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MARKET WRAP: Indices end marginally lower; Nifty tests 10,800; metals drag

Markets ended marginally lower on Monday amid weak global cues

SI Reporter  |  New Delhi 

Markets ended marginally lower on Monday amid weak global cues. The Nifty Metal index, however, lost  nearly 2 per cent in intra-day trade amid rising global  trade war fears. US President Donald Trump on Friday said he was pushing ahead with hefty tariffs on $50 billion of Chinese imports, and the smouldering trade war between the world's two largest economies showed signs of igniting as Beijing immediately vowed to respond in kind. Back home, foreign investors have pulled out more than Rs 55 bn from capital markets this month so far due to global trade war ...

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MARKET WRAP: Indices end marginally lower; Nifty tests 10,800; metals drag

COMMENT Abhijeet Dey, Senior Fund Manager – Equities, BNP Paribas Mutual Fund In the absence of any strong cues, stock markets in India traded on a lacklustre note today. Risk appetite in the global markets abated after US President Donald Trump gave a fillip to trade tensions by imposing a 25% tariff on a list of 818 items of Chinese goods worth around $34 billion. Beijing immediately responded with its own set of tariffs on US goods, making this a game of one up-manship. Benchmark indices traded weak to finally close the day marginally in the red. Sectoral performance on the National Stock Exchange (NSE) was mixed. While the auto, healthcare and private banking indices eked out marginal gains, the metals and IT indices lost 1.78% and 0.77%, respectively

MARKET WRAP: Indices end marginally lower; Nifty tests 10,800; metals drag

Nifty Metal index falls nearly 2%: Top losers in the pack COMPANY LATEST PREV CLOSE LOSS() LOSS(%) VOLUME WELSPUN CORP 130.65 134.85 -4.20 -3.11 298307 VEDANTA 232.05 238.60 -6.55 -2.75 15086578 HINDALCO INDS. 231.00 237.40 -6.40 -2.70 6473259 JINDAL STEEL 229.05 234.00 -4.95 -2.12 6104157 HIND.ZINC 298.20 304.30 -6.10 -2.00 2462078

MARKET WRAP: Indices end marginally lower; Nifty tests 10,800; metals drag

Sectoral Trend

MARKET WRAP: Indices end marginally lower; Nifty tests 10,800; metals drag

Top Sensex gainers and losers

MARKET WRAP: Indices end marginally lower; Nifty tests 10,800; metals drag

Markets at close The S&P BSE Sensex ended the day at 35,548, down 74 points while the broader Nifty50 index settled at 10,799 down 18 points

MARKET WRAP: Indices end marginally lower; Nifty tests 10,800; metals drag

Bata India nears record high; stock up 5%   Shares of Bata India have rallied 5% to Rs 817, hitting seven month high on the BSE, on back of heavy volumes. The stock of footwear firm trading close to its record high of Rs 833 touched on November 1, 2017 in intra-day trade.   Driven by various initiatives, Bata India reported a healthy performance in FY18. Revenues grew 7% year on year (YoY) to Rs 26.29 billion (adjusting for the GST impact, growth would be around 12%) in FY18. Furthermore, controlled fixed overheads led to EBITDA margin expansion to the tune of 220 bps YoY to 13.5%. READ MORE

MARKET WRAP: Indices end marginally lower; Nifty tests 10,800; metals drag

BofA on electical utility companies In a move to prevent liquidation of stressed thermal power plants, the Finance Ministry has proposed the idea of an asset reconstruction company (ARC) or a ‘Bad Bank’ – that would take-over stressed assets from banks (after a haircut), manage the projects in the interim & sell it off when power cycle recovers. The idea of a ‘Bad Bank’ is not new & makes sense if it reduces the quantum of haircut that banks may have had to take in case the assets were liquidated/ referred to National Company Law Tribunal (NCLT). The power ministry has identified 40-45GW of stressed projects vs. BofAMLe of 81GW in time, these projects may be transferred to ARC. Regardless of whether stressed assets go to NCLT or ARC, the current scenario is likely to consolidate the powergen sector & present inorganic growth opportunities for NTPC. Buy.

MARKET WRAP: Indices end marginally lower; Nifty tests 10,800; metals drag

Jubilant FoodWorks hits new high ahead of 1:1 bonus   Jubilant FoodWorks hit a new high of Rs 2,796, up 1%, extending its past two days 3% gain on the BSE, ahead of record date for 1:1 bonus issue. The stock will turn ex-bonus on Thursday, June 21, 2018.   The Capital Issue Committee has fixed Saturday, June 23, 2018 as the record date, for the purpose of determining the list of equity shareholders who will be entitled for issue and allotment of bonus equity shares in the proportion of 1 equity share of Rs 10 each for every 1 equity share of Rs 10 each of the Company. READ MORE

MARKET WRAP: Indices end marginally lower; Nifty tests 10,800; metals drag

MUST READ RITES IPO opens for subscription on June 20. Should you invest?   The initial public offer (IPO) of RITES – a government-owned railway consultancy firm and a Miniratna (Category – I) Schedule ‘A’ Public Sector Enterprise – opens for subscription on June 20. The price band for the issue has been fixed at Rs 180-185 a share (discount of Rs 6 per share for retail shareholders and employees), and the government aims to raise up to Rs 460 crore via this sale. The issue closes on June 22.   So, should you subscribe to this IPO? Here's what leading brokerages across the country suggest. Click here to know Representative Image

MARKET WRAP: Indices end marginally lower; Nifty tests 10,800; metals drag

Top BSE500 gainers COMPANY PRICE() CHG() CHG(%) VOLUME INDO COUNT INDS. 77.35 9.40 13.83 236798 JP ASSOCIATES 15.60 1.15 7.96 9598387 H P C L 322.60 16.40 5.36 622086 GHCL 287.25 14.30 5.24 42693 VAKRANGEE 43.25 2.05 4.98 4408524 » More on Top Gainers

MARKET WRAP: Indices end marginally lower; Nifty tests 10,800; metals drag

NSE-SGX licensing pact to continue beyond August   An arbitrator appointed by the Bombay High Court has directed the National Stock Exchange (NSE) to extend the agreement of Nifty-licensed products to the Singapore Exchange (SGX) until the arbitration concludes. The licensing agreement was to end in August 2018, which could now extend till early 2019.   In an interim order released on Thursday, Justice S J Vazifdar asked the SGX to abide by the high court’s injunction against the launch of new India derivative products. The injunction will remain in effect for four weeks from the date of the final order. READ MORE

First Published: Mon, June 18 2018. 11:39 IST
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MARKET WRAP: Indices end marginally lower; Nifty tests 10,800; metals drag

Markets ended marginally lower on Monday amid weak global cues

Markets ended marginally lower on Monday amid weak global cues. The Nifty Metal index, however, lost  nearly 2 per cent in intra-day trade amid rising global  trade war fears. US President Donald Trump on Friday said he was pushing ahead with hefty tariffs on $50 billion of Chinese imports, and the smouldering trade war between the world's two largest economies showed signs of igniting as Beijing immediately vowed to respond in kind. Back home, foreign investors have pulled out more than Rs 55 bn from capital markets this month so far due to global trade war ...

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