MARKETS LIVE: RBI guv meeting with PSB chiefs\, global cues top triggers

MARKETS LIVE: Sensex reclaims 36K, Nifty above 10,800-mark; bank stks gain

Catch all the live market action here!

SI Reporter  |  New Delhi 

The stocks of public sector undertaking (PSU) banks will be in focus as the new Reserve Bank of India (RBI) governor Shaktikanta Das is set to meet the top executives of these banks on Thursday. That apart, the investors are likely to react to key economic data (CPI and IIP numbers) released post market hours on Wednesday.

The market will also keep a tab on the movement in the rupee, oil prices and developments in the global markets for further cues.

Hours after assuming charge as governor of the RBI on Wednesday, Shaktikanta Das spelt out his priorities, asserting that he would uphold the autonomy, credibility and integrity of the “great institution”. Suggesting his focus on the banking sector, Das said more measures were needed to revive lenders, and that he would meet heads of public sector banks on Thursday. According to banking sources, there is no specific agenda for the meeting, but the concerns over PCA (prompt corrective action) banks, stressed loans and capital adequacy are likely to come up for discussion. READ MORE HERE

Economic Data

Two key indicators of macro economy— industrial production and retail price inflation — improved their performance in October and November, respectively. Industrial activity grew at an 11-month high of 8.1 per cent in October, while the retail inflation rate fell to a 17-month low of 2.33 per cent in November, showed the latest data released by the Central Statistics Office (CSO).

Rupee

The rupee declined by 16 paise to close at 72.01 against the US dollar on Wednesday amid strengthening of the greenback and rising crude oil prices even as the equity markets staged a sharp upmove.

Global Markets

Asian shares and the pound moved higher on Thursday as investors breathed a sigh of relief after British Prime Minister Theresa May survived a no-confidence vote, and as China appeared to be taking more steps to meet US demands to open its markets.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.2 per cent in early Asian trade after US stocks finished the previous session higher, amid cautious optimism for progress in Chinese-US trade talks. Japan's Nikkei stock index gained 0.8 per cent.
MARKETS LIVE: Sensex reclaims 36K, Nifty above 10,800-mark; bank stks gain

Opening gainers and losers on BSE Sensex

MARKETS LIVE: Sensex reclaims 36K, Nifty above 10,800-mark; bank stks gain

Market at open   At 9:15 AM, the S&P BSE Sensex was trading at 36,0004, up 225 points, while the broader Nifty50 was ruling at 10,806, up 69 points.

MARKETS LIVE: Sensex reclaims 36K, Nifty above 10,800-mark; bank stks gain

BOND ALERT 10-year Govt bond yield opens at 7.38% against previous close of 7.41%

MARKETS LIVE: Sensex reclaims 36K, Nifty above 10,800-mark; bank stks gain

Market at pre-open Index Current Pt. Change % Change   S&P BSE SENSEX 36,040.93 +261.86 +0.73   S&P BSE SENSEX 50 11,305.05 +73.02 +0.65   S&P BSE SENSEX Next 50 32,280.42 +199.39 +0.62   S&P BSE 100 11,072.41 +71.05 +0.65   S&P BSE Bharat 22 Index 3,400.96 +29.82 +0.88

MARKETS LIVE: Sensex reclaims 36K, Nifty above 10,800-mark; bank stks gain

Rupee opening   Rupee opens at 71.71/$ vs its previous close of 72.01 per dollar

MARKETS LIVE: Sensex reclaims 36K, Nifty above 10,800-mark; bank stks gain

Stock calls by Tradebulls Securities: Buy TCS Stock: TCS Reco.: BUY CMP: Rs 2,016   ‘Double Bottom’ formation been established at its 200 DEMA followed by a mature continuation formation (Flag pattern) on the daily scale, the evidence is good for a sustained move towards 2088/2140 soon. Trading longs could be added with a stop below 1955 READ MORE  

MARKETS LIVE: Sensex reclaims 36K, Nifty above 10,800-mark; bank stks gain

SPECIAL REPORT Sensex may climb to 42,000 by end of 2019, says Morgan Stanley Influential brokerage Morgan Stanley expects Sensex to climb to 42,000 by the end of next year. The target implies an 18 per cent upside for the market from current levels in local currency terms. The brokerage expects the rupee to gain next year and therefore the market returns in dollar terms will be around 25 per cent, it said the index on Wednesday was trading at 35,690. READ MORE Photo: Shutterstock

MARKETS LIVE: Sensex reclaims 36K, Nifty above 10,800-mark; bank stks gain

Top trading ideas by Prabhudas Lilladher   BUY AXIS BANK   CMP: Rs 619.95   TARGET: Rs 680   STOP LOSS: Rs 580   The stock has made a higher bottom formation pattern in the daily chart taking support at around 580 levels and has improved the bias and currently with bullish positive candle formation has signified strength and has potential to carry on the momentum still further upward in the coming days. The RSI has indicated a trend reversal to signal a buy and with the chart looking attractive and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 680 keeping a stop loss of 580. READ MORE

MARKETS LIVE: Sensex reclaims 36K, Nifty above 10,800-mark; bank stks gain

WEB EXCLUSIVE Hotel sector poised for a rebound. Should you check in? After a lull of almost a decade, the hospitality industry in India is set to witness a meaningful uptick going ahead. Increasing middle-class population, rising disposable income, growth in foreign tourist arrivals (FTAs), and the government’s numerous initiatives to grow the domestic tourism are some of the factors, analysts say, augur well for the industry READ MORE HERE

MARKETS LIVE: Sensex reclaims 36K, Nifty above 10,800-mark; bank stks gain

MARKET OUTLOOK Sahaj Agrawal, DVP – Derivatives, Kotak Securities   Amidst the broader Up Trending wave, we have recently experienced some volatile moves. Recently on back of domestic political events and news flows from RBI, Nifty fell sharply up-to 10330. However, it was resilient at lower levels and staged a power-packed market wide recovery as well, with Auto and PSU Banks as top gainers. Going forward, we believe 11050 should be tested in this month and 10300 should act as a base. Closing above 11050 will add further strength to the ongoing (Up) Trend and open gates for much higher levels.

MARKETS LIVE: Sensex reclaims 36K, Nifty above 10,800-mark; bank stks gain

MARKET COMMENT Gautam Chhaochharia, head of India research at UBS Securities After taking a negative turn, the market has recovered from its low, despite the state election results and the RBI Governor's resignation event on Monday. Our interactions with investors (especially overseas ones) and valuation multiples suggest BJP coming back in 2019 is being priced in. With today's outcome, we expect the market focus to shift towards the upcoming general election in a more granular way, including evaluating various outcome possibilities. So far, the government has maintained fiscal discipline and commitment despite revenue pressure. Given today's election results and RBI Governor resignation, some investors are debating if the government's policy will become populist ahead of the general election. Our base case remains that it is unlikely, given a lack of historical precedent (except 2009, which had the global financial crisis as a backdrop) and the political imperative to keep inflation under check too. Also, "populism" per se is not easy to turn on at short notice at the ground level and the election is 3-4 months away. Head of India Research, UBS, Gautam Chhaochharia  
First Published: Thu, December 13 2018. 08:08 IST