MARKET WRAP: Sensex up 266 pts as financials, auto stocks rally

n the broader market, the S&P BSE Mid-Cap closed 80 points, or 0.56 per cent, higher at 14,495 levels. Similarly, the S&P BSE Small-Cap settled 56 points, or 0.41 per cent, higher at 13,755 levels.

9:02 AM

Market at pre-open

9:01 AM

Market at pre-open

8:58 AM

Stocks to watch

Cox & Kings: Cox & Kings has defaulted on commercial paper of Rs 125 crore, the tour operator informed the stock exchange on Wednesday. This is the third default of the company in the past fortnight, totaling Rs 325 crore.

 

DHFL: Two statutory auditors — Deloitte Haskins & Sells, and Chaturvedi & Shah — may decide to resign ahead of the board meeting. This follows unsatisfactory response to auditors’ queries related to fund deployment by DHFL. READ MORE

8:55 AM

Gold imports resume after 4 days as govt reverts to tariff value-based duty

Increase in import duty on gold and silver and removal of certain entries in previous notifications prompted customs officials and the market to assume that duty would now have to be calculated on the basis of transaction value. This created confusion and several importers put their orders on hold. READ MORE

8:53 AM

Brokerages turn less bullish on TCS after company misses revenue forecasts

Brokerages have turned less bullish on Tata Consultancy Services (TCS) after the IT services company missed revenue and margins forecasts for the quarter ended June. The number of ‘buy’ ratings for the stock has reduced from 27 to 23, while ‘sell’ calls have increased from 7 to 9. The average 12-month price target has also seen a slight reduction. READ MORE

8:47 AM

Axis Bank appoints Citigroup, JPMorgan for $1.3-bn share sale: Sources

India’s third-largest private sector lender has also selected Credit Suisse Group, BNP Paribas, HSBC Holdings, UBS Group and Axis Capital for the proposed offering, the people said, asking not to be identified. Axis Bank can add more arrangers later, they said. The share sale could raise as much as $2 billion, one of the people said. READ MORE

8:46 AM

SpiceJet stock may rise as IndiGo promoter dispute goes sour: Analysts

The stock of the country’s largest domestic airline InterGlobe Aviation (IndiGo) fell 11 per cent on Wednesday after one of its founder-promoters, Rakesh Gangwal, wrote a letter to the regulators, citing issues of excessive control and corporate governance. READ MORE

8:43 AM

No question of rolling back surcharge on FPI trusts, says Finance Ministry

The government has ruled out a rollback of the ‘super-rich’ tax on foreign portfolio investors (FPIs) organised as trusts or association of persons. The tax on such FPIs will yield an estimated Rs 400 crore, as against the overall revenue gain of Rs 12,000 crore from the surcharge. READ MORE

8:41 AM

Co-promoter Gangwal wants expansion of IndiGo board, asks Sebi to intervene

IndiGo co-promoter Rakesh Gangwal wants the company board to be expanded so that the number of independent directors goes up. Gangwal has also asked the Securities and Exchange Board of India (Sebi) to intervene and rewrite the Article of Association (AoA) to ensure that with 37 per cent stake he gets equal rights in the management of the company — a demand that the Rahul Bhatia camp says would be impossible to implement without 75 per cent shareholder support. READ MORE

8:37 AM

Crisis-hit DHFL headed for more trouble, auditors may decide to resign

The meeting of board of directors is scheduled for July 13. However, sources said the two statutory auditors — Deloitte Haskins & Sells, and Chaturvedi & Shah — are yet to complete the process of auditing the company’s FY19 financial accounts. In June, DHFL got the market regulator’s nod to postpone announcing its financial results by two weeks. READ MORE

8:35 AM

Govt's plan to increase free-float in MNCs to 65% triggers sell-off

Shares of multinational companies (MNCs) have been on a downward slope since the Union Budget. Top MNCs such as Siemens, ABB India, and Honeywell Automation have seen their stock prices correct between 7 and 11 per cent over the past four trading sessions. READ MORE

8:33 AM

Reserve Bank working group recommends extension of market hours

An internal working group of the Reserve Bank of India (RBI) on comprehensive review of market timings has suggested calibrated extension of currency market hours, from 9 am to 9 pm for both over-the counter and exchange traded.

 

Presently, the markets close at 5 pm. READ MORE

8:29 AM

In third default in 14 days, Cox & Kings misses Rs 125-cr debt payments

The tour operator has been facing a cash crunch resulting in delays in salaries and vendor payments. The International Air Transport Association has suspended the company from selling tickets on credit as it reviews its credit worthiness.

 

“The company is working closely with its lenders to optimise its strong asset base globally and bring the situation back to normal as soon possible,” Cox & Kings said on Wednesday. READ MORE

8:27 AM

Recapitalisation of PSU banks will improve investor sentiment: Analysts

Public sector banks (PSBs) have been major beneficiaries of the recently concluded Budget. With a fresh allocation of Rs 70,000 crore towards recapitalisation of PSBs, against Rs 40,000-crore proposed in the interim Budget in February, state-owned banks got a larger share of the kitty. READ MORE

8:22 AM

Buy and sell ideas by Sacchitanand Uttekar of Tradebulls Securities

After acting as support for two consecutive sessions, Nifty breached and closed below its 100-DEMA (Double Exponential Moving Average). The index has failed to witness follow through rally post occurrence of “Bullish Hammer” around 100 DEMA which indicates the prevailing downside pressure. The breach and close below 11,650 level of consolidation support distorted prevailing bullish structure in place. Hence, the close below 100 DEMA (11,540) will target gap support range of (11,406-11,426) on an immediate basis. It’s prudent to book profits for existing shorts on a test of gap support and await for bottoming out/reversal formations to occur around the support levels for initiating longs as presumption of reversal for larger move on the upside remains intact. READ MORE