Market Opens :
It is a weak start for the benchmark indices on Wednesday with Nifty slipped below 11,650 level.
At 09:17 hrs IST, the Sensex is down 60.01 points at 38879.21, while Nifty is down 19.10 points at 11,652.90. About 314 shares have advanced, 431 shares declined, and 38 shares are unchanged.
Wipro, Yes Bank, Cipla, Infosys, ONGC, RIL, HCL Tech, HUL, Tech Mahindra, Bajaj Finance are among major gainers on the indices, while losers include HDFC, HDFC Bank, Hindalco, Hero Motocorp, Grasim, UltraTech Cement and Gail,
On the sectoral front, auto, infra, metal, pharma and infra are under pressure, while IT space is trading higher.
Rupee Opens :
The Indian rupee opened flat at 69.28 per dollar on Wednesday versus previous close 69.29.
Global Markets :
Asia trading weak :
Asian shares stepped back from eight-month highs on Wednesday as the IMF lowered its global growth outlook and as tensions over tariffs between the United States and Europe escalated.
SGX Nifty :
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall 30.50 points or 0.26 percent. Nifty futures were trading around 11,719.50-level on the Singaporean Exchange.
Wall Street ends lower :
Trade-sensitive industrials dragged Wall Street lower on Tuesday as tensions over tariffs between the United States and its European trading partners went from simmer to boil and the IMF lowered its global growth outlook.
Domestic Markets :
Lok Sabha election tracker LIVE :
PM Modi to hold rallies in Gujarat, Goa today
10.30 am: Junagadh, Gujarat
01.55 pm: Songadh, Gujarat
05.30 pm: Panaji, Goa
Rahul Gandhi to file nomination from Amethi today
Congress President Rahul Gandhi will file his nomination papers for the Amethi Lok Sabha seat today and hold a roadshow in the constituency.
Rahul Gandhi will be accompanied by his mother and UPA chairperson Sonia Gandhi and sister Priyanka Gandhi for the filing of the nomination. The Congress chief will undertake a 3-km road show from Munshiganj-Darpipur to Gauriganj before filing the nomination.
Phase 1 of polling to happen tomorrow
The volatility will only increase as we head towards the election outcome in May. Apart from that, movement of crude oil prices will also have bearing on markets and India Inc.
Experts advise investors to stay focused on selective blue-chip companies while traders should avoid leverage bets.
On the primary market front, the initial public offer of wires and cables manufacturer Polycab India has received an overwhelming response from institutional investors on April 9, the last day for the subscription. The Rs 1,345-crore issue has oversubscribed 52 times, as per data available on exchanges.
On the provisional front, FPI were net buyers in Indian markets for Rs 1212 crore while DIIs were net sellers to the tune of Rs 688 cr, provisional data showed.
Big News:
Just ahead of election IMF cuts India’s GDP forecast
India is projected to grow at 7.3 percent in 2019 and 7.5 percent in 2020
The GDP will be supported by the continued recovery of investment and robust consumption, thus remaining the fastest growing major economy of the world, according to the IMF.
In 2019, the International Monetary Fund (IMF) projected a growth rate of 6.3 percent for China and 6.1 percent in 2020
Growth in India is expected to stabilise at just under 7¾ percent over the medium term, based on continued implementation of structural reforms and easing of infrastructure bottlenecks.
Technical View:
Nifty forms a bullish candle on the charts
Major upside in the market is possible only if Nifty decisively closes above its record high of 11,761 which it touched last week, experts said.
Selling pressure may not get accelerated unless Nifty breaches 11,549 levels, upside also looks limited and capped unless bulls manage a decisive close above 11,760 levels, they say.
Three levels: 11569, 11683, 11761
Max Call OI: 12000, 11800
Max Put OI: 11500, 11600
Here are stocks that are in the news today:
Jet Airways pilots union - National Aviators Guild - has sent a legal notice to CEO Vinay Dube, asking for salary arrears to be paid by April 14, failing which they will 'resort to all constitutional and legal methods available" to ensure payment.
DGCA said company's lessors apply for de-registration of 7 more planes.
SBI: Bank cut MCLR across tenors by five basis points. Home loan rates for up to Rs 30 lakh have been cut by 10 bps.
The nation's largest lender State Bank of India on April 9 reduced the lending rates by a marginal 5 basis points across all tenors, effective April 10.
Enterprise software provider Ramco Systems on April 9 said it has bagged an order from a leading telecom player in Australia and New Zealand for an "undisclosed sum".
Praj Industries signed a construction license agreement with Gevo Inc, USA to commercialize technology for production of lsobutanol using sugary-based feedstock
Tata Sponge Iron completed the acquisition of steel business including captive power plants of Usha Martin, pursuant to cash consideration of Rs 4,094 crore to Usha Martin
Board meeting on April 18 to cosider and approve the audited financial results and dividend for the financial year ended March 31, 2019
Info Edge: Company has invested through its wholly-owned subsidiary Rs 6 crore in Bizcrum Infotech Private Ltd.
Avenue Supermarts: Company raised Rs 50 crore via commercial papers.
Ashok Leyland: Promoter pledged 1.33 percent stake in the company.
Vodafone Idea: Rs 25,000 crore rights issue to open on April 10 & close on April 24.
Panacea Biotec has done one-time settlement with consortium lenders to resolve the current debt position of the company
Olectra Greentech board approved the allotment 27 lakh shares at an issue price of Rs. 80.10 to promoter group Goldstone Power, against a conversion of balance 27 lakh warrant out of 54 lakh warrants which were allotted to the promoter group in October 2017
Mindtree to consider to consider the audited financial results and declaration of interim and/or special dividend on April 17
Forbes & Co: CARE revised the company's long term rating to A+ From AA-.
Karda Constructions: Company has completed RCC work of residential building A of project Hari Nakshatra Phase I amounting to Rs 9 crore against the construction work order of Rs 18.92 crore awarded by Shree Sainath Land & Development (India) Private Limited.
Kiri Industries: Singapore Court reserved its judgement in Dystar’s minority oppression suit
Mahindra CIE Automotive completed 100 percent acquisition of Aurangabad Electricals
Analyst or Board Meet/Briefings
Mahindra Logistics: Company's officials will meet Aegon Life Insurance on April 10 and Quest Investment Advisors on April 16.
Lakshmi Vilas Bank: Board to consider raising funds via shares on April 12.
Shriram City Union Finance: Company will announce March quarter results and recommend dividend on April 24.
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