Sensex ends 193 points lower, Nifty holds 11,900; Indiabulls Housing falls 7%

CNBC

Market close: Indian indices finished the day on negative note with Nifty able to hold 11,900 level.

At close, the Sensex was down 193.65 points at 39,756.81, while Nifty was down 59.40 points at 11,906.20. About 1022 shares have advanced, 1462 shares declined, and 164 shares are unchanged. 
Indiabulls Housing, Bharti Infratel, Yes Bank, Tech Mahindra and Maruti Suzuki were major losers on the Nifty, while gainers were Tata Steel, GAIL, ONGC, Vedanta and Britannia Industries.
Among the sectors, except metal and FMCG all other indices ended lower led by pharma, auto, bank, energy and infra.
Crude Update: Oil prices fell nearly 2% on Wednesday, weighed down by a weaker demand outlook and a rise in US crude inventories despite growing expectations of ongoing OPEC-led supply cuts. 
Market Update: Benchmark indices have recovered from the lows but trading lower with Nifty around 11,900 level.
At 15:04 hrs IST, the Sensex is down 197.64 points or 0.49% at 39752.82, and the Nifty down 63.70 points or 0.53% at 11901.90. About 953 shares have advanced, 1421 shares declined, and 137 shares are unchanged. 
Market Extends Losses
Benchmark indices extended losses in afternoon trade with the Sensex falling 299.41 points to 39,651.05 and the Nifty50 trading 89.80 points lower at 11,875.80.
The market breadth was in favour of bears. About 1,325 shares declined against 909 advancing shares on the BSE.
All sectoral indices traded in the red barring Metals.
Indiabulls Housing (down 7.75 percent), Yes Bank (3.12 percent), Bharti Infratel (2.1 percent), Tech Mahindra (1.99 percent) and Kotak Mahindra Bank (1.93 percent) were top losers among Nifty50 stocks.
Gainers were Tata Steel (up 2.13 percent), GAIL (1.21 percent), and ONGC (0.97 percent). 
Tata Steel on Buyers' Radar
Shares of Tata Steel soared as much as 3 percent intraday despite the European Commission formally blocking the proposed European steel joint venture with ThyssenKrupp AG.
The EU antitrust regulators prohibited the merger saying the deal would push up the steel prices and discourage competition.
The merger between Tata Steel and ThyssenKrupp AG was aimed at creating the second largest European steel company after ArcelorMittal. However, the plans were disbanded by the companies on expectations that the EU would refuse the deal.
Just In
Infosys is selected by Finnish postal service Posti as a strategic partner for the digital transformation of its business and IT services.
"Through this engagement, Infosys will drive the modernisation of Posti’s IT applications and infrastructure, helping it move to a flexible IT service model. This will also strengthen Posti’s ability to respond to changes in customer needs with agility and provide a seamless customer user experience through a dedicated command centre," company said in its filing.   
Market Update: Indian indices are trading near day's low level on June 12 with Nifty below 11,900.
The Sensex is down 268.31 points at 39682.15, while Nifty is down 81.60 points at 11884. About 881 shares have advanced, 1185 shares declined, and 117 shares are unchanged.
Buzzing: Shares of Adani Green added 2 percent after the promoters of the company decided to sell 5.98 percent stake through an offer for sale (OFS).
Crude Update: Oil prices fell on Wednesday, weighed down by a weaker oil demand outlook and a rise in U.S. crude inventories despite growing expectations of ongoing OPEC-led supply cuts.
Market Opens: It is weak start for the Indian indices on June 12 with Nifty below 11,950 level
At 09:16 hrs IST, the Sensex is down 141.89 points at 39808.57, while Nifty is down 45.10 points at 11,920.50.  About 230 shares have advanced, 430 shares declined, and 30 shares are unchanged. 
Yes Bank, SBI, Indiabulls Housing, ONGC, Zee Entertainment, Bharti Airtel and Infosys are among major losers on the indices in the early trade, while gainers are DHFL, JSW Steel, Tata Steel, Sterlite Tech, Motherson Sumi, ITC and Asian Paints. 
Among the sectors, except metal and energy all other indices are trading lower led by IT, pharma, auto, bank and infra.
Market Pre-open: It is mixed start for the Indian indices in the pre-opening session.
At 09:01 hrs IST, the Sensex is up 40.91 points or 0.10% at 39991.37, and the Nifty down 4.80 points or 0.04% at 11960.80.
Asian markets trade mixed: Asian share markets got off to a cautious start on Wednesday as the White House took a tough line on a trade deal with China, just as investors were bracing for the latest batch of economic data from the Asian giant.
SGX Nifty: Trends on SGX Nifty indicate a negative opening for the broader indices in India, a fall of 17.50 points or 0.15 percent. Nifty futures were trading around 11,963.50-level on the Singaporean Exchange.
Deutsche Bank on IndusInd Bank
Buy rating, target at Rs 1,900 per share
Uncertainties reducing; valuations to improve
Deutsche Bank on Maruti
Hold rating, target cut to Rs 6,325 from Rs 6,450 per share
Market share decline could trigger further de-rating
Credit Suisse on autos
Global auto component suppliers warrant a relook after sharp correction in valuations
Motherson is trading 1x SD below 10-yr average
Varroc is at a discount to its global lighting peers
Nomura on Tata Motors
Neutral call, target at Rs 187 per share
JLR May global retail sales at 42,370 units, slightly below our estimate
Morgan Stanley on Shriram Transport
Overweight rating, target at Rs 1,350 per share
Co expects H1FY20 to see muted AUM growth 
Edelweiss on AU Small Finance
Initiate coverage with buy, target at Rs 880 per share
Continue to deliver high loan growth without any asset quality incident
Dollar Update: The dollar hung near an 11-week low against its peers on Wednesday, weighed by expectations the U.S. Federal Reserve could cut interest rates some time in the next few months.
Wall Street ends marginally lower: US stocks ended near flat and the Dow snapped a six-day winning streak on Tuesday, as investors paused following a run of gains and fresh worries emerged over the US trade war with China.