Benchmark indices recoup early losses, Sensex ends flat at 39,741

Closing bell

The benchmark indices, the BSE Sensex and the NSE Nifty, ended Thursday's session flat. The Sensex closed at 39,741, down 15 points or 0.04 per cent lower, while the Nifty was at 11,914, up 7 points or 0.07 per cent firmer.

The top gainers on the Sensex were Power Grid, M&M, Kotak Bank, Bajaj Finance and Bharti Airtel, while the laggards were YES Bank, IndusInd Bank, Infosys, Maruti, and Vedanta.

Among the BSE sectoral indices, the top gainers were shares in the realty and power sectors, gaining 0.62 per cent and 0.56 per cent respectively. The IT sector shares fared the worst during the session, ending down nearly 0.78 per cent.

Benchmarks reverse declining trend

The benchmark indices reversed their declining trend to trade little changed from their overnight close in late session on Thursday. The Sensex was at 39,739, down 26 points or 0.07 per cent lower on its previous close. The Nifty was at 11,894, down 11 points or 0.09 per cent lower.

The top gainers on the Sensex were Bharti Airtel, Power Grid, Kotak Bank, M&M and Axis Bank. The laggards were led by YES Bank, which lost 11 per cent during the course of the trading day, followed by IndusInd Bank, Vedanta, ONGC and Tata Motors.

European shares weighed down by concern over US-China trade talks

Stock price figures sit on display inside the Frankfurt Stock Exchange, operated by Deutsche Boerse AG, in Frankfurt, Germany. File Photo

European shares dipped on Thursday, tracking Asian markets lower after more violent protests in Hong Kong and weighed down by doubts over the US and China's ability to reach a trade deal any time soon.

The pan-European STOXX 600 index fell 0.24 per cent at 0709 GMT, with traders also pointing to nerves over the scale of monetary easing priced in to markets over the past two weeks. Click here to read in full the European markets report.

Gold gains on Fed rate cut hopes, trade worries

File Photo

Gold prices advanced on Thursday as demand for the safe-haven metal rose on expectations of an interest rate cut by the US Federal Reserve following soft inflation data, and on escalating trade tensions between the world's top two economies.

Spot gold was up 0.3 per cent at $1,337.41 per ounce, as of 0706 GMT. US gold futures were also 0.3 per cent higher, at $1,341.40 an ounce. Click here to read in full the gold markets report .

Yen rallies as hopes of US-China trade deal fade

The yen rallied on Thursday as fading hopes of a US-China trade deal at this month's G20 meeting and massive street protests in Hong Kong drove investors into safe-haven assets.

The yen neared a one-week high versus the dollar, rising 0.2 per cent to 108.295. Against the Australian dollar it soared to its highest since a January flash crash. The Aussie, seen as a barometer of global risk sentiment, was also hurt by jobs data taken as a green light for an early interest rate cut. Click here to read in full the global forex market report .

Oil surges after report of tanker incident in Gulf of Oman near Iran

Oil prices jumped as much as 4 per cent on Thursday after a suspected attack on two tankers in the Gulf of Oman near Iran and the Strait of Hormuz, through which a fifth of global oil consumption passes.

The two tankers, the Marshal Islands-flagged Front Altair  and the Panama-flagged Kokuka Courageous, have been evacuated and the crews were safe, shipping sources said. The Front Altair is carrying naphtha and the Kokuka Courageous methanol. Click here to read in full the global oil markets report .

Nifty call: Buy on dips with fixed stop-loss at 11,850

The CNX Nifty logo is displayed on a wall at the National Stock Exchange (NSE) in Mumbai, India, on Monday, May 19, 2014. Indian stock-index futures rose and rupee forwards strengthened as benchmark gauges advanced to record highs last week after the main opposition alliance's biggest election win in 30 years. Photographer: Dhiraj Singh/Bloomberg

The Sensex and Nifty began the session with a gap-down open and continued to decline, tracking the bearish Asian markets. The Nikkei 225 has fallen 0.5 per cent to 21,032, and the Hang Seng index has slipped 0.6 per cent to 27,139 levels.  Click here to read in full the Nifty call report .

Benchmarks reverse decline

The benchmark indices cut their losses in the afternoon session on Thursday. The Sensex was trading at 39,598, down 158 points or 0.40 per cent lower. The Nifty was trading at 11,858, down 47 points or 0.40 per cent lower.

The top gainers on the Sensex were Power Grid, Bharti Airtel, L&T, Kotak Bank and NTPC. The laggards were YES Bank, IndusInd Bank, Tata Motors, ONGC and Vedanta.

The energy, basic materials and oil and gas shares were the notable losers in the session, dropping between 0.70-0.90 per cent.

Jet Airways shares tank over 23%

Shares of Jet Airways on Thursday cracked over 23 per cent after stock exchanges decided to impose restrictions on its stock trading from June 28.

The scrip plummeted 23.18 per cent to hit a multi-year low of Rs 84.80 on the BSE. On the NSE, the shares plummeted 23.30 per cent to hit a multi-year low of Rs 84.60.

Stock exchanges will impose restrictions on trading in Jet Airways shares from June 28 as part of preventive surveillance measures to curb excessive volatility, according to a circular. Click here to read in full the Jet Airways share price report .

H ong Kong leads Asian stocks lower

Asian shares slumped on Thursday as the Hong Kong market was hit for the second straight session following a day of massive street protests, while oil prices flirted with five-month lows due to higher US crude inventories and a bleak demand outlook.

Fading hopes that the US and China will clinch a deal on the sidelines of a Group of 20 summit meeting in Osaka on June 28-29 also hurt sentiment and drove bond yields down. Click here to read in full the Asian markets report .

Sensex, Nifty extend losses

The BSE Sensex and the NSE Nifty extended their losses in the mid-morning session on Thursday. The Sensex was quoting at 39,511, down 244 points or 0.62 per cent weaker, while the Nifty was at 11,832, a drop of 73 points or 0.62 per cent.

The Sensex top gainers were Power Grid, Bharti Airtel, L&T, Axis Bank and NTPC, while the laggards were YES Bank, IndusInd Bank, Tata Motors, Vedanta and Infosys.

The BSE Sectoral indices were bathed in red. The basic materials, healthcare, banking, energy and auto shares lost between 0.80 to 1 per cent during the session. 

Gold gains on Fed rate cut hopes, trade worries

File Photo

Gold prices advanced on Thursday as demand for the safe-haven metal rose on expectations of an interest rate cut by the US Federal Reserve following soft inflation data, and on escalating trade tensions between the world's top two economies.

Spot gold was up 0.3 per cent at $1,336.45 per ounce, as of 0309 GMT. US gold futures were also 0.3 per cent higher, at $1,340.10 an ounce. Click here to read in full the gold markets report .

Reliance Capital hits 15-1/2-year low after company auditor resigns

Anil Ambani

Shares of non-banking financial services company Reliance Capital Ltd slid as much as 6.2 per cent to Rs 82.6, their lowest since November 2003.

The company said observations by PricewaterhouseCoopers (PwC) of its fiscal accounts were “completely baseless and unjustified”.

Reliance Capital said on Tuesday that Price Waterhouse & Co Chartered Accountants LLP have resigned as one of its statutory auditors, the company said in a statement.

About 16.1 million shares changed hands, compared with the 30-day average of 22.1 million shares. As of the last close, the stock was down 61.6 per cent.

YES Bank hits near 4-year low, may fall further

Shares of YES Bank Ltd fell as much as 10.43 per cent to Rs 120.7 rupees, their lowest since August 24, 2015.

The stock cut below a support at Rs 123.25, the 23.6 per cent Fibonacci projection level on the downtrend from its April 10 high to its May 17 low (wave 3). Click here to read in full the YES Bank share price report .

Tata Motors global sales dip 23 per cent in May

Tata Motors on Wednesday reported 23 per cent decline in global sales, including that of Jaguar Land Rover (JLR) vehicles, at 82,374 units in May. The company sold 1,07,343 units in May 2018, Tata Motors said in a statement.

In the passenger vehicle category, global sales stood at 50,884 units last month as against 66,354 units in May 2018, down 23 per cent. The category also includes JLR sales. Click here to read in full the report on Tata Motors global sales down 23% in May .

TCS hits record high; chart suggests more upside

Shares of India's top software services exporter Tata Consultancy Services Ltd (TCS) gained nearly 1 per cent to a record high of ₹2,282.70.

At 10.35 am, the  stocks of TCS  were trading higher by 0.45 per cent at ₹2,268.55 Click here to read in full the report on TCS hits record high .

PM’s Economic Advisory Council refutes ex-CEA’s claims on GDP numbers

The Prime Minister’s Economic Advisory Council (PM-EAC) on Wednesday refuted claims by former Chief Economic Advisor Arvind Subramanian’s claim in GDP (Gross Domestic Product) estimates.

Subramanian, in his paper titled “India’s GDP Mis-estimation: Likelihood, Magnitudes, Mechanisms, and Implications” published earlier this month, said that the growth estimate between 2011-12 and 2016-17 was overestimated. He claimed GDP growth rate during this period should be about 4.5 per cent instead of the official estimate of close to 7 per cent. This has already been denied by the Government on Tuesday. Click here to read in full the report on PM's advisory council refutes ex-CEA's claims on GDP numbers .

Adani gets final nod for long-delayed Australian coal mine

Adani Enterprises on Thursday received the go-ahead to start construction of a controversial coal mine in outback Australia, after a state government approved a final permit on ground water management. Queensland's Department of Environment and Science said in a statement it had approved Adani's Groundwater Dependent Ecosystem Management Plan following a rigorous assessment “based on the best available science.” Click here to read in full the report on Adani gets final nod for Australian coal mine project .

NSE index breaks key support, may fall further

National Stock Exchange building in Mumbai.

The NSE index has dipped as much as 0.6 per cent, cutting below a support at 11,867.56.

The support is identified as the 23.6 per cent Fibonacci retracement level on the uptrend from its May 14 low to June 3 high. Click here to read  in full the report on NSE index breaks key support .

Rupee slips 4 paise to 69.38 vs $ in early trade

The rupee opened on a cautious note and fell 4 paise to 69.38 against the US dollar in early trade on Thursday amid a strengthening of the greenback vis-a-vis other currencies overseas, even as crude oil prices eased.

Forex traders said weak macro data, foreign fund outflows and a cautious opening in domestic equities added pressure to the domestic unit. Click here to read in full the rupee report .

Dollar off 11-week lows as euro, commodity currencies sag

The dollar held its gains early on Thursday after rebounding from 11-week lows, as peers such as the euro, pound and commodity currencies sagged due to troubles of their own.

The dollar index versus a basket of six major currencies was steady at 96.957 after rising more than 0.3% overnight. Click here to read in full the global forex markets report .

Asian stocks subdued, oil near 5-month low on US inventory build

Asian stocks stuttered on Thursday, dogged by the uncertainty over an intractable US-China trade dispute, while oil prices flirted with five-month lows thanks to higher US crude inventories and a bleaker demand outlook. Click here to read in full the Asian markets report .

Sensex, Nifty drop lower

The Sensex and Nifty traded in the red in the morning session on Thursday. The Sensex was quoting at 39,567, down 188 points or 0.48 per cent lower. The Nifty was at 11,855, down 50 points or 0.42 per cent weaker.

The top gainers on the Sensex were L&T, TCS, Bharti Airtel, Axis Bank and Bajaj Finance, while the laggards were YES Bank, IndusInd Bank, Vedanta, Tata Motors and Infosys.

On  Wednesday, the BSE Sensex closed at 39,756.81. The broader NSE Nifty fell 59.40 points, or 0.50 per cent, to close at 11,906.20.

All the BSE sectoral indices with the exception of capital goods were in negative territory. The metal index was down 1.35 per cent and basic material dropped 1.07 per cent. Banking, finance and auto shares were among the other notable losers.

According to reports, the Sensex fell over 100 points in early trade amid heavy foreign fund outflow and negative global cues.

The report quoting experts said the market mood was negative, tracking weak cues from global markets amid rising uncertainty over trade talks between the US and China.

While the Shanghai Composite Index was trading on a positive note, Hang Seng, Nikkei, and Kospi were trading in the red in their respective early sessions.

Bourses on Wall Street too ended lower on Wednesday. Heavy outflow of foreign funds too weighed on investor sentiment here, traders said.

Foreign institutional investors sold equity worth Rs 1,050.43 crore, while domestic institutional investors bought shares to the tune of Rs 271.15 crore, provisional data available with stock exchanges showed on Wednesday.

On the currency front, the Indian rupee depreciated marginally to 69.37 against the US dollar.

The global oil benchmark Brent crude futures were trading 0.08 per cent lower at 59.92 per barrel. (with inputs from PTI)

Broker's call: Symphony (Buy)

ICICI Securities

Symphony (Buy)

Buying range: ₹1,275-1,315

Target: ₹1,530

Symphony , and its subsidiaries are engaged in manufacturing and trading of residential, commercial and industrial air coolers, both in the domestic and international markets. The company operates through two segments: Air Coolers and Corporate Funds. It offers air coolers in various categories, such as residential air coolers, packaged air coolers and central air coolers. It provides tower, personal, desert, room and window air coolers for residences, shops, showrooms and offices; central air cooling solutions for factories, warehouses and large halls, among others, and heavy duty industrial air coolers for factories, offices, schools, malls, assembly halls, warehouses and metro stations, among others. Click here to read in full the Broker's Call on Symphony .

Company News: Alembic Pharmaceuticals

The board of directors of Alembic Pharmaceuticals  on Wednesday approved the issue of unsecured, listed, rated, redeemable, non-convertible debentures of up to ₹300 crore on private placement basis. Shares of Alembic Pharma edged down 0.06 per cent at ₹501.75 on the BSE.

Oil steadies after big plunge on high inventories, lower demand forecasts

The committee’s recommendations were part of measures to bring down India’s dependence on crude oil imports istockphotos HHakim

Oil prices steadied on Thursday, after slumping as much as 4% in the previous session to nearly five-month lows on the back of a further buildup in US crude stockpiles and worries about lower demand growth.

Brent crude futures were up 12 cents, or 0.2%, at 60.09 by 0035 GMT. They fell 3.7% on Wednesday to settle at $59.97 a barrel, the international benchmark's lowest close since Jan. 28. Click here to read in full the global oil markets report .

What to Watch: Tiger Logistics: Rating outlook downgraded

Shares of Tiger Logistics may remain under pressure as Care Ratings revises the company’s credit rating outlook of long-term bank facilities to negative from stable.

However, it maintained the BBB rating on long-term bank facilities (₹31 crore) and long-term/short-term facilities (₹4 crore). Meanwhile, the company has further strengthened its position in the auto sector by bagging a contract for handling export logistics from Piaggio Vehicles Private Limited.

What to Watch: Confidence Petroleum: NSE listing in focus

Shares of Confidence Petroleum India may remain in focus, as the NSE has approved listing of the company’s shares on it. The NSE will admit the listing of shares from Thursday (June 13). This will come as a big boost for the shareholders as the listing on the NSE will enhance liquidity in the counter.

Currently, the stock is listed only on the BSE. For the fiscal ended 2019, Confidence Petroleum had reported a net profit of ₹59.06 crore on revenues of ₹873.34 crore.

Edelweiss Asset Management launches retirement plan

Edelweiss Asset Management has launched a new retirement plan under its mutual fund schemes. The retirement plan will have exposure to a diversified portfolio with an in-built asset allocation mechanism.

The plan gradually shifts the investment portfolio toward lower-risk investments based on age and life-stage as one approaches retirement. It enables auto rebalancing of the retirement portfolio at set frequency to reduce risk as one moves closer to retirement, said the fund house in a statement. Click here to read the report on Edelweiss Asset Management retirement plans .

BSE, NSE to shift Jet Airways’ stock to trade-for-trade segment

Shares of  Jet Airways (India)  would be shifted to the trade-for-trade segment from June 29 by the BSE and the National Stock Exchange. Under this category, delivery of shares is compulsory.

Shares of Jet Airways are currently available for trading in the futures and options segment of the exchanges. In compliance with the provisions of SEBI, the stock would be excluded from the F&O segment from June 28. Accordingly, no contracts would be available for trading in Jet Airways from June 28, said a statement from both the exchanges. Click here to read in full the report on Jet Airways' stock to be shifted to trade-for-trade segment .

Opening bell

The benchmark indices, the BSE Sensex and the NSE Nifty, opened Thursday's session in the red. The Sensex wast trading at 39,712, down 43 points or 0.11 per cent lower, while the Nifty was at 11,891, down 14 points or 0.12 per cent weaker.

Day Trading Guide for June 13, 2019

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

₹2427 • HDFC Bank

₹753 • Infosys

₹280 • ITC

₹170 • ONGC

₹1331 • Reliance Ind.

₹344 • SBI

₹2258 • TCS

11917 • Nifty 50 Futures

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

Today's Pick: Motherson Sumi Systems (₹122.3): Buy

Shares of Motherson Sumi Systems gained 3.6 per cent accompanied by above average volume on Wednesday and closed above the 21-day moving average.

After taking support at ₹111 in early June, the stock began to trend upwards and show signs of trend reversal. Taking a contrarian stance, investors with a short-term view can buy the stock at current levels.

The stock was on a short-term downtrend since encountering a key resistance at ₹160 in late April. But, it found support at ₹111 recently and changed direction triggered by positive divergence in the daily relative strength index (RSI) and price rate of change indicator. Click here to read in full Today's Pick on Motherson Sumi .

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