MARKET WRAP: Sensex rallies 461 points led by banks; Adani Power jumps 25%

9:01 AM

Market at pre-open

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	34,429.25	+129.78	+0.38
S&P BSE SENSEX 50	10,770.95	-54.37	-0.50
S&P BSE SENSEX Next 50	29,698.60	-183.94	-0.62
S&P BSE 100	10,494.87	-54.72	-0.52
S&P BSE Bharat 22 Index	3,208.68	-31.63	-0.98

9:01 AM

Currency Check Rupee opens 24 paise firm at 74.14 against the US dollar

8:57 AM

Buy IndusInd Bank: Religare Broking

 

IndusInd Bank Limited

 

Rec: BUY

Last Close: Rs 1,607.90

Initiation range: Rs 1,600-1,610

Target: Rs 1,740

Stop loss: Rs 1,530

 

INDUSINDBK has witnessed decent profit taking from its record high and currently hovering around the support area of 100 EMA on the weekly chart. Considering its chart pattern and oversold positions, we expect marginal consolidation followed by strong rebound ahead. The rise in volume also indicates buying interest. We advise traders to use this phase and accumulate in the given range. Click here to read more

8:55 AM

Top trading ideas by HDFC Securities: Sell Eicher Motors

 

SELL EICHER MOTORS

CMP: Rs 21,086

Target: Rs 19,500

Stop loss: Rs 22,300

 

The stock price has been forming lower tops and lower bottoms on the short-term charts. The stock has been trading in a narrow range for last 4 trading session. The stock is likely to resume its downtrend by breaking down below the short-term consolidation. We recommend selling Eicher Motors for the target of 19,500, keeping SL at 22,300. Read More

8:50 AM

Buy Dhampur Sugars at a target of Rs 168, SL of Rs 120: Prabhudas Lilladher

 

BUY DHAMPUR SUGARS

CMP: Rs 142.70

TARGET: Rs 168

STOP LOSS: Rs 120

 

The stock has been on the rise after the formation of a higher bottom pattern in the daily chart and currently has moved above the significant 200DMA to show strength and we anticipate the stock to move further upward in the coming days. The volume has been on the rise in recent times and with the chart looking good technically, we recommend a buy in this stock for an upside target of 168 keeping a stop loss of 120. Click here for more

8:45 AM

Nifty outlook by Prabhudas Lilladher 

 

Nifty is attempting to hold 10,200 levels with all the volatility and other factors bringing a constraint to an up move. Amidst all sectors in a current market scenario, IT and Pharma sectors are well placed which could be the market movers. The support for the day is seen at 34,030/10,220 while resistance is seen at 34,500/10,360. Bank Nifty would have a range of 24,240-24,800. FMCG and Auto continue to be in corrective phase. 

8:40 AM

Rupee slips to record low of 74.39 against US dollar

 

The rupee fell 33 paise on October 9 to finish at a fresh lifetime low of 74.39 against the US dollar on high crude oil prices, strengthening of the greenback and unabated foreign fund outflows.

8:35 AM

Oil dips as IMF lowers global growth outlook

 

Oil prices edged lower on Wednesday after the IMF lowered its global growth forecasts but prices were supported as Hurricane Michael churned towards Florida, causing the shutdown of nearly 40 percent of US Gulf of Mexico crude output.

 

Brent crude futures were down 2 cents at $84.98 a barrel by 0049 GMT, after a 1.3 per cent gain on Tuesday. US West Texas Intermediate (WTI) crude was down by 16 cents, or 0.2 per cent, at $74.8 a barrel, after rising nearly 1 percent in the previous session.

8:30 AM

SGX Nifty

 

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 40 points or 0.4 per cent. Nifty futures were trading around 10,353-level on the Singaporean Exchange.

8:25 AM

Asian shares subdued as global growth woes linger

 

Asian shares steadied in early Wednesday trade after world stocks hit eight-week lows the previous day on worries about global economic growth, although the pound stayed firm on hopes for a Brexit deal.

 

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.3 per cent, while Japan's Nikkei gained 0.25 percent. The Australian benchmark was up 0.11 per cent.

8:20 AM

Wall Street edges lower on global worries

 

The Dow and S&P 500 ended slightly lower on Tuesday as investors, worried about global growth prospects, but falling bond yields kept declines in check in the three major indexes. The International Monetary Fund cut global economic growth forecasts for 2018 and 2019 and its 2019 US and China estimates, saying the two countries would feel the brunt of their trade war next year.

 

The Dow Jones Industrial Average fell 56.21 points, or 0.21 per cent, to 26,430.57, the S&P 500 lost 4.09 points, or 0.14 per cent, to 2,880.34 and the Nasdaq Composite added 2.07 points, or 0.03 per cent, to 7,738.02.

8:16 AM

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