Market Close:
Benchmark indices ended near day's low after Skymet predicts below normal monsoon due to developing El Nino.
Sensex and Nifty touched record high in the early trade today.
At close, the Sensex was down 179.53 points at 38877.12, while Nifty was down 69.20 points at 11,644. About 998 shares have advanced, 1574 shares declined, and 157 shares are unchanged
BPCL, Zee Entertainment, IOC, SBI and GAIL were the top losers on the Nifty, while gainers were Indiabulls Housing, Maruti Suzuki, Bajaj Finserv, HCL Tech and JSW Steel.
All the sectoral indices ended in red led by PSU bank (down 2.5 percent) followed by pharma, infra, energy, IT, metal, auto and FMCG.
Shares of oil marketing companies slipped 2-4 percent on April 3 as Brent crude oil price inching towards USD 70 per barrel mark.
Sahaj Agrawal, Kotak Securities:
After a strong rally seen in the recent past Nifty currently is in consolidation phase. Tech parameters suggest possibility of extended consolidation before the up move resumes. We continue to believe the bias remains positive and suggest buying on dips.
Meaningful support on the downside is seen at 11,200-11,300; expect volatility to remain high in the near term. On the higher side we would expect 12,300-12,500 on Nifty. Banking is expected to witness some profit booking while metals and select auto stocks trade with a positive bias.
National Fertilizers has made ever best fertilizer sale of 48.92 lakh MT in the financial year 2018-19. It include urea sale of 42.68 lakh MT. There has also been a quantum jump in the sale of other fertilizers including DAP and NPKS, which stands at 5.97 lakh MT (3.93 lakh MT- previous year).
Market Update
There is a sharp decline on the Dalal Street with Nifty trading around 11,700 level.
At 14:20 hrs IST, the Sensex is up 31.53 points at 39,088.18, while Nifty is down 5.50 points at 11,707.70. About 1017 shares have advanced, 1366 shares declined, and 152 shares are unchanged.
Cadila Health gets 1 observation from USFDA:
USFDA inspected the company‘s formulations manufacturing facility located at Pharmez, Ahmedabad from March 25 to April 2, 2019. The inspection which included product specific pre-approval and post-approval inspections and a GMP Inspection, concluded with one observation.
Source: Bloomberg
Gautam Duggad, Head of Institutional research, Motilal Oswal Financial Services
India markets have rallied led by dovish global central bank sentiments. That coupled with consistent FII flows and expectations of current political dispensation making a comeback post elections is driving the markets higher. However, valuations now look fair and one needs to be stock specific and selective from hereon. We prefer banks, discretionary consumption plays and select Industrials.
Skymet monsoon forcast
: June-September monsoon seen below normal. July Monsoon could be critical.
CARE has downgraded the credit ratings of Suzlon Energy.
Disclaimer:
Motilal Oswal has downgraded Reliance Industries to neutral due to a limited upside in the stock. It has set Rs 1,457 as the target. The brokerage said it sees a weakness in refining and petrochem business ahead. RIL's stock price has almost tripled over the last five years, outperforming the Nifty by 122 percent on a cumulative basis, driven by the strengthening refining/petrochem businesses and the significant build-up in its retail and telecom segments.
"The stock now trades closer to our fair value. Moreover, we expect the core business to face headwinds in 2019. While telecom and retail remain in a significant build-up mode, we have already factored this in our estimates. As there is limited upside from here, we downgrade the stock from Buy to Neutral," said Motilal Oswal in a report.
Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
Broad market indices at this hour
TCS
said that Ahli Brokerage Company has selected TCS BaNCS Digital to power its technology-driven business growth strategy.
Ahli Brokerage aims to become the leading brokerage house in Qatar by leveraging digital technologies to appeal to new customer segments with innovative services, and expand its geographic footprint, TCS said in a press release. TCS BaNCS Digital will help the company digitise its trading process and cater to the need of today's self-directed and well-informed investors for the convenience of contactless transactions on the move.
Market Update:
The benchmark indices continue to hold their gains. Sensex is up 133.05 points or 0.34 percent at 39,189.70, and the Nifty is up 24.50 points or 0.21 percent at 11,737.70. About 1,105 shares have advanced, 1,086 shares have declined, and 151 shares are unchanged.
Nifty Bank has continued its rally and is now trading about 0.3 percent higher at 30,440. IndusInd Bank is the biggest gainer followed by Bank of Baroda.
Rupee Update:
The Indian rupee has gained in day's trade. The rupee is up 15 paise or 0.23 percent at 68.58/$.
B Gopkumar, ED & CEO, Reliance Securities:
Markets have seen a pre-election rally. Nifty scaled new all-time high on back of improved optimism following sustain FIIs inflow. Stable rupee and expectation of an interest rates cut have also helped the rise in the market.
However, from here earnings will be a key factor as we get into the results season. Healthy corporate earnings could push the market higher, but disappointments will pose a challenge. We remain positive on markets in long-term, but one can expect some profit booking from 12,000 level and near-term volatility cannot be ruled out with respect to events like credit policy, March ended earnings performance and elections in the coming months. Meanwhile, any decline near to 11,200 levels would be a good opportunity to create a long position.
Suprajit Engineering to BSE
: CRISIL has upgraded the long term rating from CRISIL AA-/ Positive to CRISIL AA/ Stable. Short term rating of CRISIL A1+ is reaffirmed.
Further, ICRA has reaffirmed the long term rating of ICRA AA (Stable) and short term rating of ICRA A1+.
Lupin
said that the United States Food and Drug Administration (USFDA) completed theinspection at its Lupin Bioresearch Centre (LBC) without any observations. This is the fifth successive inspection without any 483 observations, indicating superior quality compliance maintained at this global bioresearch facility.
Sensex heat map at this hour
Crude Update
Oil prices rose for a fourth day on Wednesday, with support from OPEC-led supply cuts and US sanctions overshadowing an industry report showing an unexpected rise in US inventories last week.
Kamdhenu doubles production capacity
Kamdhenu Ltd rallied 13 percent intraday on April 3 after the company more than doubled the production capacity of its steel plant in Bhiwadi, Rajasthan.
Buzzing
: Auto ancillary and defence company Bharat Forge shares fell 1 percent after a sharp decline in Class 8 truck orders in North America.
CLSA on Marico:
Broking house maintained buy on Marico with target at Rs 465 per share.
The pre-Q4FY19 commentary seems decent, while India business volume growth should be around 8 percent YoY, it added.
Market
Update:SensexandNifty hits record high. Niftycrosses previous high of 11,760.20.Market Opens:
It is firm start for the benchmark indices on Wednesday with Sensex opened at record high.
At 09:16 hrs IST, the Sensex is up 119.33 points at 39175.98, while Nifty up 31.90 points at 11745.10. About 451 shares have advanced, 174 shares declined, and 41 shares are unchanged.
Yes Bank, Tata Steel, Indiabulls Housing, Vedanta, JSW Steel, IndusInd Bank, Hindalco, Bajaj Finance are some of the major gainers on the indices, while lower are Eicher Motors, Infosys, Wipro, HCL tech, Britannia and Coal India.
Among the sectors, except IT all other indices are trading in green led by bank, metal, infra, pharma and energy.
Rupee Opens
The Indian rupee opened marginally higher at 68.72 per dollar on Wednesday versus previous close 68.75.
Market at pre-opens:
Indian indices are trading higher in the pre-opening sessions.
At 09:03 hrs IST, the Sensex is up 98.78 points or 0.25% at 39155.43, and the Nifty up 19.00 points or 0.16% at 11732.20.
Marico, M&M, IndusInd Bank, Tata Motors, Tata Steel are trading higher, while Jet Airways fell 5 percent in the pre-opening
Gold Update
Gold prices slipped on Wednesday, after touching their lowest level in four weeks in the previous session, as equities traded near a seven-month high, denting bullion's appeal.
US markets end mixed
The benchmark S&P 500 stock index paused on Tuesday, taking a breather from Monday's strong quarterly kickoff as a decline in shares of Walgreens Boots Alliance Inc weighed and economic data did little to ease growth concerns.
SGX Nifty
Trends on SGX Nifty indicate a flat to positive start for the broader indices in India, a gain of 13 points or 0.11 percent. Nifty futures were trading around 11,800-level on the Singaporean Exchange.
Asian markets trade higher
Asian shares hovered near seven-month highs early on Wednesday as global investors paused for breath after the strong rally seen earlier this week, while oil approached the key $70 per barrel mark.
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