Business Standard

MARKET WRAP: Sensex ends 140 pts down, FMCG stocks slip; Rupee hits new low

In sectors, the Nifty FMCG index slipped 0.9 per cent, weighed by fall in Godrej Consumer Products and Hindustan Unilever (HUL), which lost 2.7 per cent to end the day at Rs 1,606 levels.

Image SI Reporter New Delhi
markets, sebi

9:02 AM

Markets at pre-open

Index Current Pt. Change % Change
 
S&P BSE SENSEX 38,243.30 +85.38 +0.22
 
S&P BSE SENSEX 50 12,085.20 +23.50 +0.19
 
S&P BSE SENSEX Next 50 34,329.57 +28.93 +0.08
 
S&P BSE 100 11,827.30 +20.98 +0.18
 
S&P BSE Bharat 22 Index 3,663.89 +4.08 +0.11

8:59 AM

TOP STORY OF THE DAY Shivinder Singh snaps ties with brother Malvinder, drags him to NCLT

The Singh brothers have been trying hard to maintain a public display of harmony for a long time. The cookie finally crumbled late Tuesday, with younger brother Shivinder, former Fortis Healthcare promoter, moving the National Company Law Tribunal (NCLT), accusing his elder brother, Malvinder, of “oppression” and mismanagement of RHC Holding, Religare and Fortis CLICK HERE FOR MORE

Shivinder Singh Malvinder Singh
Shivinder Singh (left) with Malvinder Singh (right)

8:57 AM

Centrum Broking recommends Dalmia Bharat

We initiate coverage on Dalmia Bharat (DBEL) – India’s 5th largest cement company  – with a BUY recommendation and target price of Rs3,300/share. We like DBEL for its leadership presence in the high growth east/north-east/south markets. Further, DBEL has kept its capital lean owing to prudent capex discipline. The company has been delivering industry leading profitability benefiting from its distribution and cost focus strategies. As DBEL is expected to become top-3 producer over next 3-4 years from top-5 currently, we estimate its superior profitability to sustain, leverage ratios to improve further and return ratios to strengthen
8:55 AM

Edelweiss on Shankara Building Projects

Shankara delivered strong topline growth but margins were subdued. Sales at INR 785 cr grew by 33% YoY and were ahead of our expectations of a 24% growth YoY. The growth was driven by both the retail and the channel and enterprise segment. EBITDA at Rs 49 cr was up by 25% YoY and this was in line with estimates. EBITDA margins fell by 40 bps from 6.6% in Q1FY18 to 6.2% in Q1FY19 and this was below our expectations of a margin improvement to 7%. Reported PAT of Rs 19 Cr grew 11% YoY and was below our estimates
8:53 AM

MARKET COMMENT Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas

Indian shares closed on negative note on Tuesday as investors fretted about a weakening rupee, higher oil prices and SEBI's new rules barring non-resident Indians from controlling foreign fund. Global cues such as concerns about escalating US-China trade war and emergency austerity measures in Argentina also kept global investor nervous.

The long-term outlook for the Indian market continues to look good with Indian economy growing at 8.2% beating analyst expectations and Q1 FY19 numbers seeing some revival. We like certain private sector banks and feel that the major part of the NPA mess is behind us and are positive that credit growth will pick up in the coming quarters. HDFC Bank and RBL Bank remain some of our preferred picks in the banking space.
8:50 AM

Today's picks
 
HPCL 
Current price: Rs 250
Target price: Rs 245
 
Keep a stop at Rs 252 and go short. Add to the position between Rs 246 and Rs 247. Book profits at Rs 245.
 
Adani Ports 
Current price: Rs 374
Target price: Rs 368
 
Keep a stop at Rs 378 and go short. Add to the position between Rs 370 and Rs 371. Book profits at Rs 368.

Click here for more
8:49 AM

MARKET COMMENT Amar Ambani, head of research, IIFL

Investors acknowledge that the market is one of the best teachers and the developments these days are getting hard to comprehend. High crude prices, weak rupee and the resultant widening current account deficit weighed on market sentiment on Tuesday. The rupee fell for the fifth day in a row and touched a lifetime low against the dollar at 71.58. There was selling across sectors, barring IT. TCS hit a market capitalisation of Rs8 trillion again as it continues to race with Reliance to top the market cap rankings.

Meanwhile, Amazon's market value hit the USD 1 trillion mark briefly - the second company to do so after Apple. The outlook is a flat start with a negative bias. Wall Street ended lower with Facebook and Nike seeing pressure. Asian markets are trading lower. Oil prices fell as concerns over a hurricane impact on US oil production eased
8:46 AM

Top trading ideas by Prabhudas Lilladher:
 
BUY AXIS BANK
CMP: Rs 641.80
TARGET: Rs 690
STOP LOSS: Rs 610
 
The stock has indicated almost a higher bottom formation pattern in the daily chart taking support at around 620 levels and looks promising for an upside move in the coming days. The stock has indicated a positive candle to signify strength and has potential to carry on the momentum still further upside. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 690 keeping a stop loss of 610.
 
8:43 AM

Nifty view by Prabhudas Lilladher
 
Nifty continues to slide but as of now has taken support at 34WMA with RSI now at 54 levels implying further corrective move. The support for the day is seen at 37,920/11,450 while resistance is seen at 38,380/11,580. Bank Nifty would have a range of 27,180-27,670. Most of the frontline stocks from FMCG, Metals etc, except for Tech stocks witnessed corrective move. RIL too has held the market along with Axis Bank. Pharma sector needs to stabilize for the next round of momentum. Overall we maintain a cautious view.
8:40 AM

Top trading ideas by Religare Broking for today:
 
Oil & Natural Gas Corporation
Rec: SELL FUTURES
Last Close: Rs 174.05
Initiation range: Rs 176-178
Target: Rs 164
Stop loss: Rs 182
 
After retesting its monthly support zone around 150, ONGC has witnessed a decent recovery in the last two months but failed to cross the major resistance around 180, resulting in the formation of a fresh shorting pivot. We advise creating fresh shorts in the given range.
 
8:37 AM

Amazon hits $1 tn market value milestone
 
Amazon.com on Tuesday became the second US company to reach $1 trillion in stock market value, just weeks after Apple Inc hit the same milestone on Aug 2. Shares in the world's largest online retailer last traded up 1.4 per cent at $2,041.68. Its shares hit the $2050.2677 level to give its stock a value of $1 trillion.

8:34 AM

Rupee closes at fresh record low of 71.58/$
 
The Indian rupee managed to end at a fresh record low of 71.58 per US dollar on Tuesday, owing to concerns on high crude prices and wariness among FPI investors for KYC norms. The currency had staged a recovery to trade positively around 71.19 per dollar range, after hitting a record low of 71.37 in the early trade on Tuesday.
8:30 AM

SGX Nifty
 
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 22.5 points or 0.19 per cent. Nifty futures were trading around 11,560-level on the Singaporean Exchange.
8:26 AM

Oil prices drop as storm threat eases on US Gulf coast
 
Oil prices fell on Wednesday, partly reversing a strong jump from the previous day, as the impact of a tropical storm on US Gulf coast production was not as strong as initially expected. US West Texas Intermediate (WTI) crude futures were at $69.34 per barrel at 0036 GMT, down 53 cents, or 0.8 per cent, from their last settlement. International Brent crude futures fell 34 cents, or 0.4 per cent, to $77.83 a barrel.
8:23 AM

Asian markets follow global peers, trades lower
 
Asian stocks tracked their global peers lower while the safe-haven dollar was broadly higher on Wednesday as worries over persistent trade conflicts curbed investor appetite for riskier assets. 
 
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.2 per cent. Australian stocks lost 0.4 per cent, South Korea's KOSPI dropped 0.3 per cent and Japan's Nikkei shed 0.25 per cent.
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First Published: Sep 05 2018 | 8:15 AM IST