Selling pressure in the Indian market has intensified over the last 12 sessions. S&P BSE Sensex opened with a gap-up of over 160 points led by gains in tech, auto and metals on the back of positive cues from global markets.
Nifty traded over 92.50 points at 8251.80 led by gains in Bhel, coal india, hero motocorp,Hindalco, larsen, M&M,Reliance, sesa sterllite, Tata power.
Index-heavy banking and IT stocks also saw buying interest, with ICICI Bank rising 2 % . Tech giant Accenture’s higher revenue guidance sent Infosys, Wipro, Tech Mahindra and HCL Tech shares higher.
Reliance Industries shares also rose 2.5 %, supporting the Nifty.
Punjab National Bank buy call with a target of Rs 245 and a stop loss of Rs 222
Adani Enterprises Ltd buy call with a target of Rs 465 and a stop loss of Rs 444
After heavy fall seen in last few days, the market has opened with a strong roar with support from global cues triggered by Fed meeting outcome. The Sensex is up 277.73 points or 1.3% at 26980.86, and the Nifty is up 110.75 points or 0.93% at 8104.55.
Sugar stocks are in focus as production rose by 47% to 42.25 lakh tonnes till December 15 of this marketing year,
Hero MotoCorp Ltd is a ‘SELL’ call with a target of Rs 3030 and a stop loss of Rs 3086.
Petronet LNG Ltd is a ‘BUY’ call with a target of Rs 203 and a stop loss of Rs 188.
As the rupee slides against the dollar, Dalal Street traders are scouring the market for stock bets outside the obvious names that would benefit from the weaker currency.
Bajaj Auto, Bharat Forge, Motherson Sumi, and capital goods companies such as Voltas and Crompton GreavesBSE 3.72 % are among those that could benefit from a weaker rupee.
Indian markets turned negative in the noon trade as IT stocks which pushed the benchmark indices higher in the morning trade succumbed to selling pressure.
The market is still consolidating with positive bias. The Sensex is up 67.87 points at 27669.88 and the Nifty is up 21.05 points at 8313.95.
Infosys, which was up over 2% pared some of its gains and was up 1 per cent only. Other IT outsources like TCS, HCL Tech and Tech Mahindra all turned negative falling between 0.5 to 1.5% . The IT sub-index of National Stock Exchange was up only 0.1% , off from its day’s high.
Dr reddy’s Laboratories Ltd sell target of Rs 3290 and a stop loss of Rs 3365
Adani Enterprises Ltd sell target of Rs 422 and a stop loss of Rs 440.
Most preferred stocks are Asian Paints, Bharti Airtel, HDFC Bank, ICICI Bank, Maruti, MCX, ONGC and Reliance Industries.
Our least preferred stocks are Bajaj Auto, Cipla, Hero Motocorp, HUL, Infosys, Jubilant Foodworks and United Spirits
The market remained choppy in afternoon trade today, exhibiting rebound as the Nifty maintained its head above 8350 despite global volatility while the broader markets outperformed.
The BSE Sensex rose 38.08 points to 27826.09 and the Nifty climbed 15.40 points to 8357.10 while the BSE Midcap and Smallcap indices gained 1 percent each. About 1615 shares have advanced while 1121 shares declined on the Bombay Stock Exchange.
The rupee weakened for the third straight session today, trading at 62 to the dollar versus a close of 61.88 yesterday tracking weak Asian and local equities.
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Indian stock market opened lower on Tuesday, sensex and nifty is trading volatile today.
Infosys: Infosys shares fell about 4 percent at open, before recovering some lost ground to trade 3.4 percent lower,
ICICI Bank : has announced sale of its Russian banking subsidiary, which has assets of $114 million to Sovcombank in Russia. Transaction price will be determined on the completion of the deal.
State Bank of India: is planning to raise $300 million through a bond issue. The bonds will be issued by its London branch and will carry a coupon of 3.95 per cent, payable semi-annually.
SpiceJet: Its board is meeting today to take up recapitalization plan of the company and payment of dues to different vendors. The aviation regulator has asked the airline to submit a payment plan by December 15 to clear over Rs 1,500 crore dues to various vendors.
Live updates: – Indian stock market opened lower on monday led by lose of infosys. nifty is trading at 8525 or 0.15% while sensex is trading at 28405.77 down 0.18%.
The rupee is trading weaker at 61.93/94 vs Friday’s 61.77/78 close on the back of robust payrolls data.
On the sectoral front, BSE IT index is down 2% followed by Teck, Consumer Durables and Capital Goods indices trading lower between 0.3-1.5%. Bankex, Oil & Gas and Metal indices are trading flat. However, FMCG and Realty indices are up between 0.5-1%.
Drug maker Dr Reddy’s Lab is down 1.61%. However its peer Sun Pharma is up 1.22%.
Coal India is up 2% and is the top gainer.
Bharti Airtel, HUL, BHEL are up between 0.3-1.4%.
The sensex and nifty trade in consolidate note, BSE sensex is trading at 28587.25 or 0.09% or 24.43 pts while nifty is trading at 7.80 pts or 0.09% at 8572.20 muted trend seen in both index.
sesa Sterlite, Bharti Airtel, ITC, M&M and GAIL are top gainers in the Sensex. Among the losers are TCS, Wipro, Infosys, Dr Reddy’s Labs and HUL.
ASIAN MARKET UPDATES- Asian markets trade mixed. Nikkei hits a fresh multi-year high while the Shanghai markets come off their three-year highs. All eyes are now on the US jobs data expected later today.