Sensex Today: Sensex closes 353 points higher, Nifty ends above 11,000; Vedanta, Tata Steel, YES Bank top gainers

Opening Bell

Sensex Today: Benchmark Indices opened broadly higher on Wednesday, backed by strong global cues. Currently Sensex trades 100 points higher at 37,063 and Nifty50 trades 50 points higher at 10,975 mark.

US delays China tariff till Dec 15

On the Wall-Street, US Dow Jones gained nearly 2% after the Trump administration de-escalated its trade war with China. US announced delaying China tariffs until December 15 on items including cellphones & clothing, after which Dow rose more than 490 points while Nasdaq trades 2.1% higher.

 

Inflation eases

Retail inflation, calculated on the basis of Consumer Price Index (CPI), slipped to 3.15 per cent in the month of July despite higher food prices, breaking a 5-month-long rising streak, government data released on Tuesday showed. Consumer price inflation had touched an eight-month high of 3.18 per cent in June 2019 on the back of delayed monsoon. 

Rupee spikes to 6 month high

Indian rupee USDINR , spiked to a 6-month high above 71 by the opening at the forex market, and later traded at 70.93 against the dollar from its last close of 71.41

 

Gold trades flat

MCX gold futures trade flat at 37,775 rupees per 10 grams in opening session

 

Oil rises

Brent Crude, the global oil benchamrk climbed 4%on Wednesday to $61/bbl, on hopes of reduce trade tension.

Brent futures settled up $2.73 at $61.30 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $2.17 to settle at $57.10 a barrel.

Prior to Tuesday’s gains, Brent had traded down more than 20% since hitting a year high in April.



 

Asian peers trade higher

Asian markets like Nikkei and Hong Kong Index surged 1.5% each after the trade officials granted a grace period before tariffs take effect. SGX Nifty was trading up 25 pts or 0.2% on the Singapore Exchange.

 

Earnings today

Grasim Industries, IDBI Bank, Wockhardt, Jindal Steel & Power, Indiabulls Real Estate, General Insurance Corporation of India, GMR Infrastructure, IDFC, HDIL, Reliance Capital, HEG, Repco Home Finance, Voltamp Transformers, Deepak Fertilizers, Indraprastha Gas, Suzlon Energy, Jain Irrigation Systems, IIFL Finance, Gateway Distriparks, Unitech, Zee Learn, Sadbhav Engineering, Prabhat Dairy are among the listed companies due to post thier first quarterly results today.

 

FIIs back to negative

Net investment of equity and debt reported by foreign portfolio investors (FPIs) turned bearish with net selling logged at Rs 638.28 crore from Indian equities while domestic institutional investors (DIIs) bought Rs 201.53 crore on Tuesday.

Foreign institutional investors (FIIs) turned positive on Friday once in 29 trading sessions since July 5, the budget day, upon the news reports of FM meet with FPI investors, although no outcome has come up yet on th ematter that whether teh govt is to surcharge the FPIs or not..

 

Argentine stock market falls 48%, peso plunges to new low

Argentina's current leader, President Mauricio Macri was defeated by a left-wing opponent in the country's primary elections by a greater than expected margin. Following this the surprise outcome equity indices tumble almost 48% in one day.

Argentine peso also declined, losing 15% of its value against the US dollar Monday and falling further Tuesday to a new low.
 

Retail inflation strengthens views of RBI rate cut in Oct

India's retail inflation rate eased slightly in July, staying below the central bank's 4% medium-term target for a 12th straight month, strengthening views that there will be a policy rate cut in October.

Annual retail inflation in July was 3.15%, down from an eight-month high of 3.18% in June, but below analyst forecasts, data from the Ministry of Statistics showed on Tuesday.

Economists said the central bank could cut rates further, following subdued inflation amid growing concerns about economic slowdown.

"Retail inflation remains subdued, with most of the components indicating not much variation compared to the earlier periods," said Joseph Thomas, research head at Emkay Wealth Management.

(Reuters)

Global vehicle production slump hits oil demand

Global vehicle production is falling at the fastest rate since the financial crisis - depressing manufacturing output, freight and the consumption of oil and other commodities.

Global motor vehicle output declined last year by 1%, the first annual decrease since 2009 and only the third fall in 20 years, according to data from the International Organization of Motor Vehicle Manufacturers (OICA).

(Reuters)


 

Dr. Reddy stock falls 8%

Dr. Reddys Labs stock price today has fallen 8.05% to touch an intraday low of Rs 2,352 on BSE after bloomberg report suggested that drugmaker’s plans to launch a generic version of a female contraceptive in the U.S. hit a roadblock.

Hyderabad-based drugmaker said it has received a Complete Response Letter from the U.S. Food and Drug Administration for its version of gNuvaRing—a vaginal ring to prevent pregnancy.

Sun Pharma stock dips over6% despite good earning figures

Sun Pharma share price has fallen 6.72% to an intraday low of Rs 408.15 by the afternoon session on BSE, despite the pharma giant reporting 31% year-on-year (YoY) rise in consolidated net profit at Rs 1,387.48 crore for the first quarter ended June 30, 2019.

The healthcare firm's net sales grew 15.69 per cent to Rs 8,259.30 crore as against Rs 7,138.83 crore in the corresponding quarter.

"Sun Pharma is ranked No. 1 and holds approximately 8.2 per cent market share in the over Rs 132,000 crore Indian pharmaceutical market as per AIOCD AWACS June-2019 report," the drug major said in a regulatory filing.

 

Godrej rises in early trade, pares gains later

Godrej Industries share price rose 5.29% with the opening bell today, although pared initial gains to tarde an intraday low of Rs 444.25, registering a decline of 2.43% on BSE.

Diversified firm Godrej Industries has clocked 31 per cent year-on-year (YoY) growth in consolidated net profit at Rs 103 crore for the first quarter ended June 30, 2019.

"The Mumbai-headquartered company had reported a net profit of Rs 79 crore in the June quarter of FY19 (Q1FY19)," Godrej Industries said in a filing to the Bombay Stock Exchange.

PBIT (Profit Before Income and Tax) rose 22 per cent to Rs 471 crore as compared to Rs 386 crore in June quarter of last fiscal.

Category wise, household insecticides sales declined 4 per cent to Rs 427 crore, dented by an extended summer and the impact of a high base. "Soaps delivered strong volume-led value growth of 3 per cent, while hair colours category was flat on the back of a high base and general slowdown," Godrej Industries said.

 

ONGC trades with minor decline post results

ONGC stock trades with minor fall, of about 2 points and trades 1.37% away from 52 low of Rs 125.70 on BSE.

State-run Oil and Natural Gas Corporation (ONGC) on Tuesday reported a 3.9 per cent year-on-year fall in net profit at Rs 5,904 crore for the first quarter ended June 30, 2019, dented by falling oil prices and declining production.

"The company had posted net profit of Rs 6,144 crore in the year-ago period," ONGC said in a filing to the Bombay Stock Exchange (BSE).

ONGC's gross revenue slipped by 2.4 per cent to Rs 26,555 crore as against Rs 27,213 crore in the same quarter last year.

On consolidated basis, net profit declined 24.4 per cent YoY to Rs 7,043 crore, while gross revenue slipped marginally by 0.8 per cent to Rs 1,09,515 crore. 

Centre infuses Rs 1 trillion partial guarantee scheme in NBFC

The Centre has issued guidelines on operationalising Rs 1 trillion partial guarantee scheme under which public-sector banks can purchase high-rated pooled assets of financially sound non-banking finance companies (NBFCs).

NBFCs, including housing finance companies (HFCs), came under stress following series of defaults by the group companies of IL&FS in September last year.

(PTI)

Coffee Day to sell Bengaluru Tech Park to Blackstone

Coffee Day announced today that the company has entered in a non-binding agreement with Blackstone to sell Bengaluru Tech Park for an transaction valued at Rs 2,600-3,000 cr. The transaction closure is expected in 30-45 days.

Linde board approves sale of south region disinvestment business

Linde India announced today that it has decided to sell south region investment biz to Air Water India on slump sale basis, for the transaction valued at Rs1,380 cr.

Sensex gainers

Vedanta (4.87%), Tata Steel (4.61%) and YES Bank (4.01%) were the top Sensex gainers.