MARKET WRAP: Nifty ends above 11,000 as PSU banks gain; SBI up 3%

Benchmark indices rose on Tuesday as PSU Banks such as SBI, Bank of Baroda gained

9:17 AM

Markets at Open

At 9:17 am, the S&P BSE Sensex was trading at 36,282, down 41 points while the broader Nifty50 index was ruling at 10,930, down 6 points

9:02 AM

Market at pre-open

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	36,418.65	+94.88	+0.26
S&P BSE SENSEX 50	11,492.37	+32.95	+0.29
S&P BSE SENSEX Next 50	31,234.10	+62.34	+0.20
S&P BSE 100	11,175.12	+30.65	+0.28
S&P BSE Bharat 22 Index	3,316.47	+17.84	+0.54

(Source: BSE)

8:56 AM

IMF trims India's economic growth forecast to 7.3% in 2018, 7.5% in 2019

The International Monetary Fund (IMF) has trimmed India’s growth projection by 0.1 percentage point for 2018-19 owing to high oil prices and a tight monetary policy regime. The effect of the twin headwinds on the IMF's projection for 2019-20 was much sharper — 0.3 percentage points.

Now, the IMF has forecast India will grow by 7.3 per cent in 2018-19 against the earlier estimate of 7.4 per cent. The economy was projected to grow 7.8 per cent by 2019-20 by the Fund earlier, but now the projection stood at 7.5 per cent, according to the World Economic Outlook (WEO) Update, released on Monday. READ MORE

8:50 AM

Top trading ideas by Anand Rathi Research: Buy Mindtree, Tata Elxsi

MINDTREE: BUY

TARGET: 1130

STOP LOSS: 1040

 

Mindtree is forming higher tops and bottoms on the daily charts after having provided a breakout from a falling channel pattern. The momentum indicator MACD is also well in buy mode, hence we recommend buying this stock for the target of 1130 with a stop loss of 1040.

 

TATA ELXSI: BUY

TARGET: 1475

STOP LOSS: 1400

 

TataElxsi seems to have completed its wave IV consolidation and now wave V up seems to have started. The momentum indicator too seems to have reversed from sell to buy on the hourly charts, hence we recommend buying TataElxsi. READ MORE

8:46 AM

Nifty outlook from Prabhudas Lilladher for today

Nifty and Bank Nifty have got their daily trend turned down after 8 days bringing in weakness and pessimism amongst the market players. The near term support of 10980 was broken in Nifty, along with Bank Nifty too not participating, it is still tech sector outperforming. The support for the day is seen at 10870 while resistance is seen at 10980. The view is now cautious and corrective. READ MORE

8:39 AM

Oil Prices

In commodities, Brent crude prices rose from a three-month low on Tuesday after more oil workers went on strike in Norway, supporting a market that has been dominated by oversupply issues in recent days.

 

Brent crude futures had climbed 36 cents, or 0.5 per cent, to $72.20 a barrel. They fell 4.6 per cent on Monday, at one point touching their lowest since mid-April. US West Texas Intermediate (WTI) futures were up 3 cents at $68.09. They fell 4.2 per cent on Monday.

8:35 AM

SGX Nifty

The SGX Nifty was at 10,932, down 0.15 per cent from the previous close.

8:30 AM

Asian Markets

Asian stocks sagged on Tuesday, weighed by a sharp decline in crude oil prices as Libyan ports reopened, while the dollar was on the defensive ahead of Federal Reserve Chairman Jerome Powell’s first congressional testimony.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.1 per cent lower following two sessions of gains. South Korea’s KOSPI lost 0.35 per cent and Japan’s Nikkei edged up 0.3 per cent.

8:23 AM

Wall Street

The S&P 500 ended slightly lower on Monday following a drop in oil prices that weighed on energy shares and offset a jump in financials as Bank of America's results reinforced expectations of a strong US earnings season.

The Dow Jones Industrial Average rose 44.95 points, or 0.18 per cent, to 25,064.36, the S&P 500 lost 2.88 points, or 0.10 per cent, to 2,798.43 and the Nasdaq Composite dropped 20.26 points, or 0.26 per cent, to 7,805.72.

8:17 AM

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