Tech Shares Help Sensex, Nifty Extend Gains For Second Day

Indian equity benchmarks extended gains for the second consecutive trading session, led by the gains in technology shares.

The S&P BSE Sensex closed 130 points or 0.33 percent higher at 39,816.48 and the NSE Nifty 50 ended above 11,900, up 0.35 percent. The broader market index represented by the NSE Nifty 500 ended 0.33 percent higher.

The market breadth, however, was tilted in favour of sellers. About 926 stocks declined and 820 shares advanced on National Stock Exchange.

Six out of 11 sectoral gauges compiled by NSE ended lower, led by the NSE Nifty Realty Index’s 1.59 percent fall. On the flipside, the NSE Nifty IT Index was the top sectoral gainer, up 1.04 percent.

CreditAccess Grameen Ltd. on Tuesday said it aims to meet 40 percent of its fund requirements via borrowings from the international market in 2019-20.

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The panel set up to review the Reserve Bank of India’s economic capital framework estimated the transferable surplus, or the amount the central bank could potentially pass on to the government, is close to Rs 8,000 crore, a person familiar with the matter told BloombergQuint on condition of anonymity.

Read the full story here.

State-run Bharat Heavy Electricals Ltd. named Navin Shinghal as chairman and managing director for a period of five years.

Shares of BHEL traded 1.2 percent lower after the announcement. The stock fell 2.1 percent intraday.

Adani Power

• Stock rose as much as 7.3 percent to Rs 64.70.
• The Supreme Court said that the company can apply for compensatory dues for past years for Mundra plant CERC will decide to tariff in three months, while after the company’s application payment have to be made in six months

Garden Reach Shipbuilders & Engineers

• Stock rose as much as 3.5 percent to Rs 127.65.
• Government of India issued tenders for Rs 15,000 crore on warship building.
• Ordered range from vessels, patrolling , hovercraft and barges from seven shipyards.

Crompton Greaves Consumer Electricals

• Stock rose as much as 2.6 percent to Rs 237.95.
• About 19.9 lakh shares changed hands in a block deal, Bloomberg data showed.

Adani Green Energy

• Stock rose as much as 14.6 percent to Rs 52.15.
• Trading volume was 17 times its 20-day average.

Indian equity benchmarks are set to end higher for the second consecutive trading session.

The S&P BSE Sensex rose nearly 75 points to 39,763 as of 3 p.m. and the SNE Nifty 50 traded near 11,900, up 0.22 percent. The broader market index represented by the NSE Nifty 500 Index rose 0.17 percent.

About 10 lakh shares in ITC changed hands in a block dal, Bloomberg data showed. Buyers and sellers were not known immediately.

It is better to wait till the budget is over to take a long-term bet in the markets.

That’s according to Narnolia Securities’ Director and Chief Investment Officer Shailendra Kumar. “The markets are not going to trade with much gains in the near-term at present,” Kumar told BloombergQuint in an interaction.

Shares of DLF extended gains for the sixth consecutive trading session, their longest gaining streak in over two months.

The stock rose as much as 1.4 percent to Rs 193.45 in today’s trade.

The stock traded at 21 times its estimated earnings per share for the coming year, according to Bloomberg data. The stock rose 8.7 percent in the past five days and gained 0.2 percent in the past 30 days.

Shares of Havells fluctuated between gains and losses to trade 0.29 percent higher at Rs 789.30.

Brokerage and research firm HSBC hiked its price target to Rs 750 from Rs 775, implying a potential return of 8 percent from the last regular trade. This is the second-highest price target so far among the analysts tracked by Bloomberg.

Here’s what HSBC had to say on the Havell’s stock:

• Maintained ‘Buy’ rating on the stock.
• Improved access and availability of electricity and strong government impetus on housing is promising.
• Increasing R&D investment and capability building to make Havells future ready.
• Retain buy on strong earnings outlook.

Indian equity benchmarks continue to trade higher.

The S&P BSE Sensex rose 72 points to 39,757 as of 2 p.m. and the NSE Nifty 50 traded near 11,900, up 0.2 percent.

The market breath, however, was tilted in favour of sellers. About 920 stocks declined and 780 shares declined on National Stock Exchange.

About 19.9 lakh shares of Crompton Greaves Consumer Electricals changed hands in a block deal, Bloomberg data showed. Buyers and sellers were not known immediately.

European equities climbed in early trade, adding to the previous session’s rally, as mining shares paced the advance on the surge in iron ore in the wake of the U.S.-China trade truce.

The Supreme Court upholds TDSAT's order freeing Reliance Jio from Reliance Communications' past dues.

The top court said that the government's plea against an order by Telecom Disputes Settlement and Appellate Tribunal does not have any merit.

Shares of the debt-ridden telecom operator pared gains and rose 3.7 percent to Rs 1.40 after the development.

About 20 lakh shares of Tata Power changed hands in a block deal, Bloomberg data showed. Buyers and sellers were not known immediately.

Indian equity benchmarks pared losses, led by the gains in Reliance Industries Ltd. and HDFC Ltd.

The S&P BSE Sensex and the NSE Nifty 50 traded with minor gains at 39,688 and 11,871 respectively as of 1:20 p.m. The broader market index represented by the NSE Nifty 500 Index also traded with minor gains.

Stocks were mixed in Asia Tuesday, and Treasuries little changed, as enthusiasm over the U.S.-China trade truce proved short-lived amid a disappointing set of economic data.

• S&P 500 futures were little changed.
• Euro Stoxx 50 futures rose 0.2 percent.
• Japan’s Topix was up 0.3 percent.
• S&P/ASX 200 was little changed.
• Kospi dipped 0.3 percent.
• Hang Seng rose 1.2 percent.
• Shanghai Composite fell 0.3 percent.

Source: Bloomberg

The small-cap index represented by the NSE Nifty SmallCap 100 fell 0.37 percent. That compared with 0.23 percent fall in the NSE Nifty 50.

About 64 stocks in the 100-share gauge declined, led by the fall in Allahbad Bank and Stride Pharma Science. On the flipside, Gujarat Narmada Valley Fertilizers & Chemicals and Kajaria Ceramics were top performers.

Shares of the private lender declined nearly 7.4 percent to Rs 101.15 apiece.

Mumbai-based Radius Developers defaulted on scheduled interest payments on a Rs 1,200 crore loan from the Bank, Economic Times reported citing unidentified sources. The bank’s spokesperson declined to comment on the report, it added.

The stock traded at 6.1 times its estimated earnings per share for the coming year, according to Bloomberg data.

Shares of Strides Pharma fell as much as 6.6 percent, the most in over a month, to Rs 384.80, their lowest level in 11 months.

The U.S FDA issued a warning letter to Puducherry facility, according to its statement on the exchanges.

“Puducherry site currently produces 6 ANDAs which will not get impacted by the current development. However, the 10 ANDAs pending approval from the site will get deferred till the site is reclassified,” the statement said.

“Strides is committed to the highest standards of quality and compliance and will work collaboratively with the FDA to resolve all issues addressed in the warning letter,” it added.

Strides Pharma traded at 15 times its estimated earnings per share for the coming year, according to Bloomberg data.

Indian equity benchmarks continued to trade lower.

The S&P BSE Sensex fell 130 points or 032 percent to 39,559 and the NSE Nifty 50 fell 0.28 percent to 11,833. The broader market index represented by the NSE Nifty 500 index fell 0.23 percent.

Shares of Gujarat Gas fell as much as 1.4 percent to Rs 169.30.

The city gas distributor lowers gas prices for industrial and commercial use by Rs 2.5 per standard cubic metre, according to its stock exchange notification.

The stock traded at 20 times its estimated earnings per share for the coming year, Bloomberg data showed.

Shares of Adani Green Energy rose as much as 14.6 percent, the most since May 20, to Rs 52.15.

The stock has extended gains for the sixth consecutive trading session and is poised for its longest gaining streak since November 2018.

Trading volume was more than 17 times its 20-day average, Bloomberg data showed. The Relative Strength Index on the stock was above 70, indicating that it might be overbought.

About 12.5 lakh shares of Yes Bank changed hands in a block deal, Bloomberg data showed. Buyers and sellers were not known immediately.

All the 11 sectoral gauges compiled by National Stock Exchange traded lower, led by the NSE Nifty Realty Index’s 1.8 percent fall.

UPL and SRF are among our favourite picks in the chemical sectors and they are likely to benefit from the Government policies, TCG Asset Management’s Managing Director Chakri Lokapriya told BloombergQuint in an interaction.

Watch the full conversation here:

Indian equity benchmarks traded lower after fluctuating between gains and losses in the opening trade.

The S&P BSE Sensex fell 0.42 percent or 168 points to 39,519 as of 11 a.m. and the NSE Nifty 50 traded near 11,800, down 0.4 percent. The broader market index represented by the NSE Nifty 500 Index fell 0.3 percent.

About 10 lakh shares of Motherson Sumi changed hands in a block deal, Bloomberg data showed. Buyers and sellers were not known immediately.

Shares of JSW Energy rose as much as 2.1 percent to Rs 70.

JSW Energy said in a media statement that the proposed acquisition of thermal plant in Chhattisgarh from Jindal Steel and Power stands terminated as the conditions for the transactions had not been completed within the Long Stop Date. In May 2016, the company had agreed to acquire the 1,000 MW plant.

The stock traded at 12 times its estimated earnings per share for the cominf year, according to Bloomberg data.

Nifty’s 11,900 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 Thursday fell 41.7 percent to Rs 27.60. Over 10 lakh shares were added to the open interest which stood at over 33 lakh shares.

The Nifty Bank traded at day’s low after falling over 200 points.

Indian equity benchmarks continued to fluctuate between gains and losses as the gains in Reliance Industries Ltd. and HDFC Ltd. countered losses in the private banks.

The S&P BSE Sensex and the NSE Nifty 50 continued to trade little changed at 39,665 and 11,858 respectively. The broader market index represented by the NSE Nifty 500 Index fell 0.1 percent.

Tata Motors

• Stock fell as much as 2 percent to Rs 164.70.
• Sales down 14 percent to 49,073 units. Commercial vehicles sales down 7 percent to 35,722 units. Passenger vehicles sales down 27 percent to 13,351 units.

Hero MotoCorp

• Stock fell as much as 1.2 percent to Rs 2,584.15.
• Total sales down 12 percent at 6.16 lakh units.

Eicher Motors

• Stock fell 1.7 percent to Rs 19,929.
• Royal Enfield sales down 22 percent to 58,339 units.

TVS Motor

• Stock fell as much as 1.6 percent to Rs 428.50.
• Total sales down 5 percent at 2.97 lakh units. Exports up 6 percent to 69,900 units.

SML Isuzu

• Stock fell as much as 2.7 percent to Rs 735.05
• Total sales down 22.4 percent to 1,214 units.

Shares of Cox & Kings extended fall for the sixth consecutive trading session, their longest losing streak in over a week. The stock hit a lower circuit of 5 percent to record hit a record low at Rs 33.25.

The company defaulted a payment of Rs 50 crore of Commercial Papers. The company repaid two investors Rs 15 crore out of Rs 65 crore, which was due on June 28 and stated that cash flow mis-match led to the default and remaining Rs 50 crore will be paid through internal accruals and asset monetisation.

Cox & Kings had earlier defaulted in payment of commercial papers worth Rs 150 crore on June 27.

CARE Ratings revised the company’s ratings to ‘CARE D’ from ‘CARE A+’ for CPs worth Rs 375 crore, while Brickwork Ratings Revised Ratings to ‘BWR D’ from ‘BWR A1+’ for CPs worth Rs 2,060 crore.

The management said in a media statement that the defaults have been triggered due to temporary mismatch in liquidity and the measures are being taken to address the situation.

The Relative Strength Index as eight, indicating that the stock may be oversold. The scrip traded at 6.1 times its estimated forward earnings per share compared to a 9.1 times for the two-year historical average, according to Bloomberg data.

Shares of the credit rating firm fell for the third consecutive trading session and declined as much as 5.1 percent to Rs 3,000.

ICRA sent its Managing Director and Chief Executive Officer Naresh Takkar on leave with immediate effect, according to its exchange filing. Takkar will be placed on leave until completion of examination of concerns raised in anonymous representation forwarded to the company by the market regulator, the filing added. The rating agency has appointed Vipul Agarwal (current CFO) as interim chief operating officer.

Trading volume was 3,921 times its 20-day average, according to Bloomberg data. The stock traded at 26 times its estimated earnings per share for the coming year.

Shares of Sadbhav Infrastructure Project rose as much as 9.9 percent to Rs 78. The stock has gained during Three trading sessions out of four.

The company’s board approved the sale of entire stake in nine SPV comprising of seven toll road infra assets and two annuity infra assets to lndlnfravit Trust at a deal valued at Rs 6,611.2 crore, according to its stock exchange filing. Sadbhav infra will see a de-consolidation of net debt of Rs 4,060 crore.

Trading volume was more than 20 times its 20 times its 20-day average, Bloomberg data showed. Of the shares traded, 37 percent were at the ask price and 46 percent were at the bid.

Indian equity benchmarks fluctuated between gains and losses in the opening trade.

The S&P BSE Sensex and the NSE Nifty 50 traded little changed at 39,707 and 11,870 respectively after the gains in Reliance Industries Ltd. and IndusInd Bank Ltd. were offset by the losses in Tata Consultancy Services Ltd. and Kotak Mahindra Bank Ltd. The broader market index represented by the NSE Nifty 500 Index rose 0.13 percent higher.

The market breadth was tilted in favour of buyers. About 745 stocks advanced and 667 shares declined on National Stock Exchange.

Six out of 11 sectoral gauges compiled by NSE fell, led by the NSE Nifty Realty Index’s 1.2 percent decline. On the flipside, the NSE Nifty Media Index was the top sectoral gainer, up 0.33 percent.

The Indian rupee opened higher against the U.S. dollar. The home currency depreciated as much as 0.1 percent to 69.01 against the greenback.

Indian equity benchmarks are set for a mixed start.

The S&P BSE Sensex rose 30 points to 39,717 during the pre-market trade and the NSE Nifty 50 traded little changed 11,860.

In the currency market, the Indian rupee opened higher against the U.S. dollar. The home currency depreciated as much as 0.1 percent to 69.01 against the greenback.

July Futures

• Nifty futures closed at 11,903.6, premium of 38 points versus 52 points.
• Nifty futures open interest up 1 percent, adds 1.1 lakh shares in open interest.
• Bank Nifty futures closed at 31,496, premium of 124 points versus 162 points.
• Bank Nifty futures across series open interest up 1 percent, adds 18,000 shares in open interest.

Options

• Nifty PCR at 1.36 versus 1.28 (across all series)

Nifty Weekly Expiry (July 4)

• Max open interest on call side at 12,000 (26.6 lakh shares)
• Max open interest on put side at 11,800 (21.3 lakh shares)
• Open interest addition seen in 11,800P (+9 lakh shares), 11,750P (+6 lakh shares)
• Open interest shedding seen in 11,800C (-2.3 lakh shares), 11,850C (1.6 lakh shares)

Nifty Monthly Expiry (July 25)

• Max open interest on call side at 12,000 (14.5 lakh shares)
• Max open interest on put side at 11,500 (16.4 lakh shares)

Stocks In F&O Ban

• In Ban: DHFL

• UPL ex-date for share bonus at 1:2.
• Sintex Plastics Technology to move into ASM Framework.

Stocks Moving Into Short-Term ASM Framework

• Jindal Worldwide
• Investment Trust Of India
• JBF Industries, Setco Automotive
• Arshiya
• SREI Infrastructure Finance
• Patel Engineering
• Pokarna
• HT Media
• Hubtown
• Essar Shipping
• S Chand And Company

• Reliance Infrastructure.: KBC Equity Fund sold 14.33 lakh shares or 0.55 percent equity at Rs 52.9 each.

Eros International Media

• Anand Rathi Global Finance sold 25.06 lakh shares or 2.62 percent equity at Rs 17.3 each.
• Reliance Financial sold 10 lakh shares or 1.05 percent equity at Rs 17.2 each.

• Tata Motors: Down 14 percent to 49,073 units. Commercial vehicles sales down 7 percent to 35,722 units. Passenger vehicles sales down 27 percent to 13,351 units.
• Hero Motocorp: Total sales down 12 percent at 6.16 lakh units.
• Eicher Motors: Total sales down 22 percent to 58,339 units.
• TVS Motor: Total sales down 5 percent at 2.97 lakh units. Exports up 6 percent to 69,900 units.
• SML Isuzu: Total sales down 22.4 percent to 1,214 units.

Catch all the live auto sales updates here.

• Sadbhav Infrastructure Projects board approved the sale of entire stake in 9 SPV comprising of seven toll road infra assets, two annuity infra assets to lndlnfravit Trust at deal valued at  Rs 6,611.2 crore. Company will see a de-consolidation of net debt of Rs 4,060 crore.
• Cox & Kings defaulted a payment of Rs 50 crore of Commercial Papers. The company repaid two investors Rs 15 crore out of Rs 65 crore, which was due on June 28 and stated that cash flow mis-match led to the default and remaining Rs 50 crore will be paid through internal accruals and asset monetisation. Cox & Kings had earlier defaulted in payment of commercial papers worth Rs 150 crore on June 27. CARE Ratings revised the company’s ratings to ‘CARE D’ from ‘CARE A+’ for CPs worth Rs 375 crore, while Brickwork Ratings Revised Ratings to ‘BWR D’ from ‘BWR A1+’ for CPs worth Rs 2,060 crore. The management stated in the press release that the defaults have been triggered due to temporary mismatch in liquidity and the measures are being taken to address the situation.
• JSW Energy said in a media statement that the proposed acquisition of thermal plant in Chhattisgarh from Jindal Steel and Power stands terminated as the conditions for the transactions had not been completed within the Long Stop Date. In May 2016, the company had agreed to acquire the 1,000 MW plant.
• Mangalore Refinery and Petrochemicals said that the water supply resumed in stages from June 6 onwards and refinery units have been restarted. On May 5, the refinery had announced that operations were shut down to constraints in water supply.
• Power Finance Corporation has raised $300 Million from through three-year syndicated loan from SBI and MUFG Bank (Hong Kong). By concluding this deal, the company has already mobilized $1.3 billion post acquisition of government’s stake in REC.
• ONGC has discovered over 230 million tonnes of in-place oil reserves in the last three years, Petroleum Minister Dharmendra Pradhan in a written reply to a question in the Lok Sabha. ONGC and Indian Oil Corporation sign MoU for Carbon Dioxide based enhanced oil recovery.
• Prakash Industries received a grant of surface right permission to open iron ore mine in Odisha. The said iron more mine has geological reserves of 9.9 million tons.
• IL&FS Transportation Networks defaulted in payments to investors aggregating to Rs 24.4 crore.
• ICRA placed MD & CEO Naresh Takkar on leave with immediate effect. Takkar ‘will be placed on leave until completion of examination of concerns raised in anonymous representation forwarded to the company by the market regulator. The rating agency has appointed Vipul Agarwal (current CFO) as interim Chief Operating Officer.
• Cochin Shipyard, Garden Reach Shipbuilders & Engineers: Government of India issued tenders for Rs 15,000 crore on warship building. (Bloomberg News)
• Apollo Tri Coat Tubes stated that they registered volumes of 10,286 MTPA during June quarter from its manufacturing facility in Karnataka.
• Nitin Spinners said that commercial production on spinning and weaving units in Rajasthan have commenced operations and erection of processing unit is in progress as per schedule.
• Rallis India received a letter on June 29 from Gujarat Pollution Control Board directing the company to suspend one of its operation in Dahej following safety incident at an effluent treatment plant, according to its media statement on the exchanges. The company also said that there was no material nor environmental impact to the plant, two workmen did suffer hot liquid burn injury. Besides, it said that it is taking appropriate steps to restore the said unit’s operations and it is holding sufficient stocks of finished goods.
• MOIL increased the price of Silico Manganese Grade by 5 percent.  Prices of Ferro Grade, Chemical Grade, Fines and basic price of Electrolytic Manganese Di-oxide which were fixed on June 1 remain unchanged.
• GAIL: Fitch affirmed rating at ‘BBB- ‘, with a stable outlook. (Press Release)
• Bharti Airtel: Scheme of Merger of consumer mobile business of Tata Teleservices and Tata Teleserives (Maharashtra) into the Bharti Group had become effective with effect from July 1. July 12 has been set as the record date for this scheme.
• HCL Technologies has completed the acquisition of select IBM products with effect from June 30.
• Sobha: L&T Mutual Fund increased its stake in the company to 5.08 percent.
• Gujarat Industries Power has issued Letter of Intent to Tata Power Solar Systems for EPC projects .
• Indo Amines: Board approved acquiring 60 percent stake in Ashok Surfactants.
• Indian Bank has revised MCLR across various tenors. 1 Month MCLR at 8.3 percent and 1 Year MCLR at 8.6 percent.
• Shree Rama Newsprint commissioned and commenced the commercial production from its packaged water bottling plant.
• Coal India: Coal production in June rose 0.5 percent to 45.08 million tonne. Coal sales in June were fell 1.6 percent to 48.86 MT

• Brent crude traded 0.5 percent lower at $64.73 a barrel.
• West Texas Intermediate crude fell 0.6 percent to $58.70 a barrel after punching through $60 during Monday’s session.
• Gold was flat at $1,384.43 an ounce after tumbling Monday.

London Metal Exchange

• Copper halted a two-day fall, closed 0.64 percent lower.
• Nickel ended lower for the second day, down 2.68 percent.
• Tin ended 0.4 percent higher.
• Zinc ended 1.3 percent lower.
• Aluminium closed 0.33 percent lower.
• Lead ended lower for the second day, down 1.35 percent.

Heavy rains are pummelling Mumbai since Sunday night. According to officials, the financial capital has received 540 mm rain in two days, the highest over a two-day period in a decade. (Catch all the live updates on Mumbai rains here)

The state government has declared a public holiday today in Mumbai, Maharashtra Minister Ashish Shelar said in a tweet.

The Bombay Stock Exchange, however, will be functioning normally today, BSE CEO Ashish Chauhan said in a separate tweet.

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose rose 0.13 percent to 11,918 as of 8:20 a.m.

Stocks were mixed in Asia Tuesday, and Treasuries little changed, as enthusiasm over the U.S.-China trade truce proved short-lived amid a disappointing set of economic data.

Hong Kong shares climbed as the city’s market reopened after a holiday to catch up with Monday’s move -- despite violent local protests overnight. Japanese and Korean shares were little changed, along with futures on S&P 500 Index. Australia’s equities saw modest gains.

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