MARKET WRAP: Sensex ends 273 pts lower, Nifty at 10,671; PSU banks decline

Among sectoral indices, the Nifty PSU Bank index ended 2.4% lower led by a fall in the shares of IDBI Bank, Syndicate Bank and Bank of India.

8:50 AM

Nifty outlook by HDFC Securities:

 

Nifty continued to remain in the narrow range of 10,700-10,850. Any level above 10,850 would confirm bullish breakout from the symmetrical triangle, while close below 10,700 would confirm bearish reversal on the charts. Advance decline ratio has been negative for last 10 days, indicating weak market breadth. Any level above 10,850 would push Nifty towards next target of 11,020 in Nifty. Close below 10,700 could extend the fall towards far support of 10,550.

8:45 AM

Top technical calls by Religare Broking:

 

Grasim Industries

Rec: BUY

Last Close: Rs 1,036.70

Initiation range: Rs 1,025-1035

Target: Rs 1,080

Stop loss: Rs 1,000

 

In line with correction in cement space, GRASIM also retraced from its record high i.e. 1300 to 990 in last seven months. However, its pace of fall was gradual in comparison to the others and it also strongly upheld the support zone of 100 EMA on the weekly chart. It’s completed the formation of fresh buying pivot after spending nearly a month around that zone.

 

We advise traders not to miss this buying opportunity and accumulate in the given initiation range. Click here for more

8:40 AM

Markets on Tuesday

S&P BSE Sensex	35,490.04		0.06%
Nifty 50	10,769.15		0.06%
S&P BSE 200	4,640.43		0.04%
Nifty 500	9,231.80		-0.03%
S&P BSE Mid-Cap	15,661.31		-0.33%
S&P BSE Small-Cap	16,295.88		-0.59%

8:35 AM

Oil rises on supply disruptions

 

Oil prices rose on Wednesday, pushed up by supply disruptions in Libya and Canada and after US.officials said all countries should stop Iranian crude imports from November.

 

Brent crude futures were at $76.60 per barrel up 29 cents, or 0.4 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were at $70.79 a barrel, up 26 cents, or 0.3 per cent.

8:31 AM

SGX Nifty

 

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 17.5 points or 0.16 per cent. Nifty futures were trading around 10,743-level on the Singaporean Exchange.

8:25 AM

Asia shares subdued in early trade

 

Asian shares were subdued on Wednesday as weakness in Chinese stocks and the yuan weighed on sentiment, while oil held hefty gains as the United States pressured allies to stop buying Iranian crude.

 

MSCI's broadest index of Asia-Pacific shares outside Japan was off 0.05 per cent after touching a two-year trough on Tuesday. Japan's Nikkei has been faring better and was all but flat in early trade.

8:21 AM

Wall Street rebound as trade worries ease

 

US stocks found their footing on Tuesday, helped by gains in the energy, technology and consumer discretionary sectors after a sharp sell-off a day earlier on spiraling global trade tensions.

 

The Dow Jones Industrial Average rose 30.31 points, or 0.12 per cent, to 24,283.11, the S&P 500 gained 5.99 points, or 0.22 per cent, to 2,723.06 and the Nasdaq Composite added 29.62 points, or 0.39 per cent, to 7,561.63.

8:17 AM

Good Morning!

Welcome to market's live blog. Catch all live market action here