Closing Bell: Sensex, Nifty end flat but Midcap index underperforms; IDBI Bank dips 6%

: The Indian rupee ended at 68.24 on Tuesday, the lowest closing level against the dollar since June 19.

It was down 12 paisefromMonday's close of 68.12 a dollar.

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: Benchmark indices ended flat after volatility, with the Sensexclosing below 35,500 levels. TCS, HDFC, ITC and Infosyshelped the market close higher while Reliance Industries and Tata Motors capped gains.

The 30-share BSESensex rose 19.69 points to 35,490.04and the 50-share NSE Nifty gained 6.70 points to 10,769.20.

NiftyMidcapindex slipped 35 points. More than two shares declined for every share rising on the BSE.

IDBIBank, V-Guard,AdaniPower, Syndicate Bank, Future Consumer,Future Retail, Future Lifestyle,JaiprakashAssociates,Gati, Delta Corp,IndiabullsReal Estate andNalcoslipped up to 7 percent.

United Spirits, Bata,Voltas, Tata Global, JubilantFoodworks,DaburIndia,IGL,PetronetLNG,Hexaware,NIITTechnologies, TataElxsi,AvantiFeeds and Info Edge gained up to 17 percent.

The company in its meeting held of June 25, approved the proposal of raising of funds by way of issuance of equity shares or equity linked securities such as warrants, convertible securities, GDR or ADR or FCC Bs including but not limited to through preferential issue and / or qualified institutions placement or through any other permissible mode up to Rs. 400 crore.

At 15:26 hrs Sharda Cropchem was quoting at Rs 366.00, down Rs 15.00, or 3.94 percent on the BSE.

: Non-banking finance companyShriram Transport Finance Company proposeda public issue of Rs 5,000 croreby issuing 5,00,00,000 (five crore) secured redeemable non-convertible debentures (NCDs) of the face value of Rs1,000each.

The issue will open on June 27, 2018 and close on July 20, 2018, with an option of early closure, subject to the base issue size being fully subscribed prior to such early closure and/or extension.

The funds raised through this issue will be used for onward lending, financing, and for repayment/ prepayment of interest and principal of existing borrowings of the company and for general corporate purposes.

: The market is trading mildly higher amid volatility in the afternoon, tracking positive move in European stocks.

TCS, ITC, Infosys and HDFC twins are leading contributors to the Nifty's gains but selling in Reliance Industries, Tata Motors, ICICI Bank cap upside.

IDBI Bank fell over 6 percent. Government sources told CNBC-TV18 that the government is not keen to sell its stake in the bank to private banks.

: National Stock Exchange of India has approved the re-classification of erstwhile promoters of the company i.e. Neeraj Singal; Brij Bhushan Singal; Ritu Singal; Aishwarya Singal; Brij Bhushan Singal (HUF); and Bhushan Infrastructure Private Limited, collectively holding in aggregate 3.47 percent of paid-up share capital of the company.

Post re-classification, Bamnipal Steel Limited, a wholly owned subsidiary of Tata Steel Limited, is the sole promoter of the company holding 72.65 percent of the paid-up share capital of the company.

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In a bid to make it easier for explorers to find and produce more oil and gas, the Government has allowed companies to go beyond their allocated block boundaries if a discovery were to extend outside their contracted area.

In a "Policy Framework for Streamlining the Operations, Relaxation of Timelines", the Oil Ministry yesterday delegated powers to head of its upstream regulatory body, DGH to prove excusable delays and excess cost recovery.

It allowed companies to carry out an appraisal of an oil and gas discovery beyond the boundaries of their allocated exploration area on the recommendation of block oversight panel, called the Management Committee.

: Pune-based real estate developer Kolte-Patil Developer said it would provide an exit to K2A Residential Ltd, acting through its investment manager IL&FS Investment Advisors LLC (IL&FS) who is holding 49 percentequity stake in its subsidiary, Kolte-Patil Real Estate Private Limited (KPRE).

The exit will be provided for a total consideration of Rs57,5 crore which shall be paid over the next six months, which will be serviced largely through the internal accruals of the project.

Pursuant to the exit of K2A Residential Limited, KPRE will become a wholly owned subsidiary of Kolte-Patil Developers Limited, the company said.

: Microfinancecompany Satin Creditcare Network has received a fresh disbursement of Rs 500 crore from NABARD in the form of refinance facility for tenure of 5 years.

The funds raised will be used for further growth in AUM of SCNL.

Commenting on the transaction, HP Singh, Chairman and Managing Director - SCNL, said, “Association with NABARD is helping SCNL to reduce the cost of borrowings and lending rates to the ultimate borrowers. Lower lending rates will accelerate the pace of our mission of financial inclusion.”

The market continuedto be rangebound ahead of expiry of June futures & options contracts later this week, and amid trade tensions between US and China.

The Sensex rose 41.51 points to 35,511.86and the Nifty gained 10.50 points at 10,773 while the Nifty Midcap index fell third of a percent as about two shares declined for every share rising.

European stocks traded mostly higher, rebounding after trade concerns caused a sharp sell-off for global markets in the previous session.

TCS, HDFC, ITC, Infosys and L&T are supporting the markets while Reliance Industries, Tata Motors and ICICI Bank are under pressure.

The market erased all its gain and trading flat in the afternoon trade with Sensex trading below 35,500 and Nifty hovering around 10,750.

Tata Motors, Tata Steel, Reliance Industries, ICICI Bank and Hero Motocorp are the top losers on the Sensex.

The Sensex up 9.73 points at 35,480.08, and the Nifty down 1.30 points at 10761.20. About 821 shares have advanced, 1569 shares declined, and 156 shares are unchanged.