Scan to Download
It’s A Bond Not Equity Budget, Says Morgan Stanley’s Ridham Desai
Stocks in Europe edged lower with U.S. equity futures after steep declines in Asia as investors kicked off the busy week in a cautious mood.
Catch all the global markets update here.
Source: Bloomberg
The Nifty is set to level at 11,400, Trader Atul Suri said after the 50-share index’s 250-point drop.
“The confusion on tax provisions post budget has impacted the correction in the markets today,” Suri told BloombergQuint in an interaction.
Yes Bank
Jindal Steel
Aavas Financiers
Dishman Carbogen Amcis
Source: NCLT Proceedings
Indian equity benchmarks are set to clock their worst single-day fall in over a decade on their first trading session after the Union Budget.
The S&P BSE Sensex fell over 800 points or 2.05 percent to 38,705 as of 3 p.m. and the NSE Nifty 50 traded near 11,550, down 2.2 percent. The broader market index represented by the NSE Nifty 500 Index fell 2.3 percent.
The centre may cut its stake below 51 percent in GAIL, NALCO, NTPC and Container Corp., Bloomberg reported quoting Department of Investment and Public Asset Management Secretary Atanu Chakraborty.
The indirect holding by the government through its arms, such as LIC of India, would stay above 51 percent, Chakraborty told Bloomberg in an interaction.
About 28.8 lakh shares of Dish TV changed hands in a block deal, Bloomberg data showed. Buyers and sellers were not known immediately.
The issue of foreign portfolio investors coming under the purview of increased surcharge on high-income earners was brought to the government’s notice today, Bloomberg reported quoting Central Board of Direct Taxes Chairman PC Mody.
The government is examining issue of surcharge on foreign investors, the report added.
Shares of Hindustan Copper fell 2 percent to Rs 38.65 after falling nearly 3 percent intraday.
The company plans to consider borrowing of up to Rs 2,500 crore and raising up to Rs 1,400 crore via QIP, according to its stock exchange filing.
Of the shares traded, 38 percent were at the ask price and 53 percent were at the bid, Bloomberg data showed.
Shares of the non-banking finance company declined as much as 8.9 percent, its biggest intraday fall in over five months, to Rs 3,390 each.
The trading volume was more than three times the 20-day average, Bloomberg data showed. Trading in the company's call options totalled 11,595 contracts, compared with the average of 5,039 over the past 20 days. Trading in the company's put options totalled 16,705 contracts, compared with the average of 4,113 over the same period.
Shares of the clinical-laboratories chain rose as much as 5.4 percent, the most nearly three weeks, to Rs 1137 apiece.
The stock advanced 23 percent in the past 12 months compared to a 9 percent gain in the Sensex. The shares traded at 40 times its estimated earnings per share for the coming year, Bloomberg data showed.
Indian equity benchmarks were trading at day’s low.
The S&P BSE Sensex fell 663 points or 1.68 percent to 38,850 as of 1 p.m. and the NSE Nifty 50 traded around 11,600, down 1.74 percent.
The mid- and small-cap index represented by the NSE Nifty MidCap 100 and the NSE Nifty SmallCap 100 2.5 percent and 2.1 percent respectively.
Buyers and sellers were not known immediately.
Source: Bloomberg
The Department of Telecommunications challenged Telecom Disputes Settlement and Appellate Tribunal order on Vodafone Idea in the Supreme Court.
A three-judge Supreme Court panel headed by Chief Justice Ranjan Gogoi has agreed to hear government’s plea challenging an order to refund Vodafone‘s bank guarantee, according to a Bloomberg report.
Economic slowdown fears are hurting market sentiment, Deven Choksey of KR Choksey told BloombergQuint in an interaction. “Not much growth is being seen in the economy.”
Choksey attributed negative sentiments prevailing in the investor community as the sole reason behind the sharp fall in indices. "Banks and NBFCs have indicated that credit offtake has been muted last month. Therefore, not much growth is being seen in the economy."
The Supreme Court today ordered a status quo for 15 days on the Bharti-Tikona merger.
Shares of Bharti Airtel pared opening losses to trade 0.7 percent lower at Rs 362.30 after the development.
Indian equity benchmarks recovered marginally from day’s low.
The S&P BSE Sensex traded 560 points lower at 38,952 as of noon, after falling over 650 points intraday. The NSE Nifty 50 traded 1.5 percent lower to hover around 11,600. The broader market index represented by the NSE Nifty 500 Index fell 1.6 percent.
About 44 stocks out of 50 in the NSE Nifty 50 traded lower, led by the declines in ONGC, Hero MotoCorp Ltd., Bajaj Finance Ltd. and State Bank of India.
India’s Union Budget 2019 favours the bond market over equities, according to Morgan Stanley’s Ridham Desai.
“The government bonds are in a bull run,” Desai, the head of India equity research and India equity strategist at the investment banking firm, told BloombergQuint in a conversation.
Read the full story and watch the full interaction here.
Shares of Quick Heal Technologies rose as much as 3.7 percent to Rs 170.
The Pune-based firm was granted U.S. patent for anti-ransomware technology, according to its statement on the exchanges. The technology is based on artificial intelligence and machine learning and detects and blocks ransomware on a real-time basis, the statement added.
The company’s annual general meeting is scheduled on July 15.
Nifty’s 11,800 call option contract was among the most active Nifty option contracts on National Stock Exchange.
Premium on the weekly contract which is set to expire Thursday fell 73 percent to Rs 19.85. Over 15.82 lakh shares were added to the open interest which stood at over 22.46 lakh shares.
Indian markets could see further pressure in the near term on the downside with the poor financials expected in the first half of the current financial year, Joindre Capital Services’ Research Head Avinash Gorakshakar said.
“The markets are also concerned on recent global news flows like Morgan Stanley’s downgrade on global equities and Deutsche Bank’s exit from Asia,” Gorakshakar told BloombergQuint.
Besides, the news flow from the Federal Reserve is not encouraging, he said.
Commenting on the Union Budget outcome, Gorakshakar said that it was ‘not market friendly’ and nothing turned out positive for the investors.
“The biggest negative has been on the tax on buybacks, which will hit sentiments here bad as companies will now avoid buybacks as it becomes tax unfriendly. Besides, the proposal to raise the minimum public shareholding limit to 35 percent dissapointed investors,” Gorakshakar said.
On the June quarter earnings forecast, he said, “We expect very few positive surprises from few sectors but broadly the earnings growth across sectors largely will be under pressure as demand is weak and no major improvements are expected until Sept 2019.”
Indian equity benchmarks continued to trade lower, extended their declines for the second consecutive trading session.
The S&P BSE Sensex fell 0.92 percent to 39,149.74 as of 10 a.m. after falling over 450 points intraday and the NSE Nifty 50 traded below 11,700, down 0.96 percent.
The market breadth was tilted in favour of sellers. About 1,280 stocks declined and 332 shares declined on National Stock Exchange.
Shares of Mindtree extended declines for the fourth consecutive trading session. The stock fell 3.8 percent to Rs 831.55 as of 9:40 a.m. The scrip is currently trading ex-dividend.
The company’s CEO and Managing Director Rostow Ravanan resigned. Krishnakumar Natarajan too resigned as executive chairman. Besides, NS Parthasarathy resigned as executive vice chairman and chief operating officer. They will continue to stay as board members and employees till July 17, in-line with their contracts.
The Relative Strength Index was below 30, indicating that the stock may be oversold, according to Bloomberg data.
Besides, shares of L&T extended fall for the third consecutive trading session and fell as much as 4.2 percent, the most since Oct 2018, to Rs 1,492.45.
Here's a lineup of all the major corporate meetings over the next few days.
— BloombergQuint (@BloombergQuint) July 8, 2019
Read: https://t.co/hxl4xtDTcf pic.twitter.com/32I3JqYsDy
Indian equity benchmarks are set to open lower today.
The S&P BSE Sensex traded little changed at 39,510 during the pre-market trade and the NSE Nifty 50 traded at 11,761, down 0.4 percent.
In the currency market, the Indian rupee opened lower against the U.S. dollar after rallying for 10 consecutive trading session.
The home currency depreciated as much as 0.34 percent to 68.65 against the greenback.
Nifty Weekly Expiry 11-July
Nifty Monthly Expiry 25-July
Westlife Development
Lakshmi Vilas Bank
PNB Reports Fraud Of Over Rs 3,800 Crore By Bhushan Power & Steel
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
