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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International Market Update (1 March 2019)

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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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Opening Bell

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