Key equity indices snapped two-day fall, backed by strength in oil & gas shares. Firmness in Reliance Industries, HDFC and Axis Bank pushed indices higher. The Nifty closed a tad below 11,800 mark after crossing that level in the intraday.
The barometer index, the S&P BSE Sensex, rose 272.03 points or 0.7% to 39,394.99, as per the provisional closing data. The Nifty 50 index rose 96.80 points or 0.83% to 11,796.45, as per the provisional closing data.
The S&P BSE Mid-Cap index was up 0.66%. The S&P BSE Small-Cap index was up 0.32%.
The market breadth, indicating the overall health of the market, was almost even. On the BSE, 1239 shares rose and 1266 shares fell. A total of 167 shares were unchanged.
Most PSU Banks surged. Syndicate Bank (up 6.29%), Allahabad Bank (up 3.55%), Oriental Bank of Commerce (up 2.34%), Bank of Baroda (up 1.27%), State Bank of India (up 0.92%), Union Bank of India (up 0.40%), Punjab National Bank (up 0.26%) edged higher. Bank of India (down 0.12%) declined.
The Union Minister of Finance & Corporate Affairs, Nirmala Sitharaman informed the Lok Sabha that as per RBI data on global operations (provisional data for the financial year ending March 2019), gross non-performing assets (NPAs) of public sector banks (PSBs) have declined from the peak of Rs 895601 crore in March 2018 to Rs 806412 crore in March 2019 (provisional data). PSBs have recovered Rs 359496 crore over the last four financial years, including record recovery of Rs 123156 crore during 2018-19. Figures for PSBs include those for IDBI Bank, which was recategorised as a private sector bank by RBI with effect from 21 March 2019.
Tata Consultancy Service was down 0.56% to Rs 2,262.15. Reliance Industries was up 2.58% to Rs 1,295.20 and HDFC Bank was up 0.30% to Rs 2,424.
JSW Steel (up 3.03%), Bharat Petroleum Corporation (up 2.94%), Axis Bank (up 2.46%) and HDFC (up 1.07%) advanced.
Yes Bank (down 1.7%), Asian Paints (down 0.97%) and IndusInd Bank (down 0.72%) declined.
Metal stocks gained. Jindal Steel & Power (up 2.83%), Steel Authority of India (up 2.34%), Tata Steel (up 2.13%), Hindalco Industries (up 1.82%), NMDC (up 1.14%), Hindustan Zinc (up 1.12%), Vedanta (up 0.83%), National Aluminium Company (up 0.51%) and Hindustan Copper (up 0.13%) edged higher.
Tyre stocks were in demand after the government imposed anti-subsidy countervailing duty on imports of Chinese radial tyres with rim above 16 inch. This is in addition to the anti-dumping duty prevalent already on Chinese truck and bus radial imports. The government notification spells out names of Chinese tyre firms that are entitled to such subsidies.
JK Tyres & Industries (up 4.92%), Ceat (up 3.92%), MRF (up 1.08%) and Apollo Tyres (up 0.43%) edged higher.
Emami jumped 8.79% to Rs 290.8 on bargain hunting after a recent slump. Shares of Emami fell 21.36% in the past eight trading sessions to settle at Rs 267.30 yesterday, 24 June 2019, from its close of Rs 339.90 on 12 June 2019.
The company announced after market hours yesterday, 24 June 2019, that its promoters sold a 10% stake in the company for raising approximately Rs 1230 crore. The amount raised would be utilized to tackle debt at the promoter level. Post sale, the total promoter stake in Emami stands at 52.74% from 62.74%. The promoters intend to maintain this controlling majority stake in Emami without further diluting it.
IFCI gained 17.82% to Rs 9.39. IFCI said that the company's board has approved the sale of its remaining stake of 1.20 crore equity shares comprising of 2.44% of the total equity shares of NSE. The announcement was made after market hours yesterday, 24 June 2019.
Eris Lifesciences fell 1.82% to Rs 503. Eris Lifesciences said that the board of directors will consider a proposal of buyback of the fully paid-up equity shares of the company at its meeting scheduled to be held on 3 July 2019. The announcement was made after market hours yesterday, 24 June 2019.
Overseas, shares in Europe and Asia edged lower. On Monday, US-Iranian tensions escalated, as President Donald Trump signed an executive order imposing hard-hitting new sanctions on Iran.
Meanwhile, investors are also awaiting a meeting between President Trump and Chinese President Xi Jinping at this week's G-20 summit in Japan amid the ongoing trade war between the two nations.
In US, most major stock benchmarks finished lower on Monday, though the Dow managed a slight gain, on selling in the energy sector after Trump announced Iranian sanctions.
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