Nifty ends June series below 11,850, Sensex closes flat; Tata Motors gains 3%
27 June 2019
Market Close: Nifty ended on flat note on the last day of the June F&O series in the volatile session.
At close, the Sensex was down 5.67 points at 39,586.41, while Nifty was down 6 points at 11,841.50. About 1388 shares have advanced, 1121 shares declined, and 162 shares are unchanged.
M&M, Tata Motors, Indiabulls Housing, Eicher Motors and Bharti Infratel were among major gainers on the Nifty, while losers were Tech Mahindra, HCL Tech, Hindalco, Reliance Industries and UPL.
Among sectors, buying was seen in the auto stocks, while IT, metal and energy stocks remained under pressure.
Crude Update: Oil slid to around USD 66 a barrel on Thursday, pressured by concerns over whether the G20 summit will produce a breakthrough on trade and perceptions that supply is ample despite the prospect of continued OPEC curbs.
The benchmark indices erased al its intraday gains with Nifty slipped below 11,850 level ahead of June F&O expiry.
At 14:15 hrs IST, the Sensex is down 2.17 points or 0.01% at 39589.91, and the Nifty down 6.60 points or 0.06% at 11840.90. About 1241 shares have advanced, 1078 shares declined, and 153 shares are unchanged.
Buzzing: Share price of Welspun India added more than 2 percent intraday June 27 after company signed joint venture agreement with Sense Organics Import & Trading GmbH, Germany.
Buzzing: Share price of Zuari Global added more than 4 percent on June 27 as company board approved raising Rs 200 crore.
Reliance Infrastructure in Focus
Reliance Infrastructure said the sale of its entire stake in the Delhi-Agra Toll Roadway to Singapore-based Cube Highways will be completed by the end of August 2019.
Reliance Infrastructure had signed a binding share purchase agreement with Cube Highways for its 100 per cent stake in Delhi-Agra toll road for Rs 3,600 crore.
Credit Suisse maintains outperform on Dabur India:
Shares of Dabur India rose more than 1 percent on June 27 after foreign broking house Credit Suisse has maintained outperform rating on the stock with a target at Rs 460 per share.
As the company is progressing on medium-term plans, the near-term macro slowdown persists, said Credit Suisse.
The company's input costs benign, but any gains will be reinvested for growth in FY20. Also, the gross margin is comfortable as commodity costs are benign, it added.
Indian indices are holding on the morning gains as Nifty reclaimed 11,900. Midcap and Smallcap index are also trading higher.
The Sensex is up 167.31 points or 0.42% at 39759.39, and the Nifty up 48.00 points or 0.41% at 11895.50. About 1309 shares have advanced, 785 shares declined, and 117 shares are unchanged.
HDFC Bank planning to list NBFC arm:
As per media reports, HDFC Bank is planning an initial public offering (IPO) of its non-bank lending unit, HDB Financial Services (HDB), and may raise Rs 7000-8000 crore or more.
HDB Financial Services has an AUM of Rs 55,425 crore in FY19 (up 25% YoY) and posted FY19 Net profit of Rs 1,153 crore (up by 23.6% YoY) and offers products like personal loans, CV loans, gold loans, and LAP e tc. HDFC Bank held 95.53% stake in HDB Financial Services
Rupee Update: The Indian rupee has recovered marginally but trading lower by 8 paise at 69.23 per dollar versus previous close 69.15.
Sugar Stocks Sweeten
Sugar stocks gained momentum on June 27, which could be ahead of Union Budget 2019 scheduled to be announced on July 5, and on back of monsoon which covered entire country this week
Rajshree Sugars was biggest gainer amongst them with 19 percent upside, followed by Balrampur Chini, Bajaj Hindusthan, Uttam Sugar, Ugar Sugar, Dalmia Sugar, Dhampur Sugar, Dwarikesh Sugar, Kothari Sugars, Sakthi Sugars etc which gained between 3-7 percent intraday.
Benchmark indices remained higher with the Sensex rising 133.85 points to 39,725.93 and the Nifty50 climbing 34.70 points to 11,882.20.
About two shares advanced for every share falling on the BSE.
Buzzing: Bharti Infratel shares gained 2.6 percent after global investment firm Morgan Stanley resumed its coverage with overweight rating on the stock, citing stability in tenancy.
Buzzing: Cox & Kings shares declined 10 percent in the early trade on June 27 after Brickwork Ratings has downgraded rating of the company’s NCD's of Rs 50 crore.
Dollar Update: The dollar hovered near a one-week high against the yen on Thursday, propped up by hopes of Sino-US trade talk progress though investors were nonetheless cautious ahead of a meeting between leaders of the two powers in Japan in days ahead.
Crude Update: Oil fell on Thursday, erasing some of the previous session’s strong gains, as traders eye the G20 summit in Japan and a meeting of OPEC and other oil producers to decide on an extension of output cuts.
Market Opens: It is flat to positive start for the Indian indices on June 27 on the back of no major global cues.
At 09:17 hrs IST, the Sensex is up 74.75 points or 0.19% at 39666.83, and the Nifty up 21.90 points or 0.18% at 11869.40. About 461 shares have advanced, 229 shares declined, and 28 shares are unchanged.
Zee Entertainment, Bharti Airtel, NTPC, L&T, IndusInd Bank, Indiabulls Housing, Asian Paints, Kotak Mahindra Bank are among major gainers on the Indices, while losers include Emami, Motherson Sumi, Cox & Kings BPCL, IOC, JSW Steel and Reliance Industries.
All the sectoral indices are trading with marginal gains led by the auto, PSU bank, FMCG and infra.
Rupee Opens: The Indian rupee slipped in the early trade on Thursday. It has opened lower by 11 paise at 69.26 per dollar versus previous close 69.15.
Market at pre-open: Benchmark indices are trading flat to positive in the pre-opening session with Nifty around 11,850.
At 09:02 hrs IST, the Sensex is up 93.04 points or 0.23% at 39685.12, and the Nifty up 9.80 points or 0.08% at 11857.30.
Credit Suisse on Dabur
Maintain outperform, target at Rs 460 per share
Progressing on medium-term plans, near-term macro slowdown persists
Citi on Jubilant Foodworks
Buy rating, target at Rs 1,430 per share
Estimate 14%, 16% & 18% rev, EBITDA & EPS CAGR in FY19-22
Macquarie on Cholamandalam
Outperform call, target at Rs 300 per share
Co comfortably placed for growth despite NBFC crisis
Deutsche Bank on Colgate
Buy rating, target cut to Rs 1,400 from Rs 1,500 per share
Despite competitive intensity, co assertive in retaining toothpaste market share
Kotak Institutional Equities on TCS
Reduce call, target at Rs 1,940 per share
Products & platforms story underappreciated
Kotak Institutional Equities on Asian Paints
Reduce call, target at Rs 1,225 per share
FY19 confirmed a subtle pivot in company’s volume growth strategy
Modest earnings growth in FY19 despite strong volume & topline growth
Macquarie on Shriram Transport
Outperform call, target raised to Rs 1,325 from Rs 1,265 per share
Co has no problems in raising cash
Deutsche Bank on IndusInd Bank
Buy rating, target at Rs 1,900 per share
Co believes merger benefits to play out; fears on NPLs misplaced
Co sees stress book gradually declinin
Asia trade mixed: Asian markets were busy going nowhere on Thursday as confusion shrouded the chances of any progress in the Sino-U.S. trade standoff, while bulls scaled back wagers for a drastic cut in U.S. interest rates.
Wall Street ends marginally lower: The S&P 500 ended lower on Wednesday as gains in technology stocks were offset by a drop in healthcare shares, and investors parsed mixed messages over prospects for a deal to end a trade war between the United States and China.
SGX Nifty: Trends on SGX Nifty indicate a flat opening for the broader indices in India, a gains of 1 points or 0.01 percent. Nifty futures were trading around 11,870-level on the Singaporean Exchange.