Sensex, Nifty End Lower For Second Day As Metals Drag

Indian equity benchmarks ended lower for the second consecutive trading session, dragged by metals.

The S&P BSE Sensex ended 71.53 points or 0.18 percent lower at 39,122.96 and the NSE Nifty 50 ended below 11,700, down 0.2 percent. The broader market index represented by the NSE Nifty 500 Index closed 0.18 percent lower.

The 50-stock index is about 10 points away from its 50-day moving average of 11,689.19.

The market breadth was tilted in favour of sellers. About 1,043 stocks declined and 732 shares advanced on National Stock Exchange.

Nine out of 11 sectoral gauges compiled by NSE ended lower, led by the NSE Nifty Metal Index’s 1.3 percent fall. On the flipside, the NSE Nifty PSU Bank Index was the top sectoral gainer, up 0.25 percent.

Max India

• Stock rose as much as 8.4 percent to Rs 69.80.
• Radiant Life completed purchase of 49.7 percent stake in Max Healthcare.

BHEL

• Stock rose as much as 3.1 percent to Rs 73.60.
• Won an order valued Rs 840 crore for emission control equipment from NTPC

CG Power and Industrial Solutions

• Stock rose as much as 7.8 percent to Rs 31.
• The company plans to sell remaining Kanjurmarg land for Rs. 499 crore.

Escorts

• Stock rose as much as 2.6 percent to Rs 565.25.
• Fresh longs seen with high OI of 9.62 percent.

Indian equity benchmarks are headed for a volatile close after fluctuating between gains and losses during today’s trade.

The S&P BSE Sensex traded 67 points lower at 39,127 and the NSE Nifty 50 hovered around 11,700 levels.

Emami

• Stock fell as much as 15 percent to Rs 245.90.
• Trading volume was almost 300 times its 20-day average.

Glenmark Pharma

• Stock fell as much as 8.2 percent to Rs 459.20.
• Trading volume was almost 13 times its 20-day average.

Hotel Leelaventure

• Stock rose as much as 19.4 percent to Rs 10.75.
• Trading volume was more than 12 times its 20-day average.

Igarashi Motors India

• Stock rose as much as 17.7 percent to Rs 214.90.
• Trading volume was more than nine times its 20-day average.

Shares of Reliance Power fell as much as 14.7 percent to Rs 4.65.

About 53 lakh shares of the company changed hands in a block deal, Bloomberg data showed. Buyers and sellers were not known immediately.

The stock declined 10 percent in the past five days and fell 37 percent in the past 30 days, Bloomberg data showed. Reliance Power traded at 1.4 times its estimated earnings per share for the coming year.

Shares of TVS Motor extended fall for the second consecutive trading session and fell as much as 5.3 percent to Rs 428.45, the lowest since March 2017.

Trading volume was almost three times its 20-day average, Bloomberg data showed. The stock was the second-worst performer on the NSE Nifty Auto Index.

Nearly 60 stocks are trading lower in the mid-cap index represented by the NSE Nifty MidCap 100. The declines were led by Reliance Power Ltd.

Indian equity benchmarks edged marginally lower after fluctuating between gains and losses.

The S&P BSE Sensex and the NSE Nifty 50 traded little changed at 39,198 and 11,713 respectively as of 2 p.m. The broader market index represented by the NSE Nifty 500 Index also traded little changed.

The market breadth was tilted in favour of sellers. About 904 stocks declined and 817 shares advanced on National Stock Exchange.

European shares edged lower as investors await new steps on trade talks between the U.S. and China.

The markets are currently in a 'wait and watch mode' as investors are awaiting for the outcome of the upcoming budget, Joindre Capital Services' Research Head Avinash Gorakshakar said.

“The investors are awaiting on how the capital will be allocated in various sectors like infrastructure, rural development and more and the markets are likely to remain rangebound till then,” Gorakshakar told BloombergQuint in an interaction.

Shares of Hotel Leelaventure rose 13 percent to Rs 10.15 as of 1:15 a.m. The stock advanced 19.4 percent intraday.

Trading volume was more than 14 times its 20-day average, Bloomberg data showed. Of the shares traded 53 percent were at the ask price and 45 percent we at the bid. The scrip advanced 29 percent in the past five days and rose 12 percent in the past 30 days.

Shares of the state-run company fluctuated between gains and losses to trade little changed at Rs 281.85.

The company’s board approved to give one free share for every four held, according to its stock exchange filing. The issue is subject to shareholders approval in the ensuing Annual General meeting, the statement added.

Indian equity benchmarks continued to fluctuate between gains and losses to trade little changed.

The S&P BSE Sensex and the NSE Nifty 50 traded little changed at 39,192 and 11,723 respectively as of 1 p.m. The broader market index represented by the NSE Nifty 500 Index also traded little changed.

Seven out of 11 sectoral gauges compiled by NSE advanced, led by the NSE Nifty PSU Bank Index’s 0.62 percent gain. On the flipside, the NSE Nifty Metal Index was the top sectoral loser, down 0.91 percent.

Seven out of 11 sectoral gauges compiled by NSE advanced, led by the NSE Nifty PSU Bank Index’s 0.84 percent gain. On the flipside, the NSE Nifty Auto Index was the top sectoral loser, down 0.61 percent.

Indian equity benchmarks fluctuated between gains and losses to trade little changed as gains in HDFC twins were offset by the losses in Reliance industries Ltd. and Kotak Mahindra Bank Ltd.

The Nifty Bank regained momentum after fluctuating between gains and losses. The 12-share gauge is currently trading about 90 points higher at 30,725.80 as of noon. It had risen 155 points intraday.

Reserve Bank of India Deputy Governor Viral Acharya has decided to step down from his post seven months before his three-year term was set to end.

“Dr. Acharya submitted a letter to RBI that he is unable to continue his term as a Deputy Governor of the RBI beyond July 23, 2019 due to unavoidable personal circumstances,” the country’s central bank said in a media statement.

Here's a look at Acharya's journey from academic to tough central banker:

The NSE Nifty Bank Index fluctuated between gains and losses to trade 0.12 percent higher at 30,663 as of 11:30 a.m. The gains in the 12-share gauge were led by Yes Bank Ltd., RBL Bank Ltd. and Bank of Baroda.

Shares of Max India Ltd. resumed gains after a one-day blip. The stock rose as much as 2.25 percent to Rs 66.00.

Radiant Life Care Pvt. Ltd. and private equity firm KKR & Co. completed acquisition of 49 percent stake in Max Healthcare Institute Ltd., according to an exchange filing. Max India’s promoters have received an advance of Rs 361 crore from KKR in exchange for a 4.99 percent stake in the merged entity, the filing added.

Trading volume was more than four times its 20-day average, Bloomberg data showed. The stock rose 1.5 percent in the past five days and advanced 5.3 percent in the past 30 days.

Nearly 64 stocks are trading lower in the small-cap Index represented by the NSE Nifty SmallCap 100. The declines were led by Reliance Communications Ltd. and Ceat Ltd.

Indian equity benchmarks erased their opening gains to trade lower.

The S&P BSE Sensex traded 80 points lower at 39,116 as of 11 a.m. and the NSE Nifty 50 hovered around 11,700. The small-cap index represented by the NSE Nifty SmallCap 100 Index traded 0.07 percent lower.

Glenmark Pharma was is focus after the stock extended declines for the second consecutive trading session to trade at over a six-year low.

Shares of Glenmark Pharmaceuticals declined as much as 6.7 percent to Rs 466.25, their lowest levels since April 2013.

The U.S. FDA issued a Complete Response Letter for nasal spray Ryaltris and cited deficiencies in the Drug Master File for the drug, according to its stock exchange filing. The company sees resolution in the next six-to-nine months.

Trading volume was almost 14 times its 20-day average, Bloomberg data showed. The Relative Strength Index on the stock as below 30, indicating it may be oversold.

Shares of the cement maker snapped their two-day losing streak and rose as much as 4 percent to Rs 127.

The company decided not to proceed with the proposed merger plans with its wholly-owned subsidiary Mega Technical & Engineers due to technical constraints, according to its stock exchange notification.

The stock traded at 15 times its estimated earnings per share for the coming year, according to Bloomberg data.

Nifty’s 11,800 call option contract was among the most active Nifty option contracts on National Stock Exchange.

Premium on the contract fell 33.9 percent to Rs 33.75. Over 5.3 lakh shares were added to the open interest which stood at over 36.12 lakh shares.

Indian equity benchmarks erased opening gains, led by the declines in Reliance Industries Ltd. and Kotak Mahindra Bank Ltd.

The S&P BSE Sensex dropped over 200 points from day’s high to 39,094.17 as of 9:46 a.m. and the NSE Nifty 20 hovered traded below 11,700, down 0.21 percent. The broader market index represented by the NSE Nifty 500 Index fell 0.26 percent.

Shares of Emami were in focus as they fell nearly 6 percent intraday after a block deal. The stock is currently trading near a five-year low.

Shares of SBI Life Insurance are expected to touch Rs 850.

That’s according to brokerage and research firm Morgan Stanley, which initiated coverage on the stock with an ‘Overweight’ rating. The price target is the third-highest among the analysts tracked by Bloomberg.

Here’s what Morgan Stanley had to say:

• Play on SBI's strong liability franchise.
• Stock has underperformed since IPO despite strong distribution franchise.
• Protection/persistency business should drive sustained margin expansion.
• Improving operating metrics to maintain valuations and VNB compounding to drive strong stock returns.

Shares of the life insurer rose as much as 1.3 percent to Rs 709 in today’s trade.

Shares of IndusInd Bank rose as much as 2.5 percent to Rs 1,485.

The Hindujas will pump another Rs 2,700 crore into IndusInd Bank Ltd. through a warrant issue to ramp up the promoter holding after the merger of Bharat Financial Inclusion Ltd., a senior official from the private sector lender told PTI.

The stock declined 8.2 percent so far this year compared to a 9.4 percent advance in the Sensex.

Shares of Emami extended declines for the tenth consecutive trading session, their longest losing streak in over a year. The stock fell as much as 5.9 percent to trade at near a five-year low at Rs 272.10.

About 3.27 crore shares or 7.2 percent equity of Emami changed hands in a block deal, Bloomberg data showed. Buyers and sellers were not known immediately.

Trading volume was almost 60-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 20 percent in the past 10 trading sessions.

Shares of Larsen & Toubro rose as much as 1.5 percent to Rs 1,563.45. The stock was the top gainer on Sensex and Nifty.

The company based an EPC order from SJVN Thermal to set up a 2x660 MW ultra-supercritical power plant in Buxar district, Bihar, according to its stock exchange filing. The order is valued at over Rs 7,000 crore as per the company’s order classification.

The stock advanced 3.1 percent in the past five days and rose 0.1 percent in the past 30 days, Bloomberg data showed.

Indian equity benchmarks edged higher in the opening trade, led by the gains in Larsen & Toubro Ltd. and IndusInd Bank Ltd.

The S&P BSE Sensex rose as much as 0.27 percent or 106 points to 39,300 and the NSE Nifty 50 rose as much as 0.26 percent to 11,754. The broader market index represented by the NSE Nifty 500 Index rose as much as 0.24 percent.

The market breadth was tilted in favour of buyers. About 827 stocks advanced and 606 shares declined on National Stock Exchange.

Eight out of 11 sectoral gauges compiled by NSE advanced, led by the NSE Nifty Private bank Index’s 0.43 percent gain. On the flipside, the NSE Nifty Realty Index was the top sectoral loser, down 0.24 percent.

Indian equity benchmarks are set to open mixed.

The S&P BSE Sensex was little changed at 39,209 as of 9:01 a.m. and the NSE Nifty 50 was at 11,725.

In the currency market, The Indian rupee opened little changed against the U.S. dollar. The home currency at 69.56 against the greenback compared to the Friday’s close of 69.57.

June Futures

• Nifty futures closed at 11,753, premium of 29 points versus 17.7 points.
• Nifty futures open interest down 3 percent, sheds 5.4 lakh shares in open interest.
• Bank Nifty futures closed at 30,638, premium of 10 points versus discount of 13 points.
• Bank Nifty futures open interest up 3 percent, adds 52,000 shares in open interest.

Options

• Nifty PCR at 1.34 versus 1.59 (across all series).

Nifty Monthly Expiry June 27

• Max open interest on call side at 12,000 (42.2 lakh shares)
• Max open interest on put side at 11,700 (34.2 lakh shares)
• Open interest addition seen at 12,000C (+14.3 lakh shares), 11,800C (+12 lakh shares)
• Open interest shedding seen at 12,200C (-4.4 lakh shares), 11,800P (-4.1 lakh shares)

Stocks In F&O Ban

In Ban:

• IDBI Bank
• Jet Airways
• Jain Irrigation
• Reliance Capital
• Reliance Infrastructure

New In Ban:

• Jet Airways

• UPL record date for the issue of bonus shares as July 3.
• Star Cement fixes July 5 as a record date for determining the members of the Company who are eligible to participate in the buy-back offer.

• HDIL: Promoter Sarang Wadhawan ups take in company from 8.63 percent to 12.48 percent due to warrant conversion.
• Sun Pharma: Raksha Valia pledged additional 3 lakh shares in favour of Citicorp for loan availed.

Sobha

• Promoter Sobha Menon sells 40 lakh shares at Rs 505.6 per share.
• Nomura, Frankin Templeton MF and Employees PF buyers in block.

IndiaMart InterMesh IPO opens today. Price band set at Rs 970–973 apiece. The offer closes on June 26. The company had raised Rs 210 crore from 15 anchor investors by allotting 21.95 lakh shares at Rs 973 each.

• Jain Irrigation’s long term issuer default rating downgraded to ‘B-’ from ‘B+’, and has been placed on rating watch negative. The downgrade reflects the deterioration in the company’s leverage and liquidity following a weaker than expected operating performance, stretched working capital position and management's aggressive focus on growth in the financial year ending March 2019.
• The NCLT via its June 20 order has directed to convene a meeting of the equity shareholders of Bandhan Bank to approve the Scheme of Amalgamation on Tuesday, July 30. NCLT has also dispensed with requirement of the meeting of the unsecured creditors of the bank and has directed it to issue notices to the relevant unsecured creditors in terms of the order.
• Mangalam Cement board of members considered and accepted the recommendations of the Audit Committee for the Scheme of Amalgamation of Mangalam Timber Products Limited with Mangalam Cement Limited.
• CARE Ratings CFO resigned and will be relieved from the close of business hours of July 18.
• NCLT approved the composite scheme of Arrangement between Aarti Industries Limited, Arti Surfactants Limited ancl Nascent Chemical Irrdustries Limited and their respective shareholders.
• IL&FS Investment Managers clarified on a news item appearing on the source economictimes.indiatimes.com dated June 21“IL&FS Securities Services faces Rs 380 crore hit on allied dodgy deal” does not relate to their company.
• Sun TV appointed Mathipoorana Ramakrishnan as an additional director (woman independent director) with effect from June 21 for a period of five years.
• Max India: Radiant Life completed the purchase of 49.7 percent stake in Max Healthcare from Life Healthcare. Max India promoters received an advance of Rs 361 crore from KKR for a 4.99 percent stake in merged entity.
• Bank of Baroda to conduct a board meeting to consider 11 approve opening balancesheet of the amalgamated bank as at April 2019, i.e. post amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda.
• Star Cement board decided not to proceed with the Scheme of Amalgamation with Megha Technical & Engineers Private Limited, a wholly owned subsidiary of the Company due to technical constraints.
• Piramal Entreprises clarified that no proposal with regards to fund raising had been placed for approval of the board or any of its committees. (In response to CNBC TV18’s story- "Piramal Enterprises in advance talks to raise funds from marquee investors".)
• Tata Steel’s long-term issuer default rating affirmed by Fitch at ‘BB’ with stable outlook. Tata Steel U.K. Holdings’ long-term IDR also has been affirmed at ‘B’ with stable outlook. The affirmation of TSL’s ratting follows EC rejection of JV proposal with Thyssenkrupp AG.
• Sun Pharma said that the U.S. FDA conducted a Pre-Approval Inspection of Sun Pharma’s Halol facility from June 3 to June 11 and issued a form 483  with four observations. The company will be submitting the response on the observations to the FDA within 15 business days and is committed to addressing these observations promptly.
• Glenmark: The US FDA issued a Complete Response Letter for Ryaltris and cites deficiencies in the Drug Master File for the drug. The company sees resolution in the the next six to nine months.
• Reliance Infrastructure: The long and short-term credit rating has been downgraded to ‘IND D’ due to ongoing delays in debt servicing and non-cooperation from the issuer.
• Dr. Reddy’s launched Phytonadione Injectable Emulsion USP in the U.S. market. The product had combined U.S. sales of approximately $46.6 million in the last 12-months ending April 2019.
• Audit of Vizag SEZ Plant 1 and Plant 2 at Duvvada, Visakhapatnam by the U.S. FDA was completed on June 21. Company has been issued Form 483 with two observations.
• BHEL: Won an order valued Rs 840 crore for emission control equipment from Nabinagar Power Generating Company Ltd. – subsidiary of NTPC Ltd. Order involves supply and installation of Flue Gas Desulphurization (FGD) system in Aurangabad district of Bihar.
• DHFL: Board to consider Q4FY19 results on June 29.
• CG Power: Signed an agreement to sell remaining portion of land situated at Kanjurmarg to M/s. Evie Real Estate Pvt. Ltd. for Rs 499 crore. The land currently houses the transformer manufacturing unit admeasuring approximately 13 acres. The said transformer manufacturing unit had a turnover of Rs 443.6 crore in FY18 which was around 11.3 percent of the total revenue. The sale is expected to complete on or before Dec. 27, 2019.

• Brent crude rose 0.06 percent to $64.51 per barrel.
• West Texas Intermediate rose 0.9 percent to $57.93 a barrel.
• Gold increased 0.6 percent to $1,407.29 an ounce.

London Metal Exchange

• Copper ended little changed.
• Nickel halted a three-day gains, ended 1.7 percent lower.
• Zinc ended lower for the third day, down 1.4 percent.
• Tin ended 0.78 percent lower.
• Aluminium ended lower for the second day, down 0.76 percent.
• Lead ended 0.16 percent lower.

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 0.13 percent to 11,769.50 as of 8:20 a.m.

Stocks in Asia were mixed, while U.S. futures edged higher, as investors monitored geopolitical risks and prepared for the high-stakes meeting between Presidents Donald Trump and Xi Jinping.

Shares slipped in Sydney and were little changed in Tokyo, Hong Kong, Shanghai and Seoul. S&P 500 futures rose after the gauge Friday slipped from an all-time high.

Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.