Sensex, Nifty Extend Winning Streak to 6th day on Positive U.S. Cues; ONGC Leads, ITC Drags

Closing Bell

Indian stocks extend their winning streak to a 6th straight session, following positive U.S. market cues. The S&P BSE Sensex closed nearly 0.5 percent higher at 27,278; while the NSE Nifty settled just above 0.5 percent at 8,370.

Closing Bell

Indian stocks extend their winning streak to a 6th straight session, following positive U.S. market cues. The S&P BSE Sensex closed nearly 0.5 percent higher at 27,278; while the NSE Nifty settled just above 0.5 percent at 8,370.

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The Sensex and the Nifty maintain gains of around 0.6 percent, led by energy and industrials, while utilities and consumer staples continue to remain a drag.

The Sensex and the Nifty maintain gains of around 0.6 percent, led by energy and industrials, while utilities and consumer staples continue to remain a drag.

Venky’s Soars on Reports of Rising Egg, Poultry Prices

The poultry firm rose as much as 12.9 percent to Rs 481, most since March 15. Poultry and egg prices have risen 20-30 percent in several parts of the country, according to an Economic Times report.

The report cites these three reasons for the price rise:

• Extended dry spell
  
• Fall in production
  
• Rising input costs

Chicken prices have remained firm for the last several months, suggesting that the oversupply situation no longer exists for the sector, said Awanish Chandra, head of research, institutional equities at East India Securties. Moreover, he said Venky’s oil seed business also has been supporting their topline growth.

We maintain our FY18 target price of Rs 541 for the stock.”

Awanish Chandra, head of research, institutional equities at East India Securties told BloombergQuint.

ONGC Extends Gains to Day 6

The country’s largest petroleum explorer advances as much as 4.5 percent, extending its winning streak to day 6. In fact, since June 20 the stock has been closing higher with the only blip coming in on June 24.

Bosch Drops on Buyback Plan

The auto components maker fell by as much as 2.2 percent after the company informed the stock exchanges that it will buy back shares worth around Rs 2,020 crore and pay another Rs 267 crore as dividend for FY16. The stock is the worst performer on the Nifty on a day when the index is up around 0.6 percent.

As a result of the buyback and dividend, the company faces an outgo of Rs 2,287 crore, which exceeds the Rs 1,832 crore cash Bosch had on its books as on March 31, 2016.

Bajaj Auto Down on Lower June Sales

Shares of Bajaj Auto erase opening gains and fell around 0.5 percent after the two-wheeler maker reported 4 percent drop in June sales at 316,960 units.

Bajaj Auto Down on Lower June Sales

Shares of Bajaj Auto erase opening gains and fell around 0.5 percent after the two-wheeler maker reported 4 percent drop in June sales at 316,960 units.

Opening Bell

Indian stocks open higher extending gains for a sixth day. The S&P BSE Sensex climbs over 180 points to 27,325, while the NSE Nifty rises over 60 points to 8550.

The BSE Capital Goods, closely followed by the BSE Oil and Gas, lead the sectoral indices with gains of around 0.7 percent.

Opening Bell

Indian stocks open higher extending gains for a sixth day. The S&P BSE Sensex climbs over 180 points to 27,325, while the NSE Nifty rises over 60 points to 8550.

The BSE Capital Goods, closely followed by the BSE Oil and Gas, lead the sectoral indices with gains of around 0.7 percent.

Pre-Market Update

Both Sensex and Nifty rise around 0.6 percent in pre-market trading. ONGC (+2.5 percent), Tata Motors (+2.2 percent), Glenmark (+1.8 percent advance, while Bosch (-1.3 percent), Tech Mahindra (-0.4 percent) and Bharti Airtel (0.4 percent) decline in pre-market trading.

IPO Watch

• Larsen & Toubro IPO at Rs 705-715 per scrip; starts only July 11 closes on July 13.
  
• ITDC: Govt kick-starts process to sell 12.03 percent via OFS.
  
• Quess Corp IPO gets demand for nearly 145 times shares offered at the sale close on July 1.
  
• Genesis Colours plans Rs 650 crore IPO (Mint)

Stocks to Watch

• • Indian Hotels: Says unit sold 5.2 million A-shares of Belmond for $49.6 million
  • Jaiprakash Associates: Board meet to discuss progress of disinvestment plans
    
  • Adani Transmission: Signs definitive agreement with GMR Energy to acquire 74 percent equity shares of Maru Transmission Service.
  • Indraprastha Gas: To raise CNG price by Rs 0.25 per kg in Delhi, Rs 0.30 per kg in Noida
  • Snowman Logistics: To invest Rs 17 crore in new project at Krishnapatnam
    
  • Auto Sales: Tata Motors: Posts 22 percent sales growth in passenger segment in June. Cumulative sales volumes were 6 percent higher in June.
    
  • Hero Motocorp: Sells 549,533 units in June
    
  • TVS Motors: Posts 11 percent sales growth in June 2016
    
  • Wockhardt: Gives corporate guarantee to secure term loan of $250 million
    
  • Adani Ports: Acquires TM Harbour Services for an undisclosed amount
    
  • SBI: Strike against merger of SBI associate banks from July 12 (Economic Times)
    
  • Titan: Tanishq sales up in Q1 on wedding season demand (Economic Times)
    
  • Zee Learn, Tree House deal under Sebi scanner (Economic Times)
    
  • Sanofi, Boehringer Ingelheim seek CCI nod for asset swap (Economic Times)
    
  • Kingfisher Airlines books of accounts go missing (Mint)
    
  • Tata Steel: Set to freeze sale of UK assets (Port Talbot) to assess the fallout of Brexit vote (Mint)
    
  • Lafarge, Piramal Enterprises, JSW Cement: 5 final contenders for Lafarge’s India ops to submit bids today (Economic Times)

Talking Points

• Reshuffle of Narendra Modi Cabinet likely on Tuesday (Economic Times)
  
• Five-year inflation target under review (Business Standard)
  
• Piramal Fund invest Rs 200 crore in Prateek Group’s Noida project (Economic Times)
  
• Itz Cash gets RBI nod for Bharat Bill Payments (Economic Times)
  
• Government plans to capture value from infra spend (Economic Times)
  
• India courts Apple with new rules of engagement (Economic Times)
  
• India monsoon-sown crop acreage 21.59 million hectare as of July 1
  
• Forex reserve down $3.03 billion to $361 billion in week to June 24: RBI
  
• Global funds sell Rs 188 crore of local stocks; domestic funds buy Rs 907 crore on July 1: Provisional data
  
• Prime Minister Modi to visit Mozambique July 7, Tanzania July 10 and Kenya on July 11
  
• West Coast Refinery, India’s biggest refinery that state-run energy companies plan to set-up, to cost Rs 2 trillion (PTI)
  
• Lulu group to invest Rs 7,000 crore in India (PTI)
  
• Power transmission sector sees growing interest from investors (Mint)
  
• Private Equity investment in real estate decline 42 percent in first half of 2016 (Mint)

Good Morning!

The early indicator SGX Nifty is up around 25 points or 0.3 percent to 8,382 reflecting the improving global market setup.

U.S. stocks logged their best week this year, with key equity benchmarks recovering some of the lost ground following U.K.’s decision to leave the European Union.

Better-than-expected U.S. manufacturing data, coupled with central banks willingness to provide stimulus is luring investors back into equities.

U.S. markets are shut for a holiday today.

Meanwhile, Asian markets slip as Japanese shares fall amid a stronger yen and Australian benchmark dragged lower after a federal election over the weekend failed to produce a clear winner. This has increased the risk to the country’s top credit rating.

Mixed trade across global markets. SGX Nifty indicates positive start for Indian equities pic.twitter.com/822bKql7bm

— BloombergQuint (@BloombergQuint) July 4, 2016

Asian markets retreat after posting biggest weekly advance in more than 2 months. India poised for strong start pic.twitter.com/gJr6qzRQ3o

— BloombergQuint (@BloombergQuint) July 4, 2016