Until Monday, Mahanagar Gas Ltd’s (MGL’s) shares had fallen about 25% from their highs in end-March. One of the key reasons was the overhang of a potential stake sale by Shell India, which owned a 10% stake in the Mumbai-based city gas distributor

While Shell India has eventually sold its entire stake, and that too at a slight discount to prevailing prices, the news had a rather dramatic effect on MGL’s shares. With the stake sale out of the way, the shares rose as much as 8% on Tuesday to 848.60.

Shell sold 9.88 million shares at a price of 780 per share, according to data from the stock exchanges.

“We do not foresee the exit of Shell to have any negative fundamental impact on MGL since they have been in the business for more than 20 years and it is more process-driven from hereon," analysts at Jefferies India Pvt. Ltd said in a note to clients.

The sharp underperformance of MGL shares since April also meant that valuations were relatively low at 12.6 times estimated FY20 earnings. This gave further impetus to the relief on Tuesday.

“Now that the technical overhang has lifted, MGL’s valuations could well be rerated and investors’ focus can shift to fundamentals," says Nitin Tiwari, vice-president at Antique Stock Broking Ltd.

He adds: “MGL’s strong Ebitda margin did not warrant a big discount on valuations compared to its peers such as Indraprastha Gas and Gujarat Gas. Even though MGL’s volume growth has been relatively slower than peers, on the profitability front, it has done far better than its peers." Ebitda stands for earnings before interest, tax, depreciation and amortization.

MGL’s volume growth of 3.3% in the recently concluded June quarter was lower than Street expectations. On the other hand, its Ebitda performance was robust. “MGL reported strong results in 1QFY20 driven by Ebitda margins at 10.1 per standard cubic meter (SCM) leading to a 9% beat on our street-high Ebitda estimate," said the analysts at Jefferies India in a report on 8 August.

To be sure, whether Ebitda margins sustain in the coming quarters remains to be seen. For now, MGL investors are celebrating the fact that key event risk is out of the way.

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Vedanta Resources said on Wednesday that the Lusaka High Court had refused its application to halt the Zambian government's winding up proceedings against its Konkola Copper Mines (KCM) business

Mumbai-listed Vedanta has been locked in a dispute with the Zambian government since May when Lusaka appointed a liquidator to run KCM, which is 20% owned by Zambia's state mining company and 80% owned by Vedanta.

Zambia, Africa's second-biggest copper producer, has accused KCM of breaching the terms of its licence, which Vedanta denies.

"Vedanta is reviewing the ruling and will then make a decision on its next steps," Vedanta said in a statement, adding that a hearing for the winding-up petition was set to take place on Aug. 27. Preliminary arguments will be heard on Aug. 13.

The dispute in Zambia, Africa's second-biggest copper producer, has intensified fears around resource nationalism in Africa.

Last month, South Africa's High Court ordered Zambia to halt the planned sale of KCM until a final decision is made in arbitration proceedings launched by Vedanta.

But Zambia's mines minister Richard Musukwa said foreign judgments were not enforceable in Zambia until they were registered in local courts.

He had said earlier in July that nine companies were expected to submit bids for KCM within weeks.

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Shares of Titan Co. Ltd have declined by almost 22% from their annual closing high seen on 28 June

The company released its pre-quarterly update for the three months ended June on 8 July, wherein it said that the quarter had witnessed a tough macroeconomic environment.

Given that, expectations from the June quarter results were not particularly high. On a stand-alone basis, Titan’s mainstay jewellery business, accounting for 81% of total revenues, clocked 13% growth, below the company’s internal expectations. A sharp surge in gold prices and a slowdown in consumption weighed on consumer demand in June.

However, the outlook for the September quarter, too, doesn’t appear to be great. In a post-results conference call, the management indicated that July has been almost as bad as the second half of June.

“We have started to see some early green shoots in last weekend of July and early August," it pointed out. Still, how demand conditions pan out remains to be seen.

The company is hopeful of demand revival in the second half of the current fiscal year, which includes the festive season, a time when sales are typically robust.

“To be sure, it is difficult to say whether demand will improve from festival season. It’s worth noting that many factors such as high gold prices, 2.5% increase in customs duty and weaker consumer sentiment have all come together this time," said Amish Aggarwal, head of research at Prabhudas Lilladher Pvt. Ltd.

Titan’s watch business revenues, accounting for 14% of the total, increased at a relatively faster pace of 20%.

The company said the watch revenue growth was partly aided by part execution of a large institutional order from Tata Consultancy Services Ltd.

However, given that the segment’s contribution to the overall scheme of things is small, it doesn’t move the needle as much.

Overall, Titan’s revenues increased 14% year-on-year to ₹4,940 crore, a tad below Bloomberg’s consensus estimates. Earnings before interest, tax, depreciation and amortization increased by 14% as well. Even as employee costs and other expenses increased at a faster pace, a decline in advertising expenses helped.

Analysts said the Titan stock is capturing a good share of the pessimism surrounding the demand environment.

Still, valuations are not exactly inexpensive. Currently, the Titan stock trade at almost 51 times estimated earnings for FY20. Lacklustre June quarter results and muted demand outlook could well keep meaningful appreciation at bay from a near- to medium-term perspective.

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BSNL is India’s largest loss-making state-run entity, with losses estimated at Rs 13,804 crore as of FY19-end.

Shares of Mahanagar Telephone Nigam rallied 10 percent intraday on July 3 on reports of a likely big bailout package for the state-run telecom companies.

The government is working on a Rs 74,000 crore bailout package for state-run telecommunication companies Bharat Sanchar Nigam (BSNL) and MTNL, reported The Times of India.

The scheme involves an attractive exit package of an additional five percent compensation (ex-gratia) and provisions for 4G spectrum and capital expenditure, the report said.

The report said of the proposed bailout, about Rs 20,000 crore will be allotted for 4G spectrum and Rs 40,000 crore for a voluntary retirement scheme (VRS) and early retirement benefits. The two PSUs will, however, pay roughly Rs 13,000 crore on capital expenditure.

Moneycontrol could not independently verify the report.

BSNL and MTNL have been struggling to compete with private players in the sector due to high costs and poor management. Neither company has rolled out 4G services, while private companies launched their offerings a few years back. The average revenue per user (ARPU) of these two telcos stands at Rs 38 compared to Rs 70 for private players.

The stock was quoting at Rs 9.20, up to Rs 0.68, or 7.98 percent on the BSE at 1130 hours IST.

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Sharekhan recommended Hold rating on Jyothy Laboratories with a target price of Rs 180 in its research report dated June 24, 2019.

Management expects 12-14% revenue growth with OPM at 16% due to an expected recovery in H2FY2020. We have factored in 10% revenue growth and ~15% OPM for FY2020 on account of slow recovery in the HI category and higher media spends. Any substantial recovery in business fundamentals (likely to be in H2FY2020) will be a key re-rating trigger for the stock.

Outlook

We maintain our Hold recommendation on Jyothy Laboratories with a revised PT of Rs. 180. HI category will recover but at a gradual space; fabric whitener will grow in mid-single digit; other categories to grow in double digits.

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The market regulator issued a show-cause notice to five Asset Management Companies (AMCs) including SBI Fund Management, ING Mutual Fund (now Birla Sunlife), BNP Paribas, Ambit Capital and Manappuram on charges of using price-sensitive information for trading in the scrip of Manappuram Finance (MFL) in March 2013.

Shares of Manappuram Finance tanked as much as 10 percent intraday on June 7 after SEBI issued a notice to the company alleging insider trading.

According to a report in Business Standard, the market regulator issued a show-cause notice to five Asset Management Companies (AMCs) including SBI Fund Management, ING Mutual Fund (now Birla Sunlife), BNP Paribas, Ambit Capital and Manappuram on charges of using price-sensitive information for trading in the scrip of Manappuram Finance (MFL) in March 2013.

"During 2013, in two trading days, between March 19 and March 20, the stock of Manappuram Finance tanked 31 per cent after the company shared information about large loan losses with analyst of Ambit Capital," the report said.

The share of the company had hit an all-time high of Rs 142 on June 6 and has rallied around 48 percent in calendar year 2019.

At 1155 hrs, Manappuram Finance was quoting Rs 133.50, down 3.01 percent on the BSE.

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He said the current correction will provide a good entry point for quality names that were too expensive until now.

While it is difficult to predict exactly if this is the bottom or there is more to it, what these corrections have done, is to remove a lot of froth in valuation in several companies, Harendra Kumar, Managing Director, Institutional Equities, Elara Capital, told Moneycontrol in an interview.

Q: What is your view on market correction triggered by worries over liquidity crunch in the debt market. Has the market reached a bottom yet?

The situation in debt market is due to specific reasons and as such the rub-off would have been limited to financials and rate sensitives at best. Having said that, elevated valuations were a concern for sometime now.

While it is difficult to predict exactly if this is the bottom or there is more to it, what these corrections have done, is to remove a lot of froth in valuation in several comp

We believe this will provide a good entry pointfor quality names that were too expensive until now.

Q: Do you plan to rework your Sensex or Nifty targets given the fresh negative cues?

Back in June last year, we had given a calendar year-end target of 10,900 for Nifty and we do not plan to rework on this at this time as it balances the positives and negatives at play.

If you look at the markets, while the global macro environment continues to remain challenging amidst a) continuing trade war concerns, b) protectionist rhetoric from US (threatening to withdraw from WTO), c) elevated crude prices and d) declining economic growth outlook in Japan, France, Brazil and South Africa, cushion for the markets could come from improving earnings outlook (4.0 percent upgrade in FY20 earnings), and sharply improved GDP (8.2 percent Q1FY19) with robust contributions from agriculture (5.3 percent Q1FY19) and manufacturing (13.5 percent Q1FY19).

Q: Brent crude futures rallied sharply to move close to 4-year highs. Do you think it can inch closer to $90/barrel?

The current elevation in oil prices is a reflection of global concern around budget constraints in OPEC leading to uncertainties in production and impact of sanctions on Iran and its effect on supply.

Internally, we are working with an assumption that crude will not breach $90/barrel level.

We also believe weakness in emerging market currencies, impact of the last rally in oil prices, impact of sanctions on Iran and rising trade uncertainties are all potential risks to oil demand-growth, providing price cushion.

Q: What is your view on the debt crisis in India. Is there a risk the market tightness & risk aversion could continue to spill over into equity market?

The current situation is a result of a unique combination of an unexpected default in short term paper by a key player coming at a time when companies need liquidity for advance tax payments, the result of which has given rise to increase in yield expectations.

As such, we expect the situation to improve a bit over the next month. In terms of spill over into equity markets. Obviously NBFCs will be affected by this, but beyond that, we don't expect further spill over effects. Impact on rate sensitive sectors like auto will be temporary.

Q: What's the call on NBFCs now as stocks are still under pressure?

We believe that NBFCs with more reliance on short term funds will continue to feel the pain – this includes all HFCs, but expect AFCs to be better than HFCs as they have more long-term financing component.

A recent analysis suggest growth and collections for commercial vehicle financers remain healthy which will provide support, in my view.

Q: What would you buy in this market decline and what is your preferred list in terms of sectors and stocks?

We conducted an analysis of key fundamental factors that work during varying market cycles and found that companies that are high quality (high ROCE/ROE), lower on leverage (Median or lower), low beta tend to outperform in times of market correction.

I believe in the current environment investors will be seeking the safety of high quality and high earnings visibility companies and expect quality and growth to continue to outperform.Extending our preference of high quality and growth to sectors, we prefer IT at this point. We have reduced Consumer staples to equal weight in our model portfolio due to elevated valuations. Given continuing business challenges (FDA), our approach to pharma is selective.

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Shabbir Kayyumi of Narnolia Financial Advisors maintained cautious view in this sharply lower trending market till some consolidation starts.

Market witnessed sell-off in the last hour of trade on last Friday and closed below 200-day moving average and closed six-month low. Crude oil woes and depreciation in Indian currency weighed on market sentiment.

Majority of the stocks closed in negative and almost near low of the week because of back to back negative macro factors. Trading volume too has spiked lately suggesting sharp unwinding of margin trading positions.

India VIX is trading at highest level of the week around 19.73 and gained almost 10 percent in last week along with fall of prices implies higher volatility in market with bearish bias. Interestingly India VIX is making higher high almost from last 6 weeks, and it is having resistance around 20 mark which was reversal point earlier too.

Nifty has closed below all short-term moving averages, 5-DMA (10,742), 20-DMA (11,151) and 50-DMA (11,321) and 200-DMA (10,780) suggesting strong bear grip on the market. But strong upward sloping trend line on weekly time frame and previous swing lows and highs around 10,100-9,950 levels are likely to provide support to prices.

On the other side, 200-DMA now will act as resistance to the market; also importantly, 200-DMA is in the middle of the price gap of 10,821-10,754 that occurred on October 4. Only positive for the market is that it has gotten so away from important averages that some corrective bounce may happen anytime.

We maintain cautious view in this sharply down trending market till some consolidation starts.

Bank Nifty

Selling pressure was witnessed in banking sector previous week and Bank Nifty traded lower and made a low of 24,250 and closed around 24,443 levels. We expect bearish to rangebound movement for coming sessions in a range of 24,800-23,700.

Here is the list of five stocks which could give 6-19 percent return in short term:

SBI: Buy | Buy Around: Rs 254 | Target: Rs 302 | Stop Loss: Rs 231 | Upside: 19%

Stock find support near its key support area of Rs 250-254 levels, near its previous swing bottom from where reversal can be expected in the coming sessions.

Positive crossover in MACD giving cues to take long position in the scrip. Buying momentum of acceleration will take place above Rs 270 levels where 200 DMA is seen. Buy SBI at Rs 254 with stop loss of Rs 231 and for the target of Rs 302 levels.

Sun Pharma: Buy | Buy Around: Rs 585 | Target: Rs 652.5 | Stop Loss: Rs 550| Upside: 11.5%

After hitting the peak of Rs 679, stock slipped near the low of Rs 591 from where chances of developing of demand is higher and it has been trading in a rangebound zone of Rs 620 and Rs 590 mark.

As of now, point of polarity is giving cues to accumulate this stock at lower levels. The RSI and other indicator also have been hovering near their oversold zone and currently it has indicated a steep rise.

As long as it sustains above Rs 550, possibility of moving to Rs 652.5 is higher.

Torrent Power: Buy | Buy Around: Rs 233| Target: Rs 258.50 | Stop Loss: Rs 210| Upside: 11%

Prices of stock has seen a sharp rebound after hitting a low of Rs 211 where its key support is seen. The emergence of Inverted Head and Shoulder on the lower time frame of chart is giving the possibility of pullback at higher side in coming sessions.

Moreover, positive RSI on daily supports bullish bias in the stock. Strong support is seen near Rs 211-212 levels. Buy above Rs 233 with stop loss of Rs 210 and targets of Rs 258.5 levels.

Apollo Hospitals: Buy | Buy Around: Rs 1,057 | Target: Rs 1,126 | Stop Loss: Rs 1,024| Upside: 6%

The stock has witnessed a decent correction recently from the peak of Rs 1,234 and recently scrip took support from its upward sloping line which gives buying opportunity.

RSI too bottomed out near its oversold zone and has indicated a reversal to maintain a positive bias. It has the potential to rise further in the coming days.

Stochastic is also looking firm lending support to price action. Inverted H&S of hourly chart breakout is expected above Rs 1,075 from where the momentum of buying will increase.

With the chart looking attractive and decent volume participation witnessed, we recommend a buy on dip around Rs 1,057 in this stock for an upside target of Rs 1,126, keep a stop loss of Rs 1,024.

Nestle India: Buy | Buy Around: Rs 9400 | Target: Rs 10,000 | Stop Loss: Rs 9,198 | Upside 6%

Scrip gave sharp decline towards Rs 9,113 after giving high of Rs 11,705 levels. Principal of polarity suggest support at lower levels from where buying momentum can be expected.

Daily time frame is taking support from its 200 DMA. Further upsurge is expected to come once when it will give decisively close above 9,700 levels.

Moreover, Bullish crossover in MACD suggests positivity in the counter. We suggest buying Nestle India around Rs 9,400 with stop loss of Rs 9,198 and for the target of Rs 10,000.

Disclaimer: The author is Head - Technical & Derivative Research at Narnolia Financial Advisors. The views and investment tips expressed by investment experts on Moneycontrol are their own, and not that of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

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The contract terminated due to some management and financial issues at the end of Kyen Resources Pte. Ltd., Singapore.

Shares of Gravita India touched 52-week low of Rs 69.50, slips 9 percent intraday Monday as order worth Rs 300 crore has been terminated.

The order for supply of 18,000 MT of Pure Lead and Lead Bullion worth Rs 300 crore from Kyen Resources Pte., Singapore could not be completed and the contract entered with them has been terminated due to some management and financial issues at the end of Kyen Resources Pte. Ltd., Singapore, company said in release.

Till date the company has supplied approximately 3,800 MT of material to Kyen Resources and company has planned to divert the remaining supply of 14,200 MT to some other customers.

The management of the company is of the view that termination of above contract will not have any material impact on the financials of the company as the company is already having an order book of approximately Rs 260 crore in hand for lead, aluminium and plastic products.

At 10:56 hrs Gravita India was quoting at Rs 71.25, down Rs 5.40, or 7.05 percent on the BSE.

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India's cotton production in 2018/19 is likely to fall 4.7 percent from the previous season to 34.8 million bales, as scant rainfall and an attack of pink bollworms are expected to squeeze crop yields, the head of a leading trade body told Reuters.

The drop in output could limit exports from the world's biggest producer of the fibre amid rising demand from top consumer China and in turn support global prices, which are hovering near their lowest level in more than nine months hit last week.

"In Gujarat, we are expecting a big drop in production due to dry weather," said Atul Ganatra, president of the Cotton Association of India.

Gujarat, the country's top cotton producing state, received 28 percent lower rainfall than normal in the June-September monsoon season, according to the India Metrological Department.

The western state's fibre output is estimated to drop 14.3 percent from a year earlier to 9 million bales in the new marketing season that started on Oct. 1, he said.

In Maharashtra, the country's second-biggest cotton producer, output is expected to ease to 8.1 million bales from 8.3 million bales due to an attack of the pink bollworm pest, Ganatra said.

Indian farmers have adopted genetically-modified seeds known as Bt cotton that are resistant to bollworms, but it has not stopped the infestations.

Pink bollworms consume the fibre and seeds inside a cotton plant's boll, or fruit, and yields fall.

Gujarat and Maharashtra account for more than half of the country's total cotton production.

"Due to less production exports are likely to reduce and import is likely to increase," he said.

Pakistan, China, Bangladesh and Vietnam are key buyers of Indian cotton.

In 2017/18, India exported 6.9 million bales of cotton.

Demand for Indian cotton is robust this year from China as a trade war is prompting the world's top consumer to avoid imports from the United States.

(1 Indian bale = 170 kg)

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It has touched an intraday high of Rs 279.90 and an intraday low of Rs 266.

Shares of Hindustan Zinc declined 5.4 percent intraday Monday as foreign research house JP Morgan has initiated neutral rating with potential upside of 3 percent.

Research house has kept a target of Rs 290 per share.

It has touched an intraday high of Rs 279.90 and an intraday low of Rs 266.

This is a best-in-class mining company, but zinc markets are entering surplus and expect largely balanced market in 2019, and a surplus market in 2020, said JP Morgan.

The company has strong cash-rich balance sheet and expect elevated dividend payout.

Research house prefers parent Vedanta at current valuations.

The share touched its 52-week high Rs 339.55 and 52-week low Rs 261.15 on 26 February, 2018 and 24 July, 2018, respectively.

Currently, it is trading 19.38 percent below its 52-week high and 4.82 percent above its 52-week low.

At 10:48 hrs Hindustan Zinc was quoting at Rs 272, down Rs 9.40, or 3.34 percent on the BSE.

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Portfolio managers from Harding Loevner, Federated Investors, and Wells Fargo are among those who have been adding emerging markets stocks to their portfolios in the face of the imposition of import tariffs by President Trump and rising interest rates in the US

The steep decline in emerging market stocks since early this year are attracting some US fund managers who think they may find long-term bargains amid the sell-off.

Portfolio managers from Harding Loevner, Federated Investors, and Wells Fargo are among those who have been adding emerging markets stocks to their portfolios in the face of the imposition of import tariffs by President Trump and rising interest rates in the US

Emerging market asset prices have been hit hard this year. The MSCI index of emerging market stocks closed Friday at its lowest since May 2017 and it is down about 21 percent from January's high. An MSCI index of emerging market currencies is down 8 percent from its 2018 high, hit in March.

On Thursday, JPMorgan cut its rating on Chinese equities, the largest weight on the benchmark index, to neutral from overweight on expectations that a protracted trade war with the United States will hurt the Asian giant's economy next year.

Yet some US international and global fund managers say that emerging markets offer better deals than the US market, where stocks continue to hit record highs.

"We're finding opportunities because of the trade war," said Chris Mack, a portfolio manager of the Harding Loevner Global Equity fund.

US President Donald Trump has slapped tariffs on more than half of the $500 billion the US imports from China yearly, for which Beijing has retaliated.

Investor concern about the impact of the trade war has sent stocks in China and other emerging markets sharply lower this year.

Mack's fund has its highest weighting in emerging market stocks since 2006 and its lowest in the US since the same year in search of better values, he said.

The fund sold its position in Google's parent Alphabet Inc and bought South Korea's Samsung Electronics. Investors pay more than $25 for every $1 in earnings expected over the next 12 months at Alphabet, while they pay just over $6 at Samsung according to forward price-to-earnings estimates.

"You're getting the benefits of a company that is being boosted by a secular trend at a much cheaper price," Mack said.

Brian Jacobsen, senior investment strategist at Wells Fargo Asset Management, said his firm recently upgraded its stance on emerging markets from negative to neutral. The reasoning behind the move included compelling valuations and the likelihood the trade tariffs will not hurt emerging market companies as much as the broad market expects.

"People are slow to come around to the realization that the US isn't going to close its borders to all emerging markets," he said, adding that Vietnamese companies could stand to benefit if the US and China continue to slap tariffs on each other's goods.

Overall, US global funds have nearly 7 percent of their portfolios in emerging market stocks, a 25 percent increase from 3 years ago, according to Lipper, a Refinitiv company.

Yet this year the $58.1 billion Vanguard FTSE Emerging Markets ETF is down almost 15 percent and posted about $2 billion in outflows since July, according to Lipper. It closed on Friday at its lowest since March 2017.

However, there are signs the tide could already be turning.

Investors pumped money into emerging market equities and debt at the fastest weekly rate since April, a Bank of America Merrill Lynch analysis of EPFR data showed on Friday.

"I've never seen sentiment (on emerging market equities) be so negative when fundamentals are actually pretty good," said Teresa Barger, co-founder and CEO at hedge fund Cartica Management.

"When you get a situation like this, what you usually see is the retail investors getting scared and exiting but institutional investors entering."

Barger is looking beyond China to India and Brazil, both of which may be less affected by the US trade tariffs, she said.

Yousef Abbasi, global market strategist at INTL FCStone in New York, also sees a silver lining for emerging market countries outside of China if the Washington-Beijing trade war intensifies, pointing to Brazil and Indonesia.

"I'd be very selective in where I look for my exposure in emerging markets," he said.

"Look for countries with a large US dollar reserve, direct trade partners with the US and that have (relatively) less exposure in terms of exports to China."

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Gold fell on Monday as the dollar firmed after China's central bank eased its domestic policy to support the economy amid concerns that an escalating trade dispute with the United States could hurt growth.

The People's Bank of China (PBOC) on Sunday announced a steep cut in the level of cash that banks must hold as reserves, stepping up moves to lower financing costs and spur growth.

Spot gold was down 0.5 percent at $1,196.61 an ounce at 0441 GMT. U.S. gold futures fell 0.5 percent to $1,200.50 an ounce.

"Although the dollar index has not gained much, the decision by China might be seen by some market participants as some sign of softness as a result of the trade war, which could benefit the dollar," said John Sharma, an economist at National Australia Bank.

The dollar was up 0.1 percent against a basket of six major currencies, as China followed an easing in domestic policy by allowing yuan to fall, though the drop was not as sharp as some had feared.

"Maybe, the trade war is affecting China more than realised and therefore the need to ease on policy, which dampened demand for gold there," a Singapore-based trader said.

Gold prices have fallen more than 12 percent from a peak in April largely due to strength in the dollar, which has benefited from a vibrant U.S. economy, rising U.S. interest rates and fears of a global trade war.

U.S. unemployment rate fell to near a 49-year low, as per the Labor Department's monthly employment report on Friday, which also showed a steady rise in wages, suggesting moderate inflation pressures, that could keep the Federal Reserve on a path of gradual interest rate increases.

"After very rosy comments from Fed Chair Powell earlier in the week and a decidedly hawkish post-FOMC presser, this data needed only to avoid an improbable disaster to unlock further steepening of the priced-in Fed outlook," said Ilya Spivak, a currency strategist for Dailyfx.

"To that end, its passing seemed to give the green light to traders withholding directional conviction until after event risk has passed."

Spot gold may test a support at $1,193 per ounce, a break below which could cause a loss to the next support at $1,188, while a break above $1,201 could lead to a gain into $1,207-$1,214 range, according to Reuters technical analyst Wang Tao.

Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.20 percent to 730.17 tonnes, on Friday.

Speculators cut their net short position in COMEX gold by 4,186 contracts to 73,128 in week to Oct. 2.

Meanwhile, spot silver fell 0.7 percent to $14.48 and palladium fell 0.3 percent to $1,066.10. Platinum inched 0.7 percent lower at $814.74 an ounce.

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Here is a list of top 10 short-term money making ideas from different experts which could give 5-28% return in the next 1-6 months.

Nifty50 lost 5.6 percent, or over 600 points, for the week ended October 5 to record its biggest weekly loss in the last 26 weeks. The Nifty index has been making lower highs and lower lows on the weekly scale and has now fallen by around 1,500 points in the last 5 weeks.

The index formed a bearish candle on daily charts on Friday and on the weekly scale as well which suggests that bears are having a tight grip on the market.

The Nifty index broke below major levels like 61.80 percent retracement at 11,650, maximum Put OI congestion zones of 11,500-11,450, 50 Weekly EMA and is now gradually drifting lower with the higher pace of selling pressure, suggest experts.

India VIX is now hovering around 19.73 and is moving upwards from last three consecutive weeks which is not a good sign for the bulls. On the options front, maximum Put OI is placed at 10,500 followed by 10,700 strikes while maximum Call OI is at 11,000 followed by 11,200 strikes.

“As long as it holds below 10,500 zones, Nifty may continue to extend its weakness towards 10,200 and may even retest 10,000 levels while on the upside, medium-term hurdle is shifting from 10,850 to 10,650 zones,” Chandan Taparia, Derivatives and Technical Analyst at Motilal Oswal Securities told Moneycontrol.

“Most of the sectorial indices were in pressure in the last week while many heavyweights also fell down sharply. Now till index doesn’t take a pause from selling mode by crossing any immediate hurdle zones, don’t go for bottom fishing, as sharp cut of 15 percent from higher zones have changed the price structure of most of the heavyweight and mid and small caps stocks, upside seems to be capped for time being,” he said.

Selective IT, few Metal and Pharma counter may see some support based buying while most of the Auto, FMCG, Oil & Gas, Mid and Small cap stocks may continue their downward journey.

Here is a list of top 10 short-term money making ideas from different experts which could give 5-28% return in the next 1-6 months:

Analyst: Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in

Ashok Leyland: Buy| LTP: 108| Target: Rs 132| Stop Loss: Rs 103| Return 28%

Despite high volatility in the market, this counter was moving flat for the last couple of trading sessions suggesting that it might have bottomed out. Hence, post monetary policy if this counter is sustaining above Rs 110 levels on closing basis, one can initiate long positions for targets of Rs 132.

Bajaj Auto: Buy| LTP: Rs 2544| Target: Rs 2940| Stop Loss: Rs 2528| Return 15%

Interestingly, for the last four weeks, this counter is moving in a horizontal fashion after taking support around Rs 2,600 levels when broader market was under pressure.

Hence, if the stock manages to reclaim Rs 2600 and sustain then it can head for an initial target of Rs 2,940 levels. Hence traders are advised to buy now and accumulate further on declines.

BHEL: Buy| LTP: 70.60| Target: Rs 83| Stop Loss: Rs 65| Return 18%

A strong up move was seen in the current turbulent week which suggests that this counter has decoupled with market volatility and can head higher based on its own strength.

Hence positional traders are advised to buy the stock now and in declines up to Rs 69. As long as it sustains above Rs 66 levels, it can head for an initial target of Rs 83.

Analyst: Rajesh Palviya, Head – Technical & Derivatives Analyst, Axis Securities

Aurobindo Pharma: Buy| LTP: Rs 743| Target: Rs 810| Stop Loss: Rs 735| Return 9%

The stock has given a down sloping trend line breakout at Rs 760 levels on the closing basis with an increase in volumes. The stock is trading above 20, 50 and 100-day SMA. The daily RSI and Stochastic both are in a positive territory indicating further upside.

In the month of Sept., the stock has marked a low (Rs 698) which coincides with 50 percent Fibonacci retracement support (Rs 696) of the previous rally (Rs 565-827), which remains a crucial support.

On the monthly chart, the stock is moving in a higher Top higher Bottom with a huge spurt in volumes indicating increased participation on the rally. The monthly indicators RSI and Stochastic both are confirming the strength as well as upside momentum.

Hindalco Industries Ltd: Buy| LTP: Rs 240| Target: Rs 270| Stop Loss: Rs 239| Return 12%

The stock has decisively broken its 6-months consolidation range of 230-250 levels on the closing basis indicating an upward breakout.

On the monthly chart, the stock has formed a strong base around 210-200 levels which remains a crucial support zone. The stock has crossed its 200-days SMA indicating bullishness.

The daily, as well as monthly RSI and stochastic, are in a positive territory indicating further upside.

NIIT Technologies: Buy| LTP: Rs 1,158| Target: Rs 1,280| Stop Loss: Rs 1,130| Return 10%

The stock has given a downward sloping channel breakout at Rs 1,150 levels on the closing basis with an increase in volumes. Since May 2018, the stock has managed to hold its major support zone around Rs 1,060 -1,000 levels which signal strength at lower levels.

The stock has closed above its 100-day SMA. The daily RSI and stochastic both are in a positive territory indicating further upside.

Brokerage Firm: SMC Global Securities

Infosys: Buy| LTP: Rs 721.85| Target: Rs 765| Stop Loss: Rs 680| Return 6%

The stock closed at Rs 721.85 on 05th October, 2018. It made a 52-week low at Rs 452 on 06th October 2017 and a 52-week high of Rs 754.90 on 1st October 2018. The 200-day Exponential Moving Average (EMA) of the stock on the daily chart is currently at Rs 627.05.

The short, medium and long-term bias are positive for the stock as it is continuously trading in “Rising Channel” on the weekly charts, which is considered to be bullish.

Last week, there was a panic selling witnessed across the board but the stock ended flat on the back of buying force, which indicates buying is aggressive for the stock.

Technical indicators like RSI and MACD are also looking positive for the stock so one can initiate long in the range of Rs 710-715 levels for the upside target of Rs 755-765 levels with a stop loss below Rs 680.

Analyst: Manav Chopra, CMT, Head of Research, Indiabulls Ventures

Axis Bank: LTP: Rs 568| Target: Rs 650| Stop Loss: Rs 530| Return 14%

The recently Axis Bank has broken out of the long-term triangle on the weekly charts, which is now retesting its earlier resistance levels.

These levels are now likely to act as strong support. One can buy Axis Bank from these levels as the structure is bullish and the risk reward is favourable. Investors can initiate buy with a target at Rs 650 while a stop loss can be placed at Rs 530.

UPL: Buy| LTP: Rs 598.20| Target: Rs 700| Stop Loss: Rs 560| Return 17%

UPL has recently formed a Morning Star candlestick pattern on the weekly charts, which is now nearing its monthly support levels. Supports are placed around Rs 550 - 565 levels.

One can take a long position in UPL while keeping a stop loss below Rs 560 levels, and a short-term target can be maintained at Rs 700 levels

Cipla: LTP: Rs 634.55| Target: Rs 730| Stop Loss: Rs 610| Return 15%

Cipla is currently holding its monthly breakout levels and the momentum oscillators are showing bullish signs. In this volatile market, one should focus on pharma stocks.

The recent dip should be taken as buying opportunity in Cipla, for the short-term target can be maintained at Rs 730 levels while placing a stop loss below Rs 610.Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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The breadth of the market favoured declines, with 518 stocks advancing, 1101 declining and 438 remaining unchanged. On BSE, 661 stocks advanced, 1184 declined and 101 remained unchanged.

Dalal Street is witnessing a cat and mouse game as the market has recovered with the Nifty50 adding 2 points, trading at 10,318 while the Sensex has shed 14 points at 34,362.

Nifty metal is the biggest underperformer, down 3.5 percent dragged by NALCO, Hindalco Industries and Jindal Steel and Power which are down 5-6 percent followed by Vedanta, Hindustan Zinc, NMDC, SAIL and Tata Steel.

Realty stocks are also down dragged by Godrej Properties, Oberoi Realty, Prestige Estates, Phoenix Mills, Unitech and Suntech Realty.

Auto stocks are weak in the morning session with loses from Motherson Sumi Systems, Exide Industries, MRF and TVS Motor Company.

Oil & gas stocks are up led by HPCL which jumped 6 percent followed by BPCL, GAIL India, Indian Oil Corporation and ONGC. Reliance Industries is up 1 percent after trading in the red.

Bank Nifty is trading in the green with gains from ICICI Bank, IndusInd Bank, Kotak Mahindra Bank, State Bank of India and YES Bank.

Pharma stocks are trading in the red as Aurobindo Pharma, GSK Pharma, Lupin, Sun Pharma and Cadila Healthcare shed 1-2 percent.

From the BSE midcap space, Edelweiss Financial, NALCO, IIFL Holdings and Godrej Properties are the top losers.

Goa Carbon, down 15 percent followed by IL&FS Engineering, IL&FS Transport and GATI are the top losers from the BSE smallcap space.

The top NSE gainers include names like HPCL, BPCL, IOC, YES Bank and GAIL India.

The top NSE losers are Vedanta, Hindalco, Tata Steel, Wipro and Dr Reddy's Labs.

The most active stocks are Reliance Industries, Bajaj Finance, Maruti Suzuki, BPCL and HPCL.

Monnet Ispat is one of the few stocks which hit new 52-week high this Monday morning.

On the other hand, 352 stocks have hit new 52-week low including names like 8K Miles Software, Aban Offshore, Apollo Tyres, Arvind, AU Small Finance, Bajaj Auto, BEML, Bharat Forge, Bombay Dyeing, Century Textiles, CG Power, Dish TV, eClerx Services, Edelweiss Financial, Future Consumer, GIC Housing, Godrej Industries, Godrej Properties, GSPL, IDFC Bank, InterGlobe Aviation, Jaiprakash Associates, JSW Energy, United Spirits and Piramal Enterprises among others.

The breadth of the market favoured declines, with 518 stocks advancing, 1101 declining and 438 remaining unchanged. On BSE, 661 stocks advanced, 1184 declined and 101 remained unchanged.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

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International benchmark Brent crude oil futures were at $83.26 per barrel at 0352 GMT, down 90 cents, or 1.1 percent, from their last close.

Brent crude oil prices fell more than 1 percent on Monday after Washington said it may grant waivers to sanctions against Iran's oil exports next month, and as Saudi Arabia was said to be replacing any potential shortfall from Iran.

International benchmark Brent crude oil futures were at $83.26 per barrel at 0352 GMT, down 90 cents, or 1.1 percent, from their last close.

US West Texas Intermediate (WTI) crude futures were down 54 cents, or 0.7 percent, at $73.80 a barrel.

US sanctions will target Iran's crude oil exports from November 4, and Washington has been putting pressure on governments and companies worldwide to cut their imports to zero.

However, a US government official said on Friday that the country could consider exemptions for nations that have already shown efforts to reduce their imports of Iranian oil.

In a sign that Iran oil exports won't fall to nothing from November, India will buy 9 million barrels of Iranian crude next month, Reuters reported on Friday.

Hedge funds cut their bullish wagers on US crude in the latest week to the lowest level in nearly a year, data showed on Friday.

Traders said ongoing concerns that the US-Chinese trade war could slow down economic growth also weighed on crude on Monday.

China's stocks fell sharply on Monday despite an announcement from Beijing over the weekend that it would slash the level of cash that banks must hold as reserves, a sign of underlying investor anxiety over the heated Sino-US trade war.

Further weighing on oil prices was "chatter that Saudi Arabia has replaced all of Iran's lost oil", said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

But Innes warned that limited spare production to deal with further supply disruptions meant "the capacity is quickly declining due to Asia's insatiable demand".

The US oil drilling rig count fell for a third consecutive week, as rising costs and pipeline bottlenecks have hindered new drilling since June.

Drillers cut two oil rigs in the week to October 5, bringing the total count down to 861, energy services firm Baker Hughes said in its weekly report on Friday.

That is the longest streak of weekly cuts since October last year.With Iran sanctions still on the table, potential spare capacity constraints and also a slowdown in US drilling, US bank J.P.Morgan said in its latest cross-asset outlook for clients that it recommended to "stay long Jan '19 WTI on supply risks to crude".

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The company has received an advance purchase order worth Rs 879 crore from Telecommunications Consultants India (TCIL), New Delhi.

Shares of Himachal Futuristic Communication (HFCL) gained more than 4 percent in the early trade on Monday after company received advance purchase order worth Rs 879 crore.

The company has received an advance purchase order worth Rs 879 crore from Telecommunications Consultants India (TCIL), New Delhi.

The scope of work includes survey, procurement, supply, trenching, laying, installation, testing and maintenance of optical fibre cable (OFC), accessories and GPON equipment in the State of Madhya Pradesh under BharatNet Phase-II Network of Government of India under Package MP3 being implementing by Bharat Sanchar Nigam.

The aforesaid contract also includes operation and maintenance services for a period of seven years after warranty of one year.

BharatNet Programme forms one of the key pillars of digital India program. It is a project of national importance, envisage to connect & provide broadband connectivity at around 2,50,500 gram panchayats in the country.

At 09:19 hrs Himachal Futuristic Communication was quoting at Rs 19.50, up Rs 0.65, or 3.45 percent.

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Rupee is expected to remain under pressure weighed by a further rise in long-term US Treasuries following non-farm payroll data, says Motilal Oswal.

The Indian rupee opened lower by 18 paise at 73.95 per dollar versus Friday's close 73.77.

Rupee is expected to remain under pressure weighed by a further rise in long-term US Treasuries following non-farm payroll data. RBI held interest rates unchanged on Friday, condemning the rupee to a record low and surprising the street which had expected a rate rise to counter inflationary pressures arising from the weak currency and high oil prices, but they changed their stance from “Neutral” to “Calibrated tightening, according to Motilal Oswal.US Treasuries tumbled for the third day after mixed US jobs data which showed that the unemployment rate declined to a 48-year low of 3.7% while the headline number of 134,000 job additions missed expectations. Average hourly earnings rose by 2.8% on year, in line with projections. The euro and sterling rose after the European Union’s top negotiator said an agreement for Britain to leave the economic bloc might be reached in the coming weeks. US banks will be closed in observance of Columbus Day, it added.

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