MARKET WRAP: Sensex rises 386 pts as rupee recovers; Tata Steel, RIL up 3%

Among sectoral indices, the Nifty Metal index settled 2.8% higher led by a surge in the shares of Jindal Steel & Power, NMDC and Hindalco Industries.

3:45 PM

Nifty Metal index ended 2.8% higher. Top gainers:

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)
JINDAL STEEL	223.05	209.90	13.15	6.26
NMDC	108.10	103.35	4.75	4.60
HINDALCO INDS.	230.50	221.05	9.45	4.28
NATL. ALUMINIUM	64.70	62.05	2.65	4.27
WELSPUN CORP	118.40	113.80	4.60	4.04

3:40 PM

Nifty sectoral performers of the day

3:37 PM

BSE Sensex: Tata Steel, RIL among top gainers of the day

3:34 PM

Market at close

 

The S&P BSE Sensex ended at 35,423, up 386 points while the broader Nifty50 index settled at 10,714, up 125 points.

3:17 PM

IDBI Bank gains 12% ahead of Irdai meeting

IDBI Bank has rallied 12% to Rs 55.85 on the BSE on the back of heavy volumes ahead of the Insurance Regulatory and Development Authority of India (Irdai) meeting today to consider Life Insurance Corporation’s (LIC’s) proposal to pick up a substantial stake in the bank. READ MORE

3:00 PM

India's spice export grows by record 8% to 1 million tonnes in 2017-18

India exported a record 10,28,060 tonnes of spices and spice products in 2017-18 as against 9,47,970 tonnes in 2016-17, an increase of almost 8 per cent. In dollar terms, exports of spices were pegged at $2,781.46 million, notching an increase of five per cent as compared to 2016-17. READ MORE

2:46 PM

Top gainers in BSE500:

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)
JINDAL SAW	79.30	70.65	8.65	12.24
EID PARRY	237.00	214.65	22.35	10.41
IDBI BANK	54.95	49.90	5.05	10.12
EIH	170.00	156.15	13.85	8.87
HIND.CONSTRUCT.	11.75	10.87	0.88	8.10

2:31 PM

Ultratech Cement rises after commissioning clinker plant

Ultratech Cement rose 0.45% to Rs 3759.70 on BSE after the company said it commissioned the second unit of 1.75 mtpa cement grinding capacity at Dhar in Madhya Pradesh. The announcement was made during trading hours today, 29 June 2018. READ MORE

2:15 PM

Making ethanol under new method could solve India's sugar surplus problem

The Centre on Monday not only raised the price of ethanol produced from C-heavy or C-grade molasses but it also fixed a price for ethanol produced from B-heavy molasses and sugarcane juice for the first time, something which has been a rarity in India until now. READ MORE

1:55 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,363.96	+326.32	+0.93
S&P BSE SENSEX 50	11,201.32	+103.41	+0.93
S&P BSE SENSEX Next 50	31,800.75	+438.53	+1.40
S&P BSE 100	10,961.40	+108.55	+1.00
S&P BSE Bharat 22 Index	3,316.28	+61.03	+1.87

(Source:BSE)

1:46 PM

Gold gains as dollar dips, but set for worst month since November 2016

Gold prices rose on Friday after hitting a more than six-month low in the previous session as the dollar retreated from recent highs amid a rising euro, but the yellow metal looked set to post its sharpest monthly fall in 19 months.

 

Spot gold was 0.3 per cent higher at $1,250.98 an ounce. On Thursday, it touched $1,245.32, its lowest since Dec. 13, 2017. READ MORE

1:32 PM

Currency crash: Weakening rupee may not help India's export by much

The weakening rupee might not help our export by much, as currencies of competing nations are depreciating at the same or faster pace. A weaker currency makes export cheaper.

 

Starting the year at 63.8 to the dollar, the rupee has slid over the past six months to the near-69 to the dollar on Thursday. READ MORE

1:18 PM

Why efforts to strengthen rupee may squeeze Indian banks' earnings

The Indian central bank’s efforts to tighten the availability of rupees in the market and halt a slide in the currency may squeeze profitability at the nation’s lenders as it raises their funding costs, according to the local unit of Moody’s Investors Service.

 

The rupee, Asia’s worst-performing currency this year, touched a record low on Thursday with rising oil prices threatening to stoke inflation and worsen government finances. READ MORE

1:00 PM

Bhagiradha Chemicals up 62% in 2 days after Ratnabali Investment buys stake

Shares of Bhagiradha Chemicals & Industries have rallied 19% to Rs 333 per share on the BSE in intra-day trade, surging 62% from their Wednesday’s low of Rs 206 after Ratnabali Investment Private Limited and Aditya Goenka bought nearly 15% stakes in agrochemicals company through open market. READ MORE

12:44 PM

Xiaomi prices Hong Kong IPO at bottom of range, raises $4.72 bn: Report

China's Xiaomi Corp priced its Hong Kong initial public offering (IPO) at the bottom of an indicative range, raising $4.72 billion in the world's biggest tech float in four years, people close to the transaction said on Friday.

 

Xiaomi priced its share offering at HK$17 per share ($2.17), the bottom of a price range of HK$17 to HK$22, the people said. It is selling about 2.18 billion shares, one of the people said, making the IPO the largest in the technology sector since Alibaba Group Holding Ltd raised $25 billion in New York in 2014. READ MORE

12:29 PM

Britannia Industries hits new high; stock surges 70% in one year

Shares of Britannia Industries were trading higher for the fifth straight day, hitting a new high of Rs 6,189 per share, up 1.5% on the BSE in intra-day trade on Friday. READ MORE

12:19 PM

Girish Chandra Chaturvedi named ICICI Bank's non-exec part-time chairman

Private sector lender ICICI Bank appointed former bureaucrat Girish Chandra Chaturvedi as its non-executive part-time chairman on Friday, media reports said. Chaturvedi is a 1977-batch IAS officer, who retired as the Oil Secretary in January 2013. 

 

The bank will now send Chaturvedi's name to the Reserve Bank of India for clearance. The term of M K Sharma, the current chairman of ICICI Bank, ends on June 30. READ MORE
 

Stock Quote (Source: NSE)

12:01 PM

Market at Noon

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,294.53	+256.89	+0.73
S&P BSE SENSEX 50	11,183.33	+85.42	+0.77
S&P BSE SENSEX Next 50	31,742.35	+380.13	+1.21
S&P BSE 100	10,943.47	+90.62	+0.83
S&P BSE Bharat 22 Index	3,304.62	+49.37	+1.52

(Source: BSE)

12:00 PM

NEWS ALERT ICICI Bank appoints GC Chaturvedi as an Independent Director & non-executive part-time

11:45 AM

Aurobindo Pharma: Nod for niche drugs, strong pipeline to push earnings

Aurobindo Pharma has been in the news and for good reasons. The most recent has been the receipt of an approval for a complex injectable product launch in the US. The approval of anti-bacterial injection, Ertapenem, provides a significant opportunity with limited competition.

 

The approval has also boosted confidence in the company’s injectables portfolio and its US business. Concerns over pricing pressure in the US and FDA inspections at its various manufacturing units had pushed down its stock to 52-week lows in early June. READ MORE

11:30 AM

Credit-linked subsidy scheme under the PMAY can often be baffling

The regulations for credit-linked subsidy scheme (CLSS) under the Pradhan Mantri Awas Yojana (PMAY) may sometimes be confusing even for lenders. Consequently, a person who might be eligible for the subsidy may lose it. While taking a home loan, a bank executive told Suhas Joshi that he will not get the home loan as his the tenure is 23 years. The regulation says loans up to 20 years are eligible for the scheme. READ MORE

11:16 AM

Indian companies are taking cover on unhedged positions as rupee falls

With the rupee falling below the psychological barrier of 69 to a dollar on Thursday, companies are taking cover on unhedged positions to reduce further losses. The Indian currency has lost 7.1 per cent of its value against the US one since January, making finance heads redraw their foreign exchange (forex) strategy. READ MORE

11:05 AM

Fedders Electric tanks 46% in 6-days as CARE revises credit rating

Shares of Fedders Electric and Engineering (formerly Fedders Lloyd Corporation) are locked in their lower circuit of 10% at Rs 28.85 per share, extending their decline on the BSE in the past five days, after the rating agency CARE Ratings revised the rating of the long and short term bank facilities of the company. READ MORE

10:50 AM

MFIs turn aggressive lenders, signs of overborrowing emerge in microlending

With multiple financial institutions chasing same set of borrowers in rural areas, signs of over-borrowing are now apparent in the microfinance sector. In fact, close to 20-30 per cent of applications received by micro lending institutions are now getting rejected on account of existing excess borrowing. READ MORE

10:38 AM

Graphite India, HEG hit upper circuit of 5%

Shares of graphite electrodes manufacturers Graphite India (Rs 840) and HEG (Rs 3,311) are locked in the upper circuit of 5% on the BSE after a foreign brokerage firm initiated an outperform rating on both these stocks. READ MORE

10:30 AM

Rupee recovers from all-time low, regains 18 paise on dollar selloffs

The rupee recovered from its record low by rising 18 paise to 68.61 against the US dollar in early trade on Friday on fresh selling of the American currency by banks and exporters. READ MORE

10:16 AM

RBI flags MFs' borrowing play; bank lines are in excess of Rs 1 trillion

The central bank’s periodic Financial Stability Report has highlighted issues with the way mutual funds use banks as a liquidity stop-gap and suggested that the practice requires greater supervision. Mutual fund regulations allow schemes to borrow money to meet temporary liquidity needs. READ MORE

10:00 AM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,224.23	+186.59	+0.53
S&P BSE SENSEX 50	11,160.07	+62.16	+0.56
S&P BSE SENSEX Next 50	31,702.84	+340.62	+1.09
S&P BSE 100	10,922.08	+69.23	+0.64
S&P BSE Bharat 22 Index	3,285.43	+30.18	+0.93

(Source: BSE)

9:45 AM

INTERVIEW OF THE DAY Markets have priced in a stable govt: Kotak Mahindra Asset Management MD

Mid-caps and small-caps are still at a premium despite the recent correction, Nilesh Shah, managing director, Kotak Mahindra Asset Management, tells Ashley Coutinho. According to him, there is still room for a downside in momentum-driven micro-, mini- and small-caps. CLICK HERE FOR MORE

Nilesh Shah, managing director, Kotak Mahindra Asset Management

9:33 AM

F&O Strategies

 

GODREJCP JULY FUTURES: Buy around 1213- 1214 for a potential upside target of 1245 with a stop below 1195 (spot levels)

 

ALBK JULY FUTURES: Sell around 41-42 for a potential downside target of 36.50 with a stop loss placed above 44 (spot levels)

 

COVERED PUT STRATEGY IN IBULHSGFIN : Sell one lot of IBULHSGFIN JULY FUT @ 1140-1142 & Sell one lot of IBULHSGFIN JULY 1100 PE @ 28| Max Profit: 34000 | Max Loss: Unlimited above BEP|BEP: 1168| SL: Above 1177 (Spot levels)

(Source: Karvy)