MARKET WRAP: Sensex gains 93 pts, Nifty ends at 11,472; ONGC surges 3%

Domestic equities ended Wednesday's lacklustre trading session in the positive territory. Buying in counters such as financials, energy and IT in the last twenty minutes of the trade lifted benchmark indices.  

The S&P BSE Sensex added 93 points or 0.24 per cent to settle at 38,598.99, with Bajaj Finance (up over 3.50 per cent) being the top gainer and Hero MotoCorp (down nearly 3 per cent) the biggest loser. 

HDFC, Bajaj Finance,Reliance Industries (RIL) and ICICI Bank contributed the most to the index's gains while ITC, Asian Paints, and Larsen & Toubro (L&T) emerged as the top drags.  

In the broader market, the S&P BSE SmallCap index settled at 12,799.92 levels, up 26 points or 0.21 per cent. The S&P BSE MidCap index, on the other hand, lost 20 points or 0.14 per cent to end at 13,920.41 levels.

On the NSE, the broader Nifty50 index ended at 11,471.55 levels, up 43 points or 0.38 per cent.

Sectorally, IT stocks gained the most, followed by media and realty stocks. The Nifty IT index ended at 15,361.30 levels, up over 1 per cent. On the flip side, PSU bank stocks slipped the most. The Nifty PSU Bank index ended at 2,150.10 levels, down nearly a per cent. 

Volatility index India VIX slipped 3.44 per cent to 16.27 levels. 

Among individual stocks, Bajaj Consumer Care surged 20 per cent to Rs 235, erasing its entire previous day’s fall of 15 per cent, on the BSE on Wednesday after Mutual Funds-led institutional investors bought more than 20 per cent stake from the promoters of the personal products company. READ MORE

Polycab India hit its highest level since listing in the intra-day deals today. The stock hit a high of Rs 737.45 apiece during the session. At close, the scrip stood at Rs 718.05 apiece on the BSE, up nearly 2 per cent.  

Shares of Bharat Petroleum Corporation (BPCL) climbed as much as 5.54 per cent to Rs 517.45 apiece on the BSE in the intra-day deals on Wednesday. The stock spurted after news reports suggested energy giant Saudi Aramco is likely to express its interest in the strategic sale of BPCL. The stock ended at Rs 511.95 apiece on the BSE, up nearly 4.50 per cent. 

GLOBAL MARKETS

Shares markets lost some steam in Asian trading on Wednesday while sterling came off five-month highs as investors remained uncertain whether crunch talks in Brussels would lead to a deal to avoid a disorderly British exit from the European Union. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4 per cent while Japan's jumped 1.5 per cent, hitting 10-month highs. South Korea's KOSPI index climbed 0.6%, encouraged by South Korea's central bank cutting its policy interest rate for the second time in three months. 

In the US, S&P500 futures fell 0.3 per cent also on rising caution over US-China trade deal after China lambasted new legislation taking a hard line on China.

In commodities, oil slipped further below $59 a barrel on weaker economic outlook. Brent crude, the global benchmark, slipped 16 cents to $58.58 a barrel while US crude gained 2 cents to $52.83.

(With inputs from Reuters)


3:46 PM IST Nifty staged a strong bounce and tested 11450-11500 levels. The trend support for the index is seen at 11,050. Short-term momentum indicators are overbought; hence, some consolidation is playing out. We suggest buying on dips with a support of 11,050. On the higher side we expect the index to conquer 11,700 in the near-term followed by 12,100 over the next few weeks. Private banking and IT sectors are expected to outperform, while selective buying is likely in midcaps

3:44 PM IST

3:42 PM IST RIL, TCS, ICICI Bank among top contributors

3:42 PM IST Bajaj Finance, ONGC, HDFC among key Sensex gainers

3:39 PM IST The S&P BSE Sensex climbed 93 points or 0.24 per cent to end at 38,598.99 and NSE's Nifty50 index ended at 11,471.55 levels, up 43 points or 0.38 per cent. 

3:23 PM IST

3:04 PM IST -- Indian Bank, Allahabad Bank, J&K Bank hit 52-week low

2:58 PM IST Shares of general insurance companies were on a roll on Wednesday. Both General Insurance Corporation of India or GIC RE (Rs 258) and the New India Assurance Company (Rs 114) hit their upper circuit of 20 per cent on the BSE after a news report suggested that insurance sector posted a substantial growth rate in premiums. READ MORE 

2:54 PM IST

2:47 PM IST Wealth manager Karvy Private Wealth in its tenth annual India Wealth report said that individual wealth is likely to grow at a rate of 13.2 per cent to Rs 799 trillion once India becomes a $5-trillion economy. The report estimates this will happen around the financial year 2023-24 (FY24). Individual wealth grew at 9.6 per cent to reach Rs 430 trillion helped by a growth in financial assets. Financial assets grew 10.96 per cent and physical assets such as land grew at 7.59 per cent. READ MORE 

2:47 PM IST Sovereign debt sold off in the past two months on fears Prime Minister Narendra Modi will expand the record Rs 7.1 trillion ($100 billion) in borrowings to support a slowing economy. The rout diminished the impact of Asia’s most aggressive monetary-policy easing and a banking system that’s flushed with liquidity. READ MORE

2:38 PM IST

LIVE UPDATES

Weekly Strategy :: Sahaj Agarwal, head of derivatives, Kotak Securities

Nifty staged a strong bounce and tested 11450-11500 levels. The trend support for the index is seen at 11,050. Short-term momentum indicators are overbought; hence, some consolidation is playing out. We suggest buying on dips with a support of 11,050. On the higher side we expect the index to conquer 11,700 in the near-term followed by 12,100 over the next few weeks. Private banking and IT sectors are expected to outperform, while selective buying is likely in midcaps

Nifty snapshot


Contribution to Sensex

RIL, TCS, ICICI Bank among top contributors



Sensex heat map

Bajaj Finance, ONGC, HDFC among key Sensex gainers



CLOSING BELL

The S&P BSE Sensex climbed 93 points or 0.24 per cent to end at 38,598.99 and NSE's Nifty50 index ended at 11,471.55 levels, up 43 points or 0.38 per cent. 

MARKET CHECK


Sector watch | Nifty PSU banks decline

-- Indian Bank, Allahabad Bank, J&K Bank hit 52-week low


GIC Re, New India Assurance soar 20% in range-bound market

Shares of general insurance companies were on a roll on Wednesday. Both General Insurance Corporation of India or GIC RE (Rs 258) and the New India Assurance Company (Rs 114) hit their upper circuit of 20 per cent on the BSE after a news report suggested that insurance sector posted a substantial growth rate in premiums. READ MORE 

Market check


$5-trillion economy to double individual wealth to Rs 800 trillion: Karvy

Wealth manager Karvy Private Wealth in its tenth annual India Wealth report said that individual wealth is likely to grow at a rate of 13.2 per cent to Rs 799 trillion once India becomes a $5-trillion economy. The report estimates this will happen around the financial year 2023-24 (FY24). Individual wealth grew at 9.6 per cent to reach Rs 430 trillion helped by a growth in financial assets. Financial assets grew 10.96 per cent and physical assets such as land grew at 7.59 per cent. READ MORE 

Will govt meet its fiscal deficit target? Bond traders are too skeptical

Sovereign debt sold off in the past two months on fears Prime Minister Narendra Modi will expand the record Rs 7.1 trillion ($100 billion) in borrowings to support a slowing economy. The rout diminished the impact of Asia’s most aggressive monetary-policy easing and a banking system that’s flushed with liquidity. READ MORE

BUZZING STOCK | New India Assurance Company hits 20% upper circuit


NEWS ALERT | Vodafone Idea demerges with Vodafone Towers for transfer of fiber infrastructure: BSE filing

 -- Says, fiber infra undertaking of the co stands demerged

ACC delivers a decent performance amid demand and liquidity challenges

The slowdown in real estate and construction activities is adding to ACC woes and a liquidity crunch too is looked as a dampener. In this backdrop, a small two per cent year-on-year dip in volumes to 6.44 Million Tonne (MT) remains a fairly decent performance. READ MORE 

ICRA on solar energy sector

Overall the industry has been affected by a mix of factors such as -
 
>> continuing delays in payments from utilities in few states like Andhra Pradesh, Telangana & Tamil Nadu; 
>> regulatory uncertainty on tariff matters for IPPs in state of Andhra Pradesh and delays in tariff adoption by SERC in Andhra Pradesh; 
>> execution delays witnessed for land acquisition and transmission connectivity approvals and; 
>> tight financing environment over the last 8-10 month period. 
 
As a result, the ability to achieve the financial closure for the projects in a timely manner remains a challenge for many of the IPPs. As opposed to this, the industry segment had a decent capacity addition in FY2018, supported by relatively sizeable capacity addition in open access segment due to favorable state solar policies in Karnataka.

PSBs had 'worst phase' under Manmohan Singh, Rajan: FM Nirmala Sitharaman

Delivering a lecture at the prestigious Columbia University's School of International and Public Affairs here on Tuesday, Sitharaman said that giving all the public sector banks a lifeline is today her primary duty. READ MORE  



NEWS ALERT | 2.2 cr shares of ICICI Lombard change hands on NSE: CNBC TV18


DHFL, Indiabulls Housing, RCap, RInfra tank over 50% in one month

State Trading Corporation of India (STC India), Talwalkars Healthclubs, Housing Development & Infrastructure (HDIL), Sintex Plastics Technologies, Sintex Industries and Unitech are among 13 stocks from the S&P BSE Allcap index, that have seen their market value declining more-than-half during the month. READ MORE 

RESULT IMPACT | The Federal Bank slumps nearly 5%


EARNINGS ALERT | Federal Bank announces Q2 results

  • NII rises nearly 10% on a like-to-like basis; 
  • PAT is up 57% YoY;
  • Gross NPA up 6.4% QoQ at Rs 3,612.1 cr;
  • Net NPA up 10.2% QoQ at 1,843.6 cr;
  • Fresh slippages at Rs 540 cr vs 415 cr (QoQ)

MARKET CHECK | Stocks that hit 52-wk high today on BSE500


Edelweiss on Polycab India

Sustained investments in FMEG over FY14-21E (a third of overall capex) will help the company ramp up revenue market share from ~1% currently to ~3% (~4x growth in revenues) over the next three-four years with significant operating margin ramp up potential. That said, Polycab’s growth levered business model and management’s initiatives to balance growth with returns/cash flow could face challenges in case of sustained demand slowdown—key risk to our investment thesis

Nomura on SUN TV

For Sun TV, we expect a 2% fall in ad growth in 2QFY20F due to slowdown in the industry. SUN TV ratings have inched up marginally during the quarter, which should benefit in Q3FY20F.

On domestic subscription, we see a healthy 17% revenue growth led by better monetisation from cable segment. We expect EBIT margin to decline to ~49.1% in 2Q (~63% in 2Q19) due to higher content costs on the launch of its Bangla channel, shift to commissioned content compared to privately producer previously, and investments in the digital segment.

Reiterate our Buy rating on this stock, as current valuation at ~12.1x FY21F EPS are attractive, in our view. We value Sun TV based on 16x FY21F EPS, and roll forward our valuation to Jul-20F to arrive at our target price of Rs 644, which implies ~34% upside.

COMMENT :: GDP & Markets

GDP and stock price have very little correlation over short and long term: As per our analysis, GDP has virtually no correlation with near-term stock returns. Correlation between GDP and NIFTY50 returns for the quarter in which the GDP is reported is just 5% with an R-squared value of 2%. Cross-country evidence by researchers (Dimson et al. [2002], Ritter [2005]) also indicates that even over the long term there is no correlation between GDP growth and stock prices.
 
Stock prices are better predictors of future GDP trend than the other way round: Lagged GDP data is fully priced in along with expectations of future trajectory of GDP and hence incremental data has very little value unless it springs a surprise. However, the correlation of NIFTY50 returns for the quarter with the GDP reported two quarters ahead is higher at ~39% although still insignificant.

(Source: ICICI Securities report)

Centrum on HUL

We believe rural sales are key to HUL’s revenue given key categories are well penetrated (+90%), it has little scope for growth in in-direct distribution. Further weaker rural sales, when wholesale channel is affected due to liquidity issues, witnessing inventory correction may warrant further A&P interventions in our view. Factoring revised tax rates we increased earnings estimate, maintaining our Add rating and DCF-based target price of Rs 2,118.

Jefferies on Wipro

Wipro's 2Q revenue growth missed slightly (1.1% QoQ cc vs. est. of 1.5%) but EBIT was 4% ahead helped by better margin (17.3% vs. 16.8%); lower taxes led to higher net profit beat. Growth guidance of 0.8-2.8% for 3Q is better than expected especially given seasonal weakness. However management commentary mentioned risks in BFSI, particularly in Europe. We maintain underperform on Wipro as we expect its growth underperformance relative to top tier peers to continue.

Emkay Global on SBI Life

SBI Life (SBIL) reported in-line results led by focus on Protection, Annuity and individual non-par savings business. Renewals registered 33.2% growth yoy. SBIL’s strategy largely remains the same with focus on higher-margin products like Protection, Annuities and individual non-par savings business. We maintain our Buy/OW with a revised target price of Rs965 at 2.9x Sep’21 EV (earlier Rs900 at 2.9x FY21E EV).

HDFC Securities on ACC

We estimate ACC to deliver 10/16% EBITDA/PAT CAGR during CY18-21E. Given ACC’s healthy cash flow and RoE, as well as its concrete expansion plans (20% capacity increase by end CY21E/early CY21E), the current valuation (of 8.8/8.2x its CY20/21E EBITDA, EV/T of USD 115) is inexpensive.

We reiterate BUY with a target price of Rs1,940 (ascribing 11x to its Jun-21E EBITDA and 0.5x to its CY20E CWIP). Key risks: Sharp roll back in cement prices,
continued sluggishness in demand and a rebound in energy costs.

MARKET CHECK | Top losers on the BSE at present


Polycab India hits highest level since listing, climbs 10% in two days

The stock of the largest manufacturer of Wires & Cables (W&C) was trading at its highest level since listing on April 16, 2019. It has appreciated 37 per cent against issue price of Rs 538 per share. Polycab India is scheduled to announce July-September quarter (Q2FY20) results on October 23, 2019. READ MORE 

BPCL surges nearly 6% as reports say Saudi Aramco may bid for govt stake

Shares of Bharat Petroleum Corporation (BPCL) climbed as much as 5.54 per cent to Rs 517.45 apiece on the BSE in the intra-day deals on Wednesday. The stock spurted after news reports suggested energy giant Saudi Aramco is likely to express its interest in the strategic sale of BPCL. READ MORE  

BUZZING STOCK | GIC Housing Finance spurts over 5.65%


BROKERAGE RADAR | Reliance Securities on ACC

We continue to maintain our positive stance on ACC owing to its strong penetration in rural markets (~75-80% trade segment volume) and consistent focus on premium products. Further, timely commissioning of upcoming capacities will eventually aid ACC to sustain growth momentum. Looking ahead, we expect its operating performance to remain healthy led by steady realisation and benign cost environment. As the current valuations at 11.3x and 10.4x EBITDA of CY19E and CY20E appear to be attractive, we maintain our BUY recommendation on the stock with a revised Target Price of Rs1,710 (12x CY20 EBITDA).

Saudi Aramco set to pay up to $450 million in fees to IPO advisers

The oil giant is set to pay between $350 million and $450 million to a group of more than 20 banks working on its initial public offering, the people said, asking not to be identified because the information is private. The payment would represent a fee of about 1 per cent on the $40 billion Aramco is seeking to raise -- relatively low compared to other markets. READ MORE  


MCX rallies 9% to hit 2-year high on strong September quarter results

Shares of Multi Commodity Exchange of India (MCX) hit a two-year high of Rs 1,108, up 9 per cent on the BSE on Wednesday after the company’s consolidated net profit doubled to Rs 72 crore in September quarter (Q2FY20), on the back of higher turnover. It had posted profit of Rs 36 crore in the year-ago quarter. The stock was trading at its highest level since October 23, 2017. READ MORE

BROKERAGE RADAR | Edelweiss Securities on Wipro

Amidst strong demand and sustained momentum, Wipro continues to underperform peers on the growth front. Moreover, persistent decline in revenue in Europe and weaker-than-expected performance of the BFSI vertical warrant the lower-than-peers target multiple of 16x FY21E EPS. We retain ‘HOLD/SP’ with TP of Rs 264. 

Tata won't sell Jaguar Land Rover, open to adding partners: Chandrasekaran

“We’re not going to sell,” said Natarajan Chandrasekaran, chairman of Tata Sons, the holding company in an expansive business empire that includes Tata Motors Ltd. “Auto is a core business for us. From revenue terms, auto is our largest company.” READ MORE 

Exide Ind forays into e-rickshaw market, launches Exide Neo

(Source: BSE)

NEWS ALERT | RBL Bank clarifies reports of co sending legal notice to Zee Ent’s independent directors

-- RBL Bank says no legal notice has been sent to the media client


Mindtree surges over 2.50% ahead of Q2 nos; here's what to expect

As per analysts, FY20 is likely to remain a softer year for midcap IT on US dollar revenue growth (vs FY19 on revenue growth front). "Midcap vendors (L&T Infotech, Mindtree, NIIT Tech ) could deliver 10-13 per cent US dollar revenue growth for FY20 (vs 17-19 per cent delivered in FY19). However, valuations are reasonable with LTI and Mindtree trading at 16/13.8x FY21E EPS.NIIT Tech is trading at 15.2x FY21E EPS," wrote analysts at Centrum Broking. READ MORE  


Top 5 gainers on the BSE at present


Bajaj Consumer Care jumps 20% after promoters sell 22% stake

On Tuesday, Shishir-Kushagra Bajaj family, the promoters of Bajaj Consumer Care, sold nearly 22 per cent of their stake in the company for Rs 627 crore to pay-off debt and remove the pledge on stake from the banks. READ MORE 

If GDP growth is down, GST mop-up will be hit: Ajay Bhushan Pandey

Amid expectations that personal income-tax (I-T) rates would be cut soon, revenue secretary Ajay Bhushan Pandey tells Dilasha Seth and Indivjal Dhasmana that these decisions are usually taken at the time of the Budget. READ FULL INTERVIEW HERE

Nifty Auto index slips in trade


Specialty drugs essential for re-rating of Sun Pharma stock, say analysts

Sun Pharma continues to expand its specialty product pipeline in the US to drive growth, even as the generics business continues to feel pricing pressure. The firm on Tuesday launched its ophthalmic specialty product Cequa, used for treating dry eyes. READ MORE

SBI Life hits 52-week high post Q2 result


Bajaj Consumer Care rallies 19%

-- The Shishir-Kushagra Bajaj family, the promoters of Bajaj Consumer Care, on Tuesday sold their 22 per cent stake in the company for Rs 700 crore to pay off debt and remove the pledge on stake from the banks


Bajaj Finance rises 3%


Rupee opens 5 paise lower at 71.59 against US dollar

The rupee on Wednesday opened 5 paise lower at 71.59 against the US dollar. The domestic currency on Tuesday dived 31 paise to end at a nearly one-month low of 71.54 against the US currency due to heavy dollar buying amid fresh concerns over the progress of China-US trade talks. It was the lowest closing level since September 17 when the rupee had closed at 71.78 to the dollar. READ MORE 
 

BUZZING STOCK | MCX zooms over 7% after strong Q2 nos


Wipro surges over 1.50% on better-than-expected Q2 results


BUZZING STOCK | BPCL jumps over 4% as Saudi Aramco likely to bid for govt stake


Sectoral gainers and losers on the NSE


MARKET CHECK | Top gainers and losers on the S&P BSE Sensex


OPENING DEALS

At 09:19 am, the S&P BSE Sensex was ruling at 38,609.98, up 104 points or 0.27 per cent while NSE's Nifty50 index was trading at 11,462.15 levels, up 34 points or 0.30 per cent. 

IMF slashes India's FY20 GDP growth forecast to 6.1%, global to 3%

The report — released ahead of a three-day annual meeting of the IMF and the World Bank group, which will be held from October 18 in Washington DC — saw the lagged effect of corporation tax rate cut on economic growth, and advised India to go for further reforms including those related to hire and fire, tricky land issues and reduced role of public sector banks in the financial markets. READ FULL REPORT HERE

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


Market at Pre-open


Market at Pre-open


Rupee Opening Alert

Rupee opens at 71.59 vs Tuesday's close of Rs 71.54

FMCG slowdown gets worse in Q2 as consumer sentiment remains tepid

India’s fast-moving consumer goods (FMCG) market slowed to a five-quarter low in the July-September (Q2) period as consumer sentiment remained tepid. The Nielsen data quoted by industry executives indicates that value and volume growth in Q2 have come down to levels of 5 per cent and 3 per cent, respectively, as against a moving annual total (MAT) of 9 per cent and 7 per cent for the market. READ MORE

Stocks to watch: BPCL, Wipro, Mindtree, Inox Wind, Karnataka Bk, ACC, ONGC

Here's a list of stocks that are likely to trade actively in today's session -
 
BPCL: Saudi Aramco may be in the fray to buy out government’s stake of Bharat Petroleum Co. ltd, said a report by The Economic Times.
 
Wipro: For Q2, Wipro posted a 35.1 per cent rise in its net profit at Rs 2,552 crore. In sequential term, net profit grew 6.2 per cent. During the quarter, consolidated revenues of the Bengaluru-headquartered firm rose 4 per cent on year-on-year (YoY) basis at Rs 15,125 crore. In dollar terms, gross revenues of the company were at $2.1 billion. READ MORE

NEWS ALERT | Sun Pharma launches Drizalma Sprinkle in the US for oral use: BSE filing

--  Drizalma Sprinkle is a serotonin and norepinephrine reuptake inhibitor (SNRI) designed for the treatment of various neuro-psychiatric and pain disorders in patients who have difficulty swallowing

Market Ahead, October 16: All you need to know before the Opening Bell

Markets are likely to trade in the positive territory on Wednesday as trends on SGX Nifty suggest a gap-up opening for the domestic indices.
 
As per technical evidence, the Nifty index is now placed above its 20, 50, 100 and 200 DMAs, which indicates an upper hand for the bulls.
 
Corporate earnings for the September quarter will be the key factor driving the markets today. About 11 companies, including Mindtree, are scheduled to declare their Q2 earnings later in the day. LISTEN TO PRE-MARKET PODCAST HERE

NEWS ALERT | Inox Wind signs additional deal with Adani Green for SECI 50 MW capacity: BSE filing

-- Signs additional deal with Adani Green for a project that is part of the capacity won under SECI bids for wind projects

-- Co signs a deal for sale of a 50 MW wind power project at Dayapar, Kutch in the state of Gujarat in which Adani will be the strategic investor

-- Project comprises of 25 Nos. of its latest 2 MW Wind Turbines

NEWS ALERT | AB Pandey on GST on ATF and Income-tax slab rejig

-- GST on ATF was deferred by the Council earlier; May discuss again if fresh proposal is made

-- Any discussion on change in income-tax slab is taken up during Budget

-- Change in corporation tax rate was an exception

-- Report by Task Force on Direct Tax Simplification is under consideration

NEWS ALERT | Not fair to say that GST is responsible for current economic slowdown: Ajay Bhushan Pandey, Revenue Secy

-- Not fair to judge economic slowdown by GST collections of two months

-- Formed a Committee of Officers to have holistic view on GST rates

-- Will discuss how to meet states' compensation requirement

-- In the past two months, cements, auto, steel didnt perform well. 

(As reported by CNBC TV18)

Regulators working on tighter norms for promoter pledged share funds

Promoters’ pledge of their shareholding to raise funds is set to come under closer regulatory scrutiny, and a review of guidelines in this matter is in the offing owing to risks arising from excessive leverage and the linkages between financial intermediaries.
 
The Reserve Bank of India (RBI), Securities and Exchange Board of India (Sebi), Insurance Regulatory and Development Authority of India, and Pension Fund Regulatory and Development Authority are expected to work closely to review the regulatory framework of the subject. READ MORE

Options trading gathers steam in Q2; share of cash in average volumes falls

The share of cash volumes in the overall trading mix has taken a knock in the first two quarters of the current financial year, squeezing margins of retail brokers. The share of cash in average daily trading volumes has declined to 2.5 per cent in the second quarter of FY20. This number was 2.9 per cent for Q1Y20. READ MORE

Q2 preview: Refining margins may pump up Reliance Industries earnings

With an improvement in refining margins, Reliance Industries (RIL) is expected to report a strong quarter for the July-September period. Analysts expect refining to offset weakness in petrochemicals (petchem) and a lower tax rate benefit for the retail and telecom businesses.
 
RIL will report its financial performance for the September 2019 quarter on Friday. READ MORE

Technical recommendations by HDFC Securities: Buy Kansai Nerolac, Escorts

Nifty heading for 11496 and 11622 Targets
 
Nifty has broken out from the downward sloping trend line, adjoining 23rd Sep and 1st Oct 2019 highs. The index is now placed above its 20, 50, 100 and 200 DMAs, indicating a bullish trend. On the upside, we see targets of 11,496 and 11,622 in Nifty. Longs should be protected with the stop loss of 11,200. READ RECOMMENDATIONS HERE

Weekly stock picks by Religare Broking: Buy Bajaj Auto, Bharat Electronics

Bajaj Auto
 
Recommendation: Buy
 
Last Close: Rs 3,010
 
Initiation range: Rs 2,985-3,005
 
Target: Rs 3,150
 
Stop loss: Rs 2,930
 
Bajaj Auto has been rebounding for last two months or so after testing its crucial support zone around Rs 2,450 levels. It has now reached closer to its resistance zone around Rs 3,050 and all indications are pointing towards the possibility of fresh breakout ahead. We thus advise traders to accumulate in the given range. READ MORE

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 Check

At 8:17 am, Brent Crude Futuress were at $5887 per barrel, up 0.22 per cent from its previous close.

SGX Nifty

At 8:15 am, the Singaporean Exchange for Nifty Futures were at 11,468 level, up 33 points. 

Asian Market Check

Source: Reuters


US Market Check

Source: Reuters


Catch all the latest developments of the stock market here. 
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