Friday, 21 September 2018

While Nifty lost over 500 points in 15 sessions, over 60 Nifty500 stocks fell 10-30%

Indian market, which was hitting record highs almost on a daily basis last month, seems to be losing momentum now. The Nifty50 index has slipped over 500 points while the S&P BSE Sensex has lost nearly 2,000 points from their respective record-high level.
The Nifty50 hit a record high of 11,760 on August 28 and since then it has steadily fallen towards its crucial support and a swing low placed at 11,250.
Technically speaking, the index has broken below its crucial short-term supports placed at 5-days exponential moving average, 13-EMA, 20-EMA, and 50-EMA.


Wednesday, 19 September 2018

Metal index jumps 2% on hopes of higher steel import duty

The Nifty Metal Index jumped 2% on Wednesday after media reports said that the government may hike import duty on some steel products to 15%.

JSW SteelJindal Stainless (Hisar), and SAIL, which gained ~4% each, led the rally in the index. Jindal Steel and Tata Steel also contributed to the rally by gaining ~3% each. Shares of NALCO, Hindalco, and Coal India were also trading up ~2%, followed by gains in Hindustan Copper, NMDC, and Welspun Corp, which were up 1% each.

According to media reports, the steel ministry has proposed to hike the import duty on steel products to 15% of current duty ranging from 5% to 12.5%.

Further, according to the government data, in the first quarter of FY19 inward shipment of steel jumped 15% yoy to make India a net steel importer for the first time in two years.

Tuesday, 18 September 2018

Top stocks in focus today: Tata Motors, Bank of Baroda, Mcleod Russel

Tata Motors-owned Jaguar Land Rover confirmed a cut in its output schedule at the Castle Bromwich plant in the West Midlands region of England.

Government proposed merger of Bank of Baroda, Dena Bank and Vijaya Bank subject to an approval from the boards of the individual banks.


RBI rejected Bank of Maharashtra’s plea to set-off accumulated losses worth Rs2,543.7cr from its share premium account.


Mcleod Russel will dispose its Assam’s Bargang tea estate to Amgoorie India for Rs59.65cr and Harchurah estate to Goodricke group for Rs31.64cr.


Aurionpro Solutions to provide its cash management platform to Sudan based Bank of Khartoum’s UAE and Bahrain’s branches.


Sterlite Technologies aims 10% global fibre market share by June 2020.


Infosys doubles investment in US-based TidalScale to $3mn.


Avenue Supermarts has issued commercial paper worth Rs70cr.




Monday, 17 September 2018

Hong Kong stocks sink most in Asia on Trump, Typhoon double blow

Hong Kong shares resumed their decline Monday morning following a severe typhoon over the weekend and under the long shadow of the US-China trade dispute.

The Hang Seng Index fell 1.8% to 500 points of its lowest level in more than a year. The benchmark had rallied 3.6% Thursday and Friday on optimism over trade talks, but sentiment turned on news Donald Trump wants to proceed with tariffs and a Wall Street Journal report that China may decline to take part in negotiations. The impact of Typhoon Mangkhut also weighed on stocks, with Macau casinos and airlines among the hardest hit.

“The market seems a bit concerned about Beijing dropping out of trade negotiations and there’s some profit taking pressure following the gains late last week,” said Daniel So, a Hong Kong-based strategist with CMB International Securities Ltd. “Investors will likely stay cautious due to uncertainties ahead of the mid-term election in the US.”


Saturday, 15 September 2018

Oil prices rise on declining US crude stockpiles, looming Iran sanctions

Oil prices rose on Wednesday following a report of declines in US crude inventories and as looming sanctions against Iran raised expectations of tightening supply, while top producer Russia warned of a fragile global crude market.
US West Texas Intermediate (WTI) crude futures were at $69.84 per barrel at 0428 GMT, up 59 cents, or 0.9 percent, from their last settlement. WTI futures gained 2.5 percent in the previous session.
Brent crude futures climbed 28 cents, or 0.4 percent, to $79.34 a barrel. Brent has climbed for four straight sessions, gaining 2.2 percent the previous day.

"Oil prices jumped overnight as American Petroleum Institute inventory data showed a large drawdown in inventories," said William O'Loughlin, investment analyst at Australia's Rivkin Securities.

Friday, 14 September 2018

Engineers India to buy 100% stake of Projects and Development India

Engineers India will buy 100% paid up share capital of Projects and Development India Ltd (PDIL) from President of India, acting through the Ministry of Chemicals and Fertilizers. Reacting to this, shares of company were trading 1% up on Friday.

The decision over acquisition has been taken by the company’s board of directors in a meeting held on September 13, the company said in a press note on Thursday.

The board has also given an approval of bidding for the same by way of share acquisition route. "Other details cannot be disclosed due to confidentiality of the matter," the company added. 

Meanwhile, financial markets in India were closed on Thursday due to Ganesh Chaturthi Holiday.

Engineers India’s share price is currently at Rs126, up by Rs1.25 or 1% from its previous closing of Rs124.75 on the BSE.

Wednesday, 12 September 2018

Europe stocks rise, Asia losses deepen; euro slips

European stocks advanced on Wednesday and Asian shares extended a losing streak as traders turned their focus to the outlook for monetary policy amid lingering worries for global trade. Treasury yields steadied after climbing a day earlier.

Energy companies and miners were among the biggest winners in Europe as oil futures rose with most commodities. Futures on the Dow, S&P 500 and Nasdaq held steady as America’s East Coast battened down for Hurricane Florence.

The MSCI Asia Pacific Index was on course for a 10th consecutive decline, the longest losing streak since 2002.

Two-year Treasury yields were little changed near a decade high and the dollar was steady. The euro and pound fell as Britain and the EU continued attempts to foster an amicable split.

Central banks are back in the spotlight this week, with market participants increasingly preparing for the Fed to raise rates twice more in 2018, and policy meetings on the schedule for the European Central Bank and Bank of England, as well as Turkish and Russian central banks.

Tuesday, 11 September 2018

Crude oil uptrend may reverse going forward@crude oil tips

For the past few trading sessions, we have observed that crude oil prices have not been able to break their previous high of $79.80. In fact, prices had formed a long-legged Doji candlestick near the high followed by a series of bearish candlesticks. Now, this structure suggests the possibility of a double top formation, and if that happens, then we could see a fall in oil prices till $70.

Price of MCX crude has given a breakdown of its crucial horizontal trend line support at 4,920-levels. Moreover, MCX crude oil prices are trading below the 50-day moving average, an indication that further selling pressure could be seen towards the 4,750-levels.

On the daily charts, we saw that Brent prices have taken a resistance near the upper band of its declining channel formation at $78.34 and prices are moving towards the lower band, which is placed at $70.

As far as recent oil inventories are concerned, crude oil inventories fell by 4.3mn barrels to 401.49mn barrels, while gasoline stocks rose by 1.8mn barrels. Distillate stockpiles, which includes diesel and heating oil, climbed by 3.1mn barrels, which marks the overall negative impact for crude oil prices.

Monday, 10 September 2018

Axis Bank soars as Amitabh Chaudhry set to become the next MD & CEO

Axis Bank's stock gained 3% and was among the top Nifty 50 gainers in today’s session on the BSE. The board of Axis Bank appointed Amitabh Chaudhry as the Managing Director and CEO of the bank after the Reserve Bank of India (RBI) granted approval of the appointment, for a period of three years, with effect from January 1, 2019 up to 31st December, 2021.

Shikha Sharma steps down on December 31, 2018. The RBI had asked Axis Bank’s board to reconsider the decision to re-appoint Sharma as its CEO for the fourth term amid concerns over rising bad loans on the bank’s books. She completed her third term as the bank’s head on May 31, 2018. 

Amitabh has a proven track record and is well-experienced to lead the bank.

Axis Bank Ltd is currently trading up 3.36% at Rs666.80 from its previous closing of Rs645.15 on the BSE.

Friday, 7 September 2018

Infosys and Temasek announce joint venture in Singapore

Infosys has announced that it has formed a joint venture with Temasek, a global investment company headquartered in Singapore. The joint venture (JV) will integrate teams from Infosys and the operations of Temasek’s wholly-owned subsidiary in Singapore, Trusted Source Pte Ltd, which currently delivers IT services to Temasek and a number of other clients.

As part of the transaction, Infosys will acquire a 60% stake in the JV and Temasek will hold 40%. The agreement was signed by the parties last night with immediate effect.

As per the announcement, Infosys and Temasek see important synergy and strategic alignment in the JV. Infosys gains significant capacity in terms of the workforce as it focuses on strengthening its footprint in Southeast Asia, while Temasek will see a rapid enhancement of its IT services through the augmented capabilities of the JV entity.

Trusted Source will provide Temasek and its other clients in the region solutions and technologies across cloud, data & analytics, cyber security, digital experiences, and AI & automation, among others.

Thursday, 6 September 2018

Top stocks in focus today: Aurobindo Pharma, Bharti Infratel, TCS

Aurobindo Pharma's subsidiary is planning to acquire three manufacturing units from Sandoz.

Jindal Stainless is planning to increase its foreign portfolio investor investment limit to 100% of the paid-up equity share capital of the company.

TCS will be in focus as the company to open buyback offer today.

Bharti Infratel and Indus Towers have received exit notices, which would result in exit of 27,447 co-locations for the company on a consolidated basis.

Persistent Systems has acquired Herald Health, a startup formed to transform the data overload swamping healthcare professionals into clear and actionable insights.

Bharti Airtel
 has completed transfer of shares in Bharti Telemedia to an affiliate of Warburg Pincus.

PSP Projects has bagged a work orders worth Rs226.07cr from various clients for industrial and institutional projects.


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Wednesday, 5 September 2018

Markets rebound in final hour of trade, Nifty Futures manages to close above 11500 mark

  • Market view: Markets crack for the third consecutive day, Nifty is currently trading 103 points lower at 11,416 while Bank Nifty is trading  230 points lower at 27,384. Nifty realty is the worst performing sectoral index trading 2.35% lower. 
  •               Buzzing Stocks
    Closing Bell: Gainers: Yes Bank, Tata Motors (+3%), Hindalco, Wipro (+2%). Losers: Infratel (-4.5%), Zee, HUL (-3%).

  • Markets witnessed heavy volatility for the third consecutive day, after facing heavy selling pressure during the initial half of the session. Nifty and Bank Nifty witnessed a strong pullback in the final hour of trade. 
  • Bank Nifty recovered ~240 points from the low point of the day managing to end at 27376 mark. Pharma, Metal and Auto stocks led the recovery with Nifty Metal Index managing to end 1.05% up.
  • Tracking the derivative data points, Nifty futures and Bank Nifty Futures witnessed a surge in open interest to the tune of ~20.26 lakh shares and ~4.3k shares respectively.

Tuesday, 4 September 2018

U.S. oil prices rise as Gulf oil rigs evacuated ahead of hurricane

U.S. oil prices rose on Tuesday, breaking past $70 per barrel, after two Gulf of Mexico oil platforms were evacuated in preparation for a hurricane.
U.S. West Texas Intermediate (WTI) crude futures were at $70.05 per barrel at 0353 GMT, up 25 cents, or 0.4 percent from their last settlement.
Anadarko Petroleum Corp said on Monday it had evacuated and shut production at two oil platforms in the northern Gulf of Mexico ahead of the approach of Gordon, which is expected to come ashore as a hurricane.
International Brent crude futures, by contrast, lost ground, trading at $78.07 per barrel, down 8 cents from their last close.
This came as India allowed state refiners to import Iranian oil if Tehran arranges and insures tankers.
Many international shippers have stopped loading Iranian oil as U.S. financial sanctions against Tehran prevents them from insuring its cargoes.
Mirroring a step by China, where buyers are shifting nearly all their Iranian oil imports to vessels owned by National Iranian Tanker Co (NITC), this means that Asia's two biggest oil importers are making plans to continue Iran purchases despite pressure by Washington to cut orders.