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Oil prices set for biggest Q1 gain since 2009 on US sanctions, OPEC cuts

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U.S. West Texas Intermediate (WTI) futures were at $59.56 per barrel at 0211 GMT, up 26 cents, or 0.4 percent, from their last settlement. Oil prices rose on Friday, pushed up by ongoing supply cuts led by producer club OPEC and U.S. sanctions against Iran and Venezuela, putting the crude markets on pace to post their biggest first quarter gain since 2009. U.S. West Texas Intermediate (WTI) futures were at $59.56 per barrel at 0211 GMT, up 26 cents, or 0.4 percent, from their last settlement. WTI futures are set to rise for a fourth straight week and are set for a first quarter gain of 31 percent. Brent crude oil futures were up 30 cents, or 0.4 percent, at $68.12 per barrel. Brent futures are set to increase by 1.7 percent for the week and are set to climb by 27 percent for the first quarter. For both futures contracts, the first quarter 2019 is the best performing quarter since the second quarter of 2009 when both gained about 40 percent. Oil prices have been...
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Nifty likely to inch higher, deploy 'Bull Call Spread' in a truncated week: Quantsapp

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The upcoming weekly series has strong put writers at 10,800 that is acting as immediate support for the market The geopolitical tension along with February expiry led to wild swings in the market as Nifty made a low of 10,729 and witnessed a high of 10,939 during the last week, and ended below 10,900. The Nifty50 ended the February series with loss of 0.36 percent at 10,792 vis-à-vis January series. Bank Nifty saw a fall of 1.84 percent during the same period. The Nifty rollovers stood at 60 percent, which was 13 percent below the 3-month average. Lack of momentum in the market pushed the Open Interest (OI) tally to almost a year low.February series saw Nifty Media as top performing sector led by stellar moves in  Dish TV  and  Zee . The Nifty Auto index was the next best performer with two-wheelers and auto- ancillary outperforming. The Nifty PSU banks were the worst performer led by fall in  IDBI  and  Bank of India . Top rollover stock...
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If Modi comes back with weaker numbers, market may not like it: Shankar Sharma

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Sharma is of the view that after the recent correction it is tough to say that midcaps have bottomed out. The big ‘P’ or political situation is the next big uncertainty that Indian market will face in the next few months and investors should not ignore the risks which come with it, Shankar Sharma, VC & Joint MD, First Global said in an interview with CNBC-TV18. “It is a significant event and one should not be dismissive about its importance. It will have a pretty significant effect on the stock market. It was a done deal the last time when the campaign started, but this time it does not look like a done deal,” he said. He further added that there is a possibility that the current government could come back with a weaker setup which markets may not like. Well, there is also a possibility that the market may go with the weaker setup. “Hence, this is a significant event and I have no clue as to what will happen but whatever happens it will have a significant impact on ...
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Technical View: Up, up and away! Nifty on track to hit bigger target of 11,400

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The Nifty50 index managed to surpass crucial resistance levels in a single trading session and is on track to hit a higher target towards 11400, say, experts. Breakout, finally! Five days of a successive rally in the Indian markets pushed Nifty50 beyond its crucial resistance levels of 10,985-11,000 on Wednesday. The index made a long bullish candle for the 5th consecutive day in a row. Nifty50 opened at 10,965 slipped marginally to 10,962 before breaking above 11,000 levels. It touched an intraday high of 11,072 before closing the day at 11,062, up 128 points from its previous close of 10,934.35. Nifty50 managed to surpass crucial resistance levels in a single trading session and is on track to hit a higher target towards 11,400, say experts. India VIX fell by 0.95 percent at 15.63 levels which should comfort bulls. Bank Nifty comparatively remained range bound but managed to extend its gains towards 27,400 zones. It formed a Bullish candle and entering its cruc...
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Tech Mahindra profit rises 13% QoQ, revenue surges 3.6%

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The revenue for the quarter rose 3.6 percent against the September quarter to 8,944 crore. IT major  Tech Mahindra  on February 5 reported a 13 percent sequential rise in Q3 profit at Rs 1,203 crore. The company reported 27.5 percent year-on-year (YoY) rise in consolidated net profit. The revenue for the quarter rose 3.6 percent against the September quarter to Rs 8,944 crore. In constant currency terms, revenue was up 4.3 percent sequentially.  Revenue in US dollar terms was at $1,260.8 million, up 4.3 percent YoY and up 3.5 percent QoQ. The company also raised its employee count in the quarter to 1,21,842, registering an addition of 3,451 employees sequentially. EBITDA for the December quarter rose 6.4 percent sequentially and 36.2 percent on-year to Rs 1,723 crore. EBITDA margins came in at 19.3 percent, up 300 bps YoY and 50 bps QoQ. “This is a milestone quarter for Tech Mahindra with 5 billion dollars annual revenue run rate in sight. The c...
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GST mop-up rises to Rs 1.02 lakh crore in January

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The total number of sales return or GSTR-3B filed for the month of December up to January 31, 2019 is 73.3 lakh. GST collections in January rose to Rs 1.02 lakh crore the second highest monthly mop-up after April, the finance ministry said on February 2. This is a significant increase from the collection of Rs 94,725 crore in December 2018, and 14 percent higher than January 2018 collection of Rs 89,825 crore. The total number of sales return or GSTR-3B filed for the month of December up to January 31, 2019 is 73.3 lakh. "The total gross GST revenue collected in January 2019 is Rs 1,02,503 crore of which Central GST is Rs 17,763 crore, State GST (SGST) is Rs 24,826 crore, Integrated GST (IGST) is Rs 51,225 crore and Cess is Rs 8,690 crore," the ministry said in a statement. This is the third time in current fiscal that revenues from Goods and Services Tax (GST) have crossed Rs 1 lakh crore mark. In April and October too, the collections surpassed th...
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Nifty continues to form bearish candle, next target seen at 10,630

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The index formed large bearish candle on the daily scale and could fall below 10,600 levels if it breaks crucial support of 10,630 levels in coming session, experts said. The Nifty50 extended downtrend on first day of the week and closed below psychological 10,700 levels Monday as investors may be cautious ahead of Interim Budget to be announced on February 1 and expiry of January futures & options contracts on January 31. The index fell 1.2 percent last week. The sell-off in banking & financials, FMCG and Pharma stocks pulled the market sharply lower while the broader markets continued to underperform frontliners. The Nifty Midcap index was down 2.1 percent and Smallcap index declined 1.8 percent. The index formed large bearish candle on the daily scale and could fall below 10,600 levels if it breaks crucial support of 10,630 levels in coming session, experts said. The Nifty50 opened marginally higher to hit an intraday high of 10,804.45, but immediately wiped o...
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