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Traders’ Diary: Stick to index heavyweights

Traders’ Diary: Stick to index heavyweights
Stocks showed no spine on Monday as key benchmarks Sensex and Nifty struggled to shake off worries arising out of a spreading global growth slowdown and bruising China-US tariff dispute.
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07:46 PMShare

SUUTI to sell up to 3% stake in Axis Bank via OFS for Rs 5,300 crore

The government on Tuesday will launch an offer for sale to divest Axis Bank stake, it holds through the Specified Undertaking of Unit Trust of India (SUUTI) . The Axis Bank’s SUUTI block is valued at about Rs 5,316 crore. The government plans to sell 1.98 per cent stake in the company as base offer, with an additional 1.02 per cent set aside as greenshoe option.
06:20 PM

FII-DII Data

FIIs net sell Rs 125.05 crore and DIIs net sell Rs 232.55 crore in equities today (provisional)
05:34 PM

As a follow through of an Evening Star formation on the daily chart, the Nifty opened on negative note today & traded with downward bias. On the downside, however, 20 day moving average acted as a key support, which resulted into a minor degree bounce on the index. Overall structure shows that the bounce can be taken as an opportunity to initiate a fresh short position. On the higher side, 10930-10950 is a crucial area where one can look to initiate a sell position. On the downside, 10850-10835 is an immediate support zone, below which the selling pressure can aggravate. From short term perspective, 10583-10534 is the key target area to watch out for with potential to head significantly lower

- Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan
05:33 PM

Nifty continued to show follow-through weakness in today's session and closed lower. A negative candle has been formed today with minor lower shadow as per daily timeframe. Technically, this pattern is indicating weak bias amidst a range movement. Immediate supports to be watched at 10,815 levels

- Nagaraj Shetti, Technical Research Analyst, HDFC securities
05:15 PM

Nifty, which formed a bearish candle on the daily scale, has been forming lower highs and lower lows from the last two trading sessions. Now the index has to hold above 10,850 zone, which is the 50 per cent retracement from 10,583 to 11,118 levels, while on the upside, hurdle is seen at 10,985. If index fails to hold the 10,850 level, then profit booking could continue towards the next support at 10,777 zone

- Chandan Taparia, Technical & Derivative Analyst, MOFSL
04:35 PM

Selling pressure continued in the market despite a rebound in global market as investors turned risk averse due to upcoming election. Quarter results have not surprised investors while scope of downgrade in earnings further dampened sentiment. Global trade deal and risk of slowdown in growth continue to give caution while investors remain focused on tomorrow's CPI inflation and IIP data to get some direction

- Vinod Nair, Head of Research, Geojit Financial Services
04:35 PM

Markets are currently struggling under global pressure, due to lingering US-China trade war and continuous fund outflow. On local front, earnings also failed to trigger the needed directional move. The underperformance of broader markets clearly indicates lack of appetite for risky bets. In such scenario, we advise preferring index majors over others and limiting leveraged trades

- Jayant Manglik, President, Religare Broking
04:05 PMShare

Key takeaways from Eicher Motors’ Q3 results

Industry-wide slowdown hurt sales at VE Commercial Vehicles (VECV), Eicher’s joint-venture with AB Volvo. Heavy Duty (HD) segment was hit the most. VECV sold 16,936 trucks and buses in the quarter, up 4 per cent YoY. VECV’s Ebitda dropped 18 per cent to Rs 186 crore from Rs 226 crore in the same period last year while profit after tax plunged 43 per cent to Rs 76 crore from Rs 133 crore last year. Revenue from operations rose 9 per cent to Rs 2,818 crore in December quarter from Rs 2,590 crore in the same period last year.
03:34 PM

CLOSING BELL

Sensex sheds 151 pts, Nifty ends below 10,900; Apollo Hospitals, PCJ plunge 10% each
CLOSING BELL
03:31 PM

Eicher Motors Q3 profit flat at Rs 533 crore, meets Street estimates

Eicher Motors Q3 profit flat at Rs 533 crore, meets Street estimates
02:32 PMShare

D-Street’s worries go beyond just elections; but there’s a silver lining

Japan’s shut, most other Asian equity markets aren’t doing much, and you can read about the big exception -- China -- here. So we’re going to use this opportunity to talk about India, where an unpredictable election looms. Even before the ballot takes place, a host of worries is raising questions about whether the country’s benchmark stock index can repeat last year’s outperformance.
D-Street’s worries go beyond just elections; but there’s a silver lining
02:10 PMShare

European shares recover from 1-week low as trade talks resume

Gain in heavyweight mining and banking stocks helped European shares recover from one-week lows on Monday as investors turned their focus to the start of a new round of trade talks between Beijing and Washington. The STOXX 600 index was up 0.7 percent by 0828 GMT, helped by a broad-based bounce, while Germany's trade-sensitive DAX was up 0.6 percent and the UK's FTSE added 0.7 percent. China struck an upbeat note as trade talks resumed with the United States, but also expressed anger at a U.S. Navy mission through the disputed South China Sea, casting a shadow over the prospect for improved ties between them.
02:03 PM

ESG way of investing catching up fast on D-Street

ESG way of investing catching up fast on D-Street
01:23 PM

Motherson Sumi Q3 net drops 1.2% to Rs 555 crore

Auto component major Motherson Sumi Systems on Monday reported 1.19 per cent drop in consolidated net profit at Rs 554.99 crore for the third quarter ended December 2018. The company had reported profit of Rs 561.71 crore during the same period of the previous fiscal. Read more at: //economictimes.indiatimes.com/articleshow/67940529.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
11:30 AM

Bullion watch: Gold, Silver trade lower

The MCX Gold was trading at Rs 33,155 per 10 grams, down by Rs 87, while MCX Silver was trading Rs 85 lower at Rs 40,020 a kilo around 11:15 am. The sentiment was dragged by lower demand at the spot market.
10:37 AM

SoftBank investment fails to lift Indiabulls Housing stock

Shares of Indiabulls Housing Finance plunged nearly 6 per cent to hit its 52-week low of Rs 578.60 on BSE in Monday's session. With this, the stock extended its losing streak to the third consecutive session. In a BSE filing on Friday, the company said Japanese SoftBank has invested Rs 2,800 crore in the UK-based OakNorth Bank, in which Indiabulls Housing Finance has a controlling stake.
10:32 AM

Eicher Motors gains ahead of Q3 results

NEW DELHI: Eicher Motors is all set to report its third quarter results on Monday. Investors will keenly follow the commentary on Royal Enfield’s inventory level and its demand in metros, tier 1 and tier 2 cities. At 10.30 am, the scrip was trading 0.46 per cent higher at Rs 20,943.35. During the quarter gone by, Royal Enfield’s volumes rose 3.8 per cent YoY to 214,451 units. Motilal Oswal Securities expects the company to report 8.3 per cent YoY rise in adjusted PAT at Rs 580 crore.
10:15 AM

Tata Motors drops 3% on selling in ADRs

Shares of Tata Motors tanked over 3 per cent in Monday’s trade, tracking a sharp fall in American depository receipts (ADRs) on Friday. The stock fell 3.63 per cent to hit a low of Rs 148.80 on BSE. Data showed Tata Motors saw 8 per cent fall in its ADR price ($10.5) at close on Nasdaq Friday. The ADR trades post Indian markets’ closure.
09:59 AM

Tata Steel jumps 2% post Q3 results

Shares of Tata Steel climbed 2 per cent in Monday's session after the company on Friday reported 54.31 per cent year-on-year (YoY) rise in profit at Rs 1,753 crore for December quarter. Tata Steel’s December quarter earnings failed to surprise analysts. However, the short-term outlook is favourable given a sharp rise in iron ore prices, extension on import duties by Europe and a jump in domestic steel prices, as per an ET report.
09:58 AM

ONGC, Airtel, ZEE in CLSA’s ‘Pigs that might fly’ list

Hong Kong-based broker CLSA, in a note titled “Pigs That Might Fly,” lists 22 stocks in Asia region where valuations are at record low levels due to perception concerns, but offers significant upside if valuation reverts to the mean. Of the 22 stocks, six are from the Indian market including ONGC, Coal India, Bharti Airtel, ACC, ICICI Pru and ZEE Entertainment.
09:52 AM

Vedanta group's high debt worry minority shareholders

On a consolidated basis, EBitda of Vedanta Resources was $1.6 billion in the first half of FY19, mostly contributed by Vedanta in India. The consolidated net debt was $10.2 billion in the six months to September 2018. The annualised consolidated EBITDA works out to be $3.2 billion. This implies a debt-EBITDA ratio of 3.2, which is almost twice that of the India-listed Vedanta.
09:44 AM

Sensex drops over 100 pts, Nifty50 slips below 10,900

Benchmark indices opened on a weak note on Monday, tracking tepid cues from other Asian markets. Weak technical charts added to the weakness. At 9.23 am, the BSE Sensex was trading 119.28 points, or 0.33 per cent, low ear 36427.20. Nifty50 fell 56 points or 0.51 per cent, to trade at 10,887.30. Among Sensex stocks, M&M declined 2.83 per cent to Rs 663.70. It as followed by Hero MotoCorp, ONGC and Tata Motors, which fell 2.11 per cent, 2.06 per cent and 1.65 per cent, respectively.
09:07 AM

Pre-open session: Sensex, Nifty edge lower

Sensex, Nifty edge lower; rupee trades at 71.26 against dollar.
08:59 AM

Singapore trading sets stage for a negative start

Nifty futures on the Singapore Exchange were trading 30 points, or 0.27 per cent, lower at 10,916.50, indicating a negative start for the Nifty50.
08:59 AM

Nifty forms Evening Doji Star candle

The Nifty50 tanked over 100 points on Friday to settle below the 10,950 mark. Traders did not respect the breakout support at 10,985, as the index formed an ‘Evening Doji Star' on the daily chart. The candle signalled downside momentum ahead.
08:58 AM

Crude prices fall nearly 1%

Crude prices fell by around 1 per cent on Monday as US drilling activity picked up and as Russia’s biggest oil producer pressured President Vladimir Putin to end the supply cut deal with Middle East-dominated producer club OPEC, Reuters reported. International Brent crude oil futures were down 53 cents, or 0.9 per cent, at $61.57 a barrel.
08:58 AM

Asian shares cautious ahead of US-China talks

Asian shares started the week on the backfoot on Monday as worries about global growth, US politics and the ongoing Sino-US tariff war kept investors cautious, while the safe-haven greenback held near a six-week top against major currencies, Reuters reported. MSCI’s broadest index of Asia-Pacific shares outside Japan was a tad weaker after it was toppled from a four-month top on Friday.
08:58 AM

US stocks settled lower on Friday

Wall Street's main equity indexes recouped losses late on Friday, with the benchmark S&P 500 index ending marginally positive and the Nasdaq Composite index adding 0.14 per cent. The Dow Jones Industrial Average index fell 0.25 per cent, Reuters reported.
08:58 AM

ADR fall hints at more downside for Tata Motors

Tata Motors, which is at a crucial support level, could witness a further round of selling on Monday, going by the almost 8 per cent fall in its ADR price ($10.5) at close on Nasdaq Friday. The ADR trades post Indian markets’ closure. The stock on Friday closed down 17.88 per cent at Rs 150.15 on NSE.
08:58 AM

SpiceJet, Eicher Motors to report Q3 results

Eicher Motors, SpiceJet, India Cements, Motherson Sumi, Hindustan Copper, Max India, Jaypee Infratech, Andhra Bank, Care Ratings, Amtek Auto are among 313 companies set to announce their December quarter results on Monday.
08:57 AM

Zee, Airtel among CLSA’s Pigs list

Hong Kong-based broker CLSA, in a note titled “Pigs That Might Fly,” lists 22 stocks in Asia region where valuations are at record low levels due to perception concerns, but offers significant upside if valuation reverts to the mean. Of the 22 stocks, six are from the Indian market including ONGC, Coal India, Bharti Airtel, ACC, ICICI Pru and ZEE Entertainment.
08:57 AM

High debt at holding co of Vedanta may hit minority interest

Anil Agarwal, the owner of some of the largest mining assets in India, is known for a high appetite for risky bets. Over the past two decades, some of the large-ticket acquisitions helped him build an empire in the mining and metals business but not without a mounting pile of debt. Given the focus on the indebtedness of Indian companies and their promoters, the debt at the holding company level in the Vedanta group may come under scrutiny.
08:57 AM

Deutsche Bank makes bumper equity infusion in India

Deutsche Bank has made its single-largest equity infusion in India, placing bets on digital technologies to expand its retail operations and double revenue from that business in the country. The Frankfurt-headquartered lender has put €500 million (about Rs 4,000 crore) in December, its second infusion within a year, taking its total capital to €1.9 billion, Werner Steinmueller, Asia Pacific CEO, said in an interview.
08:57 AM

FIIs buy Rs 844 crore worth of equities

Foreign portfolio investors (FPIs) bought Rs 844 crore worth of domestic stocks on Friday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 960 crore, data suggested.
08:56 AM

Sensex last week

For the week, the BSE Sensex rose 77.05 points, or 0.21 per cent, to 36,546.48. Nifty50 gained 49.95 points, or 0.45 per cent, to settle the week at 10,943.60. Here are a few stocks which were in limelight all through the week.
08:56 AM

Good Morning, dear reader! Here's something to kickstart your trading day

Good Morning, dear reader! Here's something to kickstart your trading day

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