Sensex, Nifty End Higher For Second Day; Yes Bank Rallies 11%

Catch all the live updates on share prices, index moves, corporate announcements and more from Sensex and Nifty today. 

Pedestrians walk past the Bombay Stock Exchange (BSE) building in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)
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Indian equity benchmarks extended gains for the second consecutive trading session.

The S&P BSE Sensex closed 234 points or 0.6 percent higher at 39,131.04 and the NSE Nifty 50 ended at 11,662.60, up 0.64 percent. The broader market index represented by the NSE Nifty 500 Index closed 0.64 percent higher.

Yes Bank was the top performer on the 31-share index and 50-stock gauge. The stock ended 11 percent higher ahead of its quarterly results tomorrow.

The best and the worst Nifty 50 performers. (Source: Bloomberg)
The best and the worst Nifty 50 performers. (Source: Bloomberg)

Besides, Yes Bank is looking to raise $1-1.2 billion to clean up its loan book and returns to focus on growth, a person familiar with the matter told BloombergQuint. The capital raising may be completed in two tranches to avoid excessive liquidity dilution for the existing shareholders.

The market breadth was tilted in favour of sellers. About 912 shares declined and 853 shares advanced on National Stock Exchange.

“The polarisation in the market is creating panic among investors,” Equinomics Research & Advisory’s Founder G Chokkalingam said. “This is because only selected companies in the large-cap space are advancing while the mid- and small-cap stocks are witnessing selloff pressure,” Chokkalingam told BloombergQuint over the phone.

Chokkalingam expects the mid and small caps to rebound in the next six-to-nine months.

Nine out of 11 sectoral gauges compiled by NSE ended higher, led by the NSE Nifty Realty Index’s 1.9 percent advance. On the flipside, the NSE Nifty IT Index was the top sectoral loser, down 0.59 percent.

HDFC AMC Gains After Q1 Results

Shares of HDFC Asset Management Company rose as much as 2.3 percent to Rs 1,988 after announding its June quarter results.

Key Earnings Highlights (Q1, YoY)

  • Net profit at Rs 292 crore versus Rs 205 crore.
  • Revenue at Rs 504.4 crore versus Rs 471.2 crore.

Fab Four Stocks Of The Day

Yes Bank

  • Stock rose as much as 10.8 percent, the most since June 20, to Rs 103.30.
  • The bank is scheduled to announce its quarterly results tomorrow.
  • The lender is looking to raise $1-1.2 billion to clean up its loan book and returns to focus on growth, a person familiar with the matter told BloombergQuint. The capital raising may be completed in two tranches to avoid excessive liquidity dilution for the existing shareholders.

Tata Motors

  • Stock rose as much as 5.3 percent to Rs 169.45.
  • The scrip extended gains for the fourth consecutive trading session.
  • JLR won a 500-million pounds loan guarantee from the U.K. export to support development of electric cars, Prime Minister Theresa May

Dishman Carbogen Amcis

  • Stock rose as much as 9.3 percent to Rs 232.85.
  • GSK’s positive data in Phase 3 study for ovarian cancer drug could potentially aid revenues of the Indian supplier—Dishman Carbogen Amcis.

Torrent Pharma

  • Stock rose as much as 3.6 percent to Rs 1,606.45.
  • Trading volume was more than triple its 20-day average.

Market Check: Sensex, Nifty Set To End Higher For Second Day

Indian equity benchmarks were trading at day’s high and are set to extend gains for the second consecutive trading session.

The S&P BSE Sensex rose 0.56 percent to 39,112 as of 3 p.m. and the NSE Nifty 50 rose 0.57 percent to 11,654. The broader market index represented by the NSE Nifty 500 Index rose 0.54 percent.

The market breadth, however, was tilted in favour of sellers. About 902 stocks declined and 841 shares advanced on National Stock Exchange.

Procter & Gamble Health Surges To Record High

Shares of Procter & Gamble Health extended gains for the fifth consecutive trading session, their longest gaining streak in nearly two months. The stock rose as much as 7.4 percent to hit an all-time high at Rs 4,644.

The scrip advanced 14 percent in the past five days and rose 17 percent in the past 30 days. Trading volume was more than double its 20-day average, Bloomberg data showed. The Relative Strength Index was above 70, indicating that the stock may be overbought.

Stocks Moving On Heavy Volumes

Coromandel International

  • Stock fell as much as 4.5 percent to Rs 377.15.
  • Trading volume was more than 12 times its 20-day average.

Mahindra Logistics

  • Stock fell as much as 3.3 percent to Rs 442.10.
  • Trading volume was more than 30 times its 20-day average.

Gujarat State Petronet

  • Stock rose as much as 4.7 percent to Rs 213.65.
  • Trading volume was almost 11 times its 20-day average.

CreditAccess Grameen

  • Stock rose as much as 3 percent to Rs 534.70.
  • Trading volume was more than nine times its 20-day average.

Market Check: Sensex, Nifty Rangebound

Indian equity benchmarks were rangebound and managed to hold gains.

The S&P BSE Sensex rose 0.3 percent to 39,013 as of 2 p.m. and the NSE Nifty 50 rose 0.33 percent to 11,628. The broader market index represented by the NSE Nifty 500 Index rose 0.3 percent.

The market breadth, however, was tilted in favour of sellers. About xx stocks advanced and xx shares declined on National Stock Exchange.

Europe Market Check: Equities Edge Higher

European shares held steady in a quiet session as investors looked ahead to corporate earnings and economic data for further impetus to this year’s rally.

Federal Bank Asset Quality Widens In Q1; Shares Swing

Shares of Federal Bank fluctuated between gains and losses to trade 0.37 percent lower at Rs 106.30 after the lender reported its June quarter results.

Key Earnings Highlights (Q1, YoY)

  • Net interest income up 18 percent to Rs 1,154 crore.
  • Net profit up 46 percent at Rs 384 crore.
  • GNPA at 2.99 percent versus 2.92 percent (QoQ)
  • NNPA at 1.49 percent versus 1.48 percent (QoQ)
  • Provisions at Rs 192 crore versus Rs 178 crore (QoQ)

Yes Bank Jumps The Most In Nearly A Month

Shares of Yes Bank rose as much as 10.8 percent, the most since June 20, to Rs 103.30.

The private sector lender is looking to raise $1-1.2 billion as it cleans up its loan book and returns to a focus on growth. The Yes Bank capital raise, however, may be completed in two tranches to avoid excessive equity dilution for existing shareholders, a person familiar with the matter told BloombergQuint.

Besides, the company is scheduled to announce its quarterly results for the three months ended June tomorrow.

Market Check: Sensex, Nifty Rangebound

Indian equity benchmarks were trading rangebound and managed to hold gains.

The S&P BSE Sensex rose 135 points or 0.35 percent to 39,033 as of 1 p.m. and the NSE Nifty 50 rose 0.38 percent to 11,631.

In the bond market, India’s benchmark bond yield dropped nearly 12 basis points intraday to 6.31 percent, the lowest since December 2016.

Bombay High Court Directs BMC To Obtain Environmental Clearance For Coastal Road Project

The Bombay High Court today directed Brihanmumbai Municipal Corporation that no further construction work of the Mumbai Coastal Road Project shall take place.

The Court upheld December 2015 amendment in CRZ rules and directed BMC to obtain environmental clearance for coastal road project.

TV18 Broadcast Swings To Profit In Q1, Shares Swing

Shares of TV18 Broadcast fluctuated between gains and losses to trade little changed at 23.50 after the company announced their quarterly results for the three months ended June.

Key Earnings Highlights (Q1, YoY)

  • Revenue up 10 percent to Rs 1,197.51 crore.
  • Net profit of Rs 18.64 crore versus net loss of Rs 12.48 crore
  • Ebitda up 97 percent to Rs 77.43 crore.
  • Margin 6.5 percent versus 3.6 percent

Market Commentary: Monitor FII’s Participation For Fresh Investments, Sameer Kalra Says

Investors may monitor foreign institutional investors’ participation in the near-term for any fresh investments.

That’s according to Target Investing’s Founder Sameer Kalra. “The current market reaction is a bounce back and not new buying. The markets are expected to decline further and we suggest investors to monitor the participation by FIIs in the markets to take fresh investment calls,” Kalra told BloombergQuint over the phone.

India’s Crude Steel Production Rises In June

  • June steel output rose 3.6% year-on-year to 9.3 million tonnes.
  • June steel consumption rose 6.4% year-on-year to 8.77 million tonnes.

Source: Ministry of Steel

Market Check: Sensex, Nifty Rangebound

Indian equity benchmarks were rangebound and managed to hold gains.

The S&P BSE Sensex rose 135 points or 0.35 percent to 39,033 as of noon and the NSE Nifty 50 rose 0.38 percent to 11,631. The broader market index represented by the NSE Nifty 500 Index rose 0.35 percent.

Nine out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Realty Index’s 2.27 percent advance. On the flipside, the NSE Nifty IT Index was the top sectoral loser, down 0.64 percent.

Global Markets Update: Stocks Trade Mixed

Asian stocks were mixed Tuesday amid low volumes as investors looked to earnings and clues from policy makers for the next catalyst.

  • Futures on the S&P 500 were little changed.
  • Japan’s Topix index slid 0.5 percent.
  • The Shanghai Composite dropped 0.3 percent.
  • Hong Kong’s Hang Seng added 0.1 percent.
  • Euro Stoxx 50 futures slid 0.2 percent.

Catch all the global markets update here.
Source: Bloomberg

Sectoral Indices Check: Nifty Realty Top Sectoral Performer

Ten out of 11 sectoral gauges compiled by National Stock Exchange traded higher, led by the NSE Nifty Realty Index’s 1.9 percent gain. On the flipside, the NSE Nifty IT Index was the top sectoral loser, down 0.6 percent.

Stocks Reacting To Earnings Announcement

Tata Metaliks (Q1, YoY)

  • Stock fell as much as 6.8 percent to Rs 558.70.
  • Revenue up 6.7 percent to Rs 499 crore.
  • Net profit falls 35.5 percent to Rs 19.6 crore.
  • Ebitda down 32 percent to Rs 44.9 crore.
  • Margins narrows to 9 percent.

Automotive Stampings and Assemblies (Q1, YoY)

  • Stock fell as much as 9.5 percent to Rs 42.20.
  • Revenues up 7.9 percent to Rs 120.3 crore.
  • Net loss widens to Rs 9.5 crore.
  • Ebitda loss at Rs 2.4 crore.

Stock Picks By India’s Largest Asset Managers

India’s equity market remained volatile in the first six months of 2019 because of the U.S. China trade, Lok Sabha polls, and a domestic slowdown.

While the benchmark Nifty hit an all-time high after Prime Minister Narendra Modi returned to power with a bigger mandate, the rally was supported by a handful of heavyweights. The broader market has lagged.

Against this backdrop, here’s what India’s top three asset managers bought and sold in in the first six months of 2019:

What India’s Largest Asset Managers Bought And Sold So Far In 2019

Market Check: Sensex, Nifty Hold Gains

Indian equity benchmarks managed to hold gains after a shaky start.

The S&P BSE Sensex rose over 100 points to trade near 39,000 as of 11 a.m. and the NSE Nifty 50 rose 0.27 percent to 11,620. The broader market index represented by the NSE Nifty 500 Index rose 0.26 percent.

The market breadth, however, was tilted in favour of sellers. About 846 stocks declined and 784 shares advanced on National Stock Exchange.

Brigade Enterprises Swings On Bonus Shares Plan

Shares of Brigade Enterprises fluctuated between gains and losses to trade 0.4 percent higher at Rs 267.80. The stock rose 1.7 percent intraday.

The company’s board approved issuing one bonus share for every two shares held in the company and issuing convertible warrants worth Rs 115 crore to the promoter group at Rs 269 per warrant.

Trading volume was more than three times its 20-day average, Bloomberg data showed.

Aditya Birla Fashion Swings On Stock Acquisition

Shares of the retail clothing, footwear and leather products maker fluctuated between gains and losses to trade nearly 1 percent lower at Rs 205.

The company acquired 51 percent stake in Finesse International Design for Rs 60 crore, according to its stock exchange filing.

The stock advanced 51 percent in the past 12 months, compared to a 7.3 percent gain in the Sensex.

Tata Motors Gains After U.K. Guarantees Loan To Jaguar

Shares of the Jaguar Land Rover owner extended gains for the fourth consecutive trading session, their longest gaining streak in nearly three weeks. The stock rose as much as 2.8 percent to Rs 165.40.

JLR won a 500-million pounds loan guarantee from the U.K. export to support development of electric cars, Prime Minister Theresa May, said, according to a Bloomberg report.

The stock trades 11 times its estimated earnings per share for the coming year, according to Bloomberg data.

F&O Check: Nifty 11,600 Call Option Jumps 66%

Nifty’s 11,600 call option contract was among the most active Nifty option contracts on National Stock Exchange.

Premium on the weekly contract which is set to expire this week rose 65.72 percent to Rs 61.15. Over 1.96 lakh shares were removed from the open interest which stood at over 20.98 lakh shares.

Market Check: Sensex, Nifty Gain Momentum After Shaky Start

Indian equity benchmarks gained momentum after a shaky start.

The S&P BSE Sensex rose 140 points or 0.36 percent to 39,035 as of 10 a.m. and the NSE Nifty 50 rose 0.37 percent to 11,630.

The market breadth was tilted in favour of buyers. About 854 stocks advanced and 733 shares declined on National Stock Exchange.

Ashok Leyland Falls After Temporarily Shutting Plant

Shares of the commercial vehicle maker fell as much as 3.80 percent to Rs 82.20, the lowest in nearly a month.

The company’s plant located in Pantnagar, Uttarakhand will remain closed from July 16 to July 24, due to weak demand and outlook for the industry, according to its notification on the exchanges.

Trading volume was more than double its 20-day average, Bloomberg data showed.

Market Commentary: Nifty May Correct 3.5% In Near-Term, JM Financial Says

India’s equity benchmark NSE Nifty 50 is expected to correct about 3-5 percent in the next few weeks.

That’s according to JM Financial’s Associate Director and Technical Analyst Gautam Shah. “The market setup is looking weak since the budget and are heading for further downside,” Shah told BloombergQuint in an interaction. The market is not bottoming out and the sectors are currently forming ‘cracks’, he added.

Besides, Shah said that the global factors are adding pressure to the Indian markets. He sees 11,650 level as a good range to go short in the absence of large upside.

Disclaimer: The commentary on BloombergQuint represents the view of external experts. Investors are advised to consult a certified financial advisor/planner when making any investments. No views shared on a BloombergQuint program or story or conversation should be construed as personal advice.

Quintillion Business Media Pvt. (BloombergQuint) is not responsible for any risk or loss that might occur as a result of using this information in any way, regardless of your interpretation of the advice.

BloombergQuint’s digital and social media platforms provide views of only SEBI-registered investment advisors/analysts.

Cipla Gains On EU Unit’s JV Plans

Shares of the drugmaker rose as much as 1.3 percent to Rs 557.60.

The pharmaceutical company’ European Union unit entered into a joint venture agreement with Jiangsu Acebright Pharmaceutical Co., Ltd. ('Acebright'), China yesterday, according to its stock exchange filing. Cipla EU will hold 80 percent stake in the joint venture, the statement added.

The stock declined 11 percent in the past 12 months compared to a 7 percent gain in the Sensex. The scrip is currently testing its 200-day moving average resistance at Rs 551.26 and 100-day moving average resistance at Rs 549.37.

Dishman Carbogen Amcis Jumps On Heavy Volumes

Shares of the specialty pharma products maker rose as much as 9.3 percent, the most since May 20, to Rs 232.85.

Trading volume was more than 80 times its 20-day average, Bloomberg data showed. Of the shares traded, 43 percent were at the ask price and 33 percent were at the bid.

The stock traded at 14 times its estimated earnings per share for the coming year, according to Bloomberg data. The scrip rose 5.6 percent in the past five days and declined 5.2 percent in the past 30 days.

Opening Bell: Sensex, Nifty Fluctuate

Indian equity benchmarks fluctuated between gains and losses in today’s trade.

The S&P BSE Sensex and the NSE Nifty 50 traded little changed at 38,896 and 11,589.35 respectively. The broader market index represented by the NSE Nifty 500 Index also traded little changed.

The market breadth was tilted in favour of sellers. About 846 stocks declined and 566 shares advanced on National Stock exchange.

Seven out of 11 sectoral gauges compiled by NSE fell, led by the NSE Nifty Auto Index’s 0.7 percent decline. On the flipside, the NSE Nifty Metal Index was the top sectoral gainer, up 0.2 percent.

Money Market Update: Rupee Opens Lower

The Indian rupee opened lower against the U.S. dollar. The home currency depreciated as much as 0.1 percent to 68.59 against the greenback.

Pre-Market Check: Sensex, Nifty Set For Positive Start

Indian equity benchmarks are set to open higher.

The S&P BSE Sensex rose 0.27 percent to traded around 39,000 and the NSE Nifty 50 hovered around 11,600, up 0.1 percent.

In the currency market, the Indian rupee opened lower against the U.S. dollar. The home currency depreciated as much as 0.1 percent to 68.59 against the greenback.

Your Complete F&O Trade Setup

July Futures

  • Nifty futures closed at 11,579, discount of 8.8 points.
  • Nifty futures open interest down 2 percent, sheds 3.4 lakh shares in open interest.
  • Bank Nifty futures closed at 30,456.5, premium of 10.6 points versus discount of 1 point.
  • Bank Nifty futures open interest down 3 percent, sheds 58,000 shares in open interest.

Options

  • Nifty PCR at 1.19 versus 1.14.

Nifty Weekly Expiry 18-July

  • Max open interest on call side at 11,600 (19 lakh shares).
  • Max open interest on put side at 11,500 (16.8 lakh shares).
  • Open interest addition seen in 11,500P (+4.7 lakh shares), 11,600P (+3.9 lakh shares), 11650C (+3.7 lakh shares).

Nifty Monthly Expiry 25-July

  • Max open interest on call side at 12,000 (32 lakh shares).
  • Max open interest on put side at 11,300 (24.4 lakh shares).

Stocks in F&O Ban

  • DHFL
  • IDBI Bank
  • Reliance Capital
  • Reliance Infra

Earnings Corner: 5Paisa Capital, DCB Bank, HDFC Asset Management Company, Tata Metaliks

Earnings To Watch

  • 5Paisa Capital
  • Agro Tech Foods
  • DCB Bank
  • Federal Bank
  • HDFC Asset Management Company
  • Jay Bharat Maruti
  • MCX
  • Network18 Media & Investments
  • TV18 Broadcast
  • Vikas Multicorp

Earnings Reaction To Watch

Tata Metaliks (Q1, YoY)

  • Revenue up 6.7 percent to Rs 499 crore.
  • Net profit falls 35.5 percent to Rs 19.6 crore.
  • Ebitda down 32 percent to Rs 44.9 crore.
  • Margins narrows to 9 percent.

Automotive Stampings and Assemblies (Q1, YoY)

  • Revenues up 7.9 percent to Rs 120.3 crore.
  • Net loss widens to Rs 9.5 crore.
  • Ebitda loss at Rs 2.4 crore.

Stocks To Watch: Ashok Leyland, Brigade Enterprises, DHFL

  • Brigade Enterprises: Board approved issuing one bonus share for every two shares held in the company and issuing convertible warrants worth Rs 115 crore to the promoter group at Rs 269 per warrant.
  • Ashok Leyland said that the release that company’s plant located in Pantnagar, Uttarakhand will remain closed from July 16 to July 24, due to weak demand and outlook for the industry.
  • DHFL: No futures and options contracts will be available for trading in the equity segment from Sept. 27. All existing F&O contracts will expire on Sept. 26.
  • Eros International Media’s foreign arm Eros International PLC's gross revenue had decreased 3.1 percent to $79 million and adjusted Ebitda was down 46 percent to $13.1 million for the fourth quarter of financial year 2019. Net loss was at $432.43 million for the aforementioned period. (Bloomberg News)
  • Reliance Infra paid and redeemed 173 NCDs from invocation of pledged shares by debenture holders and now 1162 NCDs are outstanding under Series 20 of NCDs.
  • Tata Motors JLR to get 500 million pounds loan guarantee from the U.K. export to support development of electric cars, Prime Minister Theresa May, said. (Bloomberg News)
  • Page Industries Cartica Capital decreased stake in the company from 5.01 percent to 2.98 percent.
  • Adani Power Mundra approved buyback of Rs 330 crore worth of debentures (Bloomberg News)
  • HDFC Bank to consider special interim dividend on July 20.
  • HDFC to issue NCDs worth Rs 5,000 crore.
  • Aditya Birla Fashion acquired 51 percent stake in Finesse International Design for Rs 60 crore.
  • State Bank of India: RBI levied a penalty of Rs 7 crore for violating income recognition rule.
  • L&T Finance IL&FS signed a binding term sheet with secured lenders of three projects, as part of its resolution process. (Bloomberg News)
  • Jubilant Lifesciences announced a price hike of 10 percent for Vitamin B3 with immediate effect for non-contract customers and existing contracts.
  • Jet Airways’ first meeting of creditors to be held on July 16.
  • Union Bank: RBI levied penalty of Rs 10 lakh for non-compliance of cyber rules.
  • Greaves Cotton increased share in Ampere Vehicles to 81.23 percent for Rs 16 crore.

Also Read: A $677 Billion Manager Spots Buy Opportunity Amid India Sell-Off

Commodity Cues: Brent Crude Falls

  • Brent crude fell 0.36 percent to $66.48 a barrel.
  • West Texas Intermediate crude dipped 0.3 percent to $59.42 a barrel.
  • Gold added 0.1 percent to $1,415.13 an ounce.

Also Read: Oil Skids Below $60 as Barry Leaves Gulf, Chinese Economy Stalls

London Metal Exchange

  • Copper resumed gains after a one-day blip, closed 0.8 percent higher.
  • Lead ended higher for the sixth consecutive trading session, closed 0.25 percent higher.
  • Tin ended lower for the second day, closed 1.65 percent lower.
  • Zinc ended higher for the fourth consecutive trading session, closed 0.25 percent higher.
  • Aluminium halted a two-day losing streak, closed 1.1 percent higher.
  • Nickel ended higher for the fourth consecutive trading session, ended 1.45 percent higher.

Also Read: Venezuela Defies Sanctions to Sell $40 Million in Gold Reserves

Nifty Futures Suggests Muted Start; Asian Stocks Trade Mixed

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, fell 0.1 percent to 11,575 as of 8:15 a.m.

Asian stocks were mixed Tuesday as investors looked to earnings and clues from policy makers for the next catalyst.

Japanese shares dipped as traders returned from a holiday, while indices of South Korean and Australian equities were flat and Hong Kong edged up. The S&P 500 Index earlier ended flat at a record high with Citigroup Inc., the first giant U.S. bank to report results, little changed. Oil fell below $60 a barrel.

Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.

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