Sensex slumps 194 points to close at 39,756

Closing bell

Snapping its three-day rising streak, the domestic equity benchmark, BSE Sensex, ended 194 points lower on Wednesday, dragged by losses in banking and auto stocks amid weak global cues.

Investors were also cautious ahead of the release of inflation and factory output numbers, traders said.

After slumping over 300 points during the day, the BSE gauge pared some losses to settle 193.65 points, or 0.48 per cent, lower at 39,756.81. The index hit an intra-day low of 39,623.53 and a high of 39,982.10.

Similarly, the broader NSE Nifty fell 59.40 points, or 0.50 per cent, to close at 11,906.20. During the day, the index touched a low of 11,866.35 and a high of 11,962.45.

YES Bank was the worst performer in the Sensex pack, declining 3.34 per cent, after Moody’s placed the private sector lender’s ratings under review for a possible downgrade.

Other losers included Maruti, Kotak Bank, Hero MotoCorp, Bajaj Auto, IndusInd Bank and Bajaj Finance, that shed up to 1.79 per cent.

On the other hand, Tata Steel, ONGC, Vedanta, Sun Pharma, TCS, RIL, HUL and ITC bucked the weak market trend and gained up to 2.60 per cent.

According to experts, the market mood turned negative tracking weak cues from overseas markets after US President Donald Trump on Tuesday said he was not interested in a trade deal with China unless it agreed to four-five major points.

Elsewhere in Asia, the Shanghai Composite Index fell 0.56 per cent, Hang Seng ended 1.73 per cent lower, Nikkei slipped 0.35 per cent and Kospi shed 0.14 per cent. Bourses in Europe were also trading in the red in their early deals.

On the currency front, the Indian rupee appreciated 10 paise to 69.34 against the US dollar intra-day. Brent crude futures, the global oil benchmark, dived 2.57 per cent to USD 60.69 per barrel. - PTI

European shares retreat from 3-week highs

European shares pulled back from three-week highs on Wednesday as this month's recovery rally ran out of steam on the back of soft Chinese factory activity data and the latest signs of friction between Washington and Beijing on trade. Click here to read in full the European share markets report .

Dollar slips for second day on growing US rate cut bets

The dollar edged lower for a second consecutive day on Wednesday on growing expectations of a US rate cut next week while high-yielding currencies suffered due to ongoing trade tensions.

Against a basket of its rivals, the dollar edged 0.1 per cent lower to 96.64 and just above a 2-1/2 month low of 96.46 hit last week. Click here to read the full global forex markets report .

Oil prices fall on weaker demand growth, gain in US crude stocks

Oil prices fell nearly 2 per cent on Wednesday, weighed down by a weaker demand outlook and a rise in US crude inventories despite growing expectations of ongoing OPEC-led supply cuts.

Brent crude futures, the international benchmark for oil prices, were down $1.16, or 1.86 per cent, at $61.13 a barrel by 0616 GMT. US West Texas Intermediate (WTI) crude futures were down $1.04, or 1.95 per cent, at $52.23 per barrel. Click here to read the full global oil markets report .

ICRA reaffirms long-term rating of Apeejay Surrendra Park Hotels

The Rating Committee of ICRA (Investment Information and Credit Rating Agency) has reaffirmed the long-term rating of Apeejay Surrendra Park Hotel Groups for the captioned Line of Credit (LOC) at “[ICRA]A+” (pronounced ICRA A plus) for Rs 504.03 crore.

The agency has also reaffirmed the short-term rating for the captioned LOC at “[ICRA]A1+” (pronounced ICRA A one plus).

The outlook on the rating is 'stable', Apeejay Surrendra Park Hotels said in a release.

Sensex, Nifty recoup some losses

The benchmark indices the Sensex and Nifty recovered some of their earlier losses in the afternoon session. The Sensex was trading at 39,727, down 223 points or 0.56 per cent lower, while the Nifty was quoting at 11,895, down 70 points or 0.59 per cent weaker.

Tata Steel, ONGC, Vedanta, Reliance and Hindustan Unilever were the top gainers on the Sensex. YES Bank, Maruti, Kotak Bank, Bajaj Auto and HeroMotoCorp were the top losers during the session.

The metal sector index was the only index in the green on the BSE. The realty, telecom, auto, banking, capital goods and finance indices lost between 1-1.5 per cent during the session.

Reckitt names Pepsico’s Laxman Narasimhan as CEO

Reckitt Benckiser Group Plc named PepsiCo's Laxman Narasimhan as its next chief executive officer, looking outside its own ranks for a successor to Rakesh Kapoor after a difficult few years.

By turning to the food-industry veteran, the maker of Air Wick fresheners and Nurofen pain killers is looking for fresh leadership after the departing chief's eight-year tenure was marred by a cyberattack, production glitches and a failed product launch. Narasimhan, 52, will take over on September 1 from Kapoor (60). Click here to read in full the report on Reckitt Benckiser names Laxman Narasimhan as CEO .

PWC resigns as statutory auditor of Reliance Capital, Reliance Home Finance

Cites non-satisfactory responses by the companies for its queries during the ongoing audit process as the reason

Price Waterhouse & Co Chartered Accountants LLP (PWC), on Wednesday, resigned as one the Statutory Auditors of Reliance Capital and Reliance Home Finance with effect from June 11, 2019.

The reason cited by PWC, as per the stock exchange filing, is that as part of the ongoing audit for FY 2018-19, it noted certain observations/transactions which in its assessment, if not resolved satisfactorily, might be significant or material to the financial statements, and that it did not receive satisfactory response to its queries. Click here to read full report on PWC resigns as auditor of Reliance Cap, Reliance Home Finance.

Nifty Call: Go short with fixed stop loss at 11,930 levels

The Sensex and Nifty started the session in negative territory taking bearish cues from the Asian markets. The Hang Seng index has slumped 1.9 per cent to 27,250 levels and Nikkei 225 has declined 0.4 per cent to 21,129 levels. Sensex and Nifty continued to trend downwards and have fallen 0.6 per cent each. Click here to read the full Nifty call report .

Asia shares turn wary, US inflation next hurdle

Asian share markets were in a defensive crouch on Wednesday as the White House took a tough line on trade talks with China, while a looming reading on US inflation could scramble the odds for an early cut in interest rates there.

Data on Chinese inflation showed the annual pace picked up to a 15-month high of 2.7 per cent, but mainly because of surging pork prices. Excluding food, inflation rose only 1.6 per cent and suggested there was plenty of scope for more stimulus.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.6 per cent after two days of gains. Click here to read the full report on the Asian share markets .

Sensex, Nifty extend losses

The Sensex and Nifty extended their losses by mid-session on Wednesday.  The Sensex was quoted at 39,686, down 264 points or 0.66 per cent lower, while the Nifty was at 11,888, down 77 points or 0.65 per cent weaker.

The top gainers on the Sensex were Tata Steel, Sun Pharma, Vedanta, ONGC and IndusInd Bank, while the laggards were YES Bank, Kotak Bank, Bajaj Auto, HeroMotoCorp and ICICI Bank.

Among the BSE sectoral indices, the metal, oil and gas and energy indices were weakly positive, while the rest of the indices were in negative territory. The banking, capital goods, finance and auto indices were down nearly 1 per cent each in the session.

Indiabulls Housing moves apex court for listing of plea against it

Indiabulls Housing Finance Ltd (IHFL) on Wednesday moved the Supreme Court seeking urgent listing of a plea filed against it in which it has been alleged that the company misappropriated Rs 98,000 crore of public money.

Senior advocate A. M. Singhvi, appearing for the company, mentioned the matter for urgent listing before a vacation bench comprising Justices Indira Banerjee and Ajay Rastogi. Click here to read in full the report on Indiabulls Housing seeks listing of plea against it .

YES Bank falls after Moody's places company under review for downgrade

Shares of YES Bank Ltd fell as much as 3.94 per cent to Rs 134.05, their fourth fall in five sessions.

Moody's placed YES Bank's rating under review for downgrade on Tuesday, saying ongoing liquidity pressure would negatively impact the credit profile of the private-sector lender.

The company pared gains on Tuesday after Moody's announcement. Separately, YES Bank was fined Rs 1.1 million rupees by the Reserve Bank of India on Tuesday for not complying with regulatory guidelines.

The stock has shed over 23 per cent this year as of last close, compared to bigger rivals HDFC Bank Ltd that rose 15.4 per cent and ICICI Bank Ltd's 17 per cent gain.

Mindtree panel says L&T’s open offer price at Rs 980/share fair, reasonable

By making this open offer, L&T intends to own around 66 per cent in Mindtree

The independent directors’ panel of Mindtree has said that Larsen and Toubro’s open offer price at Rs 980/share appears “fair and reasonable”.

The committee cited the closing market price of Mindtree shares on the stock exchanges on June 10, being “lower than the offer price” and said that L&T’s offer price of Rs 980 a share is in accordance with the regulations and “appears to be fair and reasonable”.  Click here to read in full the report on L&T open offer for Mindtree shares .

NSE index may test support at 11,868

The NSE index has dipped as much as 0.66 per cent and has cut below a support at 11,956.99.

Support at 11,956.99 is identified as the 14.6% Fibonacci retracement level on the uptrend from its May 14 low to its June 3 high.

The index's wave pattern suggests it completed wave B of a three-wave downtrend at the psychological level of 12,000 on Monday. Click here to read the full report on NSE index may test support at 11,868 .

Sensex, Nifty down 0.5%

The benchmark indices, the BSE Sensex and the NSE Nifty, dropped 0.5 per cent each in the morning session on Wednesday. The Sensex was quoting at 39,715, down 230 points or 0.58 per cent lower, while the Nifty was at 11,897, down 68 points or 0.57 per cent weaker.

The top gainers on the Sensex are Tata Steel, Vedanta, Sun Pharma, ONGC and Asian Paints, while the laggards are YES Bank, Kotak Bank, Bajaj Auto, Bajaj Finance and HeroMotoCorp.

The metal sector index was the only major gainer in the morning session on the BSE. On the other hand, the major losers were the telecom (down 1.17%), banking (down 0.9%), finance (0.89%), IT (0.81%) and auto (down 0.71%) indices.

Dewan Housing rises after clearing interest on NCDs

Shares of mortgage lender Dewan Housing Finance Corp Ltd (DHFL) rose as much as 6.5 per cent to Rs 96 on Wednesday.

Dewan said on Tuesday it had cleared interest of Rs 961 crore ($138.50 million) due on non-convertible debentures (NCDs), a week after it delayed payments and fanned fears of a liquidity crisis.

DHFL also said it will seek rating upgrades from agencies now that it had cleared all its dues on NCDs.

Last week, rating agencies ICRA Ltd had downgraded DHFL's Rs 850-crore commercial paper programme to ICRA D and Crisil had downgraded the rating on DHFL's commercial paper to 'CRISIL D' from 'CRISIL A4+'

About 15.7 million shares changed hands, compared with the 30-day average of around 29.6 million shares.

As of last close, the stock is down 63.9 per cent. ($1 = 69.3880 rupees)  _ Reuters

Indiabulls Housing at near 4-month low

Shares of Indiabulls Housing Finance Ltd fell as much as 6.3 per cent to Rs 632.05, its lowest since February 20.

The stock broke below a support at Rs 642.07, the 76.4 per cent Fibonacci projection level of the downtrend from its April 5 high to May 13 low.

The stock fell over 8 per cent on Monday after an investor filed a writ petition in the Supreme Court against Chairman Sameer Gehlaut for allegedly siphoning Rs 98,000 crore. The company says it is a “blackmailing racket” that's targeting it. Click here to read in full the Indiabulls Housing Fin share price movement report .

EU blocks Thyssenkrupp-Tata Steel merger plan

The EU’s powerful anti-trust authority on Tuesday blocked the merger of German industrial conglomerate Thyssenkrupp with Indian steel giant Tata, an expected veto that kills the deal. Click here to read in full the report on EU blocks Thyssenkrupp-Tata Steel merger plan .

Rupee rises 8 paise to 69.38 vs $ in early trade

The rupee appreciated by 8 paise to 69.38 against the US dollar in opening trade on Wednesday, driven by easing crude oil prices and foreign fund inflows.

Forex traders said the weakening of the greenback vis-a-vis some major currencies overseas aided the local unit. However, a weak opening in domestic equities weighed on the domestic currency. Click here to read in full the rupee report .

Dollar near 11-week low on Fed easing bets

The dollar hung near an 11-week low against its peers on Wednesday, weighed by expectations the US Federal Reserve could cut interest rates some time in the next few months.

The dollar index versus a basket of six major currencies was flat at 96.698, trading just above the 96.459 level it hit on Monday, its lowest since March 25. Click here to read in full the global forex market report .

Oil falls 1% on weaker oil demand growth, surprise gain in US crude stocks

Oil prices fell more than 1% on Wednesday, weighed down by a weaker oil demand outlook and a rise in US crude inventories despite growing expectations of ongoing OPEC-led supply cuts. CLick here to read in full the oil markets report.

Sensex, Nifty slip into red

The benchmark indices dipped into the red in morning trade on Wednesday. After opening flat, the Sensex lost 146 points or 0.37 per cent in early session to quote at 39,826. The NSES Nifty was at 11,928, down 37 points or 0.31 per cent.

The top gainers on the Sensex were Tata Steel, Vedanta, Sun Pharma, IndusInd Bank and Asian Paints, while the laggards were YES Bank, Bajaj Auto, Bajaj Finance, Bharti Airtel and IcICI Bank.

Among the sectoral indices, the metal sector shares gained 1.34 per cent on the BSE. The telecom, IT and realty indices were among the major losers.

According to an agency report, the Sensex was dragged down by losses in banking and IT stocks amid negative global cues.

According to experts quoted by the report, the market mood turned negative tracking weak cues from other Asian markets amid escalation trade war tension between the US and China.

US President Donald Trump Tuesday said he was not interested in a trade deal unless China agreed to four-five major points. “We had a deal with China and then they went back on the deal. They said, ‘We don’t want to have four major points, five major points’ So we changed it. But we had a deal with China. Unless they go back to that deal, I have no interest,” he said.

Investors were also cautious ahead of the release of inflation numbers, scheduled for release later in the day, traders said.

Elsewhere in Asia, bourses in China, Japan and Korea were trading on a weak note in their respective early sessions.

On the currency front, the Indian rupee appreciated 7 paise to 69.37 against the US dollar.

The global oil benchmark Brent crude futures were trading 1.36 per cent lower at 61.44 per barrel.

Foreign institutional investors bought equity worth Rs 95.79 crore, while domestic institutional investors sold shares to the tune of Rs 151.01 crore, provisional data available with stock exchanges showed on Tuesday. (with inputs from PTI)

Asia shares wary of Donald Trump, wait on US inflation

Asian share markets were in a wary mood on Wednesday as the White House took a tough line on trade talks with China, while a looming reading on US inflation could shuffle the odds for an early cut in interest rates there. Click here to read in full the Asian share markets report.

Gold recovers as US-China trade jitters sour risk appetite

Gold prices rose on Wednesday after hitting a one-week low in the previous session, as worries over US-China trade war flared up, curbing risk appetite and increasing the appeal of safe-haven bullion. Click here to read the full gold markets report.

Fair Deal Filaments: Ex-date nears for merger

Fair Deal Filaments has fixed June 14 as record date for the proposed merger via absorption by Shahlon Silk Industries. In consideration of the amalgamation, Shahlon Silk Industries will issue and allot one equity share of the company to the shareholders of Fair Deal Filaments for every 0.90 shares held in the company. Shareholders wishing to participate in the amalgamation need to buy Fair Deal Filaments’ shares by Wednesday, as the stock will turn ex-date on Thursday.

New part-time member for SEBI

IIM professor V Ravi Anshuman was on Tuesday appointed as a part-time member in the Securities and Exchange Board of India (SEBI), an order issued by the Personnel Ministry said.

Anshuman is at present posted as a professor at the Indian Institute of Management, Bengaluru. He has been appointed to the post for a period of three years or until the age of 70 years, whichever is earlier, the order said. SEBI currently has four whole-time members.

Company news: Balaji Amines

Balaji Amines  on Tuesday informed the exchanges that Balaji Speciality Chemicals Private Limited, its subsidiary, has received consent to operate from the Maharashtra Pollution Control Board (MPCB).

Last month, it had said MPCB had approved expansion of existing products (like trimethylamine, dimethylamine, Gama Bytro Lactone and higher amines) and addition of new products (morpholine, aceto nitrile, tetrahydrofuran and hydrogen) at Unit III at MIDC Chincholi.

Shares of Balaji Amines closed 1.70 per cent lower at ₹393.10 on the NSE.

Adani Green Energy: Offer-for-sale opens

Adani Green Energy’s offer-for-sale (OFS) by Gautam S Adani and Priti G Adani (on behalf of Gautam S Adani Family Trust and SB Adani Family Trust) opens on Wednesday (for non-retail investors) and on Thursday (for retail investors).

They plan to sell 9.35 crore shares through the OFS and the floor price has been fixed at ₹43. The move would help the promoters meet the minimum public shareholding norm.

Currently, they hold 86.50 per cent stake in the company.

Pre-Budget meet: Farm sector seeks more investments, India Inc wants tax sops

Kicking off the Budget consultations with agriculture experts and India Inc, as she prepares for her maiden Budget to be presented on July 5, Finance and Corporate Affairs Minister Nirmala Sitharaman, said that concerns of the farm sector are high on priority list of the government.

Experts from the farm sector suggested measures to improve the food processing sector and introduction of technology-intensive processes in the non-farm sector and treating solar energy as third crop to augment income of farmers. Click here to read in full the report on Pre-Budget meet: Farm sector seeks more investment .

BHEL stock may flare up on NPCIL order

BHEL has bagged an order worth over ₹440 crore from Nuclear Power Corporation of India.

The order is for erection work of the upcoming 2x1,000 MWe turbine generator (TG) island units 3 and 4 at the Kudankulam nuclear power project in Tamil Nadu.

For the same project, BHEL has also emerged as the lowest bidder for erection of the reactor side equipment. Earlier, BHEL had successfully executed the erection work of TG island for units 1 and 2 at Kudankulam.

DHFL makes Rs 962-cr payment towards non-convertible debentures

Crisis-ridden DHFL said Tuesday it has paid Rs 962 crore towards interest payment on debt instruments which fell due on June 4, and met the seven-day “cure period” to pay off its obligation. Click here to read in full the report on DHFL's Rs 962-cr payment towards NCDs .

Opening bell

The benchmark indices, the BSE Sensex and the NSE Nifty, opened Wednesday's session flat. While the Sensex was up 23 points or 0.06 per cent higher at 39,974, the Nifty was quoted at 11,962, down 3 points.

The domestic benchmarks closed in the green on Tuesday. The Sensex was quoted at 39,950, up 165 points or 0.42 per cent firmer, while the Nifty ended at 11,965, up 42 points or 0.36 per cent firmer.

STT: Brokers seek restoration of rebate under Section 88E of Income Tax Act

Equity brokers are seeking restoration of the rebate on securities transaction tax (STT) under Section 88E of Income Tax Act, which was withdrawn by the former Finance Minister P Chidambaram in 2008.

Ahead of next month’s first Union Budget of Modi 2.0 government, brokers association ANMI has urged the Finance Ministry to treat STT as ‘tax paid’ and not as ‘expense’ only for those having business income in their books. They are not seeking abolition of STT, ANMI said in a note. Click here to read the full report on Brokers seek restoration of rebate on STT .

Day Trading Guide for June 12, 2019

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

₹2449 • HDFC Bank

₹754 • Infosys

₹280 • ITC

₹169 • ONGC

₹1328 • Reliance Ind.

₹347 • SBI

₹2252 • TCS

11976 • Nifty 50 Futures

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

Today's Pick: REC (₹155.7): Buy

Investors with a short-term horizon can buy the stock of REC at current levels. The stock has been in an intermediate-term uptrend since taking support at around ₹100 in early December 2018. While trending up, the stock decisively breached a key resistance at ₹127 in late February this year and continued to trend upwards. Key resistance at around ₹152 had limited the stock’s rally in the months of March and April. Click here to read in full Today's Pick on REC .

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