Oil falls on weak demand growth outlook; OPEC-led cuts support

Oil prices fell on Tuesday as markets eyed only modest prospects for growth in fuel demand, although OPEC-led efforts to cut output still offered some support.

U.S. West Texas Intermediate (WTI) crude oil futures were at $56.30 per barrel at 0210 GMT, down 29 cents, or 0.5 percent, from their last settlement.

Brent crude futures were at $65.36 per barrel, down 31 cents, or 0.5 percent.

"Near term ... it is hard to get very bullish on oil prices. The market is still working off the surpluses built in H2 2018, keeping OECD commercial inventories stuck above the five-year average," said energy analysts at economic research firm TS Lombard.

And despite optimism that the United States and China will soon end their bitter trade disputes, oil demand growth has been slowing along with an economic slowdown especially in Europe and Asia.

Meanwhile, fuel efficiency is improving, denting demand growth.

"2018 was the weakest (refined product) demand growth year since 2011," Bank of America Merrill Lynch said in a note.

To prop up the market, the Organization of the Petroleum Exporting Countries (OPEC) has led efforts since the start of the year to withhold around 1.2 million barrels per day (bpd) of supply.

The group was due to decide in April whether to continue withholding supply, but OPEC sources said this week a decision would likely be delayed until June, meaning cuts will continue at least until then.

The OPEC-led supply cuts, as well as U.S. sanctions against its members Iran and Venezuela, come at the same time as U.S. crude output chases ever new records, rising by more than 2 million barrels per day (bpd) since early 2018 and above 12 million bpd for the first time in February.

The cuts to OPEC supply have pushed up the Brent international crude price benchmark due to a shortage of the heavy crudes that OPEC mostly produces. At the same time, the surge in U.S. output is weighing down U.S. WTI prices as there is ample supply of America's mainly light crudes.

Because of this, energy researchers at TS Lombard said "the Brent-WTI spread can be expected to stay wide."

WTI's front-month price spread to Brent has declined from near parity in 2016 to an average discount of $8.50 per barrel since the start of 2019.

During the same time, U.S. crude output has risen by almost 3 million bpd.

Source:https://www.moneycontrol.com/news/business/markets/oil-falls-on-weak-demand-growth-outlook-opec-led-cuts-support-3607431.html

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Nifty around 10,850, Mid-Smallcap indices strong; SAIL rallies 8%

Market Opening:

Benchmark indices started off last day of the week on a strong note after three-day fall. Likely de-escalation between India and Pakistan after Pakistan Prime Minister announced that his country will release captured IAF Wing Commander lifted sentiment.

The 30-share BSE Sensex rallied 223.53 points to 36,090.97 and the Nifty50 rose 63.80 points to 10,856.30 on first day of March series.

Rupee Opening:

The Indian rupee has opened marginally lower at 70.74 against the US dollar, against Thursday's close of 70.72 a dollar.

Source:https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-bse-nse-nifty-around-10850-mid-smallcap-indices-strong-sail-rallies-8-3597211.html

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Nifty above 10,800, Sensex up 100 pts; IOC, Sun Pharma top gainers

Market Opens: It is a strong start for the indices on Thursday with Nifty trading around 10,850 level.

At 09:18 hrs IST, the Sensex is up 139.66 points at 36045.09, while Nifty is up 40.90 points at 10847.60. About 525 shares have advanced, 138 shares declined, and 33 shares are unchanged. 

Tata Metaliks, Future Retail, Yes Bank, Tata Motors, Coal India, Adani Ports, Quick Heal, Motherson Sumi, Balrampur Chini, Maruti Suzuki are among major gainers on the indices, while losers are ONGC, Wipro, Indiabulls Housing, Jet Airways, Odisha Cement, TCS and HCL Tech.

All the sectoral indices are trading in green led by PSU bank, auto, energy and FMCG.

Rupee Opens: The Indian rupee opened lower at 71.26 per dollar on Thursday versus Wednesday's close 71.22.

Source:https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-bse-nse-nifty-above-10800-sensex-up-100-pts-ioc-sun-pharma-top-gainers-3591771.html

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International Market Update (27 Feb)

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GST cut to boost sales of under-construction flats; no ITC may hit builders' profit margin: Moody's

Credit rating agency Moody's on Wednesday said the GST rate cut on under-construction flats will boost housing sales, but may hit profit margins of builders with withdrawal of input tax credit.

The GST Council had on Sunday decided to cut goods and services tax (GST) rate on affordable homes to 1 per cent without input tax credit (ITC) from earlier 8 per cent with ITC.

The GST on under-construction flats, which is not under the affordable housing segment, has been reduced to 5 per cent without ITC from earlier 12 per cent with ITC.

"The reduction in GST is credit positive for India's property developers...because the reduction in tax will boost demand and increase sales of properties under construction," Moody's Investors Service said in a statement.

"India's real estate sector has weathered difficulties in the last few years amid price reductions from a glut of inventory and lackluster demand. The reduction in GST will improve housing affordability as the amount to be paid by a potential house buyer will be reduced, which will increase demand for property," it added.

The reduction in GST rate on affordable housing is in line with the government's increased focus on this segment, Moody's said.

"The new GST measures eliminate the ability to claim input tax credit, which may hit the profitability of the developers," the rating agency said.

Currently, the developers are able to reduce the tax liability when it makes a sale by claiming tax paid on goods and services required for the construction of properties. "This will further impact developers' profit margins that are already under pressure."

Moody's said that the developers have the option to mitigate this loss by increasing prices slightly given that overall pricing for the customer has reduced with lower GST.

Meanwhile, Fitch Ratings said the move to reduce the GST on under-construction properties and expand the scope of the affordable-housing category would improve affordability and support demand.

"We believe this will boost consumer sentiment and cut transaction costs, which can be as high as 18 per cent in Mumbai after including other taxes, such as stamp duty, surcharge and registration fees," it said.

"The measure also withdraws input-tax credits for developers, but we still expect marginal savings on overall transaction costs and more so for affordable housing as well as improved buyer confidence, as the measure eliminates ambiguity as to whether property developers are adequately passing on input-tax credit to buyers," Fitch said.

Source:https://www.moneycontrol.com/news/business/economy/gst-cut-to-boost-sales-of-under-construction-flats-no-itc-may-hit-builders-profit-margin-moodys-3589171.html

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Geopolitical tensions drag Nifty below 10,800 at open, Sensex falls 200 pts; banks under pressure

Market Opens: The geopolitical tension on Indo-Pak border has pulled the Nifty below 10,800 in the opening trade, while Sensex is down over 200 points.

The Sensex is down 241.49 points at 35971.89, while Nifty is down 81.60 points at 10798.50. 
About 171 shares have advanced, 780 shares declined, and 41 shares are unchanged. 

Top gainers are Bharti Infratel, Asian Paints and HCL Tech, while losers include Yes Bank, SBI, Indiabulls Housing, JSW Steel, Hero Moto, ONGC, ICICI Bank, Hindalco, Vedanta, Bajaj Fiance and Rain Industries, Jet Airways and Spicejet.

Rupee Opens: The Indian rupee slipped in the early trade on Tuesday. It opened lower by 28 paise at 71.26 per dollar versus previous close 70.98.

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International Market Update (25 Feb 2019)

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Positive start for indices with Sensex up over 100 pts; Adani Ports falls 4%

Market Opens: It is positive start for the benchmark indices on Monday with Sensex is trading around 36,000 level.

At 09:18 hrs IST, the Sensex is up 124.38 points at 35995.86, while Nifty up 27.00 points at 10818.70. About 600 shares have advanced, 226 shares declined, and 43 shares are unchanged. 

Indiabulls Housing, JSW Steel, Yes Bank, Maruti Suzuki, Hero Moto, Tech Mahindra, Tata Steel, DLF, Sobha, Oberoi realty, Sunteck Realty, GVK Power, Reliance Capital, Godrej Properties are among major gainers on the indices, while losers are Adani Port, Mindtree, Jet Airways, IIFL Holding and Motilal Oswal.

Rupee Opens: The Indian rupee gained in the early trade on Monday. It opened higher by 12 paise at 71.02 per dollar versus previous close 71.14.

Source:https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-bse-nse-positive-start-for-indices-with-sensex-up-over-100-pts-adani-ports-falls-4-3577531.html

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PM Modi sees India as $10-trillion economy with countless startups

Prime Minister Narendra Modi on Sunday laid out his vision for making India a USD 10-trillion economy, and the third-largest in the world, saying he wants the nation to have countless startups, and be a global leader in electric vehicles.

Speaking at the Global Business Summit here, he said his government inherited an economy in complete policy paralysis, plagued by runaway inflation and rising current account deficit.

Reforms in the last four and half years have changed the picture. "Change is clearly visible today," he said.

BJP-led NDA rule witnessed highest post-liberalisation growth rate of 7.4 percent, and lowest inflation of less than 4.5 percent, he said adding that reforms like goods and services tax (GST) have laid solid foundation for higher gross domestic product (GDP) growth.

Source:https://www.moneycontrol.com/news/business/economy/pm-modi-sees-india-as-10-trillion-economy-with-countless-startups-3574701.html

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Kotak Mahindra Bank falls over 4% on block deals; ING may have sold stake

Kotak Mahindra Bank shares fell over 4 percent in morning trade as 8.3 crore shares worth Rs 10,307 crore traded on both indices.

"5.87 crore shares (3% stake) equity trade in multiple blocks. ING may have sold stake in Kotak Mahindra Bank via block deal," said CNBC-TV18.

There were media reports which suggested that ING Mauritius Investments is likely to sell 1.2 percent in Kotak Mahindra Bank (KMB) via block deal at ~3-5 percent discount.

ING Group may sell 23 lakh shares, or 1.20 percent equity, at the price of Rs 1,125-1,250 per share, said multiple media reports.

On February 21, the Kotak Mahindra stock closed marginally lower at Rs 1,288.90 on the BSE.

ING Group merged its banking unit, ING Vysya Bank, with Kotak Mahindra Bank in November 2014. After the deal, the former held 6.5 percent stake in the merged entity, but offloaded some its stake later.

At 10:00 hrs, the Kotak Bank stock was trading at Rs 1,242, down 46.90 points or -3.64%, on the BSE.

Source:https://www.moneycontrol.com/news/business/markets/kotak-mahindra-bank-falls-over-4-on-block-deals-ing-may-have-sold-stake-3570881.html

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Sensex, Nifty open flat with negative bias; Kotak Mahindra Bank falls 4%

Market Opens: Benchmark indices opened flat with negative bias on Friday with Nifty holding above 10,750 level.

At 09:17 hrs IST, the Sensex is down 36.45 points at 35861.90, while Nifty was down 15.10 points at 10774.80. About 400 shares have advanced, 347 shares declined, and 38 shares are unchanged. 

Bajaj Auto, Maruti Suzuki, ICICI Bank, HUL, BPCL, HPCL, IOC, HDFC Bank are the top gainers in the morning, while losers is Kotak Mahindra Bank.

Rupee Opens: The Indian rupee opened flat at 71.25  per dollar on Friday versus previous close 71.25.

Source:https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-bse-nse-sensex-nifty-opens-flat-with-negative-bias-kotak-mahindra-bank-falls-4-3570331.html

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Nifty forms bullish candle for 2nd day; 10,900 crucial resistance

Bulls remained in control of D-Street for the second consecutive day in a row on Thursday after falling for eight consecutive days in a row and formed a bull candle on the daily charts.

The index is comfortable trading above 100-day moving average as well as 5, and 13-DEMA on the daily charts which is a positive sign for the bulls, but for bulls to regain control, the index has to hold above 10,900 levels, suggest experts.

But, it somebody plans to go long on the index then trading with strict stop losses is a better bet for capital preservation. A trailing stop loss below 10640 should be kept for all long positions, they say.

The touch-and-go moment with 10,800 suggests that there is some pressure at higher levels. The Nifty50 which opened at 10,744 slipped to an intraday low of 10,721 before it bounced back towards 10800. The index hit an intraday high of 10808 before closing at 10,789 up 54 points.

Source:https://www.moneycontrol.com/news/business/markets/technical-view-nifty-forms-bullish-candle-for-2nd-day-10900-crucial-resistance-3568641.html

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Indices trade flat with a positive bias; TechM approves buyback at Rs 950/sh

Market Opens: It is flat start for the benchmark indices on Thursday with Nifty hovering around 10,750 mark

The Sensex is up 7.59 points at 35763.85, while Nifty is down 5.30 points at 10730.20. About 428 shares have advanced, 333 shares declined, and 42 shares are unchanged. 

Tech Mahindra, Allahabad Bank, ICICI Bank, SBI, Indiabulls Housing, are among major gainers, while losers are Reliance Power, BPCL, HPCL, IOC, Bharti Airtel, Vodafone Ida, TCS and Yes Bank.

Tech Mahindra to BSE: Approved the proposal for buyback by the Company of its own fully paid equity shares of Rs 5 each not exceeding 20,585,000 equity shares. The record date will be March 6, 2019 at an offer price of Rs 950 for an aggregate amount not exceeding Rs 1,956 crore. 

Rupee Opens: The Indian rupee opened marginally higher at 71.07 per dollar on Thursday versus previous close 71.11.

Source:https://www.moneycontrol.com/news/business/markets/market-live-indices-trade-flat-with-a-positive-bias-techm-approves-buyback-at-rs-950sh-3565841.html

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Opening Bell

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Closing Bell: Nifty ends close to 10,750, Sensex up 403 pts; metal, oil stock in focus

Market at close: Indian indices bounced back and broke the 8-day losing streak on Wednesday with Nifty ended near to 10,750 mark helped by metal, IT and oil & gas stocks.

The Sensex was up 403.65 points at 35756.26, while Nifty was up 131.10 points at 10735.50. About 1468 shares have advanced, 1107 shares declined, and 161 shares are unchanged. 

Top gainers include Indiabulls Housing, Vedanta, Tata Steel, Adani Ports and Hindalco Industries, while losers are Zee Entertainment, Hero Motocorp, Dr Reddy’s Labs, HUL and Bajaj Auto.

All the sectoral indices ended in green led by metal, IT, energy, infra, bank, pharma and auto stocks.

Source:https://www.moneycontrol.com/news/business/markets/closing-bell-nifty-ends-close-to-10750-sensex-up-403-pts-metal-oil-stock-in-focus-3560501.html

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Nifty above 10,650, Sensex up 200 pts; realty stocks in focus

Market Opens: It is strong start for the indices on Wednesday with Nifty trading above 10,650 level.

At 09:17 hrs IST, the Sensex is up 196.95 points at 35549.56, while Nifty is up 63.50 points at 10,667.90. About 595 shares have advanced, 249 shares declined, and 49 shares are unchanged. 

Shriram Trasport, ITI, Yes Bank, Indiabulls Housing, Vedanta, Power Grid, Dr Reddy's Lab, Grasim, Bajaj Finserv, are among major gainers, while losers include Zee Entertainment, Reliance Capital.

All the sectoral indices are trading in green led by realty, energy, metal, infra, pharma and FMCG.

Rupee Opens: The Indian rupee opened marginally higher at 71.29 per dollar versus Monday's close 71.34.

Source: https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-bse-nse-sensex-up-100-pts-in-pre-open-nifty-around-10650-essel-propack-gains-8-3560501.html

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Nifty above 10,650, Sensex up 100 points; Emami rises 5% after stake sale

Market Opens: It is a flat start for the Indian Indices with Nifty hovering around 10650 level.

The Sensex is up 51.90 points at 35550.34, while Nifty is up 15.40 points at 10656.40. About 497 shares have advanced, 249 shares declined, and 37 shares are unchanged. 

Gainers include Jet Airways, Ambuja Cements, Dr Reddy's Lab, Sun Pharma, Grasim, JSW Steel, Hindalco, Emami, while losers are Indiabulls Housing, Wipro, HDFC, Adani Port and IDFC.

Source:https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-bse-nse-nifty-above-10650-sensex-up-100-points-emami-rises-5-after-stake-sale-3555261.html

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Opening Bell

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