EQUITIES

Market Highlights: Sensex snaps 2-day losing streak, jumps 329 pts, Nifty at 10,383; Infosys, TCS top gainers

Stock Market Live updates, bse sensex, nse nifty

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity benchmarks Sensex and Nifty snapped a two-day losing streak as the ended the week’s last trading session with gains of 1% each. BSE Sensex was up 329 or 0.94% at 35,171 points, while the 50-stock Nifty was just below the 10,400 mark. IT major Infosys and TCS were the top gainers on Sensex surging 7% and 6%, respectively. These were followed by IndusInd Bank and HDFC Bank as 17 of the 30 constituents of the benchmark ended in the green. Broad market indices gained once again, while among sectoral indices only Nifty Auto, Nifty FMCG, Nifty Pharma, and Nifty Realty ended in the green. Nifty IT jumped 3.94%

Domestic benchmark indices Sensex and Nifty, after having slipped into the red for two consecutive trading sessions, ended with 1% gain each on Friday. S&P BSE Sensex gained 329 points to sit at 35,171 points, while the 50-stock NSE Nifty ended just a tad bit below the 10,400 mark at 10,383 points. “ Nifty remains in a range and seems to be awaiting further cues for a breakout on either side. The close today means the uptrend remains, but upsides seem to be capped,” said Vinod Nair, Head of Research, Geojit Financial Services. 

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Ashok Leyland stock price plummeted 4.2% from the day’s high on Friday, after the Hinduja Group flagship firm reported a loss of Rs 57 crore in the January-March quarter, against a profit of Rs 653 crore in the same period last year. Income dropped massively for the company as it only managed to generate income of Rs 3,872 crore in the said quarter against Rs 8,855 in the same period last year. Ashok Leyland shares were trading at a price of Rs  52.3 per share during the day on Friday, a fall of 4.2% from the opening market price of Rs 54.6 per share.

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Today, Rupee opened with a positive note due to weakness in dollar and coupled with life time increase in Indian FOREX reserves. However, cut in global growth forecast may curb the sharp appreciation in Indian rupee. For intraday trading, Rupee has a strong support at 75.30 levels and resistance at 76.00 levels. We recommend sell in USDINR around 75.70 – 75.80, with the stop-loss of 76.00 and for the target of 75.30 levels. We expect appreciation in Indian Rupee~ Anuj Gupta  DVP Commodities and Currencies Research, Angel Broking

India’s border stand-off with China may disrupt the supply chains of U.S. companies based in the south Asian nation. The decision by customs officials to abruptly halt clearances of industrial consignments coming in from China at major Indian ports and airports has raised concerns among U.S. manufacturers based in the country, according to a letter written to India’s Department for Promotion of Industry and Internal Trade.

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S&P BSE Sensex opened 290 points higher crossing the 35,000 mark, nifty 50 was seen sitting just below the 10,400 mark. IndusInd Bank top gainer on Sensex, jumps 3.46%. 

Domestic equity benchmarks stare at a positive start with SGX Nifty trading higher with gains of over 30 points. Sensex and Nifty come into the last trading session of the week on the back of a two-day losing spree. While Sensex ended flat, down by 27 points at 34,842 the 50-stock NSE Nifty ended at 10,288 mark. “Given the sharp rally over the last few days, the market seems to be taking pause at this juncture. As the concerns continue to linger over the fast rising coronavirus cases globally along with the geo-political tensions, we would advise investors to stay cautious and focus more on stock-specific action,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services. 

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The alleged heightened scrutiny of consignments from China by the Indian Customs is being viewed by Indian exporters with some trepidation, as they feel any likely retaliatory action by the belligerent neighbour is something that they can ill-afford at this juncture. In a letter to commerce secretary Anup Wadhawan, Federation of Indian Export Organisations (FIEO) president Sharad Kumar Saraf said some exporters had expressed fears over Indian goods being held up by the customs authorities in Hong Kong and China apparently in response to a similar action allegedly being taken by officials at the Chennai port. Saraf has suggested that Wadhawan clarify India’s position formally on the alleged checking of consignments from China for the benefit of all stakeholders.

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Given the sharp rally over the last few days, the market seems to be taking pause at this juncture. As the concerns continue to linger over the fast rising coronavirus cases globally along with the geo-political tensions, we would advise investors to stay cautious and focus more on stock specific action. Technically, Nifty has to cross and hold above 10300-10350 zones to get the stabil