Stock Market: Markets Live: Sensex climbs 200 pts, Nifty50 nears 10,70…

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India’s gold demand could rebound in 2019, rising above the 10-year average, as the government seeks to bolster consumer confidence and spending power ahead of general elections due by May, the World Gold Council (WGC) said on Thursday.

Gold consumption in 2019 will likely be 750-850 tonnes versus 760.4 tonnes last year, said Somasundaram PR, the managing director of WGC’s Indian operations on Thursday. Indian demand has averaged 838 tonnes over the last 10 years.

Factors driving the market rally

It is a pre-budget rally. Market is assuming something good is coming for the market in tomorrow’s budget. There is some short-covering also ahead of F&O expiry.

– Sanjeev Jain, AVP, Ashika Stock Broking

Chalet Hotels IPO subscribed 36% so far on Day 3

The Rs 1,641 crore initial public offer (IPO) of Chalet Hotels was subscribed 36 per cent so far on Day 3 of the bidding process on Thursday. The issue has received demand for a total of 1,48,96,763 shares so far against an issue size of 4,13,26,672 shares.

The government should consider withdrawing this tax. It will help improve the sentiment and make the equity market an attractive option once again

– Anand Rathi, Chairman, Anand Rathi Group

Mentha oil slips in futures trade on muted spot demand

Mentha oil prices declined in the domestic futures market on Thursday, hit by a slump in demand.

Around 11 am, MCX Mentha oil was at Rs 1,580 per kg, down by Rs 12.70, or 0.80 per cent.

Speculators trimmed positions in mentha futures, triggered by muted demand from consuming industries at the spot market and adequate stocks on higher supplies from the major producing regions.

We think the results from select largecaps and midcaps have been extremely flattering and this could prove to be a lull before the storm. We will go up from 11000 to 11200 in February and I can reiterate that by 15th of April, you should be close to new highs.

– Sanjiv Bhasin, IIFL Securities

Indiabulls Housing reports 14% drop in Q3 profit

Indiabulls Housing Finance on Thursday reported a 13.72 per cent year-on-year (YoY) drop in net profit at Rs 985.51 crore for the December quarter. Adjusted for profit from sale of stake in OakNorth Bank to GIC of Singapore in the year-ago quarter, profit growth stood at 8.9 per cent, the company said in a BSE filing. The NBFC had reported Rs 1,142.32 crore profit in the same quarter last year.

Central banks bought most gold in 2018 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 per cent last year, the World Gold Council (WGC) said on Thursday. 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.

Domestic gold demand dips 1.40% to 760.4T in 2018

Higher prices and some government measures among other negatives pulled down domestic gold demand by a marginal 1.40 per cent to 760.4 tonne in 2018, while global consumption inched up 4 per cent, according to the annual report from the World Gold Council.

The council attributed the marginal decline in domestic demand to fewer auspicious wedding days, higher price volatility and various transparency measures implemented by the government.

FMs & D-Street moves

DHFL slumps 17% after government launches probe

Shares of Indian home loan provider Dewan Housing Finance Corp Ltd slumped 17 percent in early trade on Thursday, with sources saying the government has launched a probe into allegations of financial mismanagement against the company.

Ministry of Corporate Affairs will look into allegations against Dewan following a report by investigative media outlet Cobrapost, two government sources with direct knowledge of the matter told Reuters on Wednesday. The sources said on Thursday the probe has been launched.

ICICI Bank jumps 3% as brokerage keep faith

Shares of ICICI Bank climbed 3 per cent in the early trade
The bank reported a 2.75% fall in profit at Rs 1,605 crore in Q3
However, brokerages and financial firms have kept their faith
MS has maintained its overweight view with a target price of Rs 510/share
Nomura maintained ‘Buy’ rating and even raised the target price to Rs 480

Bharti Airtel Q3 results: Telco may report losses, tepid revenue growth

Brokerages say Bharti Airtel is likely to report Rs 500-1,100-crore lossses in the December quarter earnings on Thursday. The management commentary, if any, on the impact of Jio’s GigaFiber and Giga STB on Enterprise, Home broadband and DTH business, will be keenly watched. A potential increase in tariffs and commentary on bottoming out of revenue growth will also be followed keenly.

Game of Thrones? who do you think will win? Drop your comments on our Twitter page

TimesNow pre-poll survey shows Modi’s NDA at kissing distance of majority mark; RG’s Congress way off. What are you… https://t.co/l1hGM1MWRO

— ETMarkets (@ETMarkets) 1548908471000

This pause which most likely now looks set to last for quite some time, will give Fed the breathing space that was not there starting from the second quarter of 2018 till about the fourth quarter of 2018.

– Jahangir Aziz, JP Morgan

Top 5 NSE gainers in early trade

Price as on 31 Jan, 2019 10:08 AM, Click on company names for their live prices.

Do market moves depend on fiscal deficit numbers?

Only armchair economists believe that Stock Market movements depend on Fiscal Deficit figures. It is the most ridic… https://t.co/fiPAIfwjbh

— sandip sabharwal (@sandipsabharwal) 1548908823000

TimesNow pre-poll survey shows Modi’s NDA at kissing distance of majority mark; RG’s Congress way off

Check out the most active stocks on NSE

Price as on 31 Jan, 2019 09:31 AM, Click on company names for their live prices.

ET Radio: Let’s talk business & markets

OPENING BELL: Sensex climbs 200 pts, Nifty50 nears 10,700; Tata Steel gains 2%; DHFL, IIFL Holdings drop 3% each

Singapore trading sets stage for a gap-up start

Nifty futures on the Singapore Exchange were trading 62.50 points, or 0.59 per cent, higher at 10,699, indicating a gap-up start for the Nifty50.

Nifty forms Bearish Belt Hold-like candle

Indecision prevailed as traders struggled to gauge market direction, said Arun Kumar, Market Strategist at Reliance Securities. “Given the sell signals, Nifty50’s movement may be muted. The 10,600 level is crucial. If the index decisively breaks above that point, the market may slip further,” Kumar said.

F&O rollovers at 65%

Market-wide rollovers till Wednesday stood at 65 per cent, which is lower than average rollover of 67 per cent seen in the comparable period of last three series. Nifty futures rollover at 47 per cent too were lower than 68 per cent rollovers seen in last three series.

Fed says it will be ‘patient’ on future rate hikes

Fed Chairman Jerome Powell said the case for rate increases had “weakened” in recent weeks, with neither rising inflation or financial stability considered a risk, and “cross-currents” including slowing growth overseas and the self-inflicted wound of a federal government shutdown making the U.S. outlook less certain.

Asian stocks rally on dovish Fed

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, signaling a potential end to its tightening cycle amid signs of slowing global growth. MSCI’s broadest index of Asia-Pacific shares outside Japan rose to its highest since October 4 and was last up 0.4 per cent. Japan’s Nikkei rose 1.4 per cent.

Oil prices edge higher

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, up 19 cents from their last settlement.

US stocks settled higher

The Dow Jones Industrial Average rose 436.5 points, or 1.78 per cent, to 25,016.46, the S&P 500 gained 41.36 points, or 1.57 per cent, to 2,681.36 and the Nasdaq Composite added 154.79 points, or 2.2 per cent, to 7,183.08.

Rupee ended almost flat against dollar

The rupee Wednesday ended almost flat at 71.12 against the US dollar as forex traders preferred to sit on the fence while awaiting cues from key upcoming events like US Fed policy and India’s Union Budget.

Bharti Airtel to report Q3 results

Bharti Airtel, State Bank of India, Hero MotoCorp, Vedanta, Power Grid, UPL, NMDC, Petronet LNG, Dabur India and Dena Bank will announce their December quarter results on Thursday.

Chalet Hotels IPO subscribed 28% on Day 2

The Rs 1,641 crore initial public offer (IPO) of Chalet Hotels was subscribed 28 per cent on Day 2 of the bidding process on Wednesday. The issue has received demand for a total of 1,16,68,957 shares so far against an issue size of 4,13,26,672 shares.

Kocchar violated code of conduct: Panel

ICICI Bank’s internal inquiry found that former chief executive Chanda Kochhar violated disclosure norms on conflict of interest and her October exit won’t be treated as a normal resignation but as dismissal, the board of directors said. The bank will also seek to claw back bonuses handed out over her tenure as CEO and she stands to lose all dues as well as stock options that would have accrued to her.

DHFL issue may cast shadow on the sector

The alleged financial fraud by a large housing company could have implications for the broader sector, including increase in risk aversion by debt investors or lenders, said UBS.

L&T Tech OFS: FIs subscribe 57% on Day 1

Many institutional investors gave the Rs 900-crore share sale by Larsen & Toubro in L&T Technology Services a miss on Wednesday. The two-day offer for sale was subscribed 57 per cent on the first day meant only for institutions as investors felt valuations were expensive. Retail investors can bid in the OFS on Thursday.

DIIs buy Rs 502 crore worth of equities

Foreign portfolio investors (FPIs) bought Rs 130 crore worth of domestic stocks on Wednesday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 502 crore, data suggested.