MARKET WRAP: Sensex up 519 pts on broad-based buying, Nifty ends at 10,471

All that happened in the markets today

3:58 PM

MARKET COMMENT:: Vinod Nair, Head of Research at Geojit Financial Services

"The Indian indices traded positive, in sync with global indices, seemingly on the back of continued liquidity flows into the markets. The gains were spread across sectors and market caps, with even the IT index overcoming its losses, due to the proposed change in H-1B visa rules. Markets were also optimistic on the back of news of a de-escalation in border hostilities and the pace of Covid-19 recoveries increasing, in spite of the new virus infections. Investors advised to remain cautious and keep booking profits."

3:43 PM

SECTOR WATCH:: Nifty PSU Bank index gains nearly 3.5%

3:39 PM

MARKET AT CLOSE:: Losers and gainers on the S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex jumped 519 points or 1.49 per cent to end at 35,430 while NSE's Nifty ended at 10,471, up 160 points or 1.55 per cent. 

3:28 PM

MARKET CHECK

3:18 PM

CIL's coal allocation for non-power sector jumps to 6 MT in April-May

Coal India's fuel allocation under the exclusive e-auction scheme for non-power consumers like steel and cement jumped five-fold to 6.10 million tonnes (MT) in the last two months. The state-owned company had allocated 1.20 MT of coal to non-power consumers under the scheme in April-May 2019, as per latest government data. READ MORE 

2:56 PM

Recovery from intra-day lows in today's session

COMPANY	DAY'S LOW(RS)	DAY'S HIGH(RS)	LATEST(RS)	RISE(%)
C P C L	72.10	84.55	83.50	15.81
IRB INFRA.DEVL.	81.55	94.90	91.75	12.51
CYIENT	225.50	263.00	252.95	12.17
PRESTIGE ESTATES	214.20	244.60	238.30	11.25

2:51 PM

IndusInd Bank gains 6% as promoter buys additional 1.39 lakh shares

Shares of IndusInd Bank rose 6 per cent to Rs 520 on the BSE on Tuesday after the private sector lender said that its promoter had acquired additional shares of the bank through open market purchases. “On June 18, IndusInd International Holdings, one of the promoters of Bank, purchased 139,000 equity shares of the bank for Rs 6.82 crore,” IndusInd Bank said in an exchange filing. READ MORE

2:49 PM

B&K Securities on Century Textiles

2:48 PM

Prabhudas Lilladher on SBI Cards

FY22 should witness return to normalcy attributed to Co.’s SBI association, existing sophisticated technology infrastructure and data analytics. Valuation multiple stands trimmed as it reflects the vulnerability of unsecured nature of business to pandemic shocks. At CMP, stock trades at 42x FY20 & 32x FY22E P/E. While a credit card business remains a high growth high return model and SBICARD FY22 earnings expected to report robust 27% RoE and 5% RoA, our revised multiple at 36x (earlier 38x) stands justified. Maintain BUY with target orice of Rs 643 (earlier Rs 646).

2:46 PM

Emkay Global on paints

Recent channel checks indicate mixed demand trends for paint companies, with small towns showing stronger-than-expected recovery, while urban towns witnessing steep declines due to the lack of laborers and demand postponement. Recovery in small towns is aided by channel stocking, unfinished work getting completed and pent-up demand, which is likely to result in better performance of Berger Paints vs. Asian Paints in the near term. We estimate Berger to have a higher share in small towns at ~60-70% vs. Asian Paints at ~50%. We remain underweight on Asian Paints (Hold) and Berger (Sell) due to demand uncertainty and rich valuations. We reduce FY21/22E earnings for Asian Paints by 17%/7% and Berger by 13%/6%.

2:44 PM

HDFC Securities on Tata Motors

We set a Mar-22 SOTP target price of Rs 112. We value the India business at 9x EV/EBITDA and the JLR business at 2x EV/EBITDA. Key risks: Earlier than expected stake sale of the PV business on the upside, delayed economic recovery and any increase in geo political risks on the downside.

2:43 PM

MARKET UPDATE:: Sensex extends gain

2:30 PM

Investors are spending fresh billions hedging market mania: Experts

Whether it’s a bearish portent of a sell-off to come or prudent hedging after a fierce stock rebound, traders are bolstering their defenses against an end to this vertiginous rally. Gold and longer-maturity bonds are getting outsized inflows. Protective equity options are outdrawing speculative contracts, while volatility markets are positioning for fresh disruptions. READ MORE

2:21 PM

MARKET CHECK:: Top 5 losers on the BSE at this hour

2:10 PM

Larsen & Toubro trades higher for fourth straight day; stock surges 7%

The construction arm of L&T has secured orders from prestigious clients for its various businesses. Although L&T did not mention the exact value of the contract, according to its project classification, the value of a 'large' order ranges in the range of Rs 2,500 to Rs 5,000 crore. READ MORE  

1:52 PM

MARKET CHECK:: Top 5 gainers on the BSE at this hour

1:40 PM

European shares trade higher

(Source: Reuters)

1:40 PM

NEWS ALERT:: SC allows regulatory action by RBI against BoB for not honouring bank guarantee

>> SC has set aside BoB's plea seeking quashing of Calcutta HC order directing for regulatory action for failure to honor bank guarantee

(As reported by CNBC-TV18)

1:39 PM

BUZZING STOCK:: L&T surges over 6%

1:28 PM

BROKERAGE VIEW:: HDFC Securities on Tata Motors

Tata Motors (Reinitiating Coverage): Tightening the belt. ADD | Target Price: Rs 112

 

Amidst the COVID backdrop, Tata Motors management is focused on conserving capital by aggressively scaling back capex spends in FY21E (by over 30%) as well as seeking a strategic partner for the loss-making India passenger car business. As the business normalises at JLR/India, the cash flows are expected to improve over CY21E (led by working capital reduction). As stock valuations at below FY20 book value (0.8x) are factoring in a challenging environment; we reinstate coverage with an ADD rating.

1:18 PM

MARKET CHECK: Most IT stocks gain; BSE IT index rises 1.5%

1:09 PM

MARKET CHECK

1:00 PM

NEWS ALERT | Corps Commander level talks b/w India, China. There was mutual consensus to disengage: ANI quoting Army sources.

12:54 PM

MARKET UPDATE:: Nifty reclaims 10,400

12:41 PM

Markets have moved out of the panic phase: Ajay Tyagi of UTI MF

As markets recover gradually from their March 2020 lows, Ajay Tyagi, executive vice president and fund manager (equity) at UTI AMC says there are many mid-and small-cap stocks that are available at reasonable valuations now. The financial sector, he tells Swati Verma, may go through a volatile phase in the short term, but its ability to create value in the long-term is fully intact. READ MORE

12:32 PM

AMC shares in focus; Nippon Life surges 14%, HDFC AMC up 4%

Shares of assets management companies (AMCs) rallied up to 14 per cent on the BSE on Tuesday after UTI AMC received markets regulator Sebi‘s nod for initial public offering to raise Rs 3,000 crore. This will be the third public offering in the Indian mutual fund industry after Nippon Life Asset Management and HDFC AMC. Nippon Life India Asset Management is the asset manager of Nippon India Mutual Fund, while HDFC AMC is the investment manager to the schemes of HDFC Mutual Fund. READ MORE

12:24 PM

Infosys, Wipro, TCS: Should you sell IT stocks as Trump blocks H1B visa?

US President Donald Trump has suspended the entry into the United States of certain foreign workers on Monday - a move the White House said would help the Covid-19-battered economy. . The visa suspension, which runs to the end of the year, will open up 525,000 jobs for U.S. workers, a senior administration official said on a call with reporters. READ MORE 

12:17 PM

HUL, L&T top contributors to Sensex's up move today

12:06 PM

Bank of Baroda Q4 preview: Covid-19, telecom stress may keep earnings muted

Hit by business disruption amid Covid-19 outbreak and merger with Dena and Vijaya Bank, state-owned Bank of Baroda is likely to post muted March quarterly earnings on Tuesday, June 23. While analysts remain divided on the bank’s net profit, which ranges from Rs 356 crore to (-) Rs 1,659 crore; asset quality figures due to exposure to the telecom sector would be under their radar. READ MORE