Rupee recovery, rally in index heavyweights help Nifty reclaim 11,500; Sensex up over 200 points

Among sectors, banks lost some sheen in the last half hour, but strength in pharmaceuticals, energy, and infrastructure names helped the bulls to hold their grip on the market.

Sentiment on the market moved in tandem with the rupee’s movement on Thursday. A recovery in the Indian rupee, after it fell to a record low of 72.10/USD, helped the market end the day in green as well. The Nifty reclaimed 11,500-mark and ended above the threshold.

Along with the currency, rally in index heavyweights such as Reliance Industries and HDFC twins helped indices see a strong surge as well. Among sectors, banks lost some sheen in the last half hour, but strength in pharmaceuticals, energy, and infrastructure names helped the bulls to hold their grip on the market.

Having said that, investors will make a note of rupee’s movements ahead, with the currency hitting 72 per dollar again at the time of market coming to close.

At the close of market hours, the Sensex ended higher by 224.50 points or 0.59% at 38242.81, while the Nifty closed higher by 59.90 points or 0.52% at 11536.90. The market breadth is positive as 1,582 shares advanced, against a decline of 1,105 shares, while 191 shares were unchanged.

Reliance Industries, Sun Pharmaceuticals, and Cipla were the top gainers, while Maruti Suzuki, Yes Bank, Zee Entertainment and Hindalco lost the most.


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Source:https://www.moneycontrol.com/news/business/markets/closing-bell-rupee-recovery-rally-in-index-heavyweights-help-nifty-reclaim-11500-sensex-up-over-200-points-2922381.html

Closing Bell (6 Sep 2018)

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Rupee breaches 72/$, but pain may not be over: Analysts

Going by the current momentum, levels of 72.50 look likely in the next few days before the RBI signals its unease with the speed of the fall, said Deepak Jasani, Head – Retail Research at HDFC Securities.

The Indian currency has depreciated nearly 5 percent in the last one month and is down almost 13 percent so far in the year 2018. The 10-year govt bond yields expanded above 8 percent to touch its highest level since November 2014.

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The 10-year G-Sec Yield in India has been inching up on fear of more rate hikes by the Reserve Bank of India (RBI). We have seen around Rs 2,700-crore outflow from the Indian debt market in September 2018 so far.


We have collated views from various experts as to where the rupee is headed from here on:

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Source:https://www.moneycontrol.com/news/business/markets/shocker-rupee-breaches-72-but-pain-may-not-be-over-analysts-2923861.html

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Don't see Nifty touching 11,800–12,000 in near term; Sun Pharma among long-term bets

Nifty may not touch 11,800–12,000 levels in the immediate future as the largecaps forming the benchmark indices are overheated, Akash Jain, Vice President - Equity Research, Ajcon Global, told Moneycontrol's Sunil Shankar Matkar.

He added that market may come under pressure due to sliding rupee and burgeoning fiscal deficit. Hence, recommends keeping a cautious approach. Edited excerpt:


Do you see the Nifty heading towards 11,800-12,000 levels or is the market overvalued at present?

We do not see Nifty heading towards 11,800–12,000 levels in the immediate future. Yes, we do believe that largecaps forming the indices are overheated although there are many midcaps and smallcaps available at reasonable valuations after a significant correction post-LTCG imposition in Union Budget 2018-19, implementation on ASM and the recent SEBI circular on FPIs which dented sentiments of street participants as a whole.

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Source: https://www.moneycontrol.com/news/business/markets/dont-see-rupee-to-hit-73-soon-good-time-to-buy-psu-banks-for-long-term-bet-on-these-top-3-portfolio-stocks-2916541.html

Closing Bell: Last hour recovery helps D-Street cut losses, Sensex down 100 points; Nifty above 11,450

At the close of market hours, the Sensex is down 139.61 points or 0.37% at 38018.31, while the Nifty is down 43.30 points or 0.38% at 11477.00.


A good recovery in the last hour has helped the market close with shallow cuts. The Sensex managed to recover over 250 points from its low point, while the Nifty shed about 70-odd points from its low point. Both indices closed in the red.

The recovery was led by automobile names, courtesy a good rally in Tata Motors. The stock rallied after its August JLR sales were stellar and helped in boosting auto names. There was a recovery in the metals segment as well, while pharmaceuticals, the sole gainer through the morning and afternoon, strengthened its position to end in the green. The Nifty Pharma and metal index were higher by a percent.

Among broader markets, the midcaps managed to end the day with a fall of around one-third of a percent. It had declined over a percent in the morning.

At the close of market hours, the Sensex is down 139.61 points or 0.37% at 38018.31, while the Nifty is down 43.30 points or 0.38% at 11477.00. The market breadth is negative as 1,053 shares advanced, against a decline of 1,680 shares, while 180 shares were unchanged.

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Source:https://www.moneycontrol.com/news/business/markets/closing-bell-last-hour-recovery-helps-d-street-cut-losses-sensex-down-100-points-nifty-above-11450-2917841.html