Markets Live: Equity indices edge down, Sensex skids 160 points to 37291

RBL Bank has been the stock market darling ever since it hit the primary market in 2016. But the stock has come under severe pressure recently, …

12:25 pm

Oil prices drop on concern over US economy

Brent crude was up 64 cents, or about 1.1 per cent, at $59.28 a barrel at 0255 GMT. – Bloomberg

Oil prices fell on Thursday for the first time in three days after San Francisco Federal Reserve President Mary Daly sounded a note of concern about the strength of the US economy.

Brent crude was down 31 cents, or 0.5 per cent, at $60.18 a barrel by 0638 GMT, while US crude was down 18 cents, or 0.3 per cent, at $55.60 a barrel. Oil prices rose around 1.5 per cent in the previous session. Click here to read in full the global oil markets report.

12:15 pm

Indiabulls Housing Finance shares drop 8% on Nifty replacement

Shares of Indiabulls Housing Finance on Thursday dropped 8 per cent as Nestle India will replace the company in the benchmark Nifty 50 index from September 27.

The scrip tanked 7.97 per cent to Rs 420.80 on the NSE. Shares of Nestle India, however, rose 2.97 per cent to Rs 12,890.

Nestle India will replace Indiabulls Housing Finance in the benchmark Nifty 50 index from September 27, the National Stock Exchange (NSE) said on Wednesday.

“The replacement will also be applicable to Nifty 50 Equal Weight Index,” the bourse said in a release. – PTI

12:05 pm

Equities struggle on recession, Brexit fears

MSCI Asia-Pacific index up 1 per cent. File Photo – Reuters

Global bond yields flirted with record lows while stocks inched down on Thursday, as global recession worries from intensifying US-China frictions and the spectre of a no-deal Brexit drove investors to safer harbours.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.15 per cent, Singapore shares hit eight-month lows, while Japan’s Nikkei shed 0.07 per cent.

On Wall Street, the S&P 500 gained 0.65 per cent on Wednesday, due in part to gains in the energy sector following a rebound in oil prices. But US stock futures lost 0.2 per cent in Asia. Click here to read in full the Asian markets report.

11:55 am

USFDA nod bodes well for Unichem Labs

Unichem Laboratories has received ANDA approval from the USFDA for Solifenacin Succinate Tablets, 5-mg and 10-mg to market (a generic version of Vesicare tablets of Astellas Pharma US, Inc). The tablets are indicated for the treatment of overactive bladder with symptoms of urinary incontinence, urgency, and urinary frequency. Unichem will commercialise the product from its Goa plant. Shareholders of the company will closely monitor the execution.

11:45 am

Shell makes Series-B funding in PRESPL

Global energy major Shell, along with SBI Ventures Neev Fund has jointly made a Series-B funding of Rs 55 crore in Mumbai based bio-energy company- PRESPL.

This is the first investment of the Anglo-Dutch behemoth in Indian a bio-energy firm, and has been directly cleared by the Shell management in the Netherlands. Shell clocked $ 388.4 billion in revenues for 2018. Click here to read in full the report on Shell’s Series-B funding in PRESPL.

11:25 am

Govt sops boost sugar stocks

Stocks of sugar companies soared in an otherwise bearish market, with the Cabinet clearing fresh export concessions for sugar mills.

On Wednesday, the Cabinet approved incentives of Rs 6,268 crore ($876.74 million) to encourage cash-strapped mills to export 6 million tonnes of sugar in the sugar marketing year starting from October 1.

Shares of Bannari Amman Sugar rose two per cent to Rs 1,150, Dhampur Sugar Mills was up 0.15 per cent at Rs 151, Shashi Sugar rose 5 per cent at Rs 8, Dharani Sugar was up 17 per cent at Rs 8 and Bajaj Hindustan Sugar was up 4 per cent at Rs 6.

India is expected to produce 285 lakh tonnes of sugar in this sugar marketing year. With an inventory of 145 lakh tonnes, the total sugar supply is expected to be the highest ever at about 430 lakh tonnes, exerting huge pressure on prices. _ Our Bureau

11:10 am

Gold, silver open firm as rupee remains weak

Quick funds: With NBFCs turning cautions to lending, many customers are option for gold loans, say players. – iStock.com

Gold and silver prices opened with marginal gains in the futures market on Thursday as currency pressure prevailed.

On Thursday, the rupee weakened further to inch towards the Rs 72 levels against the dollar. The Indian rupee opened lower at Rs 71.90 and depreciated further to Rs 71.95 in the early trades.

This comes despite Wednesday’s Cabinet announcements triggering positive sentiment for the sugar industry and farmers for increased incomes in the coming days and better job prospects through the 100 per cent contract manufacturing decision. Click here to read in full the domestic gold market report.

11:00 am

Company News: Kalpataru Power Transmission

Kalpataru Power Transmission informed the exchanges on Wednesday that it received a notice from the World Bank alleging process violations in bids submitted by its transmission business on two projects in Africa more than 7 years ago. The company disagrees with the Bank’s position and intends to contest the proceedings vigorously, it added. Shares of Kalpataru Power slumped 6.95 per cent at ₹441.05 on the BSE on Wednesday.

10:45 am

Gold prices tick up on recession fears, trade uncertainty

Gold prices eked out gains on Thursday against the backdrop of recession fears, with traders tracking signs of progress on the US-China trade talks and global central banks for direction on interest rates.

Spot gold rose 0.2 per cent to $1,542.06 per ounce, as of 0331 GMT. On Wednesday, the bullion ended lower but remained around its over six-year peak of $1,554.56 hit on Monday. US gold futures were up 0.1 per cent at $1,550.80 an ounce. Click here to read in full the global gold report.

10:25 am

Rupee falls 17 paise against US dollar in early trade

Identification of currency notes is key to successful completion of cash-based transactions by visually impaired persons – FRANCIS MASCARENHAS

The rupee depreciated by 17 paise to 71.95 against the US dollar in early trade on Thursday, tracking a weak domestic equity market and persistent foreign fund outflows. Pessimism over US-China trade talks also put pressure on the domestic unit, forex dealers said.

However, a weak dollar against other major currencies overseas and softening crude prices restricted the rupee’s fall, they added. Click here to read in full the rupee report.

10:05 am

Sensex, Nifty trade on a weak note

The benchmark indices, the BSE Sensex and the NSE Nifty, were trading around 0.5 per cent lower in early session on Friday. The Sensex was at 37,291, down 160 points or 0.43 per cent lower, while the Nifty was at 11,003, down 42 points or 0.39 per cent weaker on its overnight close.

The top gainers on the Sensex were Sun Pharma, Vedanta, Tata Motors, Maruti and IndusInd Bank, while the laggards were YES Bank, ICICI Bank, HCL Tech, HDFC and Axis Bank.

The healthcare, metals, capital goods and auto sector shares rose between 0.3-0.55 per cent to prop up the BSE index, while the finance, capital goods, IT and technology sector shares weighed on the benchmark index, losing between 0.40-0.65 per cent during the session.

According to an agency report, the Sensex, which dropped over 250 points in early trade, was dragged by heavy selling in banking stocks ahead of the expiry of August derivatives amid weak cues from other Asian markets.

In the previous session, the BSE barometer settled 189.43 points, or 0.50 per cent, lower at 37,451.84. Similarly, the broader NSE Nifty fell 59.25 points, or 0.53 per cent, to 11,046.10.

During the day, investors can expect greater volatility in the market on the back of weekly and monthly expiration of the August futures and options (F&O) contracts, said Shrikant Chouhan, Head Technical Research, at Kotak Securities.

Foreign portfolio investors sold shares worth a net of Rs 935.27 crore on Wednesday, while domestic institutional investors purchased shares worth Rs 359.32 crore, provisional data showed.

The rupee, meanwhile, depreciated 18 paise against its previous close to trade at 71.95 in early session.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Korea and Japan were trading on a negative note in their respective late morning sessions.

Exchanges on Wall Street ended in the green on Wednesday.

Global oil benchmark Brent crude was trading 0.57per cent lower at 59.59 per barrel. (with inputs from PTI)

9:55 am

Oil prices pegged back by mounting concern over US economy

Oil prices fell on Thursday for the first time in three days after San Francisco Federal Reserve President Mary Daly sounded a note of concern about the strength of United States (US) economy. Click here to read in full the crude oil market report.

9:45 am

Yen on backfoot as returning confidence dulls safe-haven allure

The dollar held gains against the safe-haven yen on Thursday as ebbing recession worries soothed markets after earlier volatility although the pound nursed its losses as investors became increasingly worried about a hard Brexit. Click here to read in full the global forex markets report.

9:35 am

Why the stock of RBL Bank has fallen 40 per cent over the past month

RBL Bank has been the stock market darling ever since it hit the primary market in 2016. But the stock has come under severe pressure recently, losing about 40 per cent over the past month, since it announced its June quarter results. While the bank delivered strong performance, the management indicating possible deterioration in its asset quality in the next 2-3 quarters, had rattled investors. Click here to read in full the report on why the RBL stock has fallen 40 per cent over the past month.

9:25 am

Asian shares struggle on darkening global outlook

MSCI Asia-Pacific index up 1 per cent. File Photo – Reuters

Global bond yields flirted with record low levels while stocks struggled to recover on Thursday as economic turbulence from intensifying United States (US)-China frictions and the spectre of a no-deal Brexit drove investors to safer harbours. Click here to read in full the global markets report.

9:15 am

Opening bell

The Sensex and the Nifty opened Thursday’s session in the red. The Sensex was at 37,283, down 168 points or 0.45 per cent lower, while the Nifty was at 10,988, down 57 points or 0.52 per cent weaker.

9.00 am

Today’s Pick: Tata Global Beverages (₹280): Buy

The stock of Tata Global Beverages jumped 5 per cent breaking above a key resistance at ₹270 on Wednesday. This rally has strengthened the short-term uptrend and also provides traders with a short-term horizon an opportunity to buy the stock at current levels.

The stock has been in an intermediate-term uptrend since early February 2019 low at ₹177. During the uptrend, the stock had decisively breached a key resistance at ₹220 in May and continued to trend upwards. Short-term trend is also up for the stock. Click here to read in full Today’s Pick on Tata Global Beverages.

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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 27/08/19

At the time of writing, Litecoin was down by 1.19% to $72.51. Tracking the broader market, Litecoin fell from an early morning high $73.45 to a low …

Bitcoin Cash – ABC – Takes an Early Hit

Bitcoin Cash ABC rose by 1.68% on Monday. Partially reversing last week’s 4.13% loss, Bitcoin Cash ABC ended the day at $311.31.

A particularly bullish first hour saw Bitcoin Cash ABC rally from an intraday low $306.17 to an intraday high $316.

Steering clear of the first major support level at $300.41, Bitcoin Cash ABC broke through the first major resistance level at $310.91.

Bitcoin Cash ABC came within range of the second major resistance level at $316.7 before hitting reverse.

The reversal saw Bitcoin Cash ABC fall back to $306 levels before finding support late in the day to break back to through the first major resistance level.

At the time of writing, Bitcoin Cash ABC was down by 1.99% to $305.11. A bearish start to the day saw Bitcoin Cash ABC fall from an early morning high $308.45 to a low $305.11.

Falling short of the major resistance levels, Bitcoin Cash ABC fell through the first major support level at $306.32.

For the day ahead, a move back through the first major support level to $311 levels would support a move back into the green.

Bitcoin Cash ABC would need the support of the broader market, however, to take a run at the first major resistance level at $316.15.

Barring a broad-based crypto rally, Monday’s high $316 and the first major resistance level would likely limit any upside.

Failure to move back through the first major support level could see Bitcoin Cash ABC fall deeper into the red.

A pullback through to $303 levels would bring the second major support level at $301.33 into play.

Barring a crypto meltdown, Bitcoin Cash ABC should continue to steer clear of sub-$300 levels.

View photos

Litecoin Back in the Red

Litecoin rose by 1.73% on Monday. Reversing a 1.74% fall from Sunday, Litecoin ended the day at $73.38.

Tracking the broader market, Litecoin rallied from an intraday low $72.13 to an intraday high $75.55 within the 1st hour.

Steering clear of the major support levels, Litecoin broke through the first major resistance level at $74.47.

Bearish through the rest of the day, Litecoin slid back to $72 levels before finding support to return to $73 levels.

At the time of writing, Litecoin was down by 1.19% to $72.51. Tracking the broader market, Litecoin fell from an early morning high $73.45 to a low $72.32.

Litecoin left the major support and resistance levels untested early on.

For the day ahead, a move back through the morning high to $73.70 levels would bring the first major resistance level at $75.24 into play.

Litecoin would need the support of the broader market, however, to break out from $74 levels.

In the event of a rebound, the first major resistance level and Monday’s high $75.55 would likely limit any upside.

Failure to move back through the morning high could see Litecoin fall deeper into the red. A fall through $72.10 would bring the first major support level at $71.82 into play.

Barring a crypto meltdown, Litecoin should steer clear of the second major support level at $70.27 and the 62% FIB of $70.

View photos

Ripple’s XRP Gives up $0.27

Ripple’s XRP rose by 0.42% on Monday. Partially reversing a 0.87% fall from Sunday, Ripple’s XRP ended the day at $0.27040.

A bullish start to the day saw Ripple’s XRP rally to an early morning intraday high $0.28066.

The early rally saw Ripple’s XRP break through the first major resistance level at $0.2757. The second major resistance level at $0.2818 limited the upside on the day.

A pullback through the mid-morning saw Ripple’s XRP fall to an intraday low $0.26750 before finding support. Steering clear of the first major support level at $0.2647, Ripple’s XRP recovered to $0.27 levels before a 2nd pullback.

The second pullback saw Ripple’s XRP fall back to the intraday low $0.26750 before closing out the day at $0.27 levels.

At the time of writing, Ripple’s XRP was down by 0.78% to $0.26829. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.27040 before hitting reverse.

Falling short of the first major resistance level at $0.2782, Ripple’s XRP fell to an early morning low $0.2675.

In spite of the pullback, Ripple’s XRP held above the first major support level at $0.2650

For the day ahead, a move back through the morning high to $0.2730 levels would support a run at the first major resistance level at $0.2782.

Ripple’s XRP would need the support of the broader market, however, to break out from this morning’s high $0.27040.

Barring a broad-based crypto rally, Ripple’s XRP would likely come up short of $0.28 levels on the day.

Failure to move through to $0.2730 levels could see Ripple’s XRP struggle through the day. A fall through the morning low $0.26750 would bring the first major support level at $0.2650 into play.

Barring a crypto meltdown, Ripple’s XRP should steer clear of sub-$0.26 levels on the day.

View photos

Please let us know what you think in the comments below

Thanks, Bob

This article was originally posted on FX Empire

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Stocks plummet on trade war escalation

Clothing store chain Fast Retailing and technology investor SoftBank Group went south along with other components of the Nikkei average.

The yen’s sharp strengthening against the dollar and drops in other Asian stocks also helped the Tokyo market snap its two-session winning streak, brokers said.

Following the early morning tumble, however, the market turned almost static with active trading held in check.

Participants retreated to the sidelines to wait for the opening of the New York market after the weekend, brokers said.

“Tokyo stocks this week are likely to be swayed by developments in the U.S.-China trade conflict and Wall Street’s reactions to them,” said Tomoaki Fujii, head of the investment research division at Akatsuki Securities Inc.

“If U.S. equities extend their losses and the dollar slips through ¥105 again, the Nikkei could fall below 20,000,” Fujii warned.

Falling issues overwhelmed rising ones 1,979 to 138 in the TSE’s First Section, while 33 issues were unchanged.

Volume increased to 1,140 million shares from Friday’s 907 million shares.

All of the 33 subsector price indexes dropped.

Shipping firms plunged amid the strong risk-off mood, with Kawasaki Kisen sinking 4.85 percent, Nippon Yusen 2.30 percent and Mitsui O.S.K. 1.83 percent.

The stronger yen bombarded export-oriented issues such as automaker Nissan, technology giant Sony and industrial robot producer Yaskawa Electric.

Oils, including JXTG, Idemitsu and Cosmo Energy, suffered from a drop in crude oil prices.

Clothing store chain Fast Retailing and technology investor SoftBank Group went south along with other components of the Nikkei average.

Meanwhile, automaker Suzuki and tobacco giant JT were among a handful of winners.

In index futures trading on the Osaka Exchange, the key September contract on the Nikkei average plunged 420 points to end at 20,300.Speech

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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 21/08/19

At the time of writing, Litecoin was down by 0.24% to $74.93. Tracking the broader market, Litecoin fell from an early morning high $75.35 to a low …

Bitcoin Cash – ABC – Sees More Red

Bitcoin Cash ABC fell by 2.43% on Tuesday. Reversing a 2.35% gain from Monday, Bitcoin Cash ABC ended the day at $316.21.

A relatively bullish start to the day saw Bitcoin Cash ABC strike an early morning intraday high $325.15 before hitting reverse.

Bitcoin Cash ABC fell short of the first major resistance level at $331.64 and Monday’s high $328.15.

The reversal saw Bitcoin Cash ABC slide to an early afternoon intraday low $312. Bitcoin Cash ABC fell through the first major support level at $316.31 before finding support.

Finding support late in the day, Bitcoin Cash ABC moved back through the first major support. Steering clear of sub-$310 levels was key in the early afternoon.

At the time of writing, Bitcoin Cash ABC was down by 0.78% to $313.76. A bearish start to the day saw Bitcoin Cash ABC fall from an early morning high $315.47 to a low $312.55.

Bitcoin Cash ABC left the major support and resistance levels untested early on.

For the day ahead, a move through the morning high to $317.80 levels would support a return to $320 levels.

Bitcoin Cash ABC would need the support of the broader market, however, to break through the first major resistance level at $323.57.

Barring a broad-based crypto rebound, the first major resistance level and Tuesday’s high $325.15 would likely limit any upside.

Failure to move through to $317.80 levels could see Bitcoin Cash ABC slide deeper into the red. A fall through the morning low $312.55 would bring the first major support level at $310.42 into play.

Barring a crypto meltdown, Bitcoin Cash ABC should steer clear of sub-$310 support levels for a 3rd consecutive day.

View photos

Litecoin Holds On

Litecoin slid by 2.66% on Tuesday. Reversing a 1.14% rise from Monday, Litecoin ended the day at $75.11.

Tracking the broader market, Litecoin fell from an early morning intraday high $77.24 to an early afternoon intraday low $73.18.

Litecoin fell through the first major support level at $75.45 and second major support level at $73.73.

A late bounce back through the major support levels limited the downside on the day. Litecoin left the major resistance levels untested at the start of the day.

At the time of writing, Litecoin was down by 0.24% to $74.93. Tracking the broader market, Litecoin fell from an early morning high $75.35 to a low $74.64 before steadying.

Litecoin left the major support and resistance levels untested early on.

For the day ahead, a move back through to $75.20 levels would support a run at the first major resistance level at $77.17.

Litecoin would need the support of the broader market, however, to break out from $76 levels.

Barring a crypto rally, the first major resistance level at $77.17 and Tuesday’s high $77.24 would likely cap any upside.

Failure to move through to $75.20 levels could see Litecoin take another hit. A fall through $74.5 would bring the first major support level at $73.11 into play.

Barring a crypto meltdown, we would expect Litecoin to steer clear of sub-$72 support levels.

View photos

Ripple’s XRP Takes a Dip

Ripple’s XRP fell by 2.82% on Tuesday. Following on from a trend-bucking 0.59% fall on Monday, Ripple’s XRP ended the day at $0.2747.

Bearish through the morning, Ripple’s XRP fell from an early intraday high $0.28302 to a late morning intraday low $0.27022.

Falling short of the major resistance levels, Ripple’s XRP fell through the first major support level at $0.2751.

Range-bound through the afternoon, Ripple’s XRP held onto $0.27 levels to move back through the first major support level at $0.2751. Steering clear of sub-$0.27 levels was key on the day.

At the time of writing, Ripple’s XRP was down by 0.69% to $0.27281. Also bearish in the early hours, Ripple’s XRP fell from a morning high $0.27504 to a low $0.27240.

Ripple’s XRP avoided the major support and resistance levels early on in the day.

For the day ahead, a move through to $0.2760 would support a run at the first major resistance level at $0.2817.

Ripple’s XRP would need the support of the broader market, however, to break out from $0.2800 levels.

Barring a broad-based crypto rebound, Ripple’s XRP would likely come up short of the second major resistance level at $0.2888.

Failure to move through to $0.2760 levels could see Ripple’s XRP fall deeper into the red. A fall through $0.2720 would bring the first major support level at $0.2689 into play.

Barring a crypto meltdown, Ripple’s XRP should steer clear of sub-$0.26 levels. The second major support level at $0.2632 should limit any downside from a sell-off.

View photos

Please let us know what you think in the comments below

Thanks, Bob

This article was originally posted on FX Empire

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Asia report: Markets mixed as PBOC takes wraps off new rates

… automation specialist Fanuc was up 0.94%, while fashion firm Fast Retailing lost 0.3% and technology conglomerate SoftBank Group was 0.86% …

In Japan, the Nikkei 225 was up 0.55% at 20,677.22, as the yen strengthened 0.31% against the dollar to last trade at JPY 106.31.

Of the major components on the benchmark index, automation specialist Fanuc was up 0.94%, while fashion firm Fast Retailing lost 0.3% and technology conglomerate SoftBank Group was 0.86% weaker.

The broader Topix index was ahead 0.83% in Tokyo, ending its trading day at 1,506.77.

On the mainland, the Shanghai Composite slipped 0.11% to 2,880.00, and the smaller, technology-heavy Shenzhen Composite was 0.14% stronger at 1,574.12.

The People’s Bank of China unveiled its new loan prime rates, which were worked out using a new mechanism that was first reported over the weekend.

Its new one-year loan prime rate was set at 4.25%, down from 4.1%, while the five-year rate was 4.85%.

A number of analysts were describing the reformed mechanism as a sort of guided cut to interest rates.

South Korea’s Kospi was 1.05% firmer at 1,960.25, while the Hang Seng Index in Hong Kong slid 0.23% to 26,231.54.

The blue-chip technology stocks were both higher in Seoul, with Samsung Electronics up 1.95%, and chipmaker SK Hynix rising 1.73%.

Oil prices were lower as the region went to bed, with Brent crude last down 0.27% at $59.58, and West Texas Intermediate off 0.36% at $55.94.

Sentiment was more buoyant in the region with fears of recession appeared to be easing somewhat, according to some market watchers, as prices for a number of safe haven assets lost steam.

“Stimulus optimism is fueling risk appetite this week after risk sentiment took a hammering of late,” said London Capital Group head of research Jasper Lawler.

“With expectations of further support for struggling economies, investors are once again prepared to pick up riskier assets like equities.”

Lawler noted that markets were also seeing flows out of havens such as the Japanese yen, gold – which had sunk back towards $1480 – and bonds.

“Bond yields have rebounded following last weeks’ inversion, easing recession fears whilst supporting risk sentiment.”

In Australia, the S&P/ASX 200 was 1.2% higher, finishing its trading session at 6,545.00, with almost all subindices ending up in the green.

The Reserve Bank of Australia released its July meeting minutes on Tuesday, which showed the central bank was open to further easing.

It said it would consider the prospect if “this was needed to support sustainable growth in the economy and the achievement of inflation over time”.

The Reserve Bank stood pat on interest rates in August, keeping them at all-time lows after lowering the official cash rate by 25 basis points in each of June and July.

Across the Tasman Sea, New Zealand’s S&P/NZX 50 was ahead 0.9% at 10,803.84, with Napier Port Holdings surging 13.5% on its debut.

The stock arrived on the market as the Hawke’s Bay Regional Council floated 45% of the port facility, located on the south east coast of the country’s North Island, netting the regional authority a NZD 234m payday.

It was a mixed day for the down under dollars against the greenback, with the Aussie last 0.18% stronger at AUD 1.4756, while the Kiwi weakened 0.01% to NZD 1.5604.

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