Stock Market Live: Sensex rises 378 points, Nifty near 11,000 levels

On account of lowering forecast for the Chinese economic growth and weak US consumption data, the Indian indices trade sideways in early trade session on Tuesday. However, after the Chinese government announcing majors to control the lower outlook forecast, the BSE Sensex went up by 378 points to 36,442 levels while the 50-stock Nifty went northward by 123 points to 10,987 levels. The BSE Infra index leads the rally by adding near 3.3 per cent from its previous close while the BSE auto index added near 3 per cent from its Monday close. Shares of Aban Offshore scaled over 4.25 per cent, shares of Ashoka Buildcon rose by over 7.25 per cent and Dilip Buildcon counter skyrocketed near 16 per cent.

Commenting upon the current market trends, IndiaNivesh research team informed in a written statement, "Technically, at this juncture we continue to mention that till the time Nifty trades above 10580 the bias remains positive and individual stocks might continue to outperform. Also, due to the ongoing geopolitical issues; we expect the index to trade within the range of 10580 - 11000. Any move on either side of the range shall now dictate the further trend. Traders who initiated long in index futures near 10650 should follow strict stop of 10700 for the upside target of 11000 and above. On the downside 10720 – 10640 zone might again attract some buying interest. A move below the same might dwell the ongoing momentum."

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3:35 PM

Closing Bell: Sensex scales 378 points, Nifty near 11,000 levels

On account of lowering forecast for the Chinese economic growth and weak US consumption data, the Indian indices trade sideways in early trade session on Tuesday. However, after the Chinese government announcing majors to control the lower outlook forecast, the BSE Sensex went up by 378 points to 36,442 levels while the 50-stock Nifty went northward by 123 points to 10,987 levels. The BSE Infra index leads the rally by adding near 3.3  per cent  from its previous close while the BSE auto index added near 3  per cent  from its Monday close. Shares of Aban Offshore scaled over 4.25  per cent , shares of Ashoka Buildcon rose by over 7.25  per cent  and Dilip Buildcon counter skyrocketed  near  16  per cent .

3:25 PM

Infra leads the rally

The BSE Infra index went up by more than 3.2 per cent from its previous close. The index major Aban Offshore scaled over 4.25 per cent, shares of Ashoka Buildcon rose by over 7.25 per cent, Dilip Buildcon counter skyrocketed near 16 per cent, GVK Power & Infrastructure stock went up by around 10 per cent, NBCC (India) counter went up by more than 4.5 per cent, REC stock surged more than 5 per cent while Spicejet counter went up by more than 3 per cent.

2:35 PM

Sensex, Nifty continue to go northward

On account of lowering forecast for the Chinese economic growth and weak US consumption data, the Indian indices trade sideways in early trade session on Tuesday. However, after the Chinese government announcing majors to control the lower outlook forecast, the BSE Sensex went up by 264 points to 36,328 levels while the 50-stock Nifty went northward by 87 points to 10,950 levels. The BSE CPSE lead the rally by adding near 2.7  per cent from its previous close while the BSE Infra index added near 2.5  per cent from its Monday close.

1:30 PM

Infra stocks fuels the rally at Dalal Street

Following the BSE CPSE index closely, the BSE Infrastructure index added around 2.36 per cent from its previous close. The index major Aban Offshore Ltd added more than 4 per cent, Ashoka Buildcon Ltd stock went up by around 6.4 per cent, Dilip Buildcon stocks scaled nera 11 per cent, GVK Power & Infrastructure counter added near 8.5 per cent, Gateway Distriparks shared went northward by more than 5 per cent, NBCC (India) surged by around 4 per cent, Reliance Infra went northward by mroe than 4.5 per cent, Spicejet stocks added around 3.4 per cent, Tata Power Company went up by around 2.68 per cent while Tata Communications counter added near 1.2 per cent. 

1:00 PM

HDFC Security view on BSE Small Cap Index

The weekly chart of BSE Small Cap index shows that it has bottomed out and is in progress of a pullback rally or it’s just a whipsaw. Another less than a percent up move could
confirm the bottom in the Small cap Index. In simple terms, a rise above 14100 would confirm the following bullish view. 

Speaking on the outlook for BSE Small Cap index Gajendra Prabhu, Technical Research Analyst, HDFC Securities told Zee Business Online in a written statement, "Initially we could consider the current rise as an upward retracement of last fall from 20183 to 13099 (falling leg of +35%). It has the potential to retrace from 23.6% to 61.8%. But we are initially looking at 23.6% (14700:5% upside) to 38.2% (15800:13% upside) retracement," adding, "Traders can maintain a positive stance in quality small-cap stocks with a stop loss of 13350."

12:45 PM

Sensex, Nifty consolidates early gains

On account of lowering forecast for the Chinese economic growth and weak US consumption data, the Indian indices trade sideways in early trade session on Tuesday. The BSE Sensex went up by 134 points to 36,198 levels while the 50-stock Nifty went northward by 50 points to 10,913 levels. The BSE CPSE lead the rally by adding near 2.5  per cent from its previous close. Shares of Coal India Limited, Bharat Electronics and  Hindustan Copper gains 3.6  per cent , 6.3 per cent and near 6 per cent respectively.

11:40 AM

By DCM Shriram Consolidated counter for 20% gins in one to two months, advises HDFC Securities

On the weekly chart, the stock has formed a bullish harami candlestick pattern on 01-02-2019 (two candle patterns) and hammer candlestick pattern in isolation on 01-02-2019. This pattern often suggests a trend reversal signal which is considered to be a bearish trend reversal signal in this case.

On suggestion to the market investors in regard to the counter Nayak Ajit Srinivas, Technical Research Analyst, HDFC Securities told, "The counter looks technically promising and an investor can take buy position in the stock for Rs 450 as the first target and then Rs 495 for the next target in one to two month perspective." However, he urged the investors to maintain a stop loss at Rs 365/counter as the counter is currently around Rs 412/stock levels.

10:45 AM

IndiaNivesh view on current markets

Technically, at this juncture we continue to mention that till the time Nifty trades above 10580 the bias remains positive and individual stocks might continue to outperform. Also, due to the ongoing geopolitical issues; we expect the index to trade within the range of 10580 - 11000. Any move on either side of the range shall now dictate the further trend. Traders who initiated long in index futures near 10650 should follow strict stop of 10700 for the upside target of 11000 and above. On the downside 10720 – 10640 zone might again attract some buying interest. A move below the same might dwell the ongoing momentum.

10:40 AM

Sensex sustains above 36,000 levels, Nifty tests 10,880 resistance

On account of lowering forecast for the Chinese economic growth and weak US consumption data, the Indian indices trade sideways in early trade session on Tuesday. The BSE Sensex went up by 44 points to 36,108 levels while the 50-stock Nifty went northward by 17 points to 10,880levels. The BSE tech index  lead  the bleed at the Indian indices by going off by near half a  per cent .

9:35 AM

Tech stocks lead the bleed at Dalal Street

The BSE tech index lead the bleed at the Indian indices by going off by near half a per cent. The Index majors MphasiS Ltd, MindTree Ltd and Just Dial went off by near 1.25 per cent, Bharti Airtel was down by near 1 per cent. Shares of Reliance Communications went down by nera 1.5 per cent, Tech Mahindra counter was down by around 1.15 per cent, Wipro stock went down by around 1.8 per cent.

9:20 AM

Opening Bell: Sensex, Nifty down on weak global cues

On account of lowering forecast for the Chinese economic growth and weak US consumption data, the Indian indices trade red in early trade session on Tuesday. The BSE Sensex went down by 44 points to 36,022 levels while the 50-stock Nifty went down 17 points to 10,846 levels.

9:07 AM

Oil prices held firm

Oil prices held firm after OPEC ally Russia said it would ramp up supply cuts. US crude futures stood at $56.41 per barrel, down 0.3 per cent in early Asia but still up 1 percent on the week.

9:04 AM

Gold at lowest prices since Jan 25

Gold has fallen for four days in a row by Monday to as low as $1,283.10 per ounce, its lowest level since January 25. It last stood at $1,286.6. Silver hit two-month lows of $15.0725 per ounce.

9:00 AM

Global stocks take a hit on weak global data

Asian shares stepped back on Tuesday after China cut its economic growth target and pledged measures to support the economy amid growing challenges from rising debt and a dispute over trade and technology with the United States.

Australian shares dropped 0.6 per cent while South Korea`s Kospi lost 0.5 per cent. MSCI`s broadest index of Asia-Pacific shares outside Japan dipped 0.2 per cent and Japan`s Nikkei dropped 0.3 per cent.

China cut its growth target for this year to 6.0 to 6.5 per cent, in line with expectations, from around 6.5 per cent last year.

Premier Li Keqiang also said the country sees a budget deficit of 2.8 per cent of GDP and the Finance Ministry set the quota for local government`s special bond issues at 2.15 trillion yuan, 0.8 trillion yuan above last year`s quota.

"The increase in local governments' special bond is fairly large," said Naoto Saito, chief researcher at Daiwa Institute of Research.

"Since those funds will be solely used for infrastructure investments, you cannot avoid the impression that the government is relying on investments to support the economy in the short-term rather than de-leveraging. This could cause problems in the longer term."

Wall Street's major indexes fell on Monday, with the Dow Jones Industrial Average shedding 0.79 per cent and the S&P 500 losing 0.39 per cent. An unexpected fall in US construction spending, data that normally attracts little attention, was cited as a factor.

But others saw the retreat as a long overdue correction after a rally since late last year. MSCI`s World index,, a gauge of 23 developed markets, has risen 16.6 per cent from its near two-year low set on Dec. 26 low, even as the earnings outlook stagnated, driven by hopes of a dovish Fed and a compromise between Beijing and Washington on trade.