Sensex slumps 289 points to 39,452, bank stocks drag

Closing bell

Extending its losses for the third straight session, the benchmark BSE Sensex slumped 289 points on Friday, dragged by banking stocks amid weak cues from global markets.

After cracking nearly 400 points during the day, the BSE gauge settled 289.29 points, or 0.73 per cent, lower at 39,452.07. The index hit an intra-day low of 39,363.45 and a high of 39,799.90.

Similarly. the broader NSE Nifty tumbled 90.75 points, or 0.76 per cent, to close at 11,823.30. During the day, the index touched a low of 11,797.70 and a high of 11,911.85.

Top losers in the Sensex pack included IndusInd Bank, Bharti Airtel, Tata Motors, Axis Bank, Kotak Bank, Bajaj Auto, YES Bank, HCL Tech, HUL and Hero MotoCorp, falling up to 4.36 per cent.

Bucking the weak market trend, L&T, Sun Pharma, Vedanta, PowerGrid and TCS rose up to 0.80 per cent.

According to experts, the domestic market ended significantly lower tracking weak cues from global markets amid continued uncertainty over US-China trade talks and escalating tensions between the US and Iran after attacks on two oil tankers in the Gulf of Oman on Thursday.

After spiking over 4 per cent over the past two days, Brent crude futures pared gains to trade 0.11 per cent lower at $61.24 per barrel.

Elsewhere in Asia, while Tokyo stocks ended in the green, bourses in Shanghai, Hong Kong and Seoul closed lower. Exchanges in Europe were also trading in the red in early deals.

On the currency front, the Indian rupee depreciated 19 paise to 69.69 against the US dollar intra-day. - PTI

Oil slips as demand concerns outweigh West Asia geopolitics

Oil prices fell on Friday on fears trade disputes will dent global oil demand, although the attacks this week on two oil tankers in the Gulf of Oman gave prices a floor.

Brent crude futures were down 14 cents at $61.17 a barrel at 0846 GMT, having settled up 2.2 per cent on Thursday.

US West Texas Intermediate crude futures were down 28 cents at $52 a barrel. WTI also closed up 2.2 per cent in the previous session. Both contracts were on track for weekly declines of more than 3 per cent. Click here to read the global oil markets report in full.

Sensex, Nifty recover some losses

The benchmark indices, the Sensex and the Nifty, pared their losses by late session on Friday.

The Sensex was trading at 39,596, down 144 points or 0.36 per cent ahead of the close, while the Nifty was at 11,868, down 45 points or 0.38 per cent lower.

The top gainers on the 30-share index were Vedanta, Sun Pharma, L&T, Tata Steel and Power Grid, while the laggards were IndusInd Bank, Bharti Airtel, Axis Bank, Bajaj Auto and Kotak Bank.

On the BSE, the capital goods index was up 0.36 per cent, while the metal index was firmer by 0.31 per cent. The telecom index was down 1.46 per cent, while realty dropped 1.38 per cent. Other notable laggards were the banking index (down 0.78 per cent), FMCG (down 0.68%), consumer discretionary goods (down 0.60%) and healthcare (down 0.59%).

Chipmakers drive European shares lower after Broadcom warns of demand slowdown

istock.com/ipopba

Technology shares pushed European stock markets lower on Friday after US chipmaker Broadcom warned of a broad slowdown in demand due to trade tensions and the US ban on Chinese mobile phone company Huawei Technologies. Click here to read in full the European share markets report .

Gold breaks above $1,350 level as growth woes lift safe-haven demand

Gold jumped more than 1 per cent on Friday, surpassing the key $1,350 level for the first time since April last year, as a spur of weak economic data from both China and the US, and political concerns in West Asia raised safe-haven demand. Click here to read in full the gold markets report .

Hedge funds trim risky FX trades as rate-cut bets rise

The Australian and the New Zealand dollars fell on Friday as bets on interest rate cuts undermined demand as a Group of 20 meeting later this month kept investors sidelined.

The Aussie fell 0.24 per cent to $0.6892 and was down 1.5 per cent for the week, the biggest decline since mid-May. The Kiwi dollar dropped 0.4 per cent to $0.6529, down 2 per cent for the week. Click here to read in full the global forex markets report .

Sensex, Nifty range-bound

The benchmark indices traded in a range in negative territory in the afternoon session on Friday.  The Sensex was down 195 points or 0.49 per cent lower at 39,546, while the Nifty was quoting at 11,847, down 66 points or 0.56 per cent lower.

Vedanta was the top gainer on the Sensex, followed by L&T, Tata Steel, ONGC and Coal India, while the laggards were IndusInd Bank, Bharti Airtel, Bajaj Auto, Axis Bank and Kotak Bank.

Among the sectoral indices, capital goods shares gained 0.34 per cent, while metal shares gained 0.16 per cent. The rest of the sectoral indices were in the red. Realty shares dropped 1.7 per cent, while telecom shares were down 1.47 per cent. Banking sector shares were down 0.80 per cent and consumer durables and FMCG were down 0.65 per cent.

Nifty call: Buy on dips with fixed stop-loss at 11,860 levels

A security guard stands behind a glass facade displaying the CNX Nifty logo 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

The Sensex and Nifty began the session on a negative note and continued to decline. Asian markets are showing mixed signs; the Nikkei 225 is up 0.4 per cent, whereas the Hang Seng index has declined 0.8 per cent.  Click here to read in full the Nifty call report.

Iran ‘responsible’ for attacks on oil tankers in Gulf of Oman: US

US Secretary of State Mike Pompeo (file photo)

US Secretary of State Mike Pompeo accused Iran of being behind attacks on two tankers in the Gulf of Oman on Thursday, and said it was taking the case to the UN Security Council.

“It is the assessment of the United States that the Islamic Republic of Iran is responsible for the attacks,” Pompeo told reporters.

“This is based on intelligence, the weapons used, the level of expertise needed to execute the operation, recent similar Iranian attacks on shipping, and the fact that no proxy group operating in the area has the resources and proficiency to act with such a high degree of sophistication,” Pompeo said. Click here to read more on US accuses Iran of being responsible for attacks on oil tankers .

'Vayu' stalls, kicks up heavy rain and high winds along Saurashtra coast

A day after it reached within striking distance of the Saurashtra coast, the very severe cyclone 'Vayu' has not weakened but appears to have practically stalled over the North-East Arabian Sea.

An hourly update from the India Met Department (IMD) issued at 10.30 am this (Friday) morning said 'Vayu' is seen clearly skirting the Saurashtra coast and slowly moving away.  Click here to read the weather report in full.

Asia stocks sag ahead of China data

File Photo

Asian stocks sagged on Friday ahead of key Chinese data that could provide more clues on how heavily the US-Sino trade war is weighing on the economy, while oil prices were supported by supply concerns after attacks on tankers in the Gulf of Oman. Click here to read in full the Asian markets report .

OPEC, Russia nearing accord on long term oil supply coordination: Nikkei

PEC and other producers including Russia are in final talks for an agreement, that may be signed in early July, to cooperate on oil supplies on a long-term basis, Japan's Nikkei reported, citing Russian Energy Minister Alexander Novak. Click here to read in full the report on OPEC, Russia near accord on long-term oil supply .

Sensex, Nifty drop lower

The Sensex and Nifty dropped around 0.5 per cent each in the mid-morning session on Friday. The Sensex was down 174 points or 0.44 per cent lower at 39,566, while the Nifty was at 11,852, down 61 points or 0.52 per cent weaker.

The top gainers on the Sensex were L&T, ONGC, Vedanta, Power Grid and NTPC, while the laggards were IndusInd Bank, Sun Pharma, YES Bank, Bharti Airtel and Kotak Bank.

The capital goods index on the BSE gained 0.44 per cent during the session, while the realty index was down 1.96 per cent, and the healthcare index was 1.53 per cent lower.

Hexaware acquires US-based Mobiquity for $ 182 mn

Mumbai based Hexaware Technologies on Friday announced the acquisition of Mobiquity for a total consideration of ~ $182 million.

Mobiquity creates digital products for some of the most well-known brands in the world, such as Amazon Web Services, Rabobank, Philips, Wawa, Backbase and Otsuka. Click here to read more on Hexaware acquires US-based Mobiquity .

Gold surges to near 14-month peak, set for fourth weekly gain

Gold prices rose on Friday, moving closer to their 14-month high hit last week, as trade and political turmoil, along with US interest rate cut expectations propped up the precious metal.

Spot gold was up 0.3 per cent at $1,345.28 per ounce, as of 0504 GMT, after hitting a session high of $1,347.81, less than $1 away from its 14-month peak of $1,348.08 touched last week. Click here to read in full the gold report .

Dr Reddy’s sells its rights for neurology drugs to Upsher-Smith

Dr Reddy’s Laboratories Ltd has entered into a definitive agreement with Upsher-Smith Laboratories, LLC to sell its US and select territory rights for Zembrace Symtouch (sumatriptan injection) and Tosymra (sumatriptan nasal spray).

The products are commercialised through its wholly-owned subsidiary Promius Pharma, LLC.

Under the agreement, Dr. Reddy’s will receive $70 million as upfront consideration, $40.5 million in near-term milestones and additional financial considerations, including existing contractual obligation and inventory. Subsequently, Dr Reddy’s will receive sales-based royalties on a quarterly basis. Click here to read the report on Dr Reddy's sells rights on neurology drugs to Upsher-Smith .

Dollar set for weekly gain before Fed meeting

The dollar held steady early in Asia on Friday, and was set to show a weekly rise as investor focus turned to next week's Federal Reserve meeting for cues on a possible interest rate cut in light of rising risks to trade and global growth.

The dollar index against a basket of six rivals was basically unchanged at 97.001, and on track for a near 0.5% gain this week. The index had touched an 11-week low of 96.459 last Friday. Click here to read in full the global forex markets report .

Adani Gas rises on report of France's Total close to buying 30% stake in it

Gautam Adani, Chairman, Adani Group. File Photo

Shares of gas distributor Adani Gas Ltd rose as much as 6.7 per cent to Rs 180, their highest since June 4.

The French energy giant Total SA is reported to be close to buying a 30 per cent stake in Adani Gas for upwards of Rs 5,500 crore ($790.51 million). Click here to read in full the report on Adani Gas rises on report of Total buying 30% stake in it .

Rupee slips 11 paise to 69.61 vs dollar in early trade

The rupee slipped 11 paise to 69.61 at the interbank forex market. File Photo

The rupee opened on a weak note and declined by 11 paise to 69.61 against the US dollar in opening trade on Friday, as rising crude oil price concerns weighed on investor community.

The rupee opened weak at 69.55 at the interbank forex market and then fell further to 69.61, down 11 paise over its last close. The rupee had settled at 69.50 against the US dollar on Thursday.

Forex traders said, rupee is trading in a narrow range as prospects of an interest rate cut by the US Federal Reserve kept investors edgy. - PTI

Oil prices ease, but Middle East tanker attacks support

Oil fell on Friday after sharp gains in the previous session when prices were boosted after attacks on two oil tankers in the Gulf of Oman stoked concerns of reduced crude flows through one of the world's key shipping routes.

The attacks near Iran and the Strait of Hormuz countered concerns about global demand that had hammered prices in recent weeks, analysts said. Click here to read in full the global oil markets report .

Company news: Maithan Alloys

Maithan Alloys  has participated in the auction of Impex Metal & Ferro Alloys (under liquidation) as a going concern. The liquidator officer has intimated the company that its bid has been ranked as the highest bid and declared it as H1 bidder. Necessary approval from the National Company Law Tribunal in this regard is awaited, the company said. Shares of Maithan Alloys closed 1.14 per cent higher at ₹622.60 on the BSE.

Company news: Cords Cable Industries

Cords Cable Industries  has received registration for inclusion in the “List of RDSO Vendors for Developmental Orders” from the Research Designs & Standards Organisation (Government of India, Ministry of Railways). The approval will enable the company to offer “underground railway jelly-filled quad cable for signalling & telecom installations” to the Indian Railways and various projects where this approval is mandated, including dedicated freight corridors, and various metro-rail projects. Shares of Cords Cable slipped 2.61 per cent at ₹57.95 on the NSE.

Wockhardt gets a booster from USFDA

Wockhardt on Thursday said it has received zero observations from the US health regulator after inspection of its bioequivalence centre at Aurangabad in Maharashtra. The United States Food and Drug Administration carried out the inspection on June 10 and 12, it said. This outcome would lead to approvals of abbreviated new drug applications (ANDAs) in the pipeline for which bioequivalence studies are being or will be done in the centre, Wockhardt said.

Sensex, Nifty extend losses

The Sensex and Nifty extended their losses in early session on Friday, after opening in the red.

The Sensex was trading at 39,575, down 165 points or 0.42 per cent lower. The Nifty was at 11,856, down 57 points or 0.49 per cent weaker.

The top gainers on the Sensex were Vedanta, Power Grid, Tata Steel, ONGC and L&T, while the laggards were YES Bank, Bajaj Auto, IndusInd Bank, Kotak Bank and Bharti Airtel.

The metal index was up 0.66 per cent on the BSE, followed by capital goods (up 0.44 per cent) and power (0.37 per cent). Realty sector shares were a drag on the bourse, with the index down 1.59 per cent. Other notable losers in the session were banking shares (down 0.58 per cent), healthcare (0.52%), finance (0.43%), energy (0.36%) and auto (down 0.34%).

According to an agency report. the domestic equity benchmark BSE Sensex fell over 150 points in early trade tracking negative global cues amid rising crude oil prices.

Investors were also on edge ahead of the release of wholesale price inflation data, scheduled to be announced later in the day, traders said.

In the previous session on Thursday, the BSE gauge settled 15.45 points, or 0.04 per cent, lower at 39,741.36. While, the broader NSE Nifty inched up 7.85 points, or 0.07 per cent, to close at 11,914.05.

According to experts, market mood was negative tracking weak cues from global markets amid rising crude oil prices after attacks on two oil tankers in the Gulf of Oman on Thursday, and continued uncertainty over trade talks between the US and China.

The US has blamed Iran for the attacks as the incident came amid spiralling tensions between Tehran and Washington which has pointed the finger at Iran over earlier tanker attacks in May.

The global oil benchmark Brent crude futures were trading 0.62 per cent higher at 61.69 per barrel.

Elsewhere in Asia, while Shanghai Composite Index, Hang Seng, and Kospi were trading on a negative note in their respective early sessions, Nikkei was quoting higher. Bourses on Wall Street too ended in the green on Thursday.

Meanwhile, foreign institutional investors bought equity worth Rs 172.35 crore, while domestic institutional investors sold shares to the tune of Rs 444.87 crore, provisional data available with stock exchanges showed on Thursday.

On the currency front, the Indian rupee depreciated 7 paise to 69.57 against the US dollar. (with inputs from PTI)

Veto Switchgears: Will it spark on realisation?

Veto Switchgears and Cables has realised $10 lakh from Veto Overseas Private F.Z.E, its overseas subsidiary as on June 30. Similarly, the company on April 30 informed the bourses that it had realised ₹7.50 crore on April 26, 2019 from the subsidiary. Veto Switchgears had given unsecured loan to its wholly-owned subsidiary. The company had reported a profit of ₹9.33 crore and revenues of ₹108.93 crore for FY 18. Investors will closely monitor the developments.

Finding RBI stance accommodative, FPIs turn net buyers in G-Secs

After selling sovereign securities worth ₹22,000 crore in the first four months of the current calendar year, foreign portfolio investors in May 2019 turned buyers with a net investment of ₹5,048 crore. Click here to read in full the report on FPIs turn net buyers in G-Secs .

Asia stocks steady after oil surge lifts Wall Street

File Photo

Asian stocks held their ground on Friday after Wall Street gained on a surge in oil prices as attacks on tankers in the Gulf of Oman stoked US-Iran tensions and raised concerns over supply flows through one of the world's main sea lanes.

MSCI's broadest index of Asia-Pacific shares outside Japan was little changed. Click here to read in full the Asian markets report .

Analysts turn positive on insurance cos

Insurance seems to have attracted analysts, as in the last couple of months volumes surprised positively with across-the-board performance on annual premium equivalent (APE) front. Most analysts are now advising investors to accumulate insurance stocks — both life and non-life stocks, as they see potential in the long run. Click here to read in full the report on analysts turn positive on insurance companies .

Broker's Call: Eicher Motors (Sell)

Equirus Securities

Eicher Motors (Sell)

CMP: ₹20,123

Target: ₹18,702

We attended Eicher Motors’ global analyst meet and visited the UK Technology Centre. The UK and Chennai Technology centres have enabled the company to come up with better designed and tested products, wherein post-launch issues are almost nil (unlike previous model launches, viz Himalayan). In the domestic market, Royal Enfield plans to increase penetration and has announced new small-format Studio Stores for rural areas; it also plans to capture more of customer spends on motorcycles over their life cycle. In exports, Royal Enfield is looking at aggressive network expansion in Thailand and Brazil in FY20, and higher volumes in the US given solid growth in the mid-size motorcycle segment.

We maintain ‘short’ with a June 2020 target price of ₹18,702 as some improvement is already built into our numbers.

US Commerce Secretary urges Modi govt to open up Indian economy, market

Describing India as a “high-tariff market”, US Commerce Secretary Wilbur Ross on Thursday urged the Modi government to carry out reforms that will open up the Indian economy and market. In an unusually blunt remarks, Ross asked India to remove the overly restrictive market access barriers for American companies. Click here to read in full the report on US Commerce Secy urges govt to open economy, market .

Panel clears norms for 5G trials; decision on Huawei soon

The Digital Communications Commission (DCC), the apex decision-making body of the Department of Telecommunications (DoT), on Thursday, cleared the norms for 5G trials in India, even as the government mulls a “calibrated” view on the participation of Chinese giant Huawei. Click here to read in full the report on panel clears norms for 5G trials .

Debt default bogey forces SEBI to tighten screws on rating firms

The ticking time bomb of debt defaults has lead the Securities and Exchange Board of India (SEBI) to put in place a rigorous disclosure regime for credit rating agencies (CRAs).

In their score card relating to a particular issuer, the CRAs now have to specify upfront key details, which they think could lead to a default. They should also provide their rationale for their rating. Click here to read in full report on SEBI tightens screws on rating firms .

OPEC cuts 2019 oil demand growth forecast, sees more downside risks

The Organisation of Petroleum Exporting Countries (OPEC) has cut its forecast for global oil demand growth and warned of further potential cuts as international trade disputes continue to fester, building a case for prolonged supply restraint over the rest of 2019. Click here to read in full report on OPEC cuts oil demand growth forecast .

Opening bell

The benchmark indices, the BSE Sensex and the NSE Nifty, opened Friday's session in weakly negative territory. The Sensex opened at 39,731, down 10 points or 0.03 per cent lower. The NSE Nifty also opened a shade lower at 11,897, down 16 points or 0.14 per cent weaker.

The Sensex and Nifty ended Thursday's session flat. The Sensex closed at 39,741, down 15 points or 0.04 per cent lower, while the Nifty was at 11,914, up 7 points or 0.07 per cent firmer.

Petitioner withdraws misappropriation case against Indiabulls Housing Finance

In a relief to Indiabulls Housing Finance, the petitioner has withdrawn the case alleging misappropriation of funds from the Supreme Court.

“Abhay Yadav, the petitioner, has withdrawn the writ petition in Supreme Court,” Indiabulls Housing Finance said in a release on Thursday. Click here to read in full the report on petitioner withdraws misappropriation case against Indiabulls Finance .

Day Trading Guide for June 14, 2019

₹2447 • HDFC Bank

₹742 • Infosys

₹279 • ITC

₹168 • ONGC

₹1324 • Reliance Ind.

₹346 • SBI

₹2250 • TCS

11928 • Nifty 50 Futures

S1, S2 : Support 1 &

Today's Pick: Aegis Logistics (₹227.5): Buy

Investors with a short-term perspective can buy the stock of Aegis Logistics at current levels. The stock has been in a medium-term uptrend since taking support at around ₹175 in mid-February 2019. Short-term trend is also up for the stock. Click here to read in full Today's Pick on Aegis Logistics .

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