Market Updates | Intraday Stock Tips: IDEAL STOCK MARKET UPDATE

Equity benchmarks have extended their fall from the opening mark. The Nifty is now below 10,900.

The Sensex fell 121.44 points or 0.33% at 36425.04, and the Nifty declined 53.20 points or 0.49% at 10890.40. The market breadth is negative as 469 shares advanced, against a decline of 980 shares, while 68 shares were unchanged. Selling is visible across sectors, with maximum pain seen in automobiles and pharmaceuticals, among others. The Nifty Midcap index is down around 0.20 percent.

According to Pivot charts, the key support level is placed at 10,899, followed by 10,854.4. If the index starts moving upwards, key resistance levels to watch out are 11,014.7 and 11,085.8.

It formed a Doji candle followed by a bearish candle on daily scale which suggests a short term pause in positive momentum as it failed to hold its gains even after its consolidation breakout above 10,985 zone.

Now it has to again cross and hold above 10,985 zone to witness an upmove towards 11,080 then 11,176 zone while on the downside a hold below 10,929 could drag the index towards next support at 10,820 then 10,777 zones.

The Nifty Bank index closed at 27,294.4. The important Pivot level, which will act as crucial support for the index, is placed at 27,183.03, followed by 27,071.66. On the upside, key resistance levels are placed at 27,443.93, followed by 27,593.46.

Shares of Tata Steel, Kotak Mahindra Bank and Cipla have gained the most, while M&M, Hero MotoCorp, and Indiabulls Housing lost the most.

Rupee opens :

The Indian rupee has opened at 71.23 per US dollar. This implies an appreciation of 8 paise from its previous close of 71.31 per US dollar.

the rupee appreciated by 14 paise Friday to close at 71.31 against the US dollar on persistent foreign fund inflows even as the greenback strengthened overseas amid fresh concerns over global growth.

On Friday, the rupee appreciated by 14 paise Friday to close at 71.31 against the US dollar on persistent foreign fund inflows even as the greenback strengthened overseas amid fresh concerns over global growth.

Global Markets :

The benchmark S&P 500 index and the Nasdaq edged upward to snap a two-day losing streak on Friday as positive corporate results offset lingering

skepticism over the United States and China reaching a trade deal before the March 1 deadline. Shares of Coty Inc, Mattel Inc and Motorola Solutions Inc

jumped after the companies reported better-than-expected quarterly results.

The Dow Jones Industrial Average fell 63.2 points, or 0.25 percent, to 25,106.33, the S&P 500 gained 1.83 points, or 0.07 percent, to 2,707.88 and the Nasdaq Composite added 9.85 points, or 0.14 percent, to 7,298.20.

Asian shares in tight range ahead of US-China trade talks

Asian shares started the week on the backfoot on Monday as worries about global growth, US politics and the ongoing Sino-US tariff war kept investorscautious, while the safe-haven greenback held near a six-week top against major currencies.

MSCI’s broadest index of Asia-Pacific shares outside Japan was a tad weaker after it was toppled from a four-month top on Friday. Trading volumes are expected to be thin with Japan on public holiday, while Chinese markets reopen after a week-long break for the Lunar New Year holiday.

SGX Nifty

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 35 points or 0.32 percent. Nifty futures were trading around 10,911-level on the Singaporean Exchange.

Oil prices fall on rising US rig count, pressure on OPEC-led supply cuts

Crude prices fell by around 1 percent on Monday as US drilling activity picked up and as Russia’s biggest oil producer pressured President Vladimir Putin to end the supply cut deal with Middle East-dominated producer club OPEC.

US West Texas Intermediate (WTI) crude futures were at $52.16 per barrel at 0103 GMT, down 56 cents, or 1 percent, from their last settlement. WTI prices were also weighed down by the closure of a 120,000 barrels per day (bpd) crude distillation unit (CDU) at Phillips 66’s Wood River, Illinois, refinery following a fire on Sunday.

International Brent crude oil futures were down 53 cents, or 0.9 percent, at $61.57 a barrel.

Fears of a global economic slowdown resurfaced after US President Donald Trump said he does not expect to meet his Chinese counterpart Xi Jinping before the March 1 deadline in trade war negotiations between the two superpowers.

Forex traders said firming crude oil prices and heavy selling in domestic equities weighed on the local unit.

FPIs turn net buyers in February; invest Rs 5,300 crore in just 6 trading sessions. This comes following a pullout of Rs 5,264 crore by foreign portfolio investors in January.

According to data available with depositories, FPIs put in a net amount of Rs 5,273 crore in equities during February 1-8. However, they pulled out a net sum of Rs 2,795 crore from the debt market during the period under review.

Despite the recent net inflows, the broader approach would continue to be cautious and FPIs would continue to adopt a wait and watch approach. The focus would continue to be on the country's progress on the economic growth front as well as the general elections.

Other factors such as movement in crude prices and currency, which would have a bearing on the country's macro-environment, and worries over global trade war will continue to guide the direction of FPI flows.

The stance of US Fed towards interest rates will also play a significant role in foreign fund flows.

Domestic Markets :

Dr Reddy’s Labs falls 4% as US FDA issues 11 observations to Bachupally plant

The company on Friday told the exchanges that its Formulations Manufacturing Plant - 3 at Bachupally, Hyderabad had been inspected by the US FDA. It has been issued a Form 483 with 11 observations.

Results on February 11: Eicher Motors, Andhra Bank, Corporation Bank, Motherson Sumi Systems, Amara Raja Batteries, Power Finance Corporation, Trejhara Solutions, Centrum Capital, Skipper, Spencer's Retail, CESC Ventures, Max Financial Services, TCI Express, Lasa Supergenerics, Mazda, Kalyani Commercials, Damodar Industries,

Reliance Home Finance, Pilani Investment and Industries Corporation, The Peria Karamalai Tea & Produce Company, Max India, Oricon Enterprises, Hindustan Aeronautics, Ganges Securities, Avadh Sugar & Energy, Dhunseri Ventures, Urja Global, Sab Events & Governance Now Media

Here are stocks that are in the news today:

Bharti Airtel: Airtel Kenya Signs an agreement with Telkom Kenya to combine operations.

Tata Steel Q3: Profit surges 53 percent YoY to Rs 1,751 crore; India biz revenue up 10 percent

Reliance Industries: RRVL acquired a further stake of 9.44 percent in Genesis Colors for Rs 45 crore.

Balkrishna Industries Q3: Net Profit down 23.6 percent at Rs 144.7 crore versus Rs 189.5 crore (YoY)

Lupin: US FDA issued 2 observations for Goa unit

State Bank of India: Reduced interest rates on home loans up to Rs 30 lakh by 5 basis points.

Prakash Industries: Modernised its Rolling Mill in Chattisgarh to improve the production of wire rods. The company also stated that it is on schedule to complete its Sponge Iron Kiln by March 2019.

Rural Electrification Corporation: Board approved incorporation of 5 project specific Special Purpose Vehicles for its transmission arm.

Allahabad Bank, PNB, Corporation Bank: RBI imposed penalty of Rs 1.5 crore on Allahabad Bank and Rs 1 crore on Punjab National Bank due to regulation issues. Corporation Bank was also penalised Rs 2 crore due to lapses in monitoring

EID Parry: Sales data for January with sugar sales at 0.24 MT and export sugar sales at 0.19 MT. Around 7.94 lakh MT of sugarcane was crushed for the afore-mentioned period, while 57 lakh liters of alcohol was sold.

Power Finance Corporation: NCLT approved amalgamation of the company’s wholly owned arm ‘PFC Green Energy’ with self.

Cipla: Subsidiary InvaGen Pharmaceuticals Inc has completed the first tranche of 33.3 percent stake buy in US-based speciality business firm Avenue Therapeutics.

Time Technoplast: Aburi Ltd. had withdrawn the complaint filed against the company with Economic Offences Wing of Mumbai Police and has resumed business ties.

IndusInd Bank: To raise funds via debt on February 13.