MARKET WRAP: Sensex, Nifty end flat with negative bias; PSBs, IT slip

The S&P BSE Sensex touched an intra-day low of 39,461 levels while the Nifty50 drifted to 11,817 levels during the day before staging a limited recovery. Banking stocks were among the key losers

4:05 PM

Market View :: Jayant Manglik, President - Retail Distribution, Religare Broking

Though the benchmark index is somehow holding around its record high, broader indices are under tremendous pressure. It shows lack of buying interest among the participants, citing uncertain global markets and not so encouraging domestic cues. We maintain cautious view on markets and suggest focusing on trade management. Nifty has immediate support at 11,800 and its breakdown could trigger fresh fall else consolidation will continue

4:04 PM

TECHNICAL CHECK :: Nagaraj Shetti - Technical Research Analyst, HDFC Securities

Nifty showed upside bounce from the lows and closed on a minor gains today. A small positive candle was formed today with lower shadow, which indicates a minor comeback of bulls from the lows. The overall chart pattern now suggests a broader range movement around 11,780 to 12,000 levels and the Nifty is expected to move within this range for the next one - two sessions. Expect selling near 12,000 mark

3:47 PM

Top gainers and losers on S&P BSE Sensex

3:46 PM

MARKET AT CLOSE

3:44 PM

MARKET AT CLOSE

3:13 PM

NEWS ALERT | NCLT adjourns operational creditors' plea against Jet Airways to June 20: CNBC TV18

3:07 PM

NEWS ALERT | Jet Airways' officials asked to calculate ending payment to vendors: CNBC TV18

3:03 PM

NEWS ALERT | Jet Airways' officials asked to prepare list of vendors to enable resuming operations: CNBC TV18

3:02 PM

NEWS ALERT | Jet Airways' stakeholders looking at limiting fleet size below 20: CNBC TV18

2:48 PM

NPL risks from associated firms likely; IndusInd, YES Bank vulnerable: UBS

UBS, which expects the NPL cycle to be extended due to the emergence of new stressed accounts, studied 5,600 companies and their links to around 200 large corporates with an aggregate debt of about $250 billion.

 

The 200 corporates have aggregate debt of around $250 billion, of which only 25 per cent is investment grade. In other words, 75 per cent of this sample is either rated below investment grade (BB or below), with an interest coverage ratio (EBIDTA/Interest) of less than 1.5x, or where no recent credit rating data has been found. CLICK TO READ FULL REPORT

2:40 PM

NEWS ALERT | No SEBI approval yet for management control change in asset arm, says Dewan Housing: CNBC TV18

2:29 PM

Indiabulls Housing up 10% on withdrawal of PIL in fund siphoning off case

Shares of Indiabulls Group companies soared up to 16 per cent from their respective intra-day lows on the BSE on Thursday after Abhay Yadav, the petitioner who had filed a public interest litigation (PIL) against the housing finance major for siphoning off funds worth Rs 98,000 crore, withdrew the writ petition in the Supreme Court. READ MORE

2:19 PM

Market check | Nifty50 crosses 11,900

2:18 PM

Market check | S&P BSE Sensex turns green for the first time during the day

2:16 PM

NEWS ALERT | Week-to-Wednesday rainfall 15.8 mm, 49% below normal: Met Dept

2:14 PM

NEWS ALERT | Tata Sponge board approves rights issue of up to Rs 1,800 crore

- Board approves rights entitlement ratio of 15:7 at issue price of Rs 500/Sh

- Record date for rights issue set at June 25

2:11 PM

Lakshmi Vilas Bank soars 9%

1:55 PM

Indiabulls Real Estate soars over 4% after petitioner withdraws PIL against Indiabulls Housing Fin

1:29 PM

Rana Kapoor denies seeking board position

1:29 PM

Rana Kapoor tweets

1:15 PM

Papers signed by me have been misused to file false complaints: Abhay Yadav

1:14 PM

NEWS IMPACT | Indiabulls Housing Fin stock climbs 8% after writ petitioner withdraws fund siphoning case

1:12 PM

Indiabulls Housing | Petitioner, Abhay Yadav withdraws writ petition in SC: CNBC-TV18

- Yadav had accused Indiabulls Housing Fin of siphoning off Rs 98,000 cr

Alert: SC had agreed to hear case in July

1:08 PM

Elara Capital on Zensar Technologies

Rating: BUY

 

Target Price : INR 340

 

Upside : 33%

 

CMP : INR 256 (as on 12 June 2019)

We maintain our estimates. We have not taken into account the divesture of the non-core multi-vendor support (MVS) segment that accounted for 4.8% of revenue in FY19 due to uncertainty regarding timing of the divesture. With increased confidence in management’s ability to improve lagging parts of the portfolio, we change our rating to Buy from Accumulate with a new TP of INR 340 from 280 based on 13x (from 15x FY20E) FY21E P/E. We assign a lower multiple as we look at earnings further out into the future.

 

12:54 PM

Sector review | UBS on Banks and Financials

Private sector banks could outgrow industry peers, in our view. NBFC funding troubles could allow better pricing/higher loan growth for banks in the near term. We expect the revenue pool for the financial services industry (ex-SOE banks) to grow around 14% over FY17-22. We expect NIMs to improve slightly over FY19-21 due to mix change.

We expect new NPL formation to fall in FY20; however, new risks from sponsors' leverage, non- banking financial companies (NBFCs), and the real estate segment remain. YES and INDUSIND appear most vulnerable to the new risks than current market expectations. Considering the disruption in NBFCs, we believe ICICI, AXIS, SBI, HDFC Bank and Kotak Mahindra Bank (Kotak) are well placed in the emerging competitive landscape, given their strong presence in most financial

products.

 

12:32 PM

Rupee at Day's low

Source: Bloomberg

12:29 PM

IndusInd Bank dips 8% to hit 3-week low after UBS downgrades scrip to sell

Shares of IndusInd Bank hit three-week low of Rs 1,441 per share, slipping 8 per cent intra-day on Thursday after foreign brokerage UBS downgraded the stock to ‘sell’ from ‘neutral’ on expectations of higher credit costs.

 

The brokerage firm also lowered its price target to Rs 1,400, drawing inference from the lending cost of the bank, which it believes, could rise to 150 basis points (bps) as against the lender's guidance of 65 bps in FY20. READ MORE

12:02 PM

Tyre stocks under pressure as rubber prices rise; Ceat hits 52-week low

Shares of tyre makers were trading weak with Ceat hitting a 52-week low of Rs 921, down 4 per cent on the BSE, on concerns of margin pressure due to rise in raw material costs, particularly natural rubber.

 

MRF, Balkrishna Industries, Goodyear India, JK Tyre & Industries and Apollo Tyres were down in the range of 1 to 2 per cent on the BSE. In comparison, the S&P BSE Sensex was down 0.54 per cent at 39,541 points at 11:19 am. READ MORE

11:49 AM

Adani gets go ahead to start long delayed coal mine project in Australia

The go-ahead comes after Queensland's Department of Environment and Science said it had approved Adani's Groundwater Dependent Ecosystem Management Plan following a rigorous assessment "based on the best available science." READ MORE

11:41 AM

Canara Bank trading near day's low