A punter reads a newspaper near a screen showing betting odds inside a betting hall at the Hong Kong Jockey Club’s Happy Valley racecourse in Hong Kong, China. (Photographer: Justin Chin/Bloomberg)

Nifty Extends Losing Streak To Day 5 But Manages To Hold 9,500

Market Wrap

Closing Bell

Indian shares declined the most in over a month as investors booked profits ahead of the anticipated disruption that may be caused after the rollout of an unified tax regime later this week.

The S&P BSE Sensex fell little over 0.5 percent to 30,962 – its lowest level since May 29 of this year. The NSE Nifty closed 0.7 percent lower at 9,510, extending its losing streak to a fifth straight session. This after the 51-share index fell 1 percent to 9,473 – its lowest since May 25, 2017.

The market breadth was firmly tilted in favour of the bears. About 1,189 stocks declined and only 303 advanced on the NSE.

Nifty Next Stop, 9,300?

Grasim, Aditya Birla Nuvo Buck The Weak Market Trend

Shares of Aditya Birla Nuvo Ltd. and Grasim Industries Ltd. rose over 3.5 percent, on a day when the Nifty dropped most in a month, ahead of a restructuring exercise that would tighten billionaire Kumar Mangalam Birla's grip of a business empire with more than $40 billion in annual revenue.

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CRISIL Expects Banks To Take 60% Haircut On Bad Loans

Euro Jumps After Draghi's Comments

The euro-dollar jumped after European Central Bank President Mario Draghi said factors damping inflation are temporary and policy makers need to stay prudent in adjusting its stimulus mix.

Nifty Slips Below 9,500

PSU Banks Decline Post RBI's New Norms

I.T. Index Declines For Fourth Straight Day

Former RBI Governor YV Reddy On RBI's Bad Loan Resolution Plan

European Indices Trade Weak

Indian Oil Recovers From Day's Low

Poly Medicure Surges After Winning Patent Battle

Shares of the disposable healthcare manufacturer snapped its 3-day losing streak and gained as much as 16.48 percent, the most in three months, after the company won a patent battle against German company B. Braun Melsungen on IV catheters, According to a Hindu BusinessLine report.

The media company reported that B. Braun had claimed that the intravenous catheters sold by Poly Medicure were protected by patents.

The stock is gaining with volumes at 29.4 times its 30-day average. The stock had returned 18 percent so far this year and gained 19 percent in the past 52-weeks.

All Components Of Media Index Decline

Indiabulls Stocks Heading Higher?

Movers At 12 With BQResearch

NMDC Slumps Post Citi Downgrade

Shares of NMDC Ltd. fell as much as 3.4 percent, the most in nearly four months to Rs 103.40 after brokerage firm Citi downgraded the stock to 'Sell' from 'Neutral.'

The firm also reduced its price target on the stock to Rs 99 from Rs 125. Bearish global view, price competition, lower exports and inadequate steel protection may prompt the company to cut prices by as much as 20 percent, the report said.

Though support is anticipated through the dividend yield, it would require the company to dip into its cash reserves, the report added.

India's Tax Litigations Rising

Videocon Industries Gains After 25 Days Of Losses

Flat Listing For Tejas Networks

Telecom equipment maker Tejas Networks Ltd. listed at its issue price of Rs 257 on the National Stock Exchange and BSE.

The Rs 777 crore initial public offering, which was a mix of fresh issue of equity shares and an offer for sale, had been subscribed 1.88 times. The demand from qualified institutional buyers stood at 2.16 times the shares on offer, while the retail portion was subscribed 3.1 times. High net worth individuals section subscribed 48 percent.

Aviation Stocks Decline

Aviation stocks SpiceJet, Jet Airways and Interglobe Aviation are down for the second straight session as some recovery is seen in Crude prices. Brent Crude has gained 1 percent in the last two trading sessions.

Block Deal Alert

  • HDFC Bank saw 13.9 lakh shares changed hands in a single block deal
  • Buyers and Sellers were not immediately known

Source: Bloomberg

PSU Bank Index At 3-Month Low

Also Read: RBI Seeks Higher Provisioning Against Insolvency Cases

The Decline Of Amtek Auto

L&T Construction Wins Order

The construction arm of infrastructure major Larsen and Toubro Ltd. won orders worth Rs 2,552 crore across various segments.

The transportation, infrastructure and water effluent treatment business has jointly bagged an EPC order worth Rs 1,223 crore from Aurangabad Industrial Township Ltd.

This is the second order received in this category by the company after the Dholera SIR Infrastructure Project in Gujarat.

The water and Effluent Treatment Business also won an EPC order worth Rs 1,329 crore from the Mumbai Metropolitan Region Development Authority (MMRDA)

Shares were trading higher by 0.2 percent at Rs 1,726.

Pioneer Distilleries Hits Upper Circuit

Shares of the United Spirits Ltd. subsidiary hit an upper circuit limit of 5 percent to Rs 205.25 after it received a subsidy worth Rs 118 crore from the Government of Maharashtra. The subsidy was received under Mega Subsidy Phase - II.

Opening Trades With BQResearch

Opening Bell

Indian shares gained in opening trade, led by consumer goods, metal and property developers.

The S&P BSE Sensex index gained over a 100 points or 0.4 percent to 31,279 while the NSE Nifty 50 index opened above the 9,600-mark, as it too climbed 0.4 percent to 9,613. The Nifty PSU Bank index was the only sectoral laggard.

The market breadth was firmly tilted in favour of the buyers. About 939 stocks advanced, compared to 483 stocks that declined.

5 Things To Watch

Money Markets Heads-Up

The rupee is seen following its Asian peers and may open weaker against the dollar today. Investors will focus on an address by Federal Reserve Chair Janet Yellen later today to get more cues on whether the U.S. central bank will hike rates going forward after yesterday’s durable goods data raised concerns about the strength of economic growth.

Government bonds may continue their rally today as bets build that the RBI will ease interest rates in August. Bonds completed eight straight weeks of gains last week, which was the longest run of weekly gains since 2003. Later today, RBI will auction about 157 billion rupees of debt for 12 Indian states.

Heads-Up With BloombergQuint

Stocks To Watch

  • Infibeam Incorporation: To consider stock split in its board meeting on July 13, 2017
  • Tejas Networks: To list on the BSE and NSE today
  • F&O Entrants: Chennai Petroleum, ICICI Prudential Life, Manappuram Finance, Repco Home Finance and SREI Infrastructure will be the new F&O entrants from June 30
  • Syndicate Bank: Received shareholder approval to raise additional capital via equity for an amount not exceeding Rs 3,500 crore
  • Infosys: Investigations find no evidence of wrongdoing in Panaya deal. Vishal Sikka exercised 20 percent RSUs numbering 24,812 RSUs
  • Bajaj Hindusthan: JLF decides that the company's loan account will be taken up for consideration under the S4A scheme. Proposal for sale of co-generation power business of the company has been shelved

For a complete list of Stocks to Watch, click HERE!

Talking Points

  • Five more F&O entrants from the July series
  • BSE revises transaction charges in currency derivatives
  • Trump warns Modi India must reduce obstacles to U.S. exports
  • The world’s top airline stock is India’s SpiceJet with gains of 124 percent
  • Federal Bank to consider share price for QIP issue
  • Infosys chairman to see out term, stand down next year
  • Vedanta seeks to quadruple Zambia copper output over three years

Good Morning!

The Singapore traded SGX Nifty, an early indicator of Nifty’s performance in India, was little changed at 9,627.

A weaker yen spurred gains in Japanese stocks while equities elsewhere in Asia were mixed ahead of an appearance by Federal Reserve Chair Janet Yellen. Oil held gains while gold slipped.

Brazil’s Michel Temer was charged with corruption by the chief prosecutor on Monday evening, in a highly anticipated development that may put the embattled president of Latin America’s largest economy on trial. Temer, who has denied the charges, could lose his job if indicted and found guilty. Read more here on how that may play out.

West Texas Intermediate crude was little changed at $43.38 a barrel, after a three-day rally following oil’s drop into a bear market.

Gold fell 0.2 percent to $1,242.54 an ounce, it sank by almost 1 percent the following day. The yield on 10-year Treasuries stood at 2.14 percent, after dropping one basis point.

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