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MARKET WRAP: Sensex ends 40 pts up, Nifty at 10,787 ahead of US-Korea meet

Bharti Airtel gained 3.5% on the BSE today, while Sun Pharma rose 1.1%. Tata Steel lost 2.1%

SI Reporter  |  New Delhi 

The markets pared their day's gains to end flat on Monday amid trade tensions ahead of a landmark meeting between US President Donald Trump and North Korean leader Kim Jong Un scheduled tomorrow. The S&P BSE Sensex ended at 35,483, up 40 points while the broader Nifty50 index settled at 10,787, up 19 points. Among individual stocks, Bharti Airtel gained 3.5% on the BSE today, while Sun Pharma rose 1.1%. Tata Steel lost 2.1%. A weekend G7 summit fanned trade conflict fears after US President Donald Trump backed out of a joint communique in a blow to the group’s ...

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MARKET WRAP: Sensex ends 40 pts up, Nifty at 10,787 ahead of US-Korea meet

Nifty Pharma index ends 0.50% higher. Top gainers: COMPANY LATEST PREV CLOSE GAIN() GAIN(%) SUN PHARMA.INDS. 535.70 528.25 7.45 1.41 GLENMARK PHARMA. 564.40 556.75 7.65 1.37 CADILA HEALTH. 368.45 364.35 4.10 1.13 DR REDDY'S LABS 2083.20 2062.90 20.30 0.98 AUROBINDO PHARMA 576.45 572.35 4.10 0.72

MARKET WRAP: Sensex ends 40 pts up, Nifty at 10,787 ahead of US-Korea meet

Sectoral Trend

MARKET WRAP: Sensex ends 40 pts up, Nifty at 10,787 ahead of US-Korea meet

NEW FUND OFFER   Invesco Mutual Fund launched a new fund - Invesco India Equity & Bond Fund, (an open ended hybrid scheme investing predominantly in equity and equity related instruments). The fund seeks to generate capital appreciation and current income by investing predominantly in equity & equity related instruments as well as debt securities.   The minimum investment amount during the NFO is Rs 5000 and in multiples of Re. 1/- thereafter. For SIP investments, the minimum application amount is Rs 500 under the monthly SIP option for minimum 12 installments and Rs 1500/- under the quarterly SIP option and in multiples of Rs. 1 thereafter.    An exit load of 1% will be payable on investments redeemed/switched out on or before one year from the date of allotment. The new fund offers Growth, Dividend Payout and Dividend Reinvestment options. The fund is benchmarked against CRISIL Hybrid 35+65 – Aggressive Index.

MARKET WRAP: Sensex ends 40 pts up, Nifty at 10,787 ahead of US-Korea meet

BSE Sensex: Bharti Airtel, Sun Pharma among top gainers of the day, Tata Steel top loser

MARKET WRAP: Sensex ends 40 pts up, Nifty at 10,787 ahead of US-Korea meet

Market at close   The S&P BSE Sensex ended at 35,483, up 40 points while the broader Nifty50 index settled at 10,787, up 19 points.

MARKET WRAP: Sensex ends 40 pts up, Nifty at 10,787 ahead of US-Korea meet

Investors divided over plans to raise $47 bn fund for tech IPOs in China Asset managers began fundraising for six Chinese "unicorn" funds on Monday, offering retail investors a new investment channel but potentially straining tight market liquidity.   The 300 billion yuan ($47 billion) they seek to raise in the coming week stands to top all the equity funds raised in China last year, and the money will be used to fund mainland listings of homegrown tech firms such as smartphone maker Xiaomi and e-commerce giant Alibaba Group Holding. READ MORE

MARKET WRAP: Sensex ends 40 pts up, Nifty at 10,787 ahead of US-Korea meet

PSBs may see Rs 180-200 billion mark-to-market losses in Q1FY19 In the March 2018 quarter, many public-sector banks (PSBs) reported disastrous performance due to the recognition of high bad loans, following the directive by the Reserve Bank of India, through its February 12, 2018 circular. READ MORE  

MARKET WRAP: Sensex ends 40 pts up, Nifty at 10,787 ahead of US-Korea meet

Buzzing Stock   Natco Pharma rose 3.6% as company has launched a generic version of Posaconazole Injection, 300 mg/16.7ml, under its brand POSANAT. This is the first time an injection version of this drug available in India.

MARKET WRAP: Sensex ends 40 pts up, Nifty at 10,787 ahead of US-Korea meet

COMMENT Scepticism dominates hope over the scheduled historic summit between the US President Donald Trump and North Korean leader Kim Jong-un in Singapore on 12 June. Trump hurt US’s relations with its allies at the G7 Summit over trade issues and refused to sign the final G7 communique. Looking beyond trade and geopolitical tensions and rising US rates/oil prices, Asia ex Japan currencies remain vigilant against emerging market volatility i.e. a new record low for the Argentinian peso despite the IMF deal.    The Fed hike expected at the FOMC meeting on 13 June will renew the greenback’s appreciation if it lifts the US 10Y bond yield above 3% again. To do so, the Fed will need to affirm its view for inflation to sustain at/above its 2% target. At its last FOMC meeting in May, the Fed expects inflation to be symmetric around 2%. Consensus is looking for US CPI inflation, which will be released on 12 June, to rise to 2.7% YoY in May from 2.5% in the previous month. Fed Chairman Powell is likely to signal, at his post-FOMC press conference, the Fed’s intention to roll back its forward guidance because monetary policy is moving from loose towards neutral. (Source: DBS Bank report)

MARKET WRAP: Sensex ends 40 pts up, Nifty at 10,787 ahead of US-Korea meet

Prabhudas Lilladher on Sun Pharma With SUNP's withdrawal of 15 ANDAs in Q3FY18, we indicated the event was a precursor of pending resolution as it has been observed in many cases of FDA with multiple companies. While many approvals are expected in near term, we believe majority of those ANDAs will be irrelevant as older molecules are crowded with strong competition and price erosion. Given the company's track record, it will not pursue/launch majority of the molecules as management to pursue only 'profitable growth' as it was observed in the case of withdrawal of co-pay arrangement of Absorica in US. We find gVenofer (Iron Sucrose, mkt: US$350m) will be one of the few major approvals in FY19E from Halol due to its complex chemistry. We remain cautious on the real opportunities of upcoming approvals and maintain earnings estimates for FY19E-20E. We maintain Reduce' and retain target price at Rs 447

MARKET WRAP: Sensex ends 40 pts up, Nifty at 10,787 ahead of US-Korea meet

Kotak on Berger Paints We estimate that branded paint demand will remain robust in a country like India where per capita consumption is very low and 30% paint market is still unorganised. Management of Berger also indicated that the volume trends remain strong for the company and expect the trend to continue in medium term. For Berger, we estimate 9% volume CAGR over FY18 - FY20E with stable margins and ROE of ~22% and ROCE of ~28.7% for FY20E. However, the valuations at the current price and factoring growth prospects is stretched. Recommend SELL with an increased target price of Rs 280 (from Rs 265) at 44x FY20E earnings in line with valuation of peers.

First Published: Mon, June 11 2018. 15:30 IST
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MARKET WRAP: Sensex ends 40 pts up, Nifty at 10,787 ahead of US-Korea meet

Bharti Airtel gained 3.5% on the BSE today, while Sun Pharma rose 1.1%. Tata Steel lost 2.1%

The markets pared their day's gains to end flat on Monday amid trade tensions ahead of a landmark meeting between US President Donald Trump and North Korean leader Kim Jong Un scheduled tomorrow. The S&P BSE Sensex ended at 35,483, up 40 points while the broader Nifty50 index settled at 10,787, up 19 points. Among individual stocks, Bharti Airtel gained 3.5% on the BSE today, while Sun Pharma rose 1.1%. Tata Steel lost 2.1%. A weekend G7 summit fanned trade conflict fears after US President Donald Trump backed out of a joint communique in a blow to the group’s ...

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