Closing bell: The equity markets on Friday continued its strong momentum to close higher for the second straight day.

The BSE Sensex ended 1.53 per cent higher at 34,731 while the Nifty50 index added 1.51 per cent to finish at 10,244.

Among the sectoral indices, the Nifty Realty index ended as the best performer, gaining 6.4 per cent. The Nifty Bank, Nifty Auto and Nifty Media ended with gains of over 1.5 per cent each.

The sectoral laggards were Nifty IT and Nifty Metal indices.

Market breadth was positive in favour of advances with 1,785 stocks on the BSE while 862 ended lower, and 152 remained unchanged.

Petrol, diesel prices hiked again, 13th straight day of increase

Petrol price on Friday was hiked by 56 paise per litre and diesel by 63 paise a litre, taking the cumulative increase in rates to ₹7.11 and ₹7.67 per litre respectively in less than two weeks.

Petrol price in Delhi was hiked to ₹78.37 per litre from ₹77.81, while diesel rates were increased to ₹77.06 a litre from ₹76.43, according to a price notification of state oil marketing companies.

Rates have been increased across the country and vary from State to State depending on the incidence of local sales tax or VAT.

This is the 13th daily increase in rates in a row since oil companies on June 7 restarted revising prices in line with costs, after ending an 82-day hiatus in rate revision. In 13 hikes, petrol price has gone up by Rs 7.11 per litre and diesel by Rs 7.67 a litre.

Jet Airways saga: Four shortlisted entities sign non-disclosure agreement

Exactly a year ago, Jet Airways was dragged to the NCLT over unpaid dues. As the debt-strapped airline is still awaiting a resolution, in the latest update, all four shortlisted parties who had placed an Expression of Interest (EoI) for Jet Airways have been finalised. Further, sources have confirmed that these parties have signed a non-disclosure agreement (NDA).

A source privy to the information said, “All the four parties that had been shortlisted have been finalised. This includes the one party that hadn’t submitted its complete documents. Furthermore, they have also signed NDAs.” Read more here

Ramco Cements’ Q4 net profit down 13% to Rs 143 cr

The Ramco Cements Ltd on Friday reported a 13.17 per cent decline in consolidated net profit at Rs 142.90 crore for the fourth quarter ended on March 31, 2020, mainly impacted by coronavirus-induced lockdown.

The company had posted a net profit of Rs 164.58 crore during the January-March quarter of 2018-19, The Ramco Cements said in a regulatory filing.

Shares of the company were trading at Rs 641 per unit on the BSE, up 3.22 per cent over previous close.

Alembic Pharma gets USFDA nod for generic acne treatment gel

Alembic Pharmaceuticals on Friday said its joint venture has received nod from the US health regulator for generic Adapalene gel used for treatment of acne.

The company’s JV Aleor Dermaceuticals has received approval from the United States Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Adapalene gel USP, 0.3 per cent, Alembic Pharma said in a filing to the BSE.

The approved product is a generic version of Galderma Laboratories LP’s Differin gel in the same strength, it added.

According to IQVIA, Adapalene gel USP, 0.3 per cent, has an estimated market size of USD 34 million for twelve months ending March 2020, Alembic Pharma said.

The product is indicated for the topical treatment of acne vulgaris in patients 12 years of age and older, it added.

The company has a cumulative total of 123 ANDA approvals (110 final approvals and 13 tentative approvals) from USFDA, Alembic Pharma said.

Shares of Alembic Pharmaceuticals were trading at Rs 934.20 per scrip on the BSE, up 2.85 per cent over previous close.

Thomas Cook India Q4 net loss at Rs 14 crore

Travel services firm Thomas Cook India has reported a consolidated net loss of Rs 13.90 crore for the quarter ended March 31, 2020 mainly on account of COVID-19 pandemic.

The company posted a profit of Rs 13.08 crore in the year-ago period, Thomas Cook India said in a late night regulatory filing on Thursday.

Total income from operations stood at Rs 1,109.02 crore during the quarter under review. It was Rs 1,437.77 crore in the same period a year ago, it added.and MD Madhavan Menon said.

Shares of Thomas Cook India were trading at Rs 29.05 per scrip on BSE, up 3.75 per cent from the previous close.

Government invites bids to appoint pre-Transaction Advisor for LIC IPO

The Government on Friday initiated the process of selling part of its stake in the nation’s largest insurer, Life Insurance Corporation of India. As on date, it is fully owned by the Central Government.

The insurer’s initial public offer (IPO) is expected to hit the market during the second half of the current fiscal. Read more here

Nifty call: Go long above 10,200 with stop-loss at 10,150

Buoyed by the positive sentiment across the Asian market, the Indian benchmark indices have been rallying since the beginning of the session. While the Nifty 50 spot index is up by 0.9 per cent, the Sensex spot index is up by 1.1 per cent so far.

The Nikkei index has gained half a per cent today whereas the Hang Seng and the Shanghai composite indices are up by over one per cent each. Read more here

CSB Bank shares zoom 19 per cent

The private lender CSB Bank Limited on Friday announced today that the Board has appointed Pralay Mondal as President (Retail, SME, Operations and IT). He is likely to join the Bank in September 2020.

Pralay Mondal has recently tendered his resignation from his current position as Executive Director & Head of Retail Banking in Axis Bank.

Earlier, the bank announced its fourth-quarter results cutting the net loss to ₹60 crore.

The bank's shares gained as much as 19.5 per cent to trade at ₹179.90.

Markets at Noon: The benchmark equity indices at noon trade on Friday surged to the day's high of 1 per cent each. The Sensex was up 0.9 per cent at 34,553 and the Nifty inches up 1 per cent at 10,196.

The Bank Nifty was up 2 per cent to trade at 21,381. The Nifty Midcap and Smallcap indices were up 1 per cent and 2 per cent respectively. The India Volatility Indes was down 2.2 per cent to 30.75.

The Nifty Realty index remained the top sectoral gainer strengthening 4.3 per cent, and the Nifty PSU Bank is up 2.5 per cent.

The laggard was the Nifty IT index, trading down 0.4 per cent.

Bajaj Finance was the top gainer in the Nifty index gaining up to 7 per cent while Infosys remains the top laggard, trading down 1.5 per cent.

In one day, India records over 13,500 new Covid-19 cases

Up till June 19, the number of Covid-19 cases recorded in India stood at 3,80,532. Of these, 2,04,711 persons (up to 54 per cent) are believed to have recovered while another 12,573 have died.

As on June 18, the number of cases had stood at 3,66,946. Read more here

Indian Hume Pipe bags Rs 235 cr order from Uttar Pradesh govt

Concrete pipe manufacturing company Indian Hume Pipe on Friday said it has bagged an order worth Rs 234.91 crore from the Uttar Pradesh government.

In a regulatory filing the manufacturer of hume pipes and allied products said that the company has received the Letter of Award from the State Water & Sanitation Mission, Namami Gange & Rural Water Supply Department, Lucknow, Uttar Pradesh for the said order.

Under the project, the company will provide water supply scheme to groups of villages in Kuraicha, District - Jhansi and relevant works including commissioning, operation and maintenance for 10 years, the filing added.

The project is to be completed within two years.

Shares of Indian Hume Pipe were trading at Rs 162 a piece, up 4.65 per cent in morning trade on BSE

Daily Rupee call: Initiate short if INR breaches 76.3

The rupee (INR) has opened on a weak note today at 76.28 versus its previous close of 76.15 against the dollar (USD). The local currency continues to stay below the important level of 76, hinting at a considerable bearish bias.

The rupee appears weak and even though 76.3 can be good support, on the back of which it might bounce. However, 76 is a strong hurdle. But if INR slips below 76.3 as a result of prevailing downward bias, the immediate support can be 76.5. On the other hand, if the domestic currency breaks out of 76, it might rally quickly towards 75.8 and 75.6. Read more here

Tata Power up 1.8% on securing a solar contract

Tata Power on Friday announced that its arm Tata Power Renewable Energy Limited had received a letter of award from Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL) to develop a 100 MW solar project in Maharashtra.

The energy will be supplied to MSEDCL under a power purchase agreement, valid for a period of 25 years from scheduled commercial operation date.

The company has won this capacity in a bid announced by MSEDCL under Phase V dated December 2019. The project is required to be commissioned within 18 months from the date of execution of the PPA.

Tata Power’s renewable capacity will increase to 3,557 MW, out of which 2,637 MW is operational, and 920 MW is under implementation including 100 MW won under this award.

The shares of the company have gained 1.8 per cent to trade at Rs 43.75.

Glenmark gets USFDA nod for fingolimod capsules; shares gain 2%

Glenmark Pharmaceuticals on Friday announced that it had been granted final approval by the United States Food & Drug Administration (USFDA) for Fingolimod Capsules, 0.5 mg, the generic version of Gilenya1 Capsules, 0.5 mg, of Novartis Pharmaceuticals Corporation.

According to IQVIATM sales data for the 12 months ending April 2020, the Gilenya capsules, 0.5 mg market achieved annual sales of approximately $2.1 billion.

Shares of the company trade over 2 per cent higher at Rs 417.

ICICI Bank divest 3.96% stake in general insurance arm; shares trade unchanged

ICICI Bank on Friday announced divesting 1.8 crore shares of ICICI Lombard, representing 3.96 per cent of its total equity share capital.

The bank announced that the stake sale is part of efforts to strengthen its balance sheet.

According to the exchange filing, the bank has sold 3.96 per cent stake for a consideration of Rs 2,250 crore.  Post the stake sale, the bank's shareholding in ICICI Lombard stands now at 51.9 per cent.

The shares of the bank trade muted with a gain of 0.8 per cent to Rs 356.50

Debt-free status propels RIL stocks to record high

Shares of Reliance Industries Ltd (RIL) gained 7 per cent to a record high of ₹1,788.80 and are up for the second straight day on the news of the company announcing debt-free on Friday.

RIL has become net debt-free ahead of the target of March 31 next year, its Chairman Mukesh Ambani said on Friday after his oil to telecom conglomerate raised ₹168,818 crore in 58 days.

“I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31 March 2021,” Ambani said in a statement.

It is also the top point contributor to the upside on the Nifty50 index.

Earlier, Saudi Arabia’s Public Investment Fund had announced an investment of ₹11,367 crore in lieu of a 2.32 per cent stake, in Jio Platforms Ltd, a subsidiary of Reliance Industries.

Broker's call: LG Balakrishnan Brothers (Buy)

In the light of faltering consumer demand, LGB drastically slashed its capex last fiscal to ₹84 crore from ₹193 crore a year before. Larger free cash flows coupled with increased liquidity generated from land sale and sale of its investment in Renold Chain India helped it to retire consolidated debt of nearly ₹100 crore. Expected working capital savings coupled with stodgy capex outlay would doubtlessly catalyse free cash flow generation in current fiscal despite stress in earnings. Read more here

Opening bell: Indian equities had a muted start on Friday as investors continue to weigh a resurgence in some virus hotspots that may derail an economic recovery against record stimulus measures to help stave off the worst of the pandemic's impact. 

Meanwhile, Sino-American tensions continue to simmer -- President Donald Trump said the U.S. could pursue a complete decoupling from China in response to unspecified conditions.

At the open bell, the Sensex was quoted at 34,362, up 154 points or 0.45 per cent. The Nifty was up 22 points or 0.22 per cent at 10,114.25.

Day Trading Guide for June 19, 2020

₹1020 • HDFC Bank

₹714 • Infosys

₹186 • ITC

₹83 • ONGC

₹1656 • Reliance Ind.

₹179 • SBI

₹2038 • TCS

10075 • Nifty 50 Futures

S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.

Wall Street oscillates amid Covid-19 spikes, muted data

Wall Street struggled for direction on Thursday as investors weighed a resurgence in coronavirus infections and the possibility of a new round of shutdowns against data that suggested the U.S. economy might not bounce back with quick, V-shaped recovery.

A range-bound S&P 500 see-sawed through much of the session and was last in negative territory, joining the blue-chip Dow in the red.

The Dow Jones Industrial Average fell 136.7 points, or 0.52%, to 25,982.91, the S&P 500 lost 8.39 points, or 0.27%, to 3,105.1 and the Nasdaq Composite added 0.09 points, or 0%, to 9,910.63.

Today's Pick| Varun Beverages (₹707.1): Buy

The stock of Varun Beverages on Thursday broke out of the critical resistance of ₹700, which has been acting as a hurdle for the past three months. This has opened the door for further strengthening as the short-term trend now looks bullish. The stock which lost about 45 per cent from its peak in March has swiftly recovered.

After rallying to ₹680 from ₹500 in the month of April, the stock started oscillating between ₹580 and ₹680. But subsequently, it breached ₹680 and closed above ₹700 on Wednesday. Click here to read the technicals

Asian shares wobble in choppy trade on fresh spike in virus cases

Asian shares and U.S. stock futures wobbled in choppy trade on Friday as lingering concerns about an fresh spike in coronavirus cases offset growing hopes for a quick economic recovery.

MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.06%. U.S. S&P 500 e-minis moved in and out of the red, and were last up 0.23%.

Shares in China rose 0.61%, led by gains in financials and the health care sector, but South Korean stocks fell 0.81% due to concern about diplomatic tension with North Korea.

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