MARKETS LIVE: Indices opens in red on weak rupee, global cues; RIL slips

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SI Reporter  |  New Delhi 

Markets, Stocks, BSE, NSE
Markets, Stocks, BSE, NSE

BSE Sensex gainers and losers Market at open   At 9:15 AM, the S&P BSE Sensex was trading at 38,281, down 56 points while the broader Nifty50 was ruling at 11,562, down 21 points. Markets at pre-open Index Current Pt. Change % Change   S&P BSE SENSEX 38,484.87 +148.11 +0.39   S&P BSE SENSEX 50 12,177.78 +45.47 +0.37   S&P BSE SENSEX Next 50 34,864.19 +34.02 +0.10   S&P BSE 100 11,931.97 +39.59 +0.33   S&P BSE Bharat 22 Index 3,673.73 +7.81 +0.21 Commodity outlook by Tradebulls Securities   Buy Lead Target: Rs 145 Stop loss: Rs 137   Lead had bounced from oversold territory and made bullish engulfing candlestick pattern on a daily scale. The primary trend still is negative as it is trading below all short term moving an average of 13, 20 and 50. However, Lead looks poised for a bounce as it is making higher low since past 3 trading session. We would recommend long position with expected upmove till 145 and stop loss of last week’s low 137 on a closing basis.   Click here for more RIL first Indian firm to hit Rs 8 trillion market cap, TCS not far behind   Reliance Industries (RIL) on Thursday became the first Indian company to cross Rs 8 trillion in market capitalisation. The stock gained 1.9 per cent to close at Rs 1,270, valuing the Mukesh Ambani-led firm at Rs 8.05 trillion ($115 billion at current exchange rate of Rs 70.11 for a dollar).   Shares of RIL have rallied 34 per cent from their recent low of Rs 945 on June 28 amid big-bang announcements during its annual general meeting (AGM) in early July. During the same period, the benchmark BSE Sensex gained 9.5 per cent. READ MORE HERE Top trading ideas by Anand Rathi Research:   LUPIN - BUY TARGET: Rs 948 STOP LOSS: Rs 870   The stock has started to form higher tops and bottoms and it seems to have completed the right shoulder of an inverse head and shoulders pattern. The momentum indicator too is well in the buy mode, hence we recommend buying this stock. Click here for more

Benchmark indices opened flat on Friday as investors stayed cautious after rupee opened below the crucial $70-mark again and amid other global developments.

Reliance Industries (RIL) on Thursday became the first Indian company to cross Rs 8 trillion in market capitalisation. The stock today fell 0.4% after gaining 1.9 per cent to close at Rs 1,270 on Thursday.
 
Globally, Asian stocks tracked Wall Street losses and edged down in early trade on Friday, but the dollar was buoyant after ending a long losing run ahead of a speech by Federal Reserve Chairman Jerome Powell.

The sentiment was also affected after China yesterday slapped 25 per cent tariffs on American imports worth about $16 billion in retaliation to a similar move by the US as the two economic giants escalated their trade war. The US has imposed a steep import tariff starting today on $16 billion of Chinese goods over what Washington has called rampant theft of American technology.

MSCI’s broadest index of Asia-Pacific shares outside Japan shed 0.18 per cent. Australian stocks rose 0.16 percent, South Korea's KOSPI fell 0.35 percent and Japan's Nikkei climbed 0.35 per cent.

In immediate focus was the speech by Fed’s Powell to be given later on Friday at the Jackson Hole, Wyoming, meeting of central bankers.

How Powell stands on the pace of interest rate hikes will be scrutinised after the minutes from the most recent policy meeting indicated the Fed would tighten monetary policy soon.

(With inputs from Reuters)
First Published: Fri, August 24 2018. 08:15 IST