Market Closing
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.
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.
May Aviation Data
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
Market Update
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.
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.
VA Tech Wabag
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.
Expert View on HDFC AMC-Essel Group Deal
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.
Crude Update
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.
Rupee Update
The Indian rupee erased all its morning gains but trading marginally higher by5paiseat 69.85per dollar versus previous close 69.90.
KNR Constructions' wholly owned subsidiary have received the appointed date by National Highways Authority of India for a project of 4 laning of Trichy to Kallagam Section of NH-227 under Bhartmala Pariyojana (Residual Project under NHDP) in the state of Tamil Nadu.
Jet Airways hits lower circuit, down 35 percentafter landing in bankruptcy court
Mishra Dhatuhas signed MoU with Hindustan Antibiotics tosynergise manufacturing of company's bio medical implants.
PSU Bank index Gains Most
Star Cement to consider buyback
The meeting of the board of directors of the company is scheduled on June 21 to consider and approve a proposal for buyback of the company's equity shares.
Shares of Coal India gained 1.7 percent on June 18 after global brokerage house CLSA said it is optimistic on company's volume growth and cost though there is no visibility on price hikes yet.
Market Update
: Benchmark indices are trading higher in the afternoon trade on June 18.
At 12:22 hrs IST, the Sensex is up 138.57 points or 0.36% at 39,099.36, and the Nifty up 36.60 points or 0.31% at 11,708.80. About 1007 shares have advanced, 1077 shares declined, and 111 shares are unchanged.
V-Mart Retail has opened two new stores one in the state of Bihar and one in the state of Madhya Pradesh.
This takes the total number of stores to 227 Stores in 178 Cities across 17 states and total tally of Bihar is 43 stores and Madhya Pradesh is 10 store
The company has entered into business partnership agreement with IDFC First Bank for the promotion and distribution of various financialproducts of the bank through its branch network.
Gold Update
Gold prices edged higher on Tuesday as the dollar pulled back from multi-week highs ahead of the US Federal Reserve's two-day monetary policy meeting.
Repro India gains 5%
Board of directors of the company has approved the draft Scheme of demerger between Repro India and its wholly owned subsidiary company Repro Innovative Digiprint.
Rupee Update
The Indian rupee is trading higher by 10paiseat 69.80per dollar versus previous close 69.90.
Jet Airways Dives
Jet Airways shares continued to be in bears trap and locked in 10 percent lower circuit at Rs 61.50 on June 18 after a media report indicated that State Bank of India filed insolvency petition against the company to recover dues.
Just In
Surya Roshnibags order worth Rs 152 crore from Bharat Gas Resources.
Dabur Shares Plunge
Goldman downgraded Dabur India to sell with a target price of Rs 334, implying 16.66 percent potential downside from current levels as key segments seeing competition is main reason to sell.
"Juices, Hair Care & Oral Care are seeing heightened competition. We see resurging of price-led competition in the low-unit hair oil packs," the brokerage said, adding oral care is seeing a resurgence of competition from Colgate.
Goldman sees challenges to consumption growth due to slowdown in agri and rural wages. Dabur has amongst the highest exposure to rural India for its domestic business.
HDFC Asset Management Company declines 6%
: Shares fell 6.66 percent on June 18 after the company decided to take exposure to non-convertible debentures of debt-laden Essel Group.
Sandhar Technologies gains 2%
Sandhar Technologies gained 2.5 percent as company signed a JV agreement with South Korean company.
Market update
Indian indices erased some of its early gains but trading marginally higher with Sensex holding above 39,000.
At 09:52 hrs IST, the Sensex is up 50.50 points or 0.13% at 39011.29, and the Nifty up 6.30 points or 0.05% at 11678.50. About 709 shares have advanced, 736 shares declined, and 81 shares are unchanged.
Crude Update
Oil prices steadied on Tuesday, caught between rising tensions in the Middle East and signs that economic growth is being hit by trade tensions between the United States and China.
Buzzing
: IndiGo operator InterGlobe Aviation shares gained 2 percent after company placed orders worth $20 billion for LEAP-1A engines.
Mcleod Russel locked at 5% lower circuit
Mcleod Russel touched 52-week low of Rs 19.85, locked at 5 percent lower circuit on June 18 after ating downgraded by ICRA.
Market Opens:
It is a firm opening for the benchmark indices on June 18 with Nifty around 11,700.
At 09:17 hrs IST, the Sensex is up 114.52 points at 39,075.31, while Nifty is up 33.80 points at 11706. About 403 shares have advanced, 226 shares declined, and 25 shares are unchanged.
IndusInd Bank, Axis Bank, ITC, Maruti Suzuki, Tata Motors, Tata Steel, Zee Entertainment are some of the major gainers on the indices, while losers are SBI, Yes Bank, Indiabulls Housing, HUL and ONGC.
Among the sectors, except FMCG all other indices are trading in the green led by metal, pharma, infra, auto and bank.
Rupee Opens
The Indian rupee opened higher at 69.83 per dollar on Tuesday versus previous close 69.90.
Market at pre-open
: Indian indices are trading firm in the pre-opening session on June 18.
At 09:02 hrs IST, the Sensex is up 180.85 points or 0.46% at 39141.64, and the Nifty up 29.10 points or 0.25% at 11701.30.
Brokerages View: Source: CNBC-TV18:
Citi on Bharti Airtel
Buy rating, target raised to Rs 405 from Rs 370 per share
Increase FY20-22 EBITDA estimate by 3-4%
Buy rating is based on its relatively healthier B/S than Vodafone Idea
Citi on Piramal Enterprises
Neutral call, target at Rs 2,640 per share
Proceeds from Shriram stake sale could be used to capitalise lending business
Proceeds from Shriram stake sale may be used to support organic growth
Transaction does not remove possibility of merger of Shriram companies
Credit Suisse on IndiGo
Maintain outperform, target raised to Rs 1,900 from Rs 1,800 per share
Yield spike almost gone; positive on companies positioning, sector & modest competition
Citi on Realty Companies
Residential demand continues to see gradual recovery
New launches seems to bottom out
Prices remains steady in residential space
Commercial demand showing some weakness
Phoenix Mills & Oberoi Realty are our top picks given healthy balance sheet
Maintain sell on DLF given its expensive valuations
Morgan Stanley on HDFC AMC
Overweight call, target at Rs 2,000 per share
Co to provide liquidity arrangement to FMPs impacted by Essel exposure
CLSA on Coal India
Maintain buy rating, target at Rs 290 per share
Optimistic on volume growth and costs, yet no visibility on price hikes
CLSA on Oil & Gas
Unlike 2014, this crude correction may be a warning sign for refiner
Current crude correction similar to those seen in 1997, 2001 and 2008
OMC upmoves may soon be met with a wall of refining worry
Have sell call on IOC, BPCL & HPCL; Buy on ONGC & Oil India
ONGC & Oil India offer much better risk-rewar
Wall Street ends higher
On Monday, the Dow Jones Industrial Average rose 22.92 points, or 0.09%, to 26,112.53, the S&P 500 gained 2.69 points, or 0.09%, to 2,889.67 and the Nasdaq Composite added 48.37 points, or 0.62%, to 7,845.02.
