Nifty ends below 11,850, Sensex falls 289 points; IndusInd Bank slips 4%

CNBC

Market close: Sharp fall in late trading pulled the indices to the low of the day on June 14 with Nifty ended below 11,850 level.

At close, the Sensex was down 289.29 points at 39,452.07, while Nifty was down 90.70 points at 11,823.30. About 808 shares have advanced, 1686 shares declined, and 144 shares are unchanged. 
IndusInd Bank, Zee Entertainment, Indiabulls Housing, Bharti Airtel and Axis Bank were the top losers on the Nifty, while gainers were Bharti Infratel, Sun Pharma, Power Grid, L&T and Vedanta.
All the sectoral indices ended lower led by FMCG, bank, auto, pharma, infra, metal, IT and energy.
Market slips further: Benchmark indices are trading at day's low level in the late afternoon trade.
The Sensex is down 355.76 points or 0.90% at 39385.60, and the Nifty down 107 points or 0.90% at 11807. About 785 shares have advanced, 1604 shares declined, and 127 shares are unchanged. 
Passenger Vehicle Sales Dip 1%
Automobile dealers' body FADA said retail sales of passenger vehicles (PV) in May declined by 1 percent to 2,51,049 units as compared to the same period last year.
Two-wheeler sales declined by 8.6 percent to 14,07,361 units last month as compared with 15,40,377 units in the year-ago period. Commercial vehicle sales dropped by 7.8 percent to 62,551 units against 67,847 units in May last year.  Source: PTI
Market Update: The Sensex is down 207.97 points or 0.52% at 39533.39, and the Nifty down 68.70 points or 0.58% at 11845.30.
About 708 shares have advanced, 1342 shares declined, and 123 shares are unchanged. 
Buzzing: Wockhardt shares rallied 3.7 percent after the US health regulator issued zero 483 observations for bioequivalence centre in Maharashtra.
Rupee Update
The rupee traded lower by 4 paise at 69.55 against the US dollar, as rising crude oil price concerns weighed on investor community.
Forex traders said, rupee is trading in a narrow range as prospects of an interest rate cut by the US Federal Reserve kept investors edgy.
Besides, strengthening of the American currency in the overseas market and weak opening in domestic equities weighed on the local unit.
Market Update: Benchmark indices extend early losses with Nifty trading around 11,850 level.
At 09:55 hrs IST, the Sensex is down 150.47 points or 0.38% at 39590.89, and the Nifty down 51.80 points or 0.43% at 11862.20. About 585 shares have advanced, 925 shares declined, and 75 shares are unchanged. 
Gold hits one-week high: Gold prices rose to their highest in a week on Friday, supported as weak US economic data stoked expectations the Federal Reserve would cut interest rates.
Crude Update: Oil fell on Friday after sharp gains in the previous session when prices were boosted after attacks on two oil tankers in the Gulf of Oman stoked concerns of reduced crude flows through one of the world's key shipping routes.
Market opens: It is a flat to negative start for the benchmark indices on the last trading session of the week.
The Sensex is down 22.28 points at 39,719.08, while Nifty is down 16.60 points at 11,897.40. About 315 shares have advanced, 440 shares declined, and 41 shares are unchanged. 
In the early trade, Yes Bank, Hexaware, Bajaj Finance, Indiabulls Housing, Gail, Power Grid, HDFC Bank, HDFC, ICICI Bank, are among major gainers on the indices, while losers include RIL, IOC, BPCL, Dr Reddy's Lab, Gruh Finance, ITC, Bharti Airtel, Tata Steel, SBI and Zee Entertainment.
All the sectoral indices trading lower led by energy, FMCG, pharma, metal and auto.
Market at pre-open: Benchmark indices are trading flat to positive in the pre-opening session on June 14.
At 09:04 hrs IST, the Sensex is up 57.79 points or 0.15% at 39799.15, and the Nifty up 5.50 points or 0.05% at 11919.50
CLSA on pharma
Multiples point towards a bleak future, but things are not that bad
Certain Indian cos have strong earnings cushion from India/EM Biz
For Cipla & Torrent implied PE multiple is at 45x & 68x respectively
CLSA on financials
Banks exit FY19 with lesser baggage
Net NPL ratio at 4-year low & coverage at +10-yr high
Visibility on turnaround seen in earnings from FY20
Resolution of defaults by DHFL is key
CLSA on metals
Have sell call on Tata Steel & JSW Steel 
ArcelorMittal sanguine on China but Europe a concern
ArcelorMittal focusing on profitability over volumes
Arcelor keen to acquire Essar Steel 
Entry of Arcelor in India is likely to intensify competition
Credit Suisse on HDFC
Maintain outperform call on the stock
Co has been largely unaffected by the recent NBFC-related debt market pressures
Morgan Stanley on HCL Tech
Underweight call, target at Rs 1,000 per share
Management cited healthy growth in manufacturing as new deals ramp up
Morgan Stanley on TCS
Equal-weight call, target at Rs 1,980 per share
Deal pipeline is robust and order book is better compared to past few quarters
Morgan Stanley on Infosys
Equal-weight call, target at Rs 700 per share
Not seeing any delays or hold back on spending despite global uncertainties
Morgan Stanley on Jubilant Food
Overweight call, target at Rs 1,525 per share
Company optimistic on long-term growth potential for quick service industries
Morgan Stanley on Axis Bank
Overweight call, target at Rs 1,100 per share
Expect domestic growth to remain strong at 15-18%
Morgan Stanley on HDFC Life
Equal-weight call, target at Rs 380 per share
Co expects to sustain premium growth above industry
Morgan Stanley on Kotak Mahindra Bank
Overweight call, target at Rs 1,600 per share
Co reiterated 20%+ loan growth target for FY20
Morgan Stanley on Voltas
Overweight call, target at Rs 705 per share
Setting up manufacturing facility in southern India where it has lower presence
Company plans increasing its sourcing from the domestic market 
Morgan Stanley on ICICI Bank
Overweight call, target at Rs 625 per share
Bank sounded confident of its asset quality position
Morgan Stanley on L&T
Overweight call, target at Rs 1,786 per share
Enough head room to grow & faces very minimal client overlap
Co believes there will be revenue & cost synergies from Mindtree
HSBC on Infosys
Retain hold rating, target at Rs 760 per share
Not seen demand slowdown from US macro concerns or trade tensions
Wall Street ends higher: US stocks rose on Thursday after two days of declines, as energy shares rebounded with oil on concerns of a supply disruption following attacks on two tankers in the Gulf of Oman.
Asian markets trade mixed: Asian stocks held their ground on Friday after Wall Street gained on a surge in oil prices as attacks on tankers in the Gulf of Oman stoked U.S.-Iran tensions and raised concerns over supply flows through one of the world's main sea lanes.
SGX Nifty: Trends on SGX Nifty indicate a negative opening for the broader indices in India, a fall of 24 points or 0.20 percent. Nifty futures were trading around 11,896-level on the Singaporean Exchange.