MARKET WRAP: Sensex surges 292 pts, Nifty tops 11,850; Adani Power up 17%

n the broader market, S&P BSE Mid-Cap ended 81 points, or 0.54 per cent higher at 14,889 levels while the S&P BSE Small-Cap gained 43 points, or 0.30 per cent, to settle at 14,283 levels.

3:38 PM

Sectoral gainers and losers on NSE

3:37 PM

Top gainers and losers on S&P BSE Sensex

3:34 PM

CLOSING BELL

The S&P BSE Sensex ended 292 points or 0.74 per cent higher at 39,687 levels while Nifty50 gained 77 points or 0.65 per cent to end at 11,866. 

3:14 PM

Subdued show by Bayer CropScience likely to persist: Elara Capital

Target Price: Rs 3,771

 

Upside: 9%

 

CMP: Rs 3,474 (as on 28 June 2019)

 

Bayer CropScience’s key strength remains in distribution reach and strong network of more than 3,500 field officers that work closely with farmers. Although the company has launched 15 products in the crop protection segment over FY16-19, growth remains weak, which can be attributed to below normal Monsoon, low pest incidences and slower scale-up of new products. While management says lack of blockbuster products, such as Confidor, has hurt revenue growth, among new launches Laudis (corn herbicide launched in FY16) has seen strong demand and become the Bayer CropScience’s second-biggest product. The company’s revival depends largely on its new product offerings in crop protection as well as seeds. Due to correction in the stock price of nearly 21 per cent in the past three months, we upgrade to Accumulate from Reduce with a new TP of Rs 3,771 from Rs 4,383 on 30x (unchanged) FY21E P/E.

3:10 PM

Market Update | Top gainers on BSE at this hour

ADANIPOWER	60.20	+8.90	+17.35
WABAG	345.55	+36.65	+11.86
GODREJPROP	1,090.00	+86.70	+8.64
RELAXO	449.85	+30.20	+7.20
BOMDYEING	115.35	+7.60	+7.05

2:57 PM

Budget & Markets | Pre-budget market outlook by Sahaj Agarwal, Kotak Securities

Nifty strong up move is expected to play out in the near term

 

We believe Nifty is in a structural uptrend. Recent behavioral parameters have affirmed the positive outlook. We expect the index to scale new highs in the near term and test 12300-12400 odd levels. A budget rally could be in the offing and aggressive long positions can be initiated. Support for the index is seen at 11500. A bull call spread can be initiated at current levels.

 

Nifty July series bull call spread

 

Buy 11900 Call @ 175

 

Sell 12200 call @ 53

 

Premium outflow: 122 (max Loss)

 

Max Profit: 178

2:51 PM

NEWS ALERT | Aim to be debt-free in 2020: Reliance Infra to CNBC TV18

2:50 PM

Gold Update | No proposal to put a limit on gold or precious stones' holdings for pvt individuals at present: FM in Lok Sabha

- Finance Minister, Nirmala Sitharaman, said in a written reply to Lok Sabha 

2:44 PM

Stock Alert | 23 lakh shares of Petronet LNG traded in a block on NSE at Rs 247.40/sh

2:42 PM

Stock Alert | Adani Power hits 52-week high

2:32 PM

NEWS ALERT | Govt reappoints NS Vishwanathan as RBI deputy governor for 1 year: CNBC TV18

2:29 PM

NEWS ALERT | JP Associates IBC case

-- NCLAT directs NCLT to decide in 6 weeks whether or not to allow insolvency proccedings

-- ICICI Bank had fied insolvency case against JP Assoc in Sept 2018

2:15 PM

Zee Entertainment up over 3%

2:07 PM

June Auto Sales | M&M

- Total sales at 42,547 units, down 6% YoY

- Total domestic sales at 39,471 units , down 5% YoY

- Total exports at 3,076 units, down 11% YoY 

2:05 PM

Market check | Sensex rallies over 300 pts

2:05 PM

VA Tech Wabag soars 14% on hopes of water mgt announcement in Budget 2019

Shares of VA Tech Wabag surged 14 per cent intra-day to trade at Rs 352 apiece on the BSE on Monday, boosted by heavy volumes. The buying interest was seen in the scrip on expectations that Budget 2019 may focus on the water crisis. The trading volumes on the counter jumped more than 15-times with a combined 1.4 million shares, representing 2.5 per cent of the company's total equity, changing hands on the NSE and BSE till 01:29 pm. READ MORE

1:59 PM

GST may become two-tier tax with merger of 12% and 18% slabs: Jaitley

Former Finance Minister Arun Jaitley Monday said the 12 and 18 per cent tax slabs in goods and services tax (GST) could be merged going forward as revenues increase, thereby effectively making it a two-tier tax. Penning a Facebook post on the second anniversary of GST rollout, Jaitley said as many as 20 states are already showing more than a 14 per cent increase in their revenues and do not require the centre to compensate them for revenue loss arising out of GST implementation. READ MORE

1:50 PM

Nifty Metal index off day's high

1:41 PM

NEWS ALERT | Tata Group not keen to bid for Jet Airways under NCLT: sources to BTVi

- Co may look at Jet Airways' assets only if airline goes for liquidation

 

- Tata Group may eye Jet Airways' Boeing 777s

1:34 PM

June Auto Sales | Atul Auto

-- Total sales at 3,704 units vs 3,847 units YoY. down 3.7%

1:23 PM

Stocks that hit 52-week high on S&P BSE Sensex

COMPANY	PRICE(rs)	52 WK HIGH	CHG(rs)	CHG(%)
AAVAS FINANCIERS	1524.60	1560.70	24.40	1.63
ABBOTT INDIA	8943.75	8998.95	53.35	0.60
BAJAJ FIN.	3699.35	3716.25	17.05	0.46
BAJAJ FINSERV	8551.35	8574.75	13.60	0.16
CONTAINER CORPN.	579.90	582.60	9.50	1.67

1:14 PM

NEWS ALERT | Aster DM Healthcare announces opening of new Aster RV Hospital in Bengaluru

1:12 PM

NEWS ALERT | Will review the analysis and release first advance estimate after monsoon, says ISMA: CNBC TV18

-- There will be need for India to export sugar in 2019-20 as well: ISMA

-- Estimate sugar production of about 28.2 mt in 2019-20 vs 32.95 mt in 18-19: ISMA

1:07 PM

Nifty Fin Service index is trading higher

1:04 PM

NEWS ALERT | Mulling scheme to use global agencies' credit line to fund small enterprises: Nitin Gadkari

1:03 PM

ICICI Direct on Pokarna

Recommendation: Hold

Last close: Rs 123

Target: Rs 140

At the CMP, the stock is trading at an attractive valuation of ~4.7x FY19E EPS. While valuations appear to be cheap, the USITC’s affirmation on the US market getting materially injured/threatened due to imports of quartz surface products from India and Turkey could lead to antidumping duty being imposed on quartz surfaces imported from India though the management could challenge any negative finding, going forward. While we are currently awaiting clarity in terms of quantum of antidumping duty on quartz, any development on this front could have a negative impact on Pokarna’s financial performance. Hence, we downgrade the stock to HOLD with a revised target price of | 140/share (6x FY20E EPS).

12:54 PM

Buzzing | ONGC continues slide

12:47 PM

NEWS ALERT | Delhi Court orders framing of charges against Naveen Jindal and four others: CNBC TV18

12:43 PM

Coal India slips in trade

12:34 PM

Sunteck Realty up over 5%