Asian stocks advanced on Monday, taking their cue from Wall Street, while the dollar moderated but retained most gains made on stronger-than-expected July jobs growth and the promise of a US tax plan that will repatriate corporate profits.
MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.5% while Japan’s Nikkei was up 0.6%.
Chinese blue chips rose 0.1%, while the Shanghai Composite was flat. However, Hong Kong’s Hang Seng climbed 0.4%.
South Korea’s KOSPI was up 0.5%, while Australian shares surged 1%.
3:45 PM Top sectoral gainers and losers
3:43 PM Metal Index was one of the top sectoral gainers on the frontline indices, up over 1% led by gains mainly in Tata Steel (up 4%) ahead of the earnings folllowed by JSPL, SAIL, Hindalco and Coal India
Crude steel output in the first two months grew by 4.5 per cent to 16.4 million tonnes.
3:41 PM Oil and Gas stocks continued their rally for third straight session: HPCL, IOC, Petronet LNG, BPCL, Indraprastha Gas and Oil India gained between 1.25-6.1%
3:39 PM Top Sensex gainers and losers
3:37 PM Broader markets outperformed benchmark indices with BSE Midcap and BSE Smallcap indice up over 1% each
3:36 PM Benchmark indices ended the day flat amid lack of any major domestic cues. Both the NSE Nifty and BSE Sensex hit record highs last week, raising concerns that factors such as positive earnings and hopes of an improving economy were already factored into prices.
The BSE Sensex ended at 32,273, down 51 points while the broader Nifty50 index settled at 10,057, down 9 points
3:16 PM Benchmark indices fall marginally in the last leg of the trade dragged mainly by IT stocks. Other laggards included NTPC, Dr Reddy’s M&M, Tata Motors and Bharti AIrtel
3:10 PM Indian Hume Pipe advanced 3.19% to Rs 544.50 on BSE after the company said it has secured a work order of Rs 257.44 crore from Madhya Pradesh Urban Development Company.
In broader markets, the BSE Midcap and BSE Smallcap indices outperformed the markets, up over 1% each for the day
2:27 PM The Nifty IT index fell as much as 0.86% to its lowest in over a week. Tata Consultancy Services and Infosys led the losses, with both falling over 1%
2:04 PM Shares of Tata Steel gained over 4% to their highest in over six years. Later in the day, the company is expected to post a consolidated profit for the quarter-ended June, compared with a loss last year.
The dollar edged lower on Monday following sharp gains in the previous session, as investors focused on inflation data due this week that could determine the currency’s longer-term trajectory.
The dollar index against a basket of six major currencies was 0.1 percent lower at 93.44 having climbed 0.75 percent on Friday. That was its biggest single-day rise of 2017 and pulled it away from 92.548, its lowest level since May 2016 that it marked on Wednesday.
Shares of Dabur India rose nearly 4 percent intraday on Monday as investors cheered the positive brokerage recommendations on the stock.
At 1:00 pm, the Sensex was trading at 32,320, down 5 points, while the broader Nifty50 was ruling at 10,073, up 6 points.
12:24 PM Nifty Bank trades positive
The Nifty Bank index was trading 0.3% higher. The index lost 1.2% since last Tuesday as investors were disappointed after India’s central bank maintained a “neutral” stance despite cutting interest rates by 25 basis points.
12:06 PM Nifty Realty (up 1%) was the leading sectoral gainer
11:44 AM Earnings impact
Britannia surged over 6% to Rs 4,140, its fresh 52-week high, after the FMCG major reported 1.5% decline in its consolidated net profit at Rs 216 crore vs 219 crore reported in the same quarter of previous fiscal year.
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Govt gears up for divestment drive
Tata Steel hits 52-week high
10:05 AM Markets check
At 10:00 am, the Sensex was trading at 32,315, down 9 points, while the broader Nifty50 was ruling at 10,067, up 1 point.
Govt launches new ETF
Market outlook by HDFC Securities
During the course of the week we will get manufacturing data from across the globe. In terms of results, 13 Nifty companies including Tata Motors, Tata Steel and SBI will report their quarterly numbers. Markets should be happy that the US continues to do add jobs in the ninth year of recovery. The economy added 2, 09,000 new jobs in the month of July. Analysts were expecting 1,75,000 job additions. The unemployment rate was knocked down to a 16-year low of 4.3%.
The better than expected job numbers nudge the US Fed to soon start contracting their balance sheet. However, it may not be before the September meeting of the FOMC. However, that will not adversely impact our markets. Expect the Nifty to gradually inch higher this week.
9:35 AM Sectoral trend
All but two sectors were trading in green.
9:31 AM Broader markets outperform
The BSE Midcap and the BSE Smallcap indices added 0.6% each, outperforming Sensex and Nifty.
9:20 AM Markets at open
At 9:19 am, the Sensex was trading at 32,377, up 52 points, while the Nifty was at 10,085, up 19 points.
Nifty outlook by Angel Broking
We expect the index to remain within a range of 10,150-9,944 for a while and hence, one should ideally continue focusing on individual stocks that are offering much better trading opportunities.
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9:09 AM Technical picks
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Nifty Outlook by Devang Shah
9:04 AM Commodity picks
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9:02 AM Pre-open trade
At 9:01 am, the Sensex was trading at 32,498, up 172.61 points, while the broader Nifty50 was ruling at 10,095, up 29.45 points.
8:53 AM Asian markets
Asian stocks advanced on Monday, taking their cue from Wall Street’s strong end to the previous week, while the dollar finally pulled ahead after stronger-than-expected jobs growth in July. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.2% in early trade. Japan’s Nikkei added 0.5%. South Korea’s KOSPI climbed 0.3%, while Australian shares jumped 0.8%.
8:51 AM Singapore Nifty
At 8:50 am, the Nifty was trading at 10,104, up 3 points or 0.03%.
8:49 AM Good Morning!
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