MARKET WRAP: Sensex dips 219 points; Tata Motors, ICICI Bank top losers

Among sectoral indices, the Nifty PSU Bank index ended around 2% lower led by a fall in the shares of Allahabad Bank, Union Bank of India and Canara Bank.

10:32 AM

Sun Pharma nears 52-week high as stock surges 32% in five weeks

Shares of Sun Pharmaceutical Industries were trading 2% higher at Rs 587 per share on the BSE in an otherwise subdued market, nearing their 52-week high of Rs 609 per share touched on February 12, 2018.
 

The pharmaceutical stock which is quoting at its highest level since February 15, 2018, has rallied 32% in past five weeks as compared to 3% rise in the S&P BSE Sensex. READ MORE

10:23 AM

JEFFERIES ON HDFC Bank: FY18 Annual Report Snippets

Rating  BUY 

Price Target INR2,465.00 (from  INR2,360.00) 

Price INR2,083.35

 

A deep dive confirms the bank's strong anchor within the Retail/SME clientele which helps drive 70% of assets, 75% of liabilities and 80% of fees (60% in FX & derivatives) etc. The bank expects to be an enabler across channels & products, and improve customer experience, while being married to a risk-based pricing principle to drive profitability. Revise price target to Rs 2,465 and retain Buy.

10:16 AM

Election hurdle for sentiment

The conventional wisdom is that largecaps are less ‘risky’ even though they give lower returns than smallcaps/midcaps. Most direct investors accept the risk and look for smallcaps/midcaps in the hopes of earning higher returns.

 

Aggressive active funds also seek multicap exposure for the same reasons. In the Indian context, we can compare the Nifty, which tracks only largecaps, to the NSE 500, which offers broad multi-cap coverage including many midcaps and some smallcaps. READ MORE

10:01 AM

Market Check

 

S&P BSE Sensex	35,695.76		0.02%
Nifty 50	10,809.75		-0.11%
S&P BSE 200	4,672.63		0.08%
Nifty 500	9,294.45		-0.02%
S&P BSE Mid-Cap	15,865.99		0.17%
S&P BSE Small-Cap	16,602.87		0.38%

9:45 AM

BSE, NSE to impose charge on high algo OTR in equity segment from Jun 29

Leading exchanges BSE and NSE have said that charges for high algo order to trade ratio (OTR) will be levied in the equity segment from June 29.

 

The bourses currently levy charges for high algo OTR in equity derivatives and currency derivatives segments. READ MORE

9:35 AM

F&O Strategies

 

SAIL JULY FUTURES: Buy around 83.50-83.75 for a potential upside target of 88 with a stop below 80.50 (spot levels)

 

TATACOMM JULY FUTURES: Sell around 604 for a potential downside target of 585 with a stop loss placed above 615 (spot levels)

 

PROTECTIVE PUT STRATEGY IN INDIACEM : Buy one lot of INDIACEM JUL FUT @ 112.50 & Buy one Lot of INDIACEM JUL 110 PE @ 4.25 | BEP: 116.75 | Max Profit: Unlimited above BEP | Max Loss: 23625 | Positional Stop Loss: 106 (Spot Levels) 

(Source: Karvy)

9:28 AM

INTERVIEW OF THE DAY Equity returns are likely to remain muted, says Sanjay Mookim

Equity valuations remain high — while India continues to trade at a 50 per cent premium to emerging market (EM) multiples, earnings have been lacklustre. In this context, not many investors appear to be viewing India favourably for the next few months, SANJAY MOOKIM, India Equity Strategist, Bank of America Merrill Lynch, tells Puneet Wadhwa. CLICK HERE FOR MORE

SANJAY MOOKIM India Equity Strategist, Bank of America Merrill Lynch

 

9:20 AM

Nifty sectoral trend

9:18 AM

BSE Sensex heatmap

9:16 AM

Market at open

 

At 9:15 AM, the S&P BSE Sensex was trading at 35,672, down 17 points while the broader Nifty50 was ruling at 10,815, down 7 points.

9:06 AM

MARKET COMMENT

The market is expected to open on a flat note tracking weak Asian markets. Asian stocks fell with U.S. equity-index futures and the yen advanced as investors assessed prospects for continuing trade tensions between U.S. and China. U.S. stocks climbed on Friday following gains in Europe as OPEC’s plans to boost output less than some investors had anticipated sent oil on a tear.
 

European shares rebounded, paring a weekly loss, as higher oil prices buoyed the energy industry. As per provisional figures, foreign institutional investors (FIIs)/ Foreign Portfolio Investors (FPIs) sold shares worth net Rs 1343.44 crores on 22nd June 2018. Domestic institutional investors bought shares worth Rs 1105.76 crores on that day.

(Source: SMC Global)

9:05 AM

Stocks to watch

·         Dish TV offered public sale of 50 crore shares at Rs 74 each representing 26% of emerging voting capital

 

·         Symphony acquired 95% stake in Australian cooling appliances company for Rs 220 cr

 

·         Biocon received EIR from U.S. FDA for sterile drug product facility in Bangalore

 

·         Phoenix Mills arm acquired retail development in Indore for Rs 234 crore; to add 1.1 million square feet of retail space

 

·         Indian Hotels clarified that it has not acquired The Connaught hotel

 

·         Avanti Feeds approved bonus issue of 1:2; record date at June 27

 

·         3M India to acquire 3M Electro & Communication Ind Pvt Ltd. for Rs 590 crore

 

·         Alok Industries confirmed that its committee of creditors has approved resolution plan submitted by RIL-JM Financial ARC

 

·         Wheels India mulls 1:1 bonus share issue

 

·         City Union Bank to issue 1:10 bonus shares; record date at July 11

 

·         Unichem Lab to launch generic Tadalafil after filing ANDA with U.S. FDA

 

·         Power Grid CMD said it will launch EV charging stations in Hyderabad, Gurugram and Chennai

 

 

(Source: IIFL report)

9:03 AM

MARKET COMMENT Amar Ambani, head of research, IIFL

The ongoing friction between US and other countries is showing no signs of ending. In his latest salvo, US President Donald Trump has threatened a 20 percent tariff on all US imports of European Union-assembled cars even as other reports suggested US may prevent Chinese firms from investing in US tech companies. Asian shares have opened flat to weak.

The outlook for the Indian market is a cautious start. F&O expiry this week will add to the choppiness. Banking and financials, FMCG and pharma stocks led the rally seen in late trade on Friday. It’s pouring in Mumbai and investors will also keep an eye on monsoon developments across the country. Oil prices-related stocks will be in focus after OPEC decided on a modest increase of one million barrels per day next month onward.

 

9:02 AM

Market at pre-open

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,778.35	+88.75	+0.25
S&P BSE SENSEX 50	11,386.71	+57.09	+0.50
S&P BSE SENSEX Next 50	32,722.45	+67.57	+0.21
S&P BSE 100	11,161.15	+49.10	+0.44
S&P BSE Bharat 22 Index	3,428.81	+13.29	+0.39

(Source: BSE)

8:59 AM

Commodity picks: June 25, 2018

Soybean

 

Soybean prices at the benchmark Indore market are trading at Rs3,547 per quintal. During the week, prices are expected to trade with a downward bias considering the forecast ofprogress on monsoon and higher acreage expectations. Prices are expected to head towards Rs3,500 per quintal. READ MORE