Sensex, Nifty end marginally lower in volatile trade; metal stocks drag

(Photo: Kamlesh Pednekar)
Benchmark indices closed Monday's session with marginal cuts, dragged down by metal stocks, amid weak global cues and rise in oil price.

The benchmark S&P BSE Sensex settled 72 points, or 0.18 per cent, lower at 39,123, with ONGC, Tata Steel, Vedanta, Bajaj-Auto, and Tech Mahindra among the biggest losers.  The broader Nifty50 dipped 24 points, or 0.2 per cent, to 11,700. Market breadth remained in favour of declines with NSE advance decline ratio at 2:3.

Only two out of the 11 Nifty sectoral indices ended the day in the green, with Nifty Metal, down 1.3 per cent, and Nifty Realty, down 1 per cent, taking the deepest cuts.

In the broader market, the S&P BSE MidCap slipped 46 points, or 0.3 per cent, to 14,578, while the S&P BSE SmallCap index slipped 21 points, or 0.15 per cent, to 14,063.

BUZZING STOCKS

Piramal Enterprises rose 5 per cent to Rs 1,986 on the BSE in early morning trade after a Business Standard report said that Japanese conglomerate SoftBank was in final stages of talks with Piramal group to invest $1 billion. The stock ended the session 3 per cent higher at Rs 1,945.60. READ MORE

Shares of Glenmark Pharmaceuticals hit a 52-week low of Rs 467, down 7 per cent on the BSE in the early morning trade on Monday after the US health regulator USFDA cited deficiencies in the Drug Master File pertaining to one of the active pharmaceutical ingredients (API) and in manufacturing facilities. The stock settled at Rs 460.60, down 7.92 per cent. READ MORE

Emami's stock price hit an over four-and-half year low of Rs 270, slipping 7 per cent on the BSE, after huge block deals before ending the day 7.6 per cent lower at Rs 267.30. READ MORE

4:01 PM IST

4:00 PM IST

4:00 PM IST

3:59 PM IST The S&P BSE Sensex ended at 39,123, down 72 points while the broader Nifty50 index settled at 1,700, down 24 points.

3:28 PM IST Cox & Kings shares hit an all-time low of Rs 48.85 after tanking 20 per cent on the BSE on Monday, falling 49 per cent in the past month. In comparison, the S&P BSE Sensex was down 1 per cent during the same period. At 02:46 pm, there were pending sell orders for 931,709 shares on the NSE and BSE. A combined 914,644 shares changed hands on both the exchanges. READ MORE

3:02 PM IST -- This is the last tranche of promoter stake sale -- Buyers are marquee domestic and foreign funds -- Will be in a comfortable position after this stake sale

2:53 PM IST

2:50 PM IST

2:48 PM IST Neelachal Ispat Nigam Ltd (NINL), a company co-promoted by MMTC Ltd and two Odisha government controlled entities, is eyeing Ebitda (earnings before interest, taxes, depreciation and amortisation) of Rs 400 crore in the current financial year (FY20). NINL is eyeing a marginal net profit in FY20. S S Mohanty, NNL’s vice chairman and managing director, said the company expects to be back in the black powered by the launch of 20 new value-added products. READ MORE

2:38 PM IST

2:33 PM IST

2:30 PM IST Recommendation: BUY   Target Price: Rs 895 CMP Rs 771   Over FY19, Axis Bank has demonstrated meaningful improvement in performance metrics. Profitability improved for the retail and wholesale businesses (loss in FY17 & 18). After growing briskly over FY17- 18, SA traction slowed for the bank and system. With moderating slippages and LLPs, AXSB changed course over FY19 towards normalised earnings and RoAAs. Improving asset quality (with rising coverage), better risk practices, focus on high yielding retail products and cost consciousness will drive earnings. Maintain BUY with SOTP value of Rs 895 (2.8x FY21E ABV of Rs 309 + Rs 30 for subs).    

LIVE UPDATES

Heatmap: S&P BSE Sensex


Nifty sectoral indices at close


Market at close


Market at close

The S&P BSE Sensex ended at 39,123, down 72 points while the broader Nifty50 index settled at 1,700, down 24 points.

Cox & Kings frozen at 20% lower circuit; stock hits all-time low

Cox & Kings shares hit an all-time low of Rs 48.85 after tanking 20 per cent on the BSE on Monday, falling 49 per cent in the past month. In comparison, the S&P BSE Sensex was down 1 per cent during the same period. At 02:46 pm, there were pending sell orders for 931,709 shares on the NSE and BSE. A combined 914,644 shares changed hands on both the exchanges. READ MORE

NEWS ALERT | Emami confirms selling 10% promoter share in the company: CNBC TV18

-- This is the last tranche of promoter stake sale

-- Buyers are marquee domestic and foreign funds

-- Will be in a comfortable position after this stake sale


Adani Power jumps over 3%


Market check | Nifty PSU index is the only index trading positively


Neelachal Ispat eyes Rs 400 cr Ebitda, marginal net profit in FY20

Neelachal Ispat Nigam Ltd (NINL), a company co-promoted by MMTC Ltd and two Odisha government controlled entities, is eyeing Ebitda (earnings before interest, taxes, depreciation and amortisation) of Rs 400 crore in the current financial year (FY20). NINL is eyeing a marginal net profit in FY20. S S Mohanty, NNL’s vice chairman and managing director, said the company expects to be back in the black powered by the launch of 20 new value-added products. READ MORE

Nifty Realty index in trading over 1% lower


Market check | Sudden fall in Sensex


HDFC Securities on Axis Bank

Recommendation: BUY
 
Target Price: Rs 895

CMP Rs 771
 
Over FY19, Axis Bank has demonstrated meaningful improvement in performance metrics. Profitability improved for the retail and wholesale businesses (loss in FY17 & 18). After growing briskly over FY17- 18, SA traction slowed for the bank and system. With moderating slippages and LLPs, AXSB changed course over FY19 towards normalised earnings and RoAAs. Improving asset quality (with rising coverage), better risk practices, focus on high yielding retail products and cost consciousness will drive earnings. Maintain BUY with SOTP value of Rs 895 (2.8x FY21E ABV of Rs 309 + Rs 30 for subs).
 
 

Buzzing | Cox & Kings hits 20% lower circuit


NEWS ALERT | Rana Kapoor's family is said to plan sale of their mortgage company: BTVI quoting sources

- Nomura said to manage sale of Kapoor family's Art Housing Finance

NEWS ALERT | Nalanda Capital tenders its entire 10.61% stake in L&T's open offer for Mindtree: sources to CNBC TV18

Alert: L&T's open offer for Mindtree to expire on June 28

Intra-day market trends by HDFC Securities

Rupee check

Source: Bloomberg


Why regulation isn't enough to curb bad behaviour of credit rating agencies

International credit rating agencies have had their fair share of controversies over the years. They have been at the centre of the major financial crises from the financial markets collapse of New York City in the mid-1970s, the Asian financial crisis of 1997 – 1998, the Enron scandal of 2001, to the global financial crisis of 2008. All of these cost investors globally billions. READ MORE

MARKET CHECK


L&T power business bags Rs 7,000-cr order from SJVN Thermal in Bihar

The engineering and construction company, did not provide the exact value of the contract, but specified that as per its classification, the mega project is over Rs 7,000 crore. READ MORE

Stocks that hit 52-week low on BSE

COMPANY PRICE(rs) 52 WK LOW CHG(rs) CHG(%)
CARE RATINGS 915.60 905.00 -7.90 -0.86
CENTRAL BANK 20.95 20.90 -0.55 -2.56
EMAMI 274.85 270.00 -14.40 -4.98
GLAXOSMI. PHARMA 1230.45 1225.20 0.60 0.05
GLENMARK PHARMA. 461.25 459.25 -38.95 -7.79
» More on 52 Week Low

TCS gains over 1%


HDFC Securities on BEML

Recommendation: Buy 
 
Target Price: Rs 1,060
 
With the tie ups with global players in the defence segment and plethora of opportunities in the Metro Rail, we expect robust growth momentum by the company in the coming two-three years. BEML is likely to post topline CAGR of ~20% over FY19-21E and bottom line to see robust 85% CAGR over the same period. With strong performance, return ratios would also improve drastically. We believe RoE/RocE to touch around ~10% in FY21E from 5-6% in FY18. The stock trades at 19x FY20E and 13x FY21E earnings. We value BEML on ~20x FY21E earnings and arrive to target price of Rs 1060. We recommend Buy on the stock at CMP of Rs 830 and add on dips to Rs 765 for sequential TP of Rs 938 and Rs 1,060 over the next four quarters.

Jain Irrigation soars 72% in two days after mgt clarifies on price movement

Shares of Jain Irrigation Systems soared 12 per cent to quote Rs 28 per share on the BSE on Monday, recovering almost 72 per cent in the past two trading sessions, after the company clarified to the exchanges regarding the sharp fall in its share price. The stock of the plastic products company hit multi-year low of Rs 16.30 on Thursday, June 20. READ MORE
Photo: Twitter

Tata Steel is trading 2% lower


NEWS ALERT | Next meeting of Bimal Jalan committee to take place in July: CNBC TV18

- Finance Secretary, Subhash Chandra Garg, could not attend today's meeting

- The report is likely to be finalised in July after the budget. 

Reliance Securities on Engineers India

Reco: Buy 
 
Target Price: Rs 163 
 
Engineers India emerged as a market leader in Indian hydrocarbon segment with strong expertise in design, engineering and implementation of projects. The Management has guided for order inflow of Rs 18 billion (mainly from consultancy segment) in FY19. We believe Engineers India will remain highly cash-rich and maintain its dividend payout track record of ~50% in FY19-21E as well. Sizeable growth potential in sector, huge imminent capex in hydrocarbon sector, asset-light business model, foray into newer segments/sectors, debtfree balance-sheet, healthy revenue and earnings growth and robust return ratios continue to augur well for ENGR. We maintain our BUY recommendation on the stock with a target price of Rs 163. 

DHFL rises 9%


J&K Bank gains nearly 5%


Britannia Industries is trading near day's low


NPAs under Modi's Mudra scheme doubled to Rs 9,204 cr in just 1 year: RTI

The non-performing assets (NPAs) under Prime Minister Narendra Modi’s ambitious Pradhan Mantri Mudra Yojana (PMMY) doubled within one year. This information was obtained through an RTI petition filed by The Wire.
 
In a written reply to the Rajya Sabha given on February 12, minister of state for finance Shiv Pratap Shukla wrote that as of March 31, 2018, the total value of NPAs held by public sector banks under PMMY was Rs 7,277.31 crore. READ MORE

NEWS ALERT | Finance Secretary likely to dissent on Bimal Jalan committee recommendation: CNBC TV18

- Jalan committee report on distribution of RBI's economic capital framework

- Last meeting of Jalan committee scheduled today

Alert: Subhash Chandra Garg is F.S, Government of India

RBI issues statement on Viral Acharya's resignation


Metal stocks trade under pressure

COMPANY NAME LATEST HIGH LOW CHG
(rs)
CHG(%)
JINDAL STEEL 143.35 147.00 142.60 -3.25 -2.22
S A I L 49.80 50.80 49.60 -0.30 -0.60
HINDALCO INDS. 197.40 203.35 196.80 -0.30 -0.15
VEDANTA 167.90 173.45 167.60 -4.45 -2.58
TATA STEEL 490.40 499.85 489.15 -7.35 -1.48
NATL. ALUMINIUM 48.95 49.55 48.95 -0.25 -0.51
JSW STEEL 261.60 268.50 260.60 -5.60 -2.10
NMDC 110.80 111.80 110.40 -0.40 -0.36
COAL INDIA 255.80 257.20 253.45 1.40 0.55
HIND.ZINC 230.50 231.95 230.00 -0.40 -0.17

Auto stocks decline post NITI Aayog's directive on electric vehicle

Shares of two and three wheeler auto-makers like TVS Motors and Bajaj Auto came under heavy selling pressure during the morning deals on Monday after the government think-tank NITI Aayog gave the industry a deadline of two weeks to come up with a plan to switch to electric vehicles (EVs). 
 
The government intends to ban internal-combustion powered two and three wheelers by 2023 and 2025, respectively which has resulted in an impasse between the two stakeholders. READ MORE

Piramal Enterprises surges 5% as SoftBank readies $1 bn investment

Piramal Enterprises rose 5 per cent to Rs 1,986 on the BSE in early morning trade after a Business Standard report said that Japanese conglomerate SoftBank was in final stages of talks with Piramal group to invest $1 billion.
 
At 10:43 AM, the stock was trading 2.4 per cent higher at Rs 1,934.80 as compared to a 0.17 per cent dip in the benchmark S&P BSE Sensex. READ MORE

Viral Acharya quits RBI: Implication for monetary policy, reforms, markets

The resignation of Reserve Bank of India’s (RBI’s) deputy governor Viral Acharya six months ahead of the scheduled completion evoked mixed reactions from experts, especially at a time when the financial sector has seen a number of developments over the past one year. In the past three years, the central bank has seen the sudden exit of Raghuram Rajan and Urjit Patel as RBI Governors, and now Viral Acharya as its Deputy Governor, who was in charge of the Monetary Policy Department and the Department of Economic and Policy Research, among others. READ MORE

NEWS ALERT | Gold hovers near six-year high : Reuters

- Spot gold was up 0.3% at $1,402.11 per ounce as of 10:50 am.

- Dovish signals from major central banks and heightened tensions between the United States and Iran boosted demand for the safe-haven metal.

Alert: Gold prices hit $1,410.78 on Friday, their highest since Sept. 4, 2013.


Budget 2019 likely to retain divestment target at Rs 90,000 crore

“So far, all the discussions on the full Budget have taken place with an assumption of disinvestment target being kept unchanged,” said a senior official aware of the pre-Budget deliberations. The printing process for the Budget has begun. READ MORE


IPO Watch | IndiaMART IPO opens today; should you subscribe?

Analysts’ views appear divided on the IPO. While some believe investors with a long-term view should subscribe to it, as the business has immense growth potential. Yet there also are experts who advise giving it a miss, given the volatility in the secondary market, the company’s poor financials and limited growth potential in the B2B segment. READ MORE


Check out the top 5 gainers on BSE at this hour

Security LTP (₹) Change % Ch.
 
HDIL 17.85 +2.20 +14.06
 
SUZLON 5.04 +0.49 +10.77
 
JISLJALEQS 26.65 +1.80 +7.24
 
VAKRANGEE 36.20 +2.20 +6.47
 
J&KBANK 43.90 +2.50 +6.04

Don't think GST on e-ticketing will have a big impact: Inox Leisure to CNBC TV 18


Emami slips 7%, hits lowest level since August 2014 after huge block deals

Emami's stock price hit an over four-and-half year low of Rs 270, slipping 7 per cent on the BSE, after huge block deals. It was trading at its lowest level since August 8, 2014 on the BSE. The stock is trading lower for the eight straight day and has fallen 25 per cent in the past month. In comparison, the benchmark S&P BSE Sensex was down 0.42 per cent during the same period. READ MORE

Tech view: Nifty Bank can slip up to 3%; check out the key levels

Till Nifty Bank is trading above 39,200 levels, one can expect the positive trend to continue. The index is currently trading at 30,628 or 1.40 per cent of the most crucial short-term support of 30,200 levels. The recent trades suggest a reversal around the same levels with efforts to absorb all the selling pressure arising in the range of 30,800 – 31,000. READ MORE

MARKET CHECK


Heavyweight RIL is trading lower, drags Sensex lower


Piramal Enterprises gains 4%


Hero MotoCorp dips over 2%, top loser in the Sensex pack


Glenmark Pharma slips nearly 4% in trade


GG Engineering slips over 13% in trade


CG Power rises 3% after Kanjurmarg land sale


IndiaMART IPO opens today; should you invest? Here's what analysts advise

The initial public offering (IPO) of IndiaMART InterMESH, India's largest online business-to-business (B2B) marketplace for business products and services, opens on Monday. Through this issue, the company is offloading 4.89 million shares. The price band of the IPO, which is entirely an offer for sale (OFS), has been fixed at Rs 970 to Rs 973 per share. At the upper end of the price band, the company aims to raise around Rs 475 crore. READ MORE

Buzzing | Suzlon Energy trades over 10% higher


Most active stocks by volume

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
EMAMI 275.20 -14.05 -4.86 51487584
SUZLON ENERGY 5.04 0.49 10.77 1825792
REL. COMM. 1.21 -0.06 -4.72 1295518
RELIANCE POWER 5.57 0.12 2.20 976554
RELIANCE CAPITAL 68.90 0.35 0.51 801267
» More on Most Active Volume

Hotel Leelaventure zooms over 14%


NEWS ALERT | Promoters have sold stake in Emami via block deal


Nifty Auto index is trading 0.8% lower


Lupin gains over 2%

- As per news reports, Credit Suisse has upgraded the stock to outperform with the target price of Rs 860 per share.

BHEL gains over 1%

- It has won an order worth Rs 840 crore from an NTPC subsidiary for emission control equipment.


Broader markets perform in-line with benchmak indices


Emami trades over 5% lower on 8.3% equity exchange


Gruh Finance is trading over 1% higher


Bandhan Bank is trading 2% higher

- he National Company Law Tribunal (NCLT) has directed Bandhan Bank to convene a meeting of its equity shareholders to approve the proposed merger with Gruh Finance.


Piramal Enterprises is trading over 1% higher


Lakshmi Vilas Bank up over 4% in early trade


Sectoral trends 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 during Pre-open trade


Market at pre-open


Rupee opening

Rupee opens weaker at 69.60/$ vs Friday's close of 69.55 against the US dollar

Market at pre-open


Market outlook by Deepak Jasani, Head of Retail Research, HDFC securities

Markets could open flat. Realty, Power, Capital Goods and PSU indices could do well, while FMCG, Healthcare and Auto could underperform. On upside, Nifty could face resistance at 11,828-11,844 band, while 11,592-11,654 band remains a support. Among stocks under coverage, Bajaj Finance, Lal Pathlabs, KEI, Ipca, ICICI Bank, ICICI Pru Life could do well.

Motilal Oswal Financial Services on ITC

Even after 23 months since the last GST hike, Cigarette EBIT growth remains below 10%. Moreover, our moderate 9.3% earnings CAGR (FY19-21) estimate has a downside risk if the GST Council increases the rates applicable to cigarettes in its subsequent meetings. We believe that ‘more the delay, more the risk’ of a sharp tax rate increase, which would eventually exert significant pressure on volumes. 
 
While ITC trades at a discount to Indian FMCG peers at 22.7x FY21E EPS, it is at a premium to global cigarette majors (1.5x-2.5x). Due to the uncertain cigarette earnings outlook (accounts for 85% of EBIT), we maintain Neutral rating with a target price of INR310 (25x June‘21E EPS).

NEWS ALERT | Glenmark Pharma partners with Novartis: CNBC TV18

-Partnership to distribute, promote 3 respiratory problem related products

Stocks to watch

Jain Irrigation: Global rating agency Fitch Ratings Friday downgraded Jain IrrigationNSE 3.55 % Systems on concerns around its debt levels and aggressive growth pursued by the management.
 
Bandhan Bank: The National Company Law Tribunal (NCLT) has directed Bandhan Bank to convene a meeting of its equity shareholders to approve the proposed merger with Gruh Finance. READ MORE

 

Eleven stocks, $14 billion erased: India's debt woes explained in charts

A year after a rare default in India’s credit market led to its mini-Lehman moment, several shadow banks in the country, its oldest surviving private airline and the parent company of its biggest television broadcaster are still reeling. The fear which erased more than Rs 1 trillion ($14.4 billion) in market capitalisation of the 11 worst-hit firms is refusing to ebb. READ MORE

What has caused anomaly in rupee forwards? Traders suspect the hand of RBI

An anomaly in India’s currency forwards market is piquing the curiosity of traders.
 
The 12-month implied yields on rupee forwards, which reflect interest-rate differentials between India and the U.S., surged to near a two-year high this month even after the Reserve Bank of India cut interest rates for a third time this year. READ MORE

Mkts will deliver single-digit return over the year: Jyotivardhan Jaipuria

As the markets prepare for the government to unveil its economic agenda in the Budget, Jyotivardhan Jaipuria, founder and managing director at Valentis Advisors, tells Puneet Wadhwa most foreign investors acknowledge that India is one of the most promising emerging markets (EMs) from a long-term point of view. READ MORE
Jyotivardhan Jaipuria, founder and managing director at Valentis Advisors

Morning Market Outlook :: Deepak Jasani, Head of Retail Research, HDFC securities.

Indian markets could open flat on Monday following mildly negative US markets on Friday and largely flat Asian markets this morning.

On upside, Nifty could face resistance at 11,828-11,844 band, while 11,592-11,654 band remains a support. Realty, Power, Capital Goods and PSU indices could do well, while FMCG, Healthcare and Auto could underperform. 

Stock picks

Among stocks under coverage, Bajaj Finance, Lal Pathlabs, KEI, Ipca, ICICI Bank, ICICI Pru Life could do well.

Apollo Hospitals plans to reduce debt to Rs 2,500 crore by FY20-end

Apollo Hospitals Enterprise (AHEL) is targeting to reduce its debt from over Rs 3,000 crore now to Rs 2,500 crore by the end of this financial year by using the funds from its stake sales in Apollo Munich Health Insurance to HDFC. Apollo Munich Health Insurance will be merged with HDFC general insurance arm HDFC Ergo. Apollo promoters would use the money from the stake sale to reduce their pledged shares to around 35-40 per cent, said a senior official from the company. READ MORE

Street signs: Sebi's royalty move, KIOCL disinvestment, and more

India Inc, particularly multinational companies (MNCs), are keenly eyeing the market regulator’s next move with regards to royalty payment. In March, the Securities and Exchange Board of India (Sebi) had deferred the implementation of a new rule which requires any company paying brand usage or royalty payments in excess of 2 per cent of its annual consolidated turnover to obtain minority shareholder nod. READ MORE

Markets punish stocks expelled from the future and options segment

Stocks that are to be expelled from the future and options (F&O) segment witnessed heavy selling pressure this month. In April, the National Stock Exchange (NSE) issued a list of 34 securities, which included Jet Airways, Jain Irrigation and PC Jeweller, to be removed from derivatives as they failed to meet the criteria laid down by the Securities and Exchange Board of India (Sebi) and exchanges. READ MORE

Embassy Reit delivers returns of more than 20% since market debut

Real estate investment trust (Reit), the newest asset class in the domestic markets, is prompting investors to sit up and take notice. Blackstone-backed Embassy Office Parks Reit has delivered returns of more than 20 per cent since its stock market debut on April 1. The gains have far-outperformed the benchmark Sensex and the BSE Realty index, which are little-changed during the same period. Not only domestically, but Embassy Reit has also piped most of its global peers in terms of returns in the past three months. Analysts are not ruling out further upside. READ MORE

Suzlon looks for fresh investors, but analysts flag turnaround woes

With $172-million foreign currency convertible bonds due next month, Suzlon is once again scouting for fresh investors. Industry analysts, however, said this was not the first time Suzlon was attempting to get its act right. There are fears that the stress in the wind sector is expected to thwart any turnaround for the company. “Turnaround of any stressed assets in the wind sector will take time, as we do not see the sector see an improvement in medium-term due to tariff caps and limited availability of financially viable wind resource areas,” said Ratnam Raju, associate director- infrastructure and project finance, CARE Ratings. READ MORE

DHFL lenders to meet in early July to hammer out a rescue package

Lenders to beleaguered Dewan Housing Finance Corporation (DHFL) will meet in the first week of July to hammer out a rescue package, which will include the reworking of loan payments, fresh working capital support, roping in a financial investor, and putting a new management team in place. A senior banker involved in the transaction said: “We will take a comprehensive look at the repayments done to date, the steps taken to sell assets, discuss the broad contours of the rescue package, and preparations for repayments over the next few months.” READ MORE

Sluggish monsoon: 84% of IMD's subdivisions record deficient rainfall

With the progress of monsoon still remaining sluggish, 84 per cent of the meteorological subdivisions have recorded deficient rainfall, MeT department data shows. According to the Central Water Commission data, of the 91 major reservoirs in the country, 80 per cent have storage below normal. Of these, 11 have zero per cent storage, making the water crisis acute. READ MORE

Hospital stocks may see a re-rating as investor confidence on the rise

Investor confidence in hospital stocks has been on the rise and this is evident from the 20 per cent gains reported by players such as Apollo Hospitals and Narayana Hrudayalaya since their May lows. Even Fortis Healthcare has been making gains this month as uncertainties over ownership and tight liquidity conditions during FY19 are now behind. READ MORE

IndiaMART IPO opens today; should you invest? Here's what analysts advise

The initial public offering (IPO) of IndiaMART InterMESH, India's largest online business-to-business (B2B) marketplace for business products and services, opens on Monday. Through this issue, the company is offloading 4.89 million shares. The price band of the IPO, which is entirely an offer for sale (OFS), has been fixed at Rs 970 to Rs 973 per share. At the upper end of the price band, the company aims to raise around Rs 475 crore. READ MORE

Bulk deal on NSE as on Friday

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


Foreign investors pump Rs 10,312 cr in June as equity investments slow

Overseas investors have infused a net sum of Rs 10,312 crore in the domestic capital markets this month so far, with debt segment accounting for the lion's share.
 
Equity investments have slowed down on account of rising geopolitical tensions in the Middle East as well as US-India trade conflict, experts said. READ MORE

Commodity Picks: 24 June

Cotton
 
Cotton prices at the benchmark Rajkot market are trading at Rs 46,071­­ per candy. For this week, prices are expected to fall by Rs 600-800 per candy and head towards Rs 44,000 per candy amid weak global prices. Monsoons and expectation of higher cotton acreage for next season are likely to further weigh on prices. READ MORE

BREAKING NEWS | RBI Deputy Governor Viral Acharya quits six months before his term ends

Viral Acharya, Reserve Bank of India’s (RBI’s) youngest deputy governor post-economic liberalisation, has resigned six months before the scheduled end of his term. 

People familiar with the development said he had put in his papers a few weeks before the last meeting of the RBI’s monetary policy committee (MPC) early this month. READ MORE

Short-term outlook for the market remains negative: Devang Shah

L&T – BUY
 
CLOSE – Rs 1,542
 
TARGET – Rs 1,580-1,610
 
L&T closed the week in a positive territory. It’s outperforming in short term. it has still Wave-V Up pending on monthly chart. Its weekly momentum indicators are in BUY. It also closed above 20-day moving average (DMA). Risk reward is favorable to buy at current levels. One can buy with a stop loss of Rs 1,470 for the target of Rs 1,580 – Rs 1,610 levels in short term. READ MORE
 

Weekly market outlook and top two trading ideas by Prabhudas Lilladher

MARKET VIEW
 
Nifty has the weekly trend down for the second week; however, the level of 11,630 seems to be acting as a good support and only a breach of it can trigger further downside movement. Bank Nifty, too, has been maintaining the 50-day moving average (DMA) level of 30,200 as a good support level to keep the trend intact. However, the support for the week is seen at 38,500/11,500 for Sensex and Nifty, respectively, while resistance is seen at 39,850/11,940. Bank Nifty would have a range of 29,930-31,300. READ MORE

Rupee check

Source: Bloomberg


Oil check

At 7:35 am, Brent Crude Futures were trading at $64.7 per barrel

SGX Nifty

At 7:35 am, SGX Nifty was trading 8.5 points higher at 11,762.5 levels.

Asian Markets check

Source: Reuters


US Market check

Source: Reuters


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