Markets Live: Sensex closes off highs at 38,871

Sensex, Nifty come off highs at close

The Sensex dropped sharply by the close of trading on Monday to quote at 38,871. This represented a gain of 198 points or 0.51 per cent on its previous close. The Nifty also closed off its earlier highs at 11,655. This represented a gain of 31 points or 0.27 per cent on its previous close.

In late trading, the 30-share benchmark had jumped nearly 400 points to breach the 39,000-mark. The Nifty had also notched up gains of over 100 points ahead of the close.

The top gainers on the Sensex were Tata Motors, VEDL, Bharti Airtel, Maruti and Tata Steel, while the laggards were IndusInd Bank, Axis Bank, PowerGrid, M&M and HDFC.

Base metals was the top gainer among the sectoral indices on the BSE. The metal index closed with gains of 2 per cent. Among the other prominent gainers were the basic materials, energy, industrials, IT, telecom, auto and capital goods indices. 

Asian stocks rally as China's factory bounce lifts confidence

MSCI's broadest index of Asia-Pacific shares outside Japan added 1 per cent and the Shanghai Composite Index rallied 2.4 per cent. File Photo

Asian stocks powered higher on Monday as positive Chinese factory gauges and signs of progress in Sino-US trade talks boosted sentiment, although another defeat for British Prime Minister Theresa May's Brexit deal added to sterling's woes. Click here to read in full the Asian share markets report .

Oil prices rise on supply worries, extend strong Q1 gains

Oil prices rose on Monday, adding to gains in the first quarter when the major benchmarks posted their biggest increases in nearly a decade, as concerns about supplies outweigh fears of a slowing global economy. Click here to read in full the global oil market report .

Australian dollar jumps on China data, sterling steady before Brexit votes

The euro held above a three-week low on Monday as improved Chinese factory activity lifted sentiment, with the Australian dollar leading gains by nearly half a per cent. Click here to read in full the global forex market report .

European shares rally on trade cheer, China data

European shares kicked off the second quarter on an upbeat note on Monday with all major sectors higher following a surprise recovery in China's factory data and signs of progress in trade talks between the world's two largest economies. Click here to read in full the European share markets report .

Sensex, Nifty gain nearly 1%

The Sensex zoomed up nearly 400 points to trade at 39,071 in late trading on Monday. The Nifty similarly gained 104 points or 0.90 per cent to trade at 11,728.

The top gainers on the Sensex were Tata Motors, VEDL, Tata Steel, Reliance and Bharti Airtel, while the laggards were IndusInd Bank, M&M, Hindustan Unilever, PowerGrid and ONGC.

Among the sectoral indices on the BSE, the base metal index was the top gainer, rising 2.71 per cent, while basic materials, energy, industrials, IT, telecom, auto and capital goods gaining over 1 per cent. 

Facebook takes down 687 pages, accounts linked to Congress IT cell

Facebook has taken down 687 pages and accounts linked to individuals associated with an IT Cell of the Indian National Congress (INC).

It has also removed 103 pages, groups and accounts on both Facebook and Instagram for engaging in coordinated inauthentic behaviour as part of a network that originated in Pakistan. Click here to read in full the report on Facebook action against pages, accounts linked to Congress IT cell .

Tata Motors rides up; JLR upbeat about Q4 results

Tata Motors shares rose as much as 6.3 per cent to Rs 185.2 in their biggest intra-day per cent gain since March 5. The company's British luxury car unit, Jaguar Land Rover (JLR), on Friday reaffirmed expectations of a financially better fourth quarter. Click here to read in full the report on share price movement of Tata Motors .

Nifty pharma index breaks resistance at 9,355, may test 9,695

The Nifty pharma index has gained as much as 0.74 per cent to break above a resistance at 9,354.53 points.

Resistance at 9,354.53 points is identified as the 38.2 per cent Fibonacci projection level of the uptrend from its May 22, 2018, low to its September 10, 2018 high. Click here to read in full the technical analysis on Nifty pharma index

Sensex, Nifty rule firm

The Sensex and Nifty ruled firm in the afternoon session on Monday. The Sensex gained 315 points or 0.82 per cent to trade at 38,988 in the afternoon session, while the NSE Nifty was trading at 11,706, up 83 points or 0.71 per cent higher.

The top gainers on the Nifty were Tata Motors, Hindalco, VEDL, Tata Steel and Wipro, while the losers were ZEEL, IOC, IndusInd Bank, UPL and Titan.

the base metal sectoral index was the top gainer on the Sensex, having spiked up over 3 per cent. The basic materials, energy, industrials, IT, telecom, auto and capital goods indices had gained over 1 per cent.

Lenders exploring Plan B if no single investor takes control of Jet

Lenders to Jet Airways are exploring the option of readying a blueprint aimed at garnering returns of ₹2,636 crore in three years if they do not find a single investor to buy a majority stake in the airline. Click here to read in full report on Plan B if no single investor takes control of Jet .

Nifty call: Buy on dips, with stop-loss at 11,740 levels

Taking cues from the Asian markets, the Sensex and Nifty began the session with a gap-up opening. The Nikkei 225 index has advanced 1.4 per cent to 21,509 and the Hang Seng index has gained 1.7 per cent to 29,538 levels in today's session.  Click here to read the Nifty call report in full.

Sensex, Nifty move up further

The Sensex and NIfty made further gains in afternoon trading on Monday. The Sensex notched up gains of 283 points or 0.73 per cent to trade at 38,956, while the Nifty was up 76 points or 0.66 per cent at 11,700.

The top gainers on the Sensex were Tata Motors, VEDL, Tata Steel, Bharti Airtel and Maruti, while the laggards were IndusInd Bank, ONGC, HDFC, Hindustan Unilever and Kotak Bank.

India delays levying retaliatory tariff on US goods to May 2

India has once again delayed the implementation of higher tariffs on some goods imported from the US to May 2, according to a government order. The new tariff structure was to come into force from April 1. Click here to read in full the report on India delays levying tariff on US goods .

Midhani hands over first batch of 15 bullet-proof vehicles to CAPF

MIDHANI, the public sector speciality materials producer for strategic sectors, has made bullet-proof vehicles for the armed forces, to be used in tough terrain. The Hyderabad-based listed company has handed over the fist batch of 15 such vehicles to the Central Armed Police Force (CAPF). Click here to read in full the report on Midhani order for CAPF .

Welspun Corp to sell assets worth ₹940 crore

Welspun Corp, the flagship firm of the Welspun Group, on Sunday said it will sell its assets worth ₹940 crore to two companies, Laptev Finance and Welspun Captive Power Generation. Click here to read in full the report on Welspun Corp selling assets worth Rs 940 cr.

Cipla gets 8 observations from USFDA for Kurkumbh plant

Drug major Cipla on Sunday said it has received eight good manufacturing practices (GMP) observations from the US health regulator for its Kurkumbh facility in Maharashtra. Click here to read in full the report on USFDA observations for Cipla plant .

Sensex, Nifty hold on to gains

The Sensex and Nifty held firm in mid-morning trade on Monday. The Sensex was trading at 38,926, up 253 points or 0.66 per cent higher, while the Nifty was at 11,684, up 60 points or 0.52 per cent higher.

On the BSE, the metals index shot up nearly 3 per cent. The industrials, IT, utilities, auto, capital goods, power and technology indices were also up over 1 per cent.

The top gainers on the Sensex were Tata Motors, VEDL, Tata Steel, Maruti and Bharti Airtel, while the laggards were IndusInd Bank, ONGC, HDFC, Coal India and YES Bank.

According to an agency report, the BSE benchmark rallied on sustained buying, mainly in metal, auto and financial stocks, amid positive global cues.

Asian markets were trading positively amid optimism over China-US trade talks and expansion in manufacturing activity in China in March.

The 30-share Sensex opened on a positive note at 38,858.88 and rose to a high of 38,960.28 in early deals. Similarly, the NSE Nifty started off on a high note at 11,665.20 and hit a high of 11,699.70 in opening deals.

In Asia, South Korea’s KOSPI rose 1 per cent, Japan’s Nikkei gained more than 2 per cent and Hong Kong’s Hang Seng Index climbed 1.62 per cent.

China and the US gave signs of some progress in last week’s discussions on the trade tariff tussle, with another round of talks scheduled to be held this week in Washington.

The BSE Sensex had risen over 127 points to close at 38,672.91 on Friday -- the last trading day of fiscal 2018-19, during which the benchmark posted a rise of 17.30 per cent.

The broader NSE Nifty closed at 11,623.90, capping off the financial year with a gain of 14.93 per cent.

Investors’ wealth zoomed Rs 8.83 lakh crore during 2018-19, with the market capitalisation (m-cap) of BSE-listed companies reaching Rs 1,51,08,711.01 crore. (with inputs from PTI)

Gold inches up as dollar eases; surge in equities caps gains

Gold prices inched up on Monday as the dollar backed off three-week highs, but gains in the metal were limited as equities rose on signs of progress in Sino-US trade talks and upbeat Chinese economic data. Click here to read in full the bullion market report .

Sensex, Nifty move up

The Sensex extended its recent firm trend to spike up 328 points or 0.85 per cent to trade at 39,000 in the morning session on Monday. The NSE Nifty was also supported at 11,710. This represented a gain of 87 points or 0.75 per cent.

RBI seen cutting rate by 25 bps as industry slows

A deceleration in industrial activity and the fear of a global economic slowdown are expected to prompt the Reserve Bank of India to cut the repo rate by 25 basis points in the monetary policy review scheduled on April 4.  Click here to read in full the report on RBI policy meeting .

Govt notifies new accounting standard on leases; effective from April 1

The government has notified a new accounting standard Ind AS 116 that will bring in more transparency in recognition and disclosures about leases in companies’ balance sheets, a senior official said on Sunday. Click here to read the report on new accounting standard on leases in full.

Saudi Aramco world's biggest oil producer in 2018: Fitch

Saudi Aramco was by far the world's biggest oil producer ahead of regional peers like Abu Dhabi National Oil Company (ADNOC) and listed oil majors Royal Dutch Shell, Total and BP, ratings agency Fitch said on Monday. Click here to read in full the report on Saudi Aramco, world's biggest oil producer .

Key changes to income-tax norms, GST law kick in today

Crucial changes to taxation laws come into effect from April 1. While one set relates to income tax, the other concerns the Goods and Services Tax. Click here to read the report on new income-tax norms in full.

Sensex, Nifty hold firm

The benchmark indices maintained a firm undertone in the morning session on Monday. The Sensex was trading at 38,952, up 279 points or 0.72 per cent higher, while the Nifty was trading at 11,697, up 73 points or 0.63 per cent higher.

Yuan, Australian currencies gain on upbeat China factory survey

A surprise improvement in Chinese factory activity supported the yuan and Australian dollar on Monday, and provided a broader boost to global investor confidence, helping the dollar gain against the safe-haven yen. Click here to read in full the global forex market report .

Oil prices push higher as supply worries drive gains

Oil prices rose on Monday, adding to gains in the first quarter when the major benchmarks posted their biggest increases in nearly a decade, as concerns about supplies outweigh fears of a slowing global economy. Click here to read the global oil markets report in full.

Asia lifted as Wall St climbs on trade developments, pound sags

Asian stocks rose on Monday, as signs of progress in US -China trade talks and firmer Wall Street shares supported sentiment, although another defeat for British Prime Minister Theresa May's proposed Brexit deal added to the pound's recent woes. Read the Asian share markets report in full here.

Forex, bond markets closed on April 1

The currency and bond markets are closed on Monday for annual account closing of banks. Trading will resume on Tuesday.

The rupee closed at 69.15 per dollar on Friday and the 10-year benchmark bond yield ended at 7.49 per cent.

Sensex, Nifty firm at open

The benchmark indices, the BSE Sensex and the NSE NIfty, opened Monday's session in positive territory. In early trading the Sensex was quoting at 38,949, up 276 points or 0.71 per cent higher, while the Nifty was trading at 11,686, up 62 points or 0.54 per cent higher.

Index Outlook: All eyes on the RBI

The key bellwether indices — the Sensex and the Nifty — started the prior week on a sober note but rallied subsequently, triggered by buying interest in banking stocks and short-covering in the expiry week. But the key indices may face hurdles ahead, testing crucial resistances. Read the Index Outlook in full here.

Weekly Trading Guide for week beginning April 1, 2019

SBI (320.8)

The uptrend in SBI is gaining momentum. The stock surged 7.6 per cent last week, breaking above the key resistance level of ₹305. Resistance is near current levels at around ₹321. A pull-back from that can trigger a corrective fall to ₹315. A break below ₹315 can drag the stock lower to ₹305. However, the bias continues to remain positive. So, a further fall below ₹305 looks less probable. A bounce from ₹305 will have the potential to take the stock above ₹321. In such a scenario, a rally to ₹350 is likely. The indicators on the charts are positive. The 21-day moving average has crossed over the 55-, 100- and 200-day moving averages. This is a strong bullish sign, indicating that the downside could be limited and the uptrend is likely to remain in place. Short-term traders can wait for dips and go long at ₹315 and accumulate at ₹308. Stop-loss can be placed at ₹295 for the target of ₹350. Revise the stop-loss to ₹325 as soon as the stock moves up to ₹335.

ITC (296.7)

ITC was volatile last week. The stock fell initially to a low of ₹291.2 and bounced back to make a high of ₹302.95. However, it fell in the final trading session of the week, giving back all the gains and closed on a flat note. The resistance at ₹302 is holding well. ITC has to make a decisive close above this hurdle to regain strength and move higher. The next target is ₹309. The level of ₹309 is a key long-term trend resistance. Inability to rise past this level can trigger a corrective fall to ₹302 or ₹300. But a strong break above ₹309 will increase the likelihood of the rally extending to ₹320 and ₹322 over the medium term. On the other hand, if ITC continues to trade below ₹302, a dip to ₹293 or ₹290 is possible. Investors can continue to hold the long positions taken at ₹282, ₹278 and ₹272 with a revised stop-loss at ₹289. Move the stop-loss further higher to ₹301 as soon as the stock moves up to ₹305. Book profits at ₹310.

Infosys (₹742.3)

Infosys tumbled 3 per cent intraweek and made a low of ₹719.6. However, the stock reversed sharply higher recovering all the loss. The bias remains positive on the chart. The 21-day moving average at ₹726 is a key support. The quick bounce from ₹719 indicates that the stock is getting fresh buyers below ₹726. So as long as the stock trades above the 21-day moving average support, there is a strong likelihood of it moving higher to ₹750-₹755. A further break above ₹755 will then increase the likelihood of the uptrend extending to ₹780. The short-term outlook will turn negative only if Infosys makes a decisive close below the 21-day moving average. A fall to ₹705 or ₹700 is possible. A further fall below ₹700 looks less probable at the moment. Medium-term traders can hold the long positions taken at ₹725, ₹720 and ₹715. Retain the stop-loss at ₹680 for the target of ₹790. Revise the stop-loss to ₹735 as the stock moves up to ₹755.

RIL (₹1,363)

RIL opened the week with a gap-down and fell to a low of ₹1,317.15. However, the negative sentiment was short-lived and RIL clawed back, recovering all the loss and closed 1.5 per cent higher for the week. The support at ₹1,316 mentioned last week has held very well. This leaves the bullish outlook intact. A near-term resistance is at ₹1,385, which is likely to be tested in the coming days. Inability to breach this hurdle can drag the stock lower to ₹1,350 initially. A further break below ₹1,350 will then increase the likelihood of the downmove extending to ₹1,315 or ₹1,310. But, if RIL manages to break above ₹1,385, it can gain fresh strength. In such a scenario, RIL can surge to ₹1,400. A strong break above ₹1,400 will be very bullish from a long-term perspective. This will pave way for ₹1,450 and ₹1,500 over the long term. The outlook for the stock will turn negative only if RIL declines below ₹1,300. Such a break can trigger a corrective fall to ₹1,260 and ₹1,250.

Tata Steel (₹520.8)

Tata Steel continued to consolidate for the fourth consecutive week. The stock has been stuck between ₹505 and ₹532. A breakout on either side of ₹505 or ₹532 will decide the next move. If Tata Steel breaks the range below ₹505, it can fall to ₹495 or ₹490. But such a fall looks less likely as the price action on the chart leaves the possibility high of the stock breaking above ₹532. The stock is well above the 21-week moving average level of ₹507. As long as it trades above this support, the bias will remain positive. A strong break above ₹532 will take Tata Steel to ₹540. A further break above ₹540 will then increase the likelihood of the stock targeting ₹560 over the medium term. Traders can hold the long positions taken at ₹518 and ₹512. Retain the stop-loss at ₹487 for the target of ₹555. Revise the stop-loss to ₹515 on a rally to ₹525.

The writer is Chief Research Analyst at Kshitij Consultancy Services

Big Story: Base metals: What’s in store

The year 2018 was quite disappointing for all base metals, in contrast to the good performance in 2016 and 2017. The LME (London Metal Exchange) prices of the five traded base metals — zinc, aluminium, copper, lead and nickel — have declined owing to global uncertainties triggered by trade tensions between the US and China. Read the Big Story on base metals in full here.

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