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Sensex rises over 100 points, Nifty above 10400, pharma stocks trade higher

BSE Sensex rises over 100 points, while the Nifty 50 trades above 10,400. Here are the latest updates from the markets

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Sensex rises over 100 points, Nifty above 10400, pharma stocks trade higher

The benchmark BSE Sensex rose over 100 points in the early session on Friday as the March derivatives series kicked off on a strong note amid positive Asian cues. All BSE sectoral indices were in the green, led by healthcare, bank, metal and realty stocks. The NSE Nifty50 also rose past 10,400 level. Both the indices closed marginally lower in the last session. Brokers said investors were creating fresh positions at the start of March futures and options (F&O) series, that led to a recovery in the market. A firm trend in Asian markets on positive cues from Wall Street pushed buying activity in bourses here, they added. (PTI) Here are the latest updates from the markets:

Market updateBSE Sensex traded higher by 96.17 points, or 0.28%, to 33,915.67, while the Nifty 50 rose 33.05 points, or 0.32%, to 10,415.75. Meanwhile, BSE MidCap and SmallCap rose 1%. All the sectoral indices on BSE, except capital goods, traded higher led by metal, which rose 2.20%, healthcare 1.85%, and basic materials 1.56%.


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Bank of Baroda shares rise after it denies any exposure to PNB

Bank of Baroda shares gained 1.5% to Rs145.30 after the bank clarified to the exchanges that it has no exposure to LoUs issued by PNB in the alleged fraud case involving Nirav Modi.


Federal Bank shares up 3%

Federal Bank Ltd shares rose 3.5% to Rs93.05 after the bank said in a notice to BSE that its board approved acquiring 26% stake in Equirus Capital.

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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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Free Stock Tips-Indian ADRs: Dr Reddy’s Lab down; Infosys, Wipro gain

Indian ADRs ended mixed on Thursday. Wipro added 0.55 percent and Tata Motors slipped 0.97 percent.

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Free Stock Tips-Indian ADRs: Dr Reddy’s Lab down; Infosys, Wipro gain

Indian ADRs ended mixed on Thursday. In the banking space, ICICI Bank was unchanged at USD 9.85 and HDFC Bank was up 0.13 percent at USD 97.70.

In the IT space, Infosys gained 0.74 percent at USD 17.80 and Wipro added 0.55 percent at USD 5.46.

In the other sectors, Tata Motors slipped 0.97 percent at USD 27.70 and Dr Reddy’s Laboratories fell 0.95 percent at USD 33.24.


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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-Mentha oil futures down on subdued demand

Mentha oil futures were trading lower during the morning trade in the domestic market on Thursday 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.

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Free Stock Tips-Mentha oil futures down on subdued demand

At the MCX, mentha oil futures for February 2018 contract was trading at Rs 1272 per kg, down by 1.37 per cent, after opening at Rs 1299.80, against the previous closing price of Rs 1289.70. It touched the intra-day low of Rs 1267.50.

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RIL, Prism Cements, Firstsource Solution among top 3 stocks which could give up to 15% return

Going forward, we expect the market to consolidate and form a good base in the range of 10300–10600. However, we believe this consolidation will make markets healthier and offer an incremental buying opportunity.

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RIL, Prism Cements, Firstsource Solution among top 3 stocks which could give up to 15% return

Equity benchmarks have been oscillating within last two weeks’ broad range of 10600-10300, indicating consolidation after the recent sharp decline of 8%. The index rebounded from the oversold territory and is in the process of forming base near the lower band of broader consolidation range around 10300.

We believe, a decisive close above past two sessions identical high (10430) supported by positive market breadth would turn bias positive, as it would open up positive options to extend pullback to a higher band of broader consolidation at 10600 in coming weeks.

Going forward, we expect the market to consolidate and form a good base in the range of 10300–10600. However, we believe this consolidation will make markets healthier and offer an incremental buying opportunity.

Considering upcoming February 2018 derivative expiry week, we may see elevated volatility. Therefore, even in case of a breach below 10276, we advise not to panic as we expect the index to hold the strong support zone of 10100-10000 and bounce back from there.

The pullback off February low (10276) is at a slow pace, as the Nifty retraced six session’s fall (11172 to 10276) by just 38.2% over eight sessions. Even Nifty midcap & smallcap indices have seen a shallow pullback, retracing 50% of the last leg of declines.

The slower pace of up move warrants prolonging of ongoing consolidation, before directional move emerges. Panic bottom of February 2018 at 10276, which is an immediate support is placed at the confluence of:

* Upward rising trend line joining lows of September 2017 (9688) and December 2017 (10033) currently placed near 10350

* 80% retracement of December-January rally, placed at10294

Structurally, we believe the current decline is part of a bull market. Empirical evidence makes us believe the 10100-10000 zone will attract a decent buying support:

Since CY10, on four instances, intermediate corrections following seven to nine weeks of consecutive higher high lows, measured 9-12%, leading way to a resumption of the uptrend. In the present scenario, after seven weeks of higher high low, similar magnitude of correction project strong support around 10000

*Gujarat election panic low of 10075 coinciding with placement of 200 DMA at 10071

Here is a list of three stocks which can give up to 15% return in the next 6 months:

Reliance Industries: BUY| CMP – 929| Target Rs1070| Stop Loss Rs865| Return 15% Time Frame 6 months

The share price of Reliance industries continues to consolidate in a broad range of 970 – 870 over four months, indicating base formation for the next leg of up move.

Currently, the stock is sustaining above a cluster of short term and medium term moving averages, thus providing fresh entry opportunity to ride the next up move in the stock.

The overall positive structural trend still remains intact as the five weeks of a rally during September to October 2017 from Rs785 to Rs960, went through nine weeks’ time wise correction, got retraced by 50% of the entire leg of up move.

The limited price wise correction corresponding to elongated time correction shows inherit strength and foretell positive momentum, going ahead.

Among the oscillators, the daily RSI has generated a bullish crossover above its nine period’s average thus supports the positive bias in the stock in the short term.

The above-mentioned technical evidence suggests the four months’ consolidation is likely to conclude, in turn, giving a fresh entry opportunity.

We expect the stock to move higher towards the projected target of Rs1070 in the medium term being the price equality of the last leg of up move from Rs779– 958 as projected from the recent trough of Rs895.

Firstsource Solution: BUY| CMP Rs48| Target Rs53| Stop Loss Rs43.70| Upside 12%| Time Frame 1 months

The share price of First Source Solution is at the cusp of a major trend line breakout joining the high of July 2016 (53.65) and January 2018 (48.25) placed around 47.50 levels signaling strength and provides fresh entry opportunity.

The stock has recently seen a faster retracement of the last falling segment as three weeks decline from 48 to 37 was completely retraced in just two weeks indicating strength and robust price structure.

The recent up move was accompanied by a strong volume of almost double of the 50 weeks average volume of 182 lakhs shares per week. The weekly MACD in an uptrend and is seen taking support at its signal line thus supports the positive bias.

The stock is likely to head higher towards 54 levels being the price parity of the previous major up move from 31 to 48 as projected from the recent trough of 37 levels.

Prism Cement: BUY CMP – 125| Target Rs142.00| Stop Loss Rs114| Return 13%| Time Frame 1 months

The shares price of Prism Cement is in strong uptrend forming a higher peak and higher trough in the long-term chart. The stock formed an all-time high of Rs159 during January 2018, since then it has witnessed a corrective decline in the last five weeks and is currently placed near major support area thus provides fresh entry opportunity.

The stock is forming a base around the major support area of 115 – 120 as it is the short-term trend line support joining the previous major lows since December 2016 (73) and the 52 weeks EMA currently placed at 116 levels.

After the current consolidation stock is likely to head higher towards 142 levels being the 61.8% retracement of the entire decline (159 to 115). The weekly RSI is currently placed near its previous lows and is likely to support the pullback in price in coming sessions.

Disclaimer:-The views and investment tips expressed by investment experts are their own. Ripples Advisory advises users to check with certified experts before taking any investment decisions.

Sensex opens over 100 pts lower, Nifty around 10,350; IT continues to gain

All sectoral indices are trading in the red, while midcaps are also trading weak. Nifty PSU bank index is down over 1 percent.

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Sensex opens over 100 pts lower, Nifty around 10,350; IT continues to gain

In an interview to CNBC-TV18, from the sideline of the IIFL Enterprising India Conference, Ashutosh Datar, Equity Strategist at IIFL Institutional Equities shared his views and readings on the market.

Datar said that focus should be on companies where earnings momentum is strong.

He further said that there are opportunities to buy and be underweight in the financial sector.

Allahabad Bank declines: Shares of Allahabad Bank lost over 3 percent intraday on Thursday as investors reacted to its announcement of exposure to Potomac Group.

In a filing to exchanges, the public sector bank declared that it has exposure of over Rs 500 crore to the group. Further, it clarified that the said amount has been declared as a non-performing asset (NPA) and the required provision has been made.

It also informed that some accounts have been filed under National Company Law Tribunal as well.

Expert view: In an interview to CNBC-TV18, Richard Harris, Chief Executive at Port Shelter Investment Management shared his views and readings on the Federal Open Market Committee (FOMC) minutes and emerging markets.

Harries said that the FOMC minutes do not tell anything new.

Talking about the dollar, he said a dollar and US treasury yields rising in tandem is a temporary feature.

Market Opens: Benchmark indices began the day on a negative note, with the Sensex cracking over 100 points. The Nifty was trading below 10,350-mark.

The Sensex is currently down 117.85 points or 0.35% at 33727.01, and the Nifty is down 52.95 points or 0.51% at 10344.50. The market breadth favors the decline as 192 shares advanced, against a decline of 329 shares, while 91 shares are unchanged.

All sectoral indices are trading in the red, while midcaps are also trading weak. Nifty PSU bank index is down over 1 percent.

Wipro, Bajaj Auto, and Kotak Mahindra Bank are the top gainers, while ONGC, BPCL, Aurobindo Pharma and SBI have lost the most.

The Indian rupee declined in the early trade on Thursday. It has opened lower by 29 paise at 65.05 per dollar versus 64.76 Wednesday.

Mohan Shenoi of Kotak Mahindra Bank said, “US FOMC minutes caused market volatility with US treasury yields touching a new high, US stock markets reversing early gains and dollar strengthening further.”

“Recent negative developments in Indian banking sector has put pressure on the rupee. The USD-INR is expected to trade in a range of 64.75-65.05 for the day.”

Among global markets, Asian shares slipped as the risk of faster hikes in U.S interest rates lifted short-term Treasury yields to the highest in almost a decade and boosted the dollar.

MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.35 percent in early trade, while E-Mini futures for the S&P 500 lost 0.2 percent.

Japan’s Nikkei shed 1 percent even as the yen gave back some of its recent gains on the dollar.

US stocks closed lower on Wednesday in a rocky session after the release of the minutes from the Federal Reserve’s January meeting pushed yields on the benchmark 10-year U. Treasury note to a four-year high.

After the Fed left interest rates unchanged in January, minutes showed the US central bank’s rate-setting committee grew more confident in the need to keep raising rates, with most believing inflation would perk up amid an improving economic landscape.

Stocks initially reacted positively, with each of the major Wall Street indexes touching session highs. Stocks began to pare gains, however, as bond yields climbed to a four-year high of 2.957 percent on the likelihood of further rate increases this year.

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