RIL, ICICI Bank Help Sensex, Nifty Extend Gains For Third Session
A trader works on the floor of the New York Stock Exchange (NYSE) in New York, U.S. (Photographer: Michael Nagle/Bloomberg)

RIL, ICICI Bank Help Sensex, Nifty Extend Gains For Third Session

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Market Wrap: Private Banks Help Sensex, Nifty To Extend Gains For Third Session

RIL, ICICI Bank help Sensex, Nifty to extend gains for third session. #BQLive #BQMarketWrap Read: bit.ly/2ZfXGYF

Posted by BloombergQuint on Tuesday, June 11, 2019

Closing Bell: Sensex, Nifty Extend Gains For Third Day

Indian equity benchmarks closed higher for the third consecutive trading session, led by the gains in Reliance Industries Ltd. and ICICI Bank Ltd.

The S&P BSE Sensex closed 166 points or 0.42 percent higher at 39,950.46 and the NSE Nifty 50 closed at 11,965.60, up 0.36 percent. The broader market index represented by the NSE Nifty 500 Index ended 0.43 percent higher.

Besides, the NSE Nifty MidCap 100 and the NSE Nifty SmallCap 100 rose 0.68 percent and 0.1 percent respectively.

The market breadth, however, was tilted in favour of sellers. About 960 stocks fell and 808 shares declined on National Stock Exchange.

The rise in the Nifty has not been supported by the overall market breadth, which is remaining disturbing at least in the last few weeks, Amit Shah, technical and derivative analyst at BoB Capital Markets told BloombergQuint in an interaction earlier today.

“Even though the bias remains positive considering the higher top and lower bottom that the 50-stock index has formed, there is not much of a strength seen in the Index until there is an improvement in the market breadth. “

Nine out of 11 sectoral gauges compiled by NSE advanced, led by the NSE Nifty Metal Index’s 1.3 percent gain. On the flipside, the NSE Nifty FMCG Index was the top sectoral loser, down 0.16 percent.

RIL, ICICI Bank Help Sensex, Nifty Extend Gains For Third Session

Moody's Places Yes Bank's Ratings Under Review For Downgrade

Moody's Investors Service said in a statement today that it has placed Yes Bank’s foreign currency issuer rating of Ba1 under review for downgrade.

“The review for downgrade takes into account Moody's expectation that the ongoing liquidity pressures on Indian finance companies will negatively impact the credit profile of Yes Bank, given the bank's sizeable exposure to weaker companies in the sector,” it said.

According to Moody’s Investors Service:

  • Expect significant pressure on Yes Bank's asset quality and therefore profitability and capital position.
  • Nevertheless, the impact will be somewhat cushioned by the bank's proactive loan loss provisioning for anticipated stress.

Stocks Moving On Heavy Volumes

Zensar Technologies

  • Stock rose as much as 7.8 percent to Rs 271.35
  • Trading volume was more than 12 times its 20-day average.

Gujarat Pipavav Port

  • Stock fell as much as 3.1 percent to Rs 81.
  • Trading volume was 19 times its 20-day average.

KPIT Technologies

  • Stock rose as much as 5 percent to Rs 99.
  • Trading volume was more than quadruple its 20-day average.

Market Check: Sensex, Nifty Set To End Higher For The Third Day

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

The S&P BSE Sensex rose 160 points or 0.41 percent to 39,949 as of 3 P.M. and the NSE Nifty 50 traded near 11,965.

Thirty Two out of 50 stocks in the NSE Nifty 50 advanced, led by Zee Entertainment Enterprise’s 3.3 percent gain. On the flipside, Indiabulls Housing Finance was the top loser, down 8.2 percent.

Fab Four Stocks Of The Day

Sterlite Technologies

  • Stock rose as much as 12 percent to Rs 194.40.
  • Twin Star Overseas Ltd., which is owned by Anil Agarwal’s Volcan Investments Cyprus Ltd., released entire pledge on 20.74 crore shares, worth 52.01 percent equity share capital.

Bharat Dynamics

  • Stock rose as much as 6.2 percent to Rs 303.80.
  • The company signed a contract worth Rs 1187.8 crore for the supply of heavy weight torpedoes, according to its stock exchange filing. The contract is to be executed in the next 42 months.

Jain Irrigation

  • Stock halts six-day losing streak, its longest in over a month.
  • Shares rose 11 percent to Rs 41.45.
  • The company is said to divest its pipes business, Dalal Street Investment Journal reported quoting the company’s top management official.

CG Power and Industrial Solutions

  • Stock rose as much as 1.9 percent to Rs 32.95.
  • Trading volume was double its 20-day average.

Expect Nifty To Touch 12,750 Levels In The Medium-Term, Kotak Securities Says

Indian equity benchmark NSE Nifty 50 is expected to touch 12,750 level in the medium term.

That's according to Sanjeev Zarbade, vice president-PCG Research at Kotak Securities.

The 50-stock index is not expected to touch new levels in the medium term due to expensive valuations, Zarbade told BloombergQuint in an interaction. “The Nifty is trading at 19.3 times estimated forward earnings per share and that leaved limited room for it to scale up from the current levels.”

Going forward, Monsoons, G-20 Meeting, Federal Reserve Meeting and the Union Budget will be the factors that could influence investors sentiment, he said.

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