MARKET WRAP: Sensex ends 159 pts down, Nifty at 10,657; metals, realty slip
Among sectoral indices, the Nifty Metal index ended 1.8 per cent lower led by a fall in the shares of Jindal Steel & Power and National Aluminium Company.
 "MARKETS LIVE, nifty, sensex, rupee, oil prices, US, China, trade wars, BSE")
10:55 AM
WEB EXCLUSIVE Mid-year market review: Midcap index dips 13%, smallcap down 16%
Additional surveillance mechanism for select stocks put in place by market regulator Securities and Exchange Board of India (Sebi) and concerns regarding rejig in classification of mid-and small-caps have led to stocks from these two segments underperform their large-cap peers in the first half of calendar year 2018 (H1CY18).
The S&P BSE Midcap and S&P BSE small-cap indices have lost around 13 per cent and 16 per cent respectively in H1CY18, as compared to four per cent rise in the S&P BSE Sensex during this period, ACE Equity data shows. READ MORE
10:47 AM
Edelweiss on Tata Steel
Putting an end to uncertainties, Tata Steel (TATA) and ThyssenKrupp (TK) have signed a definitive agreement to merge the former’s European operations and TK’s Steel Europe division. Key takeaways: 1) TATA’s share in the JV & debt transfer to the JV remain unchanged as per the MoU; 2) the JV will issue 10% equity as warrants to TK in case of an IPO; and 3) management anticipates EUR400-500mn synergies. We view the development as positive for the TATA stock, which had been roiled by the recent uncertainties on the deal. We perceive additional ~INR85/share value pursuant to completion of the transaction. Maintain ‘BUY’ with target price of Rs 903
Putting an end to uncertainties, Tata Steel (TATA) and ThyssenKrupp (TK) have signed a definitive agreement to merge the former’s European operations and TK’s Steel Europe division. Key takeaways: 1) TATA’s share in the JV & debt transfer to the JV remain unchanged as per the MoU; 2) the JV will issue 10% equity as warrants to TK in case of an IPO; and 3) management anticipates EUR400-500mn synergies. We view the development as positive for the TATA stock, which had been roiled by the recent uncertainties on the deal. We perceive additional ~INR85/share value pursuant to completion of the transaction. Maintain ‘BUY’ with target price of Rs 903
10:45 AM
ALERT Nikkei India Manufacturing PMI at 53.1 in June
India’s manufacturing conditions improved in June at the strongest pace since December 2017, supported by the sharpest gains in output and new orders in 2018 so far. Reflecting greater production requirements, firms were encouraged to engage in purchasing activity and raise their staffing levels. On the price front, input cost inflation was the sharpest since July 2014, whilst output charges rose at a stronger pace. Business confidence eased to the weakest since last October.
The Nikkei India Manufacturing Purchasing Managers’ Index (PMI) rose from 51.2 in May to 53.1 in June. This was consistent with the fastest improvement in the health of India’s manufacturing economy in 2018 so far
10:34 AM
Fine Organics lists with 4% premium at Rs 815 on bourses
Fine Organics listed at Rs 815, a premium of over 4% on NSE and BSE with respect to its issue price.
The Rs 600-crore initial public offer was oversubscribed by 8.99 times during June 20-22, 2018. The reserved portion of qualified institutional buyers (QIBs) portion was subscribed 12.86 times, non-institutional investors 21.01 times and retail investors 1.62 times. READ MORE
10:14 AM
NEW LISTING RITES makes stellar debut, lists at Rs 190, up 2.7% w.r.t. issue price
Railways consultancy firm RITES, the first state-owned firm to hit the IPO market in the current fiscal listed at Rs 190 on BSE and NSE, up 2.7% with respect to its issue price. The Rs 466-crore initial public offer garnered strong investor demand, with the issue getting subscribed more than 67 times. The category set aside for qualified institutional buyers (QIBs) was subscribed 71.72 times, non-institutional investors 194.56 times and retail investors 15.74 times. READ MORE
10:02 AM
Market Check
(Source: BSE)
| Index | Current | Pt. Change | % Change |
| S&P BSE SENSEX | 35,244.42 | -179.06 | -0.51 |
| S&P BSE SENSEX 50 | 11,166.91 | -57.27 | -0.51 |
| S&P BSE SENSEX Next 50 | 31,916.50 | -25.01 | -0.08 |
| S&P BSE 100 | 10,938.59 | -49.12 | -0.45 |
| S&P BSE Bharat 22 Index | 3,271.83 | -57.99 | -1.74 |
(Source: BSE)
9:54 AM
(Source: Karvy)
F&O Strategies
HCLTECH JULY FUTURES: Buy around 926-927 for a potential upside target of 963 with a stop below 909 (spot levels)
HEROMOTOCO JULY FUTURES: Sell around 3473-3472 for a potential downside target of 3395 with a stop loss placed above 3510 (spot levels)
COVERED CALL IN DABUR : BUY ONE LOT OF DABUR JULY FUT @ 387 AND SELL ONE LOT DABUR JULY 400 CE @ 5.50 | MAX PROFIT: 46250 |MAX LOSS: UNLIMITED BELOW BEP | BEP: 381.50 | POSITIONAL SL : 378
(Source: Karvy)
9:46 AM
The rupee strengthened by 13 paise to 68.33 against the dollar in early trade on Monday on increased selling of the US currency by exporters and banks amid higher opening in the domestic equity market.
Forex dealers said a higher opening of the domestic equity market supported the rupee but the dollar's strength against some currencies overseas capped the gains. READ MORE
Rupee gains 13 paise against US dollar on increased greenback selling
The rupee strengthened by 13 paise to 68.33 against the dollar in early trade on Monday on increased selling of the US currency by exporters and banks amid higher opening in the domestic equity market.
Forex dealers said a higher opening of the domestic equity market supported the rupee but the dollar's strength against some currencies overseas capped the gains. READ MORE
9:33 AM
LIC lost money in 18 out of 21 public sector bank shares in last 2.5 years
Even as the Life Insurance Corporation (LIC) looks at buying up to 51 per cent stake in IDBI Bank, its investment record in public sector banks (PSBs) is disappointing. LIC has lost money in 18 out of 21 PSBs in the last two and a half years.
At the end of March this year, the government-owned insurance major had equity investments of over 1 per cent in 21 PSBs but only three of them are now trading at a higher stock price than their prices at the end of December 2015. READ MORE
9:21 AM
Nifty sectoral trend
9:20 AM
BSE Sensex heatmap
9:17 AM
Market at open
At 9:16 AM, the S&P BSE Sensex was trading at 35,401, down 22 points while the broader Nifty50 was ruling at 10,707, down 7 points.
9:02 AM
Markets at pre-open
(Source: BSE)
| Index | Current | Pt. Change | % Change |
| S&P BSE SENSEX | 35,408.12 | -15.36 | -0.04 |
| S&P BSE SENSEX 50 | 11,223.71 | -0.47 | 0.00 |
| S&P BSE SENSEX Next 50 | 32,039.09 | +97.58 | +0.31 |
| S&P BSE 100 | 10,992.30 | +4.59 | +0.04 |
| S&P BSE Bharat 22 Index | 3,347.43 | +17.61 | +0.53 |
(Source: BSE)
8:59 AM
Nifty outlook by 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.
10,500 & 11,000 levels is strong support & resistance levels based on option open interest data for currnet month series expiry perspectives. By looking at current structure, I feel market is going to surpass all time high soon on main indices & this rally will have time wise consolidation rather than price wise correction in short term. Any kind of such short term correction or consolidation is buying opportunity for medium to long term Investment perspectives till medium term reverses.
8:54 AM
Stock Picks by Devang Shah:
DHFL- BUY
CLOSE - Rs 636.45
TARGET – Rs 670-690
GRANULES INDIA- BUY
CLOSE – Rs 80.70
TARGET – Rs 87-92
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First Published: Jul 02 2018 | 8:15 AM IST
