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The Nifty is likely to remain in the 9,500-9,700 zone at least until GST rolls out, said Dinesh Rohira, founder and CEO of 5nance.com adding, “… a breakout on the downside may be possible after that”.
Rohira said investors can treat every dip as a buying opportunity. He advised investing in the real estate stocks while the so-called defensives pharma and I.T. remain an avoid.
#BQSpotted | Sudden spike in Idea Cellular, reports @soumeet_sarkar. pic.twitter.com/XmLQPtwtai
— BloombergQuint (@BloombergQuint) June 19, 2017
The Nifty Bank Index rose as much as 1.3 percent, the most since May 25, to touch a new record high of 23,806.65.
NDA has nominated Bihar Governor Ram Nath Kovind for Presidential Polls: BJP President @AmitShah. pic.twitter.com/pQWPqkBQsw
— BloombergQuint (@BloombergQuint) June 19, 2017
Shares of the Gautam Adani-led company gained for the fifth day as it rose 2.82 percent, the most since June 02.
Moody’s Investor Service revised its ratings outlook to ‘Stable’ from ‘Negative’ earlier.
Also, the rating agency affirmed the company’s Baa3 issuer and senior unsecured ratings. It said the upgrade in Adani Ports’ rating reflects “stabilisation in the company’s operating performance and a decline in its financial leverage”.
Moody’s said the change in rating also considers “material reduction in related party loans, which previously clouding the company’s credit profile”.
Trading was 2 times the 20-day average for the stock at this time of the day. Bloomberg data showed that about 40 percent of analysts covering the company have changed their price targets over the past month (8 up, 0 down, 11 unchanged, 1 dropped) .
Update: Replying to an exchange query, the company clarified it has no specific information/communication from the government regarding the stated news.
Read the full PTI report here
Cairn Energy says Tax Department ordered Cairn India to pay outstanding dues of around $104 million.https://t.co/LGvHxqBwan pic.twitter.com/tU5b0g4GrV
— BloombergQuint (@BloombergQuint) June 19, 2017
Here's all you need to know about CDSL's IPO.https://t.co/bkGFWeTT7v pic.twitter.com/jrA5gTCKGQ
— BloombergQuint (@BloombergQuint) June 19, 2017
The stock was down 0.9 percent, making it the worst performer on the NSE Nifty IT index.
Shares of the cement maker parred its early losses and rose 1 percent to Rs 239.65 after ICICI Securities upgraded its rating on the stock to ‘Buy’ from ‘Add’.
The stock advanced for a fifth straight session, its best performance since April 06 of this year. The brokerage firm upgraded its price target to Rs 275 from Rs 260.
The stock returned 16 percent so far this year and a gain of 2.2 percent in the past 52 weeks.
Shares of the infrastructure company fell as much as 20 percent, the most since January 09, 2009, after RBI ordered the company's lead lender IDBI Bank to start a Corporate Insolvency Resolution Process (CIRP).
Trading volume was 14 times the 20-day average for this time of the day.
Lanco Infratech is one of the 12 companies that the Reserve Bank of India (RBI) has ordered lenders to take to bankruptcy court as part of an initiative resolve the country's stressed banking system.
"The amounts mentioned...shall be read as Rs 8,146 crore for fund based outstanding exposure and Rs 3,221 crore for non-fund based outstanding exposure as on March 31, 2016," Lanco Infratech said in a BSE filing.
Its debt to equity ratio stands at -60.25. The stock returned negative 47 percent so far this year and a loss of 62 percent in the past 12-months.
Relative Strength Index is 18 for the stock, indicating that it may be oversold.
Shares of the engineering giant halted two-days decline and rose 1.52 percent after winning orders worth Rs 2,231 crore in various business segments, according to the company’s exchange filing.
About 66 percent of analysts covering the company have changed their price targets over the past month (25 up, 1 down, 12 unchanged, 1 dropped), Bloomberg data showed. The stock returned 29 percent so far this year and a gain of 19 percent in the past 52 weeks.
Shares of the hotel operators rallied after the GST Council reduced rates on certain room tariffs. The Council on Sunday fixed 28 percent tax rate for hotel tariffs above Rs 7,500 and 18 percent tax on tariffs from Rs 2500-7500.
Shares of the pharma company rose 2.39 percent to Rs 538.1 after Zydus received a final approval from U.S. drug regulator for its anti-migrane medication.
The drug, Eletriptan Hydrobromide, will be produced at its manufacturing facility in Ahmedabad. The stock returned 4.9 percent so far this year and a loss of 9.5 percent in the past 52 weeks.
Shares of the two and three-wheeler maker rose as much as 3 percent, intraday, the most since May 11, after the Maharashtra government removed a cap on taxi and auto-rickshaw permits, according to a report by Hindustan Times.
About 20 percent of analysts covering the company have changed their price targets over the past month (7 up, 3 down, 39 unchanged), Bloomberg data showed. The stock returned 8.5 percent so far this year and a gain of 11 percent in the past 52 weeks.
Shares of Tata Steel Ltd. rose as much as 2.1 percent to Rs 510.25 after its parent company said it will buy Tata Motors shares from the steelmaker worth up to Rs 3,825 crore.
The proposed stake sale would let the steelmaker reduce some of its Rs 72,367 crore debt.
The stock was among the top five best performers on both the Sensex and the Nifty indexes. With today’s advance, it also managed to break a 3-day losing streak.
The stock has returned 30 percent so far this year, compared to a 10.6 percent advance in the S&P BSE Metal index.
The rupee gained 0.12 percent to 64.35 against the dollar, building on Friday’s advance.
For a complete list of stocks to watch, click here
The 12 corporate accounts RBI chose for bad loan resolution and why.https://t.co/nMiM1VW6L3 pic.twitter.com/3qaJ6PPyE2
— BloombergQuint (@BloombergQuint) June 19, 2017
#BQMoney | Rupee headed towards 65.20, says India Forex Advisors' Abhishek Goenka.https://t.co/LGvHxqBwan pic.twitter.com/BsOwwR9bEh
— BloombergQuint (@BloombergQuint) June 19, 2017
Good Morning!
The Singapore traded SGX Nifty, an early indicator of Nifty’s performance in India, gained 0.4 percent to 9,630.
Asian stocks climbed in early trade, led by a rally in Japanese equities on a weaker yen while the pound slipped ahead of the formal negotiations on the U.K.’s exit from the European Union. The euro gave up early gains as well despite indications French President Emmanuel Macron’s party is poised to win the biggest majority in 15 years.
Japan's traded deficit in May surprised investors with stronger-than-expected imports. Exports grew 14.9 percent on a year-on-year basis while imports rose 17.8 percent. This was the fifth consecutive month of trade pickup for Japan.
Meanwhile, drama surrounding Donald Trump continued over the weekend with one of lawyers saying that the U.S. president was not under investigation for obstruction of justice.
Global equities remained subdued over the weekend as disappointing housing data and a decline in consumer sentiment indicated that the American economy’s growth rate may be slower than forecast.
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