MARKET WRAP: Indices end marginally lower; Nifty tests 10,800; metals drag

Markets ended marginally lower on Monday amid weak global cues

2:15 PM

Rupee pares losses, rises 1 paisa against dollar amid greenback selloffs

 

The rupee pared morning losses and was trading 1 paisa higher to 68 against the American currency in late morning deals amid bouts of dollar-selling by banks and exporters, despite strength in the greenback. READ MORE

2:00 PM

Market Check

INDEX	LATEST	PREVIOUS	CHANGE	CHANGE(%)
	35586.46	35622.14	-35.68	-0.10
	14789.07	14813.40	-24.33	-0.16
	15961.42	16001.20	-39.78	-0.25
	16842.77	16961.16	-118.39	-0.70
	4204.37	4207.19	-2.82	-0.07

1:45 PM

HPCL, BPCL, IOCL gain on fall in global oil prices

 

Shares of oil marketing companies (OMCs) like Indian Oil Corporation (IOCL), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) were trading higher by up to 6% in otherwise subdued market after Brent crude prices fell in the international market. READ MORE

1:30 PM

Bitcoin has shortcomings, could break internet: Global banking body

 

The Bank for International Settlements just told the cryptocurrency world it’s not ready for prime time -- and as far as mainstream financial services go, may never be.

 

In a withering 24-page article released Sunday as part of its annual economic report, the BIS said Bitcoin and its ilk suffered from “a range of shortcomings” that would prevent cryptocurrencies from ever fulfilling the lofty expectations that prompted an explosion of interest -- and investment -- in the would-be asset class. READ MORE

1:16 PM

Mid- and small-caps continue to give positive returns despite sharp fall

 

It has been turbulent times for mid- and small-cap stocks. With the Nifty Mid-cap 100 and Nifty Small-cap 100 slipping as much as 11 per cent and 16.1 per cent since the beginning of 2018, there is palpable fear among many investors about the prospects of their holdings in such stocks and mutual fund schemes.

 

These sharp falls have been for several reasons. For one, the valuations of many of these stocks have risen very sharply. READ MORE

1:01 PM

ICICI Bank up 4% on reports that board is mulling top management reshuffle

 

ICICI Bank was trading 4% higher at Rs 294 on the BSE in otherwise range-bound market after the media reports suggested that the board of private sector lender is discussing a reshuffle of its top management.

 

The BSE said the Exchange has sought clarification from ICICI Bank Ltd with respect to news article appearing on The Economic Times - June 18, 2018 titled "ICICI board mulls reshuffle of top management - ICICI Prudential Life chief Bakhshi may be named ICICI Bank interim Chief Executive Officer (CEO)". READ MORE

12:45 PM

Adani Green Energy gains 5% on debut

 

Adani Green Energy, the renewable power arm for Adani Enterprises, has locked in upper circuit of 5% at Rs 29.40 on the BSE on first day of its listing. The stock recovered 9% from its intra-day low of Rs 27, after opening at Rs 28 on the BSE.

 

On the National Stock Exchange (NSE), the stock trading at Rs 31, after opening at Rs 30. The stock hit a high of Rs 31.50 and a low of Rs 28.50 so far. READ MORE

12:30 PM

Most of the BSE-500 stocks trade 20% or lower than their 52-week highs

 

The BSE benchmark Sensex ended the week with its longest stretch of weekly gains since April. But, most of the BSE-500 stocks still trade 20 per cent or lower than their 52-week highs.

 

While large-caps have more or less remained resilient during the recent market-wide sell-off, small-caps had to bear the brunt. In fact, this was the first week the BSE SmallCap index closed in the green after six weeks of back-to-back selling. Brokerages say that recent headwinds on account of rising crude oil prices, a weaker rupee, higher interest rates and a surge in bad loans. READ MORE

12:16 PM

Vedanta hits 52-week low; stock down 26% in three months

 

Shares of Vedanta hit a 52-week low of Rs 229, down 4% on the BSE in intra-day trade, after the media reports suggested that the company is facing Sterlie-like crisis in Orissa.

 

The BSE said the Exchange has sought clarification from Vedanta with respect to news article appearing on The Free Press Journal - June 14, 2018 titled "Vedanta faces another Sterlite like crisis in Orissa". The reply is awaited. READ MORE

12:00 PM

Markets at noon

INDEX	LATEST	PREVIOUS	CHANGE	CHANGE(%)
	35602.32	35622.14	-19.82	-0.06
	14790.41	14813.40	-22.99	-0.16
	15975.58	16001.20	-25.62	-0.16
	16854.54	16961.16	-106.62	-0.63
	4204.15	4207.19	-3.04	-0.07

11:50 AM

Oil slumps near $64 as OPEC clash looms, US-China trade war escalates

Oil fell near $64 a barrel as Saudi Arabia and Russia prepared for a clash with allied crude producers over whether to lift output and as China and the US exchanged threats over trade. Futures in New York dropped as much as 2.3 per cent, on course for the lowest close since April 9 after a 2.7 per cent decline Friday. Iran says Venezuela and Iraq will join in blocking a proposal to increase production that’s backed by Saudi Arabia and Russia when OPEC and its allies meet in Vienna this week. China said it would impose tariffs on a variety of US goods, including crude and gasoline, in response to President Donald Trump’s $50 billion levy on Chinese imports READ MORE

11:44 AM

DoT may clear Voda-Idea merger today; seeks Rs 21 bn bank guarantee

The telecom department is likely to approve the merger of Vodafone India and Idea Cellular today that will create the country's largest mobile service operator with proposed name of Vodafone Idea Ltd. "DoT is expected to clear the Vodafone-Idea merger on Monday. The certificate will be handed to them," said an official source. READ MORE

11:40 AM

Gold prices inched higher on Monday after falling to a 5-1/2-month low in the previous session, as a trade dispute between the world's two largest economies triggered safe-haven buying, but a strong dollar put a cap on the upside. Spot gold edged up 0.1 per cent to $1,279.70 per ounce by 0255 GMT. The yellow metal touched its weakest since late December at $1,275.01 an ounce on Friday. CLICK HERE FOR MORE

11:30 AM

BS Special Vajpayee's NDA versus Modi's NDA: What it means to stock markets?

 

Since the NDA formed a government under the leadership of Prime Minister Narendra Modi in 2014, the Sensex has jumped over 54 per cent from May that year to above 35,000 in 2018. The performance of the domestic stock markets during the present NDA government seems far superior to that of the previous one. In contrast to the 54 per cent jump so far, the Sensex almost stagnated around 5,000 points during the previous NDA government. It was at 5,033 in mid-October 1999 and fell down marginally to 5,006 in May 2004 when the government ended its term. READ MORE

11:15 AM

DMart's lower same store sales, margins keep analysts on the sidelines

 

The Avenue Supermarts stock is a favourite of investors. So much so that its market capitalisation is higher than the next ten listed multi-brand retailers. While investor demand has led to the doubling of the stock since its listing, barring a few names such as Goldman Sachs and HSBC, most brokerages are now cautious. Of the 15 analysts who track the stock as per Bloomberg, about two-thirds have a sell or a hold rating. Their average target price is Rs 1,336 for the stock trading at Rs 1,538. READ MORE