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Rupa & Co
Indian equity benchmarks set to clock their first weekly gains in four.
The S&P BSE Sensex gained 0.47 percent so far this week and the NSE Nifty 50 rose 0.55 percent. The broader market index represented by the NSE Nifty 500 rose 0.8 percent so far this week.
Today, the 31-share index fell 153 points to 39,430 as of 3 p.m and the 50-stock gauge traded below 11,793.90, down 0.4 percent. The 500-share index traded 0.35 percent lower.
Independent market expert Rahul Randeria said that the Nifty could see further selling at current levels.
“The Nifty has formed a ‘Head and Shoulder’ on the daily chart. The Index formed an inverted hammer yesterday and also made a high near its right shoulder level. The Nifty has broken from yesterday’s low and the momentum is slipping from the current trend,” Randeria told BloombergQuint in an interaction.
Randeria suggests investors to sell at current levels with a stop-loss of 11,850 and intraday target of 11,740 if they want to sell today.
Shares of Bharat Dynamics extended gains for the fourth consecutive trading session, their longest gaining streak in a month.
The stock rose as much as 7.9 percent, the most in over two weeks, to Rs 339, their highest level since May 28.
Trading volume was almost 16 times its 20-day average, Bloomberg data showed. Of the shares traded, 47 percent were at the ask price and 33 percent were at the bid.
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Indian equity benchmarks were trading near day’s low.
The S&P BSE Sensex fell 74 points or 0.19 percent as of 1 p.m. after falling nearly 150 points intraday. The NSE Nifty 50 traded around 11,820, down 0.19 percent.
The declines in the benchmark indices were led by HDFC Bank ltd., Reliance Industries Ltd. and ICICI Bank Ltd.
On the flipside, Larsen & Toubro Ltd., Axis Bank Ltd. and State Bank of India were top gainers.
Shares of Eid Parry India extended gains for the second consecutive trading session. The rose as much as 9.7 percent to Rs 186.50.
Trading volume was more than nine times its 20-day average, Bloomberg data showed. The stock declined 13 percent in the past 12 months compared to a 13 percent gain in the Sensex.
Independent investment advisor Sharmila Joshi said that it is difficult to take a call on markets at this juncture there are many fundamentals being built in several areas.
Joshi prefers tech shares and believe that it is a safe sector to invest in. She advices investors to position themselves keeping the upcoming Budget in mind.
“I suggest investors to stay invested in the PSU banks. In general each bank has issues but valuation is decent. Besides, there is also a buzz that they might receive capital infusion during the budget,” Joshi told BloombergQuint in an interaction.
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Indian equity benchmarks traded at day’s low.
The S&P BSE Sensex fell as much as 0.36 percent or 142 points to 39,444.82 and the NSE Nifty 50 fell as much as 0.36 percent to 11,798.40. The broader market index represented by the NSE Nifty 500 Index fell 0.15 percent as of 12:10 a.m.
Shares of Rupa & Co after they extended gains for the third consecutive trading session. The stock rose as much as 15.6 percent, the most since October 2018, to Rs 273.95.
Besides, Mindtree fell as much as 2.2 percent to Rs 924.35. The stock ended a four-day fall yesterday after it closed 1.02 percent higher.
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Shares of Rupa & Co extended gains for the third consecutive trading session. The stock rose as much as 15.6 percent, the most since October 2018, to Rs 273.95.
Trading volume was almost 50 times its 20-day average, Bloomberg data showed. The stock rose 14 percent in the past five days and declined 6.2 percent in the past 30 days.
Shares of Power Grid rose as much as 0.9 percent to Rs 209.60.
The company plans to consider fund raising of up to Rs 10,000 crore in tranches from the domestic market through issue of secured / unsecured, non-convertible, non-cumulative / cumulative, redeemable, taxable / tax-free Debentures / Bonds under Private Placement during the next financial year, according to its stock exchange filing.
The Relative Strength Index was above 70, indicating that the stock may be overbought, according to Bloomberg data.
Indian equity benchmarks continued to trade lower, erasing their opening gains.
The S&P BSE Sensex fell 86 points to 39,497 as of 11 a.m. and the NSE Nifty 50 fell 0.2 percent to 11,816.40. The small-cap Index represented by the NSE Nifty SmallCap 100 rose 0.1 percent.
Seven out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Metal Index’s 1 percent fall. On the flipside, the NSE Nifty PSU Bank Index was the top sectoral gainer, up 1.8 percent.
Shares of Mindtree fell as much as 2.2 percent to Rs 924.35. The stock ended a four-day fall yesterday after it closed 1.02 percent higher.
Larsen & Toubro Ltd.'s stake in Mindtree Ltd. rose to more than 60 percent after its open offer to buy 31 percent shares in the Bengaluru-based IT firm was over-subscribed, PTI reported quoting data available on the bourses.
The stock is testing its 200-day moving average of Rs 931.44, Bloomberg data showed. The Relative Strength Index was at 28, indicating that the stock may be oversold.
Shares of the drugmaker rose as much 2.6 percent to Rs 508.78.
Brokerage firm HSBC upgraded its recommendation on the stock to ‘Buy’ from ‘Hold’ and hiked the price target to Rs 590 from Rs 575.
Here what else HSBC had to say about Alembic Pharma:
Shares of Lupin rose as much as 3.2 percent to trade at over a one-month high at Rs 790.
The pharmaceutical company received tentative U.S. FDA approval for Mirabegron ER tablets—used in the treatment of overreactive bladder issues, to market generic version for Myrbetriq ER Tablets of Astellas, according to its stock exchange filing.
Trading volume was almost five times its 20-day average, Bloomberg data showed. The stock traded at 26 times its estimated earnings per share for the coming year.
Nifty’s 11,800 put option contract was among the most active Nifty option contracts on National Stock Exchange.
Premium on the contract rose 13.49 percent to Rs 53. Over 4.89 lakh shares were added to the open interest which stood at over 16.7 lakh shares.
Indian equity benchmarks erased opening gains, led by the declines in ICICI Bank and Axis Bank.
The S&P BSE Sensex fell as much as 0.16 percent or 64 points to 39,522 and the NSE Nifty 50 fell as much as 0.13 percent to 11,825. The broader market index represented by the NSE Nifty 500 Index traded little changed.
Bengaluru-based real estate developers were in focus after the Karnataka government is contemplating a five-year ban on construction of multi-storeyed residential buildings in view of the acute water crisis, PTI reported quoting Deputy Chief Minister Dr. G Parameshwara.
Buyers and sellers were not known immediately.
Source: Bloomberg
Shares of the state-run lender extended gains for the third consecutive trading session. The stock rose as much as 11.3 percent, the most in over four months, to Rs 26.50.
Trading volume was almost 50 times its 20-day average, Bloomberg data showed. The scrip advanced 11 percent in the past five days and gained 1 percent in the past 30 days.
Shares of the Bengaluru-based real estate developers declined in today’s trade.
This after the Karnataka government is contemplating a five-year ban on construction of multi-storeyed residential buildings in view of the acute water crisis, PTI reported quoting Deputy Chief Minister Dr. G Parameshwara.
Shares of Sobha fell as much as 7 percent to Rs 507, while shares of Purvankara fell as much as 6 percent to Rs 69.40. Brigade Enterprises and Prestige Estate Projects fell as much as 5.7 percent and 4 percent respectively.
Shares of Cox & Kings hit their lower circuit of 10 percent for the third consecutive trading session to trade at record low at Rs 36.80.
The company defaulted on payment of commercial papers worth Rs 150 crore, according to it stock exchange filing. (Read the full story here).
Trading volume was more than three times its 20-day average, Bloomberg data showed. The Relative Strength Index was below 30, indicating that the stock may be overbought.
Here's a quick look at the corporate insider trades reported on Thursday.
— BloombergQuint (@BloombergQuint) June 28, 2019
Read: https://t.co/yt6OGKmk4N pic.twitter.com/LJjiVzrtEq
Indian equity benchmarks are set to open higher
The S&P BSE Sensex rose over 100 points to 39,695 during the pre-market trad eand the NSE Nifty 50 was at 11,867.35, up 0.17 percent.
In the currency market, the Indian rupee opened higher against the U.S. dollar. The home currency appreciated as much as 0.14 percent to 68.97 against the greenback.
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