MARKET WRAP: Nifty at new high, Sensex up 284 pts; banks, FMCG stocks rally

Among key stocks, the fast moving consumer goods (FMCG) major ITC rose over 2 per cent to end at Rs 313 levels on the BSE. The stock hit a fresh 52-week high of Rs 315 earlier today.

9:17 AM

Market at open

 

At 9:17 AM, the S&P BSE Sensex was trading at 37,854, down 190 points while the broader Nifty50 was ruling at 11,435, down 50 points.

9:02 AM

Markets at pre-open

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	37,871.89	+208.33	+0.55
S&P BSE SENSEX 50	12,006.83	+92.88	+0.78
S&P BSE SENSEX Next 50	33,695.57	+66.93	+0.20
S&P BSE 100	11,729.45	+80.74	+0.69
S&P BSE Bharat 22 Index	3,591.00	+20.12	+0.56

8:57 AM

Commodity outlook by Tradebulls Securities

 

Sell Zinc

Target: 162

Stop loss: 172

 

Zinc had broken its recent swing low of 170.70 made on 16th July. From July till mid- August, it was trading in a range and consolidating. The foundation for the base was nullified after zinc broke its trading range on the downside. Now since it is in oversold territory, it would not be prudent to take a position from current juncture but sell on a rise near 168. Risk-reward ratio justifies taking position near 168. We expect downside to continue till 162 and recommend short position near 168 with a stop loss of 172.

 

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8:54 AM

Stock ideas by Anand Rathi Research:

 

HINDUSTAN UNILEVER: BUY

TARGET: Rs 1,790

STOP LOSS: Rs 1,715

 

The stock has formed a clear symmetrical triangular pattern on the daily charts and the momentum indicator MACD has also provided a buy crossover. So, we recommend buying this stock.

 

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8:50 AM

Nifty outlook by Anand Rathi Research:

 

The Index closed in the negative territory in the last trading session and so the wave IV consolidation continues. The Index seems to have completed a third wave up and a retracement of the same seems to have started, hence we recommend selling Nifty for the target of 11,296 with a stop loss of 11,461.

8:47 AM

Top trading ideas by Prabhudas Lilladher

 

BUY DLF

CMP: Rs 206.70

TARGET: Rs 240

STOP LOSS: Rs 180

 

The stock has been in consolidation phase at around 185 -190 levels and has now given a breakout above that range and also above the significant 50 DMA moving average to indicate strength and has potential to carry the momentum still further upward in the near future. The bias has been maintained positive and with decent volume activity witnessed, we recommend a buy in this stock for an upside target of 240 keeping a stop loss of 180.

 

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8:44 AM

Nifty outlook by Prabhudas Lilladher:

 

Nifty continues to oscillate holding the crucial support of 11,370 levels, so unless Nifty gets below 11,350 bias still remains positive for an upward move supported by Bank Nifty, Pharma and IT Index. The support for the day is seen at 37,450/11,320 while resistance is seen at 37,880/11,450. Bank Nifty would have a range of 27,580-28,060. Rupee continues to be at all time low, while crude was stable. Tech and Pharma should continue to show strength.

8:40 AM

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

 

Sun Pharma

Current price: Rs 620

Target price: Rs 630

 

Keep a stop at Rs 615 and go long. Add to the position between Rs 625 and Rs 628. Book profits at Rs 630.

 

Vedanta

Current price: Rs 209

Target price: Rs 205

 

Keep a stop at Rs 211 and go short. Add to the position between Rs 206 and Rs 207. Book profits at Rs 205.

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8:36 AM

MPC minutes of RBI: Inflation fears, driven by oil prices, led to rate hike

 

Risk of inflationary pressures, triggered by rising crude oil prices, drove five-member of the monetary policy committee (MPC) in its August review to favour a hike in policy rate for the second time in a row.

 

The MPC members raised concerns about the risk to the inflation target due to the impact from minimum support price (MSP) rise for crops, elevated crude prices and other factors such as increase in house rent allowance and monsoon conditions. Positive growth outlook and indications of output gap closing were also key factors for the rate hike vote. READ MORE

8:33 AM

SGX Nifty

 

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 10 points or 0.09 per cent. Nifty futures were trading around 11,432- level on the Singaporean Exchange.

8:30 AM

Oil prices fall amid fears over global economic growth

 

Oil prices fell on Friday, with US crude heading for a seventh weekly decline amid increasing concerns about slowing global economic growth that could hit demand for petroleum products. Brent crude oil futures LCOc1 were down 5 cents at $71.38 a barrel. US West Texas Intermediate (WTI) crude futures CLc1 dropped 4 cents to $65.42 a barrel.

 

Brent is heading for a 2 per cent decline this week, a third consecutive weekly drop. WTI is on track for a seventh week of losses, with a fall of more than 3 per cent.

8:26 AM

Chinese official to visit US to resume talks to end trade war

 

Amid a stalemate in the trade war with the US, China will send a top official to Washington this month to resume the high-level dialogue to resolve the deadlock over President Donald Trump's demand to drastically reduce the $375 billion trade deficit.

 

Wang Shouwen, vice-minister of commerce, will lead a delegation to the US at the end of August to discuss bilateral trade issues with a team led by David Malpass, secretary of treasury for international affairs, the Chinese Commerce Ministry said in a statement yesterday. The initiative to resume talks followed a spate of tit-for-tat tariffs slapped by both the counties.

8:23 AM

Asian shares gain on US-China trade talks

 

Asian shares won a modest reprieve on Friday after China and the United States agreed to hold their first trade talks since June next week and as the Turkish lira extended gains from its record low earlier this week.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.2 per cent in early trade, a day after it hit its lowest level in a year and Japan’s Nikkei gained 0.5 per cent.

8:20 AM

Wall Street rallies on solid earnings, US-China trade talks

 

US stocks rebounded on Thursday with the Dow posting its biggest percentage gain in over four months, as positive earnings and waning trade jitters buoyed investor confidence. The Dow Jones Industrial Average rose 396.32 points, or 1.58 per cent, to 25,558.73, the S&P 500 gained 22.32 points, or 0.79 per cent, to 2,840.69 and the Nasdaq Composite added 32.41 points, or 0.42 per cent, to 7,806.52.

8:17 AM

Good Morning!

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