Sensex ends volatile session with minor gains; Indiabulls Housing down 8.5%

Benchmark indices ended Wednesday's volatile session little changed, as the last hour buying offset the sudden fall in benchmark indices.

The benchmark S&P BSE Sensex closed at 39,113, up 66 points, or 0.17 per cent, with Tata Steel, Kotak Bank, NTPC, HDFC, and Powergrid pocketing the highest gains. Nifty ended absolutely flat at 11,691.

Nifty sectoral indices traded mixed. Nifty Realty gained the most 1.1 per cent, while Nifty Pharma and Nifty Auto, down 1.6 and 1.1 per cent each, bled the most.

The broader market underperformed the benchmarks, with the S&P BSE MidCap index settling 100 points, or 0.7 per cent, lower at 14,443, while the S&P BSE SmallCap index tumbled 194 points, or 1.37 per cent, to 13,919.

BUZZING STOCKS

Shares of Jet Airways (India) hit a fresh all-time low of Rs 28.60, down 29 per cent, in early morning trade on the National Stock Exchange (NSE) on Wednesday ahead of National Company Law Tribunal (NCLT) hearing later in the day on insolvency plea filed by the lenders. The stock ended the day 18 per cent lower at Rs 33.10. READ MORE

Shares of Jain Irrigation Systems (JISL) tanked 22 per cent to Rs 21.25 on the National Stock Exchange (NSE) on Wednesday after rating agency India Ratings and Research (Ind-Ra) downgraded the company’s long-term issuer rating to ‘IND BBB’ from IND A-“ with negative outlook. By the end of the session, the stock had slid to 28.1 per cent lower at Rs 19.70. READ MORE


4:02 PM IST COMPANY PRICE(rs) 52 WK LOW CHG(rs) CHG(%) ALEMBIC PHARMA 468.00 468.00 -12.85 -2.67 AMARA RAJA BATT. 581.75 576.20 -17.70 -2.95 BAYER CROP SCI. 3285.00 3276.00 -55.75 -1.67 BHARAT FORGE 434.95 430.55 -4.40 -1.00 BOMBAY BURMAH 989.95 943.00 -39.20 -3.81 » More on 52 Week Low

4:01 PM IST COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME RELIANCE POWER 4.18 -0.39 -8.53 10229617 JAIN IRRIGATION 19.70 -7.70 -28.10 9750044 YES BANK 103.25 -6.05 -5.54 9484768 RELIANCE INFRA. 42.75 -3.05 -6.66 8445543 RELIANCE CAPITAL 54.05 -9.50 -14.95 6454760 » More on Most Active Volume

4:00 PM IST

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3:59 PM IST

3:36 PM IST The S&P BSE Sensex ended at 39,112, up 66 points while the broader Nifty50 index remained unchanged at 11,691

3:27 PM IST Trent shares moved higher by 5 per cent to Rs 415 in intra-day trade on the BSE in an otherwise weak market on Wednesday, after the company announced plans to raise up to Rs 1,550 crore through a combination of issuance of shares to its promoter Tata Sons on a preferential basis and other options to fund its expansion. As of March 31, 2019, Tata Sons held 27.74 per cent stake in Trent. READ MORE

3:16 PM IST

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LIVE UPDATES

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

COMPANY PRICE(rs) 52 WK LOW CHG(rs) CHG(%)
ALEMBIC PHARMA 468.00 468.00 -12.85 -2.67
AMARA RAJA BATT. 581.75 576.20 -17.70 -2.95
BAYER CROP SCI. 3285.00 3276.00 -55.75 -1.67
BHARAT FORGE 434.95 430.55 -4.40 -1.00
BOMBAY BURMAH 989.95 943.00 -39.20 -3.81
» More on 52 Week Low

Most active stocks by volume

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
RELIANCE POWER 4.18 -0.39 -8.53 10229617
JAIN IRRIGATION 19.70 -7.70 -28.10 9750044
YES BANK 103.25 -6.05 -5.54 9484768
RELIANCE INFRA. 42.75 -3.05 -6.66 8445543
RELIANCE CAPITAL 54.05 -9.50 -14.95 6454760
» More on Most Active Volume

Nifty sectoral indices at close


Heatmap: S&P BSE Sensex


Market at close


Market at close

The S&P BSE Sensex ended at 39,112, up 66 points while the broader Nifty50 index remained unchanged at 11,691

Trent surges 5% on board nod for preferential issue of shares to Tata Sons

Trent shares moved higher by 5 per cent to Rs 415 in intra-day trade on the BSE in an otherwise weak market on Wednesday, after the company announced plans to raise up to Rs 1,550 crore through a combination of issuance of shares to its promoter Tata Sons on a preferential basis and other options to fund its expansion. As of March 31, 2019, Tata Sons held 27.74 per cent stake in Trent. READ MORE


Kotak Mahindra Bank gains over 2%


Market check | Nifty50 trades below one-month low


Market check | Sensex slips below 38k levels


BSE Oil & Gas index is trading 1.3% lower


Market check | Broader markets take deeper cuts

-Nifty Mid-Cap slips over 1% while Nifty Small-Cap dips nearly 2%

Market check | Sensex turns red


Sector Update :: HDFC Securities on IT

- In the current rising leg from 15,015 levels, all dips are just minor retracements before next rises and this leg could head towards new life highs i.e. above 16,300 levels.
 
- Traders can maintain mildly positive stance in IT stocks: upside target is placed at 16,290 with a stoploss of 15,623 on closing basis. Stocks to watch: INFY, TCS,
HEXAWARE & FSL.

(Recommendations based on BSE IT index)

 

Indiabulls Housing, Escorts among 57 stocks that hit 52-week lows on BSE

A sharp sell-off in mid-and-small cap stocks in late morning deals saw 57 stocks from the S&P BSE 500 index hitting 52-week lows on the BSE in intra-day trade on Wednesday. Indiabulls Housing Finance, Indiabulls Ventures and Indiabulls Integrated Services from Indiabulls Group, Reliance Capital, Reliance Infrastructure, Reliance Communications and Reliance Power from Reliance Anil Ambani Group, TVS Motor Company and TVS Srichakra from TVS group and TV18 Broadcast and Network18 Media from Reliance Mukesh Ambani Group hit their fresh 52-week lows on the BSE. READ MORE


OMCs trade lower as crude oil price rise

COMPANY NAME LATEST HIGH LOW CHG
(rs)
CHG(%)
GAIL (INDIA) 306.75 310.95 305.00 -1.30 -0.42
RELIANCE INDS. 1284.00 1301.15 1280.25 1.45 0.11
I O C L 153.60 157.80 153.20 -4.00 -2.54
O N G C 165.55 169.10 165.15 -0.55 -0.33
H P C L 292.65 302.70 291.45 -8.75 -2.90
INDRAPRASTHA GAS 334.55 343.15 333.60 -5.30 -1.56
B P C L 378.00 386.00 377.95 -7.70 -2.00
CASTROL INDIA 139.20 142.10 138.85 -1.60 -1.14
PETRONET LNG 234.50 237.90 233.45 1.05 0.45
OIL INDIA 172.70 174.40 172.40 -0.55 -0.32

Indiabulls group stocks tumble 20%; Lakshmi Vilas Bank slides 8%

Indiabulls Group stocks came under heavy pressure in the late morning deals on Wednesday. Indiabulls Housing Finance tumbled as much as 20 per cent to Rs 488 apiece on the National Stock Exchange (NSE) while shares of Indiabulls Ventures and Indiabulls Real Estate ,too, plunged up to 20 per cent. READ MORE

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

COMPANY PRICE(rs) 52 WK HIGH CHG(rs) CHG(%)
MANAPPURAM FIN. 134.25 143.80 -7.45 -5.26
P I INDS. 1191.30 1229.30 -7.45 -0.62
SRF 2997.10 3044.25 -13.75 -0.46
» More on 52 Week High

Check out the top 5 losers on BSE at this hour

Security LTP (₹) Change % Change
 
JISLJALEQS 21.15 -6.25 -22.81
 
JETAIRWAYS 31.40 -9.05 -22.37
 
HDIL 14.45 -2.80 -16.23
 
ARVIND 60.75 -8.15 -11.83
 
RELCAPITAL 57.15 -6.40 -10.07

MARKET CHECK | Top gainers on BSE at this hour

Security LTP (₹) Change % Ch.
 
GRANULES 96.60 +5.35 +5.86
 
AVANTI 366.15 +13.95 +3.96
 
BLUESTARCO 782.00 +27.45 +3.64
 
TATASTEEL 489.30 +16.55 +3.50
 
NMDC 108.30 +3.10 +2.95

Wockhardt slips over 5.6%


NEWS ALERT | L&T Constructions bags order in the range of Rs 1,000 cr to Rs 2,500 cr


Sector Update :: Anand Rathi Financial Services on Chemicals

Specialty Chemicals - Growth persists, margins sustain; chemicals story still alive

Sector growth:
The y/y increase in chemicals companies' Q4 FY19 revenues averaged ~12% (21% the quarter prior), driven by volumes despite realisations dipping. Q/q the sector grew 3%. The highest revenue growth was influorochemicals (28% y/y, 2% q/q) followed by aromatics (26% y/y, -2% q/q). Phthalic anhydride growth came at a negative 2% y/y while explosives revenues fell 6% y/y.

Valuation: The sector trades at an average EV/EBITDA and P/E of12.3x and 16.2x FY19 respectively. This gives it an average PEG of 1.1x inFY19.  Risks: The re-opening of chemicals factories in China, raw-material pass-through challenges, increase in effluent-treatment-compliance costs.


Nifty Pharma index is trading 1% lower


Market check | Sudden fall in Nifty50, trades flat with 0.2 per cent gain


Arvind Limited slips 10%


IRB Infra dips 14% after NHAI explores new developer for Mumbai-Pune e-way

Shares of IRB Infrastructure skid 14 per cent on the BSE, to hit an over 5-year low of Rs 90 apiece, dragged by heavy selling pressure. The heavy sale volume was witnessed after a news report said the National Highways Authority of India (NHAI) was planning to find a new operator for the Mumbai-Pune Expressway afer the company’s agreement ends in August. READ MORE


Stock recommendation by Prabhudas Lilladher

Jain Irrigations tanks 22% on rating downgrade, hits 14-year low

Shares of Jain Irrigation Systems (JISL) tanked 22 per cent to Rs 21.25 on the National Stock Exchange (NSE) on Wednesday after rating agency India Ratings and Research (Ind-Ra) downgraded the company’s long-term issuer rating to ‘IND BBB’ from IND A-“ with negative outlook. The stock was trading at its lowest level since February 2, 2005. The trading volumes on the counter more-than-doubled with a combined 53 million shares changing hands on the NSE and BSE till 10:51 am. READ MORE


NEWS ALERT | M&M takes price hike by upto Rs 36,000/unit across models wef July 1: CNBC TV18

-- Price hike due to implementation of AOS 145 safety norms across passenger vehicles

Can Fin Homes gains 5% after Canara Bank initiates stake sale process

Shares of Can Fin Homes rallied up to 5 per cent intra-day on the BSE on Wednesday after the parent Canara Bank, re-initiated stake sale process in the subsidiary housing finance company.
 
State-owned Canara Bank on June 18 informed the exchanges that its board has approved plan to sell part or full stake in housing finance subsidiary Can Fin Homes. READ MORE

Market check


Nifty Fin Service index is trading 1% higher


Market check


Granules India gains 8%


Jain Irrigation slips over 16%; plunges 34% so far this week


Edelweiss Securities on NMDC

We are concerned about NMDC’s volume growth potential owing to sustained production halt at Donimalai. We maintain ‘HOLD/SP’ with target price of Rs 106. At CMP, the stock is currently trading at 5.6x FY21E EBITDA.
 

MOFSL view on oil & gas sector

Low oil prices and stable INR are expected to pave the way for the next phase of reforms for the Oil Marketing Companies (OMCs). IOCL is trading at 1.2x (~3% discount to FY15-18 PBV of 1.2x), while BPCL/HPCL are trading at 1.7x/1.3x one-year forward PBV, much below 2.1x/1.6x during FY15-18. We reiterate Buy on IOCL and BPCL, and stay Neutral on HPCL. IOCL remains our preferred pick.

Growth for Narayana Hrudayalaya to sustain

Rating: BUY
 
Target Price: Rs 282
 
Upside: 24%
 
CMP: Rs 228 (as on June 18, 2019)
 
Narayana Hrudayalaya reported strong operating performance in FY19, which is likely to sustain. Given its low-cost model and scale-up in new hospitals, it is well positioned to benefit from growing demand. In the near term, losses from newer hospitals would hurt profitability. At the CMP, the stock trades at an attractive valuation of 12x FY21E EV/EBITDA. We reiterate Buy with a TP of Rs 282 on 15x FY21E EV/EBITDA.

Competitive headwinds rising, valuations stretched for Bajaj Finance: ICICI Securities

RECO: REDUCE
 
CMP: Rs 3,544 
 
Target: Rs 3,300 
 
Target Period: 12 months
 
We downgrade the stock from BUY to REDUCE. Continuity of high margins in current environment and market share in high yielding- low risk consumer segment remain risks to our call.
 

Nifty Realty Index soars nearly 2%


CG Power slips over 1% in trade


Momentum picks by ICICI Securities

 

Jet Airways falls 29% ahead of NCLT hearing on insolvency plea

Shares of Jet Airways (India) hit a fresh all-time low of Rs 28.60, down 29 per cent, in early morning trade on the National Stock Exchange (NSE) on Wednesday ahead of National Company Law Tribunal (NCLT) hearing later in the day on insolvency plea filed by the lenders.
 
The State Bank of India, the lead banker to Jet Airways, on Tuesday filed an insolvency plea against the crisis-hit airline under Section 7 of the Insolvency and Bankruptcy Code at the NCLT, Mumbai. READ MORE

DHFL gains over 3% in morning deals


Reliance Infra is trading nearly 7% lower


Nifty Metal index gains nearly 2%


Hindalco Industries gains over 2% in trade


Jet Airways slips 22% ahead of insolvency plea hearing in NCLT


NEWS ALERT | Rocket hits foreign oil company in Iraq's Basra region: Reuters

- Cos operating at site of Basra Include Exxon, Shell & ENI

IRB Infra down nearly 12%


Tata Motors gains over 1%


Can Fin Homes rises 4% in early trade


Tata Steel trades 4% higher


Sectoral gainers and losers on NSE


Top gainers and losers on S&P BSE Sensex


Market at open


Market at open


Top gainers and losers on S&P BSE Sensex


Market at pre-open


Market at pre-open


Airlines, private equity firms renew interest in grounded Jet Airways

Grounded Jet Airways, which has been dragged to the insolvency court, could now find a fresh line-up of suitors keen to strike a bargain. Airline companies and global private equity funds have begun exploring the feasibility of bidding for Jet through the Insolvency and Bankruptcy Code (IBC) route. READ MORE

On-tap licences for small finance banks to see many applicants this year

The Reserve Bank of India’s (RBI’s) on-tap universal banking licence policy announced four years ago raised the hopes of many who entertained such thoughts; none were issued. It’s time to dream again: Mint Road is set to come out with “on-tap” licensing norms, albeit for small finance banks (SFBs) by end-August this year. READ MORE

Stocks to watch: HDFC Bank, PNB, YES Bank, Mindtree, NDTV, HCL Tech

HDFC Bank: The Reserve Bank of India (RBI) has fined HDFC Bank Rs 1 crore for non-compliance with the central bank’s norms on ‘know your customer (KYC)/anti-money laundering (AML)’ and ‘reporting of frauds’.
 
PNB: India Ratings and Research (Ind-Ra) has downgraded Punjab National Bank's (PNB) additional tier I (AT1) perpetual bonds worth Rs 67.5 billion by one notch to A/negative outlook from A+/negative.
 
HCL Tech: has signed multi-year partnership with Cricket Australia for digital services. READ MORE

India Ratings downgrades Mumbai International Airport term loans

India Ratings (Ind-Ra) has cut rating for GVK group backed Mumbai International Airport Private Ltd’s (MIAL’s) term loans from "AA-" to "A+" on erosion in built-up liquidity caused by factors like delays in real estate monetisation.
 
The rating action also reflects higher than estimated capital expenditure and higher-than-projected equity injections in Navi Mumbai International Airport Private Limited (NMIAL). MIAL is promoter of upcoming New Mumbai international airport. READ MORE

Mindtree founders may have to vacate board seats for L&T nominees

With L&T seeking induction of its nominees on Mindtree board, the founders of the IT services firm are likely to be in a spot as at least one of them might have to vacate the board seat. Sources in the know said given the mandatory one-third representation of independent directors, the IT firm would have to expand the size of the board to reflect fair representation of its new shareholder L&T or it would have to let go of some of its founding members to accommodate L&T nominees. READ MORE

RBI fines HDFC Bank Rs 1 crore for non-compliance of KYC norms

The Reserve Bank of India (RBI) has fined HDFC Bank Rs 1 crore for non-compliance with the central bank’s norms on ‘know your customer (KYC)/anti-money laundering (AML)’ and ‘reporting of frauds’.
 
“This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers,” the RBI said in a statement on its website. READ MORE

Sebi moves to curb sensitive information leak, seeks trading details

Individuals and entities circulating unpublished price sensitive information (UPSI) of listed firms over social media platforms have come under the regulator's glare. Sources said the Securities and Exchange Board of India (Sebi) had issued letters to over 50 individuals, including current and former employees of broking firms who had received and forwarded UPSI in the recent past. READ MORE

We expect big-ticket resolutions by Sept: YES Bank CEO Ravneet Gill

In an interview to Dev Chatterjee and Abhijit Lele, Gill says the bank’s clean-up plan is on schedule and some of its big-ticket bad debt accounts will be sorted out by September, thus clearing an overhang on the bank. READ FULL INTERVIEW HERE
Ravneet Gill, MD & CEO of YES Bank

Truckmakers unlikely to see demand revival as slowdown grips auto sector

The sharp dip in car sales is not news to R S Bhasin, managing director, Janta Roadways, who has had 130 out of his 200 trucks in Chennai lying idle owing to the severe contraction in the passenger vehicle market. His company draws the bulk of its business from transporting cars to dealerships. READ MORE

Investor confidence at lowest level since global financial crisis: BofAML

Allocation to equity by global fund managers saw the second largest drop ever in June (largest happened in August 2011). The pessimism, according to the survey findings, was driven by concerns over trade war/recession, monetary policy impotence and low strike prices for policy puts.
 
Cash levels with global fund managers moved up to 5.6 per cent from 4.6 per cent, witnessing their biggest jump since 2011 US debt ceiling crisis. Overall, there was a preference for bonds, cash, staples, utilities and a huge rotation away from equities, banks, Eurozone and technology, BofAML says. READ MORE

Pick of the Week | Kotak Securities

Dhanuka Agritech Ltd

Recommendation: BUY
 
Price: Rs 380 
 
Target: Rs 435 
 
Potential Upside 14.5%

Dhanuka Agritech’s 4QFY19 results were well ahead of our estimates, led by higher-than-expected improvement in margins. The management remained optimistic on its guidance of double-digit growth in revenues and improvement in margins in FY2020-21 assuming a normal monsoon and new product launches.  A normal monsoon may encourage farmers to increase spends on crop protection.

Sebi allows stock exchanges to introduce futures on commodity indices

The stock exchanges, willing to start trading in futures on commodity indices, are required to take prior approval for launching such contracts, Sebi said in a circular.
 
"Exchanges will have to submit at-least past 3 years data of the index constructed along with data on monthly volatility, roll over yield for the month and monthly return while seeking approval from Sebi," the circular added.
 
The regulator has already permitted commodity options in commodity derivative markets. READ MORE

Deloitte ban to disrupt businesses and investment inflows: US to India

The United States has told India that any move to ban Deloitte and other big auditing firms would disrupt businesses and investment inflows into the country.
 
This was disclosed to Deloitte global CEO Punit Renjen by US ambassador Kenneth Juster last week, sources said.
 
The US government has also conveyed to India that multi-national corporations and foreign investors make their decision to invest globally on the advice and guidance from the Big Four networks, which also provide consultancy services, according to sources. READ FULL REPORT HERE
Deloitte global CEO Punit Renjen

Foreign investors picking controlling stakes in companies on the rise

A few months ago, several Indian companies showed interest in two financial services companies owned by DHFL — Avanse and Aadhar Housing — which were up for sale. Yet when the time came to make a price bid supported by evidence of funds, all of them withdrew from the deals. READ MORE

Market outlook and top two trading ideas by Prabhudas Lilladher

MARKET VIEW
 
After the huge fall a day before Nifty witnessed a choppy session and almost took support near the significant 50-day moving average (DMA) which lies near 11,680 levels but still needs a conviction for further upside movement. However, the support for the day is seen at 38,760/11,620 for Sensex and Nifty, respectively while resistance is seen at 39,330/11,750. Bank Nifty would have a range of 30,050-30,650. Watch for Cement and IT stocks which has been showing signs of a positive bias. READ MORE

Top stock calls by Religare Broking: Buy Voltas, sell Lupin June futures

Voltas Limited
 
Recommendation: Buy
 
Last Close: Rs 600.40
 
Initiation range: Rs 596-600
 
Target: Rs 630
 
Stop loss: Rs 585
 
Voltas has retraced marginally of late, after swift rebound from the support zone of short-term moving averages on daily chart. The current chart pattern combined with favourable reading from the confirmation indicators is pointing towards steady rise in near future. We advise creating fresh longs within the given range. 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 7:48 am, Brent Crude Futures were trading at $62.14 per barrel

SGX Nifty

At 7:45 am, SGX Nifty was trading 44 points higher at 11,756 levels. 

Asian Markets check

Source: Reuters


US Market check

Source: Reuters


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