Opening Bell

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Closing Bell: Nifty ends 124 pts higher, Sensex up 378 pts; auto stocks biggest gainers

Market at close: It is a strong close for benchmark indices on first day of the week as market was shut on Monday on account of Mahashivratri. 

The Sensex was up 378.73 points at 36442.54, while Nifty was up 124.00 points at 10987.50. About 2118 shares have advanced, 568 shares declined, and 152 shares are unchanged. 

Indiabulls Housing, Eicher Motors, Tata Motors, HPCL and BPCL were the top gainers on the Nifty, while losers were Wipro, Tech Mahindra, Infosys, HUL and Cipla.

Midcap and smallcap gained 2-3 percent, respectively. Among the sectors, auto, metal and PSU bank indices led with 2-3 percent gain followed by energy, infra and pharma, while IT index lost over 1 percent.

Rupee gains further: The Indian rupee is trading higher by 43 paise at 70.48 per dollar versus Friday's close 70.91.

Source:https://www.moneycontrol.com/news/business/markets/closing-bell-nifty-ends-124-pts-higher-sensex-up-378-pts-auto-stocks-biggest-gainers-3607341.html

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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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February keeps up box office momentum in 2019 with business of over Rs 300 crore

While January set the pace for Bollywood in 2019 with collections in the range of Rs 300- Rs 350 crore, February is maintaining the momentum with revenues to the tune of Rs 310 crore. And this is despite no holiday advantage and an added pressure of school examinations.

The month saw films like multi-starrer comedy flick Total Dhamaal and musical drama Gully Boy scoring high at the box office. For the Ranveer Singh-starrer Valentine's Day boosted the film's growth with the film having all the ingredients to attract the young audience.

On the day of love the film grabbed as much as Rs 19.40 crore which is close to 20 percent of the film's week one total. The right content at the right time helped Gully Boy enter the Rs 100 crore club in eight days.

On the other hand, the third installment in the Total Dhamaal franchise clicked with the family audience and managed Rs 99.30 crore in its first week.

Film trade experts are confident that Total Dhamaal will cross Rs 100 on day nine. Its overseas total also stands strong with a business of Rs 30.95 crore in seven days of its release.

While the film faced strong competition from the new release Luka Chuppistarring Kartik Aaryan and Kriti Sanon on day eight, it is still gathering steam.

Looking at Total Dhamaal's solid hold in theatres, film trade analyst Taran Adarsh said that contribution from mass pockets and single screens should not be overlooked and more movies that hold pan-India appeal should be made to expect ache din for trade.

With Total Dhamaal maintaining its rhythm and Luka Chuppi packing up strong revenues, it looks like the genre of comedy will keep the entertainment quotient high even in the month of March.

The other two releases during this month Amavas and Ek Ladki ko Dekha toh Aisa Laga did not contribute much to the overall collections as the former added only Rs 2.85 crore and the latter earned Rs 20 crore.  

But the month had something interesting to celebrate and that was Uri: The Surgical Strike trending even in its seventh week. The spillover effect of Uri added around Rs 66 crore to the grand total and the film yet shows no signs of slowing down despite competition from new releases and holdovers.

Down south a handful of films kept the audience entertained. Out of 10 releases from Tamil and Telugu industries together, RJ Balaji-starrer LKG made waves at the box office.

Reports estimate the film’s collection from the Tamil Nadu market at around Rs 10 crore and worldwide numbers at Rs 16 crore. LKG opened in theatres on February 22.

Telugu film NTR Mahanayakudu despite receiving positive reviews from critics could not hold strong at the box office. Its business in Andhra Pradesh and Telangana market remained disappointing as it could gather Rs 304 lakh by the end of four days of its theatrical run in the two territories.  

As for Hollywood, February saw some decent business coming from James Cameron’s Alita: The Battle Angelthat minted over Rs 8 crore total in India. However, it will be Captain Marvel that will up the interest amid the fan-base for Hollywood films in India.

Source:

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Closing bell: Nifty snaps 3-day fall, Sensex gains 196 pts; Midcap, Smallcap indices outshine

The market snapped its three-day losing streak and closed half a percent higher, but the broader markets staged smart show on strong breadth.

The 30-share BSE Sensex rallied 196.37 points to 36,063.81 and the Nifty50 gained 71 points at 10,863.50.

About three shares advanced for every share falling on the BSE.

IndusInd Bank, ICICI Bank, HDFC, L&T and Infosys were leading contributors while Bharti Airtel, Axis Bank, UPL and Bajaj Auto were under pressure.

Among broader space, TVS Motor Company, Jet Airways, NALCO, Union Bank, Vijaya Bank, SAIL, RCF, Wockhardt, Dish TV, Meghmani Organics and OBC rallied 4-11 percent.

Marico, Motherson Sumi and Havells India were under pressure.

Source:https://www.moneycontrol.com/news/business/markets/closing-bell-nifty-snaps-3-day-fall-sensex-gains-196-pts-midcap-smallcap-indices-outshine-3597211.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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Closing Bell

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International Market Updates 28 Feb 2019

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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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Opening Bell

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Closing Bell: Sensex, Nifty end a rangebound session flat; metal stocks outperform

Market Close: Benchmark indices ended flat on Friday after trading in narrow range throughout the day.

The Sensex was down 26.87 points at 35871.48, while Nifty was up 1.80 points at 10791.70. About 1602 shares have advanced, 906 shares declined, and 148 shares are unchanged. 

IOC, HPCL, JSW Steel, Vedanta and Yes Bank were the top gainers on the Nifty, while losers include Kotak Mahindra Bank, GAIL, HDFC Bank, Reliance Industries and Cipla.

Among the sectors, except energy and bank all other sectoral indices ended in green.

Source:https://www.moneycontrol.com/news/business/markets/sensex-nifty-end-a-rangebound-session-flat-metal-stocks-outperform-3570331.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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Opening Bell

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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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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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International Market Update

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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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Opening Bell

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Closing Bell: Sensex ends 145 pts lower, Nifty manages to hold 10,600; IT stocks drag

Market at close: Bears dragged the Nifty below 10,600 during last hour trading but managed to close just above the 10,600 level.

At the end, Sensex was down 145.83 points at 35352.61, while Nifty was down 36.60 points at 10604.40. About 1360 shares have advanced, 1169 shares declined, and 122 shares are unchanged.

Wipro, TCS, IndusInd Bank, NTPC and Infosys were the top losers on the Nifty while top gainers include Vedanta, Grasim Industries, BPCL, Zee Entertainment, and JSW Steel.

IT space was a major drag among the sectors followed by pharma and energy, while buying was seen in FMCG, metal and PSU bank index.

Source:https://www.moneycontrol.com/news/business/markets/closing-bell-sensex-ends-145-pts-lower-nifty-manages-to-hold-10600-it-stocks-drag-3555261.html

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MCX Support and Resistance Levels

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