Sensex, Nifty Rebound After Two-Day Drop As RIL, Private Lenders Lead

Indian equity benchmarks halted a two-day fall, led by the gains in Reliance Industries Ltd. and HDFC Ltd.

The S&P BSE Sensex ended 0.8 percent or 312 points higher at 39,434.94 while NSE Nifty 50 ended slightly below 11,800, up 0.83 percent. The broader market index represented by the NSE Nifty 500 Index closed 0.72 percent higher.

The market breadth was tilted in favour of buyers. About 911 stocks advanced and 834 shares declined on National Stock Exchange.

All the 11 sectoral gauges compiled by NSE ended higher, led by the NSE Nifty Metal Index’s 1.74 percent gain.

The markets are expected to consolidate in the near-term until the Union Budget, according to UTI Asset Management Company’s Executive Vice President and Fund Manager V Srivatsa.

“The markets are waiting for the announcement of allocation of funds which is set to be announced during the Budget speech,” Srivatsa told BloombergQuint in an interaction.

“Going forward, in the next two-to-three quarters, it will be the earnings that will dictating the movement of the markets. We expect earnings to grow about 20 percent in the current financial year,” he said.

European equities retreated at the open, led by automakers and banking shares, as investors eyed the upcoming trade talks after U.S. officials insisted they weren’t prepared to compromise on demands for meaningful Chinese economic reforms.

“The Nifty was witnessing a strong support 11,600-11,650, which was being tested in the past seven trading sessions. Today’s Nifty reversal from the intraday low is a very good indication that the index can move up to 11,900-11910,” Tradebulls’ Sacchitanand Uttekar told BloombergQuint in an interaction.

Uttekar suggests a stop-loss of around 11,730 on a closing basis form a trading perspective.

IFCI

• Stock rose as much as 16.4 percent to Rs 9.25.
• Board approved the sale of remaining 2.4 percent stake in NSE

Emami

• Stock rose as much as 12.6 percent to Rs 301.
• Promoters sell stake primarily to reduce debt at the promoter level

JK Tyre

• Stock rose as much as 7.2 percent to Rs 81.70.
• India has imposed a counter veiling duty on radial tires from China

Trent

• Stock rose as much as 5.4 percent to Rs 448.90.
• Stock extended gains for the second consecutive day to hit an all-time high.

Indian equity benchmarks are set to halt a two-day fall.

The S&P BSE Sensex rose nearly 350 points as of 3 p.m. to 39,474 and the NSE Nifty 50 traded above 11,800, up 0.95 percent.

The gains in the benchmark indices were led by Reliance Industries ltd. and HDFC Twins. On the flipside, IndusInd Bank and Asian Paints were the top losers.

Shares of HDFC AMC extended gains for the fourth consecutive trading session. The stock rose as much as 1.9 percent to hit an all-time high at Rs 1,972.

The Relative Strength index was above 70, indicating that the stock may be overbought, according to Bloomberg data. Of the shares traded, 55 percent were at the ask price and 28 percent were at the bid.

Shares of Reliance Group stocks declined in today’s trade. Reliance Power fell over 13 percent while Reliance Infrastructure and Reliance Capital declined 9.6 percent and 6.9 percent respectively.

Dr. Reddy’s Laboratories today launched Tobramycin Inhalation in the U.S. market, used for infection in lungs, according to its stock exchange notification.

Shares of the pharmaceutical company rose as much as 1.5 percent to Rs 2,552.45. The stock fell 1.7 percent in the past five days and declined 4.4 percent in the past 30 days, Bloomberg data showed.

Shares of Igarashi Motors surged for the second consecutive trading session. The stock hit an upper circuit of 20 percent at Rs 242.70.

The scrip ended 10 percent higher yesterday after surging 18 percent during intraday. Trading volume was 20 times its 20-day average, Bloomberg data showed. Of the shares traded, 41 percent were at the ask price and 39 percent were at the bid.

Indian equity benchmarks extended gains to trade at day’s high.

The S&P BSE Sensex traded 225 points or 0.58 percent higher at 39,348 as of 2 p.m. and the NSE Nifty 50 traded at 11,770.60, up 0.6 percent.

The market breadth, however, was tilted in favour of sellers. About 869 stocks declined and 842 shares advanced on National Stock Exchange.

Barring Gujarat State Petronet Ltd., Shares of the oil and gas companies gained in today’s trade, led by Bharat Petroleum Corporation Ltd. and Hindustan Petroleum Corporation Ltd.

Indian markets are currently recovering from the losses it made in the last two days, IDBI Capital’s AK Prabhakar told BloombergQuint over the phone. “Most of the gains today are led by the rally in PSUs, the stocks, that have went unnoticed in the past few months.”

“The PSUs have strengthened further after the Modi-led BJP was re-elected to power and we are positive on those stocks,” Prabhakar said, adding that he also prefers certain quality mid-cap stocks.

Shares of Torrent Power rose as much as 10.7 percent, the most since Oct. 31, to Rs 268.

Trading volume was more than 13 times its 20-day average, Bloomberg data showed. The stock has risen in seven trading sessions this month. The scrip returned 1.95 percent so far this year and gained 14.4 percent in the past 12 months.

Shares of ICICI Lombard fell as much as 6.4 percent, the most in over a month, to Rs 1,100

About 2.85 percent equity of the company changed hands in 16 block deals in the range of Rs 1,100-1,104.5, Bloomberg data showed. Buyers and sellers were not known immediately.

Trading volume was double its 20-day average, Bloomberg data showed. Of the shares traded, 25 percent were at the ask price and 38 percent were at the bid.

Indian equity benchmarks were trading at day’s high, led by the gains in Reliance Industries Ltd. and ITC Ltd.

The S&P BSE Sensex rose as much as 118 points or 0.3 percent to 39,240 and the NSE Nifty 50 rose as much as 0.32 percent to 11,737. The broader market index represented by the NSE Nifty 500 Index rose as much as 0.27 percent.

Eight out of 11 sectoral gauges compiled by NSE advanced, led by the NSE Nifty Metal Index’s 0.83 percent gain. On the flipside, the NSE Nifty Media Index was the top sectoral loser, down 0.6 percent.

Eight out of 11 sectoral gauges compiled by NSE advanced, led by the NSE Nifty Metal Index’s 0.78 percent gain. On the flipside, the NSE Nifty Media Index was the worst sectoral performer, down 0.9 percent.

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

Indian equity benchmarks traded higher, after fluctuating between gains and losses in the past two hours.

The S&P BSE Sensex rose 52 points to 39,175.79 as of noon and the NSE Nifty 50 traded above 11,700. The broader market index represented by the NSE Nifty 500 Index rose 0.1 percent.

Tyremakers were in focus as they rallied after India imposes duty on China radial tires.

Besides, Emami was also in focus after the stock halted a 10-day fall and advanced 7 percent.

Shares of the Tyremakers rallied in today’s trade

This after India imposed a countervailing duty on radial tires from China, one of the biggest competitors for local companies, according to a Bloomberg report.

Shares of MRF rose over 2.6 percent, while shares of BalKrishna Industries, Apollo Tyres and Ceat rose 3.1 percent, 1.1 percent and 3 percent respectively. Meanwhile, shares of JK Tyre & Industries rose over 4 percent.

Shares of Emami halted a 10-day losing streak, their longest in over a year. The stock rose as much as 7 percent, the most in over four months, to Rs 286.

Emami Group promoters have sold a further 10 percent stake in Emami Ltd. with an aim to raise up to Rs 1,230 crore. The funds raised from the stake sale will be used to reduce debt at the promoter level. (Read the full story here)

Trading volume was more than four times its 20-day average, Bloomberg data showed. The Relative Strength Index on the stock was below 30, indicating that it might be oversold.

The mid-cap index represented by the NSE Nifty MidCap 100 Index rose 0.26 percent, compared to 0.02 percent gain in the NSE Nifty 50

About 46 stocks in the 100-share index gained, led by the rally in Torrent Power Ltd. and Manappuram Finance Ltd. On the flipside, Reliance Power Ltd., Dish TV India Ltd. and Escorts Ltd. were the worst performers.

Indian equity benchmarks continued to fluctuate between gains and losses.

The S&P BSE Sensex traded 29 points lower at 39,122.96 as of 11 a.m. and the NSE Nifty 50 hovered around its 50-day moving average of 11,689.56.

The mid-cap index represented by the NSE Nifty Midcap 100 outperformed the Nifty after it rose 0.27 percent, led by the gains in Torrent Power and Manappuram Finance.

Kotak Mahindra Asset Management Company expects no further downsides to the market led by consistent money flows despite concerns around the economy and other indicators, according to its chief investment officer of the equity Harsha Upadhyaya.

“The inflows are strong. Liquidity may support market at the entry level. Robust inflows, especially from the foreign investors, have kept the market afloat,” Upadhyaya told BloombergQuint in an interaction.

Watch the full conversation here:

Nifty’s 11,700 call option contract was among the most active Nifty option contracts on National Stock Exchange.

Premium on the contract fell 22.39 percent to Rs 55.80. Over 10.62 lakh shares were added to the open interest which stood at over 27.14 lakh shares.

Shares of Piramal Enterprises fell as much as 3.1 percent to Rs 1,882.

The company plans to sell its s entire 20 percent stake in Shriram Capital Ltd., according to its stock exchange filing. (Read the full story here)

Trading volume was more than four times its 20-day average, Bloomberg data showed.

Indian equity benchmarks fluctuated between gains and losses, after the gains in Reliance Industries Ltd. and ONGC were offset by the losses in HDFC Bank Ltd. and Tata Consultancy Services Ltd.

The S&P BSE Sensex and the NSE Nifty 50 traded little changed at 39,129 as of 10 a.m. and 11,703 respectively. The broader market index represented by the NSE Nifty 500 Index also staged a U-turn to trade a little changed.

SBI Life was in focus during today’s trade as the stock fell over 5 percent after BNP Paribas Cardif plans to sell up to 2.5 crore equity shares at Rs 650 per share, discount of 8.5 percent from Monday’s close.

Besides, Oil marketing companies witnessed a rally after the Brent crude extended declines for the second consecutive trading session and fell 0.85 percent to $64.31 a barrel.

Shares of Welspun Corp fell as much as close to 3.5 percent, the most in three weeks, to Rs 135.

The company’s board fixed July 5 as the record date for the buyback of about 2.89 crore equity shares, according to its exchange notification. the buyback price was also fixed at Rs 135 apiece, a discount of nearly 4 percent compared to the previous close.

The stock advanced 13 percent in the past 12 months compared to a 10 percent gain in the Sensex.

Shares of the oil marketing companies rallied after the Brent crude extended declines for the second consecutive trading session and fell 0.85 percent to $64.31 a barrel.

Shares of Mold-Tek Packaging rose as much as 11.8 percent, the most since Feb. 21, to Rs 268.70.

Trading volume was more than 60 times their 20-day average, Bloomberg data showed. The scrip traded at 19 times its estimated earnings per share for the coming year. Of the shares traded 47 percent were at the ask price and 37 percent were at the bid.

Shares of SBI Life Insurance fell as much as 5.4 percent to Rs 672.35.

The company’s foreign partner BNP Paribas Cardif plans to sell up to 2.5 crore equity shares at Rs 650 per share, discount of 8.5 percent from Monday’s close. The offer shall take place over two trading days on June 25 and June 26.

Trading volume was more than 30 times its 20-day average, Bloomberg data showed. The stock declined 4.1 percent in the past five days and 1.6 percent in the past 30 days.

Indian equity benchmarks extended declines for the third consecutive trading session.

The S&P BSE Sensex fell as much as 0.45 percent or 177 points to 38,946.04 and the NSE Nifty 50 fell as much as 0.42 percent to 11,651. The broader market index represented by the NSE Nifty 500 Index fell as much as 0.4 percent.

The market breadth was tilted in favour of sellers. About 953 stocks declined and 507 shares advanced on National Stock Exchange.

Nine out of 11 sectoral gauges compiled by NSE fell, led by the NSE Nifty Media Index’s 0.79 percent decline. On the flipside, the NSE Nifty Realty Index was the top sectoral gainer, up 0.53 percent.

The Indian rupee opened higher against the U.S. dollar. The home currency appreciated as much as 0.1 percent to 69.28 against the greenback.

Indian equity benchmarks are set for a mixed open.

The S&P BSE Sensex was 100 points higher during the pre-market trade while the NSE Nifty 50 traded at 11,689.30, down 0.1 percent.

In the currency market, The Indian rupee opened higher against the U.S. dollar. The home currency appreciated as much as 0.1 percent to 69.28 against the greenback.

Futures

• Nifty June futures closed at 11,717, premium of 18 points versus 29 points
• Nifty futures across series open interest up 3 percent, adds 5.7 lakh shares in open interest
• Bank Nifty June futures closed at 30,631, premium of 29 points versus 10 points
• Bank Nifty futures across series open interest up 2 percent, adds 35,000 shares in open interest
• Nifty Rollover 29 percent, Bank Nifty Rollover 20 percent

Options

• Nifty PCR at 1.30 versus 1.34 (across all series)

Nifty Monthly Expiry June 27

• Max open interest on call side at 12,000 (39 lakh shares)
• Max open interest on put side at 11,500 (29 lakh shares)
• Open interest addition seen at 11,750C (+9 lakh shares), 11,700C (+3.9 lakh shares)
• Open interest shedding seen at 11,800P (-5.7 lakh shares), 11,700P (-5.6 lakh shares)

Stocks In F&O Ban

• In Ban: Adani Power, IDBI, Jet Airways, Reliance Capital, Reliance Infra
• New In Ban: Adani Power
• Out Of Ban: Jain Irrigation

• Modella Woolens: LIC sells 5,000 shares or 0.5 percent equity at Rs 13.35 each

Emami

• Promoters sell 4.54 crore shares or 10 percent equity at an average price of Rs 271.325 each
• SBI MF buys 1.37 crore shares or 3 percent equity equity at Rs 270 each

• SBI Life: BNP Paribas Cardif to sell up to 2.5 crore equity shares at Rs 650 per share (discount of 8.5 percent). The offer shall take place over two trading days on June 25 and June 26.
• L&T Technology Services: L&T to sell up to 2 lakh equity shares at Rs 1650 per equity share (discount of 5.8 percent). The offer shall take place over two trading days on June 25 and June 26
• IndiaMart InterMesh IPO gets 50 percent demand on first day sale, Offer closes June 26
• K.P.R. Agrochem to sell shares at Rs 59-61 each in IPO starting June 28

• Andhra Bank: Board approved proposal to raise Rs 2,000 crore in FY20.
• Quess Corp: Approved raising of funds up to Rs 51 crore through issue of equity shares on preferential basis.
• IFCI: Board approved the sale of remaining 2.4 percent stake in NSE.
• BHEL and Axis Bank: LIC sold 2 percent stake in both the companies. The stake post sale stands at 11.701 percent in BHEL and at 10.209 percent in Axis Bank.
• TCS: Acquired 15 percent stake from Mitsubishi Corporation in TCS Japan for JPY 3.5 billion ($ 32.6 million). TCS’ holding in TCS Japan will go up from the current 51 percent to 66 percent.
• Infosys: Formed strategic partnership with Toyota Material Handling Europe. Signs long-term Agile Integrated Application and Infrastructure Management agreement.
• HEG: India Ratings and Research (Ind-Ra) has affirmed HEG Limited's (HEG) Long-Term Issuer Rating as lIND AA'. Outlook is Stable.
• Piramal Enterprises: Looking to sell the entire 20 percent stake in Shriram Capital Limited as a part of the long-term strategy to fund growth of its financial services business. Piramal had invested Rs 2,146 crore in Shriram Capital.
• Gujarat Borosil: Set up new additional furnace of 210 TPD for production of solar glass at its existing plant in Bharuch District of Gujarat and has started trial production today.

• Syndicate Bank: Board to meet on June 29 to consider raising capital for 2019-20.
• Eris Life: Board to mull buy back of shares on July 3
• Welspun Corp: Board fixed July 5 as the record date for buyback.
• Suzlon Energy: Exploring funding options including raising equity.

• Brent crude traded little changed at $64.87 per barrel.
• West Texas Intermediate crude was little changed at $57.90 a barrel.
• Gold rose 0.4 percent to $1,425 an ounce.

London Metal Exchange

• Copper ended lower for the second day, down 0.18 percent.
• Nickel ended 0.41 percent higher.
• Zinc halted a three-day fall, closed 2.38 percent higher.
• Tin ended 0.26 percent higher.
• Aluminium ended a two-day fall, closed 1.44 percent higher.
• Lead closed 0.68 percent higher.

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, erased gains and fell 0.13 percent to 11,700.50 as of 8:40 a.m.

Asian stocks traded mixed Tuesday with little direction from a lackluster U.S. session. Shares edged higher in Japan and South Korea, and slipped in Hong Kong and China as traders await the upcoming G-20 summit this weekend.

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