Bank, metal stocks lift Sensex 166 points higher, Nifty over 11,950

Benchmark indices ended higher, lifted by bank and metal stocks, for third consecutive trading session on Tuesday that also saw Sensex and Nifty reclaim the 40,000-mark and 12,000-mark, respectively, during intra-day trade although the indices settled at lower levels by the end.

The benchmark S&P BSE Sensex rose 166 points, or 0.42 per cent, to 39,950, with Tata Motors, ONGC, YES Bank, IndusInd Bank, and Vedanta among the top gainers. Only seven out of the 30 BSE constituents ended the day in the red.

The broader Nifty50 index added 43 points, or 0.36 per cent, to 11,966. About 1,141 shares advanced, 1,393 declined, and 153 remained unchanged on the NSE. 

Among Nifty sectoral indices, only Nifty FMCG and Nifty Pharma indices were trading in the red, with Nifty PSU Bank, up 1.69 per cent, leading the list of gainers, followed by Nifty Metal index, up 1.32 per cent.

In the broader market, the S&P BSE MidCap index jumped 118 points, or 0.79 per cent, to 15,040, while the S&P BSE SmallCap index rose 34 points, or 0.24 per cent, to 14,619.

BUZZING STOCKS

Shares of all listed Indiabulls Group companies were under pressure, falling up to 10 per cent on the BSE during the early morning trade on Tuesday after media reports alleged Indiabulls Housing Finance Limited (IHFL) for misappropriating Rs 98,000 crore of public money. READ MORE

Shares of Eveready Industries slipped up to 4 per cent to Rs 86.55 apiece on the National Stock Exchange (NSE) during the early morning deals on Tuesday after credit ratings agency India Ratings and Research (Ind-Ra) downgraded the company's long-term credit ratings. The stock ended the day 1 per cent lower at Rs 90. READ MORE

Shares of Sterlite Technologies surged 12 per cent to Rs 193 in intraday trade on the BSE on Tuesday on the back of heavy volumes after promoter Twin Star Overseas removed entire pledge on the company's shares. The share ended the day 10.81 per cent higher at Rs 191.75. READ MORE

3:51 PM IST

3:51 PM IST

3:50 PM IST

3:34 PM IST The S&P BSE Sensex ended at 39,950, up 166 points while the broader Nifty50 index settled at 11,963, up 40 points.

3:19 PM IST

3:03 PM IST

2:52 PM IST BUY HUDCO#PLMonthlyTradingCall #BuyCall #MarketUpdates #PLIndiaOnline #investments #trader #stocks #investor #equity #PLResearch #Nifty #NSE #BankNifty pic.twitter.com/ZktlRCjBmY— Prabhudas Lilladher (@PLIndiaOnline) June 11, 2019

2:52 PM IST State-owned BHEL on Tuesday said it has bagged an order worth over Rs 440 crore from Nuclear Power Corporation of India Ltd (NPCIL).   "BHEL has secured an...order for the erection work of the upcoming 2x1000 MWe turbine generator (TG) island units 3 and 4 at Kudankulam Nuclear Power Project in Tamil Nadu being set up with foreign cooperation (Russia)," it said in a statement. READ MORE

2:36 PM IST Extending the rally seen during the past seven trading sessions, shares of Hester Biosciences hit a 52-week high of Rs 1,925 apiece, up 3 per cent on the BSE, on Tuesday. This was on the back of the government's decision to clear an outlay of Rs 13,342 crore for animal husbandry industry. READ MORE

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 39,950, up 166 points while the broader Nifty50 index settled at 11,963, up 40 points.

Dish TV extends gain to over 12%


MARKET CHECK


BHEL bags order worth Rs 440 cr from NPCIL for nuclear power project in TN

State-owned BHEL on Tuesday said it has bagged an order worth over Rs 440 crore from Nuclear Power Corporation of India Ltd (NPCIL).
 
"BHEL has secured an...order for the erection work of the upcoming 2x1000 MWe turbine generator (TG) island units 3 and 4 at Kudankulam Nuclear Power Project in Tamil Nadu being set up with foreign cooperation (Russia)," it said in a statement. READ MORE



Hester Biosciences hits 52-week high; stock surges 71% in 2019 so far

Extending the rally seen during the past seven trading sessions, shares of Hester Biosciences hit a 52-week high of Rs 1,925 apiece, up 3 per cent on the BSE, on Tuesday. This was on the back of the government's decision to clear an outlay of Rs 13,342 crore for animal husbandry industry. READ MORE

India GDP growth overestimated between 2011-2017, says Arvind Subramanian

India’s statistics may have been painting a far rosier picture of economic growth than the more modest reality of the past decade. The nation has held the crown of the world’s fastest-growing major economy until recently, but a new study by former Chief Economic Adviser Arvind Subramanian says the expansion was overestimated between 2011 and 2017. Rather than growing at about 7% a year in that period, growth was about 4.5%, according to the research paper, published by the Center for International Development at Harvard University. READ MORE


Arvind Subramanian

Canara Bank rises over 4%


NEWS ALERT | Bharat Dynamics signs contract worth Rs 1,187.2 cr to supply Torpedoes

- To execute defence contract to supply heavyweight torpedoes in 42 months

Sensex reclaims 40,000-mark


Bank stocks trade higher

COMPANY LATEST(rs) CHG(rs) CHG(%) VOLUME
YES BANK 141.05 5.15 3.79 3455041
PUNJAB NATL.BANK 78.45 1.15 1.49 933997
BANK OF BARODA 120.00 2.00 1.69 659411
IDFC FIRST BANK 42.75 0.40 0.94 543145
BANK OF INDIA 88.05 0.90 1.03 543070
» More

Nifty sectoral indices at this hour


Jain Irrigation zooms 8%


ADAG stocks erase intra-day gain; RCom, RInfra down over 3%

Shares of Anil Dhirubhai Ambani Group (ADAG) companies erased their entire intra-day gain and were trading lower by up to 5 per cent on the BSE despite the chairman Anil Ambani reaffirming the group's commitment to meet all future debt servicing obligations in a timely manner, through further asset monetisation plans "that are already at various stages of implementation". Reliance Infrastructure (RInfra) slipped 4 per cent to Rs 62, after surging 12 per cent in intra-day deal on the BSE. Reliance Capital was trading 1 per cent lower at Rs 90, after hitting high of Rs 96 in intra-day trade. Reliance Power, Reliance Communications (RCom) and Reliance Naval and Engineering were down 3 to 5 per cent each on the BSE. READ MORE



Blackstone completes acquisition of Aadhar Housing Finance Company

Blackstone on Tuesday announced that private equity funds managed by it have acquired a 97.7 per cent stake in Aadhar Housing Finance Limited (Aadhar), including the entire stake held by the existing controlling shareholders, Wadhawan Global Capital Limited (WGC) and Dewan Housing Finance Limited.
 
As part of the transaction, Blackstone has also infused Rs 800 crore primary equity capital into Aadhar to fund the company for future growth. READ MORE

Auto in slow lane: Domestic passenger vehicle sales drop 20% in May

Domestic car sales were down 26.03 per cent to 1,47,546 units as against 1,99,479 units in May 2018, according to data released by the Society of Indian Automobile Manufacturers (SIAM) on Tuesday.
 
Motorcycle sales last month declined 4.89 per cent to 11,62,373 units as against 12,22,164 units a year earlier. READ MORE

Dish TV is trading over 4.5% higher


Reliance Group paid Rs 35,000 cr to lenders in 14 months: Anil Ambani

Reliance Group Chairman Anil Ambani on Tuesday said his group has paid Rs 35,000 crore in the 14 months from April 1, 2018 till May 31, this year to lenders. These payments comprise principal repayments of Rs 24,800 crore and interest payments of Rs 10,600 crore. The group raised funds by selling assets, he said. READ MORE

Too early to bet on resurgence of midcaps, warns DSP MF's Vinit Sambre

Even as investors bet on a resurgence for medium-sized Indian companies after Prime Minister Narendra Modi’s return to power, one of the country’s top mid-cap fund manager advises caution.
 
This group of stocks won’t get an immediate lift from Modi’s victory as it isn’t immune to the slowdown in the economy and the lingering shadow-bank crisis, said Vinit Sambre, who oversees $1.6 billion in two mid- and small-cap funds at DSP Investment Managers in Mumbai. READ MORE

Have housing finance companies' stocks hit the rising trend of Nifty Bank?

Although there is no direct correlation between housing finance companies' (HFCs) stocks and Nifty Bank constituents, still the liquidity crisis around Dewan Housing Finance Corporation (DHFL) and Indiabulls Housing Finance have affected the sentiment severely. Various banks have exposures in these HFCs impacting the rising trend of Nifty Bank. READ MORE

Jet Airways crashes 14% as Hinduja Group, Etihad Airways halt revival plans

Shares of Jet Airways (India) tumbled 14 per cent to Rs 107, also its new low on the BSE in the morning deals on Tuesday after a media report said that both Hinduja group and Etihad Airways may not proceed with plans to resurrect the beleagured airline. In the past two weeks, the stock tanked 30 per cent, as compared to 1 per cent rise in the S&P BSE Sensex. READ MORE



Sterlite Technologies surges 12% as promoter releases entire pledged shares

Shares of Sterlite Technologies surged 12 per cent to Rs 193 in intraday trade on the BSE on Tuesday on the back of heavy volumes after promoter Twin Star Overseas removed entire pledge on the company's shares. “The company received communication dated June 10, 2016 from Twin Star Overseas Limited, promoters of the company, regarding removal of entire pledge on shares of Sterlite Technologies,” the company said in a regulatory filing. READ MORE



Maybank on Vodafone Idea

Share Price:  Rs 13
 
12m Price Target: Rs 12 (-11%)

Recommendation: SELL


4Q net loss was 10% lower than our/Street estimates due to higher expenses but EBITDA was 26% above on stronger cost savings from Vodafone India merger. Better ARPU was offset by a decline in the subscriber base. We believe IDEA remains the weakest of the Indian telcos due to its high leverage, lower EBITDA and weaker 4G positioning. We raise our EBITDA by 8% for FY20E to factor 4Q beat but maintain FY21E EBITDA. Maintain SELL with a 52% lower SOTP-based TP of Rs12 after factoring increased share count after its recent Rs 250b rights issue, which was at a price lower than our expectation. Risk to our view
includes reduction in competitive pressure.

NEWS ALERT | May SIAM Data

- Commercial vehicle sales down 10% at 68,847 units (YoY)

- M&HCV sales down 20% at 24,221 units (YoY)

- LCV down 3.7% at 44,626 units (YoY)

- Utility vehicle sales down at 77,453 units (YoY)

Eveready Industries slips 4% after India Ratings downgrades credit rating

Shares of Eveready Industries slipped up to 4 per cent to Rs 86.55 apiece on the National Stock Exchange (NSE) during the early morning deals on Tuesday after credit ratings agency India Ratings and Research (Ind-Ra) downgraded the company's long-term credit ratings. The company's long term credit rating was downgraded to 'IND BBB' from 'IND A+', while it maintained rating watch as 'negative'. The retail battery and flashlight manufacturer's commercial paper rating was also maintained as 'IND A2' with rating watch as 'negative' (RWN). READ MORE





NEWS ALERT | May SIAM Data

- Passenger car sales down 26% at 1.47 lakh units (YoY)

- Passenger vehicles sales down 20.6% at 2.39 lakh units (YoY)

- Two-wheeler sales down 6.7% at 17.3 lakh units (YoY)

- Total Vehicle exports down 0.5% at 3.96 lakh units (YoY)

Nifty Pharma index is trading lower


Nifty Metal is up 0.8%, leads among NSE indices


India's inflation likely hit seven-month high in May, still below RBI target: Reuters poll

According to a June 4-7 Reuters poll of over 40 economists, the retail inflation rate rose to 3.01 percent in May from a year earlier, up from 2.92 percent in April. Forecasts ranged between 2.83-3.50%. 

NEWS ALERT | JSW Steel's May crude steel production at 1.45 mt

-  Up 4% YoY from 1.39 mt

Indiabulls Housing Finance falls 6% on Rs 98,000-cr siphoning charge

Shares of all listed Indiabulls Group companies were under pressure, falling up to 10 per cent on the BSE during the early morning trade on Tuesday after media reports alleged Indiabulls Housing Finance Limited (IHFL) for misappropriating Rs 98,000 crore of public money.
 
“A plea was filed in the Supreme Court Monday seeking legal action against Indiabulls Housing Finance Limited (IHFL), its chairman and directors for alleged misappropriation of Rs 98,000 crore of public money,” news agency PTI reported. READ MORE




Jet Airways continue slide after reports said Hinduja Group, Etihad Airways have halted revival discussions


Eveready Industries slips over 3% in trade downgraded after India Ratings downgraded long term ratings

- Long term credit rating downgraded to IND BBB from IND A+ and maintained rating watch to negative


Lakshmi Vilas Bank dips over 6% after Indiabulls Group shares fall on corruption charges


Telecom industry growth still elusive: MOFSL

According to our channel checks, industry downtrading is largely behind, and thus, the pressure on ARPU should ease, going forward. However, we note that the
impact from IUC may continue exerting pressure on adjusted gross revenue (AGR). Further, with slowing subscriber growth for RJio and the limited pricing differential, network capability will become the key differentiating factor for the players. We believe Bharti and RJio’s network capability is largely comparable. VIL will likely require another 3-4 quarters to stabilise its network in the top 15 circles. 

Momentum Picks by ICICI Securities


NEWS ALERT | OBC cuts lending rates by 5-10 bps

1. Overnight MCLR 8.30% to 8.30%
 
2. 1-month MCLR 8.45% to 8.35%
 
3. 3 months MCLR 8.50% to 8.50%
 
4. 6 months MCLR 8.70% to 8.60%
 
5. 1-year MCLR 8.75% to 8.70%

Market check | Nifty indices slip in the red


Market check | BSE Sensex pares early gains


Sterlite Tech rises over 7% after promoters release entire pledge


Fortis Healthcare climbs over 2%


DHFL is trading mildly lower


Nifty Auto index is trading absolutely flat during early trades


Barring Divis Labs, all other constituents of Nifty Pharma index are in the red


Nifty Realty index is trading over 2% lower


Broader markets take deeper cuts


Sun Pharma slips over 2% in early trade


Indiabulls Real Estate slips 4% in early trade


Jet Airways slips 8% in early trade


Indiabulls Housing Fin opens 5% lower


Sectoral trends on NSE at this hour


Gainers and losers on S&P BSE Sensex at this hour


Market at open


Market at open


Indiabulls Housing Fin drops 10% during Pre-open trade on allegations of siphoning of funds


Market at pre-open


Rupee opening

Rupee opens higher at 69.45/$ vs Monday's close of 69.65 against the US dollar

Market at pre-open


Flipkart revises commissions and shipping fee to attract smaller sellers

Home-grown online retail firm Flipkart, now owned by American major Walmart, has slashed seller commissions and shipping fee. The move is expected to help the Bengaluru-based e-commerce company attract new sellers as well as retain the existing ones, sources in the know said. Flipkart, which was earlier offering two commission rates, for products priced above and below Rs 300, has now divided it into four slabs. READ MORE



Debt-laden Jaypee Infratech's lenders turn down NBCC's takeover bid

Lenders to debt-ridden real estate firm Jaypee Infratech have turned down the proposal submitted by NBCC (India) to acquire the company, sources said. While the exact percentage of votes in favour and against the NBCC takeover plan was not disclosed due to the National Company Law Appellate Tribunal (NCLAT) order, sources said the bid possibly has not mustered the requisite nod of two-thirds of the lenders and buyers. The lenders are also likely to opt for a fresh round of bidding and will consider new expression of interest from companies other than NBCC India, sources told Business Standard. READ MORE



Trump to impose more tariffs on China if talks with Xi at G20 summit fail

US President Donald Trump said on Monday he was ready to impose another round of punitive tariffs on Chinese imports if he cannot make progress in trade talks with China's President at a Group of 20 summit later this month. Since two days of talks to resolve the US-China trade dispute last month in Washington ended in a stalemate, Trump has repeatedly said he expected to meet President Xi Jinping at the June 28-29 summit in Osaka, Japan. China has not confirmed any such meeting. READ MORE



Stocks in focus

DHFL: DHFL paid Rs 10 crore in interest on four non-convertible debentures (NCD) and principal of Rs 35 crore on one of them. It also completed sale its 9.15 per cent stake in Adhar Housing Finance Ltd to entity controlled by private equity group Blackstone.
 
J&K Bank: According to a news report by The Economic Times, the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) be roped in to probe the unfolding Jammu & Kashmir Bank corruption scandal, which has seen the dismissal of chairman Parvez Ahmed. READ MORE



DHFL repays Rs 45 crore in debt; completes stake sale in Aadhar Housing

Dewan Housing Finance Ltd (DHFL) has paid about Rs 45 crore in interest and principal on certain debt instruments due on Monday. DHFL paid Rs 10 crore in interest on four non-convertible debentures (NCD) and principal of Rs 35 crore on one of them. DHFL share closed seven per cent higher at Rs 89.5 per share on BSE. READ MORE



Street cautious about IDFC First Bank's ability to achieve its goals

The March quarter (Q4) was the first period of consolidated results for IDFC First Bank. Hence, the Street anticipated it. However, it belied expectations with another quarter of losses, which came in at Rs 218 crore. A weak operational performance saw its operating profit fall 2 per cent sequentially, while loss before tax was Rs 417 crore. Given the muted numbers, most brokerages have an underweight recommendation on the stock. The same is reflected in the stock price, which is down 26 per cent from its 52-week high of Rs 56.9 apiece in April. READ MORE


IDFC Bank

Impure Indian gold jewellery? Not anymore! Hallmarking jumps to 80%

Often, Indian gold jewellery has been frowned at for its doubtful purity level. But that may now be a story of the past. If hallmarking data are anything to go by, the proportion of spurious jewellery in the country might have shrunk significantly in the past five years. In 2018-19, the proportion of hallmarked Indian gold jewellery stood at 80 per cent, a major improvement from 2013-14, when only half the gold jewellery produced in India was hallmarked for purity. READ MORE



Sanofi: Strong anti-diabetic range, exports may prove healthy for investors

The pressure on Sanofi India’s margin in the March quarter (Q1, as the company follows the January-December accounting year) may have disappointed investors, but the continued robust growth in revenues was inspiring. Q1’s topline growth of 16 per cent (higher than industry growth of 11 per cent) continues to be led by exports and its anti-diabetic portfolio. Sanofi India, owned 60.4 per cent by Hoechst GmbH, remains a leading player in the anti-diabetic segment with well-known brands such as Lantus, Amaryl, Amaryl M, Amaryl-MV and Toujeo. READ MORE


 

DHFL repays Rs 45 crore in debt; completes stake sale in Aadhar Housing

Dewan Housing Finance Ltd (DHFL) has paid about Rs 45 crore in interest and principal on certain debt instruments due on Monday.
 
DHFL paid Rs 10 crore in interest on four non-convertible debentures (NCD) and principal of Rs 35 crore on one of them. DHFL share closed seven per cent higher at Rs 89.5 per share on BSE. READ MORE

Despite oil price volatility, earnings prospects good for ONGC

Shares of India’s largest oil and gas producer, Oil and Natural Gas Corporation (ONGC) have gained about 25 per cent from their February 2019 lows, as the company’s earnings outlook improved with higher crude oil prices. READ MORE

Debt-laden Jaypee Infratech's lenders turn down NBCC's takeover bid

While the exact percentage of votes in favour and against the NBCC takeover plan was not disclosed due to the National Company Law Appellate Tribunal (NCLAT) order, sources said the bid possibly has not mustered the requisite nod of two-thirds of the lenders and buyers. The lenders are also likely to opt for a fresh round of bidding and will consider new expression of interest from companies other than NBCC India, sources told Business Standard. CLICK HERE TO KNOW MORE

Stronger rupee in Q1 may spell trouble for margins of IT companies

A stronger rupee against the US dollar in the ongoing quarter of the current financial year is likely to further strain the margin profile of domestic information technology (IT) services companies, which continue to reel from the burden of rising visa fees along with pricing pressure in clinching outsourcing contracts. Industry experts are of the opinion that IT services firms may see around 30 basis points (bps) impact on their operating margins owing to a stronger rupee. READ MORE

50% tariff on US motorcycles by India unacceptable, says Donald Trump

US President Donald Trump said that even though India has reduced its import tariff on American motorcycles from 100 percent to 50 percent, it is still too high and not acceptable to him.
 
Trump said the United States, under his leadership, is a country that can no longer be fooled. READ MORE

Sebi suggests Rs 1 crore for whistle-blowers who expose insider trading

The Securities and Exchange Board of India (Sebi) on Monday proposed a mechanism to formalise the process of receiving information from whistle-blowers who expose insider trading violations. It also suggested measures to protect and award such informants. READ MORE

Why China could soon lift restrictions on buffalo meat imports from India

Beijing is preparing to allow more sources of imported meat in an effort to overcome potential pork shortages as African swine fever curbs domestic hog herds, according to the China Meat Association.
 
China may lift restrictions on buffalo meat imports from India as well as live cows and sheep from Mongolia and pork from Russia, Gao Guan, the vice president of the association, said Monday in Beijing. China is also looking to expedite the resumption of U.K. beef imports to this year after agreeing to lift a ban in 2018, he said. Shipments had been expected to resume in 2020. CLICK HERE FOR MORE

Equity mutual fund flows rise 17% to Rs 5,407 crore after Modi's triumph

The net inflows in these schemes rose 17 per cent to Rs 5,407 crore as Narendra Modi’s win in elections improved investor sentiments.
 
Moreover, there were signs of higher risk appetite among investors as mid- and small-cap schemes collectively garnered close to half of the flows that came into the equity schemes. The combined tally for the two categories was Rs 2,687 crore. READ MORE

Today's picks: From GAIL to Tech Mahindra, hot stocks to watch on Tuesday

Nifty Bank
 
Current 31,034 (fut: 31,075)
 
Target: NA
 
Stop-long positions at 30,925. Stop-short positions at 31200. Big moves could go till 31,350, 30,800. Trend uncertain and may have a negative bias. READ MORE
.

Three stocks that Jay Anand Thakkar of Anand Rathi is bullish on

NIFTY: BUY
 
TARGET: 12,020
 
STOP LOSS: 11,849
 
Nifty closed in the positive territory in the last trading session and with that it has settled in the green for the second consecutive trading session. The moving average convergence divergence (MACD) on the daily chart is still in the positive territory. Hence, there is a possibility of an extension. So, we recommend buying Nifty for the target of 12,020 with a stop loss of 11,849. READ MORE

Market outlook and top two trading ideas by Prabhudas Lilladher

BUY MOTHERSON SUMI
 
CMP: Rs 119.05
 
TARGET: Rs 140
 
STOP LOSS: Rs 110
 
The stock has been in consolidation for quite some time maintaining a good base at around Rs 112 levels. Currently, it has given a positive candle to signify strength and has potential to rise further in the coming days. The relative strength index (RSI) has also indicated a trend reversal and has signaled a buy to maintain the positive bias. With good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 140 keeping a stop loss of Rs 110. READ MORE

Derivatives strategies: Nifty near-term target at 12,200-12,300

The market consolidated with some profit-booking as the RBI delivered on a rate cut. There was some “good news” as the US pulled back from a threat of tariff hikes targeting Mexico. But, global news remained gloomy.
 
Optimists hope this will induce the Federal Reserve to cut rates, or even opt for another round of quantitative easing. On the domestic front, the next major trigger may be the Budget. The RBI cut rates for the third time in a row by 25 basis points and it promised an accommodative policy. READ MORE

Bulk deal on NSE as on Monday

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


Rupee check

Source: Bloomberg


Oil check

At 7:35 am, Brent Crude Future were trading $62.43 per barrel.

SGX Nifty

At 7:30 am, SGX Nifty was trading 17.5 points higher at 11,959 levels. 

Asian Markets check

Source: Reuters


US Market check

Source: Reuters


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