Market Close
: Indian indices witnessed sharp fall on June 17 on the back of trade war fears which pulled the Sensex below 39,000 and Nifty below 11,700 level.
At close, the Sensex was down 491.28 points at 38,960.79, while Nifty was down 148.40 points at 11,674.90. About 685 shares have advanced, 1847 shares declined, and 126 shares are unchanged.
Tata Steel, JSW Steel, ONGC, Indiabulls Housing and Tata Motors were among major losers on the Nifty, while gainers were Yes Bank, Zee Entertainment, Coal India and Wipro.
All the sectoral indices ended lower led by metal, energy, bank, auto, pharma, infra and FMCG.
Market Check
Benchmark indices witnesssharp fall with Sensex below 39,000.
The Sensex is down 491.42 points or 1.25% at 38,960.65, and the Nifty down 152.30 points or 1.29% at 11,671.00. About 602 shares have advanced, 1830 shares declined, and 118 shares are unchanged.
India Ratings & Research assigned IND A1+ to Rs 300 billion certificate of deposit.
Vodafone Idea shares dropped 3.8 percent and Bharti Airtel 2.6 percent on June 17 after DCC's approval to penalty imposed by telecom regulator in the Reliance Jio case.
Cadila Healthcare gets EIR from USFDA
The company's formulations manufacturing facility located at SEZ, Ahmedabad has received an establishment inspection report (EIR).
Batelco and Tata Communications strengthen partnership
Batelco is announcing an extension of its partnership with Tata Communications to offer flexible and reliable data connectivity with expanded global reach; to service providers, mobile network operators (MNO) and ISPs in the Middle East.
Market Update
Indian indices are trading at day's low level on June 17 on trade war fears.
The Sensex is down 384.51 points or 0.97% at 39067.56, and the Nifty down 122.00 points or 1.03% at 11701.30. About 606 shares have advanced, 1729 shares declined, and 129 shares are unchanged.
Reliance Capital shares fell 10 percent on June 17 despite company selling stake in asset management company.
Berger Paints' independent director Dhirendra Swarup resigned w.e.f. Jun 13, 2019.
Rupee trades flat
The Indian rupee is trading flat at 69.81 per dollar versus Friday's close 69.80.
Berger Paints' independent director Dhirendra Swarup resigned w.e.f. Jun 13, 2019.
Divis Laboratories rises 3%: Divis Laboratories shares climbed 3.6 percent on June 17 after the US health regulator concluded inspection of Andhra Pradesh unit with zero observation.
Varun Beverages approves bonus issue
The company board recommended bonus issue of equity shares in the proportion of 1 equity share for every 2 equity shares held by the shareholders of the company as on the record date.
Buzzing
: Aster DM Healthcare shares gained 7 percent on June 17 after ICRA revised rating for the company's total credit facility of Rs 168 crore.
Market Update
Indian indices slipped further in the afternoon trade with Sensex shed 300 points.
At 12:16 hrs IST, the Sensex is down 298.79 points or 0.76% at 39153.28, and the Nifty down 96.90 points or 0.82% at 11726.40. About 576 shares have advanced, 1577 shares declined, and 103 shares are unchanged.
USFDA issues 2 observations to Caplin Point
Caplin Steriles, a wholly owned subsidiary company of Caplin Point Laboratories, announces that USFDA has completed inspection of its Sterile Injectable site at Gummidipoondi between 6 and 14 June, 2019 and issued two observations.
Buzzing
:Relaxo Footwears shares rallied 11 percent on June 17 after announcement of record date for bonus issue.
Elecon Engineering gains 3%
The company has been awarded a prestigious order from Bharat Heavy Electricals for Supply & Erection of Stacker cum Reclaimer machines at its Udangudi STPP site, Thoothukudi District, Tamil Nadu worth Rs 79.12 crore.
Rupee Update
The Indian rupeeis tradingflat at 69.79per dollar versus Friday's close 69.80.
Reliance Infrastructure hits 52-week low
Shares of Reliance Infrastructure shed 11 percent on June 17 as company's Q4 consolidated net loss was at Rs 3,301 crore versus profit of Rs 133 crore.
Buzzing
Laurus Labs shares gained 3.6 percent on June 17 after the company said there were no data integrity issues during inspection of Visakhapatnam units by the US health regulator.
BHEL wins Rs 800 crore orders
Bharat Heavy Electricals' (BHEL) Solar Photovoltaic (SPV) portfolio has surpassed 1 GW with the company winning two EPC orders for setting up SPV plants with a cumulative capacity of 200 MW.
Market Outlook
Jayant Manglik, President at Religare Broking said it expects volatility to continue this week as participants will be reacting list of events on both domestic and global front.
"First, they will be eyeing the US FOMC meet scheduled on June 18-19. Besides, US-China trade negotiations and other geopolitical matters will be on their radar. On local front, they’ll be closely watching the progress of monsoon and the GST council meet scheduled on June 20," it added.
Hexaware Technologies Rallies
Hexaware Technologies shares gained 2.6 percent intraday as Japanese brokerage Nomura upgraded to neutral from reduce after acquisition of Mobiquity.
The sharp fall in stock price in last nine-month was major reason for upgrade by research house which also increased price target to Rs 340 from Rs 325 earlier.
Buzzing
: ITC shares fell after global brokerage house CLSA slashed price target on lower cigarette multiple.
Gold Update
Gold prices on Monday edged away from a 14-month peak hit in the previous session, with the dollar gaining after encouraging US retail sales data tempered fears about a sharp downturn in the world's largest economy.
Market Update
Benchmark indices extends the losses with Nifty around 11,750 level.
At 10:01 hrs IST, the Sensex is down 189.48 points at 39,262.59, while Nifty is down 63.10 points at 11,760.20. About 515 shares have advanced, 1075 shares declined, and 99 shares are unchanged.
Buzzing
Shares of Shriram Transport Finance Corporation fell 6.5 percent on June 17 after about 10 percent equity changed hands via block deals in early trade on the NSE.
Dollar Update
The dollar hovered near a two-week high early on Monday, as strong US retail sales data tempered some of the fears about a sharp downturn in the world’s largest economy.
Crude Update
Oil prices rose on Monday after US Secretary of State Mike Pompeo said Washington will take all actions necessary to guarantee safe navigation in the Middle East, as tensions mounted following attacks on tankers last week.
Market Opens:
It is a weak start for the benchmark indices on June 17 with Nifty around 11,800 level.
At 09:17 hrs IST, the Sensex is down 47.78 points or 0.12% at 39404.29, and the Nifty down 22.90 points or 0.19% at 11800.40. About 298 shares have advanced, 490 shares declined, and 61 shares are unchanged.
Cadila Healthcare, Aurobindo Pharma, Asian Paints, L&T, Titan Company, ICICI Bank, M&M are some of the major gainers on the indices in the early trade, while losers are Shriram Transport,JSW Steel, Tata Steel, Axis Bank and IndusInd Bank.
Among the sectors, except infra, all other sectoral indices are trading lower.
Rupee Opens
The Indian rupee opened flat at 69.80 per dollar on Monday versus Friday's close 69.80.
Market at pre-open:
Benchmark indices are trading firm in the pre-opening session on June 17.
At 09:02 hrs IST, the Sensex is up 53.67 points or 0.14% at 39505.74, and the Nifty up 58.60 points or 0.50% at 11881.90.
Brokerages View: Source: CNBC-TV18:
CLSA on ITC
Maintain buy, target cut to Rs 365 from Rs 400 per share
A decline in FCF & marginal improvement in RoAE
Citi on JSPL
Maintain buy call, target at Rs 250 per share
On track for 6.5 mt steel volume in India in FY20
Morgan Stanley on Hexaware
Underweight call, target at Rs 350 per share
Mobiquity acquisition is EPS neutral
Management positive on making acquisition work
Numbers will start flowing through in Q2CY19
Credit Suisse on Dr Reddy’s
Underperform call, target at Rs 2,415 per share
CNS deal neutral on NPV basis
R&D on proprietary products in the near-term stays
Expect three filings in CY19
Morgan Stanley on Biocon
Overweight call, target at Rs 392.50 per share
Co expects sales momentum to continue with biosimilar business
Co see H1 to be modest, followed by a strong H2
Credit Suisse on Sun Pharma
Neutral rating, target at Rs 470 per share
Ilumya has met its primary end-point
Efficacy of Ilumya for PsA weaker than its peers on ACR20 response
Problem for Ilumya is that it will be the sixth drug for Ps
