MARKET WRAP: Sensex ends 261 pts up, Nifty at 10,772; Banks, RIL rally

Nifty Bank index ended over 1% higher led by a rise in the shares of IDFC Bank and IndusInd Bank. Reliance Industries rose 2.3% on the National Stock Exchange.

9:21 AM

BSE Sensex gainers and losers

9:18 AM

Market at open

 

At 9:17 AM, the S&P BSE Sensex was trading at 35,407, up 120 points while the broader Nifty50 was ruling at 10,752, up 41 points.

9:08 AM

RITES IPO opens for subscription today. Should you invest?

The initial public offer (IPO) of RITES – a government-owned railway consultancy firm and a Miniratna (Category – I) Schedule ‘A’ Public Sector Enterprise – opens for subscription today. The price band for the issue has been fixed at Rs 180-185 a share (discount of Rs 6 per share for retail shareholders and employees), and the government aims to raise up to Rs 460 crore via this sale. The issue closes on June 22. READ MORE

9:02 AM

Markets at pre-open

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,289.60	+2.86	+0.01
S&P BSE SENSEX 50	11,221.74	+1.90	+0.02
S&P BSE SENSEX Next 50	32,583.84	+44.50	+0.14
S&P BSE 100	11,018.49	+3.85	+0.03
S&P BSE Bharat 22 Index	3,448.94	+3.78	+0.11

(Source: BSE)

8:58 AM

Today's picks: From UPL to Bharti Infratel, hot stocks to watch today

UPL 

Current price: Rs 674

Target price: Rs 662
 

Keep a stop at Rs 680 and go short. Add to the position between Rs 665 and Rs 668. Book profits at Rs 662.

 

Bharti Infratel

Current price: Rs 288

Target price: Rs 284
 

Keep a stop at Rs 290 and go short. Add to the position between Rs 285 and Rs 286. Book profits at Rs 284. READ MORE

8:57 AM

GLOBAL MARKETS General Electric to be removed from Dow Jones Industrial Average

The Dow Jones Industrial Average is losing General Electric Co , the lone original component of the venerable blue-chip index that debuted in 1896. S&P Dow Jones Indices said on Tuesday that the U.S. conglomerate would be pulled from the index before the stock market opens on June 26 and replaced by Walgreens Boots Alliance Inc READ MORE

The logo of General Electric Co. Photo: Reuters

8:56 AM

Top stock ideas by Prabhudas Lilladher: Buy Radico Khaitan

BUY RADICO KHAITAN

CMP: Rs 400.40

TARGET: Rs 445

STOP LOSS: Rs 380

 

The stock has witnessed a decent correction from the peak of 495 to bottom out at around 387 levels where it has consolidated in the past 2-3 days and currently indicated a positive candle to signify strength and potential to rise further maintaining a positive bias. There is also indication of the RSI making a trend reversal and we anticipate a upward move in the coming days. With decent volume participation witnessed, we recommend a buy in this stock for an upward target of 445 keeping a stop loss of 380. READ MORE

8:55 AM

MUST READ Lapses at many levels of bank led to huge PNB fraud, internal report shows

A $2 billion fraud at India's Punjab National Bank (PNB) may have been orchestrated by a few rogue employees, but it escaped detection because of widespread risk-control and monitoring lapses in many areas of the bank, the bank's own internal probe has found.

 

PNB, India's second-biggest state-controlled lender, has previously alleged that a handful of staff at a single Mumbai branch issued fake bank guarantees over several years to help two jewellery groups - controlled by Indian diamond magnate Nirav Modi and his uncle Mehul Choksi - raise billions of dollars in foreign credit and commit India's biggest-ever bank fraud CLICK HERE FOR MORE

8:54 AM

Nifty outlook by HDFC Securities for today

By closing at 10,710, Nifty broke down below the consolidation range 10755-10893, which was holding for previous 6 sessions. Going forward, If Nifty sustains below 10700 support, then it is likely to extend its fall towards 10,640. Any close below 10,640, would be considered bearish trend reversal. The level of 10,830 has now become strong resistance. READ MORE

8:53 AM

Stocks in news

·         State Bank of India won’t be able to merge more banks with self

 

·         UPL-led consortium is in exclusive talks to acquire Bill Ackman-backed Platform Specialty Products Corp

 

·         Cipla gets final approval for generic drug Sustiva

 

·         DCM Shriram to buyback 55.55 lakh equity shares at Rs 450 each

 

·         Southern Petrochem signs pact with IOC for gas transportation

 

·         MPS Ltd. invests Rs 44 cr in the rights issue of subsidiary MPS Interactive Systems.

 

·         Wheels India to consider bonus issue on June 22

 

·         Kansai Nerolac to acquire 55% stake in RAK Paints Ltd. Bangladesh for Rs 45.81 cr

 

·         SAIL supplies 60,000 tonne steel for railway project in Manipur

(Source: IIFL report)

8:52 AM

MARKET COMMENT Amar Ambani, head of research, IIFL

Investors remain concerned about the escalation in trade tensions as this could have a sizeable impact on global growth. The markets world over now seem to be on recovery mode as cherry-picking is happening in counters, which have seen some beating. US, meanwhile, feels tariffs against China will be ultimately bullish for American business.

US indices came tumbling down and the Dow is in negative zone for the year. Asian markets, though lower, are showing signs of recovery. Indian market is expect to open on a cautious note. The rupee, which fell 39 paise to hit a near one-month low of 68.38 against the US dollar will remain in focus. The Initial Public Offerings (IPO) of Rail India Technical and Economic Services (RITES), and Fine Organics will open for subscription today.

 

8:50 AM

MARKET COMMENT Rabobank International on trade war fears

The US had announced $50bn of tariffs on Chinese exports. China has already responded with a matching USD 50bn of tariffs on US exports. However, the US has now raised the ante with a further unspecified $200bn of tariffs on Chinese goods - and the threat of a further $200bn if China responds again in kind.

China can no longer respond directly on trade: it instead needs to think in other dimensions if its wants to pressure the US back - yet all of these also carry significant risks. There is no economic logic in these trade actions: we calculate overall GDP growth can survive a $50bn bilateral trade hit, but the higher trade tensions rise, the worse the potential damage becomes. However, there may be a strategic logic at play here in terms of both upping the ante and in what the struggle is really about

8:44 AM

SGX Nifty

The SGX Nifty was at 10,720.50, down 0.06 per cent from the previous close.

8:40 AM

Markets on Tuesday

 

S&P BSE Sensex	35,286.74		-0.74%
Nifty 50	10,710.45		-0.83%
S&P BSE 200	4,632.22		-0.84%
Nifty 500	9,234.50		-0.90%
S&P BSE Mid-Cap	15,815.74		-0.98%
S&P BSE Small-Cap	16,613.73		-1.29%

8:36 AM

Asian Markets

Stocks in Asia rebounded from recent losses on Wednesday as investors sought bargains, a day after the specter of a US-China trade war rattled global markets, but significant uncertainty around the trade outlook is capping gains.

 

Japan's Nikkei was 0.1 per cent higher after earlier falling into negative territory. South Korea's KOSPI rose 1 per cent. In China, the Shanghai Composite Index was down 0.3 per cent in early trade, a day after falling 3.8 per cent. China's blue-chip CSI300 index was 0.2 per cent lower after briefly flirting with gains, and the Shenzhen Composite Index was up 0.1 per cent.