Market Live: Sensex gains 450 pts, oil at 1-month low; pharma stocks rally up to 6%

Torrent Power, Prestige Estates, ICRA and SRF gained 1-4 percent. Gati, Hexaware and Dixon Technologies were down 1-4 percent.

The benchmark BSE Sensex gained momentum in afternoon trade, rallying over 450 points on continued buying by domestic funds and recovery in the rupee amid higher Asian markets.

On the other hand, Brent crude futures tumbled to a six-week low of USD 65.16 per barrel. A fall in crude prices is seen as positive for Indian economy, which imports most of its oil requirements.

The 30-share barometer stayed in the green through the the session on all-round buying. It was trading at 34,543.80 by surging 461.09 points, or 1.35 percent.

The broader NSE Nifty also soared 134.70 points, or 1.29 percent, to quote at 10,611.40.

Brokers said buying by domestic institutional investors (DIIs) and a mixed trend at other Asian bourses improved the market sentiment.

The broader markets also saw strong buying with BSE small-cap and mid-cap indices rising up to 2.33 percent.

The gains were broad-based with most of the sectoral indices on the BSE trading in the green. Realty, IT, Banking, Auto and pharma stocks led the gains 

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What changed for the market while you were sleeping? 10 things you should know

A list of important headlines from across news agencies that could help in your trade today.

The Nifty witnessed a bloodbath on Friday as it plunged over 250 points and the S&P BSE Sensex witnessed a fall of over 800 points. After a 29 percent rally in the year 2017, the Nifty recorded its worst fall of the year 2018.

The Nifty closed at 10,760.6 on Friday. According to Pivot charts, the key support level is placed at 10,679.47, followed by 10,598.33. If the index starts to move higher, key resistance levels to watch out are 10,898.37 and 11,242.83.

The Nifty Bank closed at 27,220.7. Important Pivot level, which will act as crucial support for the index, is placed at 26,973.5, followed by 26,726.3. On the upside, key resistance levels are placed at 27,540.7, followed by 11,036.13.

Stay tuned to AceInvestmentAdvisory to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news agencies.

US markets slump  as Dow sees worst day in two years

Worries about the impact of a tightening job market on the prospects for inflation and a surge in bond yields sent investors fleeing equities on Friday, with the Dow Jones Industrials Average swooning almost 666 points, for its biggest daily percentage loss in 20 months.

The Dow Jones Industrial Average fell 665.75 points, or 2.54 percent, to 25,520.96, the S&P 500 lost 59.85 points, or 2.12 percent, to 2,762.13 and the Nasdaq Composite dropped 144.92 points, or 1.96 percent, to 7,240.95, Reuters reported.

Asia markets trade lower; Nikkei down 2%

Asia markets fell in early trade on Monday, following a sharp decline in US stocks on Friday amid a stronger-than-expected jobs report that sent interest rates higher. The Nikkei 225 fell 2.06 percent in early trade, while the Topix index was down 1.71 percent. South Korea's Kospi index fell 1.66 percent, CNBC reported.

SGX Nifty

Trends on SGX Nifty indicate a negative opening for the broader index in India, a dip of 131 points or 1.24 percent. Nifty futures were trading around 10,587-level on the Singaporean Exchange.

Normal monsoon, steady crude prices can push India’s growth to over 8% in FY19: FM

The Indian economy’s growth can canter into an 8 percent-plus growth track if crude oil prices stay within manageable limits and the monsoon rains turn out to be normal this year, finance minister Arun Jaitley said.

“Some indicators, which are known as green shoots in the language of business, such as business confidence, PMI (purchase managers’ index), core (infrastructure) sector growth, are all good. We need to see what happens next,” Jaitley told News 18 Network in an exclusive interview.

RBI should refrain from hiking rates on Feb 7 policy: Assocham

The Reserve Bank should not "over-react" to high yield pressures in the bond market and refrain from hiking interest rates in its next monetary policy review on February 7, industry body Assocham said.

"Some of the macro indicators, including pegging of higher fiscal deficit of 3.3 percent for 2018-2019 and 3.5 percent of the GDP for the current fiscal, look difficult, but reaction of the bond market would ease out soon," Assocham said in a post-Budget paper.

FPI inflows at $3.5bn in Jan on better earnings expectation

Foreign investors have pumped in a whopping USD 3.5 billion (over Rs 22,000 crore) into the country's capital markets in January in anticipation of better corporate earnings and attractive yields.

According to depositories data, Foreign Portfolio Investors (FPIs) infused a net amount of Rs 13,781 crore in equities and Rs 8,473 crore in debt in January – translating into net inflows of Rs 22,254 crore (USD 3.5 billion).

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Indian Rupee crumbles to a two week low on fiscal deficit woes

Forex market sentiment turned highly volatile and reacted vehemently to some key Budget announcements triggering panic dollar buying by corporates and importers

The Indian rupee suffered an intense plunge and closed at a near two-week low of 64.06 against the US dollar after the government announced long-term capital gains (LTCG) tax on equities and widened its fiscal deficit target while unveiling the Union Budget.

Forex market sentiment turned highly volatile and reacted vehemently to some key Budget announcements triggering panic dollar buying by corporates and importers.

The home currency settled the week with a sharp 51 paise, or 0.80 percent.

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Budget 2018: Tweaks likely in govt insurance schemes

The Union Budget to be presented on February 1 is likely to make tweaks to the insurance schemes under the Jan Suraksha Yojana, namely the personal accident and term insurance. This could include some changes in the product structure and revisions in the pricing.

The Union Budget to be presented on February 1 is likely to make tweaks to the insurance schemes under the Jan Suraksha Yojana, namely the personal accident and term insurance. This could include some changes in the product structure and revisions in the pricing.

The Jeevan Jyoti Bima Yojana or term insurance offers a cover of Rs 2 lakh with an annual premium of Rs 330. Similarly, the Suraksha Bima or personal accident scheme offers Rs 2 lakh cover for accidental death for an annual premium of Rs 12.

“We have sought certain tweaks in the product including some upwards premium revision as well as measures to curb fraudulent claims. We have been assured of measures to deal with this,” said a senior private sector insurance company chief.

These insurance schemes, along with Atal Pension Yojana was launched in May 2015 to provide accessible basic insurance covers for Indians at a nominal cost. The products are sold solely through bank branches for which they earn a small commission.

There have also been concerns about the slow pace of enrollment into the schemes. The personal accident policy has had more than 133 million policyholders while the term insurance policy has had 53 million policyholders.

“Banks could also be encouraged to sell more of the policies by offering a better incentive under the scheme. Some announcements are likely,” said a senior official associated with this development.

Fraudulent claims have been reported, especially from the cooperative and regional rural banks. Due to this, insurers said that claims have also been rejected for causes including fraudulent documents produced and incorrect declaration of facts. These could be tackled through changes in underwriting structure by the budget announcements.

To prevent misuse of the products, the terms of the PMJJBY policy state that the insurance cover will not be available for death (other than due to accident) occurring during the first 45 days from the date of enrollment into the scheme.

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