Nifty forms bullish candle, closes above 11,000; next target seen at 11,170

India VIX fell by 2.22 percent to 16.61 levels. Volatility has to cool down to form a short term top then only Nifty can form a short term bottom process for a temporary bounce back process, experts said.

The Nifty50 after flat opening fell sharply but formed the bottom and managed to rebound in noon trade to close tad above psychological 11,000 levels. The solution to IL&FS issue by forming new board lifted sentiment in later part of the session.

The index formed bullish candle on the daily charts after weakness seen in previous three consecutive sessions. It was a good start to October month after getting butchered in September.

Experts expect the Nifty to move up further if it sustains above 10,900 and said the next target is seen at around 11,170 levels but the downside seems limited.

The Nifty50 started off October month on a flat note but immediately fell sharply to hit day's low of 10,821.55, but managed to recoup those losses gradually in later part of the session and hit an intraday high of 11,035.65. The index closed 77.80 points higher at 11,008.30.

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Source: https://www.moneycontrol.com/news/business/markets/technical-view-nifty-forms-bullish-candle-closes-above-11000-next-target-seen-at-11170-3004231.html

India's crude steel output up 3.7% in August

India's crude steel output increased 3.7 per cent to 8.8 million tonne (MT) in August 2018, according to the World Steel Association (worldsteel). The country had produced 8.5 MT during the same month last year, the global industry body said in its latest report.

"Global crude steel production was at 151.7 MT in August 2018, a rise of 2.6 per cent compared to August 2017, it added.

China's steel production for August stood at 80.3 MT, an increase of 2.7 per cent as compared to 78.2 in the same month of 2017.

Japan's output grew marginally by 0.9 per cent to 8.8 MT in the month.

The US produced 7.5 MT of crude steel in August 2018, an increase of 5.1 per cent in comparison to same month of the 2017.

Spain and Italy produced 1.2 MT of crude steel in August. France's crude steel production was 0.9 MT in the reported month.

While Turkey's output fell 5.7 per cent to 3 MT, South Korea's crude steel output remained unchanged at 6.1 MT in August 2018.

World Steel Association is one of the largest industry associations in the world. Its members represent about 85 per cent of the world's steel production.

They include over 160 steel producers with 9 of the 10 largest steel companies, national and regional steel industry associations and steel research institutes.

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Source:https://www.moneycontrol.com/news/business/economy/indias-crude-steel-output-up-3-7-in-august-3003041.html

Indian rupee trades lower around 72.80 per dollar

Indian rupee is trading near the day's low point. It is trading lower by 35 paise at 72.83 per dollar versus previous close 72.48.

It has touched 72.86 during the day, while it touched all-time low of 72.96 per dollar in the month of September.

Last week, rupee consolidated in a range of 72.50 and 73 (Spot) ahead of the important RBI policy statement that is expected to be released today. Expectation is that the central bank could consider raising rates by 25bps following the sharp depreciation in the rupee. Weakness in the rupee has been curtailed after the government decided to impose import tariff on selected nonessential products, said Motilal Oswal.

Data released by the RBI showed India’s FX reserves for the week ended September 21 rose marginally by USD 1.3billion to USD 401.79 billion compared to USD 400.89 billion reported earlier last week. Today, USD-INR pair is expected to quote in the range of 72.60 and 73.25, it added.

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Source: https://www.moneycontrol.com/news/business/markets/indian-rupee-trades-lower-around-72-80-per-dollar-3001501.html

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Falling rupee may impact chemical, agrochem sector: Top 8 stocks that can fetch 10-40% return

The rupee depreciation year-to-date and in last one month was so sharp that net importers of commodities are likely to hit badly as they have to shell out more money to buy their products.

The research house said FY19 earnings are likely to be clouded by hedging losses and debt revaluation, so it focuses on earnings for FY20, by when the recurring impact on earnings should become more visible.


According to the brokerage, Deepak Nitrite (DNL), UPL and Atul are likely to be among the leading beneficiaries. It expects Aarti, SRF, Navin Fluorine, Rallis and Tata Chemicals to record more modest benefits while Bayer, Coromandel and GSFC – all net importers – may face some near-term challenges.

Rupee depreciation is likely to hit badly net importers of commodities as they have pay more to buy raw material or finished products. On the contrary, exporters will definitely be major beneficiaries.

More the exposure to imports, severe the impact of rupee fall. One of the sectors that may be impacted is chemicals and agrochemicals, but IIFL feels the impact will not be same for all. While exporters can pass on to customers the cost advantage of rupee fall, in case of importers which can't pass on import cost, the pressure can likely go beyond FY19.

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Source: https://www.moneycontrol.com/news/business/markets/falling-rupee-may-impact-chemical-agrochem-sector-top-8-stocks-that-can-fetch-10-40-return-2995791.html

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