Sensex slips 139 points, Nifty manages to hold 10,800; RIL at record close

CNBC

Market Closing: Benchmark indices ended lower on Thursday as investors looked cautious ahead of ECB policy rate decision due later in the day after the US Federal Reserve raised interest rate by 25 basis points.

The 30-share BSE Sensex declined 139.34 points to 35,599.82 and the 50-share NSE Nifty slipped 48.70 points to 10,808.
TCS, Infosys, SBI, ICICI Bank, Axis Bank, Titan Company, Vedanta and L&T were under pressure while Lupin, Sun Pharma, Cipla and Coal India gained.
Nifty Midcap index ended flat.
Strides Shasun, Divis Labs, Wockhardt, Alembic Pharma, Torrent Pharma, Westlife Development, Jubilant Foodworks, KPIT Tech, NIIT Tech, MMTC, Dredging Corporation, Jubilant Industries, ITDC, VIP Industries, Venkys, Tata Global, Ashok Leyland gained up to 20 percent.
Mindtree, Sun TV, M&M Financial and Manappuram Finance were under pressure. 
Shares of Lupin gained more than 3 percent as company received USFDA approval for pregnancy prevention tablets.
The company has received final approval for its Drospirenone, Ethinyl Estradiol, Levomefolate Calcium Tablets and Levomefolate Calcium Tablets, 3 mg/0.02 mg/0.451 mg and 0.451 mg, from the USFDA (United States Food and Drug Administration).
The said tablets are the generic equivalent of Bayer's Beyaz Tablets and indicated for use by women to prevent pregnancy, to treat symptoms of premenstrual dysphoric disorder (PMDD) for women who choose to use an oral contraceptive for contraception.
Buzzing: Shares of Tata Consultancy Services (TCS) shed 2 percent intraday Thursday as foreign broking house Macquarie has maintained neutral rating on the stock with a target of Rs 1,600 per share.
Macquarie don't see any regulatory challenge to buyback, while it expect company to post 10.8% YoY growth in dollar revenue in FY19.
It feels policy on cash return to shareholders remains unchanged.
Market Update: The market is off its day's low, with the Sensex falling more than 100 points. Investors digested second interest rate hike of 2018 by the US Federal Reserve and await European Central Bank policy rate decision due later in the day.
Infosys, ICICI Bank, TCS and ITC are under pressure but the rebound in Reliance Industries stock price capped downside.
The 30-share BSE Sensex fell 125.18 points to 35,613.98 and the 50-share NSE Nifty slipped 45.80 points to 10,810.90 while the Nifty Midcap index is flat.
IPO: Non-banking finance company Hinduja Leyland Finance has filed draft red herring prospectus for its IPO with capital market regulator Securities & Exchange Board of India (SEBI), reports CNBC-TV18 quoting NewsRise.
The public offer comprises of fresh issue of shares worth up to Rs 500 crore by the company and offer for sale up to 2.19 crore equity shares.
Vehicle finance NBFC Hinduja Leyland Finance is promoted by second larget commercial vehicle maker Ashok Leyland and Hinduja Power.
Axis Capital, Citi Group Global Markets India and YES Securities are book running lead managers to the issue. 
Buzzing: Mindtree share price lost more than 4 percent intraday after global research firm Citi downgraded the stock to Sell from Neutral. 
Its business has seen a good turnaround that has already been priced into the strong returns seen in past six months, the brokerage house said. "Valuations are sector-leading and don't leave any room for disappointment." 
Client concentration risk remains, it feels. 
Citi, however, has raised its target price for the stock to Rs 970 from Rs 875 after it increased EPS estimates by 6 percent primarily due to INR depreciation. 
Market Update: The market continued to trade lower in afternoon with the Sensex falling around 150 points as investors digested interest rate hike by the US Federal Reserve and await European Central Bank policy rate decision due later in the day.
Infosys fell nearly 3 percent as the stock adjusted for dividend of Rs 30.50 per share.
Mindtree dropped 3 percent after Citi downgraded the stock to Sell from Neutral but raised target price to Rs 970 from 875
The 30-share BSE Sensex slipped 160.84 points to 35,578.32 and the 50-share NSE Nifty declined 57.50 points to 10,799.20. About three shares declined for every two shares rising on the BSE.  
Buzzing: Shares of HCL Technologies added 1.4 percent intraday as the company signed an end-to-end IT infrastructure services deal with Falck.
The company will support Falck’s business transformation by consolidating, simplyfing and standardizing Falck’s IT infrastructure operations through a centralised global service delivery model.
The new centralised model will enable greater automation, improved cost transparency, enhanced operational efficiency and increased control.  
Buzzing: Global brokerage firm CLSA has initiated coverage with Buy rating on ICICI Securities and set a target price at Rs 520, implying potential upside of 46 percent. The stock price gained 3.4 percent intraday.
Equity broking firm is benefited from financialisation of household savings and parent’s brand and reach, the research house said, adding distribution and margin financing will drive revenue expansion.
CLSA expects revenue/net profit to grow at a CAGR of 17/21 percent over FY18-21.
ICICI Securities' dividend yield is one of the highest among Nifty companies and the stock trades at discount to global peers, the research house said.
Europe Update: European stocks dropped as traders watched developments from central banks across the world. France's CAC, Germany's DAX and Britain's FTSE slipped 0.6 percent each.
Overall, market sentiment was affected by central banks moving towards a tighter monetary policy globally.
US stocks fell in the wake of the latest decision from the Federal Reserve to hike rates by 25 points. The central bank also indicated that two more increases could still take place this year.
In the meantime, traders will be looking at a European Central Bank (ECB) meeting in Riga, Latvia on Thursday, where policymakers are set to start discussing how to put an end to its massive bond-buying program, reports CNBC.
Market Update: The market continued to reel under selling pressure in afternoon as investors digested US Federal Reserve's second interest rate hike of 2018 and await ECB policy decision due later in the day.
The 30-share BSE Sensex slipped 221.57 points to 35,517.59 and the 50-share NSE Nifty declined 72.40 points to 10,784.30 while the Nifty Midcap continues to outperform frontliners, falling third of a percent.
All sectoral indices are trading in the red barring Pharma that gained over a percent.
ECB Policy Expectations: The European Central Bank will debate today whether to end its huge asset purchases by year-end, in what would be its biggest step towards dismantling crisis-era stimulus credited with pulling the euro zone economy out of recession.
Financial investors are coming to terms with the end of a decade of easy money from the world's top central banks, with the Federal Reserve on Wednesday raising interest rates for a seventh time in 3-1/2 years in a further shift from policies used to battle the 2007-2009 financial crisis and recession.
Meeting as growth is slowing and political populism threatens to set off market turbulence, the ECB is expected to argue that its 2.55 trillion euro ($3.00 trillion) bond-buying scheme has done its job in bringing the 19-member currency bloc back from the brink of collapse, reports Reuters.   
Buzzing: Punj Lloyd share price fell 11 percent intraday Thursday after ICICI Bank dragged the company to National Company Law Tribunal (NCLT) and pleaded to initiate proceedings under Insolvency & Bankruptcy Code (IBC).
The NCLT has agreed to hear bank's plea against Punj Lloyd and issued notice related to the matter, reports CNBC-TV18.
The NCLT will hear bank's plea on July 24.
The country's largest private sector lender has claimed outstanding dues of Rs 852 crore for seeking insolvency proceedings against Punj Lloyd.
WPI Inflation: WPI inflation for the month of May increased to 14-month high of 4.43 percent from 3.18 percent in previous month.
Manufactured products inflation also inched up at 3.73 percent, from 3.11 percent in April.
March WPI inflation revised to 2.74 percent from 2.47 percent reported earlier.
Market Update: The market remained under pressure tracking global weakness after the US Federal Reserve hiked interest rate by 25 basis points for the second time in 2018 and also indicated more hikes going ahead.
The Sensex dropped 207.97 points to 35,531.19 and the Nifty fell 68.70 points to 10,788, weighed by Infosys, Reliance Industries, ICICI Bank and IOC.
About three shares declined for every two shares rising on the BSE. 
Sharekhan on Fed Rate Hike: Gaurav Dua, Head of Research, Sharekhan said US Federal Reserve has increased the  policy rates by 25 bps for the second time in 2018 is on expected line. But the commentary has a hawkish undertone and the central bank has indicated total of four rate hikes in 2018 against expectation of three earlier, citing ‘Solid’ economic activity, low unemployment rate and inflation likely to overshoot their earlier projected target.
"We expect the change in commentary by US Federal Reserve and relatively faster pace of unwinding to have limited impact on emerging market equities, as the hike in interest rates remain gradual and the estimates for terminal Fed rates remains unchanged at neutral level of 2.9 percent. Post the initial reaction, we the focus to quickly return back to domestic macros and earnings growth." 
Crude Update: Oil prices eased, dragged down by rising output, although strong demand and a drop in US fuel inventories provided the market with some support.
Brent crude futures, the international benchmark for oil prices, were at $76.47 per barrel, down 0.36 percent, from their last close.
US West Texas Intermediate (WTI) crude futures were at $66.53 a barrel, down 0.17 percent from their last settlement.
Prices were pulled down by another rise in US oil production, which hit a weekly record of 10.9 million barrels per day (bpd) last week, according to the Energy Information Administration (EIA) on Wednesday. Reports CNBC.
Alembic Pharmaceuticals gets USFDA approval: The company has received approval from the USFDA for its abbreviated new drug application (ANDA) for Doxycycline Hyclate capsules USP, 50 mg and 100 mg.
The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), Vibramycin Capsules, 50 mg and 100 mg, of Pfizer Inc.
At 11:03 hrs Alembic Pharmaceuticals was quoting at Rs 526.25, up Rs 36.00, or 7.34 percent. 
Buzzing: Shares of Cipla gained 2 percent as company received final USFDA approval for Isoproterenol hydrochloride injection.
The company has received final approval for its abbreviated new drug application (ANDA) for Isoproterenol hydrochloride injection USP, 0.2mg/mL, single - use sterile Ampoule from the United States Food and Drug Administration (USFDA).
Cipla’s Isoproterenol hydrochloride injection is AP - rated generic therapeutic equivalent version of Hospira Inc’s Isuprel injection and is indicated for the treatment of cardiac problems and heart block. 
Rupee Update: The rupee appreciated by 5 paise to 67.60 against the US dollar after the American currency weakened overseas.
Dealers said fresh selling of the greenback by banks and exporters backed up the rupee. 
The dollar turned weak against other currencies overseas even after the US Federal Reserve lifted interest rates and signalled two more hikes this year and four in 2019.
Yesterday, the domestic unit ended 16 paise down to close at a near one-week low of 67.65 against the US currency on  sustained dollar demand. 
Market Update: Benchmark indices extended losses in morning as the Sensex shed 192.61 points to 35,546.55, dragged by Infosys, Reliance Industries, ICICI Bank and TCS.
The Nifty slipped below 10,800 levels, falling 63.20 points to 10,793.50.  
Aditya Birla Capital gains a percent: Edelweiss Securities has initiated coverage with Buy rating on the stock and set a target price at Rs 199, implying potential upside of 42.5 percent.
The company is in a sweet spot to capture the financialisation story, it believes.
The research house expects multiple levers to sustain best-in-class growth & improved return ratios.
It has promising blend of businesses; and scalable and sustainable model while its business model shares similarities with successful financial entities like Bajaj and HDFC, Edelweiss said.
Execution of business strategy is key risk to potential valuation re-rating, it said.
Aditya Birla Capital gains a percent : Edelweiss Securities has initiated coverage with Buy rating on the stock and set a target price at Rs 199, implying potential upside of 42.5 percent. 
The company is in a sweet spot to capture the financialisation story, it believes. 
The research house expects multiple levers to sustain best-in-class growth & improved return ratios. 
It has promising blend of businesses; and scalable and sustainable model while its business model shares similarities with successful financial entities like Bajaj and HDFC, Edelweiss said. 
Execution of business strategy is key risk to potential valuation re-rating, it said. 
Order Win: Larsen & Toubro has won orders worth Rs 1,391 crore across various business segments.
L&T Hydrocarbon Engineering (LTHE), a wholly owned subsidiary of engineering and construction major L&T, has secured new orders in excess of Rs 750 crore in its construction services business vertical.
Water and effluent treatment business has bagged orders worth Rs 432 crore while smart world ex-communication segment has secured an order worth Rs 209 crore.
Buzzing: Shares of Adani Transmission rose more than 3 percent as company received LoI intra state transmission project in Uttar Pradesh.
The company has received the LoI from REC Transmission Projects Company, a wholly owned subsidiary of Rural Electrification Corporation, to build, own, operate and maintain the transmission project in the state of Uttar Pradesh.
The project Ghatampur Transmission has approximately 900 ckt kms of line at voltage levels of 765 KV and 400 KV.
This project is primarily being constructed to establish transmission system for evacuation of power from 3X660MW Ghatampur thermal power project.
Market Update: The market remained under pressure as investors digested interest rate hike by the US Federal Reserve that also signalled more hikes ahead.
The 30-share BSE Sensex fell 127.03 points to 35,612.13 and the 50-share NSE Nifty slipped 41.70 points to 10,815.
Buzzing: Shares of HDFC Bank were up around a quarter of a percent after the lender recived a Cabinet nod to its fundraising amount.
The stock on Thursday touched an intraday high of Rs 2,041.4, while it touched an intraday low of Rs 2,035.25.
The Union Cabinet on Wednesday approved foreign direct investment (FDI) worth Rs 24,000 crore for HDFC Bank.
This is including the premium, over and above the previous approved limit of Rs 10,000 crore, such that the composite foreign shareholding in the bank shall not exceed 74 percent of the enhanced paid-up equity share capital of the bank, said Finance Minister Piyush Goyal after the Cabinet meeting, which was chaired by Prime Minister Narendra Modi.
With the raising of this capital, FDI in the bank would hit the regulatory ceiling of 74 percent.
Dish TV in Action: Direct-to-home services provider Dish TV India share price rallied as much as 3.5 percent in morning on Thursday after ace investor Rakesh Jhunjhunwala bought shareholding worth Rs 93 crore.
He picked up a 0.7 percent stake, or 1.3 crore shares, in the digital-to-home provider.
The purchase was done through Jhunjhunwala's firm Rare Enterprises at Rs 71.30 per share, according to bulk deals data on the National Stock Exchange (NSE) website.
The total value of the block deal stands at Rs 92.69 crore.
Buzzing: Shares of ICICI Bank fell 1 percent in the early trade as company to offload 2 percent stake in its insurance arm.
"The board of directors of the bank approved the sale of up to 2,87,11,100 shares, representing up to 2% of the issued and the paid-up equity share
capital of ICICI Prudential Life Insurance Company in one or more tranches," as per company release.
The stake sale can be done in any manner permissible under applicable law, including through an offer for sale by promoters through stock exchange mechanism, as may be permitted and in the manner specified by the Indian regulatory authorities, it added.
Market Opening: Benchmark indices started off trade on a weak note after investors digested US Federal Reserve's rate hike.
The 30-share BSE Sensex fell 93.70 points to 35,645.46 and the 50-share NSE Nifty declined 35.30 points to 10,821.40.
Infosys lost 2 percent.
Vedanta, BPCL, HPCL, IOC, SBI, Axis Bank, ICICI Bank and Tata Steel are under pressure.
Lupin, Cipla, Aurobindo, Bharti Airtel and HDFC Bank are early gainers.
Nifty Midcap index dropped 36 points and Nifty Bank slipped 70 points.
Dish TV, Vakrangee, Granules India, gained up to 5 percent.
NBCC, Shree Renuka, Bhansali Engineering, Oberoi Realty, Mindtree, Future Consumer, SBI Life, Adani Power, Suzlon, Reliance Power, Canara Bank, PNB, Gammon Infra, Videocon and GMR Infrastructure declined up to 5 percent.
Market in Pre-opening: Benchmark indices settled pre-opening trade on a mixed note as the Sensex gained 3.94 points at 35,743.10 while the Nifty fell 23.80 points to 10,832.90.
Buzzing: Dish TV rallies 4 percent after ace investor Rakesh Jhunjhunwala picked up 0.7 percent stake in company for Rs 92.6 crore.
Pre-Opening Trade: The market is flat in pre-opening after US Federal Reserve hiked interest rates and signalled two more rate hikes in 2018.
The 30-share BSE Sensex rose 32.83 points to 35,771.99 while the 50-share NSE Nifty slipped 0.20 points to 10,856.50.
HDFC Bank rallied 5 percent in pre-opening trade. 
ICICI Prudential Life fell 2.6 percent.
Likely Fed Rate Hikes: The Federal Reserve raised interest rates on Wednesday, a move that was widely expected but still marked a milestone in the U.S. central bank's shift from policies used to battle the 2007-2009 financial crisis and recession.
In raising its benchmark overnight lending rate a quarter of a percentage point to a range of between 1.75 percent and 2 percent, the Fed dropped its pledge to keep rates low enough to stimulate the economy "for some time" and signalled it would tolerate above-target inflation at least through 2020, reports Reuters.
Market Pre-Opening: The Nifty50 is likely to open lower on Thursday following muted trend seen in other Asian markets. The Nifty closed 13 points higher at 10,856.
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 34.5 points or 0.32 percent. Nifty futures were trading around 10,810-level on the Singaporean Exchange.
US stocks ended a choppy session lower on Wednesday after the US Federal Reserve raised interest rates as expected and projected a slightly faster pace of rate hikes this year, said a Reuters report.
The Federal Reserve raised interest rates on Wednesday, a move that was widely expected but still marked a milestone in the US central bank’s shift from policies used to battle the 2007-2009 financial crisis and recession.
Asian shares edged down after the Federal Reserve rate hike while concerns about US-China trade frictions kept investors on edge. MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.25 percent in early trade.
South Korea's KOSPI was off 0.9 percent, while Australia's market slipped 0.2 percent. Japan's Nikkei shed 0.7 percent.