Nifty ends below 10,000, down 1% amid trade war fears, Sensex slips 410 pts

Photo: Shutterstock.com
The Sensex and Nifty dived more than 1 per cent on Friday, in line with global markets as heated rhetoric between the United States and China over import tariffs led to global trade war fears.

The S&P BSE Sensex ended at 32,597, down 410 points while the broader Nifty50 index settled at 9,998, down 117 points.

US President Donald Trump signed a presidential memorandum that could impose tariffs on up to $60 billion of Chinese goods including steel, although the measures have a 30-day consultation period. In retaliation, China unveiled plans to impose tariffs on up to $3 billion of US imports.

MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 2.4 per cent, tracking a huge overnight fall in the US markets.

The NSE index fell below the 10,000 level for the first time this year and was trading much below the 200-day simple moving average of 10,172.7.

Lenders were the biggest drag, with the Nifty Bank index hitting its lowest since September 2017. Axis Bank dropped 3.85 per cent, while Punjab National Bank fell 3.73 per cent.

Metal stocks were also down with the Nifty metal index declining over 3 per cent to its lowest since September 25, 2017.
(with inputs from Reuters)


Check Live Updates:

04:15
pm
MARKET COMMENT Mayuresh Joshi, Fund Manager, Angel Broking

Trade war is expected to trigger a slowdown in industrial investments and also in output. That is what is putting pressure on world markets. If the Nifty cracking below the 10,000 mark is any indication, then the Indian markets are surely sufficiently worried.
04:10
pm
MARKET COMMENT Jayant Manglik, President, Religare Broking

Nifty fell sharply today and breached its crucial support at 10000, pressurized by weak global cues. The escalation of trade war between the US and China triggered selling pressure across the global including ours. After the gap down start, Nifty remained sideways and failed to see any significant recovery. The decline was broad-based wherein Realty and PSU banking counters were the top losers for the second consecutive session.
 
Earlier we're struggling with our own issues and pressure from the global front has worsened the situation. Besides, the breakdown of major psychological support at 10000 will further add to the worries. Traders have no option but to stay with the trend and use bounce to create fresh shorts. Nifty has next support at 9900.
04:08
pm
MARKET COMMENT Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan
 
The Nifty has slipped significantly from the all time high of 11,171 registered in January this year. On the way down it has broken certain crucial supports & today another major support i.e. the psychological mark of 10,000 gets added to the list. This shows that the bears are clearly having upper hand on the index. 
 
During the course of the fall since January, each attempt to form pullback fizzled out near the crucial daily moving averages, which have attracted fresh round of selling each time. The recent bounce that lasted for couple of sessions couldn’t even reach those averages thus highlighting the bearish momentum. The same is evident from the momentum indicators as well; as the number of momentum indicators on various time frames are in sync with the bearish price action & are suggesting that the fall is far from over. 
 
In terms of Elliott Wave Theory, Nifty is witnessing wave extension on the downside, which means further downside over next few sessions. On the downside 9,830-9,800 will now be the initial area to watch out for with potential to slide down to 9,600 in the medium term. On the other hand, 10100-10230 shall act as a key hurdle zone.
03:45
pm
Nifty Bank index slips to a 9-month low, ends 1.95% down. Top losers:

COMPANY LATEST PREV CLOSE LOSS() LOSS(%) VOLUME
YES BANK 286.65 298.25 -11.60 -3.89 21616971
CANARA BANK 244.75 254.65 -9.90 -3.89 6281487
AXIS BANK 499.50 518.20 -18.70 -3.61 29385012
PUNJAB NATL.BANK 93.15 96.55 -3.40 -3.52 23072291
ST BK OF INDIA 234.80 241.55 -6.75 -2.79 27145286

03:42
pm
Nifty Metal index cracks 2.90%. Top losers: 

COMPANY LATEST PREV CLOSE LOSS() LOSS(%) VOLUME
S A I L 68.70 73.70 -5.00 -6.78 29845011
JINDAL STAIN .HI 155.30 165.40 -10.10 -6.11 992006
VEDANTA 276.00 291.80 -15.80 -5.41 13284893
JINDAL STEEL 213.75 224.90 -11.15 -4.96 19679234
HINDALCO INDS. 206.10 216.80 -10.70 -4.94 12818084

03:39
pm
Sectoral Trend



03:37
pm
BSE Sensex: Axis Bank, Yes Bank, ICICI Bank, SBI among top losers



03:32
pm
Market at close
 
The S&P BSE Sensex ended at 32,597, down 410 points while the broader Nifty50 index settled at 9,998, down 117 points.
03:22
pm
Gitanjali Gems falls below face value at Rs 9.65; tanks 85% in six weeks

Gitanjali Gems is locked in lower circuit of 5% at Rs 9.65, and has slipped below its face value of Rs 10 on the BSE. The stock is trading at fresh record low, down for the 26th straight sessions.
 
It has lost as much as 85% from Rs 62.85, since February 14, the day the Punjab National Bank (PNB) fraud came to light. READ MORE

03:11
pm
Union Bank of India shares slump after lender makes fraud complaint

Union Bank of India Ltd shares fell to a more-than 11-year low on Friday after federal police registered a case against a private company for allegedly cheating eight lenders, including Union Bank, out of 13.94 billion rupees ($214 million).
 
The Central Bureau of Investigation (CBI) registered the case against Hyderabad-based Totem Infrastructure and directors after a complaint from Union Bank, which the CBI said had been cheated out of about 3.14 billion rupees. READ MORE

02:55
pm
Gold Update

Gold prices rose to a two-week high on a softer dollar as investors scurried to safety after US President Donald Trump took a step towards long-promised anti-China tariffs, stoking fears of a global trade war.
 
US gold futures for April delivery rose 1.12 per cent to $1,342.30 per ounce.
02:43
pm
Europe Trade

European equities traded lower , as heightened fears of a global trade war shook stock and currency markets.
 
The pan-European Stoxx 600 was down around 0.82 per cent, with almost all sectors and major bourses in negative territory.
02:30
pm
HDFC valuations indicate upside for stock: Listing of biz units is positive
 
While investor sentiment is down on public sector banks (PSBs) and some private corporate lenders, there are others which are expected to continue creating value for its shareholders. Housing Development Finance Corporation (HDFC) is one such.
 
The HDFC stock has gained about 30 per cent over the past year as compared to PSBs on the Nifty, down 13.5 per cent; private corporate lenders have gained 15.3 per cent. After reporting a strong set of numbers in October-December 2017 (Q3, see table), a sum-of-the-parts (SOTP) valuation of the company looks attractive. READ MORE
02:15
pm
Market Check

 
S&P BSE Sensex 32,632.89 -1.13%
 
Nifty 50 9,991.65 -1.22%
 
S&P BSE 200 4,369.56 -1.21%
 
Nifty 500 8,782.30 -1.37%
 
S&P BSE Mid-Cap 15,642.88 -1.68%
 
S&P BSE Small-Cap 16,746.13 -1.86%

02:03
pm
NSE is back in race to buy 25% stake in the Dhaka Stock Exchange

The National Stock Exchange (NSE) is back in the race to buy 25 per cent stake in the Dhaka Stock Exchange (DSE), after the Bangladesh Securities and Exchange Commission (BSEC) rejected an application by a consortium of Chinese exchanges. Sources say the NSE plans to participate in a new bidding process.

The Chinese consortium had offered to pay $119 million for the 25 per cent stake in the DSE, against the NSE’s bid of $87 million. READ MORE

01:45
pm
'Client concentration' prompts curbs on stocks, says exchanges

Leading bourses BSE and National Stock Exchange (NSE) said “client concentration” was among the why they had imposed trading restrictions on stocks. On Wednesday, both BSE and NSE had imposed an “additional surveillance measure (ASM)” on 20 stocks. Under this, a stock is only allowed to move in a price band of five per cent. Additionally, trading members have to provide 100 per cent margins for dealing in these stocks. The list of stocks under ASM includes Vakrangee, Bombay Rayon Fashions, FCS Software Solutions and Gitanjali Gems. The move took traders by surprise.  READ MORE
01:33
pm
BSE500 Volume Toppers:

COMPANY NAME LATEST HIGH LOW CHG
()
CHG(%) VALUE
( CR)
VOLUME
REL. COMM. 23.30 23.45 22.00 -0.55 -2.31 15.44 6815302
JP ASSOCIATES 17.10 17.60 16.70 -1.00 -5.52 10.99 6403195
HIND.CONSTRUCT. 24.55 25.30 21.80 0.65 2.72 14.07 5861415
UNITECH 5.74 5.84 5.63 -0.22 -3.69 2.15 3749102
SUZLON ENERGY 10.86 10.99 10.75 -0.36 -3.21 3.67 3372485

01:17
pm
BSE Smallcap top losers: 

COMPANY LATEST PREV CLOSE LOSS() LOSS(%) VOLUME
63 MOONS TECH. 87.35 97.15 -9.80 -10.09 407632
TPL PLASTECH 447.80 495.60 -47.80 -9.64 176174
ADF FOODS 198.00 215.35 -17.35 -8.06 107562
DIAMOND POWER 8.77 9.52 -0.75 -7.88 231210
JBF INDS. 96.00 103.80 -7.80 -7.51 26469

01:01
pm
Infosys nudges higher after investment in firm

Infosys rose 0.67% to Rs 1,166.55 on BSE after the company announced that it has made a follow-on investment of US$ 1.5 million in a data science firm. The announcement was made after market hours on Thursday, 22 March 2018. READ MORE

12:46
pm
Investors lose Rs 18 trillion in two months; SBI lose Rs 727 billion

Investors have lost a whopping amount of Rs 18 trillion in the stock market in past two months with Rs 2.3 trillion being wiped out in Friday’s trade so far, amidst a global sell off over concerns related to a trade war between the US and China.
The S&P BSE Sensex and Nifty 50 index were down 1.4% today, falling 10% in past two months. Total investor wealth, measured in terms of cumulative market value of all listed stocks on BSE, fell by Rs 18 trillion during the period to Rs 138.56 trillion READ MORE

12:30
pm
MCX launches futures trading in brass for the first time globally

Multi Commodity Exchange of India (MCX) on Monday launched futures trading in brass for the first time globally, which will facilitate brass stakeholders to hedge their price risk.
 
The countrys largest commodity exchange will commence futures trading in brass on March 26 and will offer three contracts ending in April, May and June for trading, with a lot size of one tonne. READ MORE

12:15
pm
L&T Technology Services gain on multi-million dollar deal from Covestro

L&T Technology Services (LTTS) was trading 2% higher at Rs 1,206 on the BSE in an otherwise weak market after company announced that the German chemical major Covestro awards LTTS multi-million dollar Engineering and R&D (ER&D) project. READ MORE
12:00
pm
Markets at Noon

 
S&P BSE Sensex 32,504.02 -1.52%
 
Nifty 50 9,971.45 -1.42%
 
S&P BSE 200 4,351.57 -1.61%
 
Nifty 500 8,762.90 -1.58%
 
S&P BSE Mid-Cap 15,587.23 -2.03%
 
S&P BSE Small-Cap 16,679.33 -2.26%

11:46
am
NEWS WATCH Insolvency resolution: Tata Steel wins bid to acquire Bhushan Steel

India's Tata Steel Ltd said on Friday it had been selected as the successful resolution applicant for buying debt-laden Bhushan Steel Ltd.
 
The Committee of Creditors of Bhushan Steel had on Thursday declared salt-to-software conglomerate Tata Group's steel business as the successful resolution applicant, subject to obtaining necessary regulatory approvals, Tata Steel said in a stock exchange filing. READ MORE

Tata Steel stock quote:



11:30
am
VIEW ON MARKET
 
Indian equity markets reacted negatively today, in-line with global markets. With US imposing fresh tariff targeted China, there is an increasing fear of a trade war which could impact economic growth. Markets are expected to remain volatile ahead of F&O expiry next week, as well as end of Indian financial year (last week before the LTCG tax kicks in). While traders should remain cautious, decline in good fundamental stocks would offer buying opportunities for long term investors
 
(By Siddhartha Khemka,VP - Head of Research (Retail), MOFSL)
11:16
am
10 years of banking sector: Pvt sector gains at cost of public sector banks
 
Soon after the credit crisis erupted in 2008-09, there was a sigh of relief that the Indian banking system was safe, thanks to the regulator debarring lenders from investing in toxic collateralised debt obligations (CDOs) or its derivative credit-default swaps (CDS). Indian companies seemed to be healthy, and a consensus was building up that India was decoupled from the global crisis. READ MORE
11:00
am
Bharat Dynamics makes weak debut; lists 16% below issue price

Bharat Dynamics made a weak debut by listing at Rs 360, a 16% below against its issue price of Rs 428 per share on the BSE. On the National Stock Exchange (NSE), the stock opened at Rs 370. A discount of Rs 10 on the offer price was offered to the retail individual bidders.

The initial public offer (IPO) of the defence company that concluded last week was subscribed 1.3 times. READ MORE

10:46
am
BSE Midcap top losers:

COMPANY LATEST PREV CLOSE LOSS() LOSS(%) VOLUME
UNION BANK (I) 86.85 94.70 -7.85 -8.29 1104653
REL. COMM. 22.20 23.85 -1.65 -6.92 3437900
S A I L 69.00 73.70 -4.70 -6.38 735610
JINDAL STEEL 212.15 224.75 -12.60 -5.61 389817
BANK OF INDIA 97.00 102.20 -5.20 -5.09 324269

10:30
am
MUST READ Jim Rogers says global trade war making his bearish view even darker

Veteran investor Jim Rogers is already predicting the worst bear market for stocks in his lifetime. And that’s before you figure in a trade war. “The next bear market is going to be the worst in my lifetime — just because of the debt — but if we also have a trade war, it’s going to be worse than a disaster,” Rogers, the 75-year-old chairman of Rogers Holdings Inc, said in a Moscow interview. “I’m extremely concerned. I’ve read enough history and been through enough markets to know that trade wars are usually a disaster.” CLICK HERE FOR MORE

Jim Rogers

10:20
am
SBI, Tata Motors, Bosch among 60 stocks from BSE500 index hit 52-week lows

Shares of State Bank of India (SBI), Tata Motors, Bharat Heavy Electricals (BHEL), Ambuja Cements, Bharat Electronics, Cadila Healthcare, Cummins India, Indian Oil Corporation, Lupin and Power Finance Corporation were among 60 stocks from the S&P BSE500 index hitting their respective 52-week lows on the BSE. READ MORE
10:09
am
TOP CONTRIBUTORS IN SENSEX FALL

 
COMPANY LATEST CHG(RS) CHG(%) CONTRIBUTION
(POINTS)
MARUTI SUZUKI 8612.65 -86.35 -0.99 -14.91
TATA MOTORS 331.95 -6.25 -1.85 -15.71
ST BK OF INDIA 236.05 -5.55 -2.30 -22.39
HIND. UNILEVER 1288.05 -24.20 -1.84 -22.45
RELIANCE INDS. 897.15 -10.15 -1.12 -23.49
LARSEN & TOUBRO 1271.25 -23.25 -1.80 -28.11
H D F C 1794.00 -14.55 -0.80 -29.82
AXIS BANK 502.90 -15.40 -2.97 -33.30
HDFC BANK 1852.00 -16.30 -0.87 -41.59
ICICI BANK 275.85 -7.70 -2.72 -58.09

10:05
am
IPO: Lemon Tree Hotels
 
Issue Opens: 26-Mar-18, Issue Closes: 28-Mar-18, Price Band: Rs54-56
 
Delhi-based Lemon Tree Hotels, the largest mid-sized domestic hotel chain, is the brainchild of first generation entrepreneur Patanjali Keswani. The room portfolio of ~4,700 rooms is spread across 45 hotels in 28 cities under three distinct brands: upper-midscale Lemon Tree Premiere, mid-scale Lemon Tree and economy Red Fox. Having debuted in 2004 with a modest 49-room Lemon Tree hotel in Gurugram, the company has grown across metros and Tier I and II cities, with NCR, Bengaluru and Hyderabad now contributing ~71% of revenues. Thanks to a judicious blend of improved revenue mix and augmented capacity, the company has achieved a ~18% revenue and a striking 33% EBIDTA CAGR over the FY13-17 span. Since end-to-end hotel development is achieved in-house, the capex per room is lower compared to peers while execution remains robust, reflected by the average 27% margins for the past three years. 
 
Based on industry data and management perspectives, we believe room rates are at an inflection as occupancies continue their upward march and importantly, the supply overhang is on the wane after several years of excess that overwhelmed demand. The Rs10bn issue, an OFS by PE shareholders, seeks a post issue Mcap of Rs44bn which including a Rs9bn debt, translates into over 40x trailing EV/EBIDTA. Even if EBIDTA growth picks up on the back of improved room rates, it would still leave Lemon Tree at a significant premium to other players. Though we like the positioning of leisure industry stocks from a cyclical perspective, the steep Lemon Tree valuations are nowhere near our comfort zone.

(Source: IIFL Report)
10:02
am
Kotak Institutional Research on S H Kelkar

We upgrade the stock a notch to BUY from ADD noting the increased upside post the recent sharp correction. We believe the impact of the challenging RM situation should be short-lived as BASF resumes Citral production at its damaged facilities in the next few months. We bake in the potential gross margin impact and cut our FY2018-19E EPS forecasts by 2-5%. DCF-based target price remains `325. Upgrade to BUY.
10:00
am
Market Check

 
S&P BSE Sensex 32,619.09 -1.17%
 
Nifty 50 9,978.05 -1.35%
 
S&P BSE 200 4,367.88 -1.24%
 
Nifty 500 8,771.20 -1.49%
 
S&P BSE Mid-Cap 15,644.21 -1.67%
 
S&P BSE Small-Cap 16,747.39 -1.86%

09:50
am
COMMENT: HUGO ERKEN, Rabobank’s senior economist and country analyst for North America, Mexico and India on trade war fears

President Trump will sign a plan which will probably entail the instalment of tariffs worth as much as $50-60bn on Chinese products. Chinese export volumes could take a hit, ranging between $30bn to 145bn. The tariffs are expected to hurt the US as well, since US high-tech corporates and retailers have their products assembled in China to benefit from cheap Chinese labour.
 
China has little options to retaliate with tariffs without shooting in its own foot. A large share of US goods shipped to Mainland China consists of necessity imports, such as medicine, (medical) instruments and soybeans.

If trade tensions escalate, we currently foresee two outcomes: one where Europe cooperates with the US and one where Europe alienates from the US. These two scenarios could have significant negative implications for world trade and the global economy. We deem cooperation between US-EU towards China currently as more realistic than the other way around.


09:44
am
Stocks in news


Hero MotoCorp increases stake in its Colombia joint venture to 68% from 51 %.

M&M & Ford sign MoUs to co-develop mid-size and compact SUV, EV and connected car solutions.

Balesh Sharma to be CEO of Idea-Vodafone merged entity.

REC board approved Rs 60000 crore market borrowing plan for FY19.

Vedanta Ltd has proposed to ramp up capacity of its aluminium smelter unit at Jharsuguda (Odisha) from 1.6mtpa to 1.8 mtpa at a cost of Rs 12.4 billion. The company’s proposal came up for scrutiny of the State Level Single Window Clearance Authority (SLSWCA).

Tata Motors and a joint venture between Goldstone Infratech and BYD of China have bagged orders to supply electric buses to nine of the 10 cities that had invited tenders in the past two months as part of a pilot partly funded by the central department of heavy industries

MCX to start brass futures trading next week

JSPL has approved allotment of 5.15Cr shares to different QIP at Rs. 233 per share. CMP 225

United Spirits Ltd has informed BSE that the Board of Directors of the Company, inter-alia, are going to consider ‘Sub-division of the equity shares of the Company of face value of Rs 10 each’ in such manner as may be decided by the Board at their meeting scheduled to be held on April 13, 2018.

JSW Energy Limited has secured a PPA of 200MW with Punjab State Power Corporation Limited to be supplied from the Karcham Wangtoo Hydro Electric Project of Himachal Baspa Power Company Ltd., a 100% subsidiary of the Company. With this, the long term PPA proportion of the Company on a consolidated basis has increased from 69.3% at end of Q3FY18 to 73.8% currently.

Shalimar Paints Limited has approved Rights Issue of 35,52,370 Equity Shares for cash at the price of Rs. 140/- per share including premium aggregating to Rs. 4,973.32 Lakhs by the Company.

German chemical major Covestro awards L&T Technology Services Multi-Million Dollar ER&D project.

Indraprastha Gas has announced a cut of Rs 3.15 a kilogram in the retail price of CNG it supplies to Noida, Greater Noida and Ghaziabad.

Schaeffler India said shareholders and creditors vote for merger of INA India, LuK India with self.

20 Microns subsidiary filed DRHP for IPO.

SQS India said German subsidiary completed winding process; awaits tax refund pending with German authorities.

Dilip Buildcon has received a letter of award from NHAI for a  new EPC project valued at Rs. 677.07 Cr from the state of UP.

(Source: Nirmal bang report)
09:41
am
CLSA's Chris Wood on trade war fears

The other political news continues to be the renewed focus of the Trump administration on trade matters. The view that America has long been “ripped off” in trade matters, most particular so far as it concerns China, is about the one public policy issue The Donald has always been consistent on since the late 1980s when GREED & fear first became aware of him having any such views.
 
Trump seems totally focused on actually trying to implement the policy agenda he campaigned on and is also having some success in doing so. This suggests he is dead serious on the trade issue, as well as on the infrastructure issue which GREED & fear expects to get renewed momentum next year if the Republicans maintain control of Congress in the mid-term elections in November.

The stance on trade, if pursued by the Trump administration, can clearly make more waves in financial markets. The most likely outcome in GREED & fear’s view is that China will agree to some form of compromise that will stop an escalation into an outright trade war. Indeed there are already signs of this as China has already responded this week to the Trump administration’s threat of a Section 301 investigation targeting the intellectual property rights issue.

CLSA Managing Director & Equity Strategist Christopher Wood

09:36
am
Nifty PSU Bank index down nearly 3%. Top losers:

COMPANY LATEST PREV CLOSE LOSS() LOSS(%) VOLUME
UNION BANK (I) 89.00 94.70 -5.70 -6.02 1861354
SYNDICATE BANK 56.20 58.15 -1.95 -3.35 322494
IDBI BANK 74.30 76.65 -2.35 -3.07 2621473
BANK OF INDIA 99.30 102.35 -3.05 -2.98 424259
INDIAN BANK 281.05 289.20 -8.15 -2.82 77731

09:32
am
Nifty Metal index falls 3%. Top losers:

COMPANY LATEST PREV CLOSE LOSS() LOSS(%) VOLUME
WELSPUN CORP 125.00 130.85 -5.85 -4.47 3930
NATL. ALUMINIUM 66.15 69.20 -3.05 -4.41 169591
JINDAL STAIN .HI 158.15 165.40 -7.25 -4.38 5912
S A I L 70.75 73.70 -2.95 -4.00 232189
HIND.ZINC 300.90 312.75 -11.85 -3.79 71037

09:22
am
Sectoral Trend


09:21
am
All Sensex stocks trade in red



09:16
am
Markets at Open

At 9:15 am, the S&P BSE Sensex was trading at 33,642, down 366 points while the broader Nifty50 was ruling at 9996 down 118 points
09:06
am
Derivatives strategy on SREI Infra by HDFC Securities

Buy: Srei Infra March 75 Put at Rs 1.50
Stop loss: Rs 0.80
Target: Rs 3
 
Rationale: Short positions being built in Srei Infra futures today where we have seen open interest addition of 2% with price fall of 5%. Stock Price is forming bearish lower top lower bottom formation on the daily chart Since July 2017. Stock price has given break down on the daily chart by closing below the downward sloping trendline support of 78 level. Stock Price is trading below its 5,20,200 dma indicating bearish trend.

09:05
am
ALERT: 10-year bond yeild at 6-week low, trades at 7.53%
09:03
am
Markets at pre-open

Index Current Pt. Change % Change
 
S&P BSE SENSEX 32,803.33 -202.94 -0.61
 
S&P BSE SENSEX 50 10,521.13 -56.89 -0.54
 
S&P BSE SENSEX Next 50 32,556.40 -109.07 -0.33
 
S&P BSE 100 10,431.17 -53.24 -0.51
 
S&P BSE Bharat 22 Index 3,434.30 -16.39 -0.47

(Source: BSE)
09:01
am
Today's picks: From Hindalco to Lupin, hot stocks to watch on Friday

HIndalco Current price: Rs 216 Target price: Rs 220 Keep a stop at Rs 214 and go long. Add to the position between Rs 218 and Rs 219. Book profits at Rs 220.
 
Lupin Current price: Rs 757 Target price: Rs 745 Keep a stop at Rs 765 and go short. Add to the position between Rs 747 and Rs 750. Book profits at Rs 745. READ MORE

08:58
am
Commodity outlook and top trading ideas by Tradebulls for today

US Dollar index is trading at 2 week low after Fed’s first rate hike in 2018. The disappointment in currency was because the dot-plot suggests only three rate hikes for this year, against the four anticipated. Also, the economic outlook of US for this year was left unchanged. Now for any reversal in US Dollar, the dollar index needs to trade above 91. We expect the dollar index to trade in the range of 88.40-90.50. The overall trend still remains negative.
 
US Fed indicated that it would stay the course this year of 3 rate hike which is expected positive for bullions and as expected, we saw a spike in prices of Gold and Silver. READ MORE

08:53
am
Top technical calls from MOSL: Buy IndusInd Bank

INDUSIND BANK
Reco: BUY
Last Close: 1753
Stop Loss : 1716
Target : 1820
Holding the gains even after the market decline. Making higher top – higher bottom on weekly scale. Trading above all the major moving averages. READ MORE

08:47
am
Top trading calls by Prabhudas Lilladher

BUY HDFC BANK
CMP : Rs 1,867.75
TARGET : Rs 1,980
STOP LOSS : Rs 1,820
 
The stock has maintained a strong base at around Rs 1,825 levels from where it has made revival on more than one occasions and currently it has indicated a good positive bias moving above the significant moving average of 34 WMA and we anticipate a further rise from here on to scale above the previous peak of Rs 1,920 levels.
 
With the RSI indicating a trend reversal signaling a buy and also the MACD which is on the rise, we recommend a buy in this stock for an upside target of Rs 1,980 keeping a stop loss of Rs 1,820. READ MORE

08:44
am
Markets on Thursday

 
S&P BSE Sensex 33,006.27 -0.39%
 
Nifty 50 10,114.75 -0.40%
 
S&P BSE 200 4,422.86 -0.47%
 
Nifty 500 8,904.00 -0.50%
 
S&P BSE Mid-Cap 15,910.68 -0.75%
 
S&P BSE Small-Cap 17,064.12 -1.05%

08:42
am
Donald Trump orders $50-bn hit on China goods amid trade war fears

President Donald Trump took his boldest step to level the economic playing field with China, ordering sweeping tariffs on Chinese goods in a move that could escalate already tense trade relations between the world’s two biggest economies.
 
The president instructed US Trade Representative Robert Lighthizer to levy tariffs on at least $50 billion in Chinese imports. Trump signed an executive memo issuing the instructions on Thursday at the White House. Within 15 days, USTR will come up with a proposed list of products that will face higher tariffs. READ MORE

08:38
am
SGX Nifty

The SGX NIfty was at 9,996, down 1.22% from the previous close.
08:37
am
Asian Markets

Stock markets slid and perceived havens such as government bonds and the yen gained on Friday as investors rushed to safety after US President Donald Trump announced long-promised tariffs on Chinese goods, stoking fears of a global trade war.

MSCI’s broadest index of Asia-Pacific shares outside Japan tracked a large overnight drop in Wall Street shares and fell 2.4 per cent, while Japan's Nikkei dropped 3.2 per cent and South Korea's KOSPI retreated 2.3 per cent.

Hong Kong's Hang Seng was down 3.6 per cent and Shanghai lost 2.8 per cent.
08:35
am
Wall Street

On Wall Street, the Dow shed 2.9 per cent, the S&P 500 dropped 2.5 per cent and the Nasdaq fell 2.4 per cent on Thursday.
08:32
am
Good Morning!

Welcome to Business Standard's live blog on markets.

Outbrain