Sensex, Nifty Highlights on October 13: Extending gains for the ninth consecutive day, domestic market indices ended tad bullish on Tuesday, tracking positive cues from global equities. Sensex gained 31 points to 40,625 and Nifty rose by 3 points to 11,934. Markets traded marginally higher today as investors turned cautious following muted domestic macro-economic data. SGX Nifty on the Singapore Exchange was also falling marginally, indicating volatile trend in domestic grounds today. As per traders, market participants preferred to book profits at higher levels after an eight-session market rally. Yesterday, Sensex ended 84 points to 40,593 and Nifty rose by 16 points to trade at 11,930. Meanwhile, September quarterly earnings announcements by Wipro will also set the tone for the stock market today.
Here's a look at the updates of the market action on BSE and NSE today
3. 54 PM: Market at close
Extending gains for the ninth consecutive day, domestic market indices ended tad bullish on Tuesday, tracking positive cues from global equities. Sensex gained 31 points to 40,625 and Nifty rose by 3 points to 11,934.
3. 44PM: Market outlook
On markets closing --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The Index closed in the same flat manner in which it opened this morning. The markets moved in a tight 100 point range between 11880-11980. 11800 is a good support for the Nifty and 12000-12050 is the short term resistance. When we get past those levels, we should be moving towards 12200-12300 levels."
3. 34 PM: Likhitha Infrastructure allotment today
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3. 21PM: Alembic Pharma share rises 3%
Shares of pharma major Alembic Pharmaceuticals gained 3% intraday on Tuesday after its associate company, Rhizen Pharmaceuticals, entered into an exclusive licence agreement with Curon Biopharmaceutical.
"Associate Company, Rhizen Pharmaceuticals, announced that it has entered into an exclusive licence agreement with Curon Biopharmaceutical Limited for development and commercialization of Tenalisib, a Dual Pl3K Delta and Gamma Inhibitor for Oncology, in Greater China," the pharma major said in a BSE filing.
3.00 PM: Market update
Extending gains for the ninth consecutive day, domestic market indices traded tad bullish on Tuesday, tracking positive cues from global equities. Sensex gained 63 points to 40,656 and Nifty rose by 17 points to 11,948.
2. 49 PM: Rupee settles 7 paise lower
On the currency front, Indian rupee fell by 7 paise and settled at 73.35 per US dollar on Tuesday tracking muted domestic equities and strengthening American currency.
2. 35PM: Lakshmi Vilas Bank share climbs over 4%
Lakshmi Vilas Bank share rose over 4% in trade today after the lender said its board would consider rights issue of shares on October 15. Lakshmi Vilas Bank share trades higher than 5 day and 200 day moving averages but lower than 20 day, 50 day and 100 day moving averages.
The stock touched an intraday high of Rs 19.35 against previous close of Rs 18.55 on BSE. It has lost 24.8% in one year and gained 6.38% since the beginning of this year.
Total 1.71 lakh shares changed hands amounting to turnover of Rs 31.48 lakh on BSE.
2. 22PM: Sector update
On the sectoral front, barring IT and metal, all the other sectors were trading bearish today, with PSU Bank and media index dropping 1.2% each.
2. 10 PM: Wipro share trades flat
Wipro share price was trading flat ahead of the IT firm's Q2 earnings today. Stock of Wipro rose to Rs 378 in early trade against previous close of Rs 377 on BSE. The stock has fallen after 4 days. Wipro share trades higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
Wipro share has gained 56.74% in one year and 52.53% since the beginning of this year.
2.04 PM: Nifty outlook
Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking said," As far as levels are concerned, 11867-11800 should be treated as a support zone; whereas on the higher side, 12000-12050 are the levels to watch out for."
1. 49 PM: Alembic Pharma quote
Yash Gupta- Equity Research Associate, Angel Broking said," Alembic Pharmaceuticals Limited associate Company, Rhizen Pharmaceuticals has entered into an exclusive license agreement with Curon Biopharmaceutical Limited for development and commercialization of Tenalisib, a Dual Pl3K Delta and Gamma Inhibitor for Oncology in Greater China. Under the terms of the agreement, Rhizen will receive an undisclosed upfront cash payment and is eligible to receive additional development and commercial milestone payments with an overall deal value of USD 149.5 million plus double-digit royalties on annual net sales of Tenalisib."
1. 34PM: Market quote
Yash Gupta - Equity Research Associate, Angel Broking said,"Indian Indices Nifty and Sensex, down by 4 points (0.02%) and 23 points (0.13%) respectively. Indian Indices open higher on back positive global market clues but lost its earlier gains during the 1st half of the day. Today S&P BSE Information Technology (up 1.07%), S&P BSE METAL (up 0.54%) while S&P BSE CONSUMER DURABLES (down 1.10%), S&P BSE Finance (down 0.90%). Today mid caps and small caps are under pressure while defensive sectors like IT are again back in buying interest. We expect Indices to be volatile on back of global market clues. Global Market update - DOW Jones up by 161 points (up 0.57%) and NASDAQ up by 215 points (up 1.89%)."
1. 25PM: Rupee slips 13 paise to 73.41
The Indian rupee fell by 13 paise to open at 73.41 per US dollar on Tuesday tracking strengthening American currency and muted trend in domestic equities.
The Indian currency opened at 73.41 against the US dollar at the interbank forex market, down 13 paise over its previous close. Forex traders said investors are cautious following muted domestic macro-economic data.
On Monday, Indian Rupee snapped its three-session winning run and ended at 73.28, down 12 paise against its previous close of 73.16.
1. 11PM: Global markets
Asian markets are trading mostly lower post release of Chinese trade data and as trading in Hong Kong was suspended due to Typhoon Nangka.
U.S. markets closed sharply higher backed by technology stocks like Apple and Amazon. US Presidential debate and upcoming earnings will also have a say this week.
European markets closed mixed although traders were optimistic on strong Chinese data and on US stimulus talks.
12. 54 PM: Top gainers and losers
UltraTech Cement, followed by Bharti Airtel, Asian Paints, Titan, ITC, Kotak Bank and L&T wer among the top gainers on Sensex. On the other hand, ICICI Bank, IndusInd Bank, SBI, Axis Bank and Bajaj Finserv were among the laggards.
12. 43 PM: Market update
Markets traded marginally higher today as investors turned cautious following muted domestic macro-economic data. SGX Nifty on the Singapore Exchange was also falling marginally, indicating volatile trend in domestic grounds today.
The decline in the Index of Industrial Production (IIP) was 10.8 per cent in July. The contraction in August stood at 8 per cent. India's CPI edged higher to 7.34% in Sep against 6.69% in Aug, as per the latest data.
12. 34 PM: Godrej Properties outlook
Yash Gupta - Equity Research Associate, Angel Broking said," Godrej Properties launched the project in the Bangalore market. One of India's leading real estate developers announced that the company has entered into an outright transaction to purchase a well located land parcel in Sarjapur, Bangalore. Spread across approximately 15 acres, this project will offer approximately 0.15 million square meters (1.6 million square feet) of potential saleable area comprising residential apartments of various configurations. Sarjapur has established itself as one of the most preferred residential locations in Bangalore with good connectivity to Outer Ring Road and several other key hubs of Bangalore. The site is strategically located and offers an extremely well developed social and civic infrastructure with multiple schools, hospitals, retail, residential, and commercial spaces in close proximity. This is positive development for the company."
12. 21 PM: Gold price falls today
Gold price fell on Tuesday after rising consecutively for three sessions following weak global cues. However, the yellow metal continued to trade above Rs 51K mark in India.
Gold October Futures on the Multi Commodity Exchange traded Rs 280 lower at Rs 50,820 after hitting an intraday high and low of Rs 51,107 and Rs 50,760, respectively.
12. 09 PM: Dollar index
The dollar index was up 0.1% against rivals, while Asian shares were weaker. US dollar was mostly unchanged as the focus changed towards US stimulus package.
11. 59 AM: Global markets
Asian markets were mixed today investors digested strong growth figures in China's trade for September month.
Release of stronger trade data in Beijing and strong rally in Wall Street, driven mainly by technology companies kept sentiments optimistic. Possibility of Congress managing to provide Additional stimulus in the US also kept equities bouyed.
11. 46 AM: Shalby Q2 results
Shalby Ltd total income from operations for Q2FY21 stood at Rs 111.8 crores down by 12.9% YoY from Rs 128.4 crores in Q2FY20. EBITDA for Q2FY21 stood at 31.4 crores up by 2.3% as compared to 30.7crores in Q2FY20. Profit before tax for the quarter up by 8% at Rs 21.5 crores in Q2FY21 as compared to Rs 19.9 crores in Q2FY20
Yash Gupta - Equity Research Associate, Angel Broking said," Business performance during the quarter improved significantly from last quarter of Q1FY20. Occupancy rate has increased from 17% in Q1FY21 to 41% in Q2FY21 and 39% in Q2FY20. Surgery counts are still under pressure, down by 67.5% stood at 1622 in Q2FY21 as compared to 4985 in Q2FY20. Profit after tax for the quarter up by 87.6% at Rs 24.2 crores in Q2FY21 as compared to Rs 12.9 crores in Q2FY20 due to certain adjustment of earlier years taxes. Company has reported better than expected results."
11. 32 AM:Consumer durables stocks rise in trade
Consumer durables stocks helped Sensex, Nifty to trade in green today as Finance Minister Nirmala Sitharaman announced two schemes for central government employees that are aimed at boosting festive season demand. Shares of Titan Company, Bluestar, Whirlpool and Voltas rose up to 2% on BSE in early trade today buoyed by the announcements made by government ahead of festive season.
11. 21 AM: IIP data
Jyoti Roy - DVP- Equity Strategist, Angel Broking said," India IIP for the month of August contracted by 8.0% YoY as compared to a contraction of 10.7% in July while IIP for the first five months of FY2021 has contracted by 25.0% YoY. The contraction for the month of August was largely along expected lines given that supply chains were yet to normalize fully in August. The mining and manufacturing sectors witnessed contraction of 9.8% and 8.6% YoY while electricity contracted by 1.8% YoY. However we expect IIP to improve further in October due to given pent up demand, inventory push prior to the festive season and further opening up of the economy under unlock 5.0. The recovery is already being reflected in high frequency data like Auto sales and PMI numbers. Auto companies reported another month of strong sequential growth with Maruti Suzuki reporting a 30.8% YoY increase in August domestic sales while Hero Motocorp reported a 16.9% YoY growth in motorcycle sales. The manufacturing PMI for August at 56.8 was the highest since January 2012 and points to a sharp expansion in manufacturing activity in September."
11. 09 AM: CPI inflation data
Jyoti Roy - DVP- Equity Strategist, Angel Broking said,"CPI inflation for the month of September 2020 increased further to 7.34% from 6.69% in August. The CPI inflation continues to remain stubbornly higher than 6% which is the upper end of the RBI's tolerance range for inflation. Food inflation accelerated to 9.73% from 9.05% in August while the miscellaneous component which accounts for 27.3% of the CPI is also running high at 6.89% for the month of September. Clothing & footwear, Housing and fuel inflation at 3.04%, 2.83% and 2.87% are however helping to keep a lid on inflation. Though we expect the CPI inflation numbers to subside going forward as food inflation is expected to come off due to a bumper Kharif crop we believe that the core inflation will continue running high for some time to come which can keep inflation above the RBIs target rate of 4%. Therefore we believe that a rate cut is unlikely in the next MPC meeting in December. However we believe that the RBI will continue to use unconventional policy measure like TLTROs, OMOs, special OMOs etc. in order to bring down the rates at the longer end of the yield curve given that the spread between the overnight and the 10 year G-Sec is still very high at ~190bps despite the measures announced by the RBI so far in its MPC meeting last week."
10. 56 AM: Market outlook
Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking) siad,"In the last couple of weeks also, we had a remarkable rally after testing the 200-day SMA around 10800. Post the initial hour, the market witnessed some profit booking at higher levels, which was then followed by a consolidation to conclude the day on a flat note.Yesterday, for the first time in the last few trading sessions, the bulls looked a bit tentative at higher levels, especially in the banking space after a strong close on Friday.
Yesterday's move as of now should only be construed as a profit taking and not the complete reversal. As far as levels are concerned, 11867 - 11800 should be treated as a support zone; whereas on the higher side, 12000 - 12050 are the levels to watch out for."
10. 47 AM: Coronavirus toll
Worldwide, there were 380 lakh confirmed cases and 10.85 lakh deaths from COVID-19 outbreak. India's COVID-19 caseload breached the 71-lakh mark and the death toll from COVID-19 infections rose to 10.9 lakh, as of today.
10. 32 AM: Market rises further
Extending gains for the ninth consecutive day, domestic market indices turned bullish after opening muted on Tuesday, tracking positive cues from global equities. Sensex gained 109 points to 40,716 and Nifty rose by 34 points to 11,965.
10. 25 AM: Market outlook
On markets today --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The Nifty has opened on a flat note; it has a good support at the 11800 level and till that level is not breached, we could use any dip to accumulate long positions. The resistance on an intraday basis is at 11950 and if we can keep above that, we could go back to 12000 and then 12200."
10. 10 AM: Key economic data
India's CPI edged higher to 7.34% in Sep against 6.69% in Aug while IIP for Aug fell 8%.
On global front, In economic news, US inflation figures will be released today. China to release its trade balance numbers today. ECB President Lagarde is scheduled to speak on Wednesday.
10.01 AM: Market update
After eight days of straight gains, domestic market indices opened on a volatile note on Tuesday, tracking muted cues from global equities. SGX Nifty on the Singapore Exchange was however, falling marginally, indicating volatile trend in domestic grounds today.
9. 54 AM: Market technicals
As per Geojit Financial, The turn lower from 12018 and the bargain hunting from 11860 yesterday was in line with expectations, setting up play for more pain or consolidation today. The bounce in the closing hour gives hopes, but it would take a break above 11960 to signal resumption of uptrend aiming 12070-12230-12500
9. 42 AM: Rupee update
Indian Rupee ended at 73.28 yesterday, down 12 paise against its previous close of 73.16.
9. 38 AM: Nifty outlook
As per Reliance Securities, NSE-NIFTY begun week on a flat note, wherein the index reversed after testing its psychological hurdle point of 12,000 mark amidst higher level profit booking. As mentioned earlier, our bullish view will remain intact, but near-term volatility or some consolidation cannot be ruled out as its key technical indicators on the near-term timeframe chart reversed from their overbought zone and overall market breadth too remained negative from last couple of days. In case of decline, the index will initially find support at 11,794 and then at 11,618 levels. A stable move above its psychological hurdle point will be positive for the index and that will take it towards its February months high of 12,247 level and then at the life-time-high of 12,431 mark.
As for the day, support is placed at around 11,858 and then at 11,785 levels, while resistance is observed at 12,013 and then at 12,095 levels.
9. 24 AM: Global markets
U.S. Senate Republicans said they will go along with what President Donald Trump wants in coronavirus relief legislation, a White House spokeswoman reportedly said on Monday.
Global resurgence in coronavirus cases kept gains checked after British Prime Minister Boris Johnson on Monday announced a new system of restrictions on parts of England. Lawmakers will vote on the move on Tuesday.
9. 12 AM: Stocks to watch today on October 13
RIL, Wipro, Godrej Properties, Infosys, Cipla, Lakshmi Vilas Bank among others are the top stocks to watch out for in Tuesday's trading session
9.01 AM: Market update
Global equities were buoyed today as hopes of Washington delivering a coronavirus relief package soon helped lift investors sentiments. However, SGX Nifty was falling 40 points, indicating a volatile trend in domestic grounds today.
8. 55 AM: Nifty outlook
On markets closing-Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said, "Nifty took a breather after crossing the psychological 12000 mark. This does not change anything in the short to medium-term time frame. The markets continue to show a bullish indication and are aptly positioned to achieve the levels of 12200-12300. With good support at 11750-11800, any correction can be utilised to go long on the index."
Ajit Mishra, VP - Research, Religare Broking said,"We believe, along with global cues, earnings announcements and macroeconomic data would dictate the market trend. Further, measures announced by FM to help revive the economy as well as spur demand would augur well for major sectors such as FMCG, Auto, Capital Goods, Banking etc. ahead. Amid all, we expect volatility to remain high thus traders should maintain extra caution in trade selection and risk management."
8. 50 AM: FII action
Foreign portfolio investors (FPIs) bought shares worth Rs 615.17 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,028.77 crore in the Indian equity market on 12 October, provisional data showed.
8. 40 AM: Rupee closing on Monday
On the currency front, the rupee snapped its three-session winning run and slipped 12 paise to settle at 73.28 against the US dollar on Monday.
8. 30 AM: Closing on Monday
Domestic market indices managed to end marginally higher after giving up early gains as investors awaited key economic data release. Extending gains for the eighth straight day, Sensex ended 84 points to 40,593 and Nifty rose by 16 points to trade at 11,930.