MARKET WRAP: Sensex dips 333 pts; PMI data, proposed FPI norms spook Street

Among sectoral indices, the Nifty FMCG index settled over 2.5 per cent lower weighed by HUL and Britannia Industries.

8:50 AM

Nifty outlook by Prabhudas Lilladher:

 

Market continues to show sideways movement with selective stocks in rotation holding the Nifty level. With rupee continuing to show weakness, has given an impetus to Pharma and IT stocks. The support for the week is seen at 37,950/11,460 while resistance is seen at 39,150/11,840. Bank nifty would have a range of 27,370-28,580. Infra sector has now set into momentum with Larsen looks promising from here. 

8:45 AM

Top trading ideas by Angel Broking:

 

Wockhardt

View – Bullish

Last Close – Rs 663.90

 

The ‘Pharma’ index has clocked whopping gains over the past three months, but ‘Wockhardt’ remained subdued and has clearly underperformed its larger peers by a fair margin. Now in last three weeks, the stock has made some attempts to show its existence. We can now observe a series of ‘Higher Top Higher Bottom’ formation with ‘RSI-Smoothened’ indicating further strength in prices. Hence, we expect this to have some catch-up rally to its other peers. The potential upside target can be foreseen at Rs 730 and stop loss at Rs 629.

Click here for more

8:42 AM

Outlook on Nifty by Angel Broking:

 

The index continues to enjoy its Bull Run despite some in between hiccups. After the previous week’s consolidation, we had a head start on Monday by opening higher and in a couple of days, hastening beyond milestones of 11,600 and 11,700. However, traders once again chose to take some money off the table and hence, the index came off a bit from higher levels thereafter. Although, we did not see a significant move on Friday in terms of gains; it was quite encouraging because index managed to hold its ground and showed some signs of recovery towards the fag end of the week. READ MORE

8:38 AM

Top trading ideas by Devang Shah

 

JSPL - BUY

CLOSE – Rs 220.70

TARGET – Rs 230-240

 

JSPL closed the weekly in positive territory. It looks like the end of short-term correction. It managed to hold 20 DMA. Risk Reward is favourable to BUY at current levels. Its daily momentum indicators are in BUY. One can BUY with a stop loss of Rs-203 for the target of Rs-230-240 levels in short-term. Click here for more

8:34 AM

Nifty outlook by Devang Shah

 

The short-term outlook for the market remains positive till Nifty trades above 11,171 levels and expecting targets in the range of 11,850- 12,000 levels in short term. Medium term outlook for the market remains positive till Nifty trades above 9,951 levels and expecting targets in the range of 12,500-12,800 levels in the medium term. READ MORE HERE

8:30 AM

Rupee slumps 26 paise to close at historic low of 71 level

 

The rupee on Friday slumped by 26 paise breach the historic low of 71 level for the first time against the US currency due to firming crude oil prices and strong month-end demand from oil importers.

8:27 AM

India's economy grew at a nine-quarter high of 8.2% in Q1FY19

 

India’s economy grew at a nine-quarter high of 8.2 per cent in Q1FY19, surpassing analyst expectations. As shown in Chart 1, GDP had grown by 7.7 per cent in Q4FY18.

 

Part of the surge in growth can be traced to a low base effect as economic activity was severely affected last year due to the goods and service tax (GST) and demonetisation. READ MORE

8:23 AM

SGX Nifty

 

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 21 points or 0.18 percent. Nifty futures were trading around 11,750-level on the Singaporean Exchange.

8:21 AM

Asian stocks dip on trade, emerging market woes

 

Asian stocks dipped on Monday on worries about further escalation of the US-China trade war and unstable emerging market currencies.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.2 per cent while Japan’s Nikkei fell 0.4 per cent though trade could be subdued due to a US market holiday on Monday.

 

Trump said last week he is ready to implement the new tariffs as soon as a public comment period on the plan ends on Thursday, which would be a major escalation after it has applied already tariffs on $50 billion of exports from China.

8:18 AM

Wall Street mixed

The S&P 500 ended flat while the Dow edged down and the Nasdaq closed higher in light trading on Friday as Canada and the United States concluded trade talks without resolution ahead of the Labor Day weekend.

 

The Dow Jones Industrial Average fell 22.1 points, or 0.09 per cent, to 25,964.82, the S&P 500 gained 0.39 points, or 0.01 per cent, to 2,901.52 and the Nasdaq Composite added 21.17 points, or 0.26 per cent, to 8,109.54.

8:15 AM

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