Browse Category: Indian Stock Market Tips

Share Market Tips-Nifty Future to open gap up by 12 points

Nifty Future to open gap up by 12 points against yesterday’s close as indicated by SGX Nifty which is currently trading at 10398

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The Indian Benchmark Index Nifty yesterday expired on a flat note and traded in a narrow range for the most part of the day before witnessing a pullback in the last hour of trade and inched the index higher from its daily low.

Major Players in the market FII and PRO have squared-off more than 2.33 lakh contracts yesterday, suggesting strength in the market for the March expiry.

The Nifty index lost 14 points or 0.14 percent from its previous close. The index remained in negative zone in mid-morning trade and regained strength in the final hour of trading. The index opened at 10354 and closed at 10383 after making a low of 10341.

Share Market Tips-Nifty Future to open gap up by 12 points

The Small Cap Index closed down by 40 points or 0.48%. The Index made a high of 8223 and closed at 8186 after making a low of 8162.

Among the sectoral performance, Metals & Mining and IT were the top performing sector which gained by 0.43 percent and 0.35 percent respectively from its previous close.

Nifty Future is opening gap up by 12 points against yesterday’s close as indicated by SGX Nifty which is currently trading at 10398.

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Sensex jumps 100 pts in opening trade, Nifty reclaims 10,400; IT, pharma extend gain

All sectoral indices have commenced trade in the green, while, in the broader market, midcaps are up around half a percent.

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Rupee Update: The Indian rupee opened higher by 9 paise at 64.95 per dollar on Friday versus previous close 65.04.

Bhaskar Panda of HDFC Bank said, “Worries of US rate hike, consequent rally in US yields, coupled with uncertainties due to the PNB episode has brought back pressure on the INR.”

“The USD-INR pair has broken through crucial 64.80 levels and traded above 65 yesterday. Today, I expect the pair to consolidate in a range of 64.85-65.15 given the dollar fall overnight.”

The dollar index against a basket of six major currencies was little changed after bouncing from a three-year trough of 88.253 late last week.

Market Opens: Equities have begun the day on a positive note, with the Nifty clocking 10,400 in the first few minutes of the trade.

The Sensex is up 98.71 points or 0.29% at 33918.21, and the Nifty is up 36.40 points or 0.35% at 10419.10. The market breadth is positive as 554 shares have advanced, 216 shares declined, while 94 shares are unchanged.

All sectoral indices have commenced trade in the green, while, in the broader market, midcaps are up around half a percent.

Sun Pharma has continued its gain from the previous sessions and is the top gainer on the Sensex. Along with it, Tata Steel and Aurobindo Pharma were the other gainers. Meanwhile, Hero MotoCorp, Coal India and Asian Paints were the top losers.

Among global markets, Asian shares rebounded as comments from a Federal Reserve official eased worries that the central bank might raise rates more aggressively this year, while the safe-haven yen held on to its gains amid heightened volatility across markets.

Financial markets have fluctuated wildly this month as investors fretted about how fast the Fed might raise rates in the wake of data showing a pick up in US inflation. That, in turn, has stoked anxiety that many central banks will start to tighten policy in a hit to earnings, which have boomed thanks to a synchronized uptick in global growth.

MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.4 percent, but was still on track to end the week barely changed.

US stocks advanced, putting major indexes on track to snap a recent spate of declines, buoyed by gains in industrial and energy shares as US Treasury yields eased.

The Dow and S&P dropped for a second consecutive session and the Nasdaq fell for a third straight on Wednesday after minutes from the US Federal Reserve’s January meeting showed the central bank’s rate-setting committee grew more confident in the need to keep raising rates.

Concerns about a faster pace of rate hikes from the central bank were eased by comments on Thursday from St. Louis Fed President James Bullard that expressed concerns a “bunch of hikes” could turn Fed policy restrictive, and benchmark 10-year US Treasury yields retreated from the more than four-year highs hit on Wednesday.

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PNB appoints PwC to probe Rs 11,400 crore fraud, says report

This blog will keep track of key global and local developments impacting business and markets through the day. Important local and global political developments will also find resonance here.

PNB appoints PwC to probe Rs 11,400 crore fraud, says report

Punjab National Bank has appointed auditor PwC to conduct an investigation into the alleged Rs 11,400-crore fraud involving jewelers Nirav Modi, Mehul Choksi and their companies, sources told The Economic Times. PwC has been asked to gather evidence that can be used against Modi and his associates in court, sources said.

In the 15-point “scope of work” document issued by PNB on February 17 and finalized on February 21, the bank instructed PwC to identify how the letter of undertaking (LoU) mechanism was misused by Modi, track the money and check on the end use of the funds raised.

It has also been asked to quantify PNB’s losses due to the alleged scam. The auditor will also seek to trace the assets of Modi and others involved that were not disclosed in company balance sheets and could be seized for recovery of dues.


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Sensex, Nifty start March series on a strong note

The market has started the March series on a positive note, tracking firm global cues. The Sensex started off around 100 points higher and is currently trading at that level. The Nifty has reclaimed the 10,400-mark. All sectoral indices are trading in the green, with Nifty pharma emerging as the top gainer. Midcaps, too, have seen a strong opening, up around half a percent.

After taking a beating in the past few sessions, state-run banks have seen some strong moves. The Nifty PSU bank index is up over a percent.

Shares of Sun Pharma are up over 3% as its Halol inspection is likely to end today. The stock is the top gainer on the Sensex. Federal Bank is up around 4% after it acquired 26% stake in Equirus Capital.


PNB transfers 1,415 employees post scam

Punjab National Bank (PNB) has transferred 1,415 employees after the scam involving Rs 11,400 crore, using fake letters of undertakings (LoUs) to diamond jeweler Nirav Modi and associates, surfaced earlier this month. “…the Bank has transferred 257 sub-staff, 437 clerks and 721 officers (total 1,415 employees) since February 19, 2018, as per prevailing Rotational Transfer Policy of the Bank,” PNB said in a statement. It, however, denied reports that the bank has transferred close to 18,000 employees saying it is “factually incorrect”.


Nirav Modi fails to keep ED date, agency issues fresh summons

A fresh summons was issued against diamantaire Nirav Modi after he failed to appear and depose before the Enforcement Directorate (ED), sources told PTI. They added that Modi had replied to the ED’s investigating officer (IO), who is probing the role of the diamond merchant and his uncle Mehul Choksi, the promoter of Gitanjali Gems, in the Rs 11,400-crore alleged fraud at the Punjab National Bank (PNB), and cited the temporary suspension of his passport and pending business issues as reasons for his non-appearance.

Modi was summoned by the ED under the Prevention of Money Laundering Act (PMLA). Sources said he had now been asked to join the investigation and appear before the central probe agency in Mumbai on February 26. Modi, it is understood, had sent an e-mail to the ED, stating that while his passport was temporarily suspended, he was also dealing with the recent developments and investigations, pertaining to the alleged bank fraud, against his businesses in the country and hence, he was unable to depose before the agency.

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Commodity Tips-Gold prices flat, U.S. interest rate outlook weighs

Gold prices held steady around a one-week low on Thursday, weighed down by minutes from the last U.S. Federal Reserve meeting that showed policymakers backed further interest rate rises.

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Commodity Tips-Gold prices flat, U.S. interest rate outlook weighs

Spot gold was almost unchanged at $1,323.95 an ounce at 0353 GMT, a day after it fell to its lowest in a week at 1,322.20. The precious metal has fallen 1.7 percent so far this week.

U.S. gold futures were down 0.5 percent at $1,325.8 per ounce.

The dollar index, which measures the greenback against a basket of currencies, was up 0.1 percent at 90.106.

The greenback, which has risen over a percent so far this week, traded near a one-week high as minutes of the Federal Reserve’s January meeting showed policymakers were more confident of the need to keep raising interest rates.

“The high-interest rate environment would be the key driver that would drive gold prices lower,” said OCBC analyst Barnabas Gan.

“Since gold remains a zero-yielding asset, higher interest rate environment could stimulate risk appetite and yield-chasing behavior,” said Gan, whose year-end outlook for gold is at $1,100.

The Fed’s rate-setting committee showed more confidence in the need to keep raising interest rates, with most believing that inflation would perk up.

That led investors to narrow the odds on faster hikes with a host of Fed fund futures hitting contract lows. Three rate rises are now almost fully priced in for this year, compared to two as recently as December.

However, some analysts said concerns about rising inflation may be tempered by caution due to the recent market volatility.

“The minutes were more balanced in my view as the recent uptick in volatility will have as much bearing on Fed policy decisions as the subtle rise in inflation,” said Stephen Innes, APAC trading head for OANDA.

Spot gold is expected to test a support at $1,316 per ounce, a break below which could cause a loss to the next support at $1,303, according to Reuters technical analyst, Wang Tao.

“The key level of $1,360 an ounce is likely to keep prices capped and act as a supply zone,” said Sugandha Sachdeva, vice president of metals, energy, and currency research at Religare Securities Ltd.

“As long as this is not taken out convincingly, gold prices may consolidate in near term, with major support in sight at $1,309 an ounce.”

Among other precious metals, silver fell 0.4 percent to $16.43 an ounce, while palladium was down 0.1 percent at $1,019.25 per ounce and platinum was up 0.2 percent at $989.40 after touching a more than one-week low of $983.

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Free Stock Cash Tips-Cardamom futures up on rising demand

Cardamom futures were trading higher during the morning trade in the domestic market on Thursday as investors and speculators extended their positions in the agri-commodity amid rising in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions supported the upward trend in the domestic cardamom prices.

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Free Stock Cash Tips-Cardamom futures up on rising demand

At the MCX, cardamom futures for March 2018 contract was trading at Rs 1150 per kg, up by 0.01 per cent, after opening at Rs 1150, against a previous close of Rs 1149.90. It touched the intra-day high of Rs 1150.

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Free Stock Tips-Indian ADRs: Tata Motors, HDFC Bank, Wipro slip 2%

Indian ADRs ended lower on Wednesday. Tata Motors fell 2.27 percent and ICICI Bank was down 0.81 percent.

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Free Stock Tips-Indian ADRs: Tata Motors, HDFC Bank, Wipro slip 2%

Indian ADRs ended lower on Wednesday. In the IT space, Infosys gained 0.17 percent at USD 17.67 and Wipro shed 1.99 percent at USD 5.43.

In the banking space, ICICI Bank was down 0.81 percent at USD 9.85 and HDFC Bank declined 1.95 percent at USD 97.57.

In the other sectors, Tata Motors fell 2.27 percent at USD 27.97 and Dr Reddy’s Laboratories fell 1.44 percent at USD 33.56.

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Buy, Sell, Hold: 4 stocks are on analysts’ radar on February 19, 2018

Adani Ports, Titan, among others are being tracked by investors on Monday.

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Buy, Sell, Hold: 4 stocks are on analysts’ radar on February 19, 2018

Adani Ports

Brokerage: CLSA | Rating: Buy | Target: Rs 505

CLSA said that fresh capex will not hurt our argument of the company tripling its dividend. Further, investments shall be self-financing if the company can seal JV deals in time.

Varun Beverages

Brokerage: CLSA | Rating: Buy | Target: Rs 885

CLSA said that off-season makes Q4 less relevant for the firm. It also said that Q4 contributes <5% of its full-year EBITDA. It also highlighted that the firm has been able to secure the rights to more territories. New Territories & products give the firm an opportunity to expand volume & market share.

HUL

Brokerage: Deutsche Bank | Rating: Buy | Target: Rs 1,700

The global investment bank said that the firm expects Q3 volume growth of 11% to sustain. Further, it said that the company plans judicious price increase to counter inflationary pressure.

Titan

Brokerage: Deutsche Bank | Rating: Buy | Target: Rs 970

The bank said that the firm is a big beneficiary of formalization in jewelry sector. Further, it said that it has a strategy to launch new collections every quarter.

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Commodity Market Tips-Mentha oil futures down on easing demand

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Commodity Market Tips-Mentha oil futures down on easing demand

Mentha oil futures were trading lower during the morning trade in the domestic market on Friday as investors and speculators cut down their positions in the agri-commodity amid muted physical demand for mentha oil from major consuming industries in the domestic spot market. Further, exiting of bets by traders in the spot market was due to a fall in physical demand for mentha oil from consuming industries at the domestic spot market against sufficient stocks position on higher supplies from producing regions.

At the MCX, mentha oil futures for February 2018 contract was trading at Rs 1335 per kg, down by 0.83 per cent, after opening at Rs 1328, against the previous closing price of Rs 1346.20. It touched the intra-day low of Rs 1319.90.

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Commodity Market Tips-Cardamom futures up on rising demand

Commodity Market Tips

Commodity Market Tips-Cardamom futures up on rising demand

Cardamom futures were trading higher during the morning trade in the domestic market on Friday as investors and speculators extended their positions in the agri-commodity amid rising in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions supported the upward trend in the domestic cardamom prices.

At the MCX, cardamom futures for March 2018 contract was trading at Rs 1155 per kg, up by 0.37 per cent, after opening at Rs 1157, against a previous close of Rs 1150.70. It touched the intra-day high of Rs 1157.

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Punjab National Bank slumps for third straight day; hits 52-week low

Shares of Punjab National Bank continued to reel under pressure for the third consecutive day after the detection of Rs 11,400 crore fraud, slipping over 3 percent in morning trade on bourses.

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Punjab National Bank slumps for third straight day; hits 52-week low

Shares of Punjab National Bank continued to reel under pressure for the third consecutive day after the detection of Rs 11,400 crore fraud, slipping over 3 percent in morning trade on bourses.

The stock hit its 52-week low on both Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) today after it opened on a bearish note and fell 3.27 percent to Rs 124.15 on BSE. Similarly, on NSE, the stock dropped to a low of Rs 123.40. Meanwhile, shares of PNB Housing too slipped 1.36 percent to a low of Rs 1,182.60.

A fortnight after the scam was first reported, PNB Chairman and Managing Director Sunil Mehta yesterday said it has the capability to recover the dues from Modi and promised to take action against all wrongdoers.

As the Enforcement Directorate conducted multiple searches at establishments linked to Modi, seizing diamonds, jewelry and gold worth Rs 5,100 crore and sealing six properties, the Finance Ministry said recovery would be made and nobody would be spared.

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