Closing bell: Nifty ends tad below 11,700, Sensex falls for 2nd consecutive day; Metal index dips 1%

Benchmark indices closed lower for second consecutive day amid liquidity crisis and weak global cues.

The Sensex fell 71.53 points to 39,122.96and the Nifty declined 24.40 points to 11,699.70. The Nifty Midcap and Smallcap indices dropped 0.4 percent each.

UPL,Yes Bank,M&M,Indiabulls Housing andTCS were top gainers among Nifty50 stocks, rising 1-5 percent whereasJSW Steel,ONGC,Eicher Motors,Tata Steel andVedanta fell 2-3 percent.

Reliance Power, PC Jeweller, IFCI, Glenmark Pharma, Mahanagar Gas, IGL, Gujarat Gas, Motherson Sumi, Cadila Healthcare, Edelweiss FInancialandDish TV were down 3-12 percent.

Jain Irrigation, HDIL, DHFL, Zee Media, BHEL and NBCC rallied 3-14 percent.

has signed a Joint Venture Agreement with Power Grid Corporation of India to incorporate a Joint Venture Company (JVC) with equity participation of 50:50, respectively with an objective to undertake the business for distribution of electricity in distribution circles in various States and Union Territories of India and other related activities.

in an exchangefilingsaid European multimodal logistic player Forwardis hassignedLogistics Digital Transformation program with
the company. It willimplement Ramco Logistics Suite across all entities of the Group.

Andhra Pradesh based agri-input company KPR Agrochem is set to launch its initial public offering for subscription on June 28. Its price band is fixed at Rs 59-61 per share.

The IPO will consist of a fresh issue aggregating upto Rs 210 crore and an offer for sale of 1.2 crore equity shares.

SBI Life Insurance Company shares rallied nearly 2 percent to hit a fresh 52-week high of Rs 713.80 as global brokerage Morgan Stanley expects strong growth across cycles.

While having an overweight call on the stock with a target price at Rs 850 (implying 21 percent potential upside from current levels), the research firm said company's improving operating metrics will maintain current valuations and value of new business (VNB) compounding will drive strong stock returns.

According to Morgan Stanley, company can deliver strong growth across cycles and premiums are expected to rise at 17 percent CAGR over FY19-21.

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Lemon Tree Hotels shares rallied 5 percent intraday after global brokerage CLSA sees 40 percent upside from current levels, citing potential in Mumbai property.

While maintaining buy call and target price at Rs91, the research house said its upcoming Mumbai property is significant as Mumbai is a lucrative hotel market with occupancy level of over 75 percent.

Company in its BSE filing said it approved enabling resolution giving authority to issue of Secured Redeemable Non-Convertible Debentures (NCDs) on private placement basis, for a value upto around Rs 900 crore, in one or more tranches.

It will replace few of its high cost current or near term maturity debts as well as to meet further funds requirements.

Steel Ministry made a pitch to finance ministry ahead of the budget and sought peak rate of import duty to be increased to 25 percent from 15 percent, reports CNBC-TV18 quoting unnamed sources.

To work out a rescue package for Dewan Housing Finance Corporation (DHFL), its lenders will meet in the first week of July,reportsBusiness Standard. The key talking points of the meeting will include restructuring of loans to ensure repayment, fresh working capital support, inducting a new financial investor and a new management team to be put in place.

European stocks were mixed as investors continue to monitor geopolitical tensions between the USand Iran stoking fears of a military confrontation in the Middle East.

"We do not expect any relief from volatility front in the coming week too, thanks to scheduled derivatives expiry. Meanwhile, participants will be eyeing G20 summit on June 28-29, hoping some resolution on prevailing trade war. On data front, they will also keep a tab on Core sector data, which will be unveiled on June 28,"JayantManglik, President,ReligareBroking told Moneycontrol.

Besides, progress of monsoon and crude oil movement will remain on traders’ radar, he said.

Nifty has next crucial support at 11,600 and its breakdown could lead to further decline ahead. In case of rebound, 11,800-11,900 zone would act as hurdle, he added.