Sensex down over 100 points, Nifty around 10,900; Sun Pharma up 3%

  

Market opens It’s a negative start to the market on Tuesday morning, with the Sensex falling around 100 points. The Nifty is below 10,950-mark. 

Weakness is visible among automobiles, banks, energy, IT and metal names, while Nifty Pharma index is trading higher. Gains in Sun Pharma are leading the charts for Nifty Pharma. The Nifty Midcap index is down around 0.25 percent. 

The Sensex is down 98.12 points or 0.27% at 36480.84, while the Nifty is lower by 35.90 points or 0.33% at 10926.00. The market breadth was narrow as 209 shares advanced, against a decline of 178 shares, while 38 shares were unchanged.

Sun Pharma and Kotak Mahindra Bank are the top gainers, while Axis Bank, M&M, Hindalco and TCS lost the most

Rupee Opens: The Indian rupee opened marginally higher at 71.22 per dollar on Tuesday versus 71.28 Monday.

Source:https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-bse-nse-sensex-down-over-100-points-nifty-around-10900-sun-pharma-up-3-3417771.html

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IT stocks surge as rupee extends fall to near 71.50/$

Shares of information technology (IT) companies rose in trade as the rupee saw some depreciation.

After falling to 71.34 per US dollar against its previous close of 71.18 per US dollar, the rupee has further extended its fall to nearly 71.50 per US dollar.

Rupee fell in the latter half of the session on Friday primarily as global crude oil prices continued to rally after supply cuts led by OPEC supported prices. OPEC issued a list of oil production cuts by its members and other major producers for six months starting on January 1 to boost confidence in its oil supply reduction pact.

Last week, OPEC’s monthly report showed it had made a strong start in December before the pact went into effect, implementing the biggest month-on-month production drop in almost two years. Today, USD-INR pair is expected to quote in the range of 70.70 and 71.50, said Motilal Oswal.

A weaker rupee is seen as a positive cue for IT companies as it means better revenue.

Source: https://www.moneycontrol.com/news/business/markets/it-stocks-surge-as-rupee-extends-fall-to-near-71-50-3413801.html

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MCX Support and Resistance Level

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Nifty around 10,900, Sensex flat; L&T slips on buyback rejection by SEBI

Market opens: Benchmark indices started the week on a flat note with Nifty holding above 10,900 level. 

The Sensex is up 30.57 points at 36417.18, while Nifty is down 0.40 points at 10906.60. About 386 shares have advanced, 448 shares declined, and 56 shares are unchanged. 

HDFC Bank, Sun Pharma, NTPC, Infosys, RIL are trading higher, while Wipro, L&T, IOC, BPCL, TCS, Jet Airways, South Indian Bank, DCB Bank,  are among major losers. 

Rupee Opens: The Indian rupee opened lower by 18 paise at 71.36 per dollar on Monday versus Friday's close 71.18.

Source:https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-bse-nse-nifty-around-10900-sensex-flat-lt-slips-on-buyback-rejection-by-sebi-3413441.html

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Budget 2019: What to expect out of interim budget or vote on account

Propriety demands that not too many changes should be made in a vote on account or interim budget. This is all the more true as the vote on account (on February 01) will precede the unveiling of the Direct Tax code report on February 28. Tinkering with the tax rates or tax provisions before the release of the report will lead to avoidable controversies.

While no political party can dare to roll back some reliefs (such as raising exemption limit for individuals under the Income Tax Act), relief measures for rural the population can be expected. We do not foresee any measures having substantial impact on businesses. While the speech may include a vision statement for the next 3-5 years, its implementation will be postponed to the new government.

Shortfall in GST collections (despite customs duty revenues being better than budgeted, net indirect tax receipts till November were only 49.4 percent of estimates compared with 57 percent last year), telecom sector revenues, divestment revenues and some shortfall in direct tax receipts (going by the caution displayed by CBDT chairman recently) could upset the targeted budgeted revenues. This might happen at a time when the expenditure may overshoot budgeted numbers (including fertilizer subsidies which alone could be closer to Rs 1 lakh crore vs Rs 70k crore budgeted). While some shortfall may be recouped from higher RBI dividends, a minor overshooting of fiscal deficit (easily justifiable as usual, due to unpredictable events) is likely unless severe expenditure cuts are undertaken (which does not seem likely ahead of general elections).

Source:https://www.moneycontrol.com/news/business/markets/budget-2019-what-to-expect-out-of-interim-budget-or-vote-on-account-3410771.html