Indian ADRs: Tata Motors Slips 3%, ICICI Bank Down 2.5%

Trade Nivesh


Indian ADRs ended mixed on Friday. ICICI Bank fell 2.54 percent and Dr. Reddy's Laboratories added 0.51 percent.Indian ADRs ended mixed on Friday. In the IT space, Wipro was down 0.86 percent at USD 4.59 and Infosys was unchanged at USD 17.36.


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In the banking space, ICICI Bank fell 2.54 percent at USD 8.45 and HDFC Bank gained 0.42 percent at USD 98.33.In the other sectors, Tata Motors shed 3.04 percent at USD 22.32 and Dr Reddy's Laboratories added 0.51 percent at USD 29.32.

Wall Street Posts Weekly Loss as Banks, Chipmakers Weigh

Trade Nivesh

The S&P 500 ended lower on Friday after a choppy trading session as bank and chipmaker stocks weighed on the index and investors grappled with US-China trade talks.


All three major US stock indexes posted a weekly loss as the markets reacted to reports from the US-China trade summit, raising US government bond yields and increasing oil prices.
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China denied accounts by some US officials that it had offered a package to slash the US trade deficit by up to USD 200 billion, but said the consultations were "constructive," in the latest salvo of tit-for-tat messages to emerge from the high-level meeting.

Boeing Co shares rose on hopes for a reduction in the US-China trade deficit, after an American source said the company would be major beneficiary of a narrowed trade gap. Boeing sells about a fourth of its commercial aircraft to Chinese customers. The plane maker's shares advanced 2.1 percent, helping keep the Dow Jones Industrial Average out of negative territory.

Relatively tariff-immune small-cap stocks continued to outperform, with the Russell 2000 hitting its third straight record closing high.

Yields of US 10-year Treasuries pulled back from near seven-year highs as buyers emerged after a bond sell-off earlier in the week prompted by growing inflation worries.

Although banks typically benefit from higher interest rates, shares of JPMorgan Chase, Citigroup, Bank of America and Wells Fargo were all lower, pulling the S&P Financial index down 0.9 percent.

Some investors have expressed skepticism that the banking sector has much more room to raise unless loan growth accelerates or regulations slacken considerably.

The Dow Jones Industrial Average was essentially flat, ending the session at 24,715.09, the S&P 500 lost 7.16 points, or 0.26 percent, to 2,712.97 and the Nasdaq Composite dropped 28.13 points, or 0.38 percent, to 7,354.34.

Shares of Applied Materials dropped 8.2 percent after the chip equipment maker's weak 2019 forecast added to concerns of softening Smartphone demand, as told by Trade Nivesh Investment Adviser sources.

The Philadelphia Semiconductor index ended the session down 1.4 percent, its worst loss since April 19.
Deere & Co helped bolster the industrials sector, jumping 5.7 percent after the company raised its full-year earnings estimate.

The S&P Energy index dropped 0.8 percent as crude prices fell. Despite the session's decline, oil still posted its sixth consecutive weekly advance.

Declining issues outnumbered advancing ones on the NYSE by a 1.01-to-1 ratio; on Nasdaq, a 1.03-to-1 ratio favored decliners.

The S&P 500 posted 10 new 52-week highs and five new lows; the Nasdaq Composite recorded 144 new highs and 33 new lows.

Volume on US exchanges was 6.18 billion shares, compared with the 6.64 billion-share average for the full session over the last 20 trading days.

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Live Stock Market Updates - Sensex, Nifty rebound to morning highs; ONGC gains by 3%

Nifty and Sensex seem to rebound to their morning highs after buying seen in several sectors including Telecom, Reality, and Metal. Pharma sector catches the downtrend with Lupin and Sun Pharma dragging the index down.

The S&P BSE Sensex is trading at 33,632, up by 58 points, while NSE Nifty is trading at 10,436 up by 12 points.

The BSE Mid-cap Index is trading down by 0.08% at 16,739.37 whereas BSE Small-cap Index is trading up by 0.63% at 17,880.89.

Bharti Airtel, Axis Bank, ONGC, YES Bank, and Indusland Bank are among the gainers, whereas PowerGrid, Sun Pharma, Lupin, BPCL, and Eicher Motors are losing steam on NSE. 

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Out of 1,972 stocks traded on the NSE, 938 advanced, 629 declined, and 405 remained unchanged today. 

A total of 77 stocks registered a fresh 52-week high in trade today, while 12 stocks touched a new 52-week low on the NSE.
 
Opening Bell:

Gainers: Axis Bank, Dr. Reddy’s, ONGC, Hindalco (1%)

Losers: Coal India, Power Grid (-1%).
  • HCC JV bags Pune Metro order.
  • Dena Bank seeks bids to sell off 20 NPAs worth Rs 7.47 bn.
  • Bharti Airtel shares off highs as block deal between promoter companies.
  • HCC shares down 3% as Jul-Sep net profit 49.7% on year.
  • Andhra Bank shares down 3% on Jul-Sep loss vs PAT year ago.
  • Shriram City shares down 3.3% as asset quality weakens in Jul-Sep.
  • Lakshmi Vilas Bank shares up 4.5% as Maz Life Insurance might increase stake.
  • Ujjivan Finacial shares up 6% as asset quality improves in Jul-Sept.

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Divis Labs spikes as USFDA to lift import ban

As per the company’s filing on BSE, the USFDA has informed the company that it will be lifting the Import alert 66-40 and will be moving to close out the warning letter issued to the company’s Unit-II at Vishakhapatnam. The Divi's stock is up 15% or Rs 139 trading at Rs 1062 on NSE at 9.15 am.

The US drug regulator, after its reinspection of the plant during September 11 to 19, 2017, had issued six observations by raising Form-483.

The Company, in its September, 2017 quarter financial results press release, had mentioned that it had filed responses to the USFDA within the given stipulated time.
 
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