MARKET WRAP: Sensex ends 267 pts up; HUL, RIL HDFC twins among key gainers

Among the sectoral indices, the Nifty Auto index settled 1.25% higher led by a rise in the shares of Bajaj Auto, TVS Motos and Maruti Suzuki

3:58 PM

MARKET COMMENT Jayant Manglik, President, Religare Broking

We expect the Indian equities to remain range bound in the coming sessions. Domestic macro data and movement of currency & crude oil will dictate the further course of the market in the near term. Market participants would also closely monitor the trade tension between US & China. Under uncertain domestic and global environment, steady reform implementation and revival in the corporate earnings is essential for the markets. We advise traders to trade cautiously whereas investors can continue to accumulate fundamentally sound companies

3:43 PM

Nifty Auto index ended 1.25% higher. Top gainers:

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)
BAJAJ AUTO	2979.05	2862.40	116.65	4.08
TVS MOTOR CO.	581.40	561.15	20.25	3.61
MARUTI SUZUKI	9220.80	8975.15	245.65	2.74
BHARAT FORGE	636.75	620.40	16.35	2.64
AMARA RAJA BATT.	777.00	762.35	14.65	1.92

3:38 PM

Nifty sectoral performers of the day

3:34 PM

BSE Sensex: Bajaj Auto, Maruti Suzuki among top gainers of the day, NTPC top loser

3:31 PM

Market at close

 

The S&P BSE Sensex ended at 35,645, up 267 points while the broader Nifty50 index settled at 10,770, up 70 points.

3:17 PM

In big jump, SMEs raise Rs 8.25 billion through IPOs in April-June quarter

Small and medium enterprises (SMEs) raised a staggering Rs 8.25 billion through initial public offerings in the first quarter of 2018-19, more than a two-fold jump from the preceding financial year.

 

Funds raised through initial public offers (IPOs) were meant for business expansion plans, working capital requirements and other general corporate purposes, according to offer documents. READ MORE

3:00 PM

FMCG shares gain as Cabinet clears MSP for khariff crops; HUL hits new high

Shares of fast moving consumer goods companies (FMCG) have moved higher by 12% after the Cabinet Committee for Economic Affairs on Wednesday cleared an increase in the Minimum Support Price (MSP) for kharif crops for the 2018-19 season.

 

Kohinoor Foods, LT Foods, IFB Agro Industries and Radico Khaitan from the S&P BSE FMCG index were up in the range of 5% to 12% on the BSE. Gillette India, Bajaj Corp, Kaveri Seed Company, Colgate-Palmolive (India) and Jyothy Laboratories up between 1% and 3%, while Hindustan Unilever up 2% to Rs 1,673, hit a new high on the BSE. READ MORE

2:45 PM

Top BSE500 gainers

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
I T D C	408.40	50.10	13.98	35006
INDO COUNT INDS.	67.35	7.30	12.16	207721
8K MILES	344.80	27.45	8.65	316185
BLISS GVS PHARMA	178.95	13.95	8.45	26211
SOBHA	481.00	36.45	8.20	43572

2:31 PM

Don't sell cryptocurrencies in panic even as banking services are stopped

 

From this Friday, investors won’t be able to transfer funds to domestic exchanges to buy and sell cryptocurrencies. The Reserve Bank of India (RBI) has told banks to discontinue banking services to those who deal with virtual currencies by July 6.

 

Consequently, cryptocurrency exchanges have asked their customers to withdraw funds from their accounts immediately. If they don’t, the customers might not be able to withdraw unless the banking services are restored. READ MORE

2:16 PM

Was the EPFO ahead of the curve in its preference for passive funds?

The Employees' Provident Fund Organisation’s dependence on low-cost passive funds is starting to look smarter every day, as active fund managers struggle to meet benchmark returns. An analysis of data from fund tracker Value Research shows that most funds have failed to beat their benchmarks in both the large-cap and mid-cap space. READ MORE

2:00 PM

Market Check

S&P BSE Sensex	35,549.06		0.48%
Nifty 50	10,745.00		0.42%
S&P BSE 200	4,617.72		0.26%
Nifty 500	9,171.05		0.24%
S&P BSE Mid-Cap	15,365.55		-0.49%
S&P BSE Small-Cap	16,004.82		0.09%

1:45 PM

Equity capital raising at three-year high; Axis Bank tops the league table

 

Equity issuances by domestic companies stood at $11.7 billion in the first half of 2018 (1H2018), reporting an increase of 11.2 per cent over the same period last year. This was the strongest first-half period for domestic equity capital market (ECM) activity, according to Thomson Reuters.

 

Initial public offerings raised a total of $3.8 billion, up 43.2 per cent in proceeds from the same period last year. It was the highest first-half period for Indian IPOs since 2008, when $4.3 billion was mopped up. READ MORE

1:31 PM

Maruti Suzuki, Bajaj Auto extend gains post June sale

 

Shares of Maruti Suzuki India and Bajaj Auto were quoting higher for the third straight trading day after these companies delivered a healthy volume performance in June’18 on lower year on year (YoY) base led by pre Goods and Services Tax (GST)-led disruptions.

 

Maruti Suzuki India was up 1.6% to Rs 9,122, gaining 3% in past three trading sessions, after the company delivered strong performance in June’18, with its monthly vehicle sales standing at 144,981 units (+36% YoY and -16% MoM). The company’s month on month (MoM) sales decline was due to half yearly maintenance shutdown during last week of the month. Its UV segment grew by 39% YoY (-25% MoM) supported by healthy sales of Brezza and S-Cross. Read More

1:15 PM

Dear govt, bond with investors; just throwing cash won't help state lenders

 

For the first time in almost seven years, the benchmark Indian government bond has rounded off four straight quarters of losses. The jump in the 5-year yield has been almost 2 percentage points since December 2016, the biggest surge among 14 Asian local-currency benchmarks. Foreigners have already pulled out more than $6 billion from Indian bond markets this year.

 

It’s hard to see how yields can be contained below 8 per centt for much longer. Global oil prices and the cost of capital are both rising. New Delhi’s fiscal calculations are going awry just as the banking system sinks deeper into a morass. READ MORE

1:00 PM

End of cryptocurrency story in India as SC refuses to overturn ban

The Supreme Court refused to overturn a central bank ban on lenders from dealing in cryptocurrencies, a move that effectively outlaws the nascent industry in Asia’s third-largest economy. READ MORE

12:52 PM

Lupin hits over four month high; stock rises 5% in two days

Shares of Lupin hit an over four month high of Rs 931 per share on Wednesday, rising 3% from the previous close and extending their 2% gain on the BSE on Tuesday. The stock of pharmaceutical company was trading at its highest level since January 29, 2018. In past one month, Lupin has outperformed the market by surging 23% as compared to 1.4% rise in the S&P BSE Sensex. READ MORE

12:40 PM

Chart of the Day: Shriram City Union Finance

12:36 PM

Food processing companies rise post announcement of MSP

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)
L T FOODS	61.80	57.10	4.70	8.23
KOHINOOR FOODS	39.90	37.80	2.10	5.56
VIRAT CRANE INDS	46.00	43.65	2.35	5.38
MANPASAND BEVER.	172.55	164.35	8.20	4.99
MAHAAN FOODS	16.90	16.10	0.80	4.97

12:31 PM

NEWS ALERT MSP for common variety paddy hiked by Rs 200/quintal

12:27 PM

NEWS ALERT MSP for paddy hiked by Rs 250/quintal

12:26 PM

NEWS ALERT Cabinet approves hike in MSP for Kharif crops  for 2018-19

12:14 PM

DE Shaw-Reliance joint venture surrenders membership on bourses

 

The joint-venture between petroleum major Reliance Industries Ltd (RIL) and global financial services firm DE Shaw has surrendered memberships at both the BSE and the National Stock Exchange (NSE), according to separate notifications issued by the two bourses.

 

DE Shaw India Securities had surrendered its membership, according to a September 14, 2017, National Stock Exchange (NSE) circular. The last trading date is seen to be July 30, 2014. READ MORE

11:58 AM

Markets at noon

S&P BSE Sensex	35,414.97		0.10%
Nifty 50	10,708.30		0.08%
S&P BSE 200	4,605.54		-0.01%
Nifty 500	9,146.55		-0.03%
S&P BSE Mid-Cap	15,336.48		-0.68%
S&P BSE Small-Cap	15,994.48		0.03%

11:50 AM

Special Report Berger Paints, V-Mart among Elara Capital's top 14 stocks in midcap basket

 

Midcaps stocks have under-performed their large-cap peers so far in calendar year 2018 (CY18). On a year-to-date (YTD) basis, the S&P BSE Sensex has moved up 4% as compared to a 14% fall in the BSE Midcap index.

 

Basis its analysis of the mid-cap stocks, Elara recommends 14 stocks in this segment where it sees potential despite the sharp fall. Click here for more

11:40 AM

Stock Alert Shriram Transport Finance posts sharpest fall in 19-months; stock tanks 18%

 

Shriram Transport Finance has tanked 18% to Rs 1,066, its sharpest fall in past 19-months on the BSE on concerns of a possible default in payment of interest on its non-convertible debentures (NCDs). The management, however, has clarified regarding the issue.

 

The stock has underperformed the market by falling 31% from its recent high of Rs 1,543 on May 28, 2018, as compared to 0.51% rise in the S&P BSE Sensex. READ MORE

11:30 AM

Top Nifty50 gainers

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)	VOLUME
LUPIN	927.00	903.10	23.90	2.65	3050047
DR REDDY'S LABS	2324.75	2273.75	51.00	2.24	495328
SUN PHARMA.INDS.	584.15	573.60	10.55	1.84	3612878
BAJAJ FINSERV	5976.95	5885.20	91.75	1.56	83721
INDIABULLS HOUS.	1140.30	1125.50	14.80	1.31	462321

11:19 AM

Anil Agarwal faces shareholder resistance to $1 billion Vedanta bid

$1 billion bid to buy out minority shareholders in Vedanta Resources and take the London-listed Indian miner private.

 

Vedanta, chaired by its 64-year-old founder Agarwal, on Monday announced that its independent board directors were prepared to back an 825 pence-a-share bid from Agarwal's family trust, Volcan, to acquire the 33.5 per cent of the company that it does not already own and delist the group. READ MORE

11:06 AM

Kwality down 5% as board defers proposed share buyback and bonus issue plan

Shares of Kwality hit an over four-year low, locking in the lower circuit of 5% at Rs 20.65 per share on the BSE, after the company said its board has deferred the proposed share buyback and bonus issue. The stock of dairy products company was trading at its lowest level since October 8, 2013. READ MORE

10:47 AM

Higher LNG prices better for GAIL outlook; other businesses appear strong

Shares of Gas Authority of India or GAIL have recovered 12 per cent in the past few weeks, after falling almost 20 per cent from December highs, as concerns over its profitability are easing. Moreover, with its other business segments doing well and valuations now favourable, analysts see more gains for the stock. READ MORE

10:32 AM

NEWS ALERT 

The seasonally adjusted Nikkei India Services Business Activity Index rose from 49.6 in May to 52.6 in June. The latest upturn pointed to solid growth that was the fastest since last June. According to anecdotal evidence, the rise in activity was supported by greater inflows of new work.

Meanwhile, the seasonally adjusted Nikkei India Composite PMI Output Index rose from 50.4 in May to 53.3 in June, supported by output growth in both the manufacturing and service sectors. The latest reading was the strongest seen since October 2016 and indicative of a solid rate of expansion.