MARKET WRAP: Sensex ends 40 pts up, Nifty at 10,787 ahead of US-Korea meet

Bharti Airtel gained 3.5% on the BSE today, while Sun Pharma rose 1.1%. Tata Steel lost 2.1%

11:14 AM

Kim Jong Un, Donald Trump in Singapore, on cusp of making history

US President Donald Trump arrived in Singapore on Sunday for a historic summit with North Korean leader Kim Jong Un that could lay the groundwork for ending a nuclear stand-off between the old foes and the transformation of the isolated Asian nation. READ MORE

 

11:00 AM

Avanti Feeds extends rally stock split, bonus issue plan

Shares of Avanti Feeds have rallied 8% to Rs 1,980 per share, extending their over 30% surge in past three trading sessions on the BSE, after the company announced stock split from Rs 2 to Re 1 and issue of bonus shares in the ratio of 1:2. READ MORE

 

10:50 AM

SECTOR WATCH Kotak Institutional Equities on PSU banks

We are not sure if policymakers should rush into ‘affirmative’ action to address the weak financial condition of PSU banks without a complete makeover of their governance, incentive and ownership structures. The Indian banking system seems to have weathered the current NPL cycle and credit is available to eligible borrowers. We are firm believers in ‘market’ solutions in economic matters until and unless the broader economy is facing a crisis; that’s hardly the case currently.

10:48 AM

Morgan Stanley on Reliance Industries (RIL)

RIL stock has been range-bound YTD, but we see the stars aligning for it to break toward our price target as diesel, polyester and retail margins step up to a new normal, telecom subscriber growth sets new benchmarks and capex unwinds. This should energise a front-loaded 80% EBITDA rise in 3 years. 

 

10:44 AM

Merkel: EU will act against U.S. tariffs on steel, aluminium

Europe will implement counter-measures against U.S. tariffs on steel and aluminium just like Canada, German Chancellor Angela Merkel said on Sunday, voicing regret about President Donald Trump's abrupt decision to withdraw support for a G7 communique.

 

Trump's announcement on Twitter, after leaving the Group of Seven summit in Canada early, that he was backing out of the joint communique torpedoed what appeared to be a fragile consensus on a trade dispute between Washington and its top allies READ MORE HERE

10:29 AM

India Inc raises Rs 672 billion by issuing shares to investors in FY18

Indian firms mobilised Rs 672 billion by issuing shares to institutional investors during 2017-18, registering nearly eight-fold rise over the previous fiscal. The firms had mopped up Rs 84.64 billion in 2016-17. READ MORE
 

10:22 AM

Global Market Check

INDEX	DATE	LATEST	PREV CLOSE	CHG(PTS)	CHG(%)
JAKARTA COMPOSITE	08-06-2018	5993.63	6106.70	-113.07	-1.85
HANG SENG	08-06-2018	30958.21	31512.63	-554.42	-1.76
SHANGHAI COMPOSITE	08-06-2018	3067.15	3109.50	-42.35	-1.36
BOVESPA	09-06-2018	72942.07	73851.47	-909.40	-1.23
STRAITS TIMES	08-06-2018	3436.37	3473.08	-36.71	-1.06
TAIWAN WEIGHTED	08-06-2018	11156.42	11251.75	-95.33	-0.85

Click here for more

10:11 AM

Avenue Supermarts hits new high; market-cap crosses Rs 1-trillion mark

Shares of Avenue Supermarts, which owns and operates D-Mart stores, have crossed Rs 1-trillion market capitalisation (market-cap) on Monday after the stock price of the company hit new high on the BSE. The stock hit a new high of Rs 1,620 on the BSE in early morning trade today, surpassing its previous high of Rs 1,606 recorded on May 31, 2018. READ MORE

10:00 AM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,607.28	+163.61	+0.46
S&P BSE SENSEX 50	11,325.22	+55.17	+0.49
S&P BSE SENSEX Next 50	33,210.47	+198.02	+0.60
S&P BSE 100	11,136.44	+56.00	+0.51
S&P BSE Bharat 22 Index	3,539.85	+13.06	+0.37

(Source: BSE)

9:52 AM

Street signs: MFs place contra bets in pharma, Biocon sees rise, and more

MFs place contra bets in pharma Pharmaceutical stocks have been one of the worst performers this year, with the BSE Healthcare index down 15 per cent from January highs, while the Sensex is up 4 per cent.

 

Bucking the negative trend, two new fund offers (NFOs) tracking the pharma space — Mirae Asset Healthcare and ICICI Prudential PHD — are coming out this month. READ MORE

9:40 AM

MARKET COMMENT What we saw at the G-7 is just a warm up, says Rabobank International

Trump was probably using the G-7 summit to look more like an aggressive alpha male before his upcoming nuclear summit with Kim Jong Un of North Korea in Singapore, where both leaders have now arrived. More on that in a moment, but a third conclusion is that Trump is unlikely to want to spoil too summits in a row, which suggests a higher probability of a less ‘fire and brimstone’ outcome from that particular event.

What we saw at the G-7 is just a warm up. The world order as we have long understood it is shifting under our feet, with enormous consequences that markets are not even beginning to price for in most cases, with the exception of GBP post-Brexit. There is post G-7 talk of the G-6 pressing ahead ‘(neo)liberally’ without the US somehow, but when Germany and France can’t even decide what to do about Europe, and the UK can’t decide what to do with itself, any plans for a new global order without Washington’s backing --or without the soon-to-be-in-globally-short-supply USD?-- are surely just a pipedream.

Meanwhile, as the G-7 was ending in calamity the global press completely overlooked that at the same time China, Russia, Iran, and a whole coterie of strongmen held a Shanghai Co-operation Organisation meeting marked by illiberal unity and discipline.

g7 ,Trump ,Trudeau

9:38 AM

INTERVIEW OF THE DAY We are underweight on India in our Asian funds, says Geoff Lewis

 

Hong Kong-based GEOFF LEWIS, senior strategist for Asia at Manulife Asset Management that has nearly $394 billion worth of assets under management, talks to Puneet Wadhwa on the road ahead for global financial markets and his sector preferences in India. CLICK HERE TO READ MORE

Geoff Lewis

9:36 AM

MARKET COMMENT

Fed’s rate hike and indication of future guidance, ECB’s eye on tightening and key Trump-Kim meeting will weigh on whole FX market. Rupee will not allow itself to remain bared from its counter Asian currency pack. Further, domestic data CPI and IIP are due on Tuesday. May CPI is expected to come at 4.83% vs. 4.58% in April. April IIP to come at 5.2% vs. 4.4% March.

(Source: IFA Global)

9:34 AM

Global markets

Asia stocks shook off initial modest losses and edged up on Monday ahead of a U.S.-North Korea summit that might ease regional tensions, while investors also started to focus on key central bank meetings later this week. Stocks dipped after U.S. President Donald Trump backed out of a joint Group of Seven communique over the weekend, in a blow to the group's efforts to show a united front READ MORE HERE

9:23 AM

Sectoral Trend