MARKET WRAP: Sensex ends 19 pts down, Nifty at 10,768; Sun Pharma up 8%

Sun Pharma surged over 8%, while Dr. Reddy ended nearly 5% higher on the BSE.

3:53 PM

Sun Pharma ends 8% on the NSE:

3:43 PM

Nifty Pharma index ends 4.26% higher. Top gainers:

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)
SUN PHARMA.INDS.	528.25	488.75	39.50	8.08
LUPIN	810.05	767.35	42.70	5.56
DR REDDY'S LABS	2062.90	1964.95	97.95	4.98
AUROBINDO PHARMA	572.35	547.75	24.60	4.49
GLENMARK PHARMA.	556.75	536.65	20.10	3.75

3:40 PM

Sectoral Trend

3:37 PM

BSE Sensex: Sun Pharma, Dr Reddy among top gainers of the day

3:32 PM

Market at close

 

The S&P BSE Sensex ended at 35,444, down 19 points while the broader Nifty50 index settled at 10,768, down 1 points.

3:26 PM

Reliance Industries rises for the eighth straight trading day

Shares of Reliance Industries (RIL) have moved higher by 1.5% to Rs 986 per share, rebounding 2.6% from their intra-day low of Rs 961 on the BSE. READ MORE

 

3:11 PM

PSU banks extend gain; Uco Bank, Dena Bank up 5%

Shares of select public sector undertaking (PSU) banks were quoting higher for the third straight trading day ahead of Finance Minister Piyush Goyal's meeting today with the chief executives of 15 public sector banks (PSBs) in Mumbai.
 

Dena Bank, Uco Bank and Corporation Bank were up 5% each, while Punjab National Bank (PNB), Bank of Maharashtra, Indian Overseas Bank, Andhra Bank and Allahabad Bank were up in the range of 3% to 4%. Shares of State Bank of India (SBI) however, trading 0.17% lower at Rs 269 on the National Stock Exchange (NSE). READ MORE

3:04 PM

Now, Samsung will guide you to pick the right stocks tied to North Korea

Before the summit between North and South Korean leaders in April, Nomura Holdings Inc. came up with a list of stocks to buy should the countries decide to reunify. Now, Samsung Securities Co. is going one better. Ahead of the historic meeting between U.S. President Donald Trump and North Korean dictator Kim Jong Un in Singapore next week, the South Korean brokerage has set up a team to recommend stocks that are likely to benefit from rapprochement with the country’s northern neighbor. READ MORE

2:45 PM

Xiaomi gets Hong Kong stock exchange approval for IPO; to raise over $10 bn

Xiaomi Corp. has won Hong Kong stock exchange approval for its planned initial public offering, which would be the first listing in the city with weighted voting rights, people with knowledge of the matter said. READ MORE
 

2:30 PM

Here's how RBI rate hike upsets Modi's election year budget maths

 

The Reserve Bank of India's first interest rate rise since Prime Minister Narendra Modi came to power could not have come at a worse time for a government grappling with spending constraints, voter discontent in the rural heartlands and rising oil prices.

 

The rate increase, the first in more than four years, is likely to be followed by one or two more this year, economists predict, pushing up overall borrowing costs for the government and companies alike. READ MORE

2:15 PM

After RBI policy, HDFC Bank, Bank of India join others in hiking MCLR

 

After the Reserve Bank of India (RBI) raised its policy repo rate by 25 basis points (bps) to 6.25 per cent on June 6, some public and private sector banks have followed its lead by hiking the Marginal Cost of Funds Based Lending Rate (MCLR), which is the floor rate at which banks lend.

 

On Thursday, a day after the RBI announced its monetary policy, HDFC Bank raised its MCLR by 10 bps across all maturities. This was followed by Bank of India, a public sector lender, which too made a similar hike to its MCLR on Friday. READ MORE

2:00 PM

Market Check

S&P BSE Sensex	35,335.48		-0.36%
Nifty 50	10,731.10		-0.35%
S&P BSE 200	4,650.25		-0.22%
Nifty 500	9,278.35		-0.23%
S&P BSE Mid-Cap	15,967.16		0.08%
S&P BSE Small-Cap	16,826.19		0.21%

1:45 PM

Indian Bank vaults after hiking MCLR

Indian Bank gained 1.61% to Rs 356.60 on BSE after the bank said it has hiked its marginal cost of funds based lending rate by 5 to 10 basis points for various tenors effective from 11 June 2018. READ MORE
 

1:33 PM

China's Ant Financial raises $14bn to become biggest fintech firm

Chinese digital payments giant Ant Financial said today it had raised USD 14 billion in its latest financing round, making it the world's largest fintech company ahead of an expected mammoth IPO. READ MORE

 

1:15 PM

Worst buys and sells of Ambit Capital in the last 12 months

Even the biggest of brokerages and the best of analysts, at times, fail in their assessment of how the markets will play out. In a note, Mumbai – based brokerage and research firm, Ambit Capital, has yet again owned up to making bloopers / mistakes over the past 12 months.

CLICK HERE to find a quick compilation Ambit’s self-assessment of the last 12 months.
 

 

Stock markets, Indian stocks

1:02 PM

Usha Martin surges 45% in three days after Tata Steel joins race to buy it

Shares of Usha Martin are locked in the upper circuit of 20% at Rs 28.90, extending their past two days surge of over 20% on the BSE on back of heavy volumes after a media report suggested that Tata Steel joined race for the company.

In past three trading days, the stock has rallied 45% from Rs 19.95 on June 5, as compared to 1.2% rise in the S&P BSE Sensex. READ MORE

12:45 PM

Demand to propel Pidilite's earnings growth; analysts positive on the stock

With a sturdy volume growth (13 per cent), Pidilite Industries (Pidilite) posted 14.7 per cent and 57.4 per cent year-on-year rise in net sales and net profit, respectively, in the March 2018 quarter (Q4). With positive business outlook in terms of volume growth and pricing power to protect its margin, analysts are positive on the stock. READ MORE

12:30 PM

Tata Motors extends gain as JLR reports strong retail sales in May

 

Tata Motors was up 2.4% to Rs 312, extending its past two days 7% rally on the BSE, after Jaguar Land Rover (JLR) reported total retail sales of 48,281 vehicles in May 2018, up 6.1% year on year. The growth for JLR (Ex-China geography) stood strong at 11% YoY which has been highest growth in last 14 months.

 

The sales growth was primarily driven by the introduction of new models including the Range Rover Velar, the Jaguar E-PACE and the new Land Rover Discovery, Tata Motors said in a statement. READ MORE

12:16 PM

RBI hikes repo rate by 25 bps: Experts believe banks to raise rates

It’s time for depositors to cheer, while borrowers will feel the pinch a little more. With the Reserve Bank of India (RBI) raising the repo rate by 25 basis points (bps) on Wednesday, the first time in four years, banks are expected to follow.

 

The signals have already been there for the past few months. Since March, banks have been raising their deposit and lending rates slowly but steadily. READ MORE

12:08 PM

Jefferies on Future Retail

We maintain our Hold call on the stock. Execution has been good in Big Bazaar; however, widespread store network expansion and focus on driving the small box format (EasyDay) which till date has had little success in India, leaves little margin of error.

12:08 PM

Jefferies on housing finance companies

HFC stock prices have corrected on margin concerns due to rising bond yields. Lending rate hikes are likely. This should lift portfolio spreads, but incremental spreads may stay under pressure. Lower incremental spreads vs. back book spread may weigh on margin outlook for most HFCs (ex LICHF). Valuations of HFCs are correlated to incremental spreads & have likely bottomed, but sharp re-rating is unlikely till bond yields stabilize & incremental spreads improve

Within HFCs, we prefer PNB Housing as strong loan growth should offset modest spread compression and drive earnings growth. At LICHF, spreads are likely bottoming out and valuations at 1.6x FY19E BV appears attractive, but we retain Hold, given limited near term triggers and as re-rating is unlikely till bond yields stabilize

12:00 PM

Market at Noon

 

S&P BSE Sensex	35,314.83		-0.42%
Nifty 50	10,728.40		-0.37%
S&P BSE 200	4,648.61		-0.25%
Nifty 500	9,283.90		-0.17%
S&P BSE Mid-Cap	16,002.88		0.30%
S&P BSE Small-Cap	16,826.50		0.22%

11:44 AM

Rupee falls to fresh 1-month low, down 42 paise against dollar

The rupee declined by 42 paise to hit a fresh 1-month low of 67.54 per dollar in early trade on Friday due to the appreciation of the American currency overseas and outflows of foreign fund. READ MORE

 

11:29 AM

Top Nifty50 losers

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)	VOLUME
POWER GRID CORPN	197.20	202.75	-5.55	-2.74	2184375
B P C L	407.70	416.05	-8.35	-2.01	1521962
HINDALCO INDS.	243.90	248.60	-4.70	-1.89	2581250
H P C L	309.40	315.00	-5.60	-1.78	1061748
M & M	904.35	920.30	-15.95	-1.73	545531
GRASIM INDS	1026.20	1043.60	-17.40	-1.67	122633

11:16 AM

10-year bond yield rises past 8%

Yields on the 10-year government bonds hit over 8% in the opening session on Friday, first time since May 2015, but soon declined ahead of weekly bond auction due later in the day.

11:01 AM

NMDC stock: Growing steel production supporting iron ore demand

 

The NMDC stock having corrected by about 29 per cent from its January highs is looking up in the recent weeks. Though declining iron ore prices in the international markets had led to the decline, the street is enthused by price hikes announced by the company at the end of May, strong quarterly performance last week and recent production numbers.

 

The 62 per cent Fe ore prices ex-China had corrected from more than $75 a tonne to sub $65 levels during the February-May period. READ MORE

10:45 AM

Videocon case: ICICI Bank, Kochhar miss Sebi deadline, ask for more time

ICICI Bank and its managing director and chief executive officer, Chanda Kochhar, have sought more time to respond to a show-cause notice served by the Securities and Exchange Board of India (Sebi).

 

According to sources, they have written to the regulator, requesting it to share documents on the basis of which the notice was served. The deadline to respond to the notice was Thursday. READ MORE

10:32 AM

Pharma shares in focus as Nifty Pharma index rises 2%

Shares of pharmaceutical companies were in focus in otherwise subdued market with Nifty Pharma index surging more than 2%, and extending its gains in the past two days on the National Stock Exchange (NSE).

 

Sun Pharmaceutical Industries, Cadila Healthcare, Dr Reddy’s Laboratories, Cipla, Glenmark Pharmaceuticals and Lupin from the Nifty Pharma index were up in the range of 2% to 3% on the NSE. READ MORE

 

10:15 AM

IBC delisting norms: Small shareholders ask Sebi for review

Minority shareholders are miffed at the lenient delisting process for companies facing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). According to sources, several investor protection bodies have written to the Securities and Exchange Board of India (Sebi) for a review of the norms, which they say are anti-minority shareholders. READ MORE

 

9:59 AM

Market Check

 

S&P BSE Sensex	35,375.04		-0.25%
Nifty 50	10,740.70		-0.26%
S&P BSE 200	4,652.08		-0.18%
Nifty 500	9,283.45		-0.18%
S&P BSE Mid-Cap	15,965.80		0.07%
S&P BSE Small-Cap	16,813.16		0.14%