MARKET WRAP: Sensex ends 114 points higher; Pharma, IT stocks lead up move

Among sectoral indices, the Nifty Pharma index settled 2.1% higher led by a rise in shares of Aurobindo Pharma and Cipla.

3:45 PM

Nifty Pharma index ends 2.10% higher. Top losers:

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)
KPIT TECH.	279.00	273.30	5.70	2.09
TATA ELXSI	1366.50	1343.75	22.75	1.69
INFOSYS	1353.75	1334.70	19.05	1.43
MINDTREE	1004.55	991.15	13.40	1.35
HCL TECHNOLOGIES	937.50	926.10	11.40	1.23

3:40 PM

Nifty sectoral performers of the day

3:36 PM

BSE Sensex: Sun Pharma, Maruti Suzuki among top gainers of the day, Vedanta top loser

3:33 PM

Market at close

 

The S&P BSE Sensex ended at 35,379, up 114 points while the broader Nifty50 index settled at 10,700, up 43 points.

3:19 PM

Pharma exports see double digit growth after a gap of three years

After a gap of three years Indian pharmaceutical exports are seeing a double digit growth in value terms starting this financial year, driven by a surge in exports across all the major destinations in the world, according to Pharmaceutical Export Promotion Council (Pharmexcil). READ MORE

3:12 PM

Gold maintains downtrend on weak global cues, muted demand

Gold prices went down by Rs 40 to Rs 31,360 per ten grams driven by a weak trend overseas amid fall in demand from local jewellers. Silver followed suit and shed Rs 50 to Rs 40,300 per kg due to reduced offtake by industrial units and coin makers. READ MORE

2:54 PM

Dabur, M&M among 5 stocks to gain from govt's rural focus, says Nomura

Global brokerage and research house, Nomura, expects the general elections to be held as per schedule in 2019. The government, it says, is likely to focus on rural and agricultural economy in the run-up to the event and highlights five stocks that are likely to gain in this backdrop. READ MORE

2:40 PM

After Sebi orders it to make open offer for NDTV shares, VCPL to appeal

 

Vishvapradhan Commercial Pvt Ltd (VCPL) has decided to appeal against the Securities and Exchange Board of India's (Sebi's) order issued last Tuesday directing the company to make an open offer within 45 days to acquire shares of NDTV Ltd.

 

The reason for the Sebi order was that VCPL has indirectly acquired control of over 52 per cent of the media company without making an open offer. Sources close to Vishvapradhan confirmed that the company has decided to appeal against the decision in the Securities Appellate Tribunal -- a statutory body that has been set up to hear appeals against Sebi orders. READ MORE

 

NEWS IMPACT

2:25 PM

Major crackdown on shell firms? BSE to delist 222 companies from Wednesday

Leading stock exchange BSE will delist as many as 222 companies from Wednesday as trading in their shares has remained suspended for over six months. The move comes at a time when authorities are clamping down on shell companies -- listed as well as unlisted -- for being allegedly used as conduits for illicit fund flows. READ MORE

2:15 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,393.30	+128.89	+0.37
S&P BSE SENSEX 50	11,213.00	+40.46	+0.36
S&P BSE SENSEX Next 50	31,888.00	+178.88	+0.56
S&P BSE 100	10,975.60	+42.81	+0.39
S&P BSE Bharat 22 Index	3,301.74	+12.72	+0.39

(Source: BSE)

2:00 PM

Graphite India hits new high; HEG nears record high

Shares of graphite electrodes (GE) manufacturers continued their upward movement with Graphite India hitting a new high of Rs 925 per share, up 5%, surpassing their previous high of Rs 908 per share recorded on January 4, 2018. Shares of HEG too were up 5% at Rs 3,650 per share, trading close to their record high of Rs 3,695 per share touched on May 17, 2018 on the BSE in intra-day trade. READ MORE

1:45 PM

UBS on rupee

In the short term, we expect the INR to remain in the 68-72 range against the USD on rising external risks but RBI will intervene to control volatility. Towards year-end, even as we believe there is depreciation pressure on the INR, it should be more than offset by a weak USD.

Our FX strategy team expects a weaker USD despite a US fiscal impulse and higher yields. We retain our forecasts of USD/INR at 66 by end-FY19 and 66.5 by end- FY20. If external stress continues to rise and/or the USD strengthens, we believe policymakers could consider raising USD deposits as a last resort to stabilise the INR

1:37 PM

Emkay Global on power sector

Coal inventory position has improved slightly with 16 plants facing sub-critical level of coal inventory (vs 28 in April’18). The onset of monsoon has soften the demand which has led to slight correction in the spot power prices (-20.2% MoM to Rs3.7/unit in June’18). However, generation across Hydro project continue to remain below par due to low water levels at key reservoirs (from low snow fall) on yoy basis. This is putting further pressure on the thermal segment.

The situation could deteriorate if water levels fails to rise at reservoirs, as thermal plants may face coal supply issues during peak monsoon period. This may lead to a rise in spot power prices. Furthermore, with RBI unlikely to soften its stand on its stringent guidelines for bad loans across the power segment, nearly 40-50GW of stressed asset is facing the risk of going into NCLT. We continue to like cash rich companies like NTPC, PGCIL and CESC which operate on regulated RoE and risk averse business model.​

power

1:29 PM

Top Nifty50 gainers

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)	VOLUME
CIPLA	632.10	617.00	15.10	2.45	3417481
O N G C	159.15	155.50	3.65	2.35	8785905
GAIL (INDIA)	346.90	341.10	5.80	1.70	2519239
LUPIN	903.60	889.45	14.15	1.59	1516844
MARUTI SUZUKI	8959.95	8821.05	138.90	1.57	183245

1:16 PM

Kiri Industries zooms 20% post favorable Singapore Court verdict

Shares of Kiri Industries (KIL) are locked in upper circuit of 20% at Rs 576 per share on the BSE on back of heavy volumes after the company said that the Singapore court has dismissed all the claims and counterclaims against promoters Pravin Kiri, Manish Kiri, Amitava Mukherjee (KIL's nominated director on DyStar board) and Kiri International Mauritius Pvt Ltd (KIPL). READ MORE

12:59 PM

Voltas stock: Sentiment weak on concerns over volumes, margins

Shares of Voltas, which slipped to their nine-month low on Monday, have lost more than 20 per cent since their 2018 highs seen in April. While the recent concern emanated from reports of Tata Sons (the promoter) selling stake in Voltas to fund investments in the aerospace and defence businesses, the larger issue has been on the business front. READ MORE

12:44 PM

NSE inks pact with Nasdaq for offering real-time clearing, settlements

The National Stock Exchange of India (NSE) has entered into an agreement with US bourse Nasdaq, to bring the latter’s clearing, risk management and settlement technologies here. The new post-trade technology will replace NSE’s current clearing and settlement system operated by the National Securities Clearing Corporation, a wholly owned subsidiary of NSE, over the next 24-36 months. READ MORE

12:30 PM

ICICI Securities, ICICI Pru Life hit lowest level since listing

Shares of ICICI Securities and ICICI Prudential Life Insurance Company (ICICI Pru Life) have hit their respective lowest level since their listing on the BSE in otherwise firm market.
 

ICICI Securities (Rs 316) and ICICI Pru Life (Rs 361) were down 3% each in intra-day trade on the BSE.  READ MORE

12:15 PM

Dell moves to go public, spurns IPO

Dell Technologies Inc said on Monday it would pay $21.7 billion in to buy back shares tied to its interest in software company VMware Inc, paving the computer maker's way back to the public market without an initial public offering. READ MORE

12:00 PM

Markets at Noon

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,369.72	+105.31	+0.30
S&P BSE SENSEX 50	11,207.47	+34.93	+0.31
S&P BSE SENSEX Next 50	31,855.44	+146.32	+0.46
S&P BSE 100	10,969.37	+36.58	+0.33
S&P BSE Bharat 22 Index	3,300.20	+11.18	+0.34

(Source: BSE)

11:45 AM

Global Check

INDEX	DATE	LATEST	PREV CLOSE	CHG(PTS)	CHG(%)
MERVAL	03-07-2018	25298.04	26037.01	-738.97	-2.84
SHANGHAI COMPOSITE	02-07-2018	2775.56	2847.42	-71.86	-2.52
KOSPI	02-07-2018	2271.54	2326.13	-54.59	-2.35
NIKKEI 225	02-07-2018	21811.93	22304.51	-492.58	-2.21
IPC	03-07-2018	46653.52	47663.20	-1009.68	-2.12

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11:30 AM

Battle for $1 trn stock market value intensifies, Amazon closes in on Apple

 

In the battle for the first company to reach and sustain $1 trillion in stock market value, don’t count out a come-from-behind victory.

 

Apple Inc has had a lock on its spot as the world’s most valuable public company by stock value for several years, and we’ve been waiting for it to crest the $1 trillion market cap milestone. 1 The company inched within $50 billion of that mark in early June before its share price retreated a bit. Apple’s trek to $1 trillion has been closely chronicled by news outlets, including this one, and it’s a good bet there are articles and essays prepped for what seems like an inevitable moment for Apple. READ MORE

11:15 AM

Aviation firms stare at quarterly loss with rupee slide, higher fuel cost

 

Aviation companies are faced with severe competitive pressure in a seasonally weak season, coupled with high oil prices straining their finances. The price of jet fuel, 35-40 per cent of cost, rose 27 per cent more than a year before in the June quarter.

 

Also, the rupee is falling against the dollar; after fuel, the next two high cost items of maintenance and rentals are dollar-denominated. Analysts estimate a 10 per cent increase in crude oil prices and a 10 per cent fall in the rupee has an impact of 8.5 to 10 per cent on the profit of airline companies. READ MORE

11:00 AM

Hero MotoCorp advances on good monthly sales

Hero MotoCorp rose 1.54% to Rs 3,466.30 on BSE after the company reported 13% growth in sales to 7.04 lakh units of motorcycles and scooters in June 2018 over June 2017. The announcement was made after market hours yesterday, 2 July 2018. READ MORE

10:45 AM

Vedanta Resources delisting: Anil Agarwal retains control via Volcan

The Vedanta Resources announcement on Monday that it would delist from the London Stock Exchange (LSE) comes at a time when its Chairman Anil Agarwal is taking a back seat in the daily functioning of the group himself. Agarwal would, however, retain control through his personal trust Volcan Investment.

 

Announcing an all-cash offer by Volcan to its shareholders, the London-listed Vedanta Resources said the transaction could take place through a wholly-owned subsidiary of the trust which is offering 825 pence a share in addition to the previously announced dividend of $0.41. READ MORE

Stock quote:

10:30 AM

Over a decade later, 77 of 200 'vanished' companies untraceable

 

As many as 77 out of over 200 ‘vanished’ companies that came under the scanner between 1996 and 2004, continue to remain missing even as others have been traced. Many of these untraceable companies did not list after filing for Initial Public Offer (IPO).

 

All these companies were issued notices, to which over 100 of them responded while the rest remain untraceable, officials said. READ MORE

10:15 AM

Sebi likely to revisit proposals on investment advisor regulations

The Securities and Exchange Board of India (Sebi) is likely to do a rethink on most of its recent proposals to amend investment advisor regulations, after flak from the distributor community, including banks. The regulator had come up with a consultation paper in January, proposing a blanket ban on individuals and their immediate relatives acting as distributors from offering any sort of advice. READ MORE

10:00 AM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,360.56	+96.15	+0.27
S&P BSE SENSEX 50	11,198.70	+26.16	+0.23
S&P BSE SENSEX Next 50	31,733.46	+24.34	+0.08
S&P BSE 100	10,955.85	+23.06	+0.21
S&P BSE Bharat 22 Index	3,295.14	+6.12	+0.19

(Source: BSE)

9:45 AM

INTERVIEW OF THE DAY Market correction isn't due to Sebi's new rules: CEO, Edelweiss AMC

The share markets, particularly mid-cap and small-cap stocks, have seen a big price fall. Some are blaming the Securities and Exchange Board of India's new categorisation norms for the sell-off.

 

In an interview with Jash Kriplani, RADHIKA GUPTA, chief executive officer, Edelweiss Asset Management, talks about the issue and her company's growth plans. CLICK HERE FOR MORE

9:35 AM

Sebi directs ICICI Prudential MF to refund Rs 2.4 billion to five schemes

 

The Securities and Exchange Board of India (Sebi) has issued a directive to ICICI Prudential Mutual Fund (MF) for allegedly violating the MF code of conduct by making a large investment in the initial public offering (IPO) of its group firm ICICI Securities. The investment allowed the IPO to meet a minimum subscription requirement, without which it would have failed.

 

The market regulator has directed the fund house to refund Rs 2.4 billion with an annual interest of 15 per cent to five schemes of the MF which invested in the IPO. READ MORE