Closing bell: Indices snap 4-day losing streak, Sensex gains 85 pts; banks, IT stocks lead

Benchmark indices ended volatile session marginally higher and snapped four-day losing streak, driven by select banks and IT stocks.

The BSESensex rose 85.55 points to 39,046.34and the Nifty50 gained 19.30 points at 11,691.50. The market breadth was in favourbears as about 1,546 shares declined against964 advancing shares on the BSE.

ICICI Bank, Infosys, HCL Technologies, TCS, Vedanta, Coal India, Power Grid, Ultratech Cement and BPCL were gainers among Nifty50 stocks.

Indiabulls Housing Finance fell 7 percent.Maruti Suzuki, Hindalco, Sun Pharma, Axis Bank and HDFC were down 1-2 percent.

Jet Airways plunged over 40 percent after landing in bankruptcy court.

Reliance Infrastructure, Reliance Capital, Jain Irrigation, Kaveri Seeds, IRB Infrastructure and Arvind were down 5-20 percent.

Praj Industries, SRF, Shriram Transport, Varun Beverages, LG Balkrishnan, IOL Chemicals gained 3-7 percent.

shares gained 3 percent intraday after global brokerage firm Morgan Stanley resumed rating with overweight call as valuation is lower after underperformance last year.

"Asset quality, funding, and valuation drive our negative view on midsized lenders. But IndusInd is better placed. We project around 26 percent core pre-provision operating profit (PPoP) growth for FY19-21, helped by diversified revenues and merger synergies. Capital/PPoP is strong," the brokerage reasoned.

"More importantly, if management executes per its guidance, we see 20 percent upside risk to earnings, which would also drive re-rating. Our bull case implies around 80 percent upside in stock at Rs 2,500 and in base case, 21 percent upside at Rs 1,700," said the brokerage.

Domestic passenger growth was at 2.96 percentYoYwithIndiGo market share dipping at 49 percent against 49.9 percent MoMbutSpiceJet market share increased to 14.8 percent versus13.1 percent andGoAir to 11.1 percent versus10.8 percent MoM.

Trent to issue shares of Rs 950 crore on preferential basis to promoter Tata Sons

Benchmark indices erased gains in late trade with the Sensex losing 83.59 points to 38,877.20and the Nifty trading below 11,700 levels, down 28.90 points at 11,643.30.

shares gained 2.8 percent intraday after global brokerage firm Macquarie raised price target on the stock by 13 percent to Rs 525 from Rs 465 while maintaining outperform call.

"We think this is a new ICICI Bank, today. We think the watershed moment that occurred in ICICI’s retail asset quality pre-2009 (and dichotomous post-2009 pristine retail quality) is now set to replicate in its corporate loan book. ICICI Bank is our top pick in the Indian financials space & is a Macquarie Marquee Idea," the brokerage said.

bags order worth Rs 1,477 crore in Uttar Pradesh for Clean Ganga project.

Canara Bank board approves raising up to Rs 6,000 crore via QIP/rights issue or other securities.

HDFC AMC fell over 6 percentintraday as it offered exit to some investors of FMPs by transferring their Rs 500 Crs exposure on to its own books.

"This was a sentimentally bold move by HDFC AMC as investors were worried about their investments in the midst of this liquidity crises. However, investors should be aware that this is a one-off deal inked with Essel and there is always an implied risk with investments where the fund cannot always be the white-knight,"UmeshMehta, Head of Research atSAMCOSecurities told Moneycontrol.

However, HDFC AMC has taken a big risk as they have set a trend of assuming credit risks which could turn out to be dangerous in the long term, as this will set expectations for such bailouts in the future which is bad for the investors of HDFC AMC, he said.

Ashok Chawla and Sharad Sharma resigned as independent director of the Jet Airways with effect from June 17.

Oil prices fell for a second day on Tuesday on signs that global economic growth is being hit by the US-China trade war, although losses were limited by tensions in the Middle East after last week's tanker attacks.

Here are top 10 large, mid & small-cap stocks that MFs bought and sold in May

The month of May saw a notable change in the allocation of funds by mutual fund managers as the asset under management climbed to Rs 25.94 lakh crore.... Read More