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 key barometer, the S&P BSE Sensex, rose 311.98 points or 0.80% to 39,434.94. The index hit a high of 39,490.64 and a low of 38,946.04 in intraday.
The Nifty 50 index rose 96.80 points or 0.83% to 11,796.45. The index hit a high of 11,814.40 and a low of 11,651 in intraday.
After opening lower, the indices recovered in morning trade and were hovering near flat line in mid-morning trade. Benchmarks gained momentum in early afternoon trade and hit fresh intraday high in mid-afternoon trade.
The market breadth was almost even. On the BSE, 1252 shares rose and 1270 shares fell. A total of 166 shares were unchanged.
In the broader market, the BSE Mid-Cap index rose 0.66% and the BSE Small-Cap index rose 0.32%.
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Among the sectoral indices on the BSE, the S&P BSE Energy index (up 2.15%), the S&P BSE Metal index (up 1.82%) and the S&P BSE Oil & Gas index (up 1.62%) outperformed the S&P BSE Sensex. Meanwhile, the S&P BSE Capital Goods index (down 0.16%), the S&P BSE IT index (up 0.03%) and the S&P BSE Industrials index (up 0.07%) underperformed the S&P BSE Sensex.
Titan Company rose 1.50% at Rs 1318.80. It hit a 52-week high of Rs 1320.80 in intraday today.
HDFC Asset Management Company rose 0.30% at Rs 1938.00. It hit a record high of Rs 1,971 in intraday today.
Mortgage financier HDFC rose 1.07% or 22.90 points to Rs 2172.15.
Axis Bank rose 2.49%. LIC sold 5.25 crore, or 2.004% stake, in Axis Bank. Post transaction, LIC's stake in Axis Bank decreased to 10.209% from 12.213% stake. The transaction took place between 21 March 2019 and 20 June 2019.
Index heavyweight Reliance Industries gained 2.63%. With response to a news article titled, 'RIL to raise $1.85b in overseas loans', RIL clarified during market hours today, 25 June 2019, that it entered into agreements with offshore lenders for availing long term loans aggregating approximately $1.85 billion, primarily for meeting a part of its planned capital expenditure, in the normal course of its business.
With reference to news item, 'RIL under lens for diverting Rs 1.7K cr CSR funds', RIL clarified during market hours today, 25 June 2019, that the Ministry of Corporate Affairs (MCA) has been seeking information from the company from time to time about its CSR activities. The company has been providing information in response to the requirements of MCA. The MCA has recently sought additional information on CSR projects and the company is in the process of providing the same to MCA.
Metal stocks advanced. Steel Authority of India (up 2.44%), Jindal Steel & Power (up 2.40%), Tata Steel (up 2.36%), Hindalco Industries (up 2.20%), NMDC (up 1.14%), Hindustan Zinc (up 1.12%), Vedanta (up 1.10%), Hindustan Copper (up 0.64%) and National Aluminium Company (up 0.41%) edged higher.
Shares of most public sector oil marketing companies (PSU OMCs) gained as Brent crude oil price declined. Bharat Petroleum Corporation (up 2.94%), Hindustan Petroleum Corporation (up 2.44%) and Indian Oil Corporation (up 1.55%) edged higher.
SBI Life Insurance Company fell 5% to Rs 674.90. The company said one of its promoters, BNP Paribas Cardif, will sell up to 2.5% stake in the life insurance firm through offer for sale. BNP Paribas Cardif proposes to sell up to 2.50 crore equity shares, or 2.5% stake, in SBI Life Insurance Company. The OFS kicked off today, 25 June 2019 (T Day) (for non-retail investors only). It will continue tomorrow, 26 March 2019 (T+1 Day) (for retail investors and for non-retail investors who choose to carry forward their bids). BNP Paribas Cardif holds 7.70% stake in the life insurance company while State Bank of India has a 62.10% stake. The announcement was made after market hours yesterday, 24 June 2019.
On the first day of the bidding for OFS today, 25 June 2019, at 15:30 IST, bids were received for 8.58 crore shares from the non-retail investors, representing a subscription of 381.48%.
L&T Technology Services fell 2.04% to Rs 1715.35. The company said its promoter, Larsen & Toubro, will sell up to 0.19% stake in the engineering services company through offer for sale. Larsen & Toubro is selling up to 2 lakh equity shares, or 0.19% stake, in L&T Technology Services. OFS kicked off today, 25 June 2019 (T Day) (for non-retail investors only). It will also take place tomorrow, 26 March 2019 (T+1 Day) (for retail investors and for non-retail investors who choose to carry forward their bids). Larsen & Toubro currently holds 78.88% stake in L&T Technology Services. The announcement was made after market hours yesterday, 24 June 2019.
On the first day of the bidding for OFS today, 25 June 2019, at 15:30 IST, bids were received for 9.73 lakh shares from the non-retail investors, representing a subscription of 540.76%.
Induslnd Bank fell 0.73%. Induslnd Bank today inaugurated a branch at Jewar, a town located in the Gautam Buddha Nagar district of Uttar Pradesh (UP). The new branch is located within close proximity to the proposed International Airport and will house an ATM that will be available 24X7. With this, the Bank now has a wide network of 122 branches across UP. The announcement was made during market hours today, 25 June 2019.
TCS fell 0.36%. TCS announced that it is increasing its holding in TCS Japan, its joint venture with Mitsubishi Corporation (MC), one of Japan's largest integrated business enterprises. Following the stake hike, TCS will hold 55% equity in TCS Japan - up from 51%, when the joint venture was established in July 2014 - and MC will hold 34%. The announcement was made after market hours yesterday, 24 June 2019.
IFCI jumped 17.82%. 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 0.31%. 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.
Welspun Corp declined 1.04%. The board of the company has approved buyback of upto 2.88 crore equity shares at Rs 135 each, which is discount to the current price. The record date for buyback is 5 July 2019. The announcement was made after market hours yesterday, 24 June 2019.
Bharat Heavy Electricals (Bhel) gained 0.34%. Life Insurance Corporation of India (LIC) sold 6.96 crore, or 2.001% stake in Bhel. Post transaction, LIC's stake in Bhel decreased to 11.701% from 13.702%. The transaction took place between 4 April 2019 and 20 June 2019.
Emami jumped 8.79% to Rs 290.80 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. Emami 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.
ICICI Lombard General Insurance Company tumbled 6.40% after multiple block deals on stock exchanges. The stock slipped as much as 8.16% at the day's low of Rs 1081.35 in afternoon trade, the lowest since 15 May 2019. It hit an intraday high of Rs 1180.
Mold-Tek Packaging rose 4.38% on a sudden buying interest. The stock surged as much as 11.39% at the day's high of Rs 268 in early trade, the most since 28 May 2019. It hit an intraday low of Rs 251 today.
Most PSU Banks surged. Oriental Bank of Commerce (up 2.45%), Allahabad Bank (up 3.55%), Bank of Baroda (up 1.44%), State Bank of India (up 0.92%), Union Bank of India (up 0.33%), Punjab National Bank (up 0.33%), Bank of India (up 0.12%), Bank of Baroda (up 1.44%) and State Bank of India (up 0.92%) edged higher.
Syndicate Bank jumped 5.75%. Syndicate Bank scheduled a board meeting on 29 June 2019, to consider and approve capital raising plan of the bank for the FY 2019-20. The announcement was made after market hours yesterday, 24 June 2019.
The Union Minister of Finance & Corporate Affairs, Nirmala Sitharaman informed in 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.
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 4.30%), MRF (up 1.47%) and Apollo Tyres (up 0.50%) edged higher.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 69.3475, compared with its close of 69.35 during the previous trading session.
In the commodities market, Brent crude for August 2019 settlement was down 38 cents at $64.48 a barrel. The contract fell 34 cents or, 0.52% to settle at $64.86 a barrel in the previous trading session.
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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