Sensex, Nifty Clock Longest Gains In Nearly Three Months Ahead Of Budget

Indian equity benchmarks extended gains for the fourth consecutive trading session and registered their longest gaining streak since April 16 ahead of the Union Budget, which will be presented tomorrow by Finance Minister Nirmala Sitharaman.

The S&P BSE Sensex closed 68 points or 0.17 percent higher at 39,908 and the NSE Nifty 50 closed at 11,946.75, up 0.25 percent. The broader market index represented by the NSE Nifty 500 Index closed 0.2 percent higher.

The market breadth was tilted in favour of buyers. About 909 stocks advanced and 829 shares declined on National Stock Exchange.

Seven out of 11 sectoral gauges compiled by NSE ended higher, led by the NSE Nifty PSU Bank Index’s 1.3 percent gain. On the flipside, the NSE Nifty Metal Index was the top sectoral loser, down 1.1 percent.

The Nifty can test its all-time high during tomorrow's trade as Finance Minister Niramala Sitharaman is set to present the Union Budget, IIFL’s Senior Technical Analyst Hadrien Mendonca told BloombergQuint in an interction.

Mendonca also recommends investors to be cautious while taking positions.

India’s benchmark bond yield witnessed a sharp fall after the government tabled economic policy in Lok Sabha and ahead of the Union Budget presentation.

The 10-year bond yield fell over 5 basis points to 6.77.

The Indian rupee extended gains for the ninth consecutive trading session against the U.S. dollar to trade near day’s high.

The home currency appreciated 0.3 percent, the most in over a week, to 68.83 against the greenback.

IndiaMART InterMESH

• Stock rose as much as 37.5 percent to Rs 1,338.
• The company made its stock market debut, listing at a premium of 21 percent to its issue price of Rs 973.

Uniply Industries

• Stock rose as much as 4.9 percent to trade at over a nine-month high at Rs 66.95.
• Kuwait’s Markab plans to buy 29.21 percent in the company for Rs 313.84 crore, launches open offer.

Vinati Organics

• Stock rose as much as 3.1 percent to hit an all-time high at Rs 2,256.
• The Relative Strength Index was above 70, indicating that the stock may be overbought.

InterGlobe Aviation

• Stock rose as much as 4.1 percent to Rs 1,644.50.
• Fresh longs seen with high open interest of 11 percent.
• Trading volume was two times its 20-day average.

Indian equity benchmarks extended gains for the fourth consecutive trading session and are set for their longest gaining streak since April 16 ahead of the Union Budget.

The S&P BSE Sensex rose 117 points to 39,955 as of 3 p.m. and the NSE Nifty 50 rose 0.36 percent to trade above 11,950.

The market breadth was tilted in favour of buyers. About 936 stocks advanced and 783 shares declined on NSE.

Quess Corp’s CEO Subrata Kumar Nag Spoke to BloombergQuint after the company’s shares fell over 11 percent intraday.

Here are the key highlights from the conversation:

• The project we are doing with Trimaz will be completed in a little over 30 days
• There is no doubt about the recovery of the dues
• We are in touch with the COC and we have taken a legal opinion
• Our investment is secured
• Trimax's NCLT process will not impact the project or recovery
• The bank's money has not been used in the project
• Trimax has worked only as an intermediary company
• All dues will be collected in due time
• Payment delayed by Government for Ahmedabad project Confident that payments will be recovered over the next two-to-three quarters
• The receivables are from a government body
• Some mutual funds under pressure of redemption may have sold some shares

Shares of Force Motors fluctuated between gains and losses to trade 0.7 percent higher at Rs 1,409.

The company sold 2,133 units last month in the domestic market and 77 units in the overseas market, according to its stock exchange filing.

The stock declined 41 percent in the past 12 month compared to a 12 percent gain in the Sensex.

Shares of the aviation companies rallied in today’s trade, led by the gains in IndiGo after it rose as much as 3.6 percent to Rs 1,637.

The after the Brent crude fell over 1 percent to trade near $63 a barrel. Besides, the government today said that the oil prices are expected to decline in the current financial year, according to a Doordarshan tweet, retweeted by the Finance Ministry’s handle.

Indian equity benchmarks traded higher around the range it was trading during the last two hours.

The S&P BSE Sensex rose 81 points to 39,920 as of 2 p.m. and the NSE Nifty 50 rose 0.26 percent to trade around 11,950. The broader market index represented by the NSE Nifty 500 Index rose 0.27 percent.

The market breadth was tilted in favour of buyers. About 971 stocks advanced and 730 shares declined on National Stock Exchange.

Indian equity benchmarks traded higher around the range it was trading during the last two hours.

The S&P BSE Sensex rose 81 points to 39,920 as of 2 p.m. and the NSE Nifty 50 rose 0.26 percent to trade around 11,950. The broader market index represented by the NSE Nifty 500 Index rose 0.27 percent.

The market breadth was tilted in favour of buyers. About 971 stocks advanced and 730 shares declined on National Stock Exchange.

Investors should deal with caution if the Nifty falls below 11,860.

That’s according to a research report by Geojit Financial Services. “A strong move past 11920 would lift the index higher towards 12020/12090. However, inability to float above 11920 may induce a marginal dip towards 11860,” the research firm said in a report.

Shares of IIFL Finance extended gains for the third consecutive trading session and rose as much as 15.5 percent to Rs 168.45.

The stock traded at 11 times its estimated earnings per share for the coming year, according to Bloomberg data. The stock declined 47 percent in the past 12 months compared to a 12 percent gain in the Sensex.

European stocks traded mixed during the early trade after a muted session in Asia.

Shares of Dewan Housing Finance Corporation fluctuated between gains and losses to trade 0.6 percent higher at Rs 83.65. Th scrip had advanced 4.2 percent intraday.

The mortgage lender that has delayed payment on some of its obligations, plans to ask banks to lend 15 billion rupees ($217 million) every month to help revive the company, Bloomberg reported quoting unidentified person with knowledge of the proposal said. (Read more here)

The stock declined 66 percent so far this year and slumped 86.5 percent in the past 12 months.

Indian equity benchmarks traded higher around the range it was trading an hour ago.

The S&P BSE Sensex rose 81 points to 39,920 and the NSE Nifty 50 rose 0.27 percent to trade around 11,950. The broader market index represented by the NSE Nifty 500 Index rose 0.27 percent.

In the currency market, The Indian rupee extended gains for the ninth consecutive trading session against the U.S. dollar to trade near day’s high.

In the commodities market, Brent crude fell 1.1 percent to $63.11 per barrel. It closed 2.28 percent higher yesterday and declined over 5 percent so far this week.

The Indian rupee extended gains for the ninth consecutive trading session against the U.S. dollar to trade near day’s high.

The home currency appreciated 0.09 percent to 68.83 against the greenback. The local legal tender appreciated 0.11 percent intraday.

Shares of Kolte Patil rose as much as 7.1 percent, the most in a week, to Rs 234.80.

The real estate developer signed three new projects in Pune under the Development Management Model, according to its stock exchange filing.

Trading volume was more than 5 times its 20-day average, Bloomberg data showed. The stock returned 5.3 percent in the past five days and fell 0.6 percent in the past 30 days.

The Brent crude resumed declines after a one-day rally.

The Asian crude benchmarks fell 1.1 percent to $63.11 per barrel. It closed 2.28 percent higher yesterday and declined over 5 percent so far this week.

Indian equity benchmarks continued to hold on to their gains.

The S&P BSE Sensex rose 0.25 percent to 39,936 as of noon and the NSE Nifty 50 traded around 11,950, up 0.29 percent.

Seven out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Realty Index’s 1.5 percent gain. On the flipside, the NSE Nifty Pharma Index was the top sectoral loser, down 0.5 percent.

The Economic Survey pegs the general government fiscal deficit, which includes the deficit of the central government and state governments, at 5.8 percent, according to a Doordarshan tweet, retweeted by the Finance Ministry’s handle.

All eyes are on the fiscal deficit projection for the current fiscal. While the interim budget had pegged 2019-20 deficit at 3.4 percent, fears abound on whether a revenue shortfall will allow for that deficit projection to be maintained.

Catch all the updates on Economic Policy here.

• Power Grid Corp: About 25.4 lakh shares changed hands in a block deal.
• Vodafone Idea: About 12.5 crore shares changed hands in three block deals.

Buyers and sellers were not known immediately.
Source: Bloomberg

Indian equity benchmarks traded off day’s high.

The S&P BSE Sensex traded 42 points higher at 39,885 as of 11:40 a.m. after gaining over 100 points intraday. The NSE Nifty 50 rose 0.17 percent to 11,937.

India’s benchmark bond yield witnessed a sharp fall after the government tabled economic policy in Lok Sabha. The 10-year bond yield fell two basis points to 6.81.

India’s benchmark bond yield declined after the government tabled economic policy in Lok Sabha.

The 10-year bond yield fell two basis points to 6.81.

Shares of Quess Corp fell as much as 11.3 percent, its biggest ever intraday fall.

The stock resumed declines after a one-day breather. It fell during three out of four trading sessions. Trading volume was more than four times its 20-day average, according to Bloomberg data.

The Relative Strength Index was below 30, indicating that the stock may be overbought. The stock declined 55 percent in the past 12 months.

The Economic Survey, tabled on Thursday, said that India’s Monetary Policy Committee framework has been successful in containing inflation.

The new monetary policy framework was adopted in 2015 amid high retail inflation. Helped by factors such as low oil prices, inflation has since come down sharply. For two consecutive financial years, average inflation has remained close to the MPC’s target of 4 (+/- 2) percent.

Catch all the updates on Economic Policy here.

Shares of the jewellery maker snapped their two-day gaining streak. The scrip fell as much as 2.6 percent to Rs 1,293.

That came after Morgan Stanley downgraded its recommendation on the stock to ‘Equal-weight’ from ‘Overweight’. It, however, maintained its price target at Rs 1,300.

Here’s what the research firm had to say on the stock:

• Downgraded as target price achieved and now reluctant to push multiples beyond current levels.
• Titan remains one of our favourite long-term play.
• Sees no downside to financials; FY20 estimates 4 percent ahead of consensus.

Nine out of 11 sectoral gauges compiled by NSE Nifty 50 traded higher, led by the NSE Nifty PSU Bank Index’s 1.55 percent gain. On the flipside, the NSE Nifty Metal Index was the top sectoral performer.

The Government is said to project GDP for the current financial year at 7 percent compared to 6.8 percent a year ago citing political stability, Bloomberg reported quoting people familiar with the matter.

Here’s what the above quoted people told Bloomberg citing Finance Ministry document:

• India said to see political stability boosting investments.
• India said to see easy monetary policy help lower lending rates.
• India said to see monsoon rains tipping balance on growth risks.

Indian equity benchmarks NSE Nifty 50 was trading at day’s high.

The 50-share gauge rose 0.36 percent to trade above 11,950 as of 11 a.m. The S&P BSE Sensex rose 121 points to 39,960. The broader market index represented by the NSE Nifty 500 rose 0.32 percent.

Shares of Uniply were in focus as they extended gains for the sixth consecutive trading session. The stock rose 5 percent intraday to trade at over a nine-month high at Rs 66.95.

Nifty’s 11,900 put option contract was among the most active Nifty option contracts on National Stock Exchange.

Premium on the weekly contract which will expire today fell 68.63 percent to Rs 6.65. Over 18.52 lakh shares were added to the open interest which stood at over 38.31 lakh shares.

The Indian government has a lot of room for higher fiscal deficit and lower interest rates to spur economic growth in the country, Mobius Capital Partners’ Mark Mobius said.

The veteran investor expects the deficit rise as high as 5 percent to India’s Gross Domestic Product, and still not deter foreign investments, if the higher slippages are aimed at improving the country’s economic performance.

Watch the full interaction here.

Indian equity benchmarks their opening gains.

The S&P BSE Sensex rose over 100 points to 39,946 as of 10 a.m. and the NSE Nifty 50 traded above 11,950, up 0.29 percent. The broader market index represented by the NSE Nifty 500 Index rose 0.27 percent.

Corporation Bank was in focus after the stock jumped over 10 percent on heavy volumes.

Besides, IndiaMART InterMESH makes its stock market debut after listing at a premium of Rs 1230 compared to its issue price of Rs 973.

Shares of the plywood maker extended gains for the sixth consecutive trading session. The stock rose 5 percent intraday to trade at over a nine-month high at Rs 66.95.

Uniply Industries’ promoters agreed to sell 20.7 percent to Kuwait-based Markab Capital, the plywood maker said in its exchange filing. It will also acquire warrants which, when converted, will constitute 8.5 percent stake. (Read the full story here)

The relative strength index was more than 70, indicating the stock may be overbought.

Shares of Dish TV rose as much as 4 percent to Rs 32.50.

The controlling shareholders of direct-to-home provider Dish TV India Ltd. plan to sell their stake to a Bharti Airtel Ltd. unit and the private equity firm Warburg Pincus LLC, Business Standard reported quoting unidentified people.

The stock traded at 31 times its estimated earnings per share for the coming year, according to Bloomberg data.

Shares of Corporation bank extended gains for the third consecutive trading session. The stock rose as much as 12.9 percent to Rs 28.80.

Trading volume was 11 times its 20-day average, Bloomberg data showed. The Relative Strength Index on was above 70, indicating that the stock may be overbought.

Of the shares traded, 45 percent were at the ask price and 35 percent were at the bid, according to Bloomberg data. The scrip rose 14 percent in the past five days and gained 7.3 percent in the past 30 days.

Shares of McLeod Russel extended fall for the fourth consecutive trading session. The stock declined 4.9 percent to hit a record low at Rs 13.90.

ICRA downgraded the company’s credit rating to default for borrowings worth Rs 1,031.09 crore. The long-term rating was revised to ‘ICRA D’ from ‘ICRA B-’ and the short-term rating was revised to ‘ICRA D’ from ‘ICRA A4’. The ratings continue to remain on ‘Issuer Not Co-operating Category’.

The Relative Strength Index on the stock was 16, indicating that the stock may be oversold, according to Bloomberg data. The stock fell 88.4 percent so far this year and slumped 90.7 percent in the past 12 months.

Indian equity benchmarks opened higher, extending gains for the fourth consecutive trading session.

The S&P BSE Sensex rose as much as 0.2 percent to 39,917.65 and the NSE Nifty 50 rose as much as 0.21 percent to 11,941.70. The broader market index represented by the NSE Nifty 500 Index rose as much as 0.22 percent.

The market breadth was tilted in favour of buyers. About 826 stocks advanced and 611 shares declined on National Stock Exchange.

Ten out of 11 sectoral gauges compiled by NSE advanced, led by the NSE Nifty PSU Bank Index’s 1.1 percent gain. On the flipside, the NSE Nifty Metal Index was the only sectoral loser, down 0.33 percent.

The Indian rupee extended gains for ninth consecutive trading session against the U.S. dollar and is set for its longest gaining streak since February 2017. The home currency depreciated as much as 0.11 percent to 68.82 against the greenback.

Indian equity benchmarks are set for a mixed start.

The S&P BSE Sensex rose 0.27 percent or 100 points to 39,934 a while the NSE Nifty 50 fell 0.14 percent to 11,900.

In the currency market, the Indian rupee extended gains for ninth consecutive trading session against the U.S. dollar and is set for its longest gaining streak since February 2017. The home currency depreciated as much as 0.11 percent to 68.82 against the greenback.

July Futures

• Nifty futures closed at 11,949, premium unchanged at 32 points.
• Nifty futures open interest down 1 percent, sheds 1.1 lakh shares in open interest.
• Bank Nifty futures closed at 31,495.9, premium of 113 points versus 120.6 points.
• Bank Nifty futures across series OI up 1 percent, adds 9,800 shares in open interest.

Options

• Nifty PCR at 1.39 versus 1.46 (across all series).

Nifty Weekly Expiry July 4

• Max open interest on call side at 12,000 (35.5 lakh shares).
• Max open interest on put side at 11,800 (24.5 lakh shares).
• Open interest addition seen in 12,000C (+10.6 lakh shares), 11,900P (+3.8 lakh shares).
• Open interest shedding seen in 11,750P (-2.4 lakh shares), 11,850C (-1.9 lakh shares).

Nifty Monthly Expiry July 25

• Max open interest on call side at 12,000 (15.3 lakh shares).
• Max open interest on put side at 11,500 (16.8 lakh shares).

Stocks In Ban

In Ban:

• DHFL
• Reliance Capital

New In Ban:

• Reliance Capital

• Aarti Industries record date for demerger.
• Bharat Financial Inclusion record date for amalgamation.
• Apcotex Industries ex-date for share split from Rs 5 to Rs 2.
• Star Cement, Sasken Technologies, Welspun Corp ex-date for share buyback.
• MT Educare, Sicagen India to move into short term ASM Framework.
• Hotel Leela Venture, Tanla Solutions to move out of short term ASM Framework.
• MT Educare price band revised to 10 percent.

• Eros International Media: Missouri Local Government Employees Retirement System sold 5.67 lakh shares or 0.59 percent equity at Rs 18.64 each.

Earnings To Watch

• GM Breweries

• IndiaMART InterMESH to make its stock market debut. The company’s IPO was subscribed 36.2 times.

• Vedanta awarded 10 exploration blocks in India at a total bid cost $245 million.
• Mcleod Russel ICRA downgraded credit rating to default for borrowings worth Rs 1,031.09 crore. Long term rating revised to ‘ICRA D’ from ‘ICRA B-’. Short term rating revised to ‘ICRA D’ from ‘ICRA A4’.Ratings continue to remain on ‘Issuer Not Co-operating Category’.
• Uniply Industries: Markab made an open offer of 4.95 crore shares, or 26 percent of the voting share capital at Rs 82 per share, aggregating to Rs 405.62 crores, as reported in the exchanges. The offer price is at a premium of 29 percent from the current market prices. Markab signed a deal to acquire 20.71 percent in the company from the promoters and will also acquire warrants which when converted will constitute 8.5 percent stake in the company.
• Cox & Kings defaulted in the payment of interest on NCDs worth Rs 7.2 crore which were due on June 30. Principal amount of NCDs stood Rs 300 crore. Company has already defaulted twice on June 27 and July 1 with a cumulative default of Rs 200 crore on payment of commercial papers.
• Bharti Airtel: NCLT approved the transfer of company’s optical fibre cable business to Telesonic Networks.
• Mindtree: Nalanda India Fund reduced stake from 10.6 percent to 1.71 percent in the company. The shares were tendered in the open offer.
• ONGC clarified on the news of Cairn India stopping paying royalty on Rajasthan’s block stating that claims and counterclaims were currently under arbitration. The matter is sub-judice and the aforesaid news has no material impact on the company.
• Steel Strips Wheels June total wheel rims sales were down 10 percent at 11.28 lakh units versus 12.66 lakh units. Company stated that June month had a shutdown coupled with major inventory reduction exercise going on at all car manufacturer's end and expect this to continue in July and come to normal levels of inventory by July to normalize production.
• Indian Oil Corporation hired a Panama-flagged VLCC Bright Pioneer on long-term time charter for five-seven years for importing crude oil, company’s spokesman stated in an emailed reply to questions from Bloomberg News.

• U.S. markets equity markets close Thursday for the Independence Day holiday.
• Noon: India’s Economic Survey
• 1:45 p.m.: Chief Economic Adviser Krishnamurthy Subramanian will address at a press conference after the Economic Survey 2018-19 is tabled in both the houses of Parliament

• Brent crude fell 0.06 percent to $63.78 a barrel.
• West Texas Intermediate crude gained 0.2 percent to $57.48 a barrel.
• Gold was little changed at $1,419.89 an ounce.

London Metal Exchange

• Copper halted a two-day fall, closed 0.53 percent higher.
• Tin ended 3.45 percent higher.
• Zinc ended 1.2 percent lower.
• Aluminium halted a two-day fall, closed 0.45 percent higher.
• Nickel halted a three-day fall, ended 2.11 percent higher.
• Lead ended loser for the fourth consecutive trading session, closed 0.9 percent lower.

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 0.08 percent to 11958 as of 7:50 a.m.

Asian stocks saw modest gains Thursday after their U.S. counterparts rose to all-time highs in thin trading ahead of a holiday.

Shares in Japan, Australia and South Korea rose after the S&P 500 climbed for a fifth day. China and Hong Kong stocks opened little changed.

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