MARKET WRAP: Sensex sheds 262 pts; Nifty ends at 11,004; OMCs slip up to 7%

All that happened in markets today.

8:38 AM

There aren't any immediate triggers to reverse mkt trend: Prakash Kacholia

After a sharp slide since the Budget in July, the markets are in consolidation mode. Prakash Kacholia, managing director at Emkay Global Financial Services, tells Puneet Wadhwa that India’s underperformance versus the emerging markets (EMs) in the last three months could be peaking. READ FULL INTERVIEW

Prakash Kacholia, Managing director, Emkay Global Financial Services

8:35 AM

Oil-linked stocks, realty stocks, SBI, and auto stocks to watch today

Here's a look at the top stocks that may remain in focus today -

 

Oil-linked stocks: Oil marketing companies (OMCs), paint and tyre stocks are likely to hog the limelight today as the crude oil prices jumped 20 per cent following an attack on Saudi Arabia’s oil facilities on Saturday that cut more than 5% of global oil supply. The prices, however, retreated a bit but was still up 10 per cent till the time of writing this report.

 

SBI: The largest lender State Bank has dropped its plan to take its general insurance arm public as there is no need for additional capital now, chairman Rajnish Kumar has said. READ MORE

8:32 AM

Commodity picks: September 16, 2019

Mustard cake

 

Prices at the Jaipur market are trading at Rs 1,922 per quintal. It could head head towards Rs 1,945 per quintal. Mustard cake is the cheapest protein-based feed ingredient and supplies are limited due to slow pace of crushing. Thus prices are expected to trade higher.

 

Castor seed

 

Prices at Deesa trade at Rs 5,680 per quintal and are expected to be firm in the week ahead at around Rs 5,730 per quintal. Due to excess rains at major producing regions, there is a fear of crop damage which coupled with low availability which could support prices.

8:28 AM

NBFCs in repair, rebuild and recalibrate mode as funds position improves

A year ago when the liquidity bear hugged the financial system, just a handful expected it to have a lasting impact on non-banking financial companies (NBFCs). But the victims of tight money supply are cropping up with every passing month, the latest being foreign funds-backed Altico Capital.

 

While in size it may not be material, the default did have a contagion effect on listed NBFC stocks on Friday, with the pack falling 2–3 per cent in an otherwise good trading session. READ MORE

8:24 AM

Arbitrage funds are gaining favour as investors flock to safety: Experts

Arbitrage funds are gaining favour as the perceived safety tag associated with these schemes is helping them pull in money from debt investors. Assets of these hybrid funds have grown 36 per cent in the past five months to Rs 68,541 crore as on August 31, 2019.

 

Most of the funds in this category have returned between 6.5-7 per cent in the past year, and may offer better returns than some debt categories. READ MORE

8:22 AM

Auto sector's rate-cut hopes fade as GST cess collection declines

Cess collection under the goods and services tax (GST) — to compensate the states for their revenue loss in the two-year-old indirect tax regime — has fallen short of requirements in the first five months of the fiscal year, dimming rate-cut hopes for the auto sector in the upcoming GST Council meeting on Friday. Some states have asked for rate cuts for five-star hotels. READ MORE

8:17 AM

Stock recommendation by Prabhudas Lilladher: Buy ICICI Bank, CEAT

NIFTY VIEW

 

Nifty, last week, got its weekly trend turned up after 10 weeks. The weightage among Nifty50 stocks, too, is tilted more on positive, with 35 stocks trading with positive weekly trend and having weightage of 66 per cent. Bank Nifty has been an outperformer and continues to look positive. Nifty needs to cross the crucial hurdle of 11,265 and sustain above it. The support for the week is seen at 36,770/10,870 while resistance is seen at 37,950/11,260. Bank Nifty would have a range of 27,470-28,660. SBI, ICICI, etc look positive along with PSU stocks like BPCL, ONGC, NTPC,etc. READ MORE

8:15 AM

Nifty view and stock picks by CapitalVia: Buy Federal Bank, Hindustan Zinc

Stock recommendation:
 

Buy Federal Bank above Rs 88
 

Target: Rs 93
 

Stop loss: Rs 84.50
 

The stock is showing resistance breakout from the levels of Rs 88 and as the stock is making resistance breakout in daily charts, stock is trading near its 50-day EMA and a breakout will result in good upside momentum. Considering the technical evidence discussed above, we recommend buying the stock above Rs 88 for the target of Rs 93, keeping a stop loss at Rs 84.50 on closing basis. READ MORE

8:12 AM

Top stock recommendations by Angel Broking: Buy Tata Steel, Bharat Forge

Nifty above 11000, hopes alive for further relief

The Nifty started trading on a positive note during the past week and rallied higher to surpass the 11,000 mark. Although, the index witnessed some retracement on Tursday, September 12, from its highs, the minor dip was bought into on the last day of the week and Nifty ended well above the 11,000 mark. Despite a truncated week, Nifty managed to clock decent gains over a percent on weekly basis, keeping hopes alive for further relief. READ MORE

 

8:10 AM

Bulk deals on BSE as on Friday

Click here for full list

8:09 AM

Bulk deals on NSE as on Friday

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8:07 AM

FII/FPI & DII trading activity on NSE, BSE and MSEI

8:06 AM

Rupee Check

Source: Bloomberg

8:05 AM

Oil Check

-- Oil prices retreated on Monday after hitting their highest since May at the open, on fears over supply disruptions following an attack on Saudi Arabia’s oil facilities on Saturday that cut more than 5% of global oil supply

-- At 8:00 am, Brent Crude Futures were at $66.79 per barrel, up 11% from their last close

8:01 AM

SGX Nifty

At 8:00 am, the Singaporean Exchange for Nifty Futures was trading 109 points lower at 11,002 level.