Indices trim gains with Nifty below 10,850; auto stocks under pressure

Market Opens: Benchmark indices opened higher on Wednesday with Nifty trading above 10,850 mark.

The Sensex is up 199.06 points at 36352.68, while Nifty is up 58.60 points at 10890. About 506 shares have advanced, 285 shares declined, and 33 shares are unchanged. 

Sun Pharma, ITC, Cola India, Indiabulls Housing, Jet Airways, ONGC, Bata, JSW Steel, TCS, RIL are the top gainers on the indices, while losers are HPCL, Infosys, Axis Bank.

Rupee Opens: The Indian rupee gained in the early trade on Wednesday. It has opened higher by 22 paise at 70.48 per dollar versus previous close 70.70.

Source:https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-bse-nse-indices-trim-gains-with-nifty-below-10850-auto-stocks-under-pressure-3525251.html

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Opening Bell

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Closing Bell: Sensex ends over 240 points lower, Nifty below 10,850; Sun Pharma up 3%

Market at Close Equity benchmarks closed the session with cuts of over half a percent. The Nifty managed to end below 10,850-mark. 

Banks, automobiles, consumption, and IT were the top losers, while metals and pharma were the big gainers. The midcap index has ended flat. 

At the close of market hours, the Sensex was down 241.41 points or 0.66% at 36153.62, and the Nifty down 57.40 points or 0.53% at 10831.40. The market breadth was negative as 1050 shares advanced, against a decline of 1452 shares, while 131 shares were unchanged.

Sun Pharma, Coal India, JSW Steel and Zee Entertainment gained the most, while Hero MotoCorp, HDFC, and Bharti Infratel lost the most. 

Source: https://www.moneycontrol.com/news/business/markets/closing-bell-sensex-ends-over-240-points-lower-nifty-below-10850-sun-pharma-up-3-3517941.html

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Hindalco Q3 profit including Utkal surges 47% to Rs 713 cr, margin contracts

 third quarter profit (including Utkal) to Rs 713 crore, driven by higher operating income and lower finance cost in aluminium business.

Hindalco has reported healthy 47 percent on year growth in

Profit during the quarter ended December 2017 stood at Rs 484 crore.

Revenue from operations (including Utkal) grew by 8 percent year-on-year to Rs 11,938 crore in quarter ended December 2018.

At operating level, EBITDA (earnings before interest, tax, depreciation and amortisation) including Utkal rose 3.5 percent to Rs 1,926 crore in Q3 YoY, but margin contracted to 16.1 percent against 16.9 percent in same period last year.

"This is on the back of supporting macros, improvement in operational efficiencies and better realisations. This was despite increase in input costs, mainly of coal and furnace oil," the aluminium major said.

Interest expenses for the quarter were lower by 12 percent to Rs 477 crore YoY, mainly due to re-pricing of long term project loans and loan re-payments.

The company said under its continuous deleveraging focus, it prepaid another Rs 1,575 crore in October 2018.

Hence, Hindalco standalone plus Utkal Alumina net debt to EBITDA (on TTM Basis) improved to 2.36x as on December 2018 from 2.67x as on March 2018, it added.

Aluminium business (including Utkal) during the quarter grew by 12.6 percent to Rs 6,018 crore with its EBITDA increasing 8 percent to Rs 1,286 crore YoY on supporting macros, partially offset by increase in the input prices.

The company achieved aluminium metal production of 324 Kt in Q3FY19, as its plants continued to operate at peak designed capacities, the company said, adding alumina (including Utkal Alumina) production was higher at 749 Kt versus 734 Kt in the corresponding period last year on account of better operational performance.

Copper business revenue at Rs 5,925 crore increased by 4 percent and its operating income at Rs 431 crore was higher by 2.4 percent for quarter ended December 2018.

At 14:38 hours IST, the stock was quoting at Rs 199.65, up Rs 0.30, or 0.15 percent on the BSE.

Source:https://www.moneycontrol.com/news/business/earnings/hindalco-q3-profit-including-utkal-surges-47-to-rs-713-cr-margin-contracts-3521481.html

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JBM Auto rises nearly 2% after strong Q3 results

Shares of JBM Auto rose about 2 percent in early trade on February 12 after the company reported strong results for the quarter ended December 2018.

Consolidated net profit after tax rose to Rs 19.74 crore, up 14.6 percent from the same quarter last year.

JBM Auto's revenue from operations in Q3 was Rs 429.89 crore, an increase of 8.46 percent from the same quarter last year.

Earnings per share (EPS) for the third quarter rose to Rs 4.22 from Rs 3.71 in the corresponding quarter last year.

Source:https://www.moneycontrol.com/news/business/markets/jbm-auto-rises-nearly-2-after-strong-q3-results-3517961.html

At 0926 hours, JBM Auto was quoting at Rs 260.85, up Rs 3.80, or 1.48 percent.

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Flat start on D-Street, Nifty below 10,900; Axis Bank down 1%

  

Market opens Equity benchmarks have begun marginally lower, with the Nifty trading just below 10,900.

The Sensex is down 47.42 points or 0.13% at 36347.61, and the Nifty down 13.70 points or 0.13% at 10875.10. The market breadth was narrow as 179 shares advanced, against a decline of 137 shares, while 43 shares were unchanged.

Majority of sectoral indices are trading in the near the flat line, but pain is visible among automobiles, IT and metals. The Midcap index is trading flat. 

Coal India, Tata Motors, Indiabulls Housing and IOC were the top gainers, while NTPC, Axis Bank, GAIL and Eicher Motors lost the most. 

The Indian rupee has witnessed a flat opening at 71.17 per US dollar against Monday’s close of 71.18 per US dollar. 

The rupee strengthened by 13 paise to close at 71.18 against the US dollar Monday on easing crude oil prices, even as the greenback strengthened vis-a-vis other major currencies.

Source:https://www.moneycontrol.com/news/business/markets/market-live-flat-start-on-d-street-nifty-below-10900-axis-bank-down-1-3517941.html

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Nifty forms 'Bearish Belt Hold' pattern, 10,812 crucial for bulls

The Nifty50 extended downtrend for third consecutive session and closed below 10,900 levels, dragged by oil & gas, select banking & financials and auto stocks. Mixed global cues and not so encouraging December quarter earnings along with fear of downgrade dented the market sentiment.

Traders also looked cautious ahead of macro data - January CPI inflation and December industrial output scheduled to be announced on Tuesday evening.

The index formed a small bearish candle, which resembles a 'Bearish Belt Hold' kind of formation on the daily charts.

A 10,812 is expected to be crucial level for the Nifty, experts said, adding if it breaks the same then there could be further selling pressure which could take the index to around 10,700 levels.

A 'Bearish Belt Hold' pattern is formed when the opening price becomes the highest point of the trading day (intraday high) and the index declines throughout the trading day making up for the large body. The candle will either have a small or no upper shadow and a small lower shadow.

The Nifty50 after opening lower at 10,930.90, which was also a day's high, extended losses to hit an intraday low of 10,857.10 and remained under pressure amid volatility. The index closed 54.80 points lower at 10,888.80.

"Nifty50 signed off the session with a small Bearish candle, which resembles a Bearish Belt Hold formation as it continued to slide without any respite from the opening tick which also remained as the highest point of the day," Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.

He said in the near term it looks critical for the index to sustain above 10,812 kind of levels to prevent further damage.

"In case if the slide continues below 10,812 levels then next target appears to be placed around 10,714 levels where it is expected to test its 100-day moving average where this index can attract some buying interest," he added.

According to Mazhar, as of now some strength in Nifty can be expected above 10,930 levels but in order to get back in the game bulls need a close above 11,041 levels.

In the futures & options segment, maximum open interest in Call option was seen at 11,000 strike, followed by 11,200 and 11,100 strikes while maximum Put option was seen at 10,400 strike followed by 10,700 and 11,000 strikes.

Call writing was seen at the strike price of 10,900 followed by 11,100 levels while Put writing was seen at the strike price of 10,600 followed by 10,500 strike.

Source: https://www.moneycontrol.com/news/business/markets/technical-view-nifty-forms-bearish-belt-hold-pattern-10812-crucial-for-bulls-3515941.html

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