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Closing Bell
Stock market indices fell sharply on Monday, led by losses across sectors, after India slapped higher tariffs on 28 US products in retaliation to Washington's decision to remove certain trade privileges for New Delhi.
The retaliatory tariffs has raised fears among investors that it might escalate into a trade war between the two countries
The benchmark BSE index tumbled 491.28 points, or 1.25%, to 38,943.95, while the broader NSE index fell 151.15 points, or 1.28%, to 11,672.15.
The selling was indiscriminate across all sectoral indices. While the BSE Metals and Oil & Gas, both of which lost over 2.50 per cent in today's trade, others such as BSE Auto that fell 1.60% and BSE Banking index too was down nearly 1.25%.
Reliance Industries was the biggest drags in energy index. Reliance shares touched their lowest level in over four weeks, falling up to 2.70%. Hind Petro declined nearly 4% and Rel Infra lost 4.15% today.
Among metals, Tata Steel was down 5.78%, Jindal Steel declined 5.75% and SAIL lost 5%.
Among Auto stocks, notable losers were Ashok Leyland, which lost nearly 5%, Tata Motors was down 3.47% and Bharat Forge shares were down 3 per cent.
Among the top losers in mid-caps, Jet Airways Ltd fell nearly 17%, PC Jeweller lost 17.58%, Trigyn lost 11% and Vakrangee was down 10.46%.
Sensex stocks
NIFTY BANK STOCKS
Nifty Bank Stocks
NIFTY AUTO STOCKS
Nifty Auto Index
Nifty Sectoral Indices
Nifty Sectoral Indices
OI SLIDE WTH FALL IN PRICE
OI SLIDE WITH FALL IN PRICE ON NSE
OI SLIDE WITH RISE IN PRICE
OI SLIDE- RISE IN PRICE
OI spurts with fall in stock price
OI spurts along with rise in price
OI spurts along with rise in price on NSE
Reliance Infra hits record low
Shares of Anil Ambani-led Reliance Infrastructure Ltd plunged approximately 15 per cent to a record low of Rs 50.5.
The company, on Friday, posted its biggest ever standalone loss of Rs 1,664 crore ($238.31 million) due to an expense of Rs 8,597 crore for impairment and write-offs in the quarter.
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‘Reliance Infrastructure looking to pare debts to zero by 2020’
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Reliance Infra to sell DA Toll Road Pvt Ltd; signs deal with Singapore-based Cube Highways
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LME aluminium to fall to $1,710
LME aluminium is expected to fall to $1,710 this week, as it has broken a key support at $1,767 per tonne.
The support is identified as the 38.2% projection level of a wave C from $1,951.
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Steel, aluminium producers want no reduction commitments under RCEP
Officials from 16 member-countries to meet in Bangkok on May 24
Sensex chart
Sensex stocks
Oil rises on tensions after tanker attacks
Oil prices rose on Monday after US Secretary of State Mike Pompeo said Washington will take all actions necessary to guarantee safe navigation in the Middle East, as tensions mounted following attacks on tankers last week.
Brent futures rose 27 cents, 0.4 per cent to $62.28 a barrel by 0040 GMT.
Bitcoin rises above $9,000; climbs to one-year high
Bitcoin climbed past $9,000, to its highest since May 2018, as reports that Facebook is due to unveil a digital currency added to optimism that cryptocurrencies are becoming more widely adopted by mainstream finance.
The largest digital currency rose as much as 9.4 per cent from late Friday and traded at $9,191.38 at 1:45 pm Hong Kong time. Rival coins also climbed - Litecoin was up 4.4 per cent and Ethereum rose 4 per cent. Crypto-linked stocks are also rising in Asia, with Remixpoint Inc. jumping as much as 9.9 per cent. Monex Group Inc. and Ceres Inc. advanced at least 2 per cent in Tokyo while Vidente Co. climbed as much as 8.4 per cent in Seoul.
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Bitcoin usage creates over 22 megatonnes of C02 emissions: Study
Researchers from Technical University of Munich (TUM) in Germany carried out the most detailed calculation of the carbon footprint of the Bitcoin system to date.
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Bitcoin’s credibility problem here to stay
The cypto asset cannot be accepted as a currency on account of its misuse by speculators and miscreants
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Bitcoin tumbles back below $8,000 as cryptocurrencies stumble
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Nifty Call: Sell with fixed stop-loss at 11,805 levels
The Nifty June month contract started the session at 11,824 levels. After an initial up-move the contract recorded an intra-day high at 11,830 and began to decline thereafter. It breached a key support at 11,800 levels and continued to trend downwards. The near-term outlook is bearish.
Traders can sell on intra-day rallies while maintaining a fixed stop-loss at 11,805 levels.
TOP LOSERS ON NSE
TOP LOSERS ON NSE (JUNE 17, 2019)
ADVANCES AND DECLINES ON BSE
Broker's call
Anand Rathi
Larsen and Toubro : Biggest beneficiary of capex recovery
Rating: Buy
CMP: Rs 1,514
Target Price Rs 1, 820
52-week high / low Rs 1,607/ Rs 1,183
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.
Diversified order book: While L&T has large exposure to public capex, nearly half the order book comes from Indian corporate and overseas orders which substantially reduces the risk of slower than expected public capex.
Hydrocarbon key growth area: Despite infra being the largest segment for L&T, hydrocarbon related order book – both domestic and orders from the Middle-East – are growing fast, which provides revenue and order book visibility.
Margin expansion likely: The changing order book composition, especially the increase in share of the higher margin domestic orders are likely to improve margin for the company
Meeting guidance: The company is likely to meet the management targets on sales growth and margin.
The brokerage firm initiates coverage on L&T with Buy rating and target price of Rs.1,820
Risks: Lack of pick-up in capex cycle, subdued global oil & gas capex, lower than expected order inflows and drag on profitability
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Tendering period starts from June 17 and ends on July 12
Mid-session
Stock market indices fell on Monday, dented by losses across sectors, after India slapped higher tariffs on certain US products in retaliation to Washington's decision to remove certain trade privileges for New Delhi.
India imposed higher retaliatory tariffs on 28 US products including almonds, apples and walnuts from Sunday. Total trade between the two countries stood at about $142.1 billion in 2018.
At 12.20 pm, the broader NSE index fell 97.55 points, or 0.83%, to 11,725.75, while the benchmark BSE index declined 300.39 points, or 0.76%, to 39,151.68. Only nine stocks were trading in the green on the NSE index.
Nifty energy index fell 1.4%, with Reliance Industries among the biggest drags. Reliance shares touched their lowest level in over four weeks, falling up to 2%.
Oil prices rose on Monday after U.S. Secretary of State Mike Pompeo said Washington will take all actions necessary to guarantee safe navigation in the West Asia, as tensions mounted following attacks on tankers last week.
Nifty metal index fell 1.9%, dragged by JSW Steel Ltd and Tata Steel Ltd. JSW Steel fell up to 3.3%, while Tata Steel shed 2.5%.
Among the losers, Jet Airways Ltd fell over 17%. Lenders to the grounded airline will finalise the course of action for the carrier on Monday.
STOCK WATCH ON BSE
Axis Bank at 3-week low; chart suggests end of uptrend
Shares of Axis Bank Ltd fell as much as 1.7% to Rs 787.9, their lowest since May 27
The stock has broken below a support at Rs 803.48, the 7% Fibonacci retracement level on the uptrend from April 27, 2018 low to June 4, 2019 high.
Also, Axis Bank stock has broken below its 20-day exponential moving average
Varun Beverages : Bonus meet eyed
Shareholders of Varun Beverages will focus on the board meet, which on Monday will consider a proposal for declaration of bonus issue of equity shares. If approved by the board, the company will issue bonus equity shares for the first time since listing.
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Varun Beverages to acquire PepsiCo's franchise rights in South, West India
The company however did not reveal the financials associated with this agreement
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BSE SMALL CAP INDEX
Shemaroo Entertainment , Multibase India surge nearly 5 per cent
Among the Consumer Goods stocks, Shemaroo Entertainment, Multibase India, Alok Textiles, Munjal Showa and Mirza international between 3.50% and 5% on buying support. However, HubTownSintex , Cox&Kings , Bhartiya International and PG ElectroPlast declined between 6 per cent and 12 per cent today.
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Shemaroo Entertainment's board okays 50% stake acquisition in Dominiche Production
Broker's call: IndusInd Bank (Buy)
JMFL
IndusInd Bank (Buy)
CMP: ₹1,425.1
Target: ₹1,860
We recently met IndusInd Bank for an update on the bank’s evolving business environment. Management indicated that the bank’s exposure of 1.9 per cent to stressed groups is expected to come down in the coming quarters. They also indicated that exposure to stressed housing finance companies (HFCs) included in the above limit is not material.
Jet Airways , PC Jeweller tumble 13 per cent
In the smallcap segment, Jet Airways went into tailspin losing 13.80% at Rs 70.70, PC Jeweller lost 13.30%, JP Associates declined 6.25%, Jain Irrigation tumbled nearly 8% and Manpasand lost 4.90% today.
However, other such as Supreme Petro, Aster DM Healthcare, Narayana Hrudyalaya and UCO Bank gained between 3 per cent and 6 per cent today.
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Domestic air carriers should be given a level playing field: Hardeep Singh Puri
Mid-Cap stocks suffer losses
Among the midcap stocks, Reliance infra, Reliance Capital, Adani Power, M&M and Cummins India declined between 2.50% and 6.75% today on the back of heavy selling pressure in the counters. However, Mphasis,ABB,Divis Labs , Cholamandalam Holding, Future Retail rose up to 1. 85% today.
BSE MIDCAP STOCKS
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Reliance Group has serviced debt payment of over Rs 35,000 cr in 14 months: Anil Ambani
Says Reliance Group company stocks are victims of ‘rumours, bear hammering’
Oil rises on tensions after tanker attacks
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NSE Nifty 50 index may test support level at 11,723
The NSE index Nifty 50 fell as much as 0.6 per cent in the initial trade on MondayThe Nifty index has cut below a key support level at 11,795.85
The support is identified as the 14.6% Fibonacci retracement level on the uptrend from October 26, 2018 low to June 3 high.
BSE SENSEX CHART
Mid- and small-caps have room to rally
The market witnessed a rally in May on the back of a strong mandate for continuity and stability in the election results. On the other hand, global equities witnessed a sell-off due to weak macroeconomic data and deteriorating sentiments on trade disputes. With the election-related uncertainty behind us, let’s address the key questions on investors’ minds now — is there a risk of a long-drawn out trade war, can we expect a revival in domestic growth, and what is our outlook for equities going forward?
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A route to mid-cap investing
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ITC earns Rs 4,673 crore in forex in FY19
Diversified group ITC’s forex earning in FY19 increased 11.55 per cent to ₹4,673 crore, mainly on account of exports of agri-commodities.
In the past 10 years, the firm has earned “nearly $7.2 billion, of which agri-exports constituted 56 per cent”, ITC said in its annual report for FY19.
Tata Power: Power, uninterrupted
Along with its subsidiaries, Tata Power has presence in power distribution, transmission and generation (thermal, hydro and renewable). While continuing losses at its Mundra thermal power plant in Gujarat has kept the stock under pressure, the company’s focus on renewable energy and efforts to de-leverage its balance sheet by selling non-core assets, are positives.
The company’s focus on renewable power and an asset-light model will help it in the long run
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The company has won this capacity in a bid announced by GUVNL in March 2019HDFC Bank - Notable earnings: Buy
At the current price, the stock trades at about 3.8 times its one-year forward book value. This is within its long-term (five-year) range of 3.4-4 times, despite the 20 per cent rally in the stock over the past year.
Steady earnings growth of 18-20 per cent over the past four quarters has kept the stock’s valuation at a reasonable level.
Long-term investors can buy the stock at current levels.
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HDFC divests 6.1% stake in Gruh to meet RBI mandate
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Rupee slips vs USD in early trade
The rupee depreciated by 9 paise to 69.89 against the US dollar in early trade on Monday on weak opening in domestic equities and rising crude oil prices.
The rupee opened weak at 69.87 at the interbank forex market and then fell further to 69.89, down 9 paise over its last close.
Dollar holds near 2-week high after strong US retail data
The dollar hovered near a two-week high early on Monday, as strong US retail sales data tempered some of the fears about a sharp downturn in the world's largest economy.
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Now, you can buy forex at spot rate
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BSE SECTORAL INDICES
BSE SENSEX CHART
Sensex, Nifty slip into red
The market encountered moderate losses amid broad based selling pressure in early trades on Monday. The sentiment turned negative following weakness in other Asian markets.
The Sensex fell 165.28 points or 0.42% at 39,286.79.
The Nifty 50 index too lost 62 points or 0.52% at 11,761.35
Key benchmark indices such as Auto, Healthcare, Banking, Energy, Real Estate, Infrastructure and Oil & Gas slipped in the red on broad-based selling pressure.
JSW STEEL lost 3 per cent at Rs 263, VEDL lost 2.70% at Rs 165, Grasim was down 1.90% at Rs 882 and Tata Steel was down 1.85% at Rs 492.55.
TOP NSE LOSERS
NSE TOP LOSERS
NSE TOP GAINERS
NSE TOP GAINERS
YOUR STOCK PORTFOLIO
Is J&K Bank a good stock to buy with a one year perspective?
Jammu & Kashmir Bank (₹42.3): The stock of Jammu & Kashmir Bank (J&K Bank) had plummeted 28.7 per cent last week, breaking below a key support level of ₹50. It is in a downtrend across all-time frames — short, medium and long term. The stock can extend the downtrend and test the key long-term support in the band between ₹35 and ₹38. An upward reversal from this support range can take the stock up to ₹46 and ₹50 levels
YOUR STOCK PORTFOLIO
Coal India in recovery mode
I bought Coal India early this year. It fell initially but recovered later. Should I hold on for more gains or book profit?
A break above ₹300 will alter the downtrend and take the stock up to ₹350 over the long run
Indices continue to test key resistance
Nifty 50 (11,823.3)
An emphatic decline below the significant support level of 11,600 can drag the index lower to 11,500 or 11,400 levels in the coming weeks. A decisive plunge below 11,400 will alter the short-term uptrend that has been in place since February this year. Next key supports of the index are at 11,250 and 11,150 levels.
Sensex opens firm
The 30-share index was up 62.29 points at 39,514.36. It ended at 39,452.07.
The NSE Nifty too was up 20.70 points, or 0.18 per cent, to 11,844.00.
READ MORE ON INDEX: Indices continue to test resistance
Weekly Trading Guide: ITC
ITC (₹277.9)
ITC has been managing to sustain above the crucial long-term support level of ₹275. However, the stock is not gaining strength for a strong rally. This indicates lack of fresh buying interest in the stock. ITC has to break above ₹282 to get a breather. Such a break can take it up towards ₹287 and ₹290. Only a strong rise past ₹290 will confirm the trend reversal, which will then pave way for the next targets of ₹300 and ₹310. But such a strong upmove looks unlikely at the moment.
9.05 am
Weekly Trading Guide: SBI
SBI ( ₹ 343.8)
SBI was stuck in a narrow range between ₹339 and ₹349 last week. The near-term outlook is mixed. SBI can trade sideways between the significant support at ₹335 and resistance at ₹350 for some time. Within this range, there is a strong likelihood of the stock falling to ₹335 — the lower end of the range in the early part of this week. A breakout on either side of ₹335 or ₹350 will decide the direction of the next move.
Asian markets wobble on trade, political tensions; focus turns to Fed meet
Asian shares got off to a shaky start on Monday as investors were cautious ahead of a closely-watched Federal Reserve meeting, while political tensions in West Asia and Hong Kong kept risk-appetite in check.
MSCI's broadest index of Asia-Pacific shares outside Japan opened slightly lower and was last little changed, while Japan's Nikkei average stood flat.
FPIs remain net buyers in June , invest ₹11,132 cr
Foreign investors remained net buyers in the domestic capital markets in June, pouring in a total of ₹11,132 crore on a net basis this month so far, according to depositories’ data. Foreign portfolio investors (FPI) pumped in a net sum of ₹ 1,517.12 crore into equities and ₹ 9,615.64 crore into debt during June 3-14, the data showed.
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