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Jun 18, 2019 03:37 PM IST | Source: Moneycontrol.com

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

The sectoral trend was mixed with Private Banks and IT gaining. The broader markets underperformed frontliners.

  • Jun 18, 03:39 PM (IST)

    Market Closing

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

    The BSE Sensex rose 85.55 points to 39,046.34 and the Nifty50 gained 19.30 points at 11,691.50. The market breadth was in favour bears as about 1,546 shares declined against 964 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.

  • Jun 18, 03:25 PM (IST)

    IndusInd Bank 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.

  • Jun 18, 03:18 PM (IST)

    May Aviation Data

    Domestic passenger growth was at 2.96 percent YoY with IndiGo market share dipping at 49 percent against 49.9 percent MoM but SpiceJet market share increased to 14.8 percent versus 13.1 percent and GoAir to 11.1 percent versus 10.8 percent MoM.

  • Jun 18, 03:16 PM (IST)

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

  • Jun 18, 03:02 PM (IST)

    Market Update:

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

  • Jun 18, 02:59 PM (IST)

    ICICI Bank 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.

  • Jun 18, 02:48 PM (IST)

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

  • Jun 18, 02:47 PM (IST)

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

  • Jun 18, 02:42 PM (IST)

    Expert View on HDFC AMC-Essel Group Deal

    HDFC AMC fell over 6 percent intraday 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," Umesh Mehta, Head of Research at SAMCO Securities 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.

  • Jun 18, 02:24 PM (IST)

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

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