Key equity benchmarks ended higher for the third consecutive trading session. Sharp gains were capped due to weakness in other Asian stock markets. The Nifty ended above 11,900 mark after slipping below that level in intraday trade. The barometer index, the S&P BSE Sensex, rose 22.77 points or 0.06% to 39,839.25, as per the provisional closing data. The Nifty 50 index rose 3.05 points or 0.03% to 11,932.15, as per the provisional closing data.
Caution prevailed ahead of the presentation of the Economic Survey by the government's Chief Economic Advisor Krishnamurthy Subramanian on Thursday, 4 July 2019, and that of Union Budget by Finance Minister Nirmala Sitharaman the next day.
The S&P BSE Mid-Cap index was up 0.11%. The S&P BSE Small-Cap index rose 0.26%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1318 shares rose and 1158 shares fell. A total of 175 shares were unchanged.
Among index pivotals, Reliance Industries (up 0.32%), Axis Bank (up 0.51%) and State Bank of India (up 0.41%) rose.
IndusInd Bank (up 3.77%), Zee Entertainment Enterprises (up 1.33%) and ITC (up 1.22%) advanced.
Eicher Motors (down 2.48%), GAIL (India) (down 1.99%) and Tech Mahindra (down 1.48%) declined.
Adani Power rose 1.70% to Rs 65.90. The stock hit a 52-week high of Rs 66.25 in intraday trade today.
Bajaj Finance fell 0.06% to Rs 3710. The stock hit a 52-week high of Rs 3730.95 in intraday trade today.
Federal Bank gained 1.20% to Rs 109.75. The stock hit a 52-week high of Rs 110.35 in intraday trade today.
Power shares were mixed. CESC (up 0.62%), JSW Energy (up 0.49%), Tata Power (up 0.48%), GMR Infrastructure (up 0.47%), NTPC (up 0.24%) and Torrent Power (up 0.03%) advanced. Reliance Infrastructure (down 0.18%) and NHPC (down 0.2%) declined.
State-run Coal India was down 0.63%. State-run Power Grid Corporation of India was up 0.55%.
Kalpataru Power Transmission (KPTL) fell 0.51% to Rs 530.10. KPTL signed a definitive agreement with Tano India Private Equity Fund II (Tano) to acquire 19.94% stake in Shree Shubham Logistics (SSL) for Rs 64.66 crore. The consideration will be paid through a non-cash equity swap transaction, in which 12,54,900 equity shares of KPTL will be issued to Tano at the value of Rs 515.25 per share. The announcement was made after market hours yesterday, 2 July 2019.
In a separate announcement on 3 July 2019, Kalpataru Power Transmission (KPTL) announced that it has entered into binding agreements with CLP India to sell its stake in three power transmission assets namely, Kalpataru Satpura Transco (KSTPL), Alipurduar Transmission (ATL) and Kohima Mariani Transmission (KMTL) (referred jointly as SPVs), for an estimated enterprise value of Rs 3,275 crore. The transaction is subject to requisite approvals and compliances.
UCO Bank rose 2.76% to Rs 18.60. The bank announced that the Reserve Bank of India (RBI) has imposed a penalty of Rs 50 lakh on the bank for non-compliance of RBI directives on KYC Norms/AML Standards/CFT/Obligation of banks and financial institutions under PMLA 2002 and also on opening of current accounts by banks. The announcement was made after market hours yesterday, 2 July 2019.
Allahabad Bank gained 4.49% to Rs 48.85. The bank announced that the Reserve Bank of India (RBI) has imposed a penalty of Rs 50 lakh on the bank for non compliance of the directions issued by RBI on Know Your Customer (KYC) norms/ Anti Money Laundering (AML) Standards and opening of current accounts. The announcement was made after market hours yesterday, 2 July 2019.
Aditya Birla Fashion and Retail shed 0.23% to Rs 215.55. The company said that it approved completion of acquisition of the business undertakings of Jaypore and TG Apparel. Jaypore is a B2B entity which sells ethnic fashion merchandise under its own brand 'Jaypore' and of other third-party brands; and TG Apparel is a B2C entity which retails ethnic fashion, both online and offline. The announcement was made after market hours yesterday, 2 July 2019.
Graphite India gained 0.37% to Rs 329.75. The company announced that the Karnataka State Government has granted permission to close the Bengaluru plant in Whitefield. The announcement was made after market hours yesterday, 2 July 2019. On 3 April 2019, Graphite India had informed about the decision of the board of directors of the company to permanently close operations in the Bengaluru plant in Whitefield.
Indiabulls Ventures rose 10.85% to Rs 307.60. The company said that Indiabulls Consumer Finance, a wholly owned subsidiary of the company, has disbursed 9.2 lakh loans, during the quarter ended 30 June 2019 as compared to 4.9 lakh loans during the quarter ended 31 March 2019 and 0.6 lac loans during the quarter ended 30 June 2018. The announcement was made after market hours yesterday, 2 July 2019.
Tata Communications rose 0.32% to Rs 476.25. The company announced that Vinod Kumar has resigned as MD and group CEO with effect from 5 July 2019.
Reliance Home Finance was up 2.45% to Rs 12.95. CARE Ratings downgraded its ratings on company's non-convertible debenture of Rs 400 crore to 'D'. The reason for downgrade is due to rescheduling of non-convertible debentures.
Shoppers Stop rose 1.98% to Rs 502 after the company announced that Aditya Birla Sun Life Mutual Fund had acquired 19.81 lakh shares of the company. Post acquisition of shares, the holding of the fund amounts to 7.01% of the paid up capital of the company.
Larsen & Toubro (L&T) was up 0.90% to Rs 1577.50. MindTree shed 0.80% to Rs 906. L&T announced that on 2 July 2019, made payment of consideration to the shareholders of the MindTree (target company) who have tendered their shares in the open offer. The offer opened on 17 June 2019 and closed on 28 June 2019. Consequently, L&T's shareholding in MindTree stands at 60.06% of the total paid-up equity share capital.
MTNL was up 4.58% to Rs 8.91 after media reports stated that the government is considering an Rs 74,000-crore bailout plan to rescue ailing state-owned telecom companies BSNL and MTNL.
Mahindra & Mahindra gained 0.43% to Rs 669.15. The company has launched an innovative new automated manual transmission (AMT) version of its popular compact SUV, the XUV300. The auto shift technology has been engineered by Italian automotive experts Marelli. The announcement was made during market hours today, 3 July 2019.
Indiabulls Housing Finance jumped 7.23% to Rs 688.10. The company announced that it bought back secured, redeemable, non-convertible debentures (NCDs) of face value Rs 10 lakh each (except NCDs bearing face value Rs 3.33 lakh each). The announcement was made during market hours today, 3 July 2019.
Excel Crop Care rose 3.75% to Rs 3081.05. The company announced that the Gujarat Pollution Control Board (GPCB) has withdrawn its closure order for a period of three months after the company submitted an action plan to GPCB for scientific disposal of waste/necessary remediation of the subject plot of land. The company has informed on 26 June 2019 that GPCB had ordered closure of manufacturing operations of the company's Bhavnagar Plant for fifteen days after 21st June, 2019. The announcement was made during market hours today, 3 July 2019.
Bharat Gears gained 3.24% to Rs 100.25. The company announced that it had acquired 1.48 crore shares, constituting 100% of equity of of Xlerate Driveline India. The company expects to complete the acquisition on or before 31 October 2019 on cash basis. The cost of acquisition or the price at which the shares are acquired is Rs 9.42 crore. The announcement was made during market hours today, 3 July 2019
On the macro front, economic conditions in India's service sector weakened, as broadly stagnant sales caused the first drop in business activity in over a year. The IHS Markit India Services Business Activity Index was at 49.6 in June, down from 50.2 in May. The index contracted for the first time since May 2018. A reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease. According to the survey, weak sales, competitive pressures and unfavourable taxation all hampered output
Overseas, European shares were trading higher. European Union leaders agreed on Tuesday, 2 July 2019, to nominate International Monetary Fund (IMF) managing director Christine Lagarde as the new head of the European Central Bank (ECB). Germany's Ursula von der Leyen was proposed to replace European Commission President Jean-Claude Juncker, Belgium's Charles Michel for European Council president, and Spain's Josep Borrell for EU foreign policy chief. The deal must now be approved by the European Parliament.
Asian stocks ended lower on Wednesday, as global trade concerns weighed on investor sentiment. The Caixin/Markit services purchasing managers' index for China fell to 52.0 in June, the lowest since February and down from May's 52.7. The 50-mark separates growth from contraction.
US stocks managed modest gains on Tuesday as enthusiasm over the US-China trade truce faded after the United States threatened tariffs on additional European goods.
Meanwhile US President Donald Trump's administration on Monday threatened to impose tariffs on $4 billion of additional European Union goods in a long-running dispute over aircraft subsidies. The new wave of proposed duties comes amid a 15-year dispute at the World Trade Organization over aircraft subsidies given to U.S. aerospace manufacturer Boeing and its European rival, Airbus.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
