MARKET WRAP: Sensex slips 85 pts; private banks drag, YES Bank falls 3.5%

Among key stocks, Yes Bank and ICICI Bank were among the top losers on the BSE, falling 3.5 per cent and 2 per cent, respectively.

9:17 AM

BSE Sensex gainers and losers

9:16 AM

Market at open

 

At 9:15 AM, the S&P BSE Sensex was trading at 38,281, down 56 points while the broader Nifty50 was ruling at 11,562, down 21 points.

9:02 AM

Markets at pre-open

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	38,484.87	+148.11	+0.39
S&P BSE SENSEX 50	12,177.78	+45.47	+0.37
S&P BSE SENSEX Next 50	34,864.19	+34.02	+0.10
S&P BSE 100	11,931.97	+39.59	+0.33
S&P BSE Bharat 22 Index	3,673.73	+7.81	+0.21

8:57 AM

Commodity outlook by Tradebulls Securities

 

Buy Lead

Target: Rs 145

Stop loss: Rs 137

 

Lead had bounced from oversold territory and made bullish engulfing candlestick pattern on a daily scale. The primary trend still is negative as it is trading below all short term moving an average of 13, 20 and 50. However, Lead looks poised for a bounce as it is making higher low since past 3 trading session. We would recommend long position with expected upmove till 145 and stop loss of last week’s low 137 on a closing basis.

 

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8:54 AM

RIL first Indian firm to hit Rs 8 trillion market cap, TCS not far behind

 

Reliance Industries (RIL) on Thursday became the first Indian company to cross Rs 8 trillion in market capitalisation. The stock gained 1.9 per cent to close at Rs 1,270, valuing the Mukesh Ambani-led firm at Rs 8.05 trillion ($115 billion at current exchange rate of Rs 70.11 for a dollar).

 

Shares of RIL have rallied 34 per cent from their recent low of Rs 945 on June 28 amid big-bang announcements during its annual general meeting (AGM) in early July. During the same period, the benchmark BSE Sensex gained 9.5 per cent. READ MORE HERE

8:51 AM

Top trading ideas by Anand Rathi Research:

 

LUPIN - BUY

TARGET: Rs 948

STOP LOSS: Rs 870

 

The stock has started to form higher tops and bottoms and it seems to have completed the right shoulder of an inverse head and shoulders pattern. The momentum indicator too is well in the buy mode, hence we recommend buying this stock.

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8:47 AM

Nifty outlook by Anand Rathi Research

 

The Index closed in the positive territory in the last trading session and it has again formed a lifetime high. The Index after having broken 11,495 on the upside has confirmed the extension on the upside; hence the minimum equality target on the upside comes to 11,653 whereas on the lower side 11,525 becomes a crucial support.

8:43 AM

Today's picks

 

Lupin

Current price: Rs 903 

Target price: Rs 915 

Keep a stop at Rs 897 and go long. Add to the position between Rs 910 and Rs 913. 

Book profits at Rs 915.

 

 

HPCL 

Current price: Rs 260

Target price: Rs 255

Keep a stop at Rs 263 and go short. Add to the position between Rs 256 and Rs 257. 

Book profits at Rs 255. 

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8:40 AM

Top trading ideas by Prabhudas Lilladher

 

BUY MARUTI SUZUKI

CMP: Rs 9,223.30

TARGET: Rs 9,900

STOP LOSS: Rs 9,000

 

The stock has been consolidating for quite some time at around 9100 levels forming a strong base at around 9020-9040 levels and currently has indicated a positive bullish candle pattern in the daily chart moving above the significant 50 DMA moving average to signify strength and has maintained a positive bias to signal a buy. The RSI also has indicated a trend reversal to improve the sentiment and with consistent decent volume participation witnessed, we recommend a buy in this stock for an upside target of 9900 keeping a stop loss of 9000.

 

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8:36 AM

Nifty outlook by Prabhudas Lilladher:

 

Nifty made a record high but the sentiment was somewhat shaken with BankNifty witnessing heavy profit booking and failing to breach the previous peak of 28,363 levels. Nifty has indicated a “Hanging Man” pattern in the daily chart and the chances of a correction in the indices cannot be ruled out. However, the support for the day is seen at 38,100/11,520 while resistance is seen at 38,520/11,630. Bank Nifty would have a range of 27,770-28,220.

8:33 AM

Rupee sinks 30 paise on US rate hike worries, crude spike

 

The rupee yesterday sank 30 paise to close below the 70-mark against the US currency due to renewed worries about a hike in US interest rates amid global trade war jitters. The domestic currency ended at 70.11 per dollar, a loss of 30 paise or 0.43 percent over the previous close. In day trade, the rupee had crumbled to a session low of 70.17 per dollar.

8:30 AM

Oil markets muted as US-China trade war remains unresolved

 

Oil markets were steady on Friday as the unresolved trade dispute between Washington and Beijing muted activity. Brent crude oil futures were at $74.50 per barrel at 0105 GMT, up 7 cents from their last close. US West Texas Intermediate (WTI) crude futures were at $67.93 per barrel, up 10 cents.

8:27 AM

China, US slap $16 bn tariff on each others good as trade war escalates

 

China yesterday slapped 25 per cent tariffs on American imports worth about USD 16 billion in retaliation to a similar move by the US as the two economic giants escalated their trade war. US has imposed a steep import tariffs starting today on $16 billion of Chinese goods over what Washington has called rampant theft of American technology.

8:24 AM

SGX Nifty

 

Trends on SGX Nifty indicate a negative opening for the broader index in India, a gain of 40.5 points or 0.35 per cent. Nifty futures were trading around 11,564- level on the Singaporean Exchange.

8:20 AM

Asia markets edge down

 

Asian stocks tracked Wall Street losses and edged down in early trade on Friday, but the dollar was buoyant after ending a long losing run ahead of a speech by Federal Reserve Chairman Jerome Powell. MSCI’s broadest index of Asia-Pacific shares outside Japan shed 0.18 per cent. Australian stocks rose 0.16 per cent, South Korea's KOSPI fell 0.35 per cent and Japan's Nikkei climbed 0.35 per cent.