Closing Bell

Key market indices ended almost flat on the back of selective buying and selling in equities. Equities turned mixed in their movements following alternative buying and selling from investors and traders.

Earlier, equities started the day on a promising note before profit selling emerged in the mid-session.

Among the sectoral indices Automotive, IT, Pharma and PSU Banks ended in the red following moderate sell-off. However, Metals, Media, Realty and Private Banks stocks gave enough support to the overall markets.

The barometer index, the BSE Sensex ended the day at 39,112.74, up 66.40 points, or 0.17%, from yesterday's closing level at 39,046.34.

On the NSE, the Nifty 50 index ended flat at 11,691.45. During the session, the index remained volatile as it traversed between a high of 11,802.50 and a low of 11,625.10.

Auto stocks witnessed selling pressure following weaker sales in the month of May. Hero MotoCorp (down 2.17%), Ashok Leyland (down 0.75%), Bajaj Auto (down 1.15%) and TVS Motor Company (down 2.73%), edged lower, and Maruti Suzuki India (down 0.76%) on the NSE.

Pharma stocks hit hard

Pharma stocks declined following a sell-off following a report that the Bureau of Pharma PSUs of India (BPPI), which implements the Centre’s flagship affordable medicine scheme PMBJP, has found 25 batches of drugs of 18 different pharmaceutical companies to be of substandard quality since January 2018.

Wockhardt (down 8.50%), Sun Pharmaceutical Industries (down 0.80%), Piramal Enterprises (down 6.75%), Glenmark Pharmaceuticals (down 3.45%), Aurobindo Pharma (down 1.95%), Dr. Reddy Laboratories (down 1.63%), Lupin (down 0.79%) and Cipla (down 2.60%).

Broker's call: Finolex Cables (Long)

Equirus Securities

Finolex Cables (Long)

CMP: ₹449

Target: ₹555

Finolex Cables is a manufacturer of electrical and communication cables, and copper rods. The company's business segments include electrical cables, communication cables, copper rods and others.

Finolex Cables 4Q revenues grew 3 per cent y-o-y to ₹820 crore, which were 6 per cent below EE. Revenues for the Electrical Cables Segment (ECS) were up 6 per cent y-o-y [in line with Equirus estimate(EE)], but the communication cables segment (CCS; -15 per cent y-o-y) was hit by delays in order releases.

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Huge wall of maturing debt looms for NBFCs

Facing a record amount of debt that is about to mature, India’s non-bank financing companies (NBFCs) are finding their troubles worsening as a crisis of credibility starts to bite.

The shadow lenders, which have been under increased strain after the collapse of IL&FS Group last year, have a record Rs 1,10,000 crore ($15.8 billion) of local-currency bonds due next quarter.

Major NBFC entities are being closely monitored by the RBI

SENSEX STOCKS

Alternative investment funds: India’s new $40 billion time-bomb for investors

Exotic funds, designed for wealthy investors, have grown to $40 billion from nothing in just seven years, expanding by 71% in the 12 months through March. Since September, when the surprise bankruptcy of infrastructure financier IL&FS Group triggered a refinancing squeeze for property developers, investors have committed an additional $9 billion to these so-called alternative investment funds.

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OI SPURTS WITH SLIDE IN PRICE ON NSE

OI SPURTS WITH SLIDE IN PRICE on NSE

OI SPURTS WITH RISE IN PRICE ON NSE

OI SPURTS WITH RISE IN PRICE on NSE

Huge wall of maturing debt looms for NBFCs

Facing a record amount of debt that is about to mature, India’s non-bank financing companies (NBFCs) are finding their troubles worsening as a crisis of credibility starts to bite.

The shadow lenders, which have been under increased strain after the collapse of IL&FS Group last year, have a record Rs 1,10,000 crore ($15.8 billion) of local-currency bonds due next quarter, according to data compiled by  Bloomberg .

M&M down 2% on price hike move

Auto major Mahindra & Mahindra (M&M) Wednesday said it will hike price of its range of personal vehicles by up to Rs 36,000 across models with effect from July 1.

“This price increase is due to the implementation of AIS 145 safety norms across all passenger vehicles in India,” the company said in a BSE filing. The stock of Mahindra & Mahindra lost nearly 2 per cent to Rs 613.70 on the NSE today.

Jain Irrigation plummets 24% on rating outlook

Jain Irrigation shares plummeted 24 per cent to Rs 21.80 on the NSE today after India Ratings has cut its long term issuer Rating to BBB with outlook at 'Watch Negative'.

The downgrade reflects deterioration in the liquidity profile on account of delay in realisation of receivables from its micro-irrigation systems (MIS) segment.

Mid-session

Stock market indices pared gains in the afternoon trading session. The market started the day on a strong note before profit selling emerged in mid-morning trade.

At 1:30 pm, the barometer index, the BSE Sensex, was up 85.82 points or 0.22% at 39,132.16. The Nifty 50 index was up 14.55 points at 11,706.05.

Auto stocks witnessed selling pressure following weaker sales in the month of May. Hero MotoCorp (down 1.48%), Escorts (down 0.88%), Ashok Leyland (down 0.66%), Bajaj Auto (down 0.57%) and TVS Motor Company (down 0.43%), edged lower, while Eicher Motors (up 1.18%) and Maruti Suzuki India (up 0.52%), edged higher.

Nifty Auto index

Quick Heal Technologies jump 4% on buyback program

Quick Heal Technologies stock rose nearly 4 per cent to Rs 160.15 on the NSE today after the company clarified that promoters had tendered 4.2 million shares as part of the buyback program and not sold the same.

To clarify further, the promoters have not tendered their 100% holding in the buyback. Consequently, post buyback, their shareholding in the company has gone up from 72.32% (pre-buyback) to 72.83% (post-buyback).

Nifty Metal index

Nifty Metal Stocks

Jet Airways shares dwindle further; tank over 23 per cent

Shares of Jet Airways further plummeted over 23 per cent on Wednesday after the consortium of bankers took the grounded airline to the National Company Law Tribunal.

The scrip continued to face heavy selling pressure and tanked 28.18 per cent to an all-time low of Rs 29.05 on the BSE.

At the NSE, shares of the company plunged 29.38 per cent to an all-time low of Rs 28.60.

Granules , Blue Star among top gainers

Granules India Ltd spiked 7.30% to Rs 97.85 at 12:10 pm on the NSE. The stock was the biggest gainer today. On the NSE, over 10.10 lakh were traded on the counter.

Blue Star Ltd s urged 4% to Rs 784.70 on the NSE. The stock was among the top gainers on the NSE and BSE. At 12.15 pm, on the NSE, over 65,535 shares were traded on the counter.

Star Cement shares up 3% on share buyback plan

Star Cement stock rose 3 per cent to Rs 121.90 on the NSE today. Volumes traded in the counter were 1,03,676 shares as at 11.55 am

The stock went u after the company announced that it planned to propose share buyback to the extent of either 10% or 25%, which will be decided in the forthcoming board meeting later this week.

Investors most bearish on global stocks since 2009: BAML

Investors haven't been this bearish on stocks since early-2009 when the world was in the throes of the financial crisis triggered by the Lehman Brothers collapse, Bank of America Merrill Lynch's (BAML) June fund manager survey showed.

Results of the monthly survey, released on Tuesday, showed funds' allocation to global equities dropped by 32 percentage points from May to a net 21 per cent underweight. This is the lowest allocation to stocks since March 2009 and the second-biggest one-month drop on record.

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Stock markets move limited before US’ July 6 tariffs deadline. File Photo

Gulf Oil,  Aster DM Healthcare volumes spurt on BSE

Gulf Oil Lubricants India Ltd notched up volume of 3.96 lakh shares at 11:35 am on the BSE, a 368 fold spurt over two-week average daily volume of 1,075 shares. The stock slipped 0.34% to Rs.896.85.

Aster DM Healthcare Ltd clocked volume of 20,225 shares by 11:30 IST on the BSE, a 4.66 times surge over two-week average daily volume of 4,336 shares. The stock gained 1.85% to Rs.136.70 on the BSE.

Can Fin Homes rises 3% on sale stake by Canara Bank

Can Fin Homes stock rose 3% to Rs 354.30 on the NSE today after its parent firm Canara Bank received an approval to sell stake in the home financing company. Volumes traded in the counter were 14.72 lakh shares as at 11.30 am on the NSE.

₹2251 • Buy TCS with a fixed stop-loss

Rupee rises against USD in early trade

The rupee appreciated by 21 paise to 69.49 against the US dollar in opening trade on Wednesday ahead of the US central bank’s meeting.

The rupee opened strong at 69.57 at the interbank forex market then gained further ground to touch 69.49 per dollar, displaying gains of 21 paise against the greenback.

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₹750 • Buy Infosys on declines with stop-loss at ₹742 levels

₹1282 • Buy Reliance Ind if stock rallies above ₹1,295 levels

Wipro to turn ex-date for share buyback

Shares of Wipro will turn ex-date for the proposed ₹10,500-crore buyback on Thursday. Wipro plans to buy back up to 32.3 crore shares, representing 5.35 per cent of its total paid-up equity capital, at ₹325 a share.

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SEBI allows futures trading in commodity indices

SEBI has allowed exchanges to launch futures trading in commodity indices. The move will further facilitate mutual fund and institutional participation in commodity exchanges.

Bourses willing to start commodity indices futures trading has to submit last three years data of the index constructed along with data on monthly volatility, roll-over yield for the month and monthly return while seeking approval from SEBI, the regulator said in a statement on Tuesday.

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Oil extends gains amid West Asia tensions, US-China trade deal hopes

Oil prices climbed on Wednesday, extending sharp gains from the previous session on rekindled hopes for a US-China trade deal and on continued tensions in the West Asia after tanker attacks there last week.

Brent crude futures were up 34 cents, or 0.6per cent, at $62.48 a barrel by 0028 GMT. They rose 2 per cent on Tuesday.

₹340 • Buy SBI if stock advances above ₹345 levels

11700 • Nifty 50 Futures: Go long above 11,750 levels

NIFTY MEDIA STOCKS

RCom owes Rs 57,382 cr to debtors

Debt-ridden Reliance Communications (RCom) owes Rs 57,382.5 crore to debtors, including new entities, with the Interim Resolution Professional (IRP) admitting claims worth Rs 49,223.88 crore.

The company’s Chinese lenders - China Development Bank, Industrial and Commercial Bank of China and Exim Bank of China – have claimed a total of Rs ‭15,053.23 ‬crore from the company, while claims worth Rs 8,158.62 crore are “under verification”, RCom said in a regulatory filing.

Pricol up 2% on hive off plan

Auto components manufacturer Pricol stock rallied over 2 per cent to Rs 32.80 on the NSE today following a report in The HinduBusinessline that the company is hiving off its wholly-owned Spanish subsidiary Pricol Espana SL and some step-down subsidiaries.

The aim is to arrest further flow of funds into unviable markets, said the firm.

VOLUME TOPPERS ON BSE

THE BSE METAL INDEX

PSU oil marketing companies shares drop

Hindustan Petroleum Corporation (down 0.90%), Bharat Petroleum Corporation (up 0.40%) and Indian Oil Corporation (up 0.60%) declined today on stronger crude oil prices.

Higher crude oil prices could increase under-recoveries of public sector oil marketing companies on domestic sale of LPG and kerosene at controlled prices.

Oil prices climbed on Wednesday, extending sharp gains from the previous session on rekindled hopes for a US-China trade deal and on continued tensions in the West Asia after tanker attacks there last week.

Brent crude futures were up 34 cents, or 0.6per cent, at $62.48 a barrel by 0028 GMT. They rose 2 per cent on Tuesday.

BSE Metal index strengthens by 3%

The S&P BSE Metal index is up 1.95% to quote at 10884.07. The index is up 0.45 % over last one month.

Among the other constituents of the index, Tata Steel Ltd increased 3.65%, Jindal Steel & Power Ltd added 4.50%, SAIL was up 3.50% and NMDC rose 3% today

Opening Bell

Domestic equity benchmark BSE Sensex the NSE Nifty made large gains in the opening session on Wednesday as investors dared to hope the Federal Reserve would follow the lead of the European Central Bank and open the door to future rate cuts at its policy meeting later in the day.

After rebounding over 130 points in the opening session, the 30-share index extended its upward move and was being quoted at 39,403.19, up 356.85 points from yesterday's closing level of 39,046.34.

Similarly, the broader NSE Nifty was being quoted up by 108.55 points, or 0.93%, at 11,800.05.

Asian share markets jumped on Wednesday as investors hoped that the Federal Reserve would follow the lead of the European Central Bank and pursue rate cuts at its policy meeting.

Wall Street surged on Tuesday and the S&P 500 approached a record high after Washington rekindled trade talks with Beijing, boosting sentiment along with growing investor confidence that the Fed will cut interest rates this year. US President Donald Trump said he would meet with Chinese President Xi Jinping at the G20 summit later this month, and said talks between the two countries would restart after a recent lull.

Sensex stocks

HDFC AMC’s move to acquire Essel bonds weighs on the stock

In a bid to offer respite to FMP (fixed maturity plan) investors left in a lurch owing to the schemes’ exposure to the Essel Group (grappling with debt woes), HDFC AMC decided to offer liquidity by taking on the NCDs issued by Essel Group on its own books. The liquidity arrangement may involve an outlay not exceeding ₹500 crore, according to the exchange filing by the company.

This could imply two things for HDFC AMC: If the Essel Group manages to pay back its dues on the NCDs, then the impact on the AMC will be minimal (depending on the price at which it acquires these bonds).

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Sensex stocks

Day Trading Guide for June 19, 2019

Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:

₹2416 • HDFC Bank

₹750 • Infosys

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Today's Pick: Dabur India (₹387.8): Sell

Investors with a short-term perspective can consider selling the stock of Dabur India at current levels . Since encountering a key resistance at ₹460 in early February, the stock has been in a medium-term downtrend. While trending down, the stock had breached a key support at around ₹420 and continued to trend downwards.

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Wall St nears record as mood on trade again turns optimistic

Wall Street surged on Tuesday and the S&P 500 approached a record high after Washington rekindled trade talks with Beijing, boosting sentiment along with growing investor confidence that the Fed will cut interest rates this year

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File Photo

Asian shares jump on Federal rate cut, trade war hope

Asian share markets jumped on Wednesday as investors dared to hope the Federal Reserve would follow the lead of the European Central Bank and open the door to future rate cuts at its policy meeting later in the day.

Japan's Nikkei rose 1.5 per cent and South Korea 1.1 per cent. E-Mini futures for the S&P 500 were a fraction firmer after a upbeat Wall Street session.

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