MARKET WRAP: Sensex climbs 147 pts as rupee firms; auto, metal stocks rally

Among the sectoral indices, the Nifty Auto index settled 2.2 per cent higher led by a rise in the share prices of Hero MotoCorp, Bajaj Auto, Mahindra and Mahindra, and Tata Motors.

9:16 AM

Market at open

 

At 9:15 AM, the S&P BSE Sensex was trading at 38,124, down 119 points while the broader Nifty50 was ruling at 11,505, down 32 points.

9:03 AM

RUPEE ALERT Rupee falls past 72/$ at opening

9:02 AM

Market at pre-open

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	38,408.47	+165.66	+0.43
S&P BSE SENSEX 50	12,112.26	+41.60	+0.34
S&P BSE SENSEX Next 50	34,549.55	+72.25	+0.21
S&P BSE 100	11,861.23	+38.35	+0.32
S&P BSE Bharat 22 Index	3,667.13	+14.07	+0.39

9:01 AM

Commodity outlook by Tradebulls Securities

 

Buy Zinc

Target: Rs 180

Stop loss: Rs 172

 

Zinc lately has started outperforming Lead and we expect the momentum to continue for a couple of more trading session. It has closed above its short-term moving average of 13 and 20. RSI_14 has started curving upwards and is near 50. Zinc had made harami candlestick pattern after fall which indicates that sellers have exhausted and buying is slowly emerging. We recommend long position with a target of 180 and stop loss of 172.

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8:55 AM

Top trading ideas by Prabhudas Lilladher:

 

BUY MRPL

CMP: Rs 77.15

TARGET: Rs 86

STOP LOSS: Rs 72.80

 

The stock has made a double bottom formation pattern in the daily chart taking support at 73 levels and has given a positive bullish candle signifying strength and has potential to rise still further in the coming days. The chart looks attractive and with the RSI indicating a steep rise with a trend reversal has signaled a buy. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 86 keeping a stop loss of 72.80.

 

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8:50 AM

Nifty outlook by Prabhudas Lilladher

 

Nifty has given a pullback from the low of 11394 to form a higher bottom formation pattern in the daily chart and chances of some upside movement in the coming days cannot be ruled out. A similar view is maintained for Bank Nifty also. With the weak global cues accompanied with the rupee and crude concerns, we anticipate volatility in the market. However, the support for the day is seen at 38,000/11,470 while resistance is seen at 38,480/11,600. Bank Nifty would have a range of 27,200-27,730.

8:45 AM

Today's picks

 

Hindalco 

Current price: Rs 235

Target price: Rs 239

 

Keep a stop at Rs 233 and go long. Add to the position between Rs 237 and Rs 238. Book profits at Rs 239.

 

Cipla 

Current price: Rs 662

Target price: Rs 672

 

Keep a stop at Rs656 and go long. Add to the position between Rs 669 and Rs 671. Book profits at Rs 672.

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8:40 AM

Rupee breaches 72 mark against dollar for the first time; RBI intervenes

 

The rupee crossed the 72-a-dollar mark on Thursday, but retreated on intervention by the Reserve Bank of India (RBI).

 

The currency fell to 72.07 a dollar in intra-day trade, but closed just below the 72-mark. Many economists who were critical of the RBI not intervening were coming out in support of the central bank’s hands-off approach, in view of the volatility in other emerging markets (EMs). READ MORE

8:35 AM

SGX Nifty

 

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 22 points or 0.19 per cent. Nifty futures were trading around 11,566-level on the Singaporean Exchange.

8:30 AM

Oil prices climb as US crude inventories drop

 

Oil prices rose on Friday after US crude inventories fell to their lowest levels since February 2015. US West Texas Intermediate (WTI) crude futures were at $67.90 per barrel at 0056 GMT, up 13 cents, or 0.2 per cent, from their last settlement. International Brent crude futures climbed 12 cents, or 0.2 per cent, to $76.62 a barrel.

8:25 AM

Asia shares hit 14-month lows, yen advances on trade jitters

 

Asian shares slipped to a 14-month trough on Friday as investors feared a new round of Sino-US tariffs could come at any moment, while a slump in US chip stocks rippled through the tech sector.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.34 per cent to reach its lowest since mid-July last year. The Nikkei fell 0.9 per cent, undermined by a rising yen and reports US President Donald Trump could be contemplating taking on Japan over trade.

8:20 AM

Trade jitters and tech woes weigh on S&P, Nasdaq

 

The S&P 500 and Nasdaq declined on Thursday as the possibility of more US tariffs on Chinese imports loomed, while tech stocks stumbled, led by chipmakers and concerns about increased regulation of social media companies.

 

The Dow Jones Industrial Average rose 20.88 points, or 0.08 per cent, to 25,995.87, the S&P 500 lost 10.55 points, or 0.37 per cent, to 2,878.05 and the Nasdaq Composite dropped 72.45 points, or 0.91 per cent, to 7,922.73.

8:15 AM

Good Morning!

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