Market Live: Sensex, Nifty jump 1.25%; Pharma, Auto post sharp gains

Closing Bell

Key stock indices bounced back sharply from early fall and finished sharply higher due to fresh buying from domestic financial institutions and retail investors. The market sentiment turned buoyant taking cues from stronger global markets. Also, across the board gains indicate that this could be a start of a pre-budget rally.

The broader NSE index ended higher by 140.30 points or 1.20% at 11,831.75, while the benchmark Sensex rose 488.89 points, or 1.25%, and ended at 39,601.63.

The market breadth, indicating the overall health of the market, was strong. On the BSE, out of the 2,680 shares traded, 1,530 shares advanced, while 1,011 shares fell. A total of 139 shares were unchanged.

Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Nikkei and Kospi were traded significantly higher after the US Fed policy outcome.

The US central bank on Wednesday left rates unchanged, opening the door to an interest rate cut soon, saying uncertainties about the economic outlook are on the rise and vowing to act to keep the economy growing.

Bourses on Wall Street too ended in the green last night.

 

 

Sensex stocks

 

 

3.15 pm

Jet Airways shares bounce back

Shares of Jet Airwaysbounced back after days of massive fall and rose sharply by 19 per cent on Thursday.

Despite a weak opening, where the scrip hit an all-time low of Rs 27, it later pared the losses and jumped 44.26 per cent to Rs 47.75 on the BSE. On the NSE, shares zoomed 44.25 per cent to Rs 47.75 after dropping to an all-time low of Rs 26.55 during the morning trade.

 

3 pm

 

2.50 pm

Shankar Sharma tweets on LTCG

 

 

2.40 pm

STOCK WATCH ON BSE

 

2.30 pm

Rupee up 11 paise versus dollar

The rupee witnessed high volatility against the US dollar in opening trade on Thursday, after the US central bank left key interest rates unchanged. The US Federal Open Market Committee kept the key rate in the 2.25-2.5 per cent range.

At 2.30 pm, the domestic currency was quoted at 69.57, displaying gains of just 11 paise against the greenback.

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2.10 pm

Nifty 50 June Futures (11,761): Buy in declines with stop-loss at 11,720 levels

Near-term outlook positive

Following a gap-down opening at 11,670 levels, the contract marked an intra-day low at 11,668 and rallied sharply. The Nifty futures contract breached key resistances at 11,725 and 11,750 levels. It has registered an intra-day high at 11,789 levels. The near-term outlook remains positive as long as the contract trades above 11,725 levels.

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2 pm

Vedanta jumps 2 per cent

Vedanta rose 2 per cent to Rs 172 on the NSE today. The company was among among the frontrunners to bag oil and gas blocks auctioned during the second and third rounds of bidding held under the Open Acreage Licensing Policy (OALP).

Others are ONGC, Reliance Industries–BP and Oil India Ltd (OIL)

 

1.50 pm

Corporate bond market’s lowest growth rate fuels concern

There is yet another sign that India’s push to quickly expand its corporate debt market is faltering, as borrowers turn more to banks already struggling with one of the world’s worst bad debt ratios.

India’s bond market remains small compared with other major economies, frustrating policy makers who champion it as a way of diffusing credit risks that have stacked up at banks.

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2.40 pm

Trent announces Book Closure date for dividend

 

The board of Trent Ltd in its release to the NSE announced that the Register of Members and Share Transfer Books of the Company will be closed from Tuesday, 23rd July 2019 to Thursday, 25th July 2019 (both days inclusive) for the purpose of payment of dividend & AGM of the Company scheduled to be held on 1st August 2019.

Trent shares jump nearly five per cent on fundraising plans

The company said total amount to be raised from issuance of shares to the promoter is about Rs 950 crore

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Trent: Focus on fund-raising plans

 The board of directors of Trent will meet on Tuesday to consider fund-raising plans. This could be in the form of rights issue, qualified ...

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2.30 pm

IndiaMart InterMesh to raise Rs 475 cr through IPO

Private euqity-backed IndiaMart InterMesh Ltd, an online B2B marketplace for business products and services, intends to raise about Rs 475.5 crore through an Initial Public Offering (IPO) at the higher end of the price band.

The company, which operates Indiamart.com, has fixed the price band at Rs 970–Rs 973. The IPO is scheduled to open on Monday (June 24) and close on Wednesday (June 26). 

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2.25 pm

 

NIFTY SECTORAL INDICES

Nifty Sectoral Indices

 

 

1 pm

 

Sensex stocks

 

12.40 pm

Magadh Sugars fixes June 30 as Record Date for bonus

 

Magadh Sugar board has fixed June 30, 2019 as the Record date to determine eligible shareholders entitled to receive the company's bonus shares.

Magadh Sugars stock surged 4.70% to Rs 163.80 on the NSE today

Magadh Sugars announced on May 14, 2019 a proposal to issue bonus shares in the ratio of 4:10 [i.e. 4 (Four) Bonus equity shares of Rs. 10/- each for every 10 (Ten) existing fully paid up equity shares of Rs. 10/- each.

Company news: Magadh Sugar & Energy

The board of Magadh Sugar & Energy on Tuesday recommended bonus shares in the ratio of 4:10, i.e., four bonus equity shares for every 10 existing ...

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Magadh Sugar board to meet for results, bonus

The board of directors of Magadh Sugar & Energy will meet on Tuesday to consider the audited financial results for the financial year ended March ...

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12.25 pm

ONGC Videsh, partners to invest $20 b in Mozambique LNG project

ONGC Videsh Ltd, the overseas investment arm of ONGC, and its consortium partners have announced the Final Investment Decision (FID) in the Mozambique LNG project.

The Indian consortium is expected to collectively invest $20 billion in the two-train Golfinho/Atum Mozambique LNG Project. The first gas packet is expected in 36-48 months, ONGC said in a statement to the stock exchanges.

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ONGC’s R&D arm developing tech to use microbes to convert residual oil in wells into methane

Keshava Deva Malaviya Institute of Petroleum Exploration looks for right strains of microbes

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ONGC gas output jumps 6.5 per cent to record high in FY19

The growth rate was higher than the global average of 3-4 per cent YOY

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12.15 pm

India’s GDP to slow down to 6.8 per cent in FY2020: DBS

DBS Bank has revised India’s GDP growth for fiscal year 2020 downwards to 6.8 per cent year-on-year (YoY) from 7 per cent projected earlier, citing headwinds for exports amidst challenging trade outlook.

“Growth headwinds swiftly turn attention to the likely policy response. We expect monetary policy to do much of the heavy lifting, given limited fiscal leeway,” the bank in its report on the Indian economy on Thursday.

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GDP data is back in the news

The Centre should take Arvind Subramanian’s scepticism on growth numbers seriously

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India’s GDP growth overestimated by 2.5%, says former CEA Arvind Subramanian

Arvind Subramanian, Narendra Modi government’s former Chief Economic Adviser, has deduced that India’s economic growth rate has been overestimated by ...

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12 noon

Software stocks down on H1B visa concerns

Software stocks declined today on worries following a report that the United States could consider caps on H-1B work visas for nations that force foreign companies to store data locally, widening the two countries' row over tariffs and trade.

The plan to restrict the popular H-1B visa programme, under which skilled foreign workers are brought to the United States each year.

IT STOCKS ON NSE

US tells India it is mulling caps on H-1B visas to deter data localisation rules: Sources

Two senior Indian government officials said they were briefed last week on a US government plan to cap H-1B visas issued each year to Indians at ...

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11.50 am

HDFC in limelight on majority stake buy in Apollo Munich Health

HDFC stock was in limelight today following a report yesterday that it would be acquiring 51.2 per cent stake in Apollo Munich Health Insurance and would be later merging it with its general insurance arm HDFC Ergo. The two-stage transaction, which is subject to regulatory approvals, is priced at about ₹1,347 crore. HDFC will pay about ₹73.2 per share to Apollo Hospitals for the acquisition.

Shares of HDFC rose nearly 0.90 per cent at Rs 2,194.50 on the NSE.

 

HDFC to buy 51.2% in Apollo Munich Health for ₹1,347 crore

Will later merge firm with general insurance arm HDFC Ergo

Read More  

11.35 am

₹1277 • Sell Reliance Ind on rallies with stop-loss at  ₹1,290

 

S1S2R1R2

 

COMMENT

1263

1250

1290

1305

 

As long as the stock trades below ₹1,290 the near-term stance is bearish. Sell the stock on rallies

 

Vedanta, ONGC, RIL-BP among frontrunners in OALP II and III bidding

Vedanta, ONGC, Reliance Industries–BP and Oil India Ltd (OIL) are among the frontrunners to bag oil and gas blocks auctioned during the second and ...

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RIL resumes lobbying in US; sanctions the focus

Corporate giant Reliance Industries Ltd (RIL) has resumed lobbying among US lawmakers through a new lobbyist for advocating its position on the “US ...

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11.30 am

Looking at ways to bring Russian crude oil into India: Pradhan

India and Russia are looking at means to boost partnerships in the hydrocarbon sector.

“We reviewed the progress of Indo-Russian projects like Sakhalin-1, the Gazprom-GAIL deal, the investments in Vankorneft and Taas-Yuryakh,” Minister for Petroleum and Natural Gas, Dharmendra Pradhan said after a meeting with Russia’s deputy Prime Minister Yury Trutnev.

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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 ...

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

OPEC 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 ...

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11.15 am

YES Bank ‘will be re-rated by next quarter’, says CEO

YES Bank’s new Managing Director and CEO Ravneet Gill believes that many of the issues at the troubled private sector lender will be addressed by next quarter and that it would also finalise its capital-raising plans by then.

“When we talk about issues, some of them are perception-based, which are easier to sort out. We are also actively managing a couple of concentrated exposures. So my sense is that in a quarter’s time, the entire organisation would have got re-rated,” he told BusinessLine

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Yes Bank plans to raise $1.2 bn to boost capital, says CEO Ravneet Gill

Yes Bank Ltd, Asia’s worst-performing bank stock this quarter, plans to raise $1.2 billion over 18 months to bolster its capital buffer through a mix ...

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11.10 am

 

10.50 am

IndusInd Bank, Bharat Financial shares climb as RD fixed for July 4

IndusInd Bank and Bharat Financial (BFIL) board had fixed July 4 as the record date for determining the shareholders of BFIL who shall be entitled to receive shares of the Bank. The board has also decided to consider consolidated first quarter earnings on July 12.

IndusInd Bank shares went up 2.50% at Rs 1,416,25 and shares of Bharat Financial rose 3.45% at Rs 895.85 on the NSE today.

 

Healthy core: IndusInd Bank

Strong loan growth and steady asset quality have made the bank a resilient performer

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Bharat Financial gets nod from bourses for merger with IndusInd Bank

Micro-lender Bharat Financial Inclusion Ltd (BFIL) today said it has received a no-objection nod from stock exchanges for its merger with private ...

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Shareholders of Bharat Financial will meet over merger with IndusInd Bank next month

Bharat Financial Inclusion Ltd (BFIL) on Saturday said its shareholders’ meeting will be held on December 11 to approve merger of the microfinance ...

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10.45 am

Rupee sees high volatility against USD post Fed policy decision

The rupee witnessed high volatility against the US dollar in opening trade on Thursday, after the US central bank left key interest rates unchanged. The US Federal Open Market Committee kept the key rate in the 2.25-2.5 per cent range.

The rupee opened strong at 69.47 at the interbank forex market, but lost ground and touched 69.67 per dollar, displaying gains of just 1 paise against the greenback.

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  

 

10.35 am

Broker's call

 

ICICI SECURITIES

 

Daily Currency Strategy (June 20):

 

Sell US$INR in range of 69.78-69.82

 

The dollar-rupee June contract on the NSE was at 69.78 in the previous session. June contract open interest rose 3.7% in the previous session.

We expect the US$INR to meet supply pressure at higher levels. Utilise the upsides in the pair to initiate short positions.

 

 

10.30 am

SELL SBI if falls below Rs 334 levels

 

S1S2R1R2COMMENT

334

327

345

350

 

Initiate fresh short positions with a stiff stop-loss only if the stock of SBI falls below ₹334 levels

 

NCLT to hear SBI’s insolvency plea against Jet Airways on June 20

Pilots union, two Dutch logistcs vendors move Tribunal, asking to be impleaded

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NCLT to hear SBI’s insolvency plea against Jet Airways on June 20

Pilots union, two Dutch logistcs vendors move Tribunal, asking to be impleaded

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SBI introduces repo-linked home loan product

State Bank of India on Friday said it will introduce a repo rate-linked home loan product from July 1.PK Gupta, Managing Director, SBI, said home ...

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10.15 am

₹2259 • Buy TCS on dips with stop-loss at ₹2,240 levels

 

 

S1

 

S2

 

R1

 

R2

 

COMMENT

2240

2220

2280

2300

 

 

Utilise intra-day dips to buy the stock of TCS while retaining a fixed stop-loss at ₹2,240 levels

 

10.05 am

Intraday calls from ICICI Securities

 

10 am

 

ICICI SECURITIES Intraday call

Buy Bank Nifty in the range of 30300-30350

After making a high of 30660 yesterday, the Bank Nifty index could not hold on to its gains. On the weekly options it has significant OI at 30000 and 30200 Put and maximum Call OI at 30500. Thus, it may trade in the range of 30200-30500.

 

 

9.50 am

11708 • Nifty 50 Futures: Go long if contract reverses higher from 11,650 levels

 

 

S1

 

S2

 

R1

 

R2

 

COMMENT

11650116001176011810

 

Consider initiating fresh long positions with a tight stop-loss only if the contract reverses higher from 11,650 levels

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

 

 

 

 

 

9.45 am

NSE SECTORAL INDICES

 

9.40 am

NIFTY IT INDEX

NIFTY IT INDEX

 

9.30 am

Sensex stocks

 

9.25 am

Opening Bell

Key stock indices fell initially on Thursday even as the US Federal Reserve signalled interest rate cuts beginning as early as July, even as host of Asian central banks that scheduled to hold policy meetings later in the day, are expected to flag moves toward looser monetary settings.

The broader NSE index moved up lower by 41 points or 0.36% at 11,649.75, while the benchmark BSE index lost 155.10 points, or 0.35%, to 38,976.01.

Major losers today were YES Bank was down 2.50%, IndusInd Bank lost 2.13%, TCS sheds 1.30% and Asian Paint declined 1% in the morning session.

 

Global stocks rally, bond yields plunge after Federal Reserve hints at rate cuts later this year

A gauge of global stock markets edged near this year's peak while benchmark US Treasury yields and the dollar dropped after the Federal Reserve ...

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India INX’s derivative trade surges to match SGX Nifty

BSE arm operating at GIFT City has been registering a daily turnover of $1.5 billion

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9.20 am

Broker's call: LIC Housing Finance (Buy)

Narnolia Financial

LIC Housing Finance (Buy)

CMP: ₹541.8

Target: ₹641

Valuations of LIC Housing Finance has corrected significantly from 2.8x in FY17 to 1.7x in FY19 on the backdrop of spread and growth pressure. However, with change in current scenario, we believe LICHF is rightly placed to capture the growth opportunity. Spreads are likely to improve with the ease in competitions. Lenders turning negative towards lower rated HFCs will have positive impact in LICHFC due to Parentage support and AAA credit rating.

READ MORE

 

LIC Housing Finance: Analysts maintain buy though not comfortable with asset quality

LICHFL reports 17% rise in net profit at ₹694 crore in Q4

Read More

 

LIC Housing Finance Q4 net profit up 17% at ₹ 694 cr

Recommends dividend of ₹7.60 per equity share of ₹2 each (380 per cent)

Read More

L&T Finance NCD: A good risk-return trade-off

The NCD is rated AAA, scoring over two other non-convertible debentures on offer currently

Read More  

 

9.13 am

₹167 • Buy ONGC if  advances above ₹169 level

 

 

S1

 

S2

 

R1

 

R2

 

COMMENT

164161169172

 

Fresh long positions are recommended with a tight stop-loss only if the stock advances above ₹169 level

 

ONGC regains most-profitable PSU tag

ONGC, India’s top oil and gas producer, has toppled Indian Oil Corp (IOC) to regain the crown of being the country’s most profitable public sector ...

Read More

 

ONGC Videsh, partners to invest $20 b in Mozambique LNG project

This will be the first onshore LNG facility in the African nation

Read More  

9.10 am

 

9.05 am

Day Trading Guide for June 20, 2019

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

 

₹2429 • HDFC Bank

 

 

S1

 

S2

 

R1

 

R2

 

COMMENT

2415240424432460

 

Initiate fresh long positions with a stiff stop-loss if the stock reverses higher from ₹2,415 levels

 

 

₹751 • Infosys

 

S1S2R1R2COMMENT
742735758765Consider initiating fresh long positions with a fixed stop-loss if the stock of Infosys moves beyond ₹758 levels

 

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8.55 am

L&T Finance Holdings (₹109.7): Sell

The stock of L&T Finance Holdings plummeted 6.3 per cent accompanied with above average volume on Wednesday, breaking below a key medium-term support at ₹115. The fall gives investors with a short-term perspective an opportunity to sell the stock at current levels.

Since encountering a significant resistance at ₹185 in August 2018, the sock has been in an intermediate-term downtrend. Also, the stock has been in a medium-term downtrend from this April high of ₹155.

L&T Finance offers two-wheeler loans without hypothecation

L&T Finance Limited is offering two-wheeler loans without the need for hypothecation of vehicle to the financier over the tenure of the loan. The ...

Read More  

L&T Finance to raise Rs 195 cr via preference shares

L&T Finance Holdings plans to raise up to ₹ 195 crore by issuing shares on a preferential basis.In an exchange filing, the company said it will ...

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8.50 am

Global stocks rally, bond yields plunge after Federal Reserve hints at rate cuts later this year

 

A gauge of global stock markets edged near this year's peak while benchmark US Treasury yields and the dollar dropped after the Federal Reserve signalled possible interest rate cuts later this year.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent while Japan's Nikkei gained 0.5 per cent .

READ MORE

 

Published on June 20, 2019

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