MARKET WRAP: Sensex ends 130 pts higher, Nifty tops 11,900; IT stocks rally

Topics MARKET WRAP

markets
Domestic indices ended Tuesday's volatile trade with gains. The indices traded in the red for better part of the day, tracking concerns on weak global growth across world markets coupled with rising trade tensions. 

The losses were, however, pared against last hour buying in select stocks such as HDFC twins, Infosys, Reliance and ONGC.

The S&P BSE Sensex ended 130 points, or 0.30 per cent, higher at 39,816 levels with ONGC, HDFC and Bharti Airtel being the top gainers. The broader Nifty50 too settled with gains of 45 points, or 0.38 per cent, at 11,910 levels.

In the broader market, S&P BSE Mid-Cap ended 56 points, or 0.38 per cent higher at 14,945 levels while the S&P BSE Small-Cap gained 0.52 points to settle at 14,283 levels.

Sectorally, realty scrips were under pressure with the index with ending 1.5 per cent lower. This was followed by losses in pharma and bank counters. Nifty IT index settled nearly a per cent higher followed by metal index, up 0.52 per cent. 

BUZZING STOCKS

Shares of ICRA slipped nearly 6 per cent to Rs 3,027 apiece in the opening deals on Tuesday, a day after the board of rating agency asked its Managing Director (MD) and Chief Executive Officer (CEO) Naresh Takkar to go on indefinite leave, pending an enquiry into concerns raised by the market regulator the Securities and Exchange Board of India (Sebi). READ MORE

Cox & Kings shares were locked in the 5 per cent lower circuit in the early trade on the BSE on Tuesday to quote at an all-time low price of Rs 32.95 apiece after it defaulted on Rs 50 crore commercial paper. The stock has now fallen for six consecutive trading sessions. READ MORE

Click here for more buzzing stocks

GLOBAL CUES

Asian shares ended mixed on Tuesday amid worries that the global economy was faltering. US President Donald Trump said on Monday that any trade deal with China would need to be “somewhat tilted” in favour of the United States. Washington also threatened tariffs on $4 billion of additional European Union goods in a long-running dispute over aircraft subsidies.

Japan's Nikkei ended 0.11 per cent higher while South Korea's Kospi settled 0.36 per cent lower. 

Oil prices slipped on Tuesday as concerns that the global economy could be slowing outweighed an agreement by producer club OPEC on Monday to extend supply cuts until next March. Brent crude futures were down 0.28 per cent at $64.88 a barrel by 2:15 pm.


3:39 PM IST

3:39 PM IST

3:37 PM IST The S&P BSE Sensex gained 130 points or 0.33 per cent to settle at 39,816 while the Nifty50 index closed above 11,900 at 11,910, up 45 points or 0.38 per cent. 

3:24 PM IST

3:22 PM IST

3:03 PM IST

2:53 PM IST -- SBI, OBC declare BPSL a fraud co based on forensic & transaction audit   -- Consortium of lenders to meet soon to draw next plan of action  

2:48 PM IST

2:48 PM IST

2:43 PM IST -- Raids in Supreme Text Mart, Ludhiana in bank fraud case   -- CBI conducting raids in Eskay Knit Ltd, Walsad 

2:34 PM IST

2:32 PM IST -- New Petchem project in Gujarat may cost Rs 3,500 cr   -- IOC's new Petchem unit in Gujarat may be commissioned in 2022

LIVE UPDATES

Sectoral gainers and losers on NSE


Top gainers and losers on S&P BSE Sensex


CLOSING BELL

The S&P BSE Sensex gained 130 points or 0.33 per cent to settle at 39,816 while the Nifty50 index closed above 11,900 at 11,910, up 45 points or 0.38 per cent. 

Stock Alert | Sudden surge in Maruti Suzuki India


Oracle Financial Services Software soars over 3%


Market check | Nifty tops 11,900


NEWS ALERT | Lenders to seek fresh CBI enquiry against Bhushan Power & Steel Promoters: sources to BTVi

-- SBI, OBC declare BPSL a fraud co based on forensic & transaction audit
 
-- Consortium of lenders to meet soon to draw next plan of action
 

NEWS ALERT | Simbhaoli Sugars Ltd tumbles 16%


NEWS ALERT | BHEL appoints Nalin Shinghal as CMD for 5 years


NEWS ALERT | CBI conducting raids in offices of Winsome Diamonds in Mumbai & Thane in bank fraud case: BTVi

-- Raids in Supreme Text Mart, Ludhiana in bank fraud case
 
-- CBI conducting raids in Eskay Knit Ltd, Walsad 

Tourism Finance Corporation hits 20% lower circuit


NEWS ALERT | Indian Oil plans new Petchem project near its Gujarat refinery: BTVi

-- New Petchem project in Gujarat may cost Rs 3,500 cr
 
-- IOC's new Petchem unit in Gujarat may be commissioned in 2022

BSE suspends trading of JK Pharmachem and 7 others on investors' complaint

The BSE has suspended trading of shares of eight companies including Geodesic, J. K Pharmachem, Teem Laboratoriesand Global Securities on receipt of numerous complaints against them. Apart from the aforementioned scrips, trading in Gujarat Perstorp Electronics, Gujarat Narmada Flyash, Blazon Marbles, Softrak Ventures Investments, Rane Computer Consultancy, and Maharashtra Krishna Valley Development Corporation has been suspended. All these companies are in either P, X or XT categories. READ MORE

NEWS ALERT | Govt had constituted a task force to draft a new direct tax law: Fn Min in Rajya Sabha

-- No proposal under consideration regardming the 'direct tax code': Fn Min in Rajya Sabha

Stock Alert | Godrej Properties continue slide


Market check | Sensex gains momentum


NEWS ALERT | JSPL says allegations w.r.t. Urtan coal block are misconceived & frivolous in nature

- Co added that allegations w.r.t. land acquisition for Patratu unit are also misconceived in nature.

Source: BSE filing



APAC M&A activity in first half of 2019 slows to 1,525, lowest since 2013

Merger and acquisition activity in the Asia Pacific region, excluding Japan, moderated significantly during the first-half of 2019, amid an escalating US-China trade and technology war, a Mergermarket report said. The Asia Pacific region generated 1,525 deals valued at $241 billion in the first half of this year -- the lowest first-half value since 2013. READ MORE

MARKET CHECK


Unrealistic to expect any major boost from the Budget itself: Pratik Gupta

As the markets await the government to spell out proposals in the upcoming Budget on Friday, PRATIK GUPTA, managing director and head of equities at Deutsche Bank India tells Puneet Wadhwa that given a likely US Federal Reserve (US Fed) rate cut cycle going forward, he expects inflows to emerging markets – including India – to pick up over the next six months. READ FULL INTERVIEW HERE
Pratik Gupta, managing director and head of equities at Deutsche Bank India

NEWS ALERT | SC upholds TDSAT order, dismisses DoT's plea in Reliance Communication case: CNBC TV18



Stock Alert | Sintex Industries defaults on interest payment of Rs 3.3 cr on NCDs

Source: BSE filing


BUDGET 2019 | Elara Capital outlook

FY20 Interim Budget fiscal deficit estimate of 3.4% untenable
 
We believe the government will find it increasingly challenging to retain its fiscal deficit target of 3.4% set out in the Interim Budget for FY20 amid dwindling revenue and competing priorities for government spending. Despite the recent moderation in consumption and continued lackluster investment demand, the government’s ability to pump-prime the economy is contained.
 
Although revenue growth visibility and expenditure compulsion suggest slippages could exceed 50bp, we believe the government will look to limit it to 20bp by budgeting for 5G auction revenue and optimistic revenue projections.  As such, we expect the government to report a fiscal deficit target of 3.6% on 5 July 2019E.
 
Sharp revenue targets in interim budget; downward revision must
 
The Interim Union Budget had projected sharp revenue targets for FY20. In light of the shortfall in FY19 revenue receipts, projections for FY20 need to be revised down. Against revenue receipts of INR 17.29tn in FY19(RE), the government garnered only INR 15.63tn in FY19(A) as net tax revenue fell short by INR 926bn, primarily led by GST revenue shortfall of INR 600bn. Fiscal deficit of 3.4% was made possible on account of INR 1.32tn cut in total revenue expenditure.
 
As such, the forthcoming budget may see some downward revision to tax projections for FY20 mainly under the GST head. A part of the shortfall in tax revenue would be made good by accounting for non-tax revenue through 5G auction.

Elara Capital on Eicher Motors

Recommendation: Sell

Last Close: Rs 19,597.5

Target price: Rs 16,294


With upcoming BSVI cost increases in FY21, we believe margin will come under further pressure. Thus, despite a realization increase, we expect an EPS CAGR of 7% over FY20-21E vs ~a 60% CAGR over FY12-18. We reduce our FY20-21E EPS by 2-4%, owing to margin cuts at RE. We reiterate Sell with a new SOTP-based TP of Rs 16,294 from Rs 16,650, with 18x (unchanged) FY21E P/E for RE business and 10x (unchanged) FY21E EV/EBITDA for VECV.

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

COMPANY PRICE(rs) 52 WK HIGH CHG(rs) CHG(%)
ADANI POWER 63.90 64.50 3.65 6.06
FEDERAL BANK 109.00 109.90 -0.10 -0.09
H D F C 2251.80 2258.95 4.90 0.22
SBI LIFE INSURAN 749.00 752.20 12.75 1.73
SIEMENS 1323.35 1340.00 -6.85 -0.51
» More on 52 Week High

DCB Bank dips over 3%


NEWS ALERT | ED conducts searches at offices of Simbhaoli Sugar in Noida & Simbhaoli: BTVi


NEWS ALERT | CARE Ratings upgrades IOL Chem's long-term bank facilities to 'A-' from 'BBB+'

Source: BSE filing

NEWS ALERT | NCLAT not keen on considering Adani's bid for JP Infra: CNBC TV18

-- NCLAT hints at modification of NBCC's bid to suit the interests of all stakeholders.

-- Next hearing in the case is on July 17

-- Lender lawyer says homebuyers constituting 34% of CoC voted in favour of NBCC's bid for Jaypee Infra while 13 banks constituting 40.75% of CoC voted against NBCC's bid

NEWS ALERT | ED attaches properties worth Rs 109.8 cr of Simbhaoli Sugars in a bank fraud case: CNBC TV18

-- Case registered under Prevention of Money Laundering Act (PMLA)

-- Loan worth Rs 148.6 cr, taken from Oriental Bank of Commerce, used for other purposes 

-- Loan originally taken towards farmers' needs

NEWS ALERT | CBI searching more than 50 locations across 18 cities in connection with bank frauds: CNBC TV18

- 14 cases registered against accused companies, promoters and bank officials 

NEWS ALERT | Strides Pharma receives warning letter from US FDA for Puducherry unit

-- 10 ANDA pending nods from Puducherry to get deferred due to the warning letter.

-- Co retains its growth guidance for the US market
 

Another Cox & Kings default drags stock to fresh all-time low

Cox & Kings shares were locked in the 5 per cent lower circuit in the early trade on the BSE on Tuesday to quote at an all-time low price of Rs 32.95 apiece after it defaulted on Rs 50 crore commercial paper. The stock has now fallen for six consecutive trading sessions. There were pending sell orders for 3.9 million shares of Cox & Kings on the BSE, the exchange data show. READ MORE
Illustration by Binay Sinha

Market check | Sensex slips 100 pts


NEWS ALERT | Likely to see rains in mumbai till July 5: Skymet

-- Expect monsoon to be below normal: Skymet
-- Likely to see a long dry spell in Mumbai post July 5
-- Expect at least 2 dry spells

Nifty PSU Bank index is trading 1 per cent lower


YES Bank down over 6%


Commercial vehicle sales seen growing 7-9% this year; FY21 outlook muted

The domestic commercial vehicle industry is expected to grow by 7-9 per cent in 2019-20, even as the outlook for the next financial year remains muted in the absence of clarity on the scrappage policy envisaged earlier. Domestic sales of commercial vehicles slowed down in the latter half of 2018-19, amid multiple headwinds that have spilt on to this financial year as well. READ MORE

NEWS ALERT | SC allows Adani Power to apply to CERC seeking higher tariffs for previous years: CNBC TV18


Want to invest in stocks? Here's how to play the market ahead of Budget

BSE Sensex: The index has managed to climb to 39,550 levels successfully, which was the resistance earlier. However, the index needs to cross 40,100 for a bigger breakout as per the daily chart. That said, the current trend remains positive, as the index trades above major support of 38,900. The momentum shows a consistent effort to absorb selling arising towards 40,100 levels. The technical indicator - RSI (Relative Strength Index) - has made a positive crossover, a sign of a possible rally ahead.  READ MORE

Oil prices ease as demand worries counter supply cuts

Oil prices drifted lower on Tuesday, as weak global data raised concerns about future demand for the commodity despite a positive boost from OPEC's decision to extend supply cuts until next March. Brent crude futures for September delivery were trading down 15 cents, or 0.2%, at $64.91 a barrel by 0311 GMT after dipping to $64.66 earlier. Brent climbed more than $2 a barrel on Monday before paring gains later in the day. READ MORE

Nifty Pharma index is trading 0.8 per cent lower


MARKET CHECK


OMCs trade higher

COMPANY NAME LATEST HIGH LOW CHG
(rs)
CHG(%)
O N G C 162.85 167.00 161.55 1.80 1.12
I O C L 152.25 153.70 152.25 0.60 0.40
B P C L 378.40 382.00 378.00 1.90 0.50
GAIL (INDIA) 312.70 314.65 311.65 0.15 0.05
RELIANCE INDS. 1274.00 1277.00 1267.00 5.50 0.43
H P C L 283.05 287.00 283.05 0.35 0.12
CASTROL INDIA 131.10 132.80 130.75 1.15 0.88
PETRONET LNG 249.60 250.65 248.70 1.80 0.73
INDRAPRASTHA GAS 307.30 309.60 305.00 2.45 0.80
GUJ.ST.PETRONET 193.60 196.25 193.60 -2.10 -1.07

ICRA slips 6% after it sends MD and CEO Naresh Takkar on sudden leave

Shares of ICRA slipped nearly 6 per cent to Rs 3,027 apiece in the opening deals on Tuesday, a day after the board of rating agency asked its Managing Director (MD) and Chief Executive Officer (CEO) Naresh Takkar to go on indefinite leave, pending an enquiry into concerns raised by the market regulator the Securities and Exchange Board of India (Sebi). READ MORE

Auto stocks trade under pressure

COMPANY NAME LATEST HIGH LOW CHG
(rs)
CHG(%)
TATA MOTORS 165.10 167.25 165.10 -2.75 -1.64
ASHOK LEYLAND 86.85 87.30 86.75 -0.25 -0.29
ESCORTS 573.85 576.60 566.55 3.90 0.68
TVS MOTOR CO. 430.00 433.75 428.90 -5.55 -1.27
TATA MOTORS-DVR 80.50 82.40 80.50 -1.20 -1.47
MARUTI SUZUKI 6530.85 6541.00 6500.00 20.60 0.32
HERO MOTOCORP 2596.00 2617.00 2591.25 -21.70 -0.83
M & M 659.00 665.00 658.20 -0.80 -0.12
BAJAJ AUTO 2899.85 2925.00 2891.80 -10.85 -0.37
EICHER MOTORS 19455.00 19626.55 19297.95 -142.50 -0.73

June Auto Sales | Hero MotoCorp

Total sales in June 2019 at 6,16,526 units against 6,52,028 units sold in June 2018.

Most active stocks by volume

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
ADANI POWER 62.85 2.60 4.32 1331235
YES BANK 103.45 -5.70 -5.22 1195250
RELIANCE INFRA. 53.75 0.70 1.32 426215
RELIANCE CAPITAL 65.25 0.90 1.40 340985
DEWAN HSG. FIN. 75.35 1.75 2.38 316526
» More on Most Active Volume

Lemon Tree gains over 1%


Nifty Realty index is trading 1% lower


'Buzzing | Adani Green Energy zooms over 11%


Adani Transmission rises over 7%


Cox & Kings hits 5% lower circuit


Market check | Nifty sectoral trends at this hour


Broader market check


BUDGET 2019 | Economic Survey to be tabled on July 4 by Chief Economic Adviser

YES Bank dip over 3% in trade


Allahabad Bank is trading marginally weaker


UPL is trading over 2% higher


ICRA tanks 4%

-- The board of rating agency ICRA on Monday has asked its Managing Director and Chief Executive Officer Naresh Takkar to go on indefinite leave, pending an enquiry into concerns raised by the market regulator the Securities and Exchange Board of India (Sebi).


DHFL is trading 2% higher in early trade


BSE Oil & Gas index is trading 0.71% higher as oil prices dip


Godrej Properties tanks 8% in early trade


Bajaj Auto trading flat with negative bias


Power Grid trading mildly higher


Reliance Capital gains in early trade


Sectoral trends on NSE at this hour


Top gainers and losers on S&P BSE Sensex


Market at open


Market at open


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


Market at pre-open


Rupee opening

Rupee opens at 68.97/$ vs Monday's close of 68.94 against the US dollar

Market at pre-open


MUMBAI RAINS | BSE to function as usual

Market Opening | Motilal Oswal Financial Services

Core sector growth declines marginally to 5.1% in May; steel grows 19.9%

Data released by the commerce and industry ministry on Monday showed that coal, crude oil, natural gas, refinery products, fertiliser, steel, cement, and electricity industries saw growth take a moderate hit in May after a pickup in April. April’s growth figures were estimated at 2.6 per cent earlier. READ MORE

Sales momentum for new products is key for Bayer CropScience stock

The company reported a loss both at the net and operating profit levels due to a sharp 57 per cent decline in revenues over the year-ago period. Weak demand conditions led to channel stocks being recalled by the company. Further, the delay in marketing ramp up of newly launched products also led to muted sales performance.
 
Analysts at Elara Capital believe that though the company launched 15 products in the crop protection segment over FY16-19, growth remains weak due to below normal monsoon, low pest incidences and slower scale-up of new products. READ MORE

Govt considering giving more power to RBI to regulate NBFCs: Sitharaman

The government is considering strengthening the Reserve Bank of India’s regulatory and supervisory powers over the non-banking finance companies (NBFCs), Finance Minister Nirmala Sitharaman said in the Lok Sabha on Monday. The minister said RBI was closely monitoring the liquidity position of NBFCs and will continue to monitor the activity and performance of the sector with a focus on major entities and their interlinkages with other sectors. READ MORE

MUMBAI RAIN | Financial capital received highest rainfall in a decade: Skymet

- Heavy rain spell likely to recede during the day

Buy gold bonds at a discount on exchanges, but hold them until maturity

Around a week ago, the domestic gold price hit its all-time high of Rs 34,450 per 10 gm. Though it corrected by around a percentage point on Monday, returns from gold have improved in 2019.
 
In the past month, the domestic gold price was up 4.8 per cent and 6 per cent in the past three months. And with the government offering the sovereign gold bond (SGB) for subscription at Rs 3,196 a gm last month, those who invested in the issue would be sitting on a 5 per cent notional gain as of Monday. READ MORE

Sebi fines ex-MCX director Vaidyalingam Rs 1.25 crore for insider trading

Markets regulator Sebi has imposed a fine of Rs 1.25 crore on former MCX director Hariharan Vaidyalingam for insider trading. "...it has been established in the present case that the Noticee (Hariharan) being an insider sold the shares of MCX when in possession of the UPSI and violated the provisions of the Sebi PIT (Prohibition of Insider Trading) Regulations," the regulator said while imposing the penalty on Hariharan. READ MORE

The first-half story: Large-caps gain, mid- and small-caps disappoint

The Sensex gained 9.2 per cent during the first half of 2019. The gains were aided by a dovish stance taken by most central banks amid recession fears. The yield on the 10-year US Treasury and the domestic 10-year G-Sec cooled off. FPI flows remained strong, even as domestic MFs applied brakes on their investment amid moderating investor inflows. India underperformed developed markets and some EM peers during the first half. READ MORE

Anil Agarwal's Vedanta changes pecking order in private sector oil biz

The Vedanta group has taken the space vacated by Reliance Industries in the country’s oil and gas sector in 10 years after starting production from its Mangala oil field in Barmer district of Rajasthan. Cairn India completes a decade of production at Mangala on August 29.
 
Incidentally, Mukesh Ambani-led RIL started natural gas production from its once flagship KG-D6 in April 2009. READ MORE

BUDGET 2019 | PSU bank recap, growth revival, fiscal prudence: Expectations from Budget

Given the slowdown in the economy and the possibility of oil prices moving north over the next few months on the back of likely supply cuts by Organization of the Petroleum Exporting Countries (OPEC), market experts expect the upcoming Union Budget to focus on reviving growth and yet maintain fiscal prudence.
 
That apart, re-capitalisation of banks is also a key monitorable. The government, they say, is likely to continue with the off-budget route for carrying out infra-related spending. READ MORE

Domestic car sales slump continues in June; only Mahindra posts 4% growth

Led by Maruti Suzuki that sells one in every two passenger vehicles, the June quarter has been the worst historically for passenger vehicle makers. Maruti’s sales during the three-month period fell 21 per cent year on-year. This is the sharpest drop in quarterly volumes posted by the local arm of Suzuki since December quarter of 2010-11 financial year when its sales had dropped 29 per cent. READ MORE

Stocks to watch: ICRA, Allahabad Bank, SBI, DHFL, Lemon Tree Hotels

Here's a list of some of the companies whose shares are expected to trade actively in today's session -
 
ICRA: The board of rating agency ICRA on Monday has asked its Managing Director and Chief Executive Officer Naresh Takkar to go on indefinite leave, pending an enquiry into concerns raised by the market regulator the Securities and Exchange Board of India (Sebi).
 
Allahabad Bank: Allahabad Bank might partially exit Universal Sompo General Insurance Company, a joint venture (JV) between public sector banks, Allahabad Bank and Indian Overseas Bank (IOB), along with Karnataka Bank, Dabur Investment Corporation, and Sompo Japan Nipponkoa Insurance (a wholly owned subsidiary of Japan’s Sompo Holdings). READ MORE

Sugar output seen falling 14% next season, opening stock to hit record high

The next sugar year officially begins on October 1. The Indian Sugar Mills Association (Isma) has made a preliminary estimate, based on satellite images. It says output will lessen due to poor rainfall and low water availability in three major cane growing states — Maharashtra, Karnataka and Tamil Nadu.
 
The stock, as the next sugar year begins is expected to be a record high of 14.5 mt, almost three times the ‘normative requirement’ of five mt. READ MORE

Under Sebi glare, ICRA sends MD and CEO Naresh Takkar on sudden leave

In an unprecedented move, the board of rating agency ICRA on Monday has asked its Managing Director and Chief Executive Officer Naresh Takkar to go on indefinite leave, pending an enquiry into concerns raised by the market regulator the Securities and Exchange Board of India (Sebi).
 
Without disclosing specific reasons, the rating agency informed the stock exchanges that its board in its meeting on Monday decided to place Takkar on leave, effective immediately, until further notice pending the completion of the examination of the concerns raised in the anonymous representation that was forwarded to the company by Sebi. READ MORE

SBI to raise $1 bn in perpetual debt to boost capital ratio, bolster loans

The Mumbai-based lender’s board approved a sale of the Basel III-compliant debt instrument in the year to March 31, the company said in an exchange filing on Monday. The perpetual debt is a lender’s first line of defense against financial shocks after equity, as its value can be written down and interest payments can be deferred. READ MORE

RBI's June 7 circular on stressed assets may keep banks' provisions high

With the June quarter earnings season getting underway next week, hopes are high from the banking sector, which has until now given the maximum impetus to earnings growth. While the sector may continue to perform well, provisioning is worrying investors.
 
From a high base of FY18 and FY19, FY20 is expected to be incrementally better. However, concerns arise after the revised circular on the treatment of stressed assets issued on June 7, 2019, by the Reserve Bank of India (RBI). READ MORE

Hindustan Zinc stock turns attractive after the recent correction

Zinc prices on the London Metal Exchange, after regaining the $3,000 a tonne levels at the start of April, have slid to $2,500 a tonne couple of weeks ago. The 10 per cent decline in the metal, which is largely used in alloys, saw the correction due to concerns of a full-blown tariff war between the US and China. READ MORE

Lenders to crisis-hit DHFL agree to sign inter-creditor agreement by July 5

Lenders have set June 29 as the reference date for DHFL. This is the starting point for the 30-day review period in accordance with regulatory norms. After signing the ICA, lenders will consider a resolution plan given by the company, bankers said.
 
Bankers said on Monday their representatives had their first round of discussion. The status of accounts and tentative steps like part conversion of the debt and buying some loans of the Wadhawan family-controlled entity were discussed. READ MORE


Sebi's move to relax threshold for royalty payments a relief for India Inc

The Securities and Exchange Board of India’s (Sebi’s) move to relax the threshold for royalty payments from 2 per cent to 5 per cent has come as a big relief for India Inc.
 
An analysis of the royalty payments made by listed firms in 2017-18 (2018-19 wherever the data is available) shows almost all companies are below the new 5-per cent threshold.  READ MORE

Market outlook by HDFC Securities | Deepak Jasani, head of retail research

Markets ended with smart gains on Monday tracking positive cues from global equities amid easing trade tension between the US and China and the Nifty closed the day higher by 76 points or 0.65% at 11,865.6. In the process it erased the losses of the previous two sessions.

Technically, with the Nifty bouncing smartly yesterday, the bulls seems to have made a comeback for the near term. Immediate supports to be watched at 11,800-820 levels. Further intraday upmove from here could find resistance at 11,910 levels.

Bulk deal on NSE as on Monday

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


Rupee check

Source: Bloomberg


Oil check

At 7:37 am, Brent Crude Futures were at $64.99 per barrel

SGX Nifty

At 7:25 am, SGX Nifty was trading 20.5 points higher at 11,923 levels.

Asian Markets check

Source: Reuters


US Market check

Source: Reuters


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