Key equity benchmarks ended almost flat after a volatile trading session. The June 2019 F&O contracts expired today, 27 June 2019. The market was quite volatility as traders rolled over positions in the F&O segment from the near month June 2019 series to July 2019 series. The Nifty settled below 11,900 mark after crossing that level in intraday trade.
The key barometer, the S&P BSE Sensex, fell 5.67 points or 0.01% to 39,586.41. The index hit a high of 39,817.22 and a low of 39,510.44 in intraday.
The Nifty 50 index fell 6 points or 0.05% to 11,841.55. The index hit a high of 11,911.15 and a low of 11,821.05 in intraday.
The market breadth was positive. On the BSE, 1411 shares rose and 1130 shares fell. A total of 167 shares were unchanged.
The broader market ended with decent gains. The BSE Mid-Cap index rose 0.36% and the BSE Small-Cap index rose 0.53%.
Among the sectoral indices on the BSE, the S&P BSE Realty index (up 1.71%), the S&P BSE Auto index (up 1.15%) and the S&P BSE Telecom index (up 0.78%) outperformed the S&P BSE Sensex. Meanwhile, the S&P BSE IT index (down 0.76%), the S&P BSE Energy index (down 0.74%) and the S&P BSE Teck index (down 0.57%) underperformed the S&P BSE Sensex.
Overseas, shares in Europe and Asia edged higher after the media reported that Washington and Beijing were laying out an agreement that would help avert the next round of tariffs on an additional $300 billion of Chinese imports. US President Donald Trump is expected to meet Chinese President Xi Jinping on Saturday in Japan. The Trump administration has threatened to slap duties of up to 25% on the remaining untaxed Chinese goods if this weekend's talks go poorly.
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Meanwhile, Donald Trump tweeted that he is looking forward to meet Prime Minister Narendra Modi and share his disappointment regarding "unacceptable" tariffs set by India. He tweeted early today, "I look forward to speaking with Prime Minister Modi about the fact that India, for years having put very high Tariffs against the United States, just recently increased the Tariffs even further. This is unacceptable and the Tariffs must be withdrawn!"
On the equity front, HDFC Bank fell 0.03% at Rs 2466.45. The stock hit a 52-week high of Rs 2494 in intraday today.
ICICI Bank rose 0.49% at Rs 440.75. The stock hit a 52-week high of Rs 443.85 in intraday today.
Havells India rose 1.11% at Rs 797. It hit a 52-week high of Rs 797.9 in intraday today.
Power Finance fell 0.44% at Rs 135.85. The stock hit a 52-week high of Rs 138.05 in intraday today.
Shree Cement rose 0.21% at Rs 21900.70. It hit a record high of Rs 22051 in intraday today.
Torrent Power rose 1.11% at Rs 286.40. It hit a 52-week high of Rs 289.45 in intraday today.
Coffee Day Enterprises jumped 3.62%. Reports suggested that Coca Cola could acquire a significant stake in country's largest chain CafCoffee Day.
Axis Bank rose 1.44%. The bank is reportedly considering raising at least $1.3 billion through a share sale to institutional investors. The lender is talking to potential advisers about the fundraising plans to seek board approval for the sale as early as next month, reports added.
State Bank of India (SBI) rose 1.13%. SBI said that the meeting of central board of the bank is scheduled to be held on 1 July 2019 to consider raising additional tier 1 (AT1) capital by way of issuance of Basel-III compliant debt instrument in USD and/ or INR from domestic/ international market during FY 2020. The announcement was made after market hours yesterday, 26 June 2019.
Infosys fell 1.19%. EdgeVerve Systems, a subsidiary of Infosys announced the launch of AssistEdge Engage at CCW Vegas. AssistEdge Engage is an intelligent automation platform for contact centers offering smart features that increase agent productivity, satisfaction and elevate customer experience. The announcement was made after market hours yesterday, 26 June 2019.
Mahindra & Mahindra (M&M) rose 2.37%. Mahindra International UK (MIUL), a wholly owned subsidiary of Mahindra Overseas Investment Company (Mauritius) (MOICML) which in-turn is a wholly owned subsidiary of M&M had filed for voluntary liquidation and upon receipt of the Order dated 26 June 2019 has been liquidated and ceased to be in existence. Pursuant to the same, MIUL has ceased to be a subsidiary of MOICML and that of the company. The announcement was made after market hours yesterday, 26 June 2019.
Most realty shares advanced. Prestige Estates Projects (up 4.96%), Anant Raj (up 4.79%), Unitech (up 4.63%), Godrej Properties (up 4.19%), Sobha (up 2.95%), Parsvnath Developers (up 2.55%), Sunteck Realty (up 1.99%), Oberoi Realty (up 1.37%), D B Realty (up 1.14%), Phoenix Mills (up 0.55%) and DLF (up 0.43%) advanced.
Omaxe (down 2.88%), Mahindra Lifespace Developers (down 1.64%), Indiabulls Real Estate (down 0.52%), Peninsula Land (down 0.48%) and Housing Development and Infrastructure (down 0.08%) declined.
CreditAccess Grameen rose 0.18%. CreditAccess Grameen has completed a direct assignment of Rs 138.89 crore on 26 June 2019. This is the first direct assignment transaction initiated during the FY-2019-20. With this transaction, the company has completed one securitization and one direct assignment transaction totaling to Rs 249.24 crore in FY-2019-20. The announcement was made after market hours yesterday, 26 June 2019.
Welspun India gained 2.12%. Welspun India has entered into joint venture with Sense Organics Import & Trading GmbH, Germany (SOIT) and has acquired 51% of the share capital, at, par, of Pure Sense Organics Myanmar (PSOML). PSOML is a company incorporated under the Myanmar Companies Act 2018 on 24 January 2018. Welspun India will be investing amounts upto US$ 140,000 during year 2019 as a part of the company's sustainable sourcing strategy. The announcement was made after market hours yesterday, 26 June 2019.
Reliance Infrastructure fell 2.54%. Reliance infrastructure announced during market hours today, 27 June 2019, the sale of Delhi Agra (DA) toll road to Singapore-based Cube Highways and Infrastructure III by the end of August 2019. The company has signed a binding share purchase agreement with Cube Highways for its 100% stake in DA toll road. Reliance Infrastructure will receive an enterprise value of Rs 3,600 crore including equity of up to Rs 1,700 crore. Reliance Infrastructure will utilise 100% of the proceeds only for debt reduction. With this single transaction, debt of Reliance Infrastructure will reduce by over 25% to less than Rs 5,000 crore.
Cox & Kings hit a lower circuit of 10% at Rs 40.50. Brickwork Ratings India downgraded the company's non-convertible debenture issue rating from BWR AA; Stable to BWR AA-; Stable. The announcement was made after market hours yesterday, 26 June 2019.
Larsen and Toubro fell 0.01%. The company announced that it has won 'large' twin orders from Oil and Natural Gas Corporation. The contract work will cover development of Heera Panna Block of Western Offshore basin which is located about 70 km of South West of Mumbai High and development of Mumbai High South field of Western Offshore basin which is located about 210 km to the West of Mumbai city. The order falls under large category the range for which is 2500 crore to 5000 crore as per its classification of contracts. The announcement was made during market hours today, 27 June 2019.
Adani Ports and Special Economic Zone fell 2.08%. The company approved the issuance of fixed rate senior unsecured notes aggregating to $750 million. The company intends to use the proceeds primarily for capital expenditure, including on-lending to subsidiaries for capital expenditure purposes, and the remainder for repaying existing indebtedness as permitted under the applicable laws. The company has received Baa3 (Stable) by Moody's, BBB- (Stable) by S&P and BBB- (Stable) by Fitch for the Notes. The notes are expected to be listed on Singapore Exchange Securities. The interest rate payable on these notes would be 4.375% per annum, payable semi-annually, commencing from 3 January 2020. The announcement was made before market hours today, 27 June 2019.
MSTC gained 1.94%. The company announced that it signed an agreement with Kerala State Electricity Board for providing e-procurement services for solar project across the state. As a part of agreement, MSTC will develop online portal for Kerala State Electricity Board. The announcement was made after market hours yesterday, 26 June 2019.
Bharti Infratel gained 1.79%. A foreign investment brokerage firm has reportedly resumed its coverage with overweight rating on the stock, citing stability in tenancy.
Aster DM Healthcare was up 1.60%. True North Fund III A sold 3.73 crore shares, or 7.40% equity, in Aster DM Healthcare at Rs 120.03 per share yesterday, 26 June 2019, on NSE. As on 31 March 2019, True North Fund III A held 8.23% stake in the company.
In separate deals, HDFC Mutual Fund purchased 48.28 lakh shares (0.96% stake), Tata AIA Life Insurance Company bought 50 lakh shares (0.99% stake), Steinberg India Emerging Opportunities Fund acquired 25.55 lakh shares (0.51% stake), Ontario Pension Board bought 27.65 lakh shares (0.55% stake) and Fidelity Management Trust Company purchased 48.28 lakh shares (0.96% stake) in Aster DM Healthcare. The shares in each of the above transactions were acquired at Rs 120 each yesterday, 26 June 2019, on NSE.
Spice Jet fell 3.79%. The company announced today the launch of a daily non-stop flight connecting India's financial capital Mumbai with Hong Kong. SpiceJet is the only Indian carrier to connect Mumbai with Hong Kong with a daily non-stop flight. This will be effective from 31 July 2019. The announcement was made during market hours today, 27 June 2019.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 69.12, compared with its close of 69.15 during the previous trading session.
In the commodities market, Brent crude for August 2019 settlement fell 75 cents at $65.74 a barrel. The contract rose $1.44 cents or, 2.21% to settle at $66.49 a barrel in the previous trading session.
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