MARKET WRAP: Sensex sheds 71 pts; Infy slips 4.4%, RIL falls 2.5% post AGM

Among sectoral indices, the Nifty Metal index settled 1.4% lower led by a fall in shares of National Aluminium Company and Vedanta.

4:11 PM

MARKET COMMENT Jayant Manglik, President, Religare Broking

Nifty traded range bound and settled almost unchanged in absence of any fresh trigger. Participants were in the profit taking mood at the start of trade. However, an up move in select index majors, mainly from FMCG and banking, capped downside as trade progressed. 

 

Participants, mainly traders, are in the fix due to excessive volatility and selling pressure in broader market while Nifty has been showing resilience. Trade selection becomes difficult in such scenario. We feel the upcoming earnings season would ease the pressure and also provide the needed trigger for next directional move. Meanwhile, we advise keeping limited exposure mainly in index majors and quality midcap stocks

3:50 PM

Nifty Metal index ended 1.42% lower. Top losers:

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)
NATL. ALUMINIUM	59.75	62.10	-2.35	-3.78
TATA STEEL	553.30	571.10	-17.80	-3.12
VEDANTA	221.30	228.05	-6.75	-2.96
JINDAL STEEL	211.85	216.45	-4.60	-2.13
S A I L	78.60	80.30	-1.70	-2.12

3:37 PM

Nifty sectoral performers of the day

3:34 PM

BSE Sensex: Infosys, Tata Steel, RIL among top losers of the day, Yes Bank top gainer

3:32 PM

Market at close

 

The S&P BSE Sensex ended at 35,575, down 71 points while the broader Nifty50 index settled at 10,750, down 20 points.

3:15 PM

Analysts bet on rural economy theme; Nifty FMCG index hits new high

Shares of fast moving consumer goods (FMCG) are trading higher for the second straight day on expectation of a rise in rural consumption, after the Union Cabinet approved a hike in minimum support prices (MSP) for Kharif crops by 1.5 times of the input cost for the 2018-19 season on Wednesday. READ MORE

3:02 PM

Q1FY19 results preview by Kotak Securities

We expect 1QFY19 net income of the KIE coverage universe to be flat yoy. We expect strong growth in the net income of (1) automobiles (strong volume growth on low base and operating leverage-led margin expansion), (2) consumers (continued volume-led sales growth and margin expansion due to operating leverage), (3) metals & mining (higher domestic realizations for ferrous although global prices of base metals were mixed) and (4) pharmaceuticals (led by domestic formulations and stabilization of US businesses) sectors.

We model net loss for (1) banks under coverage (high loan-loss provisions as well as MTM losses on investment portfolio) and (2) telecom (ARPU dilution due to intense competition). We expect net income of the BSE-30 Index to increase 6% yoy and that of Nifty-50 Index to increase 12% yoy. We estimate ‘EPS’ of the BSE-30 Index at Rs1,755 for FY2019E and Rs2,180 for FY2020E. Our ‘EPS’ estimates for Nifty-50 Index for FY2019E and FY2020E are Rs545 and Rs670.

2:58 PM

Lenders may invoke guarantees of Shriram Transport Finance on SVL Ltd

Lenders of SVL Ltd, an unlisted holding company of the Shriram group, are planning to invoke the guarantees of Shriram Transport Finance Company (STFC) after a majority of the SVL's investments turned bad. SVL's subsidiaries like Shriram EPC, Orient Green Power and Haldia Coke are facing insolvency proceedings in the National Company Law Tribunal after a loan default. READ MORE

2:45 PM

Gold firms up for 2nd session on sustained buying

Strengthening gains for the second straight session, gold prices today edged up by Rs 10 to Rs 31,580 per 10 grams at the bullion market on persistent buying by local jewellers amid a firm trend overseas.

 

Silver prices too surged by Rs 690 to Rs 40,600 per kg backed by increased offtake by industrial units and coin makers. READ MORE

2:31 PM

Glencore gives shares $1 billion buyback lift after US subpoena

Commodities trader and miner Glencore will buy back shares worth $1 billion in a move analysts said looked timed to soothe investor nerves just two days after a subpoena from US authorities rattled the stock. READ MORE

2:16 PM

MFs dangle ESOPs carrot to retain top talent ahead of stock market listings

Asset management companies (AMCs) are dangling employee stock option plans (ESOP) in a bid to hold on to key talent as the industry gears up for the next phase of growth and large players look to list on the bourses. READ MORE

2:00 PM

Market Check

 

S&P BSE Sensex	35,592.07		-0.15%
Nifty 50	10,762.35		-0.07%
S&P BSE 200	4,621.83		-0.15%
Nifty 500	9,180.25		-0.16%
S&P BSE Mid-Cap	15,355.74		-0.39%
S&P BSE Small-Cap	16,015.29		-0.22%

1:44 PM

ICICI Prudential MF seeks clarity from Sebi on compensation to investors

The country’s largest asset manager, ICICI Prudential Mutual Fund, has approached the Securities and Exchange Board of India (Sebi) on the issue of compensation to unit holders due to losses incurred from the share sale of sister concern ICICI Securities.

 

Earlier this week, the market regulator directed the found house to return Rs 2.4 billion, along with an interest of 15 per cent per annum, to the five schemes that applied in the initial public offering (IPO) of the broking and investment banking firm. READ MORE

1:30 PM

State lenders lapping up G-secs again, but is it enough to revive market?

 

The tide may be turning for Indian sovereign bonds as the relentless selling from government-owned banks over the past year is showing signs of easing.

 

State lenders, the largest holders of debt, have been net buyers in seven of the past eight sessions through July 3 for the first time since Nov 2017. They’ve added bonds worth Rs 75.91 billion ($1.1 billion) in this period, data from the Clearing Corp. of India Ltd. show. READ MORE

1:15 PM

Vedanta, BHEL, Grasim, Power Grid, Reliance Power hit 52-week low

 

Shares of Vedanta, Bharat Heavy Electricals (BHEL), Grasim Industries, Power Grid Corporation, Reliance Power, Tata Motors, NMDC and Rural Electrification Corporation (REC) were among 22 stocks from the S&P BSE 500 index that hit their respective 52-week low on the BSE in intra-day trade on Thursday.

 

Essel Propack, Great Eastern Shipping, Greenply Industries, Kajaria Ceramics, Kwality, Mangalore Refinery and Petrochemicals (MRPL), Rajesh Exports and Somany Ceramics, too, hit 52-week low today. READ MORE

1:02 PM

Telecom result preview Bharti to slip into the red, Idea's losses to double in June quarter

 

Despite the subscriber gains from exits of smaller operators and consolidation in the sector, listed telecom operators Bharti Airtel and Idea Cellular are expected to report losses to the tune of over Rs 20 billion for the June quarter. While Bharti Airtel will gain on the revenues front due to the consolidation of Telenor, it is expected to report a loss of over Rs 5 billion for the June quarter. READ MORE

12:47 PM

NEWS IMPACT Broadband stocks fall as RIL announces launch of JioGigaFibre

 

Shares of broadband and cable TV operators like Hathway Cable & Datacom, Den Networks and Siti Networks have tanked up to 18% after the Reliance Industries announced the launch of Jio Gigafibre.

 

Hathway Cable & Datacom hit a 52-week low of Rs 19.85, down 18% on the BSE in intra-day trade. Den Networks plunged 11% to Rs 66.05, trading close to its 52-week low of Rs 65 touched on August 11, 2017., while Siti Network was down 5% at Rs 13.12 on the BSE. Bharti Airtel too was down 1.1% at Rs 362.30. READ MORE 

12:35 PM

Telecom stocks post RIL AGM

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)	VOLUME
TEJAS NETWORKS	294.95	299.30	-4.35	-1.45	270
BHARTI AIRTEL	361.95	366.45	-4.50	-1.23	192034
IDEA CELLULAR	54.95	55.15	-0.20	-0.36	898781

12:13 PM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,563.03	-82.37	-0.23
S&P BSE SENSEX 50	11,260.00	-25.66	-0.23
S&P BSE SENSEX Next 50	31,881.03	-87.45	-0.27
S&P BSE 100	11,014.61	-25.72	-0.23
S&P BSE Bharat 22 Index	3,281.30	-8.75	-0.27

12:10 PM

RIL AGM

Reliance accounts for 8.9% India's merchandise exports

12:08 PM

RIL AGM

Mukesh Ambani on oil & gas: RIL-BP JV seeking opportunities to market gas in India

12:07 PM

RIL AGM

 

Mukesh Ambani on oil & gas: Plans to deploy technologies along with its partner, BP, to ensure gas production from KG-D6 by 2020. Aims to achieve production of 30-35 million cubic meters of per day by 2022

12:05 PM

RIL AGM

Mukesh Ambani on refining: Commissioned world's largest coke gasification projects

12:04 PM

RIL AGM

Mukesh Ambani on Oil & Gas biz: Proposes cross-border merger of Reliance Holding USA Inc. with RIL

12:03 PM

RIL AGM

Mukesh Ambani on Oil & Gas biz: Successfully commissioned the largest Paraxylene complex with 4.2 mn metric tn

12:02 PM

RIL AGM

Mukesh Ambani on Oil & Gas biz: Committed to becoming one of the largest recylers of plastic and polymers; Adding carbon fibre & composites to portfolio petchem pdts

12:02 PM

Market Check

 

S&P BSE Sensex	35,580.71		-0.18%
Nifty 50	10,754.55		-0.14%
S&P BSE 200	4,620.41		-0.18%
Nifty 500	9,176.70		-0.19%
S&P BSE Mid-Cap	15,367.41		-0.31%
S&P BSE Small-Cap	16,022.42		-0.18%

12:02 PM

RIL AGM

Mukesh Ambani on Oil & Gas biz: Jamnagar refinery has now completed 20 years of operations

11:52 AM

RIL AGM

Mukesh Ambani: Jio has enabled RIL to strategically reinvent itself as a Tech Platform Co

11:48 AM

RIL AGM

Mukesh Ambani: Confident Reliance Retail will become bigger, better & more profitable