MARKET WRAP: Sensex surges 292 pts, Nifty tops 11,850; Adani Power up 17%

Domestic indices ended at a three-week closing high on Monday tracking positive global sentiment stemmed from trade truce between the US and China. Heavy buying was witnessed across finanicals, banking, automobiles and realty stocks.

The S&P BSE Sensex ended 292 points, or 0.74 per cent, higher at 39,686 levels with Tata Motors, Bajaj Auto and HDFC being the top gainers. The broader Nifty50 too ended the session with gains of 77 points, or 0.65 per cent, at 11,866 levels.

In the broader market, S&P BSE Mid-Cap ended 81 points, or 0.54 per cent higher at 14,889 levels while the S&P BSE Small-Cap gained 43 points, or 0.30 per cent, to settle at 14,283 levels. 

Sectorally, realty led the rally with a gain of over 2 per cent. This was followed by gain in automobiles, pharma and bank counters, which rose about a per cent each.  

BUZZING STOCK

Eveready Industries shares were locked in the 5 per cent lower circuit at Rs 76 on the BSE on Monday after Price Waterhouse & Co Chartered Accountants LLP (PwC) quit as company's auditors on Friday due to their "inability" to obtain sufficient audit evidence of inter-company deposits and its recovery. READ MORE

Shares of Reliance Infrastructure (RInfa) slipped 10 per cent to Rs 50 in early morning trade on the BSE on Monday after rating agency Brickwork downgraded the company’s bank loan facilities of Rs 1,151 crore to 'BWR D' from 'BWR C'. READ MORE

Click here for more buzzing stocks

GLOBAL CUES

Asian markets ended hugher on Monday after the US and China decided to resume trade talks on Saturday. Japan's Nikkei settled with a gain of 2.13 per cent while Sout Korea's Kospi slipped marginally by 0.04 per cent.

Oil prices rose more than $1 a barrel with OPEC and its allies on track to extend supply cuts until at least the end of 2019 at their meeting in Vienna this week.

(With inputs from Reuters)
 

3:38 PM

Sectoral gainers and losers on NSE

3:37 PM

Top gainers and losers on S&P BSE Sensex

3:34 PM

CLOSING BELL

The S&P BSE Sensex ended 292 points or 0.74 per cent higher at 39,687 levels while Nifty50 gained 77 points or 0.65 per cent to end at 11,866. 

3:14 PM

Subdued show by Bayer CropScience likely to persist: Elara Capital

Target Price: Rs 3,771

 

Upside: 9%

 

CMP: Rs 3,474 (as on 28 June 2019)

 

Bayer CropScience’s key strength remains in distribution reach and strong network of more than 3,500 field officers that work closely with farmers. Although the company has launched 15 products in the crop protection segment over FY16-19, growth remains weak, which can be attributed to below normal Monsoon, low pest incidences and slower scale-up of new products. While management says lack of blockbuster products, such as Confidor, has hurt revenue growth, among new launches Laudis (corn herbicide launched in FY16) has seen strong demand and become the Bayer CropScience’s second-biggest product. The company’s revival depends largely on its new product offerings in crop protection as well as seeds. Due to correction in the stock price of nearly 21 per cent in the past three months, we upgrade to Accumulate from Reduce with a new TP of Rs 3,771 from Rs 4,383 on 30x (unchanged) FY21E P/E.

3:10 PM

Market Update | Top gainers on BSE at this hour

ADANIPOWER	60.20	+8.90	+17.35
WABAG	345.55	+36.65	+11.86
GODREJPROP	1,090.00	+86.70	+8.64
RELAXO	449.85	+30.20	+7.20
BOMDYEING	115.35	+7.60	+7.05

2:57 PM

Budget & Markets | Pre-budget market outlook by Sahaj Agarwal, Kotak Securities

Nifty strong up move is expected to play out in the near term

 

We believe Nifty is in a structural uptrend. Recent behavioral parameters have affirmed the positive outlook. We expect the index to scale new highs in the near term and test 12300-12400 odd levels. A budget rally could be in the offing and aggressive long positions can be initiated. Support for the index is seen at 11500. A bull call spread can be initiated at current levels.

 

Nifty July series bull call spread

 

Buy 11900 Call @ 175

 

Sell 12200 call @ 53

 

Premium outflow: 122 (max Loss)

 

Max Profit: 178

2:51 PM

NEWS ALERT | Aim to be debt-free in 2020: Reliance Infra to CNBC TV18

2:50 PM

Gold Update | No proposal to put a limit on gold or precious stones' holdings for pvt individuals at present: FM in Lok Sabha

- Finance Minister, Nirmala Sitharaman, said in a written reply to Lok Sabha 

2:44 PM

Stock Alert | 23 lakh shares of Petronet LNG traded in a block on NSE at Rs 247.40/sh

2:42 PM

Stock Alert | Adani Power hits 52-week high

2:32 PM

NEWS ALERT | Govt reappoints NS Vishwanathan as RBI deputy governor for 1 year: CNBC TV18

2:29 PM

NEWS ALERT | JP Associates IBC case

-- NCLAT directs NCLT to decide in 6 weeks whether or not to allow insolvency proccedings

-- ICICI Bank had fied insolvency case against JP Assoc in Sept 2018

2:15 PM

Zee Entertainment up over 3%

2:07 PM

June Auto Sales | M&M

- Total sales at 42,547 units, down 6% YoY

- Total domestic sales at 39,471 units , down 5% YoY

- Total exports at 3,076 units, down 11% YoY 

2:05 PM

Market check | Sensex rallies over 300 pts