MARKET WRAP: Sensex slips 45 pts, RIL falls 2.75%; Rupee hits all-time low

Among sectoral indices, the Nifty Pharma index rose 2.7 per cent led by a rise in Lupin and Dr. Reddy's Laboratories. The Nifty IT index, too, settled 1.8 per cent higher.

9:02 AM

NEWS ALERT Rupee opens to new low of 70.92 per dollar

9:01 AM

Markets at pre-open

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	38,842.77	+152.67	+0.39
S&P BSE SENSEX 50	12,278.95	+53.88	+0.44
S&P BSE SENSEX Next 50	35,534.95	+38.34	+0.11
S&P BSE 100	12,050.73	+46.79	+0.39
S&P BSE Bharat 22 Index	3,757.53	+22.45	+0.60

(Source: BSE)

8:59 AM

Oil dips on Sino-US trade conflict, but looming Iran sanctions support

Oil prices dipped on Friday amid concerns the trade war between the United States and China could intensify, although looming U.S. sanctions against Iran's oil exports prevented markets from falling further.

 

International Brent crude oil futures were at $77.70 per barrel, down 7 cents from their last close. US West Texas Intermediate (WTI) crude futures were down 3 cents at $70.22 a barrel. READ MORE

8:55 AM

Commodity outlook by Tradebulls Securities

Gold failed at $1,220 on Tuesday, falling $13 from that level to close at $1,207. The sell-off was no surprise, with gold reaching one of our resistance levels. With record short position, gold needed to sustain above $1200 for short covering and we saw gold shooting till $1220 before retracing back on strong US GDP numbers. Now support level for Gold again comes at $1195. If gold does break below $1195, then we can again expect underperformance from gold till $1180. The news of US-Canada resuming trade negotiations also is proving to be a headwind for gold. Gold can still rally but needs dollar index to weaken. Unfortunately, we don’t see DXY weakening right now. Gold needs to sustain above Rs.30000 in MCX to give bulls upper hand, otherwise, bears will gain upper hand below Rs. 29980 in MCX and below $1195 in COMEX. READ MORE

8:50 AM

Derivatives strategy on Tata Steel by HDFC Securities

Buy Tata Steel September 620 CALL @ Rs 18.8

Stop loss of Rs 14

Target Rs 28

 

Rationale: We have seen Long positions being rolled over to the September series in Tata Steel with Open Interest rising by 5% with Price moving up by 2%.

 

We have seen healthy rollover of 94% as against last three series average rollover of 76%

 

The stock price is trading above its important short-term moving averages Indicating a bullish trend for the short term

 

Momentum Indicators and Oscillators like RSI and MACD are also Indicating strength in the stock for the short to medium term. READ MORE

8:45 AM

Nifty outlook by Prabhudas Lilladher for today

The daily trend of Nifty has turned down after 7 days, with a close below 11700, implying some sideways consolidation to see some profit booking but the bias still continues to be intact now with the near-term support of 11600-11400. The support for the day is seen at 38440/11600 while resistance is seen at 38900/11730. Bank Nifty would have a range of 27840-28320. Pharma index has once again got into the new round of momentum and we anticipate a target of 10500. ITC too looks very positive for long-term BUY. READ MORE

8:41 AM

Today's picks: From Sun Pharma to HPCL, hot stocks to watch on Friday

HPCL

Current price: Rs 253

Target price: Rs 247

 

Keep a stop at Rs 256 and go short. Add to the position between Rs 248 and Rs 249 Book profits at Rs 247

Sun Pharma

Current price: Rs 640

Target price: Rs 650

 

Keep a stop at Rs 635 and go long Add to the position between Rs 646 and Rs 648 Book profits at Rs 650 READ MORE

8:37 AM

SGX Nifty

The SGX Nifty was at 11,713, down 0.20 per cent from the previous close.

8:35 AM

Asian Markets

Asian shares came under renewed pressure on Friday after reports US President Donald Trump was preparing to step up a trade war with Beijing and ready to impose more tariffs on Chinese imports.

 

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.2 per cent in early trade while Japan's Nikkei dropped 0.8 per cent.

8:31 AM

Wall Street

The rally in US stocks came to a halt on Thursday on new concerns that the US-Chinese trade dispute will intensify, while economic turmoil in Argentina and Turkey sent those countries' currencies tumbling.

 

The Dow Jones Industrial Average fell 137.65 points, or 0.53 per cent, to 25,986.92, the S&P 500 lost 12.91 points, or 0.44 per cent, to 2,901.13 and the Nasdaq Composite dropped 21.32 points, or 0.26 per cent, to 8,088.36.

8:29 AM

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