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Market is likely to remain rangebound over the next few days with news based triggers like GST and expiry for the June series approaching nearby, Anita Gandhi, Director of Arihant Capital told BloombergQuint over phone. “The market is likely to continue to trade in the range of 9,600-9,700,” she added.
With markets likely to consolidate in the days to come, stock specific activity is likely to be the norm going forward, Gandhi said.
CDSL issue subscribed 51.15 times as of 2:30 p.m.
Source: Axis Capital
Reliance Communications’ Rs 25,000 crore clean up act fails to impress Credit Suisse, reports @soumeet_sarkar.https://t.co/lmXrSqDrZW pic.twitter.com/kTUebzNPrM
— BloombergQuint (@BloombergQuint) June 21, 2017
Shares gained as much as 1.95 percent to Rs 58.10 on the National Seock Exchange.
#ChartOfTheDay by @jayeshkhilnani | Coal India & Power Finance may be among the top dividend yield stocks in FY18.https://t.co/uR9RjYDNme pic.twitter.com/6RQdURzStb
— BloombergQuint (@BloombergQuint) June 21, 2017
#BQStocks | Sasken Technologies rallies as much as 12.9% to its highest level in 10 years, reports @darshanvmehta1.https://t.co/XA9MW4JO31 pic.twitter.com/HkoFU371ze
— BloombergQuint (@BloombergQuint) June 21, 2017
Shares of Cadila Healthcare Ltd. recovered from the day's low after the company’s formulations manufacturing facility at Moraiya in Gujarat received an establishment inspection report from the U.S. FDA.
The plant had completed the audit from the U.S. drug regulator from February 6-15, 2017 with zero 483 observations.
Post the audit, the plant has received several product approvals, most notable among them being the final approval to market Mesalamine Delayed Release Tablets USP, 1.2g in the U.S., the company said in an exchange filing.
Shares were trading lower by 0.5 percent at Rs 520.90 on the National Stock Exchange.
Brokerage firm Axis Capital downgraded downstream refiners Hindustan Petroleum Ltd., Bharat Petroleum Ltd. and Indian Oil Corporation Ltd., also lowering their 12-month price targets.
Source: Bloomberg
#BQStocks | M&M could rise as much as 53%, as per Morgan Stanley's bull case scenario, reports @YatinMota.https://t.co/ZKkKBPxH6z
— BloombergQuint (@BloombergQuint) June 21, 2017
Only 2 Indian firms are in position to acquire distressed assets of their loan-defaulting peers, reports @OnlyNickeyhttps://t.co/W1IpDjfQhq pic.twitter.com/Xagd1C7zNy
— BloombergQuint (@BloombergQuint) June 21, 2017
#JustIn | Government sells 2.5% stake in L&T for over Rs 4,000 crore, says DIPAM Secretary Neeraj Kumar Gupta.https://t.co/WcDfMv06NH
— BloombergQuint (@BloombergQuint) June 21, 2017
Shares of the Avantha group company pared losses and gained as much as 2.6 percent after it accepted a binding offer for selling its U.S. power business.
The company will sell its U.S. power unit to WEG Electric Corp. at an enterprise value of $37 million.
#BQMoney | Rising trade deficit remains a long-term concern, says Edelweiss Securities’ Ankur Jhaveri.https://t.co/uf2v1HsYKr pic.twitter.com/eg6MlCFAh1
— BloombergQuint (@BloombergQuint) June 21, 2017
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Stocks in mainland China were little changed while those in Hong Kong declined after MSCI Inc. decided to add mainland shares to its benchmark indices.
“We view this announcement as an important milestone in the integration of China’s equity markets with the rest of the world,” Jonathan Garner, chief Asia and emerging-market strategist at Morgan Stanley in Hong Kong, wrote in a report. “But there is unlikely to be a significantly positive impact on A share index performance near term,” he added. (Source: Bloomberg)
Brokerage firms CLSA and Goldman Sachs see outflows from Emerging Markets like India on account of this move. While CLSA expects India's weightage in the MSCI EM Index to come down to 8.85 percent from 8.92 percent, Goldman Sachs sees minimal outflows from EMs like India.
The inclusion will take place in two steps: first in May 2018 and the second in August 2018.
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The Singapore traded SGX Nifty, an early indicator of Nifty’s performance in India, fell 0.4 percent to 9,636.
The swoon in oil dragged down driller shares amid concern that unceasing production from U.S. shale fields is overwhelming OPEC efforts to ease a global supply glut.
The weakness in crude and other commodities dents arguments from American central bankers that weak inflation rates will be transitory, even as the economy shows few signs of distress and haven assets have not been in demand.
Focus will be on regional Fed Presidents Eric Rosengren, Robert Kaplan, Jerome Powell, James Bullard and Loretta Mester who are scheduled to speak while BoJ Governor Haruhiko Kuroda is scheduled to speak in Tokyo.
West Texas oil climbed 0.7 percent to $43.53, after tumbling 2.2 percent on Tuesday and touching the lowest since August.
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