India's Reliance Industries Ltd is partnering with iconic U.S.-based luxury jeweller Tiffany & Co to open a line of stores in the country, adding yet another marquee name to its growing portfolio of brands

Tiffany, popular for its engagement rings and robin's egg blue boxes, plans to open stores in New Delhi and Mumbai in the second half of fiscal years 2019 and 2020 respectively, the company said, adding that India's "growing luxury consumer base presents a unique opportunity".

The tie-up comes as Reliance, which is run by Asia's richest man Mukesh Ambani and runs a sprawling conglomerate, bolsters its consumer-focused units such as retail and telecoms to match the strength of its dominant oil and gas business. The company bought British toy retailer Hamleys earlier this year.

For Tiffany, known for its diamond engagement rings and a flagship Manhattan store made famous by Audrey Hepburn, the deal represents its latest effort to expand globally as it battles subdued demand in the United States and Europe.

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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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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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आईसीआईसीआई डायरेक्ट (ICICI Direct) ने आज के एकदिनी वायदा कारोबार में निफ्टी (Nifty), एलऐंडटी फाइनेंस (L&T Finance) और भारत फोर्ज (Bharat Forge) में बिकवाली करने के लिए कहा है।

ब्रोकिंग फर्म ने आज अपनी रिपोर्ट में निफ्टी अक्टूबर फ्यूचर को 10330-10345 रुपये के बीच बेचने की सलाह दी है। इस सौदे में 10312.0/10287.0 का लक्ष्य रखने की सलाह है। घाटा काटने का स्तर (स्टॉप लॉस) 10,363.00 बताया गया है।

साथ ही इसने एलऐंडटी फाइनेंस अक्टूबर फ्यूचर को 115.00-116.00 रुपये के बीच बेचने की सलाह दी है। इस सौदे में 114.40/113.30 रुपये के लक्ष्य रखने की सलाह है। घाटा काटने का स्तर (स्टॉप लॉस) 116.70 रुपये पर बताया गया है।

भारत फोर्ज अक्टूबर फ्यूचर को 574.00-575.00 रुपये के बीच बेचने की सलाह दी गयी है। इस सौदे में 569.20/564.30 का लक्ष्य रखने की सलाह है, जबकि घाटा काटने का स्तर (स्टॉप लॉस) 579.20 रुपये पर बताया गया है।

ध्यान रखें कि यह सलाह अक्टूबर फ्यूचर के कारोबार के लिए है।

स्पष्टीकरण: इन शेयरों में ब्रोकिंग फर्म या उसके ग्राहकों के हित जुड़े हो सकते हैं

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खबरों के कारण जो शेयर आज नजर में रहेंगे उनमें यस बैंक, पीएनबी हाउसिंग, सागर सीमेंट्स, बैंक ऑफ बड़ौदा और एनबीसीसी इंडिया शामिल हैं।

तिमाही नतीजे आज - टाटा इलेक्सी, एसआरके इंडस्ट्रीज और वेलक्योर ड्रग्स

आवास फाइनेंशियर्स - आज आवास फाइनेंशियर्स का शेयर सूचीबद्ध होगा।

यस बैंक - बैंक के दो पूर्व अध्यक्षों को राणा कपूर का उत्तराधिकारी तलाश करने के लिए अपनी खोज और चयन समिति शामिल किया है।

जीएमआर इन्फ्रा - बोर्ड ने 402 करोड़ रुपये के वैकल्पिक रूप से परिवर्तनीय डिबेंचर आवंटित किये।

इंडियाबुल्स हाउसिंग फाइनेंस - कंपनी ने 10 लाख रुपये प्रति वाले गैर-परिवर्तनीय डिबेंचरों को रिडीम (वापस खरीदा है) किया है।

एनबीसीसी इंडिया - एनबीसीसी इंडिया को सितंबर में कुल 353.70 करोड़ रुपये के ठेके मिले।

हिमाचल फ्यूचरिस्टिक - कंपनी को टेलीकम्युनिकेशंस से 879 करोड़ रुपये का ठेका मिला।

बैंक ऑफ बड़ौदा - बैंक ने मौजूदा एमसीएलआर में कोई बदलाव नहीं किया है।

विजया बैंक - बैंक ने 1 वर्षीय एमसीएलआर में कोई बदलाव नहीं किया है।

सागर सीमेंट्स - कंपनी के सितंबर उत्पादन में 27.18% और बिक्री 21.84% की बढ़त हुई है।

डीसीबी बैंक - बैंक ने एमसीएलआर में संशोधन किया।

पीएनबी हाउसिंग - कंपनी ने बाहरी वाणिज्यिक ऋण के जरिये 1,470 करोड़ रुपये जुटाये। 

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Commenting on the recent fall which was largely led by liquidity fears, he said that the RBI did manage to calm the markets, but the BFSI space still looks overvalued.

The rupee on Wednesday breached Rs 73/USD to hit a fresh low of Rs 73.40 per dollar on Wednesday, but the weakness is likely to continue, says Saurabh Mukherjea, Founder, Marcellus Investment Managers in an interview with CNBC-TV18.

“While RBI’s action stabalised liquidity conditions in the market, I reckon the RBI might let the currency go down further. With oil steaming up and more liquidity injection from the central bank will lead to some fall in rupee which will be beneficial for IT and pharma,” he added.

CLSA in a note said that a sharp FX windfall is likely to flow through to margins over 2Q-3Q, driving sharp EPS upgrades which could be traded for stronger growth in subsequent periods expanding the competitive advantage.

“In the next 2-3 quarters, I see superb numbers from Indian IT sector because of the currency tailwind and because of the growth seen in the US economy. TCS in the large-cap space and L&T Infotech in the mid-cap space are likely to do very wee,” added Mukherjea.

Commenting on the recent fall which was largely led by liquidity fears, he said that the Reserve Bank of India (RBI) did manage to calm the markets, but the BFSI space still looks overvalued.

Cost of borrowing for second rung investors has risen sharply in the last six and these NBFCs will find very difficult to get money from the banks and wholesale markets.

“I give credit to authorities to calm the panic that was sweeping the market but I don’t think we are out of the woods as challenges will remain for markets in totality and specifically for NBFCs,” said Mukherjea.

Auto stocks, both four-wheeler and two-wheeler space, will face some heat as growth numbers for NBFCs will come down as the lending activity is likely to take a back seat.

"We have to take into consideration the fact that wherever customers were borrowing money from NBFCs and buying two-wheelers, trucks or even cars, electronics etc. will see a slowdown,” he said.He further added that NBFCs are unlikely to grow at a pace seen six months ago. This slowdown will impact the auto, building material sector as well. Hence, Eicher Motors will feel the pinch.

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China's financial markets are closed for the week of Oct. 1-5 for national holidays.

Asian stocks fell on Tuesday as the lift from an agreement that saved the North American free trade deal faded, with cautious views on the global economy curbing risk sentiment.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 1 percent after a steady start.

Australian stocks lost 0.8 percent and South Korea's KOSPI fell 0.45 percent.

Japan's Nikkei was flat, handing back earlier gains after briefly rising to a new 27-year high.

China's financial markets are closed for the week of Oct. 1-5 for national holidays.

Hong Kong's Hang Seng, which did not trade on Monday due to a holiday, dropped 1.5 percent in reaction to signs of weakness in the Chinese manufacturing sector shown in purchasing managers' index (PMI) numbers released on Sunday.

"While news that the U.S. and Canada had struck a new NAFTA trade deal gave the S&P 500 a lift overnight, dark clouds are gathering," strategists at OCBC Bank wrote in a note.

"With some signs of weakness in the European and Asian manufacturing PMIs Asian, markets may trade with a slightly more cautious tone."

IHS Markit purchasing managers' indices released on Monday showed manufacturing growth in the euro zone slowed to a two-year low at the end of the third quarter.

The United States and Canada forged a last-minute deal on Sunday to salvage NAFTA as a trilateral pact with Mexico, rescuing a $1.2 trillion open-trade zone that had been about to collapse after nearly a quarter century in operation.

The Dow rose 0.73 percent and the S&P 500 gained 0.36 percent on Monday after the deal to preserve NAFTA helped ease trade worries.

"There were concerns that the resulting confusion would exceed that of the US-China trade row if NAFTA was scrapped. While it appears like Canada and Mexico caved in to the United States, the outcome is positive for global trade and the economy," said Yoshihisa Maruyama, chief market economist at SMBC Nikko Securities in Tokyo.

The Canadian dollar traded at C$1.2806 per dollar after rallying to a four-month high of C$1.2782 overnight following the trilateral trade pact.

The euro was little changed at $1.1573 after slipping 0.25 percent on Monday on renewed concerns about heavily-indebted Italy's budget.

The single currency has been hurt by concerns that a significant increase in the Italian budget will deepen Italy's debt and deficit problems.

The dollar was at 113.895 yen after scaling an 11-month high of 114.06 yen on Monday, as improving investor risk sentiment weighed on the Japanese currency.

The yen is usually seen as a safe haven at times of turmoil but recedes when risk appetite returns.

The dollar index against a basket of six major currencies stood at 95.315 following a rise to 95.373 overnight, its highest since Sept. 10.

The greenback drew support from an uptick in US Treasury yields as Wall Street gains curbed demand for safe-haven debt.

In commodities, US crude futures were up 0.25 percent at $75.48 a barrel.

Crude contracts surged nearly 3 percent to $75.77 a barrel on Monday, their highest since November 2014, as the deal to salvage NAFTA stoked economic growth expectations, with impending US sanctions on Iran seen raising prices.

Brent crude edged down 0.05 percent to $84.94 a barrel after rallying 2.7 percent the previous day to a $85.45, highest since November 2014.

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After currency, the credit and equity markets have recently turned volatile, which has brought non-banks (non-banking finance companies and housing finance companies) into sharp focus, CRISIL said.

CRISIL's credit ratio (or number of upgrades to downgrades) stood at 1.68 times in the first half of fiscal 2019, compared with 1.88 times and 1.45 times in the first and second halves of fiscal 2018, respectively.

There were 685 upgrades to 408 downgrades in the first half of fiscal 2019.

“For the first time in five years, the credit ratio of investment-linked sectors, at 2.15 times, is higher than the overall credit ratio,” said Somasekhar Vemuri, Senior Director, CRISIL Ratings.

“The uptick can be seen in sectors such as steel, construction and industrial machinery that, besides buoyant commodity prices, benefited from the government’s infrastructure spending even as private investments lag.”

As for domestic consumption-linked sectors, the demand growth drivers remain strong, but rising interest rates could act as a mild dampener. Export-linked sectors have seen strong growth in recent months backed by buoyancy in the global economy and a sliding rupee.

However, not all is hunky-dory because corporates face a volatile rupee, rising interest rates and a potential risk of tariff disputes escalating into full-blown trade wars.

CRISIL's analysis of around 2,500 firms in its portfolio that have foreign currency exposure shows that the impact of recent rupee volatility on profitability will be modest. The top 10 sectors with high foreign currency exposure, which include oil and gas, power and telecom, will see their net profit margins eroding this fiscal by up to 150 basis points. But credit profiles will be cushioned by a presence of natural or contracted hedges, ability to pass on increased costs to customers in a buoyant demand environment, lean balance sheets, and support from strong parents or government.

Additionally, after currency, the credit and equity markets have recently turned volatile, which has brought non-banks (non-banking finance companies and housing finance companies) into sharp focus.

"The asset-liability maturity profiles of CRISIL-rated non-banks currently remain consistent with their ratings, even as their dependence on short-term capital market instruments has risen in the past two years,” said Krishnan Sitaraman, Senior Director, CRISIL Ratings.

“While asset quality and capitalisation are comfortable at present, continued market disruption can constrain access to funding, and it will be a key sensitivity factor for both growth and spreads of non-banks.”

Such volatile times are as good a time as any to check the quality of ratings. CRISIL's ratings continue to exhibit the highest stability and lowest intensity of changes in the industry. Of CRISIL’s 85 rating actions in 'A' or above categories in the first half of fiscal 2019, none has been of more than two notches. Over 97 percent of CRISIL’s rating actions in these categories in the past five years have been of low to medium intensity.

Going forward, CRISIL-rated corporates are expected to sustain their credit risk profiles even in the face of headwinds, backed by strong demand, increased government spending towards infrastructure, and leaner balance sheets.

And CRISIL-rated non-banks should be able to navigate the current situation backed by active liquidity management and strong parentage. However, any prolonged liquidity strain could impact non-banks and hence would be a key monitorable.

Disclaimer: The views and investment tips expressed by the rating agency CRISIL on moneycontrol.com are its 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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Cardamom futures were trading lower during the morning trade in the domestic market on Monday as speculators booked profits at prevailing levels amid easing demand in the spot market. Analysts said besides profit booking by participants at existing level, fall in demand against adequate stocks position, mainly led to decline in cardamom prices at futures trade.

At the MCX, cardamom futures for October 2018 contract was trading at Rs 1410 per kg, down by 0.49 per cent, after opening at Rs 1407.10, against a previous close of Rs 1416.90. It touched the intra-day low of Rs 1405.

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USD-INR pair is expected to quote in the range of 72.60 and 73.25, says Motilal Oswal.

After a lower opening Indian rupee slipped further and trading around day's low point. It is trading lower by 32 paise at 72.80 per dollar versus previous close 72.48.

It has touched 72.84 during the day, while its all-time low is 72.96 per dollar.

Last week, rupee consolidated in a range of 72.50 and 73 (Spot) ahead of the important RBI policy statement that is expected to be released today. Expectation is that the central bank could consider raising rates by 25bps following the sharp depreciation in the rupee. Weakness in the rupee has been curtailed after the government decided to impose import tariff on selected nonessential products, said Motilal Oswal.Data released by the RBI showed India’s FX reserves for the week ended September 21 rose marginally by USD 1.3billion to USD 401.79 billion compared to USD 400.89 billion reported earlier last week. Today, USD-INR pair is expected to quote in the range of 72.60 and 73.25, it added.

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Any hike in fuel prices is always have a major impact on aviation companies as it constituted major portion of operational expenses.

Share prices of airline companies fell between 3 percent and 5 percent to hit fresh 52-week lows in morning trade Monday after hike in jet fuel prices by the oil companies.

Jet Airways declined as much as 5 percent to hit a fresh 52-week low of Rs 171, SpiceJet fell 3 percent to 52-week low of Rs 66 and InterGlobe Aviation corrected 3 percent to 52-week low of Rs 800.25 on the BSE.

Jet fuel price has been increased by Rs 5,106 to Rs 74,567/kL in Delhi today morning.

Any hike in fuel prices is always have a major impact on aviation companies as it constituted major portion of operational expenses.

It is another blow to these companies which indicated earnings performance, which have been dismal for last couple of quarters, is expected to be week for September quarter as well.

At 9:18 hours IST, Jet Airways was quoting at Rs 172.80, down Rs 7.65, or 4.24 percent while SpiceJet was down 3.08 percent to Rs 66.05 and InterGlobe Aviation slipped Rs 17.20, or 2.08 percent to Rs 808.35.

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The Dow Jones Industrial Average was up 0.42 percent at 26,496.59 points, while the S&P 500 had gained 0.50 percent to 2,920.45. The Nasdaq Composite added 0.85 percent to 8,058.35.

Wall Street rose on Thursday, helped by high-flying shares of Alphabet and Netflix, as well as the US Federal Reserve's confidence in the strength of the economy after it raised rates for the third time this year.

Ten out of 11 sectors rose, with the S&P 500 communication services index, recently renamed and reconstituted with Facebook , Google-parent Alphabet , Netflix and other Internet and media stocks, jumping 1.15 percent.

Alphabet added 1.72 percent and Netflix climbed 0.85 percent, both helping lift the S&P 500.

As well as raising interest rates on Wednesday, the Fed left its monetary policy outlook for the coming years largely unchanged. Stocks closed lower after the rate hike, but on Thursday, some investors refocused on the central bank's confidence in the economy's growth.

The Fed's statement is essentially a green light for the economy. It's a confirmation that the US economy is the best game in town for global investors," said Jeffrey Kravetz, regional investment director at the Private Client Reserve of US Bank.

Adding to feel-good sentiment was data showing economic growth accelerated in the second quarter at its fastest pace in nearly four years as previously estimated.

Apple rose 2.27 percent after JPMorgan started coverage of the stock with an "overweight" rating, citing the iPhone maker's quicker-than-expected move to a services business.

Amazon.com's gain followed upbeat comments from brokerage Stifel about the company's retail, cloud, and advertising businesses. The online retailer is set to open a brick-and-mortar store in New York City.

Starting on Monday, the telecommunications sector was renamed "communication services" and reconstituted with major internet and media companies alongside AT&T and other telecoms. So far this week, the S&P 500 communication services index has gained 1.6 percent, more than any other sector index.

The Dow Jones Industrial Average was up 0.42 percent at 26,496.59 points, while the S&P 500 had gained 0.50 percent to 2,920.45. The Nasdaq Composite added 0.85 percent to 8,058.35.

Accenture fell 1.39 percent after the consulting and outsourcing services company's full-year profit fell short of analysts' estimates.

Cruise operator Carnival Corp tumbled 5.31 percent after its fourth-quarter forecast missed estimates.

Conagra Brands slumped 7.9 percent after the packaged food company posted quarterly revenue that missed analysts' estimates.

That weighed on rivals, with Kellogg , JM Smucker and Campbell Soup shedding more than 2 percent.

Advancing issues outnumbered declining ones on the NYSE by a 1.47-to-1 ratio; on Nasdaq, a 1.17-to-1 ratio favoured advancers.The S&P 500 posted 16 new 52-week highs and 9 new lows; the Nasdaq Composite recorded 50 new highs and 52 new lows.

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The company has terminated the MOU and acquisition of Industrial Land of Pious Engineering situated at Dombivali (East), Dist. Thane, Maharashtra for further business purpose.

Shares of Indo Amines rose 11 percent intraday Thursday as company board approved a draft scheme of amalgamation of Core Chemicals (Mumbai) and Key Organics (a wholly owned subsidiary of the company) with the company.

The Scheme is subject to approval of the National Company Law Tribunal, Mumbai, besides other approvals as applicable, if any.

The company has terminated the MOU and acquisition of Industrial Land of Pious Engineering situated at Dombivali (East), Dist. Thane, Maharashtra for further business purpose.

Further, the promoters of the company i.e. Vijay Palkar and Bharati Palkar have acquired 100 percent holding in Pious Engineering.

At 12:08 hrs Indo Amines was quoting at Rs 121.15, up Rs 5.80, or 5.03 percent on the BSE.

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At the Multi Commodity Exchange, zinc for delivery in September declined by Rs 1.10, or 0.59 per cent to Rs 184.80 per kg in a business turnover of 556 lots.

Zinc prices fell 0.59 per cent to Rs 184.80 per kg in futures trading Thursday as speculators reduced their exposure, taking negative cues from the spot market on fading demand.

At the Multi Commodity Exchange, zinc for delivery in September declined by Rs 1.10, or 0.59 per cent to Rs 184.80 per kg in a business turnover of 556 lots.

Similarly, the metal for delivery in October contracts was trading lower by Rs 1.05, or 0.56 per cent to Rs 185.35 per kg in 103 lots.

Analysts said cutting down of positions by traders due to easing demand from consuming industries at the spot market, mainly weighed on zinc prices at futures trade.

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Traders can accumulate the stock in the range of Rs 82-85 for the target of Rs 95 with a stop loss below Rs 79.40,

After a downward consolidation, Bharat Electronics has moved up smartly which suggests waning bearishness. The rise in price was backed by decent volume on the daily frame. On the weekly frame, a tweezers candlestick is seen.

In addition, a divergence is seen on the daily RSI which suggests momentum is likely to witnessed positive shift. Traders can accumulate the stock in the range of Rs 82-85 for the target of Rs 95 with a stop loss below Rs 79.40.

Disclaimer: The author is a Technical Research Analyst at Bonanza Portfolio Ltd. The views and investment tips expressed by investment expert on Moneycontrol.com are his 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 owners of IL&FS are also answerable to their stakeholders and they can’t afford to throw good money after bad.

IL&FS was ex-Citibanker Parthasarathy's brainchild and he has now left a sick kid that no one wants to own up to. It wouldn’t have been such a bad thing but for the fact that the illness could lead to a contagion in the financial system that the country can ill afford at this stage.

Central Bank of India, Housing Development Finance Corporation and Unit Trust of India (UTI) were the initial stakeholders of the company. Later the likes of SBI, LIC, ORIX Corporation Japan, and Abu Dhabi Investment Authority (ADIA) bought a share of the pie in the 1990s. It was designated as a systemically-important, non-banking finance company by the RBI.

Being a ‘professionally managed’ unlisted company, it has so far functioned as private sector companies with similar perks and privileges. Hence, it is not a government owned entity that got to be salvaged by the sovereign, in fact, should that happen the risk of moral hazard is high.

Given that the liquidity crisis of this infrastructure lender and its steady default on short-term borrowings have sent shockwaves in the money market and could worsen if the temporary liquidity support is not provided quickly, the owners need to act fast.

The fact that IL&FS' many subsidiaries also owes huge sums to banks and institutions only makes the contagion serious as the total quantum of leverage is in excess of Rs 91,000 crore.

One could blame regulators and stakeholders for not dousing the fire early. It is strange that IL&FS’ AAA rated paper got downgraded to default grade hastily this month once the problem surfaced. Needless to say the sanctity of the rating process is under a question mark and investors are forming their own opinions, resulting in hammering of all papers where corporate governance concerns had surfaced in the past. This is a serious issue for the system and needs to be addressed urgently.

The sanctity of the audit process has been questioned time and again in recent times and IL&Fs is no exception with auditors failing to highlight a strain on the cash flow. Lastly, the board cannot absolve itself as well since a problem of this magnitude never develops overnight.

The challenges in the infrastructure space are common knowledge. A large part of today’s banking crisis can be attributed to banks’ exposure to the sector without much understanding of the complexity. Institutions that were once created to support long-term infrastructure lending have all morphed into commercial banks, realising the unviability of a specialised infrastructure finance company. That IL&FS has an unsustainable business model today need not be exaggerated.

So isn’t it a contradiction to suggest that the existing shareholders pump in emergency liquidity and hike their stake in an entity which is fundamentally unviable. Perhaps it is, but in times like this, in the interest of the financial sector, the owners got to act responsibly. At the end of the day they are marquee names like LIC (25.3 percent), HDFC (9 percent), Orix (23.5 percent), ADIA (12.6 percent) and SBI (6.4 percent). They simply cannot wash their hands off and look up to external parties to salvage the behemoth whose bankruptcy can cost the system dear. Financial markets run on sentiment and confidence and that needs to be restored at the earliest.

IL&FS requires a lifeline to contain the contagion and the owners have to arrange that. However, they also need to decide on the future of this entity, sell assets, restructure the business and transform it into a new entity like others DFIs (development financial institutions) have done. While it is a painful journey and prima facie looks like an impossible task, there are few choices. After all, the owners of IL&FS are also answerable to their stakeholders and they can’t afford to throw good money after bad.

The fact that a savvy investor like Piramal walked away from the IL&FS deal in 2015 is a rude reminder of the faulty business model and it is time the problem is remedied.

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हल्दी वायदा (अक्टूबर) की कीमतों में नरमी का रुझान बरकरार रहने की संभावना है।

इसकी कीमतों में 6,400 रुपये तक गिरावट हो सकती है। हाजिर बाजारों में सेंटीमेंट कमजोर है और स्टॉकिस्टों द्वारा मध्य और खराब वेराइटी की हल्दी की खरीदारी नही किये जाने के कारण हल्दी की कीमतों में प्रतिदिन गिरावट हो रही है। अभी तक हल्दी उत्पादन क्षेत्रों में मॉनसून अच्छा रहा है, जिससे हल्दी की उत्पादकता में बढ़ोतरी होने की संभावना है। शुरूआती आँकड़ों से पता चलता है कि इस वर्ष हल्दी का उत्पादन लगभग 75 से 80 लाख बैग होने का अनुमान है। वर्तमान समय में हल्दी का स्टॉक लगभग 28 लाख बैग है, जो वर्ष के अंत तक 5 से 7 लाख बैग तक बच सकता है। इस कारण आगामी वर्ष में हल्दी की कुल उपलब्धता लगभग 85 लाख बैग हो सकती है।

जीरा वायदा (अक्टूबर) की कीमतों में 18,500 रुपये तक नरमी रहने की संभावना है। बेहतर आवक के मुकाबले कमजोर माँग के कारण देश के प्रमुख हाजिर बाजारों में जीरे की कीमतों में गिरावट हो रही है। गुजरात के ऊंझा में जीरे की कीमतों में 15-25 रुपये प्रति 20 किलो ग्राम की गिरावट हुई है, जबकि राजस्थान में 100-150 रुपये प्रति क्विंटल की गिरावट हुई है। गुजरात के बाजारों में आवक 2,000 बैग से बढ़ कर 8,000 बैग हो गयी है।

2018-19 में कम उत्पादन अनुमान और अधिक माँग के कारण इलायची की कीमतें 17 महीने के उच्च स्तर पर पहुँच गयी हैं, लेकिन कीमतों में अभी भी बढ़ोतरी की संभावना है और कीमतें 1,450 रुपये के स्तर पर पहुँच सकती है। इडुक्की के नीलामी केन्द्र पर इलायची की कीमतें 2,000 रुपये प्रति क्विंटल के स्तर को पार कर गयी हैं। कारोबारियों को कुल उत्पादन में 60% से अधिक की गिरावट होने का अनुमान है।

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खबरों के अनुसार आईटी सेवा प्रदाता इन्फोसिस (Infosys) को अमेरिकी दूरसंचार कंपनी वेरिजॉन (Verizon) से 70 करोड़ डॉलर का ठेका मिला है।

इससे दोनों कंपनियों के बीच आउटसोर्सिंग करार 100 करोड़ डॉलर का हो गया है। दोनों कंपनियों के बीच हुए करार के तहत 01 अक्टूबर से वेरिजॉन चुनिंदा व्यावसायिक इकाइयों के अपने आईटी कार्य के कुछ घटकों के लिए इन्फोसिस से कुछ सेवाएँ लेगी।

उधर बीएसई में इन्फोसिस का शेयर 717.30 रुपये के पिछले बंद स्तर के मुकाबले 720.00 रुपये पर खुल कर 729.00 रुपये के ऊपरी भाव तक चढ़ा है। 11 बजे के करीब यह 10.55 रुपये या 1.47% की वृद्धि के साथ 727.85 रुपये के भाव पर चल रहा है। 

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बेस मेटल में उच्च स्तर पर मुनाफा वसूली हो सकती है।

तांबे की कीमतों को 453 रुपये के नजदीक सहारा और 462 रुपये के नजदीक अड़चन रह सकती है। अमेरिका और चीन के बीच व्यापार विवाद गहाराने का असर वैश्विक वृद्धि पर पड़ने और चीन की ओर से माँग कम होने की आशंका से लंदन में तांबे की कीमतों में गिरावट दर्ज की गयी। अमेरिका द्वारा हाल ही में चीन के 200 बिलियन डॉलर के उत्पादों पर टैरिफ लगाये जाने के जवाब में चीन द्वारा 60 बिलियन डॉलर के उत्पादों पर टैरिफ दिया है।

इस बीच जिंक की कीमतों को 180 रुपये के नजदीक सहारा और 186 रुपये के करीब बाधा, निकल की कीमतों को 920 रुपये के नजदीक सहारा और 950 रुपये के करीब अड़चन, लेड की कीमतों को 145 रुपये के नजदीक सहारा और 149 रुपये के नजदीक रुकावट रह सकती है।

एल्युमीनियम की कीमतों के सीमित दायरे में रहने की संभावना है। एल्युमीनियम की कीमतों को 146 रुपये के नजदीक सहारा और 150 के नजदीक बाधा रह सकती है। रूसी कंपनी रूसल चीन में कारोबार के लिए एक टीम का गठन कर रही है, क्योंकि अमेरिकी प्रतिबंध के बाद पश्चिम के देशों में इसके ग्राहकों में कमी आयी है।

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Mentha oil futures were trading lower during the morning trade in the domestic market on Tuesday as investors and speculators cut down their positions in the agri-commodity amid muted physical demand for mentha oil from major consuming industries in the domestic spot market. Further exiting of bets by traders in the spot market was due to a fall in physical demand for mentha oil from consuming industries at the domestic spot market against sufficient stocks position on higher supplies from producing regions.

At the MCX mentha oil futures for September 2018 contract was trading at Rs 1638 per kg down by 1.53 per cent after opening at Rs 1670.50 against the previous closing price of Rs 1681.90. It touched the intra-day low of Rs 1650.10(at 10:20 hours).

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