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Sensex, Nifty Lose Momentum Amid Rising Trade War Fears

Sensex, Nifty Lose Momentum Amid Rising Trade War Fears
Employees work at computers at a brokerage firm in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)
8 years ago
The mid- and small-cap shares underperformed their larger peers as the S&P BSE MidCap index fell 0.7 percent and the S&P BSE SmallCap index declined 0.3 percent.

  • IDBI Bank: The Mumbai-based public-sector lender rose as much as 10 percent to Rs 58.65 as Life Insurance Corp of India’s investment in IDBI Bank may trigger an open offer for the state-run bank, Bloomberg reported.
  • Shilpa Medicare: The Raichur-based active pharmaceutical ingredient maker rose as much as 14 percent to Rs 434 after U.S. FDA closed inspection of its plants.
  • Shalimar Paints: The Kolkata-based paint maker rose as much as 10.76 percent to Rs 142 after its board approved raising Rs 240 crore via rights issue.
  • L&T Infotech: The Mumbai-based IT company rose as much as 6.87 percent to record high of Rs 1,838 on heavy volumes. Trading volume was 10.2 times its 20-day average.

  • Indiabulls Ventures has 73 lakh shares change hands in a block. Stock little changed at Rs 480.
  • Buyers and sellers were not immediately known

    Source: Bloomberg

Shares of the commodity bourse operator pared gains after rising as much as 6 percent after a technical glitch halted trading at the bourse. The trading resumed at 12:56 PM local time.

Meanwhile, a report suggested that MCX is in talks with the National Stock Exchange to combine their operations.

The two exchanges have appointed a global investment banks to help in the discussions, The Economic Times reported citing two unknown people.

National Stock Exchange has appointed Morgan Stanley while JPMorgan is advising MCX, the report added.

  • Adani Power: The Ahmedabad-based power producer rose as much as 14.7 percent, the most in over four years, to Rs 19.80. Trading volume was 9.2 times its 20-day average.
  • Akzo Nobel: the Gurugram-based paint maker fell as much as 0.4 percent to Rs 1,865. Trading volume was 144.6 times its 20-day average.
  • Atul: The Gujarat-based chemical maker rose as much as 4.4 percent to Rs 2,848. trading volume was 20.7 times its 20-day average.
  • Larsen & Toubro Infotech: The Mumbai-based IT company rose as much as 7 percent to Rs 1,838. Trading volume was 11.7 times its 20-day average.

  • Gujarat Pipavav has 10 lakh shares change hands in a block deal. Stock down 0.5 percent at Rs 120.50.
  • Buyers and sellers were not immediately known

    Source: Bloomberg

Shares of the Chennai-based IT company rose as much as 6 percent to Rs 380 after it won an order for Ramco Aviation Suite from Hong Kong Aircraft Engineering Company (HAECO).

Ramco Systems will provide cloud management service to HAECO, the company said in an exchange filing.

Shares of the Mumbai-based government lender rose as much as 10 percent to Rs 58.65, its highest level since June 25.

Life Insurance Corp of India’s investment in IDBI Bank may trigger an open offer for the state-run bank, Bloomberg reported citing an unidentified government official.

Shares of the Delhi-based mortgage lender rose as much as 6.37 percent, the most in over two weeks, to Rs 1,269 as its promoters Punjab National Bank and a Carlyle Group company look to sell their stake in the company.

The companies plan to sell a minimum of 51 percent stake in the housing finance company, according to an exchange filing. PNB and Quality Investment Holdings hold 32.8 percent and 32.3 percent, respectively, in the mortgage and construction lender.

Shares of the Mumbai-based construction steel bars maker rose as much as 7.4 percent, the most in a month, to Rs 85.

Its associate company Vijay Nirman Company (VNC) won orders worth Rs 74.2 crore for construction work at Indira Gandhi International Airport, Delhi.

Q1 Results: TCS Beats Estimates In June Quarter On North America Rebound And BFSI Recovery

Shares of the Raichur-based maker and exporter of active pharmaceutical ingredients rose as much as 12.7 percent, the most in over 21 months, to Rs 434 after the U.S. drug regulator closed its inspection of manufacturing plants at Raichur.

The company received Establishment Inspection Report (EIR) from U.S. FDA for API manufacturing facilities at Raichur for inspection carried between Jan. 16-19, Shilpa Medicare said in an exchange notification.

  • ICICI Bank has 15.2 lakh shares change hands in a single block. Stock down 0.15 percent at Rs 273.
  • Buyers and sellers were not immediately known

    Source: Bloomberg

  • Rupee fell 4 paise to 68.86 per dollar against yesterday's close of 68.82.

Who’s Meeting Whom
  • VRL Logistics to meet CGS-CIMB Securities India Pvt on July 11.
  • Shriram City Union Finance to meet Somerset Capital Management on July 11.
  • Coal India to meet investors for divestment of shares from July 11-20.

Insider Trades

  • Singer India promoters sold 93260 shares from July 6–9.
  • Man Infraconstruction promoter Vatsal Shah acquired 41,000 shares on July 9.

(As reported on July 10)

Bulk Deals

Solara Active Pharma Sciences

  • MSD India Fund sold 1.75 lakh shares at Rs 159.42 each.

Bhageria Industries

  • Promoter Suresh Bhageria bought 5.25 lakh shares or 2.4 percent equity at Rs 301 each.
  • HI FI Trading sold 5.25 lakh shares or 2.4 percent equity at Rs 301 each.

Indiabulls Ventures

  • Jasmine Capital Investments PTE bought 1.7 crore shares or 3.3 percent equity at Rs 480 each.
  • Cinnamon Capital sold 1.7 crore shares or 3.3 percent equity at Rs 480 each.

Trading Tweaks

  • Ramky Infra and V-Mart placed under ASM framework.
  • Minda Industries ex-date for 2:1 bonus.
  • Solara Active Pharma Sciences shifted to B group with circuit filter of 10 percent.
  • General Insurance Corporation of India last trading day before ex-date for 1:1 bonus.
  • Ashoka Buildcon last trading day before ex-date for 1:2 bonus.

F&O Cues

  • Nifty July futures ended at 10,947.85, with a premium of 0.6 points versus premium of 6.9 points.
  • July series-Nifty open interest up 4 percent and Bank Nifty open interest up 10 percent.
  • India VIX ended flat at 12.4 percent.
  • Max open interest for July series call at 11,000 strike price call option (open interest at 36.8 lakh, OI down 1.4 percent).
  • Max open interest for July series put at 10,600 strike price put option, (open interest at 51.9 lakh, down 1 percent).

Earnings To Watch
  • Reliance Industrial Infrastructure

  • Axis Bank board shortlisted three candidates for the position of Managing Director and Chief Executive Officer.
  • Punjab National Bank and Carlyle Group to sell minimum 51 percent stake in PNB Housing Finance to potential buyers.
  • Officials indicate that LIC-IDBI deal may trigger an open offer, according to Bloomberg.
  • Glenmark Pharmaceuticals launched Helsinn’s Akynzeo drug in India and Nepal.
  • Shalimar Paints approved issue of rights issue draft order up to Rs 240 crore and will re-establish its Nashik Plant.
  • Tata Motors unit picked up 26 percent stake in freight aggregator company Truckeasy.
  • KEC International secured multiple orders worth Rs 1,357 crore.
  • BigBloc Construction to acquire Hilltop Concrete for Rs 20 crore.
  • Kridhan Infra won order worth Rs 74.2 crore.
  • MCX, NSE in talks to team up for bigger exchange play (Economic Times).
  • Vedanta to team up with Anglo American to bid for Indian Coal Mines (Economic Times).

World Cup Fever Fuels U.K. Spending on Televisions, Pub Drinks

These are some events to look out for this week:

  • Earnings season gets going with JPMorgan Chase & Co. and Citigroup Inc. among the largest companies due to give results, as well as India’s Infosys Ltd.
  • The most noteworthy U.S. data may be the June inflation report on Thursday, which consensus expects will show both headline and core price growth picking up. There’s another deluge of Treasury debt sales too, with a total $156 billion of notes and bills offered.
  • Chinese trade data due at the end of the week will probably show slightly slower export growth, after early indicators pointed to softer overseas demand and weaker export orders, Bloomberg Economics said.

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