MARKET WRAP: Sensex falls 509 pts, Nifty at 11,287 as rupee hits fresh low

In the broader markets, both S&P BSE MidCap and S&P BSE SmallCap ended 1.4 per cent lower.

9:26 AM

Elara Capital on Wipro

Despite risk of further downside in HPS in 3QFY19, investors should not let short-term potential setback to affect their medium-term investment thesis for Wipro. We expect improving competitiveness will help it match or exceed peer average growth. We arrive at a new TP of Rs 395 from Rs 300 on 17x (from 13x) FY20E P/E.

Our FY20 estimates are well ahead of Consensus on EBITDA and PAT. We revise our rating to Buy from Accumulate, as we see parts of the portfolio already growing at a faster pace than peers, and expect Wipro to match or exceed Infosys’ revenue growth over FY20; we recommend switching from Infosys to Wipro, given Infosys is trading at 20x FY20E P/E

9:24 AM

Technical view from ICICI Securities

In coming sessions, the Nifty needs to sustain above last week’s low of 11393, as holding above the same would keep pullback options open towards upper band of ongoing consolidation around 11650 amid stock specific action. Otherwise, the Nifty would see prolonging of the corrective phase towards 11250-11200 range in coming weeks. We believe 11393 is the key level to watch

9:19 AM

Nifty sectoral trend

9:18 AM

BSE Sensex opening gainers and losers

9:16 AM

Market at open

 

At 9:15 AM, the S&P BSE Sensex was trading at 38,009, up 87 points while the broader Nifty50 was ruling at 11,471, up 33 points.

9:01 AM

Markets at pre-open

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	38,040.59	+118.42	+0.31
S&P BSE SENSEX 50	12,049.84	+74.18	+0.62
S&P BSE SENSEX Next 50	34,408.75	+143.77	+0.42
S&P BSE 100	11,801.70	+68.83	+0.59
S&P BSE Bharat 22 Index	3,658.38	+37.90	+1.05

9:01 AM

RUPEE OPENS

Rupee opens at Rs 72.30 against US dollar

8:57 AM

Nifty outlook by anand Rathi Research

 

The Index closed in the positive territory in the last trading session and it has formed a bearish head and shoulders pattern on the daily charts. The momentum indicator too is in sell mode, hence we recommend to sell Nifty for the target of 11312 levels with a stop loss of 11560 levels.

8:54 AM

Top trading ideas by Anand Rathi Research

 

AXIS BANK: BUY

Target: Rs 176

Stop Loss: Rs 165

 

The stock has formed a symmetrical triangular pattern in its wave 4 and wave 5 up is likely. The momentum indicator too is well into the buy mode.

 

Click here for more

8:50 AM

Stock calls by Prabhudas Lilladher

 

BUY ALEMBIC

CMP: Rs 54.05

TARGET: Rs 61.50

STOP LOSS: Rs 50

 

The stock has witnessed a good run in the past 2-3 weeks from the bottom made at around 36 levels and has maintained a positive bias with a rising trend. Currently, the stock has moved past the significant 200DMA moving average level indicating a breakout and has made the stock to look attractive and with the RSI and MACD on the rise with good volume activity witnessed, we recommend a buy in this stock for an upside target of 61.50 keeping a stop loss of 50.

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8:46 AM

Outlook on Nifty by Prabhudas Lilladher

 

The market has got in to its corrective mode supported by technical indicators and volatility index also on rising indicating some more correction to set in. The support for the day is seen at 37,680/11,370 while resistance is seen at 38,150/11,500. Bank Nifty also in sync with Nifty is in corrective would have a range of 26,940-27,460. Rupee too closed at its all-time low, it is time for it to show some reversal, while crude continues with its upward move. Nifty would have its near-term support at 11,250 levels.

8:40 AM

Today's picks

 

HPCL

Current price: Rs 247

Target price: Rs 242

 

Keep a stop at Rs 250 and go short. Add to the position between Rs 243 and Rs 244. Book profits at Rs 242.

 

Cipla

Current price: Rs 668

Target price: Rs 680

 

Keep a stop at Rs 663 and go long. Add to the position between Rs 675 and Rs 678. Book profits at Rs 680.

Click here for mroe

8:35 AM

Rupee ends at record closing low of 72.45/$

 

The Indian rupee ended at its record low note of 72.45 per US dollar on Monday. Multiple factors such as global trade war concerns, selloff in emerging markets along with worries on domestic macro front after trade and current account deficits widened, weighed on it. The currency did manage to recover from its low points, an intraday low of 72.67 per US dollar.

8:31 AM

SGX Nifty

 

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 21 points or 0.18 per cent. Nifty futures were trading around 11,465-level on the Singaporean Exchange.

8:27 AM

Oil firm as Iran sanctions loom

 

Oil was steady on Tuesday, supported by looming US sanctions against Iran’s petroleum industry. But prices were capped by signs that increased supplies by other major producers, including the United States and Saudi Arabia, could make up for the disruptions from Iran.

 

US West Texas Intermediate (WTI) crude futures were at $67.61 per barrel at 0112 GMT, up 7 cents from their last settlement. Brent crude futures climbed 11 cents to $77.48 a barrel.