Nifty ends below 11,700, Sensex falls 491 points; Tata Steel plunges 5%

17 Jun 2019

Market Close: Indian indices witnessed sharp fall on June 17 on the back of trade war fears which pulled the Sensex below 39,000 and Nifty below 11,700 level.

At close, the Sensex was down 491.28 points at 38,960.79, while Nifty was down 148.40 points at 11,674.90. About 685 shares have advanced, 1847 shares declined, and 126 shares are unchanged.

Tata Steel, JSW Steel, ONGC, Indiabulls Housing and Tata Motors were among major losers on the Nifty, while gainers were Yes Bank, Zee Entertainment, Coal India and Wipro.

All the sectoral indices ended lower led by metal, energy, bank, auto, pharma, infra and FMCG.

Batelco and Tata Communications strengthen partnership: Batelco is announcing an extension of its partnership with Tata Communications to offer flexible and reliable data connectivity with expanded global reach; to service providers, mobile network operators (MNO) and ISPs in the Middle East.

Market Update: Indian indices are trading at day's low level on June 17 on trade war fears.

The Sensex is down 384.51 points or 0.97% at 39067.56, and the Nifty down 122.00 points or 1.03% at 11701.30. About 606 shares have advanced, 1729 shares declined, and 129 shares are unchanged.

Buzzing: Aster DM Healthcare shares gained 7 percent on June 17 after ICRA revised rating for the company's total credit facility of Rs 168 crore.

Market Update: Indian indices slipped further in the afternoon trade with Sensex shed 300 points.

At 12:16 hrs IST, the Sensex is down 298.79 points or 0.76% at 39153.28, and the Nifty down 96.90 points or 0.82% at 11726.40. About 576 shares have advanced, 1577 shares declined, and 103 shares are unchanged.

Buzzing: Laurus Labs shares gained 3.6 percent on June 17 after the company said there were no data integrity issues during inspection of Visakhapatnam units by the US health regulator.

Market Outlook

Jayant Manglik, President at Religare Broking said it expects volatility to continue this week as participants will be reacting list of events on both domestic and global front.

"First, they will be eyeing the US FOMC meet scheduled on June 18-19. Besides, US-China trade negotiations and other geopolitical matters will be on their radar. On local front, they’ll be closely watching the progress of monsoon and the GST council meet scheduled on June 20," it added.

Hexaware Technologies Rallies

Hexaware Technologies shares gained 2.6 percent intraday as Japanese brokerage Nomura upgraded to neutral from reduce after acquisition of Mobiquity.

The sharp fall in stock price in last nine-month was major reason for upgrade by research house which also increased price target to Rs 340 from Rs 325 earlier.

Gold Update: Gold prices on Monday edged away from a 14-month peak hit in the previous session, with the dollar gaining after encouraging US retail sales data tempered fears about a sharp downturn in the world's largest economy.

Market Update: Benchmark indices extends the losses with Nifty around 11,750 level.

At 10:01 hrs IST, the Sensex is down 189.48 points at 39,262.59, while Nifty is down 63.10 points at 11,760.20. About 515 shares have advanced, 1075 shares declined, and 99 shares are unchanged.

Buzzing: Shares of Shriram Transport Finance Corporation fell 6.5 percent on June 17 after about 10 percent equity changed hands via block deals in early trade on the NSE.

Dollar Update: The dollar hovered near a two-week high early on Monday, as strong US retail sales data tempered some of the fears about a sharp downturn in the world’s largest economy.

Crude Update: Oil prices rose on Monday after US Secretary of State Mike Pompeo said Washington will take all actions necessary to guarantee safe navigation in the Middle East, as tensions mounted following attacks on tankers last week.

Market Opens: It is a weak start for the benchmark indices on June 17 with Nifty around 11,800 level.

At 09:17 hrs IST, the Sensex is down 47.78 points or 0.12% at 39404.29, and the Nifty down 22.90 points or 0.19% at 11800.40. About 298 shares have advanced, 490 shares declined, and 61 shares are unchanged.

Cadila Healthcare, Aurobindo Pharma, Asian Paints, L&T, Titan Company, ICICI Bank, M&M are some of the major gainers on the indices in the early trade, while losers are Shriram Transport, JSW Steel, Tata Steel, Axis Bank and IndusInd Bank.

Among the sectors, except infra, all other sectoral indices are trading lower.

Rupee Opens: The Indian rupee opened flat at 69.80 per dollar on Monday versus Friday's close 69.80.

Market at pre-open: Benchmark indices are trading firm in the pre-opening session on June 17.

At 09:02 hrs IST, the Sensex is up 53.67 points or 0.14% at 39505.74, and the Nifty up 58.60 points or 0.50% at 11881.90.

Market Headstart: Nifty likely to open flat; Wockhardt, PI Industries top buys

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 11 points or 0.09 percent. Nifty futures were trading around 11,842-level on the Singaporean Exchange.

CLSA on ITC

Maintain buy, target cut to Rs 365 from Rs 400 per share

A decline in FCF & marginal improvement in RoAE

Citi on JSPL

Maintain buy call, target at Rs 250 per share

On track for 6.5 mt steel volume in India in FY20

Morgan Stanley on Hexaware

Underweight call, target at Rs 350 per share

Mobiquity acquisition is EPS neutral

Management positive on making acquisition work

Numbers will start flowing through in Q2CY19

Credit Suisse on Dr Reddy’s

Underperform call, target at Rs 2,415 per share

CNS deal neutral on NPV basis

R&D on proprietary products in the near-term stays

Expect three filings in CY19

Morgan Stanley on Biocon

Overweight call, target at Rs 392.50 per share

Co expects sales momentum to continue with biosimilar business

Co see H1 to be modest, followed by a strong H2

Credit Suisse on Sun Pharma

Neutral rating, target at Rs 470 per share

Ilumya has met its primary end-point

Efficacy of Ilumya for PsA weaker than its peers on ACR20 response

Problem for Ilumya is that it will be the sixth drug for Ps

Wall Street ends lower on Friday: US stocks ended lower on Friday as investors were cautious going into next week's Federal Reserve meeting, while a warning from Broadcom of a broad weakening in global demand weighed on chipmakers and added to US-China trade worries.

Asian markets trade mixed: Asian shares got off to a shaky start on Monday as investors were cautious ahead of a closely-watched Federal Reserve meeting, while political tensions in the Middle East and Hong Kong kept risk-appetite in check.

SGX Nifty: Trends on SGX Nifty indicate a flat start for the broader index in India, a gain of 0.06 points or 7.50 percent. Nifty futures were trading around 11,838.50-level on the Singaporean Exchange.