MARKET WRAP: Sensex ends 19 pts down, Nifty at 10,768; Sun Pharma up 8%

Benchmark indices trimmed their morning losses and ended flat on Friday even as yields on the 10-year government bonds hit over 8% in the opening session today, first time since May 2015, but soon declined.

The S&P BSE Sensex ended at 35,444, down 19 points while the broader Nifty50 index settled at 10,768, down 1 points.

Among individual stocks, Sun Pharma surged over 8%, while Dr. Reddy ended nearly 5% higher on the BSE.

Among sectoral indices, the Nifty Pharma index rose 4.26% today led by a rise in the shares of Sun Pharmaceutical Industries, Lupin and Dr. Reddy's Laboratories.

Investors also continued to react to Reserve Bank of India's (RBI) first rate hike since 2014, while maintaining a neutral stance. 

GLOBAL MARKETS

World stocks slipped on Friday as expectations of trade tensions dominating this weekend's summit of G7 countries, along with renewed talk of monetary tightening by major central banks, weighed on risk sentiment.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.1 per cent after six straight sessions of gains took it to its highest since mid-March. It was on track for a weekly gain of more than 1 per cent.

Chinese shares slipped, with the blue-chip Shangai-Shenzhen index down 1.7 per cent and Hong Kong's Hang Seng declining 1.5 per cent.

Japan's Nikkei average and South Korea's KOSPI were off 0.6 per cent and 0.8 per cent, respectively.

(with inputs from Reuters)

3:53 PM

Sun Pharma ends 8% on the NSE:

3:43 PM

Nifty Pharma index ends 4.26% higher. Top gainers:

COMPANY	LATEST	PREV CLOSE	GAIN()	GAIN(%)
SUN PHARMA.INDS.	528.25	488.75	39.50	8.08
LUPIN	810.05	767.35	42.70	5.56
DR REDDY'S LABS	2062.90	1964.95	97.95	4.98
AUROBINDO PHARMA	572.35	547.75	24.60	4.49
GLENMARK PHARMA.	556.75	536.65	20.10	3.75

3:40 PM

Sectoral Trend

3:37 PM

BSE Sensex: Sun Pharma, Dr Reddy among top gainers of the day

3:32 PM

Market at close

 

The S&P BSE Sensex ended at 35,444, down 19 points while the broader Nifty50 index settled at 10,768, down 1 points.

3:26 PM

Reliance Industries rises for the eighth straight trading day

Shares of Reliance Industries (RIL) have moved higher by 1.5% to Rs 986 per share, rebounding 2.6% from their intra-day low of Rs 961 on the BSE. READ MORE

 

3:11 PM

PSU banks extend gain; Uco Bank, Dena Bank up 5%

Shares of select public sector undertaking (PSU) banks were quoting higher for the third straight trading day ahead of Finance Minister Piyush Goyal's meeting today with the chief executives of 15 public sector banks (PSBs) in Mumbai.
 

Dena Bank, Uco Bank and Corporation Bank were up 5% each, while Punjab National Bank (PNB), Bank of Maharashtra, Indian Overseas Bank, Andhra Bank and Allahabad Bank were up in the range of 3% to 4%. Shares of State Bank of India (SBI) however, trading 0.17% lower at Rs 269 on the National Stock Exchange (NSE). READ MORE

3:04 PM

Now, Samsung will guide you to pick the right stocks tied to North Korea

Before the summit between North and South Korean leaders in April, Nomura Holdings Inc. came up with a list of stocks to buy should the countries decide to reunify. Now, Samsung Securities Co. is going one better. Ahead of the historic meeting between U.S. President Donald Trump and North Korean dictator Kim Jong Un in Singapore next week, the South Korean brokerage has set up a team to recommend stocks that are likely to benefit from rapprochement with the country’s northern neighbor. READ MORE

2:45 PM

Xiaomi gets Hong Kong stock exchange approval for IPO; to raise over $10 bn

Xiaomi Corp. has won Hong Kong stock exchange approval for its planned initial public offering, which would be the first listing in the city with weighted voting rights, people with knowledge of the matter said. READ MORE
 

2:30 PM

Here's how RBI rate hike upsets Modi's election year budget maths

 

The Reserve Bank of India's first interest rate rise since Prime Minister Narendra Modi came to power could not have come at a worse time for a government grappling with spending constraints, voter discontent in the rural heartlands and rising oil prices.

 

The rate increase, the first in more than four years, is likely to be followed by one or two more this year, economists predict, pushing up overall borrowing costs for the government and companies alike. READ MORE

2:15 PM

After RBI policy, HDFC Bank, Bank of India join others in hiking MCLR

 

After the Reserve Bank of India (RBI) raised its policy repo rate by 25 basis points (bps) to 6.25 per cent on June 6, some public and private sector banks have followed its lead by hiking the Marginal Cost of Funds Based Lending Rate (MCLR), which is the floor rate at which banks lend.

 

On Thursday, a day after the RBI announced its monetary policy, HDFC Bank raised its MCLR by 10 bps across all maturities. This was followed by Bank of India, a public sector lender, which too made a similar hike to its MCLR on Friday. READ MORE

2:00 PM

Market Check

S&P BSE Sensex	35,335.48		-0.36%
Nifty 50	10,731.10		-0.35%
S&P BSE 200	4,650.25		-0.22%
Nifty 500	9,278.35		-0.23%
S&P BSE Mid-Cap	15,967.16		0.08%
S&P BSE Small-Cap	16,826.19		0.21%

1:45 PM

Indian Bank vaults after hiking MCLR

Indian Bank gained 1.61% to Rs 356.60 on BSE after the bank said it has hiked its marginal cost of funds based lending rate by 5 to 10 basis points for various tenors effective from 11 June 2018. READ MORE
 

1:33 PM

China's Ant Financial raises $14bn to become biggest fintech firm

Chinese digital payments giant Ant Financial said today it had raised USD 14 billion in its latest financing round, making it the world's largest fintech company ahead of an expected mammoth IPO. READ MORE

 

1:15 PM

Worst buys and sells of Ambit Capital in the last 12 months

Even the biggest of brokerages and the best of analysts, at times, fail in their assessment of how the markets will play out. In a note, Mumbai – based brokerage and research firm, Ambit Capital, has yet again owned up to making bloopers / mistakes over the past 12 months.

CLICK HERE to find a quick compilation Ambit’s self-assessment of the last 12 months.
 

 

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