Comments
Closing Bell
Stock market indices ended marginally higher on Tuesday ahead of the US Federal Reserve's two-day interest rate meeting, while crude prices softened on concerns around global growth.
After rising over 200 points in the opening session, the 30-share index moved in a rangebound manner during intraday and ended at 39,046.34, gaining 85.55 points from its previous close.
Similarly, the broader NSE Nifty ended up by 19.35 points, or 0.17%, at 11,698.80.
The IT sector was the top performer, rising 0.58%, on a volatile day with the India VIX index down 0.85%.
The Nifty FMCG index was lower by 123.15 points at 29,580.75 after India slapped tariffs on 28 U.S. goods, including almonds, apples and walnuts from June 16.
Airlines such as Spicejet and Interglobe Aviation rose nearly 3% and 1.55% respectively after Jet Airways lenders sought bankruptcy for the airline in a last ditch effort to recover some of their dues.
Jet shares fell 41% to Rs 40, extending their losing streak to nine days.
Maruti Suzuki India Ltd dropped for a fifth straight session today. The stock is quoting at Rs 6,443.80 down 2.10% on the NSE. Maruti Suzuki India Ltd has lost around 7.88% in last one month.
Maruti down over 2% on cut in vehicle production
Maruti Suzuki India Ltd dropped for a fifth straight session today. The stock is quoting at Rs 6,443.80 down by Rs 138 or 2.10% on the NSE.
The company has cut its vehicle production by over 18 per cent in May.
Maruti Suzuki India Ltd has lost around 7.88% in last one month. Meanwhile, Nifty Auto index of which Maruti Suzuki India Ltd is a constituent, has eased around 6.27% in last one month and is currently quoting at 7,837.60, down by 58.50 or 0.75% today. The volumes traded in the stock stood at 8.29 lakh shares as at 2.55 pm today.
Related Stories
Auto sales continue to skid as industry faces headwinds
Industry seeks govt support to stimulate growth
IndusInd Bank shares up nearly 2%
Shares of IndusInd Bank went up by Rs 25.50 or 1.82% to Rs 1,425.25 on the NSE today after IndiaRatings reaffirmed the credit rating of the debt instruments issued by IndusInd Bank.
The rating of infra bonds and the long term issuer rating have been reaffirmed at AA+, with stable outlook. The rating of additional tier I bonds was reaffirmed at AA with stable outlook and term issuer rating has been reaffirmed at A1+
Sensex stocks
AU Small Finance Bank rises nearly 2% on NCD issue proposal
AU Small Finance Bank Ltd has informed BSE that the meeting of the Board of Directors of the Company is scheduled on June 20, 2019 to consider and approve Issue of Basel II compliant, Rated Unlisted, Tier II Unsecured subordinated Redeemable Non-Convertible Debentures, being classified as subordinated debt. Following this report, the stock of AU Small Finance Bank gained 1.45% to Rs 695.65 on the NSE today.
HDFC Asset Management stock drops 6%
Shares of HDFC Asset Management Company Limited declined nearly 6% to Rs 1,818.55 on the NSE today after the company said it would provide liquidity arrangement to FMP schemes on their exposure to NCDs issued by Edisons Infrapower & Multiventures Private Limited and Sprit Infrapower & Multiventures Private Limited, companies promoted by the Essel group.
HDFC AMC informed the BSE today that it has decided to provide a liquidity arrangement to certain fixed maturity plan schemes of HDFC Mutual Fund (collectively "FMP Schemes"), to deal with the illiquidity faced by such FMP Schemes due to their exposure to the Non-Convertible Debentures ("NCDs")issued by Edisons Infrapower & Multiventures Private Limited and Sprit Infrapower & Multiventures Private Limited, companies promoted by the Essel group (collectively "Essel Group Companies").
This liquidity arrangement shall only apply in case of FMP Schemes (having an exposure to the NCDs issued by the Essel Group Companies) which have either already matured in the month of April, 2019 and/ or will mature till the standstill arrangement entered into by the Company with Essel Group Companies is in force.
Provision of such liquidity arrangement will entail acquisition by the Company of NCDs issued by the Essel Group Companies held by such FMP Schemes at the prevailing valuation as on respective maturity/purchase dates. The liquidity arrangement may involve an aggregate outlay not exceeding Rs 500 crore and will be put in place shortly.
Provision of this liquidity arrangement is without prejudiceto the validity of the Company's action of entering into the abovementioned standstill arrangement. Such liquidity arrangement is in the larger long term interest ofthe Company and is being undertaken purely as a measure to provide liquidity to the relevant unitholders.
Related Stories
HDFC AMC’s 4th quarter net profit up 60% on lower expenses
Board declares final dividend of ₹12/share
Surya Roshni climbs nearly 3.50% on new order
Surya Roshni today informed the BSE that it has received order worth Rs 151.88 crore for supply of API Grade 3LPE Coated line Pipes from Bharat Gas Resources for CGD project. Following this report, Surya Roshni shares went up by 3.40% to Rs 244.20 on the BSE.
Star Cement climbs 8.70% on share buy-back plan
Shares of Star Cement surged 8.70% to Rs 127 on the BSE today following the company's announcement that the board would meet on June 21 to consider and approve a proposal for Buy- Back of the Company's Equity Shares, in accordance with applicable provisions of laws.
Nifty 50 June Futures (11,732): Buy in declines with a fixed stop-loss at 11,700 levels
The Nifty June month contract began the session on a flat note, opening at 11,701 levels. Following an initial decline, the contract recorded an intra-day low at 11,678 and started to trend upwards. It has marked an intra-day high at 11,739 levels. Traders with a near-term view can make use of intra-day dips to buy the contract while maintaining a stop-loss at 11,700.
The CNX Nifty logo is displayed on a glass facade at the National Stock Exchange (NSE) in Mumbai, India, on Tuesday, Feb. 10, 2015. Prime Minister Narendra Modi conceded an overwhelming defeat in a local election in India's capital, his first setback at the polls since taking charge of Asia's third-biggest economy last year. Photographer: Dhiraj Singh/Bloomberg
Today's Pick: Jindal Steel and Power (Sell)
Testing resistance at ₹170, the stock continued to trend downwards last week. It trades well below the 50- and 200-day moving averages. The daily as well as weekly price rate of change indicators hover in the negative terrain implying selling interest. Both the daily and the weekly relative strength indices feature in the neutral region with downward bias.
The short-term outlook is bearish.
Broker's Call: Shriram Transport (Buy)
Narnolia
Shriram Transport (Buy)
CMP: ₹1,315.05
Target: ₹1,649
Shriram Transport Finance has shown recovery in assests under management (AUM) since the last few quarters backed by strong CV demand in the country. Infrastructure development and recovery in rural economy has kept AUM growth stronger. IND-AS (Indian accounting standards) transition has been positive. READ MORE
SH Kelkar: To turn ex-date for buyback
Shares of SH Kelkar may remain in focus, as they will turn ex-date for the proposed buyback. It plans to buy back up to 33 lakh shares of ₹10 each at ₹180 a share for an aggregate amount of ₹59.40 crore. READ MORE
Trent: Focus on fund-raising plans
The board of directors of Trent will meet on Tuesday to consider fund-raising plans. This could be in the form of rights issue, qualified institutional placement, debt issue, preferential issue or any other permissible mode or combination thereof.
Broker's call: Godrej Consumer (Neutral)
Motilal Oswal
Godrej Consumer (Neutral)
CMP: ₹659.1
Target: ₹700
Key takeaways: a) The worst seems to be over on the domestic volume growth front, but strong revival
will take time. b) Despite muted growth of the past three years, we believe Godrej Consumer Product’s domestic business is of high quality with attractive long-term growth prospects. READ MORE
Varun Beverages shares went up nearly 7 per cent at Rs 920.20 on the BSE today following bonus announcement by the company's board yesterday.
Varun Beverages Ltd has informed BSE that at the start of Silver Jubilee year of the Company, and in appreciation of continuing support from the shareholders of the Company, the Board of Directors at their meeting held on June 17, 2019 recommended Bonus Issue of Equity Shares in the proportion of 1 (One) Equity Share of Rs. 10/- each for every 2 (Two) Equity Shares of Rs. 10/- each held by the shareholders of the Company as on the record date, subject to the approval of shareholders through Postal ballot.
Related Stories
Varun Beverages gets Competition panel nod to acquire PepsiCo's franchise rights
Why the NBFC crisis is entering a new phase
Just as Indian banks emerge from under a pile of bad loans to large energy, steel and other industrial companies, they are facing a new reckoning from the accelerating crisis in the NBFC sector.
A year after a series of defaults by Infrastructure Leasing & Financial Services (IL&FS) forced the government to intervene and exposed weaknesses in the sector, the problems of India’s non-banking financial companies are entering a new phase.
The bogey of currency manipulation
Which emerging markets have seen significant depreciation in exchange rates? And should ‘manipulation’ be blamed for that?
READ MORE
Related Stories
Currency management needs an overhaul
The macro imbalance is a result of allowing excessive capital flows. As a result, the exchange rate has ceased to be competitive
Related Stories
Currency management needs an overhaul
The macro imbalance is a result of allowing excessive capital flows. As a result, the exchange rate has ceased to be competitiveRelated Stories
Asian stocks cautious before Federal Reserve interest rate meeting, oil on defensive
Focus is now on how close the Fed could be to cutting interest rates amid the raging US-China trade war, signs of the economy losing steam and pressure by President Trump to ease policy.
11697 • Nifty 50 Futures: Go long if the contract advances above 11,750 levels
S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.
₹2245 • TCS: Buy TCS in dips with fixed stop loss at Rs 2,225 levels
Related Stories
TCS overtakes RIL to become most valued firm by m-cap
RIL and TCS have in the past also competed with each other for the number one position in terms of market capitalisation
Broker's call: L&T (Buy)
Anand Rathi
L&T (Buy)
CMP: ₹1,499
Target: ₹1,820
Benefit from leadership: L&T is the undisputed market leader in India’s capital goods and construction space. The likely recovery of India’s capex cycle, especially infra and hydrocarbon would benefit L&T substantially with double digit revenue growth and faster order book expansion.
Related Stories
L&T seeks 31 per cent stake in Mindtree for ₹5,029 crore
Tendering period starts from June 17 and ends on July 12
Private banks cut interest rates on deposits by up to 25 bps
Top private sector lenders have cut their interest rates on deposits by up to 0.25 per cent over the last week, officials said Monday.
Generally, an interest rate cut in deposits is seen as a precursor to a lending rate cut. The moves by lenders including ICICI Bank and Axis Bank come amid easing liquidity conditions and also within days of a rate cut by the Reserve Bank earlier this month.
Rupee rises against USD in early trade
The rupee appreciated by 11 paise to 69.80 against the US dollar in opening trade on Tuesday, driven by the positive opening in domestic equities and easing crude prices.
Forex dealers said that the selling of the American currency by exporters and fall in crude oil prices supported the rupee. However, foreign fund outflows weighed on the domestic currency. READ MORE
Related Stories
Now, you can buy forex at spot rate
The RBI is creating a platform for retail investors to buy and sell forex in the inter-bank market
Related Stories
FPIs remain net buyers in June, invest ₹ 11,132 cr
Inflows in debt category remained strong and steady driven by positive market sentiment after the re-election of NDA government
Airtel Africa expects London IPO to be priced between 80-100 pence per share
Airtel Africa Ltd, a unit of Bharti Airtel Ltd, on Monday set a price range of 80 to 100 pence per share for its planned initial public offering (IPO) on the London Stock Exchange.
The IPO is expected to raise 595 million pounds ($749.05 million) from the issuance of about 595.2 million to 744 million new shares.
Related Stories
Airtel Africa expects London IPO to be priced between 80-100 pence per share
Related Stories
Airtel Africa plans Nigeria listing too
Aims to raise $750 m through London SE
Bull run intact, Sensex cheap in book value: Ridham Desai
Ridham Desai, Director, Morgan Stanley India, is of the view that the bull-run in stock markets can continue. He says trade tensions are the only major risk for markets now unless there is slippage by India on the fiscal front, which is highly unlikely. Financials and banking stocks are his best bets. Excerpts from the interview:
How are foreign investors looking at Indian markets after elections? Any specific sectors that you are bullish on?
Foreign investor mood is looking up for India. Certainty on inflation framework, Aadhaar, direct benefit transfers, and rationalisation of GST are some of the policy measures that will continue and boost consumer spend.
Related Stories
Mid- and small-caps have room to rally
Investors should continue to build equity exposure for the long term
Related Stories
FDI flow into India rises 6% to $42 billion in 2018: UNCTAD
US, China continue to be top recipients of foreign funds; India in the tenth spot
Related Stories
FPIs pour in Rs 7,095 cr in first week of June
Investors will look at the government’s fiscal consolidation plan, fiscal deficit target and borrowing plan, an expert said.
₹337 • SBI: Sell SBI if falls below Rs 331 levels
10.05 am
₹1281 • Sell Reliance Ind if fails to move above ₹1,295 levels
TOP LOSERS ON NSE
TOP LOSERS ON NSE
TOP GAINERS ON NSE
TOP GAINERS ON NSE
₹275 • ITC : Sell ITC if reverses down from ₹278 levels
Related Stories
ITC eyes managed properties in adjacent countries
New properties being looked at in Sri Lanka, Nepal and Bangladesh: Sanjiv Puri
₹740 • Infosys : Buy Infy if rallies above ₹746 levels
Related Stories
Infosys completes acquisition of 75 per cent stake in ABN AMRO Bank subsidiary Stater
Founded in 1997, Stater is the largest mortgage service provider of the Benelux
Oil prices fall for second day on weak economic data
Oil prices were falling for a second day on Tuesday, after more signs that global economic growth is being hit by US-China trade tensions, although losses were limited amid tensions in West Asia after tanker attacks last week.
Brent crude futures were down 16 cents, or 0.3per cent, at $60.78 a barrel by 0215 GMT. They fell 1.7 per cent in the previous session on concerns about slowing global growth.
11697 • Nifty 50 Futures
S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.
The CNX Nifty logo is displayed on a wall at the National Stock Exchange (NSE) in Mumbai, India, on Monday, May 19, 2014. Indian stock-index futures rose and rupee forwards strengthened as benchmark gauges advanced to record highs last week after the main opposition alliance's biggest election win in 30 years. Photographer: Dhiraj Singh/Bloomberg
Opening Bell
Stock market indices opened marginally higher after taking a sharp plunge yesterday.After opening firm at 39,056.98, immediately touched a high of 39,124.96, before being quoted at 39,039.75, up by 78.96 points
It ended yesterday at 38,960.79
The NSE Nifty too rose 16.30 points, or 0.14 per cent, to 11,688.45.
Sectoral indices such as Auto, Banking, IT were seen trading in the green in early trades.
Related Stories
Fears of trade war trigger equity sell-off; Sensex, Nifty end lower by 1.25%
Metal down 3%, Oil & Gas slips by 2.35%
Day Trading Guide for June 18, 2019
Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:
₹2421 • HDFC Bank
₹740 • Infosys
Related Stories
HDFC Bank - Notable earnings: Buy
Strong loan growth, steady margins and stable asset quality are positives
Today's Pick: Jindal Steel Power (₹154.7): Sell
Investors with a short-term perspective can consider selling the stock of Jindal Steel Power at current levels. The stock tumbled almost 6 per cent on Monday, breaching its 21-day moving average.
Following a short-term uptrend from the key support level of ₹130, the stock encountered resistance at ₹190 in early April 2019.
Related Stories
JSW Steel to increase capacity of Vijayanagar plant after 2020
The Vijayanagar plant currently has a 12 MTPA capacity
9.05 am
Asian stocks cautious before Federal Reserve interest rate meeting, oil on defensive
Investor caution ahead of the Federal Reserve's interest rate meeting capped Asian stocks on Tuesday, while crude oil prices retreated as global growth worries overshadowed supply concerns stemming from recent Middle East tensions.
The Shanghai Composite Index lost 0.25%, Hong Kong's Hang Seng rose 0.15% and Japan's Nikkei dipped 0.3%.
MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.2%.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.