Sensex, Nifty jumps 1%; Heads up as 45 stocks hit 52-week low this week

The Indian market which started on a somber note managed to push the index back above crucial resistance levels in the week gone by, which was largely positive for the bulls. The Nifty50 reclaimed its crucial resistance level of 10,900 and closed the week with gains of 1.04 percent.

Similarly, the S&P BSE Sensex reclaimed 36,000 and closed 1.05 percent higher for the week ended January 18. The broader market underperformed with Smallcap index falling by 0.6 percent while the BSE Midcap index slipped a little over 1 percent in the same period.

Even though the benchmark indices managed to reclaim their crucial resistance levels, the number of stocks which hit 52-week low were more than the number of stocks which hit 52-week highs in the week gone by. This could be seen as a sign of caution ahead of the big event.

Stocks which hit fresh 52-week low include stocks like Force Motors, Dena Bank, KPR Mill, ABG Shipyard, Asian Granito, Lux Industries among others in the S&P BSE Smallcap index.

In the S&P BSE 500 index, as many as 15 stocks which include names like Tata Steel, Jindal Stainless, Sun Pharma Advanced Research Company, Jamna Auto among others.

However, experts feel that the trend is unlikely to continue as fresh signs of momentum are visible on the weekly charts. "The current trend of rising numbers of 52 weeks low candidates is likely to change as early sign of reversal is visible on the weekly charts of Small and Midcap indices. However, the transition is more likely to happen at a slow pace," Rupak De, Technical Analyst, Bonanza Portfolio told Moneycontrol.

"A bullish Butterfly Harmonic pattern is visible on the weekly chart of Nifty Midcap100. The Nifty SmallCap100 index is seen to be consolidating after a sharp rise, which may end in a breakout in the original direction (on the upside in this case). However, falling rupee may continue to do the spoil play going forward to some extent," he said.

Nifty Outlook:

The Nifty managed to hold on to its crucial resistance level of 10,900 levels in the week gone by which is a positive sign for the bulls. The index is currently forming a consolidation pattern and is likely to witness a range breakout soon.

"Formation like these usually witnessed before any key events. The current trading range has been 10,950-10,550 levels. It has formed a higher base which is structurally positive. The Nifty has formed multiple bullish reversal candlestick at the support zone which has kept the bulls interested," Manav Chopra, Head Research- Equity, Indiabulls Ventures told Moneycontrol.

"A decisive move above 10,950 would be a bullish sign and will take the index higher towards 11,350-11,600 zones. BankNifty witnessed some profit booking as it has declined from its recent highs and likely to see some consolidation in the near term. Price patterns indicate strong support clusters around the 27,200-27,000 levels on the downside which likely to provide a cushion in case of a decline," he said.

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Source: Moneycontrol

Brokerage calls: CLSA raises target on Axis; DCB Bank a buy for Kotak

We have collated a list of recommendations from brokerage firms for Thursday, January 17.

DCB Bank: Kotak Institutional Equities maintains Buy Rating | Target raised to Rs 210

Kotak Institutional Equities raised DCB Bank's target price to Rs 210 from Rs 185.

DCB Bank's Q3 metrics were stable on a quarter-on-quarter (Q0Q), Kotak said in a research note.

Axis Bank: CLSA maintains Buy rating | Target raised to Rs 800

CLSA hiked Axis Bank's target price to Rs 800 from Rs 750.

Management churn in the bank brings uncertainty, and more changes at the top are likely as the new CEO forms a new team, CLSA said.

"Cyclically, Axis Bank is in a sweet spot as it exits NPL recognition," CLSA said in a statement.

Mindtree: Macquarie upgrades to Neutral | Target cut to Rs 910

Macquarie has upgraded the stock to Neutral, cutting the target price to Rs 910 from Rs 920.

Mindtree's Q3 results were in line at the revenue level, Macquarie said in a research note.

Macquarie made a minor cut to its estimates of Mindtree's FY19-21 EPS.

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Source: Moneycontrol

Adani Enterprises trades flat despite signing MoU with Andhra Pradesh

Shares of Adani Enterprises erased gains and traded flat in the early trade on January 10 after signing an agreement to develop solar-powered data centre parks in Andhra Pradesh.

Adani Group and the government of Andhra Pradesh signed a memorandum of understanding (MoU) to build data centre parks up to 5 GW capacities in and around Visakhapatnam over the next 20 years.

"Adani Group will invest Rs 70,000 crores, potentially creating over 100,000 jobs over 20 years," the company said in a statement.

The stock traded flat after gaining as much as 2.5 percent initially on the BSE, quoting at Rs 153.15.

At 0930 hours, Adani Enterprises was quoting at Rs 150.05, up 0.50 percent.

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Source: Moneycontrol

Market Live: Sensex continues to trade flat, Nifty around 10,800; IndusInd Bank down 2%

Ashok Leyland surges Shares of Ashok Leyland gained 2.7 percent in the early trade on Thursday as company bagged an order to provide buses from state transports.

The company bagged orders from IRT (Institute of Road Transport, Chennai), UPSRTC (Uttar Pradesh State Roadways Transport Corporation) and CTU (Chandigarh Transport Undertaking) for 2580 buses.

BUZZING STOCK: Share price of Delta Corp fell 2 percent in the early trade on Thursday despite company reported better numbers for the quarter ended December 2018 (Q3FY19).

Company's Q3 profit was up 13 percent to Rs 50.53 crore versus Rs 44.74 crore, revenue increased 27 percent to Rs 205.81 crore versus Rs 162.17 crore, YoY,

Market opens It is a mildly lower start on the benchmarks on Thursday morning, with the Nifty above 10,800-mark.  

The Sensex is down 49.87 points or 0.14% at 36163.04, and the Nifty down 20.30 points or 0.19% at 10834.90. The market breadth is negative as 312 shares advanced, against a decline of 376 shares, while 37 shares were unchanged.

Consumption and metal names are trading higher, while pain is visible among banks and pharmaceuticals, among others. The Nifty Midcap index is trading flat. 

Tata Motors and NTPC are top gainers, while IndusInd Bank, Axis Bank, Bharti Infratel and HPCL lost the most.

Market at pre-open Benchmark indices have opened mixed in pre-opening trade. 

The Sensex is up 52.92 points or 0.15% at 36265.83, and the Nifty down 68.90 points or 0.63% at 10786.30.

The Indian rupee opened flat at at 70.46 per dollar on Thursday against previous close 70.46.

Rupee opens The Indian rupee has opened flat at 70.46 per US dollar. 

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Source: Moneycontrol

Stock picks of the day: Remain long in Nifty with a stop loss below 10,628

For the last 8 weeks, Nifty is moving in a schizophrenic manner. Every alternate week, it is moving in opposite direction. During the first two sessions of the last week, Nifty formed a double top at 10,923 levels and moved southward.

The Nifty has been moving in a rising wedge pattern on the daily chart. Last week, the index managed to close above the support level of the lower trend line of the wedge and ended the session with a bullish “Hammer” candlestick pattern on the daily chart.

Last week’s high of 10,923 resulted into lower top against the previous high of 10,985 registered on December 19, 2018. If we see daily charts, Nifty has been forming lower tops and higher bottoms.

This means that the move of the Nifty is getting contracted gradually in a Symmetrical Triangle. This setup indicates that very soon we would see one-sided move with momentum.

Any level above 10,924 would lead to a higher top preceded by higher bottom and that would trigger short coverings in the index.

However, level below 10628, which happens to be the recent bottom, would violate the bullish setup on the short-term charts.

Short term moving average of 8-days has been trading above the 21-days moving average, which indicates short-term uptrend for the Nifty.

As far as Bank Nifty is concerned, it has been outperforming and it seems that it will continue to outperform. Private as well as PSU banking stocks are looking convincing on the charts.

Support for the Bank Nifty spot index is placed at 26900, while resistances for the same are seen at 27650 and 28400.

To conclude, Nifty is contracting its moves and is likely to give one-sided move with momentum soon. Any level above 10,924 would trigger short covering, which could push Nifty towards 11,300 target. However, longs should be protected with stop loss of 10,628 on closing basis.

Here is a list of top three stocks which could give 10-16% return in 1 month:

Axis Bank: Buy| LTP: Rs 638| Target: Rs 704| Stop-Loss: Rs 603 | Return 10%

The stock price has given a Symmetrical Triangle breakout on the daily charts. It formed a higher tops and higher bottoms on the daily as well as the weekly charts.

Volumes have gradually improved along with the rise in prices. The stock price has been trading above its 20, 50, 100 and 200-DMA. Oscillators and indicators setup is fairly bullish, and the banking sector is likely to outperform.

Considering the technical evidences discussed above, we recommend buying the stock between 638 and 610 for the targets of 704 and 755, keeping a stop loss below Rs 603 on closing basis.

Action Construction: Buy| LTP: Rs 99| Target: Rs 113| Stop-Loss: Rs 90 | Return 14%

The stock is trading 52 percent lower than its January 2018 high of 204. On the long-term charts, the stock has turned extremely oversold.

For the last 3 months, the stock has been trading in a consolidation zone of 85 to 105. In the month of October and December 2018, the stock took support on the upward sloping trend line on the weekly charts. This trend line has acted nicely in the past.

For the week ended 4th Jan 2018, the stock broke out from the contracting range on the daily charts with a higher delivery percentage and higher volumes.

Indicators like MACD and Oscillator like RSI has turned bullish on the weekly charts. The stock price has recently taken support on its 200-week Exponential moving average and reversed north.

Considering the technical evidences discussed above, we recommend buying the stock at CMP and average it at 95, for the target of 113, and keeping a stop loss at Rs 90 on a closing basis.

Coromandel International: Buy| LTP: Rs 460| Target: Rs 535| Stop-Loss: Rs 420| Return 16%

The stock formed an Inverse Head and Shoulder breakout on the weekly charts. The stock formed a higher tops and higher bottom formation on the daily as well as the weekly charts.

Volume activity is gradually improving along with the price rise. The stock price has surpassed the resistance level of 50-week EMA. The stock price has surpassed the resistance of its 200-DMA.

Considering the technical evidences discussed above, we recommend buying the stock at CMP for the target of 535, and keeping a stop loss at 420 on closing basis.

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Source: Moneycontrol

Rupee to be in 70-72 range against dollar in 2019: ICICI Bank

The Indian rupee is expected to be in the range of 70-72 against a US dollar for the entire year, said B Prasanna, head of global markets group at ICICI Bank.

The rupee fell sharply on January 2, posting its biggest single session fall against dollar since December 3. The currency ended at 70.17 against the greenback.

“For the rupee, I would say that the medium-term bullishness still remains because of the fact that oil has fallen dramatically from the $80 per barrel to the $50 per barrel range notwithstanding yesterday’s rise of 3-4 percent. So that is definitely giving a slight boost to the currency but at the same time, I think RBI will not let it appreciate too much and also the emerging market (EM) scare, which is happening. So I guess the range would be 70-72 for the entire of the next year,” said Prasanna.

“I think yields will not go up too much because of the buying that happens from the Reserve Bank of India (RBI), but they will wait and watch to see what kind of space the government makes from the fiscal side if they do announce farm loan kind of a package,” he added.

“From the bond yield perspective, I think pretty much 7.25-7.45 kind of a range should hold true for the next one month or so, till the time the budget is announced,” said Prasanna.

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Source: Moneycontrol

Risk-off environment threatens an even deeper decline in copper prices in 2019

Copper rallied smoothly in 2016 and 2017 but the red metal has experienced profit-booking this year. The copper market fell victim to a stronger dollar, higher US interest rates, and the trade dispute between the US and China, which is weighing on economic growth in Asia and threatens to impact the global economy.

Copper is a metal that is a bellwether for other commodities as well as markets across all asset classes. The red metal is a barometer of economic progress around the world.

In 2018, the price of Comex copper was around $3 until June. The threat of a strike at the world's leading copper mine in Chile in June caused the price to move toward the high, but it failed and fell just 0.65 cents shy of the late 2017 peak.

The trade dispute between the United States and China weighed on China's economy, and copper prices, along with those of many other industrial commodities, declined.

Meanwhile, copper inventories often influence the price of the metal. When stockpiles grow, the price tends to drop, and periods of declines often support the price of the red metal. However, in 2018, significant declines in stocks at LME and Shanghai warehouses have done little to support the price of the non-ferrous metal.

The early December meeting between Presidents Trump and Xi at the G-20 gathering in Buenos Aires resulted in an agreement not to introduce any new tariffs or protectionist measures for 90 days and to negotiate a trade agreement that would end the dispute.

While many commodities have found themselves in the crosshairs of the trade dispute, economic weakness in China and around the world because of the issue has furthered the squeeze on the copper market.

Copper's path of least resistance could be in the hands of the US and China's trade negotiators in the first quarter of 2019. If the price action that followed the meeting in Argentina at the start of December is any guide, a trade deal between the US and China would likely ignite a rally in copper that could take the price back to $3 a pound. However, the current weakness in the stock market and the risk-off environment threatens an even deeper decline in the price of the red metal.

A US government delegation will travel to Beijing in the second week of January for trade talks with Chinese officials. The outcome would impact industrial metals. Whatever the China market does is what the copper market does, and early indications are that copper production is down along with a fall in inventories at LME warehouses.

Markets will be faced with many issues as we head into 2019, but if the price of copper experiences increased selling that pushes it to a new low in thin market conditions before end-2018, a buying opportunity in the red metal could arise.

The author is the Head - Commodity Research & Advisory at Anand Rathi Commodities.

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Source: Moneycontrol

Market Live: Nifty lower in pre-opening; rupee also opens weaker at 69.52/$

Market opens Equity benchmarks have begun the day on a lower note, with the Sensex falling nearly 150 points. The Nifty is below 10,850-mark.  

Bank Nifty and the midcap index are in the red, while pain is visible among automobiles, metals, and pharmaceuticals.

The Sensex is down 146.02 points or 0.40% at 36108.55, and the Nifty down 65.80 points or 0.60% at 10844.30. The market breadth is narrow as 241 shares advanced, against a decline of 210 shares, while 34 shares were unchanged.

NTPC, Wipro, HDFC and Bharti Airtel gained the most, while Tata Motors, Vedanta, Eicher Motors and JSW Steel lost the most 

Rupee opens The Indian rupee opened marginally lower at 69.52 per dollar on Wednesday versus previous close 69.45.

Rupee consolidated in a narrow range for the most of the sessions but rose in the last hour of the session. In the last couple of sessions volatility for the USD-INR pair has dropped as most market participants were on the sidelines following New Year holidays, said Motilal Oswal.

 Market at pre-open It is likely to be a subdued start as the Nifty is below 10,900 in pre-opening trade.

The Sensex is up 55.11 points or 0.15% at 36309.68, while the Nifty is lower by 12.50 points or 0.11% at 10897.60.

The Indian rupee opened marginally lower at 69.52 per dollar on Wednesday versus previous close 69.45.

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Source: Moneycontrol

Social media poised for more scrutiny, greater checks in 2019

With great power comes great responsibility. The quote made popular by the iconic comic series 'Spider-Man' sums up the challenges that social media platforms like WhatsApp and Facebook are facing in India.

They have been accused of being a carrier of hate messages and fake news that incited mob violence. And, now they stare at the prospects of stricter government rules, greater accountability and regulatory scrutiny.

These platforms, for some of whom India is the biggest consumer base outside of their home country, can see very much clear the writing on the wall -- follow the rules of engagement if you want to be in the world's fastest growing economy.

The year 2018 will go down in history as the one where social networking platforms not only made country-specific changes -- be it labeling forwarded messages, limiting the number of people a user can send a message to at one go and launching public awareness campaign against fake news. They also agreed to store user data belonging to Indians within the country.

Globally, the tech and social giants scrambled to make efforts to mollify users with better control of their digital profile and data trail, as they faced backlash over data breaches. India market was no different.

Earlier this year, Facebook came under the regulatory glare after a global data leak scandal hit about 87 million users. British data analytics and political consulting firm Cambridge Analytica was accused of harvesting personal information of millions of Facebook users illegally to help political campaigns and influence polls in several countries.

Law and IT Minister Ravi Shankar Prasad warned the US social media giant of "stringent" action for any attempt to influence polls through data theft, even threatening to summon its CEO Mark Zuckerberg, if needed.

The IT ministry slapped two notices on Cambridge Analytica and Facebook over the data breaches. Facebook admitted that nearly 5.62 lakh people in India were "potentially affected" by the incident and rushed to tighten processes, to prevent a repeat.

But Cambridge Analytica continued to be evasive and in mid this year the Centre asked CBI to probe the alleged misuse of data of India's Facebook users by the British political consultancy firm.

Facebook, meanwhile, to bring transparency in political advertisements in the run-up to 2019 general elections, is making it compulsory for advertisers to disclose their identity and location before any such ad material can be run on the popular social media platform and Instagram.

Twitter, too, intensified its crackdown on fake and automated accounts and began removing suspicious accounts from users' followers to give a "meaningful and accurate" view of follower count.

But, it was Facebook-owned WhatsApp that faced the maximum heat after rumours circulating on the messaging platform incited mob fury and claimed over a dozen lives in various parts of the country. The toxic messages that spread on WhatsApp instigated riots in certain cases, as people forwarded and misinterpreted videos on the messaging platform.

Following government's warnings, WhatsApp recently named a grievance officer for India and announced the appointment of an India head -- a first for the country that accounts for most users across the world. It has launched a label that identifies forwarded messages and barred forwarding of messages to more than five people at one go.

As the Supreme Court voiced concerns over irresponsible content on social media, the government rushed to propose changes in IT Act's rules and released draft amendments which would require "intermediaries" to enable tracing of originators of information when required by government agencies.

In the political slugfest that ensued, the Congress alleged that if the amendments were cleared, there would be a tremendous expansion in the power of the "big brother" government on ordinary citizens, "reminiscent of eerie dictatorships". Some Cyberlaw experts have equated the changes in rules to India's own anti-encryption law.

The proposals require social media firms to deploy technology-based automated tools for proactively identifying, removing or disabling public access to "unlawful information or content".

If approved, these changes will place social media platforms -- even those like WhatsApp which promise users privacy and encryption -- firmly under government lens, forcing them to adopt stricter due-diligence practices.

The amendments -- which come ahead of the general polls in 2019 -- propose that platforms would have to inform users to refrain from hosting, uploading or sharing any content that is blasphemous, obscene, defamatory, hateful or racially, ethnically objectionable, or threatens national security.

When backed by lawful order, these platforms will have to, within 72 hours, provide assistance as asked for by any government agency. The IT ministry has met Facebook, WhatsApp, Twitter, Google and others to discuss the proposed changes and public feedback has been sought by January 15.

The seemingly-infallible tech behemoths are already being equated with big oil and big tobacco, in Western markets.

The larger question is whether the shifting public perception and recent moves by the government to regulate these habit-forming, new-age platforms would change the very essence of social media, once considered a harbinger of free speech and individual rights.

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Source: Moneycontrol

BAT attack foiled along LoC, two Pakistani soldiers killed

A major Border Action Team (BAT) action has been foiled along the Line of Control (LoC) in Naugam sector of Jammu and Kashmir by killing two intruders who are "likely Pakistani soldiers", the Army said on Monday.

"Army foiled a major BAT attempt to strike a forward post along the Line of Control in Naugam Sector in the early hours of Sunday," an Army spokesman said.

He said the intruders attempted to come in by exploiting the thick jungles close to the LoC and were assisted by heavy covering fire of high calibre weapons such as mortars and rocket launchers from the Pakistani posts.

"The movement was nonetheless detected by the vigilant Indian Army troops deployed along the LoC," he said.

The spokesman said the fire-fight initiated by Pakistan was given strong retaliation by the Indian Army and the exchange of fire continued the whole night.

"Own troops conducted prolonged search operations in thick jungles and difficult terrain conditions to ascertain the situation, which confirmed elimination of two likely Pakistani soldiers and resulted in recovery of a large cache of warlike stores. The search operations are still underway in the sector to sanitise the area," he said.

He said it was also reported that a few other intruders managed to escape across the LoC, taking advantage of the Pakistani firing and adverse weather and visibility conditions.

"Intruders were wearing combat dresses like Pakistani Regulars and were carrying stores with Pakistani markings further reinforced the assessment. Some intruders were also seen in BSF and old pattern IA dresses as part of deception," he said.

The spokesman said the intruders were well equipped with IEDs, incendiary materials, explosives and a plethora of arms and ammunition.

"From the recovery, it was estimated that they intended to carry out a gruesome attack on the Indian Army forward post in Naugam sector. The alertness and resilience of the own troops, who engaged and neutralised the intruders, thus eliminated a likely treacherous attack on the Army forward posts along the LoC on the eve of New Year," he said.

Army authorities have applauded the courage and perseverance of troops, the spokesman said, adding the Indian Army's resolve to keep a strict vigil along the LoC and defeat all such nefarious designs of Pakistan will continue to remain firm and consistent.

"We will ask Pakistan to take back the mortal remains of deceased likely Pakistani soldiers since Pakistan did provide full covering fire support to these intruders," the spokesman said.

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Source: Moneycontrol

Stocks in the news: Capital First, DHFL, Tata Global, Lemon Tree Hotels, Kansai Nerolac

Here are stocks that are in the news today:

Tata Steel BSL: CARE assigned AA/Stable rating for company's long term bank facilities-term loan worth Rs 21,000 crore, and AA/Stable and A1+ for long/short term bank facilities-fund based/non-fund based worth Rs 5,000 crore.

United Bank of India: Central Government to invest Rs 2,159 crore in the equity capital of the bank by preferential allotment.

Kansai Nerolac Paints: Company has entered into Share Purchase Agreement (SPA) to acquire 100 percent equity stake in Perma Construction Aids Pvt. Ltd for Rs 29.10 crore.

Lemon Tree Hotels: Company agreed to enter into a joint venture with Magnolia Grove Investment Ltd, an affiliate of Warburg Pincus group. The JV Hamstede Living Private Limited will construct, acquire, develop, operate and lease short- and long-stay real estate projects, with a primary focus on student housing, co-living for working professionals/adults and multi-family users.

Majesco: The record date for its previously announced rights offering will be January 7, 2019.

Odisha Cement: Board has fixed January 8 as the record date for the purposes of reduction of face value of 5,69,00,220 equity shares of the company from Rs 10 to Rs 2 each.

Rane Madras: Crisil assigned long term rating A/Outlook-Positive and short term rating A1 for total bank loan facilities of Rs 403 crore.

Corporation Bank: Board appointed P V Bharathi, Executive Director at Canara Bank as Managing Director and Chief Executive Officer of Corporation Bank.

HCC: Company raises Rs 497.58 crore through rights issue.

Frontline Business Solutions: Rahul Saraf - Whole-Time Director of the company is arrested for GST violations in Maxgrow Overseas Limited of which he is the promoter and ex-director.

Selan Exploration Technology: The record date for the purpose of interim dividend has been fixed as January 5, 2019.

Aurionpro Solutions: equity shares of Trejhara Solutions will start trading on the stock exchanges w.e.f. December 28.

Ashoka Buildcon’s board approved raising Rs 150 crore via non-convertible debentures.

WABCO India clarified that the news of Wabco signing $950 million supply pact with commercial vehicle maker is for its parent company and not for the Indian arm.

Corporation Bank appointed Canara Bank’s Executive Director PV Bharathi as its Managing Director and Chief Executive Officer till March 2020.

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Source: Moneycontrol

Market Live: Nifty starts January series above 10,800; Sensex up over 150 points; Coal India down 3%

Market opens The Nifty has begun January series above 10,800, while the Sensex is higher by over 150 points. 

All sectoral indices, barring metals, are trading in the green, with maximum gains visible among banks, pharmaceuticals and automobiles. The Nifty Midcap index is up half a percent.  

The Sensex is up 163.11 points or 0.46% at 35970.39, while the Nifty is higher by 46.90 points or 0.44% at 10826.70. The market breadth is positive as 318 shares advanced, against a decline of 107 shares, while 23 shares were unchanged.

Asian Paints, Vedanta, Titan and Yes Bank gained the most, while Coal India, ONGC and BPCL lost the most. 

RUPEE OPENS The Indian rupee opened higher/lower at 70.05 per US dollar. This is an appreciation of 30 paise in the currency market.

Dec 28, 09:02 AM (IST)   

Market at pre-open Equity benchmarks have opened higher in pre-opening trade. 

The Sensex is up 72.60 points or 0.20% at 35879.88, while the Nifty is higher by 25.70 points or 0.24% at 10805.50.

The Indian rupee opened at 70.05 per US dollar against a previous close of 70.35 per US dollar.

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Source: Moneycontrol

Market Live: Sensex opens nearly 300 points higher, Nifty hits 10,800; OMCs fall

Market opens It is a solid start for equities on Thursday morning, tracking global cues. The Nifty hit 10,800, while the Sensex has also risen around 300 points. 

Among sectors, all of them are in the green, with maximum gains visible among banks, consumption, IT, and metals, among others.  

The Sensex is up 289.36 points or 0.81% at 35939.30, while the Nifty is higher by 84.60 points or 0.79% at 10814.50. The market breadth was positive as 357 shares advanced, against a decline of 78 shares, while 17 shares were unchanged.

Yes Bank, Sun Pharma, and Indiabulls Housing gained the most, while Power Grid, Asian Paints, HPCL and BPCL have lost the most. 

Rupee opens The Indian rupee has opened at 70.20 per US dollar against a previous close of 70.07 per dollar. The currency is down around 13 paise.

Market at pre-open Equity benchmarks have had a good start in pre-opening trade. The Nifty is near 10,800.

The Sensex is up 245.45 points or 0.69% at 35895.39, and the Nifty up 50.10 points or 0.47% at 10780.00.

The rupee has opened at 70.20 per US dollar against a previous close of 70.07 per dollar. 

Crude plays As oil prices traded higher, OMCs and aviation stocks have taken a hit. Here is a look at their intraday chart. 

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Source: Moneycontrol