Sensex, Nifty End Volatile Session Higher Led By HDFC Twins, ICICI Bank

• Benchmark indices end volatile session with gains
• Recovery led by HDFC Twins, ICICI Bank
• Nifty ends 1% higher at 9,914
• Sensex ends 1.1% higher at 33,605
• Nifty Bank ends 1.9% higher at 20,296
• Nifty Midcap Index ends 0.44% higher
• Nifty Smallcap Index ends 0.1% lower
• India Volatility Index ends 1.2% higher at 32.96
• Nifty Media and Metal Index end with gains of over 1%
• Nifty PSU Bank (down 0.9%), Nifty Realty (down 0.8%), Nifty Pharma (down 0.6%) and Nifty FMCG (down 0.4%) were the sectoral laggards
• HDFC Bank ends as the top Nifty gainer; up 4.1%
• Tata Motors ends as the top Nifty laggard; down 5.9%
• 846 stocks on the NSE end with gains while 983 decline

Indian equity markets ended a volatile session with gains after giving up most of them during the second half of trade.

Tensions on the India-China border led to investors booking profits from the highest point of the day.

The S&P BSE Sensex ended 1.13% higher at 33,605. The index ended over 600 points lower from its day's high of 34,022.

The NSE Nifty 50 ended 130 points off the day's high of 10,046. The index ended 1% higher at 9,914. Broader markets underperformed in today's session.

Among sectoral indices, the Nifty Bank ended with gains of 2% led mainly by HDFC Bank and ICICI Bank. The media and metal index ended with gains of over 1% while I.T. and Auto indices ended flat.

FMCG, Pharma, PSU Bank and Realty indices were the sectoral laggards.

Market breadth ended in favour of the declines. 983 stocks on the NSE ended with losses while 846 posted gains.

• Trades at the highest level in four months
• Gains as much as 6% to Rs 642.4
• Up for the second straight day
• Today's volumes are double than its 30-day average
• Has gained over 50% from its 52-week low of Rs 402.55 on March 25, 2020
• 12 out of the 17 analysts tracking the stock have a buy recommendation; 0 sell calls
• Return potential of the stock as per Bloomberg data is 10.6%

• Trades at the highest level in four months
• Gains as much as 7.5% to Rs 499.5.
• Fifth straight day of gains
• Longest winning streak in two months
• Up 21.2% in the last five trading sessions
• Today's volumes are 6.7 times higher than its 30-day average
• Trades around its 200-Day Moving Average of 478
• Stock is in overbought territory with Relative Strength Index (RSI) at 76
• Has more than doubled from its 52-week low of Rs 206.4 on March 24, 2020
• Six out of the seven analysts tracking the stock have a buy recommendation
• Return potential of the stock as per Bloomberg data is 49.5%

Recurring border tensions with China or Pakistan have been weighing on the Rupee, and the latest flare-up will add more pressure, according to the ING Group.

Prakash Sakpal, an economist with ING told Bloomberg that the currency can depreciate towards 77.40 against the U.S. Dollar over the next three months.

The rupee ended 0.24% lower in today's trading session at 76.21. It also ended as the worst performing currency among its Asian peers.

The company has informed the exchanges that it will make an acquisition for two companies.

The first one will involve acquiring a 100% stake in FTF Pharma for a total consideration of Rs 75 crore, an amount equivalent to the enterprise valuation, as per the company's press release.

It will also acquire 40% stake in Auxilla Pharmaceuticals for Rs 6 crore. Auxilla was a limited Liability Partnership which was incorporated on May 14, 2020.

The company expects to complete the FTF Pharma deal on or before April 30, 2023 while the timeline for Auxilla is subject to agreement from both parties.

Shares fell as much as 8.8% to Rs 514, post the announcement.

• Trading at an all-time high
• Gains as much as 4.1% to Rs 5,717
• Up for the third straight day
• Has gained 7% in the last three trading sessions
• Today's volumes are 1.8 times higher than its 30-day average
• Stock trades in overbought territory with Relative Strength Index (RSI) at 76
• Has nearly doubled from its 52-week low of Rs 2,925 on March 25, 2020
• Five out of the 10 analysts tracking the stock have a buy recommendation; Two sell calls
• The stock trades 10.4% higher than its 12-month consensus price target of Rs 5,097, implying a negative return potential

Maruti Suzuki has collaborated with IndusInd Bank for various finance schemes for their customers, the company said in a statement.

The various options involve a low EMI scheme, a balloon EMI scheme and a step-up scheme.

Shares of Maruti Suzuki trade 0.5% higher at Rs 5,504 while Shares of IndusInd Bank are down 2.5% at Rs 478, declining for the second day in a row.

• Benchmark indices fluctuate between gains and losses
• Nifty up 0.6% at 9,868
• Sensex up 0.64% at 33,449
• Nifty Bank up 0.3% at 19,971
• Nifty Midcap Index up 0.2%
• Nifty Smallcap Index down 0.5%
• India Volatility Index up 2.4% at 33.36
• Nifty PSU Bank Index down 1.4%
• Nifty Pharma (down 0.9%), Nifty Realty (down 0.8%) and Nifty FMCG (down 0.4%) are the other sectoral laggards
• Nifty Metal and Nifty Media up over 1% each
• UPL is the top Nifty gainer; up 3.1%
• Tata Motors remains the top Nifty laggard; down 6.6%
• 1,055 stocks on the NSE decline while 731 are advancing

The currency ended with losses for the fourth straight day, owing to tensions between India and China at the Line of Actual Control (LAC).

The rupee ended at 76.21 against the U.S. Dollar, as compared to Monday's close of 76.03.

It had made an intraday high of 75.89 before giving up gains as reports of a 'violent face off' between Indian and Chinese soldiers began to surface.

The losses made rupee the worst performing currency in Asia today. The four days of decline is the longest losing streak for the rupee in three months.

• Revenue up 22.1% to Rs 1,073.8 crore
• Net profit down 12.8% to Rs 86 crore
• Ebitda up 2.4% to Rs 168.5 crore
• Ebitda margin at 15.7% from 18.7%
• Impairment for intangible assets at Rs 27.6 crore
• All numbers are consolidated and compared on a year-on-year basis

Shares fell as much as 5.6% to Rs 1,510, post the announcement, before recovering.

The stock has gained in five out of the last six trading sessions so far.

• Benchmark indices reverse gains on border tensions
• Nifty little changed at 9,820; down 230 points from day's high
• Sensex little changed at 33,274; down 750 points from day's high
• Nifty Bank down 0.6% at 19,810; down 800 points from day's high
• Nifty Midcap Index down 0.4%
• Nifty Smallcap Index down 1%
• India Volatility Index reverses losses; up 3.53% to 33.73
• Most sectoral indices give up gains
• Nifty PSU Bank index is the top laggard; down 2.2%
• Nifty Realty and Nifty Pharma Index down 1.2% each
• Nifty FMCG index declines 0.7%
• JSW Steel remains the top Nifty gainer; up 3.2%
• Tata Motors is the top Nifty laggard; down 7.2%
• Market breadth turns adverse. 744 stocks on the NSE gain while 1,037 decline

• An officer and two soldiers were killed in Ladakh's Galwan Valley on Monday night during a 'violent face off' with China.
• Senior military officials of India and China currently meeting to defuse situation in Ladakh.

Source: PTI

The company has informed the exchanges that the Board of Directors have approved the borrowing of funds up to Rs 500 crore.

The fund raising will be done through the issuance of secured, rated, listed, redeemable, non-convertible and taxable debentures (NCDs).

The NCDs will be issued in one or more tranches on a private placement basis.

Shares fell as much as 1.7% to Rs 661 and are down for the third straight day.

Risk-on sentiment spread to the European markets led by the Federal Reserve's announcements overnight.

The Stoxx 600 index has risen 1.7% on open led by sectors cyclical sectors like autos and travel and insurance.

Most Asian Markets have ended with strong gains while futures on the Dow Jones are trading higher by 313 points.

Brent crude for the August contract is little changed at $39.78 per barrel as is Gold which trades at $1,724.5/Oz.

Here's how benchmark indices across Europe have opened:

• Euro Stoxx 50 up 2.25% at 3,206
• DAX up 2.3% at 12,184
• CAC up 2.3% at 4,924
• FTSE 100 up 2.35% at 6,208
• IBEX 35 up 1.7% at 7,382

Rakesh Jhunjhunwala has increased his stake in the company to 5.2%, according to the recent shareholding pattern.

Rakesh Jhunjhunwala's wife bought an additional 0.4% stake on June 15.

Until June 14, the investor and his family held up to 4.8% stake in the company.

The stock is currently trading 0.6% lower at Rs 669.85, snapping a two-day losing streak.

• Cannot assess full impact with full certainty.
• Getting regular orders from export and domestic market.
• Business not significantly affected.
• Adequate financial and capital resources to run the business.
• Profitability has not been impacted significantly.
• No effect on cash inflows and outflows.
• Do not have any significant debt and hence no effect on liquidity.
• Able to manage supply chain adequately
• Sales in FY21 likely to be stable as compared to FY20.

Shares are trading little changed at Rs 994.60, off the day's low.

The Indian government is working with JPMorgan chase to potentially include its bonds in the firm's global indices, people with knowledge of the matter told Bloomberg News

India is aiming for a 7% weightage in the indices tracked by global investors, the sources said, adding that details have not yet been finalised and are subject to change.

Opening up of the sovereign bond market to overseas investors has so far attracted inflows worth $2.4 billion.

A previous attempt at inclusion in JPMorgan's indices had fizzled out in 2013 when Indian officials resisted removal of cap on foreign ownership.

Representatives of JPMorgan and the Finance Ministry were unavailable for comments.

• Trades at the highest level since April 2019
• Top gainer on the Nifty Media Index
• Gains as much as 15.3% to Rs 38.3
• Biggest single-day gain in two months
• Up for the third straight day
• Longest gaining streak in a month
• Has gained in five out of the last seven trading sessions
• Up 51% in the last seven trading sessions
• Has nearly quadrupled from its 52-week low of Rs 11.85 on March 25, 2020
• All three analysts tracking the stock have a buy recommendation

• Benchmark indices trade off the day's high
• Nifty up 1.6% to 9,965
• Sensex up 1.6% to 33,760
• Nifty Bank up 2.2% to 20,352
• Nifty Midcap Index up 1.6%
• Nifty Smallcap Index up 1.2%
• India Volatility Index down 4.5% to 31.1
• Nifty Media Index is the top sectoral gainer; up 3.4%
• Nifty Metal Index off the day's high but up 2.9%
• Nifty Auto, Nifty I.T. and Nifty PSU Bank gain 1% each
• JSW Steel is the top Nifty gainer; up 5.6%
• 42 out of the 50 Nifty constituents gain
• Tata Motors is the top Nifty laggard; down 4.3%
• 1,293 stocks on the NSE trade with gains while 446 decline

The company informed the exchanges on Monday that it is all set to commercially launch its key API - Fexofenadine in the U.S. Market.

Fexofenadine is an anti-histamine drug used in the treatment of seasonal allergic Rhinitis and Urticaria in the U.S. market.

The company has received commercial orders for the same and supplies will begin from the current quarter, according to its exchange filing.

U.S. market contributed 14% to the company's revenue where it supplies 7-8 products comfortably.

The stock is locked in an upper circuit of 10% at Rs 33.25 and is up for the second straight day.

• Trades at the highest level since February 2019
• Among top performers on the Nifty 500 Index
• Gains as much as 8.4% to Rs 594
• Up for the fourth straight day
• Has gained in 10 out of the last 12 trading sessions
• Up 48% in the last 12 trading sessions
• Today's volumes are 3.7 times higher than its 30-day average
• Stock trades in Overbought territory with Relative Strength Index (RSI) at 85
• Made a 52-week low of Rs 273 on March 24 this year. Has more than doubled since then.
• Seven out of the Nine analysts tracking the stock have a buy recommendation; 0 sell calls
• Return potential of the stock as per Bloomberg data is 6.4%

• Top performer on the Nifty Midcap Index
• Gains as much as 9.2% to Rs 295.3
• Biggest single-day jump in two months
• Trades at the highest level in over three months
• Up in four out of the last five trading sessions
• Has gained 15.5% in the last five trading sessions
• Today's volumes are nearly double its 30-day average
• Testing 100-Day Moving Average at 303
• Has gained 58% from its 52-week low of Rs 185 on March 25, 2020
• 27 out of the 43 analysts tracking the stock have a buy recommendation; Nine sell calls
• Return potential of the stock as per Bloomberg data is 10.1%

The Chennai-based technology company reported a revenue of Rs 360 crore for the March quarter, while the same in U.S. Dollar terms stood at $49.7 million.

Licence segment revenue for the company stood at Rs 101 crore while that for AMC and cloud stood at Rs 67 crore and Rs 38 crore respectively.

The company's iGTB division saw revenue of Rs 163.4 crore, 67.4% of which came from advanced markets, according to the company's exchange filing.

It also had seven digital wins this quarter including three large digital transformation deal wins.

Shares are locked in an upper circuit of 10% at Rs 96.80, snapping a three-day losing streak.

The tyre manufacturer reported a net loss of Rs 47.2 crore for the March quarter, mainly due to a forex loss of Rs 61.1 crore.

The company's India business reported a 32% decline in revenue while the Mexico business saw revenue de-growth of 36%.

Ebitda fell 19.9% while margins expanded to 11.6% from 9.6%. The board has also recommended a dividend of Rs 0.70 per share.

Shares fell as much as 6.7%, nearly wiping out all of Monday's gains before recovering from the day's low. The stock currently trades 3% lower at Rs 61.8.

• Among top performers on the Nifty Smallcap Index
• Gains as much as 11% to Rs 242
• Biggest single-day jump since July 2018
• Trades at the highest level in three months
• Snaps two-day losing streak
• Today's volumes are 7.3 times higher than its 30-day average
• Nearing its 100-Day Moving Average of 250
• Has gained 57% from its 52-week low of Rs 147 on March 24, 2020
• Five out of the Seven analysts tracking the stock have a buy recommendation; 0 sell calls
• The stock trades 1.9% above its 12-month consensus price target of Rs 229, implying a negative return potential.

• Nifty June futures add 6.5% and 6.4 lakh shares in Open Interest.
• Nifty Bank June futures add 8.4% and 1.5 lakh shares in Open Interest.

Nifty: June 18 Expiry

• 10,000 Call: Premium up 81.25% to Rs 97.1. The contract has added 6.72 lakh shares in Open Interest.
• 10,000 Put: Premium falls 51.3% to Rs 115.8. The contract has added 13 lakh shares in Open Interest.
• 10,100 Call: Premium up 77.7% to Rs 55.9. The contract has added 7.74 lakh shares in Open Interest.

Nifty Bank: June 18 Expiry

• 21,000 Call: Premium up 27.8% to Rs 158.6. The contract has added 2.77 lakh shares in Open Interest.
• 20,000 Put: Premium falls 55.2% to Rs 232. The contract has added 2.74 lakh shares in Open Interest.
• 19,500 Put: Premium falls 63.8% to Rs 108. The contract has added 1.54 lakh shares in Open Interest.

The drugmaker informed the exchanges that it has received final approval from the U.S. FDA for its ANDA Deferasirox tablet.

The said drug is used in the treatment of chronic iron overload due to blood transfusions and for treatment of chronic iron overload due in non-transfusion-dependent Thalassemia syndrome.

The 180 mg Deferasirox tablet had an estimated market size of $53 million for the 12-months ending March 2020, as per the IQVIA.

The company now has 122 ANDA approvals from the U.S. FDA, according to its exchange filing.

Shares gained as much as 6% to Rs 943.8 and are up for the third straight day.

The company has informed the exchanges that it has bagged export orders of over 36,000 wheels for the Caravan and Truck Trailer Market in the European Union.

The order is worth nearly 2.21 lakh Euros and is supposed to be executed from the company's Chennai plant in July and August.

The exchange filing further states that it expects more large orders in the coming weeks.

Shares gained as much as 8.5% to Rs 394.80 and are up for the second straight day. The stock snapped a six-day losing streak in Monday's trading session.

The construction company reported a 4.2% decline in its revenue for the March quarter to Rs 1,289 crore while net profit saw a jump of 67.6% to Rs 164 crore.

Ebitda rose 20% to Rs 264 crore while margins stood at 20.4%.

The company's total order book as on March 31, 2020 stood at Rs 8,379 crore. It expects revenue and profitability to be impacted in Q1FY21 due to the Covid-19 outbreak.

Shares gained as much as 8.9% to Rs 58 and are up for the third straight day - its longest losing streak in a month.

• Benchmark indices off opening highs but trade with gains
• Nifty up 1.66% at 9,976
• Sensex up 1.71% at 33,797
• Nifty Bank up 2.5% at 20,404
• Nifty Midcap Index up 1.3%
• Nifty Smallcap Index up 1.1%
• India Volatility Index down 3.6% to 31.41
• Nifty Media, Nifty Metal and Nifty Realty gain over 2.5% each
• Nifty PSU Bank, Nifty Auto and Nifty I.T. gain between 1-2%
• JSW Steel is the top Nifty gainer; up 4.6%
• Tata Motors is the top Nifty laggard; down 3.5%
• 1,362 stocks on the NSE trade with gains while 316 decline

The currency snapped a three-day losing streak to open higher in today's session, tracking the strength in the equity markets and weakness in the U.S. Dollar.

The rupee opened at 75.89 against the greenback as compared to Monday's close of 76.03. It closed above the mark of 76 on Monday for the first time since April 28.

The currency has declined nearly 0.6% in the last three trading sessions.

ANZ Bank believes that the high-yielder rupee will benefit from carry trade but maintained a negative near-term outlook for India.

Within the Bond markets, states like Tamil Nadu and Rajasthan plan to sell bonds worth Rs 4,700 crore in today's session.

The lender informed the exchanges on Monday that it has signed a preliminary, non-binding letter of intent with the Clix Group with regards to the proposed amalgamation of the group with the bank.

Under the non-binding Letter of Intent, the proposed amalgamation is subject to completion of mutual due diligence.

The due diligence will take place in an exclusive window of 45 days and will be subject to regulatory and other customary approvals.

Shares are locked in an upper circuit of 5% for the third straight day at Rs 16.

The passenger car and M&HCV manufacturer reported a net loss of Rs 9,894 crore during the March quarter, which was attributed to two exceptional items.

The first exceptional item pertained to provisions for impairment in the PV Business, onerous contracts and subsidiaries, amounting to Rs 2,548.8 crore. Another exceptional item of Rs 2,800.6 crore impacted the company's profitability.

Ebitda fell 70.4% while margins narrowed to 3.8% from 9.3% in the same quarter last year.

The company expects JLR's free cash flow to be less than negative 2 billion pounds in the June quarter.

The management also said that it is planning for a strategic partner for its Passenger Vehicles business.

The stock fell as much as 4.1% in trade after paring early gains of as much as 3%. Shares are now down for the sixth straight session, its longest losing streak in three months.

• India reports 10,667 new cases in the last 24 hours.
• Total number of cases in the country rise to 3,43,091.
• Active cases stand at 1,53,078.
• Death toll rises to 9,900
• Total patients cured / discharged / migrated at 1,80,013
• 380 deaths and 10,215 recoveries also reported in the last 24 hours.

Canara Bank's non-banking financial arm reported a 35% growth in its Net Interest Income for the March quarter to Rs 186 crore. Net profit too saw an increase of 36% from the previous year to Rs 91 crore.

Asset quality remained largely stable at 0.76% as compared to 0.8% in the previous quarter.

The company reported a loan book growth of 13% while Net Interest Margins rose to 3.52% from 3.29%.

For its Covid-19 impact, the company said that it did not make any disbursements during the month of April 2020 and business resumed only in the last week of May.

Shares gained as much as 11.7% - the biggest single-day gain for the stock in five months. The stock is now trading at a three-month high.

Indian equity markets staged a strong rebound, in-line with global equities, erasing Monday's losses in the process.

The S&P BSE Sensex opened 1.9% higher at 33,853 while the NSE Nifty 50 opened above the 10,000 mark at 10,014, up 2.05%. Both benchmarks posted losses of 1.6% in Monday's trading session.

All 50 stocks on the Nifty 50 index opened with gains.

All sectoral indices opened with gains. The Nifty Bank and Nifty Media index opened 3% higher while Nifty Metal and Nifty PSU Bank index gained 2.5%. Nifty Auto, I.T. and Realty indices gained between 1.5-2% at the start of trade.

Market breadth remained in favour of the advances. 1,217 stocks on the NSE opened with gains while 242 declined.

• Total global cases cross 7.9 million
• Death toll rises to 4.33 lakh
• U.S. virus cases continue to rise. Now at 2.1 million.
• Second U.K. vaccine to begin human testing
• Toronto remains under partial lockdown
• U.S. FDA says Chloroquine and Hydroxychloroquine are unlikely to be effective in trading Covid-19
• Finland ends use of emergency powers
• Singapore to resume most activities this week

• Tata Motors: Reports net loss of Rs 9,894.3 crore in the March quarter. Losses led by provisions of impairment of PV business, onerous contracts and subsidiaries worth Rs 2,348.8 crore and an exceptional loss of Rs 2,800.6 crore. JLR reports loss before tax of 501 billion pounds. Management plans to cut costs.
• Axis Bank: Pralay Mondal has resigned from post of Executive Director (retail banking) effective September 14. Bank has initiated the succession planning process for the post.
• Shriram Transport Finance: Board approved raising Rs 1,500 crore via rights issue and Rs 2,500 crore via issue of specified securities.
• Balkrishna Industires: Has temporarily shut down manufacturing operation in Bhuj, due to an earthquake on June 14.
• Ind-Swift Laboratories: To commercially launch its key API - Fexofenadine, an Anti-Histamine drug used for the treatment of seasonal allergic Rhinitis and Urticaria in U.S. market. Company has received commercial orders and the supplies will begin from the current quarter.
• Narayana Hrudayalaya: To seek shareholders nod to raise Rs 200 crore via NCDs.
• Aarti Industries: Smallcap World Fund sold 26 lakh shares (1.49%) at Rs 854.71 per share
• Lakshmi Vilas Bank: Signs preliminary, non-binding letter of intent with Clix Group in relation to the proposed amalgamation of the group with the bank. Under the non-binding intent, the proposed amalgamation is subject to completion of mutual due diligence in an exclusive window of 45 days, and will be subject to regulatory and other customary approvals.
• Non-Nifty Earnings Today: HPCL, IPCA Labs, NMDC, Navin Fluorine, Bank of Maharashtra, Globus Spirits, Schneider Electric.

To know more about earnings reported after market hours, F&O updates and more, click here.

• Benchmarks end a volatile session with gains
• S&P 500 reversed losses of as much as 2.5% before ending with gains of 0.8%
• The U.S. Federal Reserve detailed plans to buy corporate bonds under an emergency lending program.
• Fed chair Jerome Powell will deliver his semi-annual policy report to the Congress.
• The Bloomberg Dollar spot index fell 0.4%.
• Yield on the 10-year treasury fell to 0.71%.
• West Texas Intermediate rose 2.2% to $37.05 per barrel. The commodity trades with losses today.

Catch all the live action from the global equity markets here.

Good Morning!

Indian equities are set to pare Monday’s losses after risk-on sentiment returned to Asian equities and markets on Wall Street reversed losses to end with gains overnight.

The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 1.94% to 9,986 as of 7:45 a.m.

Asian markets are rebounding from their biggest single-day drop in over three months after the U.S. Federal Reserve yet again came to the rescue of investor sentiment. Benchmark indices in Japan, South Korea and Australia trade with gains of more than 2%, while those in China are underperforming.

The U.S. dollar extended declines, while treasuries added to Monday’s losses. West Texas Intermediate crude fell 1.4% to $36.60 after a 2.4% gain on Monday.

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