MARKET WRAP: Sensex ends 250 pts lower as RBI maintains status quo on rates

The Nifty Metal index settled 3.7 per cent lower weighed by Jindal Steel and Power Hindalco and Tata Steel. Nifty Auto index, too, slipped 2.3 per cent due to a fall in Bharat Forge and Tata Motors

8:57 AM

Today's picks

 

Wipro

Current price: Rs 335

Target price: Rs 341

 

Keep a stop at Rs 332 and go long. Add to the position between Rs 339 and Rs 340. Book profits at Rs 341.

 

Grasim

Current price: Rs 845

Target price: Rs 830

 

Keep a stop at Rs 855 and go short. Add to the position between Rs 832 and Rs 836. Book profits at Rs 830. Read more

8:55 AM

Nifty outlook by Prabhudas Lilladher

 

The market continues to consolidate at these levels, however daily & weekly trend in Nifty is positive while Bank Nifty has got its daily trend turned down. The support for the day is seen at 35850/10800 while resistance is seen at 36400/10930. Bank Nifty would have a range of 26400-26980.market once again is clueless at this level, all eyes on RBI Policy. IT Sector has once again got in a new round of momentum, Wipro, Hexaware, TCS etc look promising. Read more

8:52 AM

Buy Hero MotoCorp for a target of Rs 3,250, SL of Rs 2,910: HDFC Securities

 

Target: Rs 3,250

Stop Loss: Rs 2,910

 

The stock is placed around 26% lower than its all-time high of 4092, registered in Sep 2017. The stock price has nicely recovered from its recent low of 2648. The stock price has given bullish breakout from the inverse head and shoulder on the daily charts. The stock is maintaining higher tops and higher bottoms on the daily charts. Moving average and Oscillator setup seems bullish on the charts.

 

Considering the technical evidence discussed above, we recommend buying the stock at CMP for the target of 3250, keeping stop loss at 2910 on closing basis. Read more

8:49 AM

Kesoram Industries, Tata Motors and Lupin among top stocks to track

 

BK Birla group firm Kesoram Industries said Tuesday it will spin off its tyre business into a separate entity, which will then become a publicly traded company.

S&P Global Ratings on Tuesday lowered the credit rating of Tata Motors and its luxury car unit Jaguar Land Rover Automotive Plc (JLR), citing weaker-than-expected profitability at JLR. S&P cut its rating on Tata Motors’ issuer credit and senior unsecured notes to ‘BB-’ from ‘BB’. The ratings remain on negative watch, reflecting the uncertainties for JLR from a fast-approaching Brexit deadline, Reuters reported quoting S&P as saying. Click here to read more

 

8:44 AM

Policy Preview RBI likely to hold rates, keep liquidity easy to boost bank lending

Analysts expect India's central bank to support an economy that is losing momentum by leaving interest rates unchanged at a policy meeting on Wednesday when just over a month ago most of them had predicted a hike.

 

Having resisted any temptation to jack up rates in October when the rupee was sliding to a record low against the dollar, the Reserve Bank of India has been vindicated by the currency's subsequent recovery, and by waning inflationary pressures thanks to falling food and oil prices. READ MORE

Reserve Bank of India | File Photo

8:38 AM

Rupee slips further 3 paise to 70.49 against dollar as crude pursue climb

The rupee slipped further by 3 paise to close at 70.49 against the US dollar Tuesday due to increased demand for the American currency from importers and firming global crude oil prices. Forex traders said the dollar strengthening against major global currencies overseas and losses in the domestic equity market also weighed on the local unit. READ MORE

8:32 AM

Oil check

 

Crude oil prices were lower amid fears that demand would stall on the back of the trade war between the United States and China. US crude futures were down 0.8 per cent at $52.82 per barrel.

8:31 AM

SGX Nifty

At 8.30 am, SGX Nifty is trading 52 points, or 0.48 per cent lower at 10,860.50-levels.

8:27 AM

Asian stocks fall as declining US yields, trade woes knock sentiment

 

Asian stocks fell on Wednesday, dragged by Wall Street’s tumble as sharp declines in long-term US Treasury yields and resurgent trade concerns stoked investor worries about global economic growth.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.6 per cent. Australian stocks lost 1.3 per cent after Australia's third quarter growth data fell short of expectations. The Australian dollar was down 0.5 per cent at $0.7307. Japan's Nikkei fell 1.15 per cent and South Korea's KOSPI shed 1 per cent.

 

8:23 AM

Wall Street check

 

Wall Street tumbled more than 3 per cent on Tuesday, led lower by bank and industrial shares, as the US bond market sent unsettling signs about economic growth and investors worried anew about global trade.

 

The Dow Jones Industrial Average fell 799.36 points, or 3.1 per cent, to 25,027.07, the S&P 500 lost 90.31 points, or 3.24 per cent, to 2,700.06 and the Nasdaq Composite dropped 283.09 points, or 3.8 per cent, to 7,158.43.

8:19 AM

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