KEY HIGHLIGHTS
Sensex, Nifty Clock Best Single-Day Gains In Nearly Three Weeks
Indian equity benchmarks clocked their best single-day gains in nearly three weeks.
The S&P BSE Sensex closed 488 points or 1.25 percent higher at 39,601.63 and the NSE Nifty 50 closed at 11,831.75, up 1.2 percent. The broader market index represented by the NSE Nifty 500 Index closed 1.26 percent higher.
The market breadth was tilted in favour of buyers. About 1,118 stocks advanced and 665 shares declined on National Stock Exchange.
Shares of Jet Airways were in focus after they soared over 150 percent intraday during the last 10 minutes of the trade. The stock ended 90 percent higher. Trading volume was over six times its 20-day average, Bloomberg data showed.
All the eleven sectoral gauges compiled by NSE advanced, led by the NSE Nifty Pharma Index’s 3.06 percent gains.
Jet Airways Jumps 150% Intraday
Shares of Jet Airways rose as much as 150 percent to Rs 82.75.
The National Company Law Tribunal will pass an order at 5 p.m. today on whether the bankruptcy case will be admitted.
Trading volume was more than seven times its 20-day average, Bloomberg data showed. The Relative Strength Index was below 30, indicating that the stock may be oversold.
Fab Four Stocks Of The Day
Adani Green Energy
- Stock rose as much as 5.7 percent to Rs 42.
- Company won 700 MW power project order.
ONGC
- Stock rose as much as 2.6 percent to Rs 171.65.
- Brent crude rose over 2.5 percent.
Coffee Day Enterprises
- Stock halted 13-day losing streak. Shares rose as much as 3.6 percent to Rs 221.05.
- Trading volume was almost double its 20-day average.
Just Dial
- Stock rose as much as 4.1 percent to Rs 753.
- The scrip witnessed high OI buildup of 26.7 percent.
Sensex, Nifty Set To Clock Best Single-Day Gains In Three Weeks
Indian equity benchmarks extended their early gains to trade at day’s high and are set to register their best single-day gains in three weeks.
The S&P BSE Sensex rose 445 points to 39,560 as of 3 p.m. and the NSE Nifty 50 reclaimed 11,800. The broader market index represented by the NSE Nifty 500 Index rose 1.2 percent.
The Nifty need to sustain around 11,850 levels in the next one-or-two sessions, Viratech Software's Rahul Mohindar told BloombergQuint in an interaction.
"It is too early to call the current market rally a moment of breakout. It is difficult to conclude anything until the 50-stock gauge holds the above mentioned levels," Mohindar said.
Stocks Moving On Heavy Volumes
Chalet Hotels
- Stock fell as much as 2.1 percent to 311.50.
- Trading volume was more than 16 times its 20-day average.
Elpro International
- Stock rose as much as 3 percent to Rs 46.
- Trading volume was almost eight times its 20-day average.
Apar Industries
- Stock rose as much as 2.3 percent to Rs 589.90.
- Trading volume was almost 10 times its 20-day average.
India Best Among Emerging Market Peers, Avendus Capital Says
The markets are currently waiting for the outcome of G20 meet and the Union Budget, according to Avendus Capital's Vaibhav Sanghavi.
India is the best among emerging market peers and will witness FPI flows in the medium-term, Sanghavi told BloombergQuint in an interaction.
Sanghavi said that he is currently bullish on staples and discretionary space in the consumption sector. He prefers to avoid NBFC sector at current levels.
Small-Cap Index Halt Six-Day Fall; Jet Airways, Jain Irrigation Top performers
The small-cap index represented by the NSE Nifty SmallCap 100 Index halted a six-day decline, led by the gains in Jet Airways and Jain Irrigation.
Suzlon Energy Surges On Report Lenders Said To Meet On Debt Restructuring Plan
Shares of Suzlon Energy rose as much as 25.4 percent, the most in over three months, to Rs 4.20.
The lenders to the wind-turbine maker is said to meet tomorrow to decide on the debt restructuring proposal for the company, Bloomberg reported quoting people familiar with the matter.
The stock declined 50 percent in the past 12 months compared to a 11 percent gain in the Sensex.
Sensex Jumps Over 450 Points From Day’s Low; Nifty Above 11,750
Indian equity benchmarks continued to trade at day’s high.
The S&P BSE Sensex rose as much as 0.72 percent or 282 points to 39,394.36 as of 2 p.m. and the NSE Nifty 50 rose as much as 0.69 percent to trade above 11,772.15.
The market breadth was tilted in favour of buyers. About 927 stocks advanced and 812 shares declined on National Stock Exchange.
Nifty Pharma Best Sectoral Performer
Nine out of 11 sectoral gauges compiled by National Stock Exchange traded higher, led by the NSE Nifty Pharma Index’s 2.1 percent gain. On the flipside, the NSE Nifty IT Index was the worst sectoral performer, down 0.49 percent.
Europe Market Check: Equities Gain
European equities advanced at the open, with miners and tech leading the gains, after the U.S. Federal Reserve followed the European Central Bank in taking a dovish stance amid slowdown concerns.
Piramal Enterprises Halts Six-Day Fall; Shares Surge Over 7%
Shares of Piramal Enterprises halted their longest losing streak in nearly five months. The stock rose as much as 7.8 percent, the most since October 2018, to Rs 1,878.
Trading in the company's call options totalled 4,019 contracts, compared with the average of 850 over the past 20 days, according to Bloomberg data. Trading in the company's put options totalled 2,303 contracts, compared with the average of 611 over the same period.
Government Identifies 5,106 'Risky Exporters' Who Have Fraudulently Claimed GST Refunds
The government today said it has identified 5,106 “risky exporters” so far who have claimed GST refunds based on bogus invoices, and would manually check their claims before issuing refunds.
According to sources, such fraudulent claims of Integrated GST (IGST) refunds by exporters could exceed Rs 1,000 crore.
The Central Board of Indirect Taxes and Customs (CBIC), in a statement, also assured genuine exporters that their refund claims would be processed in an automated environment and issued in a timely manner.
Source: PTI
Market Check: Sensex, Nifty At Day’s High
Indian equity benchmarks extended gains to trade at day’s high.
The S&P BSE Sensex rose as much as 261 points or 0.67 percent as of 1 p.m. to 39,373.79 and the NSE Nifty 50 rose as much as 0.6 percent to 11,761.
Indiabulls Housing Finance, Yes Bank and Sun Pharmaceutical Industries were the top performers on the 50-stock index while UPL, Adani Ports And Special Economic Zone and Wipro were the worst performers.
In the commodities, gold surged to over a five-year high after the U.S. Federal Reserve indicated a readiness to cut interest rates.
Commodity Check: Gold At Bright Spot
Gold surged to the highest in more than five years after the U.S. Federal Reserve indicated a readiness to cut interest rates.
Read the full story here:
Source: Bloomberg
Indiabulls Housing Halts Longest Losing Streak In Three Weeks
Shares of Indiabulls Housing Finance halted a four-day losing streak, their longest in three weeks. The stock rose as much as 7.8 percent to Rs 599.
The housing finance company plans to buyback all its non-convertible debentures due in July and August worth Rs 2,285 crore via a tender offer, Bloomberg reported quoting people familiar with the matter.
The buyback proposal is a sign of company’s strong cash position, one of the people quoted above told Bloomberg.
The stock had clocked a record drop of 20 percent yesterday before recovering at the close. The scrip traded at 5.1 times its estimated forward earnings per share compared to 10 times for the two-year historical average.
Jet Airways Jumps The Most Since Listing
Shares of Jet Airways rose as much as 39.8 percent, the most since listing, to Rs 46.30.
The national Company Law Tribunal will pass an order at 5 p.m. today on whether the bankruptcy case will be admitted, according to a Bloomberg report.
Trading volume was more than seven times its 20-day average, Bloomberg data showed. The Relative Strength Index was below 30, indicating that the stock may be oversold.
Market Check: Sensex, Nifty Near Day’s High
Indian equity benchmarks were trading near day’s high after opening lower.
The S&P BSE Sensex traded 0.38 percent or 150 points higher at 39,266 as of noon and the NSE Nifty 50 traded around 11,740, up 0.39 percent.
Anil Ambani-led companies—Reliance Infrastructure, Reliance Power and Reliance Capital witnessed a rallying after surging between 10-15 percent. UPL continued to remain in pressure as the stock extended declines and fell over 12 percent.
PSP Projects Gains After Winning Orders
Shares of PSP Projects rose as much as 3.4 percent to Rs 538.
The company bagged orders worth Rs 607 crore, according to its stock exchange filing.
Of the shares traded, 64 percent were at the ask price and 32 percent were at the bid, according to Bloomberg data.
TV18 Broadcast Halts Six-Day Fall, Shares Jump Nearly 7%
Shares of TV18 Broadcast halted a six-day fall, their longest losing streak in nearly two months, to Rs 23.65.
The stock traded at 28 times its estimated earnings per share for the coming year, Bloomberg data showed. Trading volume was almost four times its 20-day average.
Mid-Cap Index Outperforms Benchmark Index
The mid-cap index represented by the NSE Nifty MidCap 100 Index halted a six-day losing streak in nearly five months and rose 0.76 percent, compared to a 0.43 percent gain in the NSE Nifty 50.
The gains in the 100-share gauge was driven by the Anil Ambani-led firms—Reliance Infrastructure Ltd., Reliance Power Ltd. and Reliance Capital Ltd.
Bloomberg Exclusive | Government May Raise Income Tax Threshold In Budget
The centre is considering increasing the personal income tax threshold in next month’s budget, Bloomberg reported quoting people familiar with the matter.
Market Check: Sensex Jumps Nearly 350 Points From Day’s Low
Indian equity benchmarks were trading at day’s high.
The S&P BSE Sensex rose nearly 350 points from intraday low to trade at 39,277.53 and the NSE Nifty 50 rose as much as 0.38 percent to 11,736.45. The broader market index represented by the NSE Nifty 500 Index also erased gains to trade 0.45 percent higher.
In the past hour, UPL witnessed a sudden fall as the stock declined the most in nearly nine months.
UPL Worst Performer On Nifty; Shares Fall Over 7%
Shares of UPL fell as much as 7.2 percent, the most in nearly nine months, to Rs 881.
This after brokerage and research firm HSBC raised concerns of lower soyabean demand and pricing pressure due to the trade tensions between the U.S. and China and an outbreak of African swine fever.
“Soyabean demand and pricing are likely to remain under pressure due to the as-yet unresolved U.S.-China trade tensions, events like ASF and the rising U.S. exports to the EU and other countries, which could keep Brazil price premiums in check, unlike in 2018,” the research firm said in a note.
About 35 percent of UPL’s overall revenues during the previous financial year came from the Latin American region—the fastest growing markets for the company.
The scrip has fallen during three trading session in the last four. Trading volume was triple its 20-day average, Bloomberg data showed. The Relative Strength Index on was below 30, indicating that the stock may be overbought.
Ashok Leyland Hits Four-Month Low
Shares of the truck and bus maker fell as much as 3 percent to Rs 80.40, the lowest since February.
The company’s plant at Pantnagar will remain closed from June 24 to June 29 to align with the production and sales requirements, according to an exchange filing.
The stock declined 39 percent in the past 12 months compared to an 10 percent advance in the Sensex.
Expect Nifty To Trade Around 11,600-12,000 Levels
The NSE Nifty 50 is expected to trade around 11,600-12,000 levels till the end of June series, Dealmoney Securities' Head of Research Brijesh Bhatia said.
“There might be a trigger during the first week of July where the markets might trade 3-5 percent higher and we have a target of 12,150-12,300 on the upside,” Bhatia told BloombergQuint in an interaction.
F&O Check: Nifty 11,700 Call Option Gains Over 9%
Nifty’s 11.700 call option contract was among the most active Nifty option contracts on National Stock Exchange.
Premium on the contract rose 9.13 percent to Rs 37.65. Over 9.06 lakh shares were added to the open interest which stood at over 22.41 lakh shares.
Market Check: Sensex, Nifty Stage A U-Turn
Indian equity benchmarks pared opening losses, led by the gains in Reliance Industries Ltd. and HDFC Ltd.
The S&P BSE Sensex traded 61 points higher at 39,175 as of 9:50 a.m. after falling over 100 points in the opening trade and the NSE Nifty 50 traded above 11,700, up 0.14 percent.
Tech shares were in focus during today’s trade after Reuters reported that the U.S. is said to limit H-1B visas for countries that force foreign companies to store data locally.
Jain Irrigation Slumps After Block Deal
Shares of Jain Irrigation Systems fell as much as 17.3 percent to Rs 16.30, the lowest in over 14 years.
About 19.4 lakh shares of Jain Irrigation changed hands in a block deal, Bloomberg data showed. Buyer and sellers were not known immediately.
Trading volume was almost 15 times its 20-day average, Bloomberg data showed. The Relative Strength Index was below 30, indicating that the stock may be oversold.
Adani Green Surges After Winning Bid
Shares of Adani Green Energy halted a four-day losing streak and rose as much as 5.7 percent to Rs 42.
The company won bids for setting up 600 MW wind-solar hybrid power project by Solar Energy Corporation of India. The fixed PPA tariff is Rs. 2.69/ kWh for a period of 25 years. Project is expected to be commissioned by March 2021.
Trading volume was almost four times its 20-day average, Bloomberg data showed. The stock fell 5.4 percent in the past five days and declined 4.8 percent in the past 30 days.
HDFC Swings On Acquisition Plans
Shares of HDFC fluctuated between gains and losses to trade 0.58 percent higher at 2,188.10
The company plans to acquire 51.2 percent stake in Apollo Munich for Rs 1,347 crore. Post the acquisition, Apollo Munich will be merged with HDFC Ergo General Insurance. The proposed acquisition is expected to complete within four months and the proposed merger is expected to be completed in nine months.
Of the shares traded, 49 percent were at the ask price and 36 percent were at the bid, according to Bloomberg data.
Tech Shares Decline, Wipro Falls Over 3%
The NSE Nifty IT Index fell 1.06 percent, led by the declines in Wipro Ltd., Tata Elxsi Ltd. and Tata Consultancy Services Ltd.
The U.S. is said to consider capping of H-1B visas for countries that force foreign companies to store data locally, Reuters reported quoting three sources with knowledge of the matter.
Opening Bell: Sensex, Nifty Open Lower
Indian equity benchmarks opened lower after closing mixed yesterday.
The S&P BSE Sensex fell as much as 0.43 percent or 167 points to 38,945.56 and the NSE Nifty 50 fell as much as 0.4 percent to 11,644.55. The broader market index represented by the NSE Nifty 500 Index fell as much as 0.33 percent.
The market breadth was tilted in favour of sellers. About 792 stocks declined and 544 shares advanced on National Stock Exchange.
Six out of 11 sectoral gauges compiled by NSE declined, led by the NSE Nifty IT Index’s 1.4 percent fall. On the flipside, the NSE Nifty Financial Service Index was the top sectoral gainer, up 0.2 percent.
Money Market Update: Rupee Opens Higher
The Indian rupee opened higher against the U.S. dollar. The home currency appreciated as much as 0.3 percent to 69.47 against the greenback.
The 10-year bond yield opened at 6.77 percent Thursday compared to yesterday’s close of 6.84 percent.
BQ Heads-Up: Fund Flows, Indian ADRs, Who's Meeting Whom
Your Complete F&O Trade Setup
June Futures
- Nifty futures closed at 11,708.6, premium of 17 points versus 9 points.
- Nifty futures open interest down 3 percent, sheds 5 lakh shares in open interest.
Bank Nifty
- Bank Nifty futures closed at 30,350, discount of 12 points versus 20 points.
- Bank Nifty futures open interest up 5 percent, adds 76,000 shares in open interest.
Options
- Nifty PCR at 1.15 versus 1.13 (across all series)
Nifty Weekly Expiry 20 June
- Max open interest on call side at 11,900 (27 lakh shares)
- Max open interest on put side at 11,700 (12.3 lakh shares)
- Open interest addition seen at 11,800C (+1.6 lakh shares), 11,650C (+1.5 lakh shares), 11,650P (+1.5 lakh shares).
Nifty Monthly Expiry 27 June
- Max open interest on call side at 12,000 (25.8 lakh shares).
- Max open interest on put side at 11,500 (27.3 lakh shares).
- Open interest addition seen at 11,700P (+3 lakh shares), 11,800C (+2.7 lakh shares).
Stocks in F&O Ban
In Ban:
- DHFL
- IDBI Bank
- Jet Airways
- PC Jeweller,
- Reliance Infrastructure
New in Ban:
- Reliance Infrastructure
Out of Ban:
- Reliance Capital
Stocks To Watch: Adani Green, Bharat Financial, HDFC
- IndusInd Bank and Bharat Financial board fixed July 4 as the record date for determining the shareholders of BFIL who shall be entitled to receive shares of the Bank. The board have also decided to consider consolidated first quarter earnings on July 12.
- Adani Green won bids for setting up 600 MW wind-solar hybrid power project by Solar Energy Corporation of India. The fixed PPA tariff is Rs. 2.69/ kWh for a period of 25 years. Project is expected to be commissioned by March 2021.
- HDFC to acquire 51.2 percent stake in Apollo Munich for Rs 1,347 crore. Post acquisition, Apollo Munich will be merged with HDFC Ergo General Insurance. Proposed acquisition expected to complete within four months and the proposed merger is expected to be completed in nine months.
- Apollo Hospitals to sell entire 10 percent stake in Apollo Munich Health Insurance Company to HDFC for Rs 300 crore.
- Ashok Leyland plant at Pantnagar will remain closed from June 24 to June 29 (both days inclusive) to align with the production and sales requirements.
- Reserve Bank of India imposed a Rs 10 Lakh fine on South Indian Bank for non-compliance with the directions issued by RBI on guarantees and co-acceptances.
- Sun Pharma received Form 483 with four observations for Halol Plant.
Commodity Cues: Brent Crude Jumps
- Brent crude rose 1.3 percent to $62.64 a barrel.
- West Texas Intermediate rose 1.4% to $54.50 a barrel.
- Gold was little changed at $1,359.60 an ounce.
London Metal Exchange
- Copper halted a two-day gains, closed 0.52 percent lower.
- Nickel ended higher for the second day, up 1.17 percent.
- Zinc halted a two-day rally, closed 1.35 percent lower.
- Aluminium ended higher for the second day, up 0.17 percent.
- Lead halted a two-day rally, closed 1.3 percent lower.
- Tin ended 1.4 percent lower.
Nifty Set To Open Higher; Asian Stocks Mixed
Good Morning!
The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 0.34 percent to 11,758.50 as of 8 a.m.
Asian stocks were mixed after the Federal Reserve struck a dovish tone in its latest policy statement. Stocks saw modest gains in Tokyo and Hong Kong, and were little changed in South Korea and China.
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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