Sensex closes 157 pts higher, Nifty near 11,850 as metal, bank stocks rally

Benchmark indices ended higher for the second consecutive session on Wednesday, lifted by gains in metal stocks.

The benchmark S&P BSE Sensex settled 157 points, or 0.4 per cent, higher at 39,592, with Vedanta, Powergrid, Sun Pharma, YES Bank, and Tata Steel among the top gainers The broader Nifty50 index also crossed the 11,800-mark and closed the day at 11,848, up 51 points, or 0.43 per cent. About 1,418 shares advanced, 1,051 declined, and 170 remained unchanged on the NSE. 

All the Nifty sectoral indices except Nifty IT and Nifty FMCG ended with gains, led by Nifty Metal, up 2.7 per cent, and Nifty PSU Bank index, up 1.88 per cent.

In the broader market, the S&P BSE MidCap index climbed 117 points, or 0.8 per cent, to 14,792, while the S&P BSE SmallCap was ruling around 14,175, up 66 points, or 0.47 per cent.

BUZZING STOCKS

Shares of SBI Life Insurance Company hit a 52-week high of Rs 715 per share, up 6 per cent intra-day, on the BSE on Wednesday with heavy buying being seen at the counter in respose to excessive bids being received for stake sale. The stock closed the day 6.17 per cent higher at Rs 716.55. READ MORE

Dewan Housing Finance Corporation (DHFL) shares dipped 9 per cent to Rs 68.70 on the BSE during intra-day trade on Wednesday after the company said it has defaulted on unsecured commercial paper (CP) of Rs 225 crore that matured on Tuesday. The stock, however, recovered to close 5.77 per cent higher at Rs 79.75. READ MORE

3:56 PM IST

3:55 PM IST

3:54 PM IST The S&P BSE Sensex ended at 39,592, up 157 points while the broader Nifty50 index settled at 11,848, up 51 points.

3:15 PM IST

3:11 PM IST

3:03 PM IST Shares of Shriram Group companies were trading weak, falling by up to 6 per cent, in intra-day trade on the BSE on Wednesday in intra-day trade, in an otherwise firm market. Shriram City Union Finance slipped 6 per cent to Rs 1,301, also its 52-week low, while Shriram Transport Finance Company (STFC) dipped 3 per cent to Rs 1,087 on the BSE in intra-day trade. In comparison, the benchmark S&P BSE Sensex was up 0.30 per cent at 39,552 points at 02:31 pm. READ MORE

2:59 PM IST Source: Bloomberg

LIVE UPDATES

Nifty sectoral indices at close


Market at close


Market at close

The S&P BSE Sensex ended at 39,592, up 157 points while the broader Nifty50 index settled at 11,848, up 51 points.

Nifty Bank index gains over 1%


Allahabad Bank zooms 19%


Shriram Group shares trade weak; Shriram City Union hits 52-week low

Shares of Shriram Group companies were trading weak, falling by up to 6 per cent, in intra-day trade on the BSE on Wednesday in intra-day trade, in an otherwise firm market. Shriram City Union Finance slipped 6 per cent to Rs 1,301, also its 52-week low, while Shriram Transport Finance Company (STFC) dipped 3 per cent to Rs 1,087 on the BSE in intra-day trade. In comparison, the benchmark S&P BSE Sensex was up 0.30 per cent at 39,552 points at 02:31 pm. READ MORE

Rupee check

Source: Bloomberg


Market check


Market check | Sensex soars on breakthrough in US-China trade talks


NEWS ALERT | Senior DHFL officials meet Ministry of Corp Affairs officials: BTVi

- Ministry takes stock of liquidity situation

- MCA 'inspecting, not investigating' DHFL's books of accounts

SBI Life Insurance climbs 9%


NEWS ALERT | India Ratings assigns AA+ rating to Rs 10,000 cr NCDs for Shriram Transport

- The ratings agency kept outlook as 'stable' 

NEWS ALERT | L&T to rejig Mindtree Ltd management post deal completion: sources to CNBC TV18

- Rostow Ravanan, CEO of Mindtree to exit the company after deal completion

NEWS ALERT | Govt may consider removal of MAT on SEZ income for electric vehicles: ET Now

- May consider lowering of witholding tax rate to 5% or lower for all tech transfers to EVs.


NEWS ALERT | Govt may extend weighted deduction on cap expenditure u/Sec 35AD(1) of I-T Act : ET Now

- Incentives may include tax reduction or credit major tool to decrease upfront cost

- Budget may provide tax holiday with sunset clause under section 10AA of SEZ Act

Hindustan Zinc zooms nearly 4%


NEWS ALERT | Britannia clarifies on rumours of Varun Berry’s resignation as MD

- Calls them "baseless" .

- Share pare losses on clarification



Reliance Infra extends gain to over 23%


YES Bank rises 2%


Stocks that hit 52-week low on S&P BSE Sensex

COMPANY PRICE(rs) 52 WK LOW CHG(rs) CHG(%)
BAYER CROP SCI. 3259.00 3206.60 -104.45 -3.11
BOMBAY BURMAH 930.00 928.80 -25.35 -2.65
CENTRAL BANK 20.70 20.00 0.35 1.72
GLAXOSMI. PHARMA 1225.00 1225.00 -2.25 -0.18
REL. COMM. 1.13 1.10 -0.02 -1.74
» More on 52 Week Low

Nifty sectoral indices at this hour


Market update | Motilal Oswal Financial Services

ICICI Bank, Power Finance, and 12 other stocks hit 52-week highs

Shares of ICICI Bank, Indian Hotels, Nestle India, V-Guard Industries, Voltas, JK Cements, Titan Company, and Container Corporation of India were among the 14 stocks from the S&P BSE500 index that hit their respective 52-week highs on Wednesday. Power Finance Corporation (PFC), Power Grid Corporation, REC and Torrent Power from electric utilities and related sector along with HDFC Asset Management Company and SBI Life Insurance Company also hit 52-week highs today. In comparison, the S&P BSE Sensex was up 0.1 per cent at 39,473 points at 11:00 am. READ MORE

NEWS ALERT | Satin Creditcare reduces pledged shares

- Pledge reduced from 53% to 23% 


NEWS ALERT | Idria sells 1.79% equity stake in PC Jewellers vis open offer

Source: BSE filing

Events since January show banks were not keen to drag Jet to bankruptcy

Nothing else captured as well how Jet Airways had erased investor wealth with the passive support of the banks, as the gyrations in its share prices last week. It also could show that some of the blame for the loss rests with New Delhi, as government-run State Bank of India, leading the consortium of lenders, delayed sending India’s premier aviation company to the insolvency courts. READ MORE

ICRA downgrades Edelweiss Debentures on wholesale loan book's vulnerability

Rating agency ICRA has downgraded debentures of Edelweiss Financial Services from "AA" to "AA-" on increased vulnerability in its wholesale lending book and risks of rise in the stressed exposures. The outlook on debentures remains negative, ICRA said in a statement. Rating takes into account heightened risks from the underlying assets, comprising real estate and structured debt transactions across sectors. READ MORE

ICRA downgrades Piramal Capital's loans, bonds from "AA+" to "AA"

Rating agency ICRA has cut ratings for Piramal Capital and Housing Finance Ltd's (PCHFL) bonds, term loans and debentures from "AA+" to "AA" on increasing challenge to raise money in risk averse environment.
 
This impacts the financial flexibility. These challenges stem from the current operating environment and the risk averse sentiment of investors towards non-banks, particularly wholesale-oriented financiers. READ MORE

Britannia Industries slides 3%


Gold slides over 1% as Fed dashes imminent rate-cut hopes

Gold prices slipped more than 1 per cent on Wednesday, moving away from a six-year peak hit on Tuesday, as US Federal Reserve officials played down expectations of aggressive rate cuts, while investors locked in profits following a strong rally. Spot gold was down 1.2 per cent at $1,405.60 per ounce, heading for its first decline in seven sessions. READ MORE

Orchid Pharma hits upper circuit of 5%


NEWS ALERT | India's gold demand could fall to three-year low as prices hit record high: Reuters

- India’s gold demand could fall 10% in 2019 from a year ago to the lowest level in three years as a rally in local prices to a record high dents retail purchases during a key festive season, the head of an industry body told Reuters

NEWS ALERT | SFIO suspects senior RBI official may have helped IFIN dodge norms: Govt sources to BTVi

- RBI to conduct internal enquiry based on SFIO findings in IL&FS Fin
 
 

Here's how traders can use delta and gamma for options trading

Option Greeks are basically about sensitivities. We are familiar with the Black and Scholes formula to calculate the value of the option. But then a trader is more worried about sensitivities. These Option Greeks measure how the option value is vulnerable to changes in various variables like the market price, interest rates, volatility, time to expiry etc. Two very important and closely related Greeks are Delta and Gamma. READ MORE

Govt likely to use Rs 3-trillion RBI windfall to pay regular bills: Report

The Bimal Jalan committee report, which is delayed, will lead to transfer of under Rs 3 trillion of excess capital from the Reserve Bank to the government, which will most likely use the money for meeting regular expenses, says a report.
 
The money will come in over three years and is most likely used for regular government spending, Japanese brokerage Nomura said in report Tuesday. READ MORE

NEWS ALERT | Some founders likely to sell stake via open offer

- Amansa Capital, Nalanda Capital to sell stake via open offer

Market check | Nifty50 trades flat


Market check | Sensex pares gains, trades flat


Indiabulls Real Estate gains 4%


Nifty Pharma index is the lead gainer among sectoral indices, up 1.5%


Rushil Decor hits lower circuit for 2nd straight day; tanks 28% in two days

Shares of Rushil Décor (RDL) hit the 10 per cent lower circuit for the second straight day on the BSE on Wednesday after concerns over weak earnings hit investors' sentiment. The stock, which was locked at Rs 344 apiece, was also at its 52-week low, having tanked 28 per cent in the past two trading days. Till 09:55 am, a combined 2,452 shares had changed hands and there were pending sell orders for 1,45,183 shares on the NSE and BSE. READ MORE

EXPERT COMMENT | Samir Arora, Fund Manager

SBI Life Insurance hits 52-week high on strong response for share sale

Shares of SBI Life Insurance Company hit a 52-week high of Rs 715 per share, up 6 per cent intra-day, on the BSE on Wednesday with heavy buying being seen at the counter in respose to excessive bids being received for stake sale. The stock erased its entire loss of 5 per cent witnessed during Tuesday's trading session after the share-sale opened. READ MORE

DHFL falls 9% on partial payment of Commercial Paper dues

Dewan Housing Finance Corporation (DHFL) shares dipped 9 per cent to Rs 68.70 on the BSE during intra-day trade on Wednesday after the company said it has defaulted on unsecured commercial paper (CP) of Rs 225 crore that matured on Tuesday. The housing finance company (HFC), however, managed to settle 40 per cent of the Rs 375 crore that was up for maturity. READ MORE

Stocks that hit 52-week high on S&P BSE Sensex

OMPANY PRICE(rs) 52 WK HIGH CHG(rs) CHG(%)
CONTAINER CORPN. 562.60 564.90 8.65 1.56
HDFC AMC 1971.05 1979.00 21.95 1.13
ICICI BANK 438.70 438.90 5.05 1.16
INDIAN HOTELS 161.55 161.60 2.75 1.73
J K CEMENTS 1024.20 1075.00 21.25 2.12
» More on 52 Week High

Most active stocks by volume

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
RELIANCE POWER 4.33 0.32 7.98 3311203
REL. COMM. 1.13 -0.02 -1.74 3098418
SUZLON ENERGY 5.42 0.23 4.43 1470024
RELIANCE INFRA. 56.90 5.00 9.63 1331694
RELIANCE CAPITAL 67.00 2.50 3.88 1330251
» More on Most Active Volume

Reliance Infra gains over 8%


Buzzing | IFCI zooms over 7%


ICICI Bank gains 1% in trade


Market check


Bharat Forge gains 2%


Nifty IT is trading flat with negative bias


Emami gains 4%


Broader markets outperform benchmark indices


NTPC gains nearly 2% after Co. wins 40 MW solar project


BSE Oil & Gas index is trading 0.28% lower

- Oil prices rose 1% on Wednesday after US crude inventories fell.


Reliance Infra gains during morning trade after promoters release pledged shares


ICICI Lombard registers modest gains


Godrej properties slips over 1%


DHFL slips nearly 5% in early trade


Sectoral trends on NSE


Top gainers and losers on S&P BSE Sensex


Market at open


Market at open


Market at pre-open


Top gainers and losers on S&P BSE Sensex during Pre-open trade


Rupee opening

Rupee opens weaker at 69.40/$ vs Tuesday's close of 69.34 against US dollar

Market at pre-open


Stocks to watch

DHFL: Dewan Housing Finance Corp (DHFL) said it had only been able to make a 40 per cent payment on unsecured commercial papers due on Tuesday, but vowed to pay the remaining Rs 225 crore ($32.49 million) in the coming days.
 
Godrej Properties: Godrej Properties on Tuesday announced it will raise Rs 2,100 crore via QIP. It has set a floor price of Rs 928 apiece for the share sale. READ MORE

SC verdict in Sebi-NCLT legal tussle will set a precedent, say experts

The Supreme Court’s verdict in the case filed by market regulator Securities and Exchange Board of India (Sebi) against an order by the National Company Law Tribunal (NLCT) in a case pertaining to illegal money collection will set a precedent, say legal experts. The most important being whether investors or depositors in a collective investment scheme (CIS) qualify as financial creditors and whether the Insolvency Bankruptcy Code (IBC) can override all other regulations pertaining to recovery proceedings. READ MORE

L&T set to control Mindtree, increases stake to 51%, says report

Larsen and Toubro Ltd (L&T) has acquired a controlling stake in IT services company Mindtree Ltd, CNBC TV18 reported citing sources. The report comes within months of Mindtree rejecting a hostile takeover bid from L&T, saying that the plan was of no value for the firm or its shareholders. L&T's hostile bid to acquire a controlling stake in Mindtree is the first in India's software services industry and is rare in India's corporate sector, where unsolicited suitors are usually deterred by founders with large shareholding. READ MORE

Colgate's investors will have to wait a while to get their smile back

The competitive intensity denting market share of toothpaste major – Colgate Palmolive India – continues to hurt investor sentiment. With a 9 per cent fall in the last three months, shares of Colgate have underperformed the S&P BSE FMCG index, which has fallen by 2 per cent during the said period. However, things are still not supportive for the stock. In fact, the impact of competitive intensity could be felt more by Colgate given that consumption demand is moderating. READ MORE

Dovish central banks across the world to help Asian equities, says HSBC

Global brokerage HSBC believes accommodative monetary policies by central banks across the world will be the next driver for Asian equities. "HSBC expects a 25-basis point interest rate cut in September and another 25 bps in December (from two 25-bp cuts in 2020 previously). This may create space for more accommodative monetary policies across Asia," said Herald van der Linde, head of equity strategy (Asia Pacific) at HSBC. READ MORE

Centre nominates another joint secretary-rank bureaucrat to Sebi board

The Centre has appointed another joint secretary-rank bureaucrat to the board of the Securities and Exchange Board of India (Sebi). Some believe the move could weaken the stature of the regulator. From Thursday, K V R Murthy, joint secretary, Ministry of Corporate Affairs (MCA), will take charge as a government nominee member on the Sebi board. READ MORE

Mindtree-L&T saga: Oversight, price correction behind Nalanda's U-turn

There was a meeting in Mumbai last week between the Mindtree founders and the key institutional investors in the Bengaluru-headquartered IT services firm. This was the founders’ last-ditch attempt at convincing the big investors to stick to the company, which they had earlier seen as a tight ship. However, sources in the know said sensing that there would be no more upside to the share price of Mindtree in the medium term, most of them were inclined to exit with a handsome return than to be caught in the fight between L&T and the founders.  READ MORE

RBI's panel on MSMEs bats for Rs 5,000-crore stressed asset fund

A Reserve Bank of India (RBI) committee has recommended doubling collateral-free loans for micro, small and medium enterprises (MSMEs), self-help groups, and borrowers falling under the Pradhan Mantri Mudra Yojana to Rs 20 lakh. The eight-member expert panel, headed by former Securities and Exchange Board of India chairman U K Sinha, has also suggested creating a stressed asset fund of Rs 5,000 crore to protect the sector from distress caused by external circumstances. READ MORE

Lower realisation, rising imports may hit steel firms' earnings: Analysts

The stock prices of Indian steel producers such as Tata Steel, JSW Steel, Jindal Steel & Power (JSPL) and Steel Authority of India (SAIL) are down 9-20 per cent since end of April. Concerns over future realisations and demand have turned the Street cautious, even as these companies posted strong numbers for the quarter ending March 2019. READ MORE

Valuation hurdle weighs on stocks of specialty chemical companies

Stocks of specialty chemical companies have been among the biggest gainers on the bourses over the last year, outperforming the broader market. The top five specialty companies by market capitalisation have gained over 50 per cent since June last year, compared to 12 per cent that the Sensex has generated. READ MORE

Today's picks: From BPCL to Titan, hot stocks to watch on Wednesday

BPCL
 
Current price: Rs 393
 
Target price: Rs 387
 
Keep a stop at Rs 396 and go short. Add to the position between Rs 388-Rs 389. Book profit at Rs 387. READ MORE

Nifty outlook and top two trading ideas by HDFC Securities

Nifty View
 
Nifty is trading in a narrow range of 11,620 to 11,844 for the last six sessions. After gaining 78 points in Tuesday’s trade, the index has reached near the higher band of the range. Any level above 11,844 would result in to a breakout, which could push Nifty towards 12,000. The level of 11,620 would continue to remain support for the Nifty. READ MORE

Top stock calls by Religare Broking: Buy Century Textiles, Bata, LIC HFL

Century Textiles & Industries Limited
 
Recommendation: Buy
 
Last Close: Rs 937.65
 
Initiation range: Rs 934-938
 
Target: Rs 975
 
Stop loss: Rs 915
 
Century Textiles has retraced marginally of late and formed a strong base around the support area of multiple moving averages ribbon on daily chart. The current chart formation combined with positioning of confirmation indicators is pointing towards fresh surge ahead. We advise creating fresh longs within the given range. READ MORE

Gold enters long-term bull market but analysts urge short-term caution

Gold prices seem to have entered a long-term bull phase, having increased by 11.5 per cent in just a month, in one of the fastest rises seen in recent times. The spike has taken the metal to its highest in six years in the international market.
 
In India, prices have hit an all-time high, with a mammoth 12 per cent rally, the highest month increase since March 2016. Due to this, the demand for new gold has tapered, while the sale of old metal and jewellery has reached a peak. Analysts, however, advise caution in the short term. READ MORE

Bulk deal on NSE as on Tuesday

FII/FPI & DII trading activity on NSE, BSE and MSEI


Rupee check

Source: Bloomberg


Oil check

At 7:54 am, Brent Crude Futures were trading at $64.95 per barrel.

SGX Nifty

At 7:53 am, SGX Nifty was trading 20 points lower at 11,772.50 levels.

Asian Markets check

Source: Reuters


US Market check

Source: Reuters


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