 1,878.50 on the BSE. 

On a weekly basis, Sensex gained 1.6 per cent while Nifty rose 1.5 per cent. 

The sectoral trends on the NSE remained mixed. While financials, metals and auto stocks declined in the trade, pharma, FMCG, and realty counters rallied. The Nifty Pharma gained 0.85 per cent to 10,072.25 levels. On the other hand, Nifty Bank slipped over 2 per cent to 22,398.45 points. 

In the broader market, the S&P BSE MidCap index fell 0.72 per cent while the S&P BSE SmallCap index declined 0.35 per cent.

Global markets

World stocks faltered on Friday as record-setting new coronavirus cases in several US states led to worries that more lockdowns may be necessary, making a quick economic recovery unlikely.

European stocks declined 0.3 per cent, taking cues from Asia. Shares in China fell 1.8 per cent from a five-year high. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.3 per cent. Australian stocks declined by 0.6 per cent as an extension of loan-payment deferrals hit the banking sector. Japanese stocks were down by 1.1 per cent.

The e-mini futures for the S&P 500 erased early gains to trade down 0.6 per cent.

In commodity markets, oil prices declined while gold was set for a fifth straight weekly gain as a spike in US Covid-19 infections underpinned safe-haven appetite.

(With inputs from Reuters)


3:55 PM IST "Markets continued their volatile movements and ended the day negative, tracking mixed global cues. Global stocks were mixed following record infections in the US, which led to worries of delayed global economic recovery, while Indian markets worried about record cases of infections and increasing localised lockdowns.  However, on a weekly basis, the benchmark indices gained around 1.5 per cent. The weekly gains were mainly driven by liquidity and the hope that the virus would be contained soon and businesses back to normal. However, the outlook for the market is volatile as the earnings announcements have begun after a washout quarter for most industries. This uncertainty combined with profit booking happening after the recent rally, means that the volatility is expected to continue in the markets and investors would do well to be cautious and stock specific in this market."

3:43 PM IST

3:42 PM IST

3:36 PM IST The S&P BSE Sensex fell 143 points or 0.39 per cent to end at 36,594 while NSE's Nifty settled at 10,768, down 45 points or 0.42 per cent.

3:27 PM IST Shares of IOL Chemicals & Pharmaceuticals (IOL) continued their northward journey and rallied 16 per cent to Rs 723 on the BSE on Friday, on the back of over two-fold jump in trading volumes. The stock of the pharmaceutical company hit a new lifetime high today and has appreciated by 105 per cent in the past 18 trading days. On June 16, IOL ended at Rs 352.05 on the BSE. READ MORE 

3:20 PM IST

3:13 PM IST Britain will suffer the sharpest peak-to-trough economic slump of any major economy this year, rating agency Moody’s warned on Friday, while its debts as a share of GDP will surge by 24 percentage points. Moody’s said the UK government’s latest stimulus package, announced this week, would aid a gradual economic recovery but add further pressure to the UK’s fiscal position, the report added. 

3:09 PM IST >> Gross NPA dips from 4.82% to 4.64% QoQ >> Net NPA moderates from 3.08% to 3.01% QoQ 

3:04 PM IST A lengthy approval process and the risk of the issue getting undersubscribed, if the secondary markets see volatility, are some of the reasons why firms have stayed clear of FPOs. The qualified institutional placement (QIP) has been the go-to instrument, given its fast-track nature. READ MORE

2:55 PM IST >> The drug is used to treat muscle spasticity such as from a spinal cord injury or multiple sclerosis

2:41 PM IST

LIVE UPDATES

MARKET COMMENT:: Vinod Nair, Head of Research at Geojit Financial Services

"Markets continued their volatile movements and ended the day negative, tracking mixed global cues. Global stocks were mixed following record infections in the US, which led to worries of delayed global economic recovery, while Indian markets worried about record cases of infections and increasing localised lockdowns.  However, on a weekly basis, the benchmark indices gained around 1.5 per cent. The weekly gains were mainly driven by liquidity and the hope that the virus would be contained soon and businesses back to normal. However, the outlook for the market is volatile as the earnings announcements have begun after a washout quarter for most industries. This uncertainty combined with profit booking happening after the recent rally, means that the volatility is expected to continue in the markets and investors would do well to be cautious and stock specific in this market."

SECTOR WATCH:: Pharma stocks rally in trade


MARKET CLOSE:: Top losers and gainers on the S&P BSE Sensex


CLOSING BELL

The S&P BSE Sensex fell 143 points or 0.39 per cent to end at 36,594 while NSE's Nifty settled at 10,768, down 45 points or 0.42 per cent.

This pharma stock zooms over 100% in 18 trading days

Shares of IOL Chemicals & Pharmaceuticals (IOL) continued their northward journey and rallied 16 per cent to Rs 723 on the BSE on Friday, on the back of over two-fold jump in trading volumes. The stock of the pharmaceutical company hit a new lifetime high today and has appreciated by 105 per cent in the past 18 trading days. On June 16, IOL ended at Rs 352.05 on the BSE. READ MORE 


Sectoral trends on NSE at this hour


Moody's says UK economy to slump over 10%, debts to surge, reports Reuters

Britain will suffer the sharpest peak-to-trough economic slump of any major economy this year, rating agency Moody’s warned on Friday, while its debts as a share of GDP will surge by 24 percentage points. Moody’s said the UK government’s latest stimulus package, announced this week, would aid a gradual economic recovery but add further pressure to the UK’s fiscal position, the report added. 

June Quarter Result :: Karnataka Bank's profit grows from Rs 175 cr to Rs 196 cr YoY

>> Gross NPA dips from 4.82% to 4.64% QoQ

>> Net NPA moderates from 3.08% to 3.01% QoQ 


YES Bank slips 9% after fixing FPO floor price at Rs 12 per share

A lengthy approval process and the risk of the issue getting undersubscribed, if the secondary markets see volatility, are some of the reasons why firms have stayed clear of FPOs. The qualified institutional placement (QIP) has been the go-to instrument, given its fast-track nature. READ MORE

NEWS ALERT :: Unichem Lab gets US FDA nod for Baclofen tablets (10-20 mg)

>> The drug is used to treat muscle spasticity such as from a spinal cord injury or multiple sclerosis


NEWS ALERT :: Canara Bank to raise equity capital worth Rs 5,000 cr


NEWS ALERT :: SBI Board to meet on July 15 to consider capital raising


NSE to accept gold bars produced by Indian refiners for settlement

For this, the exchange launched NSE Refiner Standards (NRS) for BIS - Standard Gold- which will be effective from Friday, July 10.
 
"The NSE Refiner Standards for BIS Standard Gold would enable the acceptance of gold bars produced by the domestic refiners in India, for settlement of the gold futures contracts traded on the NSE platform," the exchange said in a statement. READ MORE

PI Industries hits record high on successful QIP issue; surges 8% in 2 days

Shares of PI Industries hit a fresh all-time high of Rs 1,789, up 3.5 per cent in the intra-day trade, on the BSE on Friday. The stock has surged 8 per cent in the past two days after the company successfully raised Rs 2,000 crore via qualified institutional placements (QIP). The agro-chemical firm on Wednesday said the company has fixed issue price at Rs 1,470 per share, about 4 per cent lower than the floor rate, for sale of shares to institutional investors. READ MORE 


INDEX LOSER:: Titan Co slips 3%


Rupee Closing

Rupee ends lower at 75.21 per US dollar vs Thursday's close of 74.99/$

NBFCs, HFCs shed risky real estate loans to remain asset light

Saddled with risky real estate loans, non-banking finace companies and housing finance firms are selling their portfolios to special situation funds.
 
The liquidity squeeze faced by NBFCs notwithstanding in the last two years since ILF&S defaults in 2018, the Covid-19 issues and lockdown have made developer loans further risky for them. READ MORE

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


NEWS ALERT :: Bank of Maharashtra to raise capital up to Rs 2,000 cr


NEWS ALERT :: Bank Of Baroda cuts lending rate by 5 bps across tenors w.e.f July 12


Tesla, Wall Street's most controversial stock, on the verge of joining S&P 500

Wall Street's most controversial stock may be about to go mainstream. Tesla Inc appears on the verge of joining the S&P 500, a major accomplishment for Chief Executive Officer Elon Musk that would unleash a flood of new demand for the electric car maker's shares, which have already surged 500% over the past year. READ MORE

MARKET UPDATE:: BSE Midcap index underperforms Sensex


Sensex Heatmap at this hour


STOCK ALERT :: Reliance Ind hits fresh record high

>> Surpasses its previous high of Rs 1,870 touched on July 7.

European indices open in the red


STOCK ALERT :: RK Damani picks 1.03% stake in June quarter

>> Damani held no stake previously

Godrej Agrovet: Good prospects, but investors should look at stock on dips

The rally in agri-related stocks has helped Godrej Agrovet gain over 31 per cent since May 20. The gains were led by expectations of growth across segments, margin improvement, and earnings recovery in financial year 2020-21 (FY21).
 
The company had posted muted numbers in the March quarter because of Covid-19, which dented the top line and profitability. Though the company has a presence across multiple segments, crop protection and animal feed account for 65 per cent of consolidated revenues. READ MORE

Stocks that hit 52-week high in an otherwise weak market today

COMPANY PRICE(rs) 52 WK HIGH CHG(%)
ALKYL AMINES 2422.70 2833.00 0.98
AUROBINDO PHARMA 817.20 828.45 0.56
BIOCON 412.10 420.35 1.48
BRITANNIA INDS. 3719.90 3752.50 1.22
ESCORTS 1124.40 1139.10 -0.45
» More on 52 Week High

As AMC equity flows taper, investors urged to wait till situation improves

The continuous decline in net equity inflows seen in the past three months, at a time when retail participation in equities is rising, is worrying investors about the prospects of asset management companies (AMCs) such as HDFC AMC and Nippon Life India AMC (Nippon AMC). According to data published by Association of Mutual Funds in India (AMFI), the industry saw net equity inflows hitting a 4-year low in June. READ MORE

NEWS ALERT :: Tata Motors Group global wholesales at 91,594 in Q1FY21

>>  Tata Motors Group global wholesales in Q1FY21, including Jaguar Land Rover, were at 91,594 units, down 64% YoY

>> Global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range: 11,598, down 89% YoY

>> Global wholesales of all passenger vehicles: 79,996 down 49% YoY
 

HDFC twins, ICICI Bank top contributors to Sensex's 300-point fall today


MARKET CHECK :: Sensex tumbles 300 pts


INDEX GAINER:: Sun Pharma surges over 2.6%


Metal stocks can outperform the market. Here are a few trading strategies

NIFTY METAL: The index is continuously attempting to conquer the upward resistance of 2,150 decisively. The volumes have slowed down a little, but the price is holding the momentum strong. The support remains at 2,000 levels. If the RSI crosses 65 mark, then the strength may see the index rally towards the 2,300 mark. The overall trend indicates a positive bias. READ MORE

Voda Idea dips 3% amid report of default on payments to telecom tower cos

Shares of Vodafone Idea on Friday declined as much as 3.84 per cent to Rs 9.01 on the on report that the company has defaulted on rental and energy payments for June to telecom tower companies. According to a senior executive of a telecom tower firm, Vodafone Idea cited payment of adjusted gross revenue (AGR) to the government and the resultant cash flow problems for the default. “The company usually pays its dues by 3rd of every month, but this month we have not received any money. READ MORE 


People's Bank of China sells stake in HDFC in June quarter following furore

PBOC is no longer a shareholder in HDFC as per the June 2020 quarter shareholding disclosure made by the Mumbai-based financial services behemoth. During the quarter ended March 2020, PBOC held 17.5 million shares, or 1.01 per cent stake in HDFC, valued at Rs 3,300 crore at current market rate. READ MORE

Firstsource Solutions up 10% as Rakesh Jhunjhunwala increases stake in Q1

Rakesh Jhunjhunwala has acquired an additional 5.7 million shares, representing 0.82 per cent stake of FSL, during the recently concluded quarter, according to June quarter shareholding pattern disclosed by the company on the stock exchanges. Post acquisition, Jhunjhunwala’s stake in the leading provider of customised Business Process Management (BPM) Services Company has increased to 2.88 per cent in June quarter from 2.06 per cent at the end of March quarter. READ MORE 


Nifty dominance by top stocks at a record, four sectors grab lion's share

The dominance of top stocks on the Nifty50 index touched an all-time high, with the top five stocks comprising nearly 42 per cent of the index weighting and the top 10 accounting for more than 62 per cent.
 
The respective weighting stood at 37.1 per cent and 56.4 per cent two years ago when polarisation — a phenomenon where money chases select stocks — began to gain ground. READ MORE

After dismal June quarter numbers, TCS gives high hopes to investors

While Tata Consultancy Services (TCS’) June 2020 quarter (Q1) numbers did not meet the Street’s expectations, it surely set high hopes for investors. While in Q1, TCS’ revenues inched up by 0.4 per cent year-on-year to Rs 38,322 crore, its profit before tax declined by 10.7 per cent year-on-year to Rs 9,504 crore. READ MORE

MARKET CHECK:: Top 5 gainers on the BSE at this hour


Pharma shares gain; Biocon, Granules hit record highs, Sun Pharma up 3%

Shares of pharmaceutical companies rallied up to 6 per cent on Friday in an otherwise range-bound market amid expectations that growth is picking up in the sector after two consecutive months of decline. According to a report by ICICI Direct, the Indian Pharma market is back in the green posting 2.4 per cent YoY growth in June 2020. READ MORE

STOCK ALERT :: Granules India hits record high


BROKERAGE VIEW:: ICICI Securities on Cement sector

The major demand driving force has been the rural and semi-urban segment, which kept the demand momentum pretty strong as it has been least impacted by Covid and also on account of bumper Rabi season estimated this year while urban construction activities continued to remain weak due to labour migration and extended lockdown. Hence, for Q1FY21E, I-direct cement coverage universe is expected to report ~30% decline in sales volume to 33.4 MT.

BROKERAGE VIEW:: Emkay Global Financial Services on Pharma sector

  • We expect the sector to continue to relatively outperform in the near term given the defensive earnings characteristics, but after a sharp run-up, we remain selective as valuations leave little room for execution misses. We prefer Aurobindo and Cipla in the large caps and Ipca and Granules in the mid and small cap space.
     
  • More than the earnings, we believe investors will keenly watch out for management commentaries on the pace of recovery, especially in India, as Street estimates still range between 5% and 7% for FY21. Key risks: DOJ penalties on price fixing, lower than expected growth in India and API disruption/price increases.

BROKERAGE VIEW:: Prabhudas Lilladher on South Indian Bank

Rating: BUY | CMP: Rs 8 | TP: Rs 11

Earnings of Rs 817mn was better than expected on lower provisions and better treasury income. NII growth was muted at 10% YoY but was largely in-line with expectations, while other income was helped by better treasury income but fees were down 9% YoY/20% QoQ. Provisioning levels came off to trends levels but continued to help improvement in PCR with asset quality being marginally better.  Bank moratorium remains high at 36% but SMA loan within that is quite low which displays comfort but the real picture will be visible post the moratorium ends. We retain BUY maintaining TP of Rs 11 based on 0.5x Mar-22 ABV as valuations remain undemanding.

BROKERAGE VIEW:: Centrum Broking on Building Materials

The Covid-19 pandemic and the countrywide lockdown will have had an unprecedented impact on the tiles and ceramic companies (expectedly) in our coverage space (Kajaria Ceramics, KJC and Cera Sanitaryware, CRS). KJC/CRS are estimated to deliver EBITDA loss of Rs 179mn/Rs234mn due to the compete lull in the first half of 1QFY21. The topline loss is expected to be nearly 65-70% and will flow down to the EBITDA/PAT effectively leading to a loss in 1Q of Rs324mn/242mn. However, the gross margins are likely to be maintained with a minor decline. This is though factored in alongside the impact on FY21e earnings in our earlier estimates. The business revival is expected towards the end of FY21e and hence there will be a short term impact. Conserving the financial health will be a key challenge and KJC and CRS are well equipped for this with strong balance sheet health. helping these companies handle the current challenging situation and emerge successful. We maintain our FY22e earnings targets and continue with our BUY rating on KJC and CRS.

BROKERAGE VIEW:: Edelweiss Securities on Tata Steel

Tata Steel’s (TSL) Q1FY21 operating performance was impacted by the ongoing covid-19 crisis. Key highlights: i) Profitable domestic segment fared worse compared to European operations (TSE). ii) High exports to impact blended realisation. iii) Activity improved in June on easing of lockdown. Going ahead, we expect performance to improve as economic activity picks up. However, we perceive risk-reward balanced on high leverage and stretched valuations. Higher-than-expected federal support in Europe is a key risk to our view. Maintain ‘HOLD’ with TP of Rs 330, implying 7.0x FY22E EBITDA.

BROKERAGE VIEW:: ICICI Securities on TCS

In the near term, revenues, margins are expected to be under pressure leading to a washout FY21E. However, TCS has the ability to bounce back as seen in the 2008 global financial crisis. Further, we believe there are long term drivers for the company in terms of market share gains, acceleration in digital technologies and ability to win large deals based on company’s execution. Hence, we remain positive on the stock from a long-term perspective. However, the current valuation factors in most of the positives. Hence, we maintain HOLD on the stock with a revised target price of Rs 2,400.

STOCK ALERT :: Britannia Industries hits record high


Insurance stocks in focus; SBI Life, HDFC Life up 4%; ICICI Pru slips 3%

Shares of insurance companies were in focus at the bourses on Friday, with SBI Life Insurance and HDFC Life Insurance Company gaining up to 4 per cent on the BSE as their new business premiums (NBP) contracted by lesser margin on a year-on-year (YoY) basis in June as compared to April and May. The NBP of life insurance companies contracted 10.46 per cent year-on-year (YoY) in June, it is, however, indicative of recovery signs after the government decided to gradually unlock. Life insurers had seen their NBP decline 32.6 per cent and 25.4 per cent in April and May, respectively. READ MORE

PNB reports fraud of Rs 3,688.58 cr in DHFL account; stock slumps 7%

Shares of state-owned Punjab National Bank slumped up to 6.7 per cent to Rs 34.6 on the BSE on Friday after the bank said it has reported loan extended to Dewan Housing Finance Ltd (DHFL), worth Rs 3,688.58 crore, as fraud. "The bank is reporting Borrowal Fraud of Rs 3,688.58 crore in NPA account of Dewan Housing Finance Ltd. (DHFL) at large corporate branch at Mumbai, Zonal Office," the bank said in a regulatory filing. READ MORE

Rupee Opening

Rupee opens weaker at 75.15 per US dollar vs Thursday's close of 74.99/$

TCS slips 1% post disappointing Q1FY21 results; here's what brokerages say

Shares of Tata Consultancy Services (TCS) slipped around 1 per cent on the BSE on Friday after the company reported a weak set of numbers for the quarter ended June 2020, owing to the supply and demand disruptions caused by the Covid-19-induced lockdown. For the quarter under review, TCS reported a profit before tax (PBT) of Rs 9,504 crore, which was 9.6 per cent lower than in the previous quarter and 10.65 per cent lower than the same period of the previous financial year. READ MORE

MARKET UPDATE:: Broader indices outperform benchmarks


Most active stocks by volume

COMPANY PRICE(rs) CHG(%)
VODAFONE IDEA 9.25 -1.28
SUZLON ENERGY 5.45 2.44
REDINGTON INDIA 91.60 -0.05
SOUTH IND.BANK 8.17 -2.39
ST BK OF INDIA 201.60 1.26
» More on Most Active Volume

BUZZING STOCK:: Varroc Engineering locked n 5% upper circuit


Nifty Pharma index trades higher in early deals


MARKET CHECK :: Sensex off early lows


Coal India slips in early deals

>> The world's largest coal miner CIL on Thursday said it has lined up Rs 10,000 crore as capital expenditure (capex) for the current financial year. Besides, the government is considering a plan to raise as much as Rs 20,000 crore by selling stake in CIL and IDBI Bank, according to a Bloomberg report.


Vodafone Idea declines over 1.5% on payment default

>> Vodafone Idea, the joint venture between Vodafone Group Plc and Aditya Birla Group, has defaulted on rental and energy payments for June to telecom tower companies


Tata Motors adds 0.5%

>> The company's luxury car subsidiary Jaguar Land Rover (JLR) reported a decline of 42 per cent YoY in its retail sales at 74,067 units for the June quarter.


TCS trades mildly lower post Q1 nos

>> TCS reported profit before tax (PBT) of Rs 9,504 crore, which was 9.6 per cent lower than in the previous quarter and 10.65 per cent lower than the same period of the previous financial year. Net profit declined 13.81 per cent year-on-year (YoY) to Rs 7,008 crore for this period while sequentially it went down by 12.9 per cent.


Reliance Industries support market; up 1%

>> BP and Reliance Industries (RIL) on Thursday announced the commencement of their new fuel retailing and mobility joint venture (JV). The JV will now begin rebranding RIL fuel retail outlets to Jio-BP.


DHFL slides 3%


PNB cracks over 4% on declaring loan to DHFL as fraud


Sectoral trends on NSE :: PSBs weak, pharma in the green


Sensex Heatmap :: Only 5 of 30 constituents trade in the green


Opening Bell


Opening Bell


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


Markets at Pre-open


Markets at Pre-open


BROKERAGE VIEW :: Motilal Oswal Financial Services on TCS

CMP: Rs 2,204 | TP: Rs 2,300 (+4%) | Reco: Neutral

>> TCS has a historical track record of adapting to multiple business challenges and technology change cycles. Additionally, it has consistently maintained its market leadership, best-in-class operational metrics, and high return ratios.

>> While the peak of COVID-19-led uncertainty may be behind, near-term negative surprises related to demand, pricing, and collections cannot be ruled out.

>> Nevertheless, TCS should be able to better navigate through these challenges (v/s the rest of the industry). Over the medium term, we expect TCS to be a key
beneficiary of the COVID-19-driven increase in technology intensity across verticals.

>> Rich multiples (22x FY22E EPS) leave limited upside in the stock, in our view. Accordingly, we remain NEUTRAL on the stock despite being positive on the company.

BROKERAGE VIEW ::CLSA on TCS

Maintains 'Outperform', Target price: Rs 2,260

>> Q1 margin missed estimate but outlook and cash flow is stable

>> Co exuded confidence of recovery in H2FY21

>> BFSI demand showed better reselience with healthy deal pipeline

>> Change FY21/22 EPS estimate by -3%/0%

BROKERAGE VIEW :: Jefferies on Midcaps

Top picks: Supreme Industries, Voltas, Kei Industries, Kajaria, V-Guard, ACC, Gujarat Gas, MGL, Bharat Forge, Godrej Prop

>> These are key industry players with dominant market share

>> These stocks have good balance sheets and RoE

>> Average RoE for them is 18.6% between FY2016-20, +100 bps over FY11-15 average

Stocks to watch: TCS, Tata Power, Adani Power, Tata Motors, PNB, Voda Idea

TCS: TCS reported profit before tax (PBT) of Rs 9,504 crore, which was 9.6 per cent lower than in the previous quarter and 10.65 per cent lower than the same period of the previous financial year. Net profit declined 13.81 per cent year-on-year (YoY) to Rs 7,008 crore for this period while sequentially it went down by 12.9 per cent. 
 
Tata Power, Adani Power: In a setback to Tata Power Mundra, Adani Power and Essar Power, the Gujarat government has gone back on its earlier decision to revise power purchase agreements (PPA), totalling 7,180 megawatt (Mw).
 
Tata Motors: As per news reports, the company's luxury car subsidiary Jaguar Land Rover (JLR) reported a decline of 42 per cent YoY in its retail sales at 74,067 units for the June quarter. READ MORE   


Derivatives strategy for State Bank of India by HDFC Securities

BUY SBI JULY FUT @ Rs 200.7
 
Stop loss of Rs 195
 
Target Rs 210
 
Rationale:
 
Symmetrical Triangle Breakout with the higher volumes on the daily chart

Higher tops and higher bottoms on hourly and daily chart READ MORE

Gold in overbought zone, wait for correction before buying: Bhavik Patel

Gold has given a return of 25.7 percent so far this year. It is trading at all-time-high as investors are lapping up to hedge their exposure from risky assets. Renewed cases of Covid-19 is keeping bulls in the hunt. Above $1820, we can see prices till $1850-$1870 in a short period.  READ MORE

Overall fall in volatility giving comfort to the bulls: Nilesh Jain

The Nifty index continued its upmove in line with our expectations and is also holding above 10,600 levels which is a major support zone. The momentum indicators and oscillators are very well in the buy mode on a weekly scale which hints that bulls are tightening the grip and the current pullback is likely to extend further. READ MORE

Bulk deals on BSE as on Thursday

Bulk deals on NSE as on Thursday

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


Rupee check

Source: Bloomberg


Oil dips, heading for weekly loss as virus cases rise

>> Oil prices dipped on Friday after steep falls in the previous session and were set for a weekly decline on worries renewed lockdowns following a surge in coronavirus cases in the United States and elsewhere will suppress fuel demand.
 
>> Brent crude was down by 7 cents, or 0.2%, at $42.28 a barrel after falling more than 2% on Thursday. US oil fell 13 cents, or 0.3%, at $39.49 a barrel after a drop of 3% in the previous session.
 
>> Brent is heading for a weekly decline of more than 1% and U.S. crude is on track for a fall of nearly 3%.

(Source: Reuters)

SGX Nifty hints at lower opening

>> At 8:28 am, the index was down 65 points, or 0.60 per cent, at 10,769 level.

Asian stocks fall on virus worry, China stock rally pauses

Source: Reuters


Dow, S&P 500 fall on fears over virus resurgence but Nasdaq ends at record high

Source: Reuters


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