Closing Bell: Indian equity market closed marginally higher in a rangebound trade on Friday.

The 30-share index ended 86.18 points, or 0.22 per cent, higher at 39,615.90, and the broader Nifty inched up 26.90 points, or 0.23 per cent, to 11,870.65.

The Sensex hit an intraday high of 39,703.10 and a low of 39,279.47. Similarly, the Nifty touched an intraday high of 11,897.50 and a low of 11,769.50. The market breadth was negative as 1,418 shares declined, against a advance of 1,055 shares, while 148 shares were unchanged.

Top gainers in the Sensex pack include IndusInd Bank, Bharti Infratel, Bajaj Finance, SBI and BPCL gaining up to 2.26 per cent.

While, Dr Reddy's, Yes Bank, Cipla, PowerGrid and JSW Steel ended in red.

RITES bags Rs 200 cr order from Sri Lanka Railways

RITES on Friday announced securing an additional order from Sri Lanka Railways aggregating to Rs 200 crore for supply of passenger coaches.

Monte Carlo ropes in Andre Russell as brand ambassador for its sportswear brand

Clothing firm Monte Carlo Friday said it has roped in West Indian cricketer Andre Russell as the brand ambassador for its sportswear brand Rock It.

“The Jamaican all-rounder will now be the face of a series of multi-channel marketing and promotional activities for the brand,” Monte Carlo said in a statement.

Aurobindo Pharma says co, subsidiary made party to litigation proceeding in US

Drug firm Aurobindo Pharma Friday said the company, its Director P V Ramprasad Reddy and step-down subsidiary Aurolife Pharma LLC, have been made party to a litigation proceeding in the US.

The drug firm in a regulatory filing however said it is yet to receive a copy of the proceeding and denied what it said were ‘baseless allegations’ against the company.

“Company, Aurolife Pharma LLC, a step-down wholly owned subsidiary in US and P V Ramprasad Reddy, our Director have been made party to a litigation proceeding in the United States of America,” Aurobindo Pharma said in a filing to BSE.

Trends in NSE broad market indices

Ahead of monsoon onset, IMD forecasts heavy rainfall in Kerala

India Met Department (IMD) has declared a series of ‘orange’ and ‘yellow’ alerts in Kerala on Sunday and Monday (June 9 and 10) indicating the possibility of heavy to very heavy rain ahead of monsoon onset. Read more on monsoon here

24X7 shop in Tamil Nadu: Booster for retailers, hotels

Shops in Tamil Nadu can now stay open for 24 hours, seven days a week. A new state government order permits shops and establishments to remain open round-the-clock for three years.

The order has come across as a boon to shopkeepers and traders, especially malls: PVR and Inox; retail shops: Shoppers Stop and Future Retail; and jewellers: Thangamayil Jewellery and Titan Company. If the rule is expanded pan-India, a whole lot of companies will benefit.

Cyient announces strategic investment in rail cybersecurity firm Cylus

Cyient , a global engineering and technology solutions company, on Friday announced a corporate venture investment in Cylus, a global leader in cybersecurity solutions for the rail industry.  This investment is in line with the company’s focus on developing smarter and safer mobility solutions for the rail industry.

It brings together Cyient’s leadership position in engineering solutions for rail and focus on digitalization, with Cylus’ cybersecurity solutions developed specifically for the rail industry.

The move enables Cyient and Cylus to expand their industry-specific cybersecurity value proposition, jointly address market needs, and accelerate the development of cutting-edge cybersecurity solutions for rail.

Israel-based Cylus is the developer of CylusOneTM, a cybersecurity software product, designed for mainline and urban rail systems. The solution detects cyber threats in the signalling and control networks, both trackside and onboard, facilitating a timely and effective response.

‘Jet’s grounding to have positive impact on rivals in FY20’

The temporary grounding of  Jet Airways  has positively transformed market dynamics for the other Indian carriers, which could report   a combined net profit of $250-700 million in FY20, the Centre for Asia Pacific Aviation (CAPA) said in a report titled ‘India Insight Q1 FY 20’, on Thursday. The best case scenario would be a profit of $500-700 million and the worst case would be $250-400 million, it added. Read the full story here

Bharti Airtel at near nine-month high; chart points to more upside

Shares of Bharti Airtel Ltd gained as much as 2.04 per cent to Rs 361, the highest since September 10, 2018.

The stock broke above a resistance at Rs 355.2.

The breakout suggests that in the near-term stock may rise up to the next resistance at Rs 386.39.

The stock is up 23.3 per cent this year as of last close, outperforming the Nifty’s nine per cent gains in the same period.

Eros International Media loses 30% in value over two days on debt worries

Eros International Media Ltd plunged on Friday, bringing its two-day slump to 30 per cent after Care Ratings downgraded the company’s creditworthiness, citing delays or likely default in servicing of bank loans.

The film-makers stock suffered a rapid erosion in market value this week after Care cut the long-term bank facilities rating 10 notches to D, or default from BBB.

“As previously communicated through our Indian subsidiary, Eros International Media Ltd. was late on two loan interest payments for April and May 2019. These interest payments total less than $2 million and are currently in process of remittance,” the United States (US)-listed parent Eros International Plc said in a clarification to the exchanges. Read more here

Sectoral indices @ 12 noon

What to watch: Shares of Tata Power remain in focus

Shares of Tata Power that has electric vehicle charging stations, auto ancillary companies such as Minda Industries and Motherson Sumi Systems, battery manufacturers like Exide Industries and Amara Raja Batteries may remain in focus, as, according to a Reuters report.

India plans to order taxi aggregators such as Uber and Ola to convert 40 per cent of their fleet of cars to electric by April 2026. Graphite India, HEG and Neelkamal may also benefit from the move.

GIPCL commissions 75 MW solar power project in Gujarat

Gujarat Industries Power Company Ltd (GIPCL) Friday said it has commissioned a 75 mega watt (MW) solar power project in Gujarat in a phased manner.

GIPCL had emerged as one of the successful bidders for the 75 MW solar power project in the e-reverse auction conducted by the Gujarat Urja Vikas Nigam Ltd in September 2017 for 500 MW solar power projects in the state.

GIPCL has commissioned the solar power project at Gujarat Solar Park, Village Charanka, Dist. Patan, Gujarat, in a phased manner on June 4, 2019, the company said in a regulatory filing.

Tata Mutual to side-pocket DHFL investment; more fund houses to follow

For the first time in the industry, Tata Mutual Fund has used the side-pocketing option provided to set aside its troubled investment in Dewan Housing Finance (DHFL) separately and allowed investors to redeem their investments in three schemes without any exit load.

The fund house has already suspended subscription in Tata Corporate Bond Fund, Tata Medium Term Fund and Tata Treasury Advantage Fund.

More fund houses are expected to use the side-pocketing facility in the coming days. As of April-end, about 24 mutual funds across 165 schemes have ₹5,336-crore exposure to DHFL.

Last December, market regulator SEBI had allowed mutual funds to create segregated portfolios of debt and money market instruments in case of a credit event. Read the full story here

Market update: Domestic equity benchmark BSE Sensex fell over 200 points in early trade Friday led by losses in financial stocks amid concerns over the state of the NBFC sector.

At 10.15 am, the 30-share index was trading 59.29 points, or 0.15 per cent, higher at 39,589.01, and the broader Nifty up 19.80 points, or 0.17 per cent, to 11,863.55.

On Thursday, both benchmark indices posted their biggest one-day drop this year after the RBI delivered a rate cut on expected lines but failed to allay investor concerns regarding the non-banking financial company (NBFC) sector.

In the previous session, the 30-share BSE Sensex cracked 553.82 points, or 1.38 per cent, to settle at 39,529.72. The broader NSE Nifty plunged 177.90 points, or 1.48 per cent, to end at 11,843.75.

Top losers in the Sensex pack include Cipla, Dr Reddy's, ONGC, Britannia and TCS falling up to 2.03 per cent.

While, IndiaBulls Housing Finance, Vedanta, Bharti Infratel , IndusInd Bank and SBI were trading in the green.

Technicals: Spot gold may retrace into $1,315-$1,321 range

Spot gold may retrace into a range of $1,315-$1,321 per ounce, as suggested by a projection analysis and the hourly RSI.

The uptrend could have peaked around a resistance at $1,344, the 200 per cent projection level of an upward wave C from $1,268.97. The bearish divergence on the hourly RSI signals an exhaustion of this wave. A decent correction has started, which may extend to $1,321 or $1,315. Read more on the technicals here

Technicals: Brent oil may rise into $63.19-$63.99 range

Brent oil is expected to break a resistance at $62.38 per barrel and rise into a range of $63.19-$63.99, as a temporary bottom has formed at the June 5 low of $59.45. Read more on the technicals here

Blackstone may buy Indiabulls Real Estate promoters’ stake for around $1 billion

 US-based investment firm Blackstone may acquire  Indiabulls Real Estate ’s promoters’ stake at an estimated enterprise value of around USD 1 billion, sources said on Thursday.

Blackstone might buy promoters’ total 39 per cent stake in Indiabulls Real Estate through a joint venture with Bengaluru-based realty firm Embassy Group, they added.

Indiabulls Group is looking to exit the real estate business so that it can get regulatory approvals for the proposed merger of  Indiabulls Housing Finance  with the  Lakshmi Vilas Bank . Read more here

Broker's call: Heidelberg Cement (Buy)

Heidelberg Cement reported Q4FY19 earnings in line with our estimates. Led by better than expected realisations partially offset by higher fuel costs, EBITDA/t arrived in line with our estimates at ₹959 (PLe:₹955), up 6.6 per cent y-o-y.

Despite hardening of fuel prices, company managed to contain costs led by optimisation of logistics, rationalising employee cost, other fixed overheads and higher power generation from Waste Heat Recovery System (WHRS). Market has apprehensions on Heidelberg’s volume growth due to absence of capacity expansion.

Broker's Call: Asian Paints (Buy)

Asian Paints is a paint company. The company is engaged in the business of manufacturing, selling and distribution of paints, coatings, products related to home decor, bath fittings and providing of related services.

Achieving a 50 per cent increase in capacity in 2-2.5 years’ time is by itself no mean feat; doing so while keeping ROCE/ROE (return on capital employed/return on equity) almost intact is quite a different achievement altogether, in our view. Read more on the buy call here

Opening bell: The equity benchmark indices on Friday opened on a positive note and are trading flat.

At 09:15 am, the Sensex is up 74.98 points or 0.18 per cent at 39,604.70, and the Nifty up 21.45 points or 0.18 per cent at 11,865.20.

Wall Street rises with hopes of Mexican tariffs delay

Wall Street's main indexes closed higher after a choppy session on Thursday as investors grew more optimistic on trade after reports that the United States is considering a delay in imposing tariffs on Mexican imports.

The market added to gains after a Bloomberg report cited unidentified sources saying that U.S. President Donald Trump could delay the tariffs he had threatened to put on Mexican goods as soon as Monday.

Indexes up: Dow 0.71%, S&P 0.61%, Nasdaq 0.53

Oil prices extend gains, move further away from 5-month lows

Oil prices rose around 1% on Friday to move further away from five-month lows hit earlier in the week, buoyed by a report that Washington could postpone trade tariffs on Mexico and signs OPEC and other producers may extend crude supply cuts.

Brent crude futures were up 50 cents, or 0.8%, at $62.17 a barrel by 0041, having risen earlier to $62.41. They gained 1.7% on Thursday.

Rupee Opening : The Indian rupee opened higher at 69.19 versus dollar on Friday against the previous close of 69.27.

Today's Pick - Repco Home Finance (₹383.8): Sell

Investors with a short-term horizon can sell the stock of Repco Home Finance at current levels. The stock has been in a long term downtrend since encounter a key resistance at ₹900 in June 2017.

After a corrective up-move, the stock encountered a key resistance at around ₹475 in March 2019 and resumed the downtrend triggered by negative divergence in the daily indicators. Since then, the stock has been in a medium-term downtrend. Read the full sell call here

Day Trading Guide: Nifty 50 Futures

11884 • Nifty 50 Futures

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

Day Trading Guide: TCS

₹2167 • TCS

Day Trading Guide: SBI

₹337 • SBI

Day Trading Guide: Reliance Industries

₹1327 • Reliance Ind.

Day Trading Guide: ONGC

₹169 • ONGC

Day Trading Guide: ITC

₹276 • ITC

Day Trading Guide: Infosys

₹737 • Infosys

Day Trading Guide: HDFC Bank

₹2425 • HDFC Bank

Asian shares dazed by trade uncertainty, US jobs risks

Asian share markets dithered on Friday as investors waited for concrete signs of progress in the US-Mexican trade stand-off, while bracing for a US jobs report that could sway the course of interest rates there.

MSCI's broadest index of Asia-Pacific shares outside Japan edged 0.04 per cent higher and looked set for another cautious session being up just 0.6 per cent for the week so far. Japan's Nikkei firmed 0.3 per cent, but South Korea slipped 0.5 per cent. E-Mini futures for the S&P 500 were mostly flat. Read more here

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