Fears of trade war trigger equity sell-off; Sensex, Nifty end lower by 1.25%

Metal down 3%, Oil & Gas slips by 2.35%

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

 

3.20 pm

NIFTY BANK STOCKS

Nifty Bank Stocks

 

3.05 pm

NIFTY AUTO STOCKS

Nifty Auto Index

 

3.00 pm

Nifty Sectoral Indices

Nifty Sectoral Indices

 

2.45 pm

 

OI SLIDE WTH FALL IN PRICE

OI SLIDE WITH FALL IN PRICE ON NSE

 

2.40 pm

OI SLIDE WITH RISE IN PRICE

 

OI SLIDE- RISE IN PRICE

 

2.25 pm

OI spurts with fall in stock price

 

 

2.20 pm

OI spurts along with rise in price

OI spurts along with rise in price on NSE

 

2.10 pm

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.

READ MORE

‘Reliance Infrastructure looking to pare debts to zero by 2020’

Company expects most claim adjudications to go its way

Read More

Reliance Infra to sell DA Toll Road Pvt Ltd; signs deal with Singapore-based Cube Highways

Reliance Infrastructure will utilise the proceeds of this transaction entirely to reduce its debt

Read More

Reliance Infra: LIC cuts stake by 2.086%

 Shares of Reliance Infrastructure will remain in focus, as it informed the exchanges that Life Insurance Corporation of India has reduced its stake ...

Read More  

2.05 pm

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.

READ MORE

Aluminium producers’ seek import duty hike ahead of budget

Ahead of the Budget, aluminium producers have sought steps from the government to hike import duty on primary aluminium, scrap and downstream products ...

Read More

Steel, aluminium producers want no reduction commitments under RCEP

Officials from 16 member-countries to meet in Bangkok on May 24

Read More  

1.51 pm

Sensex chart

1.51 pm

Sensex stocks

 

1.50 pm

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. 

READ MORE

1.45 pm

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.

READ MORE

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 ...

Read More  

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

Read More

Bitcoin tumbles back below $8,000 as cryptocurrencies stumble

Bitcoin is down about six per cent so far in June, after its best month since August 2017 amid a resurgence in investor sentiment following months of ...

Read More  

1.40 pm

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.

READ MORE

 

 

1.35 pm

TOP LOSERS ON NSE

TOP LOSERS ON NSE (JUNE 17, 2019)

 

1.30 pm

ADVANCES AND DECLINES ON BSE

 

1.25 pm

 

12.45 pm

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

L&T’s profit up 8% at ₹3,418 crore

Revenues up 10%at ₹44,934 crore

Read More  

L&T Construction bags orders across various business segments

L&T’s construction arm has announced bagging projects across transportation infrastructure, water and effluent treatment, buildings and factories, ...

Read More  

L&T seeks 31 per cent stake in Mindtree for ₹5,029 crore

Tendering period starts from June 17 and ends on July 12

Read More  

L&T completes STP project in UAE

L&T, along with its joint venture partner, BESIX, has finished building a Sewage Treatment Plant (STP) in the United Arab Emirates.The 3,75,000 ...

Read More  

12.25 pm

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.

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 11,795.85The ...

Read More

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 ...

Read More

 

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 27The stock has broken below a support at Rs 803.48, the 7% ...

Read More  

12.15 pm

STOCK WATCH ON BSE

 

12 Noon

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

READ MORE

 

Broker's call: Axis Bank (Buy)

JMFLAxis Bank (Buy)CMP: ₹757.35Target: ₹865At its Analyst Day 2019, Axis Bank reiterated its three-year strategy of growth, profitability and ...

Read More

Axis Bank rises as Q2 profit beat estimates

Shares of Axis Bank rise as much as 3.4 per cent to Rs 631.3, their highest since September 21.The private sector lender on Friday posted a ...

Read More  

11.40 am

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.

READ MORE

Varun Beverages to acquire PepsiCo's franchise rights in South, West India

The company however did not reveal the financials associated with this agreement

Read More  

Varun Beverages gets Competition panel nod to acquire PepsiCo's franchise rights

The Competition Commission of India has approved Varun Beverages’ proposal to enter into a binding agreement with PepsiCo to acquire franchise rights ...

Read More

Broker's call: Varun Beverages (Buy)

JMFLVarun Beverages (Buy)CMP: ₹806.3Target: ₹900Varun Beverages reported another strong quarter with domestic organic volume growth of 28 per cent, ...

Read More  

11.30 am

BSE SMALL CAP INDEX

 

11.20 am

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, HubTown Sintex, Cox&Kings, Bhartiya International and PG ElectroPlast declined between 6 per cent and 12 per cent today.

 

Shemaroo Entertainment's board okays 50% stake acquisition in Dominiche Production

The board of Shemaroo Entertainment on Monday approved an investment of ₹9 crore in Mumbai-based Dominiche Productions Private Limited, by acquiring ...

Read More

Broker's call: Shemaroo (Buy)

Dalmia SecuritiesShemaroo (Buy)CMP: ₹495.1Target: ₹562Shemaroo Entertainment has carved out its place in the industry by building its movie library ...

Read More

 

11.15 am

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.

READ MORE

Broker's call: IndusInd Bank (Buy)

JMFLIndusInd Bank (Buy)CMP: ₹1,425.1Target: ₹1,860We recently met IndusInd Bank for an update on the bank’s evolving business environment. Management ...

Read More

IndusInd Bank Q4 net down 62%

Bank’s merger with BFIL ‘on track’: CEO

Read More  

11 am

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.

 

Jet Airways – Wings clipped

The stock of the beleaguered Jet Airways went into free-fall last week, tanking about 35 per cent, taking the loss over a year to almost 80 per cent.

Read More

Domestic air carriers should be given a level playing field: Hardeep Singh Puri

The domestic skies are likely to see close to 580 aircraft flying by the end of the month, up from about 540-550 when an Indian carrier ceased ...

Read More

PC Jeweller posts ₹376.8 cr net loss in Q4

P C Jeweller has posted a net loss of ₹376.8 crore on a standalone basis during the fourth quarter of last fiscal on account of loss in export ...

Read More  

10.50 am

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

‘Reliance Infrastructure looking to pare debts to zero by 2020’

Company expects most claim adjudications to go its way

Read More

Reliance Infra to sell DA Toll Road Pvt Ltd; signs deal with Singapore-based Cube Highways

Reliance Infrastructure will utilise the proceeds of this transaction entirely to reduce its debt

Read More

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’

Read More  

 

10.45 am

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.

READ MORE

10.40 am

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.

READ MORE

 

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

Nifty 50 June futures (11,880)The Sensex and Nifty began the session on a negative note and continued to decline. Asian markets are showing mixed ...

Read More  

10.30 am

BSE SENSEX CHART

 

10.25 am

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?

READ MORE

A route to mid-cap investing

The fund has outperformed its benchmark over one, three and five years

Read More

SBI Large & Midcap: Balancing risk with stability

The fund has outperformed its benchmark index over the past five- and 10-year periods

Read More

Your Fund Portfolio

I am 28 years old and earn ₹44,000 a month. I already invest ₹13,000 per month in mutual funds where most of my money goes into small-cap funds from ...

Read More  

10.20 am

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.

READ MORE

10.15 am

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

READ MORE

Tata Power Solar rolls out residential rooftop campaign

Tata Power Solar, the renewable energy arm of Tata Power Limited, has launched its pan-India residential solar rooftop campaign PledgeForSolar from ...

Read More

Tata Power plans 100 MW solar project in Gujarat

GUVNL issues Letter of Award

Read More  

Tata Power Renewable Energy to develop 100-MW solar power project in Gujarat

The company has won this capacity in a bid announced by GUVNL in March 2019

Read More

Tata Power reports strong Q4 performance

Tata Power has reported strong growth in Q4 profit on the back of robust performance across all its subsidiaries and power plants.Tata Power’s net ...

Read More  

10.10 am

HDFC 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.

READ MORE

 

HDFC divests 6.1% stake in Gruh to meet RBI mandate

Move follows the merger of Gruh Fin with Bandhan Bank

Read More

HDFC Bank board nod for share-split

AGM to be held on June 12

Read More

HDFC Bank board plans to consider stock split on May 22

The board of directors of HDFC Bank will consider a stock split on May 22. “The board of directors of the bank would consider a proposal for sub ...

Read More  

10.10 am

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.

READ MORE

 

10.05 am

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.

READ MORE

Rupee slips vs USD in early trade

The rupee, on Monday, fell by another 11 paise to close at 69.91 to the the US currency, its third straight-session loss, in line with intense ...

Read More

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

Read More  

10 am

BSE SECTORAL INDICES

 

9.50 am

BSE SENSEX CHART

 

9.35 am

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.

 

9.28 am

TOP NSE LOSERS

NSE TOP LOSERS

 

9.25 am

NSE TOP GAINERS

NSE TOP GAINERS

 

9.18 am

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

 

9.16 am

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

READ MORE

 

 

9.15 am

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.

 

9.10 am

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

9.07 am

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.

READ MORE

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.

READ MORE

9 am

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.

READ MORE

 

8.55 am

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.

READ MORE

 

Published on June 17, 2019

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