The Sensex today snapped a 9-day losing run buy rising over 400 points.
The Sensex today snapped a 9-day losing run buy rising over 400 points.

Sensex snaps 9-day losing run, rebounds over 400 points

  • Global markets have rallied on hopes of US-China trade deal
  • Nifty settled at 10,735, up 1.25% 

Indian shares rebounded today with Sensex rising 403 points to 35,756, ending a nine-day losing run. The broader Nifty settled at 10,735, up 1.25%. Global markets have rallied over the past few days as investors bet the latest round of talks between the US and China would yield a trade deal, putting an end to a protracted tariff war.

Further lifting global stocks, US President Donald Trump said on Tuesday that trade talks with China were going well and suggested he was open to pushing off the deadline to complete negotiations, saying March 1 was not a "magical" date.

Tariffs on $200 billion worth of Chinese imports are scheduled to rise to 25% from 10% from March 1 if the world's two largest economies do not settle their trade dispute.

"For Nifty, 10,600 is an important support region. In the absence of any key price triggers, that has acted as temporary bounce point," said Anand James, chief market strategist at Geojit Financial Services, adding that the market is also tracking progress in the China-U.S. talks.

Later in the day, the US Federal Reserve will release the minutes from its January meeting. Back home, the RBI is scheduled to release the minutes of its February meeting on Thursday.

IT stocks bounced back after two days of losses. Shares of Infosys Ltd rose 2%.

Financial stocks such as Yes Bank, SBI and energy stocks such as Reliance Industries Ltd were also among the biggest gainers. Yes Bank advanced 2.5% while RIL rose 1.5%.

Metal stocks also posted strong gains with Vedanta and Tata Steel both surging over 4% each. (With Agency Inputs)

20 Feb 2019, 01:33:22 PM IST

Centrum Broking expects metals to shine

The brokerage is positive on the metal stocks, with Tata Steel and Jindal Steel among its preferred picks. “Considering overall chart structure, we are expecting an up move towards 3050–3200 in the Nifty Metal index. Thus, we are expecting positive momentum in the stocks like Tata Steel, Jindal Steel, JSW Steel and Vedanta. However, Tata Steel and Jindal Steel are our preferred picks," the brokerage said in a note. 

20 Feb 2019, 11:51:20 AM IST

Reliance Communications shares fall

Shares of Reliance Communications Ltd lost as much as 9.47% after the Supreme Court ordered the company to pay 550 crore to telecom equipment company Ericsson in four weeks. Ericsson India Pvt. Ltd had moved the Supreme Court seeking initiation of contempt proceedings against RCom and its chairman Anil Ambani for wilful disobedience of its earlier orders to pay its dues.

20 Feb 2019, 10:58:37 AM IST

Aarti Industries shares jump 4% on big contract win

Aarti Industries shares jumped nearly 4% on BSE after the company said that it has entered into a $125 million multi-year contract with a global chemical conglomerate for supply of high value speciality chemical intermediate. Shares however later gave up most of its gains to trade at 1320.

20 Feb 2019, 10:07:17 AM IST

Rupee moves higher against US dollar

Rupee as higher at 71.21 against the US dollar, tracking gains in other Asian currencies vs the greenback. So far during the day, rupee traded in the range of 71.18-71.34 against the US dollar.

20 Feb 2019, 09:31:38 AM IST

Real estate stocks gain on hopes of GST rate cut on under-construction properties

Shares of real estate companies were in focus as the GST Council meets today, with rationalisation of rates of Goods and Services Tax (GST) on real estate and lottery on the agenda. The Nifty Realty index was up around 1%. Brigade Enterprises, Godrej Properties, Indiabulls Real Estate and Sobha Developers were up over 1%. 

20 Feb 2019, 09:06:55 AM IST

Boost for Dr Reddy's as US court refuses to block generic Suboxone Film

US Chief Justice John Roberts cleared the way for Dr. Reddy’s Laboratories Ltd. to resume selling a generic version of Indivior Plc’s opioid addiction treatment Suboxone Film. Dr. Reddy’s had received regulatory approval to sell a generic version of the drug in July before it was shut down by a federal judge who said it had to wait for a final decision in the patent case. (Bloomberg)

20 Feb 2019, 09:01:45 AM IST

Yes Bank says can't share divergence report in full without RBI nod

Yes Bank Ltd on Tuesday said that it had partly disclosed the divergence report because the Reserve Bank of India (RBI) had said that no other part of the risk assessment report can be made public. Besides, since the RBI risk assessment report was confidential, it cannot share it in full unless the central bank permits it, it added.

20 Feb 2019, 08:54:45 AM IST

Asian markets extend gains

Asian stocks were mostly higher after US-China trade talks resumed in Washington while investors awaited minutes from the US Federal Reserve for clues on policymakers' thinking on interest rates and its balance sheet reduction policy. U.S. President Donald Trump said on Tuesday that trade talks with China were going well and suggested he was open to pushing off the deadline to complete negotiations, saying March 1 was not a "magical" date. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2%. Overnight, S&P 500 gained 0.15 percent, helped by upbeat results from Walmart while the Nasdaq rose 0.19%, logging its seventh straight session of gains.

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