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One can take a position on Nifty with a stop-loss of 11,800 on a conservative basis and hold on to long positions with a target of 12,100 at the upside. Since it is going to be a risk trade, it is recommended for ‘brave hearts’ to take this position.Hadrien Mendonca, Senior Technical Analyst IIFL
IndiaMART InterMESH
Uniply Industries
Vinati Organics
InterGlobe Aviation
Indian equity benchmarks extended gains for the fourth consecutive trading session and are set for their longest gaining streak since April 16 ahead of the Union Budget.
The S&P BSE Sensex rose 117 points to 39,955 as of 3 p.m. and the NSE Nifty 50 rose 0.36 percent to trade above 11,950.
The market breadth was tilted in favour of buyers. About 936 stocks advanced and 783 shares declined on NSE.
Quess Corp’s CEO Subrata Kumar Nag Spoke to BloombergQuint after the company’s shares fell over 11 percent intraday.
Here are the key highlights from the conversation:
Shares of Force Motors fluctuated between gains and losses to trade 0.7 percent higher at Rs 1,409.
The company sold 2,133 units last month in the domestic market and 77 units in the overseas market, according to its stock exchange filing.
The stock declined 41 percent in the past 12 month compared to a 12 percent gain in the Sensex.
Indian equity benchmarks traded higher around the range it was trading during the last two hours.
The S&P BSE Sensex rose 81 points to 39,920 as of 2 p.m. and the NSE Nifty 50 rose 0.26 percent to trade around 11,950. The broader market index represented by the NSE Nifty 500 Index rose 0.27 percent.
The market breadth was tilted in favour of buyers. About 971 stocks advanced and 730 shares declined on National Stock Exchange.
Investors should deal with caution if the Nifty falls below 11,860.
That’s according to a research report by Geojit Financial Services. “A strong move past 11920 would lift the index higher towards 12020/12090. However, inability to float above 11920 may induce a marginal dip towards 11860,” the research firm said in a report.
Shares of IIFL Finance extended gains for the third consecutive trading session and rose as much as 15.5 percent to Rs 168.45.
The stock traded at 11 times its estimated earnings per share for the coming year, according to Bloomberg data. The stock declined 47 percent in the past 12 months compared to a 12 percent gain in the Sensex.
Shares of Dewan Housing Finance Corporation fluctuated between gains and losses to trade 0.6 percent higher at Rs 83.65. Th scrip had advanced 4.2 percent intraday.
The mortgage lender that has delayed payment on some of its obligations, plans to ask banks to lend 15 billion rupees ($217 million) every month to help revive the company, Bloomberg reported quoting unidentified person with knowledge of the proposal said. (Read more here)
The stock declined 66 percent so far this year and slumped 86.5 percent in the past 12 months.
Indian equity benchmarks traded higher around the range it was trading an hour ago.
The S&P BSE Sensex rose 81 points to 39,920 and the NSE Nifty 50 rose 0.27 percent to trade around 11,950. The broader market index represented by the NSE Nifty 500 Index rose 0.27 percent.
In the currency market, The Indian rupee extended gains for the ninth consecutive trading session against the U.S. dollar to trade near day’s high.
In the commodities market, Brent crude fell 1.1 percent to $63.11 per barrel. It closed 2.28 percent higher yesterday and declined over 5 percent so far this week.
Why Mid-Cap Index Discount To Nifty 50 Is At Its Highest This Year
Shares of Kolte Patil rose as much as 7.1 percent, the most in a week, to Rs 234.80.
The real estate developer signed three new projects in Pune under the Development Management Model, according to its stock exchange filing.
Trading volume was more than 5 times its 20-day average, Bloomberg data showed. The stock returned 5.3 percent in the past five days and fell 0.6 percent in the past 30 days.
Indian equity benchmarks continued to hold on to their gains.
The S&P BSE Sensex rose 0.25 percent to 39,936 as of noon and the NSE Nifty 50 traded around 11,950, up 0.29 percent.
Seven out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Realty Index’s 1.5 percent gain. On the flipside, the NSE Nifty Pharma Index was the top sectoral loser, down 0.5 percent.
The Economic Survey pegs the general government fiscal deficit, which includes the deficit of the central government and state governments, at 5.8 percent, according to a Doordarshan tweet, retweeted by the Finance Ministry’s handle.
All eyes are on the fiscal deficit projection for the current fiscal. While the interim budget had pegged 2019-20 deficit at 3.4 percent, fears abound on whether a revenue shortfall will allow for that deficit projection to be maintained.
Catch all the updates on Economic Policy here.
Buyers and sellers were not known immediately.
Source: Bloomberg
Indian equity benchmarks traded off day’s high.
The S&P BSE Sensex traded 42 points higher at 39,885 as of 11:40 a.m. after gaining over 100 points intraday. The NSE Nifty 50 rose 0.17 percent to 11,937.
India’s benchmark bond yield witnessed a sharp fall after the government tabled economic policy in Lok Sabha. The 10-year bond yield fell two basis points to 6.81.
Shares of Quess Corp fell as much as 11.3 percent, its biggest ever intraday fall.
The stock resumed declines after a one-day breather. It fell during three out of four trading sessions. Trading volume was more than four times its 20-day average, according to Bloomberg data.
The Relative Strength Index was below 30, indicating that the stock may be overbought. The stock declined 55 percent in the past 12 months.
The Economic Survey, tabled on Thursday, said that India’s Monetary Policy Committee framework has been successful in containing inflation.
The new monetary policy framework was adopted in 2015 amid high retail inflation. Helped by factors such as low oil prices, inflation has since come down sharply. For two consecutive financial years, average inflation has remained close to the MPC’s target of 4 (+/- 2) percent.
Catch all the updates on Economic Policy here.
Shares of the jewellery maker snapped their two-day gaining streak. The scrip fell as much as 2.6 percent to Rs 1,293.
That came after Morgan Stanley downgraded its recommendation on the stock to ‘Equal-weight’ from ‘Overweight’. It, however, maintained its price target at Rs 1,300.
Here’s what the research firm had to say on the stock:
The Government is said to project GDP for the current financial year at 7 percent compared to 6.8 percent a year ago citing political stability, Bloomberg reported quoting people familiar with the matter.
Here’s what the above quoted people told Bloomberg citing Finance Ministry document:
Indian equity benchmarks NSE Nifty 50 was trading at day’s high.
The 50-share gauge rose 0.36 percent to trade above 11,950 as of 11 a.m. The S&P BSE Sensex rose 121 points to 39,960. The broader market index represented by the NSE Nifty 500 rose 0.32 percent.
Shares of Uniply were in focus as they extended gains for the sixth consecutive trading session. The stock rose 5 percent intraday to trade at over a nine-month high at Rs 66.95.
Nifty’s 11,900 put option contract was among the most active Nifty option contracts on National Stock Exchange.
Premium on the weekly contract which will expire today fell 68.63 percent to Rs 6.65. Over 18.52 lakh shares were added to the open interest which stood at over 38.31 lakh shares.
The Indian government has a lot of room for higher fiscal deficit and lower interest rates to spur economic growth in the country, Mobius Capital Partners’ Mark Mobius said.
The veteran investor expects the deficit rise as high as 5 percent to India’s Gross Domestic Product, and still not deter foreign investments, if the higher slippages are aimed at improving the country’s economic performance.
Watch the full interaction here.
IndiaMart Rises 25% Over IPO Price On Stock Market Debut
Indian equity benchmarks their opening gains.
The S&P BSE Sensex rose over 100 points to 39,946 as of 10 a.m. and the NSE Nifty 50 traded above 11,950, up 0.29 percent. The broader market index represented by the NSE Nifty 500 Index rose 0.27 percent.
Corporation Bank was in focus after the stock jumped over 10 percent on heavy volumes.
Besides, IndiaMART InterMESH makes its stock market debut after listing at a premium of Rs 1230 compared to its issue price of Rs 973.
Shares of Dish TV rose as much as 4 percent to Rs 32.50.
The controlling shareholders of direct-to-home provider Dish TV India Ltd. plan to sell their stake to a Bharti Airtel Ltd. unit and the private equity firm Warburg Pincus LLC, Business Standard reported quoting unidentified people.
The stock traded at 31 times its estimated earnings per share for the coming year, according to Bloomberg data.
Shares of Corporation bank extended gains for the third consecutive trading session. The stock rose as much as 12.9 percent to Rs 28.80.
Trading volume was 11 times its 20-day average, Bloomberg data showed. The Relative Strength Index on was above 70, indicating that the stock may be overbought.
Of the shares traded, 45 percent were at the ask price and 35 percent were at the bid, according to Bloomberg data. The scrip rose 14 percent in the past five days and gained 7.3 percent in the past 30 days.
Shares of McLeod Russel extended fall for the fourth consecutive trading session. The stock declined 4.9 percent to hit a record low at Rs 13.90.
ICRA downgraded the company’s credit rating to default for borrowings worth Rs 1,031.09 crore. The long-term rating was revised to ‘ICRA D’ from ‘ICRA B-’ and the short-term rating was revised to ‘ICRA D’ from ‘ICRA A4’. The ratings continue to remain on ‘Issuer Not Co-operating Category’.
The Relative Strength Index on the stock was 16, indicating that the stock may be oversold, according to Bloomberg data. The stock fell 88.4 percent so far this year and slumped 90.7 percent in the past 12 months.
Here's a lineup of all the major corporate meetings scheduled today.
— BloombergQuint (@BloombergQuint) July 4, 2019
Read: https://t.co/UkucCJl6V6 pic.twitter.com/tP1jkNgCmn
Indian equity benchmarks are set for a mixed start.
The S&P BSE Sensex rose 0.27 percent or 100 points to 39,934 a while the NSE Nifty 50 fell 0.14 percent to 11,900.
In the currency market, the Indian rupee extended gains for ninth consecutive trading session against the U.S. dollar and is set for its longest gaining streak since February 2017. The home currency depreciated as much as 0.11 percent to 68.82 against the greenback.
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