Winning Strokes: Think Different

Yesterday, the market ended the volatile session higher. The barometer index, the S&P BSE Sensex, gained 224.50 points or 0.59% at 38,242.81. The Nifty 50 index gained 59.95 points or 0.52% at 11,536.90. Shares regained some lost ground on Thursday after declining sharply in the past few sessions.

Stocks drifted higher in early trade as buying resumed in index pivotals after recent slide. Key benchmark indices nudged higher in morning trade amid volatility. Firmness prevailed on the bourses in mid-morning trade. Stocks trimmed gains in early afternoon trade. Volatility ruled the roost as key indices sharply pared losses soon after hitting fresh intraday low in afternoon trade. Stocks once again firmed up in mid-afternoon trade. Indices extended gains and hit fresh intraday high in late trade.

The Sensex rose 224.50 points or 0.59% to settle at 38,242.81, its highest closing level since 3 September 2018. The index rose 302.65 points, or 0.80% at the day's high of 38,320.96. The index fell 105.81 points, or 0.28% at the day's low of 37,912.50.

The Nifty 50 index rose 59.95 points or 0.52% to settle at 11,536.90, its highest closing level since 3 September 2018. The index rose 85.30 points, or 0.74% at the day's high of 11,562.25. The index fell 40.90 points, or 0.36% at the day's low of 11,436.05.

The S&P BSE Mid-Cap index rose 0.31%. The S&P BSE Small-Cap index rose 0.46%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1603 shares rose and 1115 shares fell. A total of 172 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Telecom index (down 0.3%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.16%), the S&P BSE Consumer Durables index (down 0.13%), the S&P BSE Teck index (down 0.08%), the S&P BSE FMCG index (up 0.03%), the S&P BSE IT index (up 0.13%), the S&P BSE Metal index (up 0.21%), the S&P BSE Auto index (up 0.27%), the S&P BSE Capital Goods index (up 0.27%), the S&P BSE Finance index (up 0.29%), the S&P BSE Basic Materials index (up 0.32%), the S&P BSE Bankex (up 0.36%) and the S&P BSE Realty index (up 0.53%), underperformed the Sensex. The S&P BSE Industrials index (up 0.65%), the S&P BSE Utilities index (up 1.01%), the S&P BSE Oil & Gas index (up 1.15%), the S&P BSE Power index (up 1.21%), the S&P BSE Energy index (up 2.12%) and the S&P BSE Healthcare index (up 2.20%), outperformed the Sensex.

Housing and Urban Development Corporation rose 7.19% after net profit rose 105.31% to Rs 333.38 crore on 73.42% increase in total income to Rs 1614.09 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 5 September 2018.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at Rs.71.86, compared with its close of Rs.71.78 during the previous trading session.

Yesterday, Asian shares ended lower amid ongoing concerns over emerging markets and potential new US tariffs on China. US stocks closed mostly lower Wednesday as tech stocks dropped after Facebook Inc. and Twitter Inc. executives testified on Capitol Hill about online misinformation.

The US and Canada are reportedly set to restart high-stakes efforts to resolve differences as they work toward recasting the North American Free Trade Agreement.

On the US data front, the trade deficit jumped almost 10% in July, hitting the highest level in five months and keeping the US on pace to record the largest annual gap in a decade.

#Mandhana Industries Ltd hit another upper circuits yesterday at Rs.7.15 in the NSE. One sided movement was seen in the shares of the company, after it was recommended at Rs.4.65 in this blog, around a couple of weeks back. Yesterday, there was media reports that Salman Khan no more needs permission from the court to travel abroad.

#Yesterday, the shares P C Jewelers Ltd was recommended as a Buy to the Premium Members at around Rs.85-86, for targets of Rs.103-190. The company has over 90 outlets across 70 Indian cities. For the financial year ending March 2017, the company posted a 21.6% growth, clocking a turnover of Rs.8,099 crore ($1.2 billion). The company’s market value now stands below its projected sales of Rs.10,000 crore for the financial year 2018. India is one of the largest consumers of gold jewellery in the world. Weddings alone account for 40% of all gold sales, followed by the harvest. The festive buying in gems and jewelry sector is likely to gather steam in the coming days. 

~~with inputs from Capital Market - Live News....