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.

8:58 AM

Nifty outlook by Prabhudas Lilladher:

 

Nifty managed to close above the 10,800 levels but still is in the range bound zone between 10,720 and 10,830 levels while Bank Nifty too has reached near the resistance level of 26,850 levels and a breach on either sides would decide the further movement of the indices. However, the support for the week is seen at 10,620 while the resistance would be seen at 10,980 levels. Cement stocks have indicated a good revival and we anticipate it to continue the same momentum.

8:55 AM

Short-term target for Nifty to remain between 10,900-11,000: Devang Shah

Short-term outlook for the market remains positive till Nifty trades above 10,417 levels and expecting targets in the range of 10,900-11,000 levels in short term. Medium term outlook for the market remains positive till Nifty trades above 8,968 levels and expecting targets in the range of 12,000-12,200 levels in medium term. READ MORE

8:50 AM

Top stock ideas from Prabhudas Lilladher for today: Buy L&T, India Cements

BUY LARSEN TOUBRO

CMP: Rs 1,299.85

TARGET: Rs 1,390

STOP LOSS: Rs 1,260

 

The stock has witnessed a decent correction recently from the peak of 1396 and has now shown indications of a bottoming out at around 1285 levels which is also where the significant 200 DMA moving average lies. The RSI has hit the highly oversold zone and has indicated a reversal to maintain a positive bias and has potential to rise further in the coming days. With the chart looking attractive and decent volume participation witnessed, we recommend a buy in this stock for an upside target of 1390 keeping a stop loss of 1260.

 

BUY INDIA CEMENTS

CMP: Rs 112.35

TARGET: Rs 124

STOP LOSS: Rs 106

 

The stock has eroded much of it gains in the past 4-5 months from the peak of 205 levels and has shown signs of bottoming out at around 105 levels where a good support is maintained in the daily chart. The chart looks attractive with favorable risk reward ratio and with the RSI hitting the oversold zone has indicated some signs of a revival and we anticipate a good bounce back from here on. With decent volume participation picking up, we recommend a buy in this stock for an upside target of 124 keeping a stop loss of 106. READ MORE

8:45 AM

FPIs' net outflow at Rs 14,500 cr in June so far

 

Foreign investors have pulled out over Rs 14,500 crore from the Indian capital markets this month so far, primarily due to global trade war and hawkish commentary by the US Federal Reserve.

 

The latest outflow has taken the total net withdrawal by foreign portfolio investors (FPIs) from the capital markets (equity and debt) to more than Rs 46,600 crore in this year so far, according to the latest data available with the depositories. FPIs withdrew a net sum of Rs 5,360 crore from equity markets, while they pulled out net amount of Rs 9,219 crore from the debt markets during June 1-22, resulting into a total outflow of Rs 14,579 crore.

8:43 AM

Brent oil prices drop by 2 per cent

 

Brent crude oil prices fell by more than 2 per cent early on Monday as traders factored in an expected output increase that was agreed at the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna on Friday.

 

Brent crude futures were at $73.90 per barrel down 2.2 per cent from their last close. US West Texas Intermediate (WTI) crude futures were at $68.36 a barrel, down 0.3 per cent, supported by a slight drop in US drilling activity.

8:40 AM

OPEC, allies to increase oil output by 500,000 bpd: Iran

 

Iran’s oil minister Bijan Zanganeh said on Saturday that OPEC and its allies will increase oil output by close to 500,000 barrels per day after agreeing a new production deal on Friday.

 

OPEC agreed to a modest rise in oil production from next month but the group gave no clear targets, leaving traders guessing how much more it will actually pump. Saudi Arabia said the increase would amount to less than 1 million bpd, while Iraq said it would be around 770,000 bpd.

8:35 AM

Markets on Friday

S&P BSE Sensex	35,689.60		0.73%
Nifty 50	10,821.85		0.75%
S&P BSE 200	4,668.69		0.67%
Nifty 500	9,296.65		0.61%
S&P BSE Mid-Cap	15,839.61		0.46%
S&P BSE Small-Cap	16,539.84		0.07%

8:30 AM

SGX Nifty

 

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 55.5 points or 0.51 per cent. Nifty futures were trading around 10,800-level on the Singaporean Exchange.

8:25 AM

Asian shares dogged by trade worries

 

Asian shares got the week off to a cautious start on Monday amid lingering concerns about escalating trade frictions while US oil prices maintained hefty gains made after major oil producers had agreed on a modest increase in production.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.2 per cent. Japan's Nikkei lost 0.4 per cent.

8:20 AM

US markets end higher

 

The S&P 500 and Dow Jones Industrial Average climbed on Friday, as the Dow put to rest an eight-day losing streak with a boost from energy stocks, but losses in the technology space kept the Nasdaq in check.

 

The Dow Jones Industrial Average rose 119.19 points, or 0.49 per cent, to 24,580.89, the S&P 500 gained 5.12 points, or 0.19 per cent, to 2,754.88 and the Nasdaq Composite dropped 20.14 points, or 0.26 per cent, to 7,692.82.

8:15 AM

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