Today Nickel Updates Trading Rules

Buy Signal: When all the mcx nickel short-term Exponential Moving Averages (EMA) crosses the long-term Exponential Moving Averages (EMA) from below, signals for a uptrend.

SELL Signal: When all the mcx nickel short-term Exponential Moving Averages (EMA) cross the long-term Exponential Moving Averages (EMA) from above, signals for a downtrend.

Trend Strength: Another application of Guppy multiple moving average system is to analyze the strength of the current trend in nickel. If the EMA lines of short term and long term moving averages are wide separated by a uniform distance then the trend in nickel is seen as stable. If there's no wide separation, then the prevailing trend is weak and vulnerable.

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Today Zinc Updates Trading Rules

Buy Signal: When all the mcx zinc short-term Exponential Moving Averages (EMA) crosses the long-term Exponential Moving Averages (EMA) from below, signals for a uptrend.

SELL Signal: When all the mcx zinc short-term Exponential Moving Averages (EMA) cross the long-term Exponential Moving Averages (EMA) from above, signals for a downtrend.

Trend Strength: Another application of Guppy multiple moving average system is to analyze the strength of the current trend in zinc. If the EMA lines of short term and long term moving averages are wide separated by a uniform distance then the trend in zinc is seen as stable. If there's no wide separation, then the prevailing trend is weak and vulnerable.

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Today Lead Updates Trading Rules

Buy Signal: When all the mcx lead short-term Exponential Moving Averages (EMA) crosses the long-term Exponential Moving Averages (EMA) from below, signals for a uptrend.

SELL Signal: When all the mcx lead short-term Exponential Moving Averages (EMA) cross the long-term Exponential Moving Averages (EMA) from above, signals for a downtrend.

Trend Strength: Another application of Guppy multiple moving average system is to analyze the strength of the current trend in lead. If the EMA lines of short term and long term moving averages are wide separated by a uniform distance then the trend in lead is seen as stable. If there's no wide separation, then the prevailing trend is weak and vulnerable.

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Crude oil futures soften by 0.46%

Crude oil futures declined by 0.46 percent to Rs 3,888 per barrel as speculators cut bets to take profits off the table despite strong global cues.

At the Multi Commodity Exchange, crude oil for delivery in February contracts fell by Rs 18, or 0.46 percent, to Rs 3,888 per barrel with a business turnover of 14,041 lots.

Analysts said domestic sentiments turned weak despite oil prices rose in global markets and on account of profit-booking by speculators at current levels.

However, globally, West Texas Intermediate (WTI) crude oil strengthened by 0.70 percent to $54.61 a barrel, while Brent, the international benchmark, rose 0.86 percent to $62.23 a barrel.

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Source: Moneycontrol

Today Gold Updates Trading Rules

Buy Signal: When all the mcx gold short-term Exponential Moving Averages (EMA) crosses the long-term Exponential Moving Averages (EMA) from below, signals for a uptrend.

SELL Signal: When all the mcx gold short-term Exponential Moving Averages (EMA) cross the long-term Exponential Moving Averages (EMA) from above, signals for a downtrend.

Trend Strength: Another application of Guppy multiple moving average system is to analyze the strength of the current trend in gold. If the EMA lines of short term and long term moving averages are wide separated by a uniform distance then the trend in gold is seen as stable. If there's no wide separation, then the prevailing trend is weak and vulnerable.

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Today Silver Analysis Update Trading Rules

Buy Signal: When all the mcx silver short-term Exponential Moving Averages (EMA) crosses the long-term Exponential Moving Averages (EMA) from below, signals for a uptrend.

SELL Signal: When all the mcx silver short-term Exponential Moving Averages (EMA) cross the long-term Exponential Moving Averages (EMA) from above, signals for a downtrend.

Trend Strength: Another application of Guppy multiple moving average system is to analyze the strength of the current trend in silver. If the EMA lines of short term and long term moving averages are wide separated by a uniform distance then the trend in silver is seen as stable. If there's no wide separation, then the prevailing trend is weak and vulnerable.

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Copper prices are expected to trade higher today

On Wednesday, LME Copper rose by 1.4 percent to close at $6136 .0 per tonne. Dovish statements by FED led to an uptrend in the Copper prices. However, the gains were limited after China’s PMI contracted for the second month in January. The global copper market deficit continues to be more than 500,000 tonne, keeping the global premiums higher and signaling towards stronger demand. On the MCX, Copper prices rose by 1.4 percent to close at Rs. 436.7 per kg.

Outlook

LME Copper price is currently trading higher by 0.32 percent to trade at $ 6150.75 tonne. Halt in the rate hikes cycle has pressurized the Dollar and inj turn might support the Copper prices.

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Source: Moneycontrol

Hit by sanctions, Asia's Iran crude oil imports drop to three-year low in 2018

Iranian crude oil imports by Asia's top four buyers dropped to the lowest volume in three years in 2018 amid US sanctions on Tehran, but China and India stepped up imports in December after getting waivers from Washington.

Asia's top four buyers of Iranian crude - China, India, Japan and South Korea - imported a total 1.31 million barrels per day (bpd) in 2018, down 21 percent from the previous year, data from the countries showed.

That was the lowest since about 1 million bpd in 2015, when a previous round of sanctions on Iran led to a sharp drop in Asian imports, Reuters data showed.

The United States reimposed sanctions on Iran's oil exports last November as it wants to negotiate a new nuclear deal with the country. US officials have said they intend to reduce the Islamic Republic's oil exports to zero.

On a monthly basis, Asia's imports from Iran rebounded to a three-month high of 761,593 bpd in December as China and India stepped up purchases after Washington granted eight countries waivers from the Iranian sanctions for 180 days from the start of November.

"We expect Iranian exports to Asia to remain stable at around 800,000 barrels per day until May, when the waivers expire," said Energy Aspects analyst Riccardo Fabiani.

In December, China's imports climbed above 500,000 bpd for the first time in three months, while India's imports rose above 302,000 bpd.

Japan and South Korea did not import any Iranian crude that month because they were still sorting out payment and shipping issues, but the countries have resumed oil lifting from Iran this month.

During the 180-day period, China can import up to 360,000 bpd of Iranian oil, while India's imports are restricted to 300,000 bpd. South Korea can import up to 200,000 bpd of Iranian condensate.

"After May, it will all depend on the US administration's decisions, which at the moment remain completely obscure. On balance, they are likely to extend the current waivers, although rumours are that there could be a significant cut in waivered volumes," Fabiani said.

As a precaution, Indian Oil Corp, the country's top refiner, is looking for an annual deal to buy US crude as it seeks to broaden its oil purchasing options, its chairman said on Wednesday.

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Source: Moneycontrol

Central banks bought more gold in 2018 than any year since 1967: WGC

A surge in gold purchases by central banks to the highest since 1967 helped push global demand for the metal up 4 percent last year, the World Gold Council (WGC) said on January 31.

The world consumed 4,345.1 tonnes of gold in 2018, up from 4,159.9 tonnes in 2017, the WGC said in its latest quarterly demand trends report.

Driving the increase were central banks which bought 651.5 tonnes - 74 percent more than in 2017 and the second highest annual total on record - as countries including China and Poland joined Russia, Turkey and Kazakhstan in adding to their reserves, the WGC said.

Jewellery demand was relatively unchanged at 2,200 tonnes, with rising consumption in China, the United States and Russia offsetting a steep decline in the Middle East and a very slight fall in India.

Retail investment in gold bars and coins grew 4 percent to 1,090.2 tonnes - helped by a sharp 222-percent rise in demand in Iran to almost 62 tonnes, according to the WGC.

Interest from financial investors was lacklustre, with exchange-traded funds adding 68.9 tonnes to their holdings over the year, down 67 percent from 2017.

That changed, however, in the final quarter of 2018, as rising economic uncertainty in China and elsewhere rippled through markets.

Demand for gold in electronics and for jewellery fell as consumers scaled back spending, while investment demand rebounded and exchange-traded funds saw large inflows.

Gold is traditionally seen as a safe investment in times of political or economic turbulence.

"Economic uncertainty, slowdown, (and the) US-China trade conflict supported investment flows," said the WGC's head of market intelligence, Alistair Hewitt.

"The flip side is that it hit some elements of the market," he said, adding that this dynamic is likely to run through 2019.

Hewitt said central bank purchases would likely be elevated again this year and that demand in the two largest gold markets, China and India, would likely remain firm, with China consuming 900-1,000 tonnes and India 750-850 tonnes in 2019.

Global supply of gold grew by 1 percent to 4,490.2 tonnes last year, the WGC said.

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Source: Moneycontrol

Oil extends gains into third session amid tighter US supply

US oil prices edged up on Thursday to extend gains into a third session, with widely watched data showing signs of tightening supply in the United States.

US West Texas Intermediate (WTI) crude futures were at $54.41 per barrel at 0052 GMT, up 19 cents from their last settlement. WTI futures closed up 1.7 percent on Wednesday, when prices touched their highest since Nov. 21 at $54.93 a barrel.

International Brent crude oil futures had yet to trade, after closing up 2.2 percent in the previous session.

"Oil prices rallied after the (Energy Information Administration) weekly report showed crude stockpiles rose less than expected," said Edward Moya, market analyst at OANDA.

"US stockpiles may continue to fall as Saudi Arabia continues to trim exports to the US"

US crude oil stockpiles climbed less than expected last week due to a drop in imports, while gasoline and distillate inventories fell as refiners slowed production, the Energy Information Administration said on Wednesday.

Crude inventories rose 919,000 barrels in the week to Jan. 25, compared with analyst expectations for an increase of 3.2 million barrels.

Net US crude imports fell last week by 1 million barrels per day.

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Source: Moneycontrol

Ind-Ra maintains stable outlook on base metals in FY20

India Ratings and Research (Ind-Ra) on Wednesday announced that it has maintained a stable outlook on the base metals for the next financial year. "Ind-Ra expects the ratings of sector companies to remain stable during FY20, as reflected in the stable outlook on the existing portfolio," it said it a statement.

Within the sector, domestic aluminium prices are expected to remain stable, despite a likely decline in demand, while zinc prices may taper off because of an increase in global supply, it said.

"Also, copper prices could stabilise, after a price correction during 2H18," it added.

Major issuers, it said, are likely to post healthy profit margins, on the back of a steady volume ramp-up and cost deflation, countered by lower average realisations.

Ind-Ra said it expects global aluminium prices to remain steady in 2019-20, it added.

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Source: Moneycontrol

Fed rate pause keeps gold near eight-month highs

Gold prices on Thursday held near eight-month highs hit in the previous session, as the dollar weakened after the US Federal Reserve paused its monetary tightening cycle, putting bullion on course for its fourth straight monthly gain.

Spot gold was steady at $1,319.72 per ounce by 0308 GMT. Prices rose to their highest since May 11 at $1,323.34 on Wednesday. US gold futures were up 0.6 percent at $1,317.70 per ounce. Spot gold has risen 2.8 percent so far this month. The Fed held US interest rates steady on Wednesday but said it would be patient in lifting borrowing costs further this year as it pointed to rising uncertainty about the economic outlook.

"Gold is getting a double whammy from a dovish Fed and US-China trade talks. The US dollar has been sold off across the board, supporting gold," said Jeffrey Halley, senior market analyst, OANDA. The dollar index, which measures the greenback against a basket of currencies, fell after the Fed's cautious statement. Gold tends to rise on expectations of lower interest rates, which reduce the opportunity cost of holding non-yielding bullion.

Meanwhile, attention turned towards the US and China high-level trade talks that began on Wednesday, aimed at digging out from their months-long trade war.

Investors are worried that Washington's criminal charges against Chinese company Huawei and its chief financial officer could hurt the talks.

If the two sides cannot reach a deal soon, Washington has threatened to more than double tariffs on Chinese goods on March 2.

"(I) Expect gold to stay reasonably firm particularly through the trade talks and consolidate above $1,300 in the near term. But, $1,350 is going to be tough to crack and one needs more risks in the market to push gold higher," Halley said.

Asia stocks rose to a four-month high on Thursday, tracking Wall Street after the Fed decision.

Spot gold has gained nearly 14 percent since hitting more than 1-1/2-year lows in August, mostly due to tumultuous stock markets and on expectations that the Fed could pause its multi-year-rate hike cycle.

Underscoring investor interest in gold, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were at their highest since June.

SPDR gold holdings have climbed 4.6 percent so far this month, the biggest monthly gain since September 2017.

Palladium fell 0.1 percent to $1,359.50, after touching a record high at $1,434.50 on Jan. 17.

"Speculative positioning is now likely extremely elevated on the long side, suggesting periodic sell-offs on profit-taking are more likely," Robin Bhar, head of metals research at Societe Generale said in a note.

Silver fell 0.3 percent to $16.02 per ounce, after touching $16.10 in prior session, its highest since July 2018. Platinum was up 0.4 percent at $811.50.

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Source: Moneycontrol

Strong earnings outlook, attractive valuation make ICICI Bank a must buy

The third-quarter earnings of ICICI Bank strengthens our belief that the bank is well on track on multiple fronts to deliver to targeted returns by June 2020. In fact, we will not be surprised if it revises targeted consolidated RoE (return on equity) of 15 percent upwards in another couple of quarters.

ICICI Bank reported a very healthy performance for Q3 FY19 with core pre-provision operating profit (excluding treasury income ) increasing by 14 percent year on year (YoY). However, rise in provisions led to muted headline number of reported net profit declining by 3 percent YoY.

With bulk of problem assets already recognised till FY18 and in Q1 FY19, the slippages or gross additions to non-performing assets continued to trend downward in Q3. However, our enthusiasm for the bank is not just limited to receding asset quality problems. There is more than a reason that makes us decisively positive on the stock.

The bank has continued to improve its retail franchise – both assets and liabilities. ICICI Bank’s balance sheet it is now comparable to best in class and is the first reason for our optimism with bank’s CASA (low cost current and savings) deposits at 49 percent and retail loans at 59 percent of total loan book.

Bank’s adequate capitalisation is the second reason that makes us affirmative. In an environment where large a large part of the lending system has been crippled because of a shortage of capital (public sector banks) and receding liquidity (NBFCs), ICICI Bank is well poised to leap ahead with more than adequate capital.

Third and the most important reason is expectation of improvement in return ratios. With the receding asset quality issues and provisions thereof, we expect the reported numbers to improve significantly from FY20 as the current year (FY19) remains a year of consolidation due to higher credit costs.

And last but not the least, considering multiple levers that should help drive sustained improvement in RoE, bank’s valuation is extremely attractive.  With the stock currently trading around 1.5 times FY20e book, current valuations seems to be pricing in the most concerns and offers a favourable risk reward.

Key positives

Overall advances growth stood at 12 percent YoY as healthy 14 percent growth in domestic loan book was partially negated by 5 percent de-growth in international loans. A strong focus on retail lending has enabled ICICI Bank to grow its domestic loan book almost in line with the system growth, despite cyclical weakness in the large corporate segment. Retail assets grew by solid 22 percent YoY while corporate loans were almost flat YoY.

The net interest margin (NIM) for the quarter improved to 3.40 percent from 3.33 in previous quarter mainly due to better margins on international book while margins on the domestic book remained almost stable at 3.72 percent.

Fee income growth was healthy at 16 percent driven by retail fees which constituted 73 percent of total fees.

Provision coverage ratio (PCR) improved significantly to 68.4 percent (up 950 bps sequentially). This is much faster -than-expected acceleration in bank’s earlier stated objective to improve PCR to 70 percent by June 2020.

Gross slippages to non-performing assets declined in Q3 to Rs 2,091 crore which was very encouraging. Thanks to contained slippages and higher provisioning, net NPAs declined to 2.58 percent compared to 3.65 percent in Q2.

The bank’s exposure to list 1 and list 2 of corporates undergoing resolution through National Companies Law Tribunal (NCLTL) declined at Rs 3,816 crore and Rs 8,828 crore respectively. PCR on the list 1 and 2 was very healthy at 90 percent and 72 percent respectively as at end December increasing the likelihood of write backs in future.

Additionally, the bank’s disclosed pool of loans to corporate and SME rated BB and below (potential stress) declined to Rs 18,812 crore (equivalent to 3.3 percent of the loan book) which also include the IL&FS exposure.

Key negatives

CASA (low cost current and savings accounts) ratio dipped marginally to 49.3 percent as at end December as growth in CASA deposits lagged growth in term deposits. Still overall performance on liability continues to be impressive.

Current stock price factors in known issues; valuation rerating to continue

In May last year, management articulated its strategy to deliver consolidated RoE of 15 percent while improving NNPA to 1.5 percent and maintaining provision cover above 70 percent by June 2020.

With its 2020 vision in place, investors should expect much lower NPA formation and normalised credit cost in FY20, mid-teen loan growth, steady margin and a fast journey to reach RoE of 15 percent. With a strong capital adequacy (Tier I capital ratio at 15.14 percent), we don’t see many constraints in delivering its targets.

With a potential improvement in return rations, the current valuation of its core book at 1.5 times FY20e P/BV looks compelling. In fact, ICICI bank is trading at significant discount of more than 30 -40 percent relative to its closest corporate lending peer having similar asset quality issues.

The indictment of Chanda Kochhar by internal enquiry committee doesn’t alter bank’s growth plans. Appointment of  Sandeep Bakshi as CEO had lifted the cloud of management related uncertainty. Q3 earnings indicate a clear sky making ICICI Bank an exciting yet relatively safe investment bet for long term.

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Source: Moneycontrol

Stocks in the news: Bharti Airtel, ICICI Bank, International Paper, Ratnamani Metals, Hexaware

Here are stocks that are in the news today:

Results on January 31: Bharti Airtel, Hero MotoCorp, Vedanta, Dabur India, UPL, Power Grid Corporation of India, eClerx Services, Oriental Carbon & Chemicals, Signet Industries, Creditaccess Grameen, Laurus Labs, Apollo Micro Systems, JITF Infralogistics, Menon Bearings, Srikalahasthi Pipes, Mold-Tek Packaging, Cigniti Technologies, SQS India BFSI, Uniphos Enterprises, Tokyo Plast International, Aegis Logistics, Accelya Kale Solutions, Sundaram Finance, Solar Industries India, Selan Exploration Technology, Datamatics Global Services, V-Guard Industries, TCI Finance, Dena Bank, TD Power Systems, Jamna Auto, Maral Overseas, JMC Projects (India), Gangotri Textiles, 21st Century Management Services, JBF Industries, NMDC, IFB Industries, HSIL, Essar Shipping, Petronet LNG, Ballarpur Industries, Chambal Fertilizers & Chemicals, Magma Fincorp, LG Balakrishnan & Bros, Kabra Extrusion Technik, EIH Associated Hotels, LGB Forge, Emami, Gujarat Alkalies and Chemicals

IL&FS Transportation Networks: Interest due on January 30 on NCD not paid to debenture holders due to insufficient funds.

ICICI Bank Q3: Profit down 2.8 percent to Rs 1,604.9 crore versus Rs 1,650 crore; net interest income rises 20.5 percent to Rs 6,875.2 crore versus Rs 5,705.2 crore YoY. Net NPA down to 2.58 percent versus 3.65 percent and gross NPA falls to 7.75 percent versus 8.54 percent QoQ.

Jindal Stainless Q3: Profit falls 59 percent to Rs 55 crore versus Rs 133.6 crore; revenue dips 8.4 percent to Rs 2,233 crore versus Rs 2,438.5 crore YoY.

International Paper Q3: Profit jumps to Rs 58 crore versus Rs 21 crore; revenue rises 14.6 percent to Rs 376 crore versus Rs 328 crore YoY.

Ratnamani Metals Q3: Profit surges 37.1 percent to Rs 62.8 crore versus Rs 45.8 crore; revenue rises 36 percent to Rs 728.5 crore versus Rs 535.6 crore YoY.

Mahindra Holidays Q3: Profit drops 33 percent to Rs 21.24 crore versus Rs 31.75 crore; revenue dips 9.5 percent to Rs 236 crore versus Rs 260.7 crore YoY.

LIC Housing Finance Q3: Profit jumps 25.5 percent to Rs 596.3 crore versus Rs 475.1 crore; revenue rises 5.6 percent to Rs 4,438.8 crore versus Rs 3,635.9 crore YoY.

Torrent Pharma Q3: Profit surges to Rs 246 crore versus Rs 58 crore; revenue rises 40.2 percent to Rs 2,051 crore versus Rs 1,463 crore YoY. Board approved issuance of unsecured / secured redeemable non-convertible debentures / bonds by way of private placement within the borrowing limits of the company.

Hexaware Q4: Profit dips 28.3 percent to Rs 123.4 crore versus Rs 172.3 crore; revenue rises 3.5 percent to Rs 1,252.4 crore versus Rs 1,209.6 crore QoQ. Guidance for 2019: Company sees organic revenue growth of 12-14 percent.

NTPC Q3: Profit rises 1 percent to Rs 2,385.4 crore versus Rs 2,360.8 crore; revenue surges 16.1 percent to Rs 24,120.4 crore versus Rs 20,774.4 crore YoY. Board approves 1 for 5 bonus share issue.

Ashoka Buildcon Q3: Profit rises 32.3 percent to Rs 62.2 crore versus Rs 47 crore; revenue jumps 61.6 percent to Rs 1,065 crore versus Rs 658.9 crore YoY.

Ajanta Pharma: Company approved buyback of up to 7.69 lakh shares at a price up to Rs 1,300 per share. Company approved February 12 as the record date for determining the entitlement of the eligible shareholders for the proposed buyback of the equity shares of the company.

Shemaroo Entertainment Q3: Profit rises to Rs 19.56 crore versus Rs 17.95 crore; revenue increases to Rs 149 crore versus Rs 133 crore YoY.

Cadila Healthcare: Zydus Wellness and its subsidiary Zydus Wellness—Sikkim (a partnership firm) acquired 100 percent of the equity share capital of Heinz India Private Limited.

Zydus Wellness: Tarun G Arora to be Chief Executive Officer and Whole Time Director.

Shervani Industrial Syndicate: Board approved the buy back of ordinary shares of the company from all shareholders on proportionate basis though tender offer.

Tata Communications Q3: Profit jumps to Rs 173.3 crore versus Rs 2.15 crore; revenue rises Rs 4,269.5 crore versus Rs 4,068.22 crore QoQ.

Sagar Cements Q3: Consolidated loss at Rs 2.97 crore versus profit at Rs 3.01 crore; revenue rises Rs 319.11 crore versus Rs 249.4 crore YoY.

Ajanta Pharma Q3: Profit falls to Rs 66.9 crore versus Rs 147.5 crore; revenue declines to Rs 485.11 crore versus Rs 587.05 crore YoY.

EIH Q3: Profit rises to Rs 63.9 crore versus Rs 42.65 crore; revenue jumps to Rs 443.9 crore versus Rs 362 crore YoY.

Blue Dart Express Q3: Profit dips to Rs 31.35 crore versus Rs 45.5 crore; revenue rises to Rs 855.45 crore versus Rs 704.6 crore YoY.

Bajaj Holdings and Investment Q3: Profit rises to Rs 781.1 crore versus Rs 661.25 crore; revenue increases to Rs 109.6 crore versus Rs 102.6 crore YoY.

Cholamandalam Investment and Finance Company Q3: Profit rises to 304.4 crore versus Rs 219.4 crore; revenue increases to Rs 1,830.7 crore versus Rs 1,389.4 crore YoY; gross NPA lower at 2.7 percent versus 2.8 percent and net NPA down at 1.5 percent against 1.6 percent QoQ.

Jindal Stainless Hisar Q3: Profit dips to Rs 55 crore versus Rs 133.63 crore; revenue falls to Rs 2,233 crore versus Rs 2,438.6 crore YoY.

Castrol India Q3: Profit rises to Rs 211.9 crore versus Rs 196.7 crore; revenue increases to Rs 1,033.4 crore versus Rs 970.3 crore YoY.

Emkay Global Q3: Profit dips to Rs 1.6 crore versus Rs 9.5 crore; revenue declines to Rs 35.32 crore versus Rs 43.3 crore YoY.

AAVAS Financiers Q3: Profit jumps to Rs 56.3 crore versus Rs 25.9 crore; revenue rises to Rs 194.8 crore versus Rs 125.66 crore YoY.

Bharti Airtel: Qatar Investment Authority agreed to invest $200 million through a primary equity issuance in Airtel Africa. The proceeds will be used to further reduce Airtel Africa's existing net debt.

EPC Industrie Q3: Profit rises to Rs 3.93 crore versus Rs 2.6 crore; revenue jumps to Rs 77.34 crore versus Rs 54 crore YoY.

63 Moons Technologies: Supreme Court has dismissed the Special Leave Petitions of NSEL Investor Action Group (NIAG) and Government of Maharashtra, declining to interfere with the Bombay HC order of releasing assets of 63 moons (formerly known as FTIL) attached under the Maharashtra Protection of Interest of Depositors (MPID) Act.

Talwalkars Better Value Fitness: Company made investment in company in India - Rushzone Wellness Private Limited.

Dixon Technologies Q3: Profit rises to Rs 17.64 crore versus Rs 15.24 crore; revenue rises to Rs 794 crore versus Rs 680 crore YoY.

TTK Healthcare Q3: Profit declines to Rs 4.88 crore versus Rs 12.24 crore; revenue rises to Rs 149 crore versus Rs 146 crore YoY.

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Source: Moneycontrol

Market Live: Sensex gains 200 points, Nifty around 10,700; Tata Steel gains 2%

Market Opens: Benchmark indices opened higher on Thursday with Nifty trading around 10,700.

At 09:17 hrs IST, the Sensex is up 205.23 points at 35796.48, while Nifty is up 44.40 points at 10696.20. About 532 shares have advanced, 242 shares declined, and 26 shares are unchanged. 

Tata Steel, RIL, Grasim, Vedanta, ICICI Bank, UltraTech Cement, Coal India, UPL, Eicher Motors are trading higher, while BPCL, IOC, HPCL, Bharti Infratel, Adani Port, HDFC, Zee Entertainment are among losers.

All the sectoral indices are trading in green, midcap index is up 0.50 percent.

Rupee Opens: The Indian rupee gained in the early trade on Thursday. It has opened higher by 17 paise at 70.95 per dollar versus previous close 71.12.

Market at pre-open: Benchmark indices are trading higher in the pre-opening trade with Nifty above 10,650 level.

At 09:02 hrs IST, the Sensex is up 269.07 points or 0.76% at 35860.32, and the Nifty up 35.00 points or 0.33% at 10686.80.

Bajaj Auto gains 2%, ICICI Bank up 2% in the pre-opening session, while Reliance Industries down 7% and HDFC Bank down 7%.

US markets end higher: US stocks surged on Wednesday after the Federal Reserve said it would be patient in lifting borrowing costs further this year, reassuring investors worried about a slowing economy.

Asian markets at 4-month high: Asia stocks rose to a four-month high on Thursday, tracking Wall Street, after the Federal Reserve pledged to be patient with further interest rate hikes, signalling a potential end to its tightening cycle amid signs of slowing global growth.

Crude Update: US oil prices edged up on Thursday to extend gains into a third session, with widely watched data showing signs of tightening supply in the United States.

SGX Nifty: Trends on SGX Nifty indicate a positive start for the broader index in India, a gain of 71.50 points or 0.67 percent. Nifty futures were trading around 10,708-level on the Singaporean Exchange.

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Source: Moneycontrol