Key benchmarks ended with minor losses as negative global cues spoiled investors sentiment. The barometer index, the S&P BSE Sensex, fell 13.89 points or 0.04% to 31,283.64, as per the provisional closing data. The Nifty 50 index fell 16.40 points or 0.17% to 9,637.10, as per the provisional closing data.
The Sensex rose 38.91 points, or 0.12% at the day's high of 31,336.44 in mid-afternoon trade. The index fell 103.92 points, or 0.33% at the day's low of 31,193.61 in morning trade, its lowest intraday level since 19 June 2017. The Nifty fell 3.05 points, or 0.03% at the day's high of 9,650.45 in early trade. The index fell 44.90 points, or 0.47% at the day's low of 9,608.60 in mid-afternoon trade, its lowest intraday level since 16 June 2017.
Among secondary barometers, the BSE Mid-Cap index provisionally rose 0.04%. The BSE Small-Cap index provisionally rose 0.11%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,371 shares fell and 1,263 shares rose. A total of 183 shares were unchanged.
The total turnover on BSE amounted to Rs 7500 crore, higher than turnover of Rs 2989.06 crore registered during the previous trading session.
Engineering and construction major L&T rose 0.14% to Rs 1,753 on reports the Government of India sold 2.5% stake in the company via block deals on the stock exchanges today, 21 June 2017. As per reports, the Government of India (GoI), through the state-owned Specified Undertaking of Unit Trust of India (SUUTI) sold about 2.5% stake in L&T through block deals on the stock exchanges today, 21 June 2017. SUUTI owned a 6.549% stake in L&T as of 31 March 2017.
Meanwhile, media reports suggested that ABB India is in discussions with L&T to acquire the latter's electrical and automation division. According to reports, ABB has offered over Rs 14000 crore for the deal and discussions are yet to arrive at a final figure. In a separate development, NHPC announced after market hours yesterday, 20 June 2017 that it has awarded EPC contract for the development of 50 megawatts (MW) Solar Power project in Tamil Nadu to L&T for an amount of Rs 287.48 crore. The project is slated to complete in 9 months.
Shares of three airliners rose as crude oil prices extended recent losses. SpiceJet (up 4.27%) and InterGlobe Aviation (up 1.58%), gained.
Jet Airways (India) rose 2.99% to Rs 565.60 on reports that a domestic brokerage has maintained buy on the stock for target price of Rs 615. The brokerage reportedly feels that stabilization of airline industry yields in near term, secular trend in costs and debt reduction are key for profitability to get a leg up. It factored in Jet Airways to post lower growth and its yield to be impacted (due to focus on international operations) versus other players, reports suggested.
Jet fuel or aviation turbine fuel (ATF) typically makes up almost half of an airline's operating cost. Prices of jet fuel are directly linked to crude oil prices. State-run oil marketing companies revise jet fuel prices on the last day of every month based on the average international crude price.
Meanwhile, Ministry of Civil Aviation after market hours on 19 June 2017 had announced the traffic data that showed passengers carried by domestic airlines rose 17.36% to 1.01 crore in May 2017 over May 2016.
AstraZeneca Pharma India gained 0.67% to Rs 921.95 after the report suggested that company received marketing authorisation from the Drug Controller General of India for Symbicort. Symbicort is indicated for treatment of severe asthma and for patients with moderate to severe chronic obstructive pulmonary disease (COPD) with frequent symptoms and a history of exacerbations, report added.
Overseas, European stocks edged lower as oil and gas, financial and tech shares struggled. Asian shares ended mixed following a sell off in energy shares after oil prices slipped around 2% overnight.
China's Shanghai Composite rose 0.52%. MSCI said yesterday, 20 June 2017, it planned on adding China A-shares to its benchmark MSCI Emerging Markets Index. The index giant said it will add 222 China A Large Cap stocks in a phased manner beginning next year. The review is the fourth straight year MSCI has considered adding the mainland-traded stocks.
US stocks declined overnight as investors dumped energy shares after crude-oil prices sank into bear-market territory amid growing concerns that an uptick in global production would derail Opec's efforts to reduce supply. The Dow Jones Industrial Average fell 61.85 points, or 0.3%, to end at 21,467.14. The Nasdaq Composite Index slid 50.98 points, or 0.8%, to close at 6,188.03.
In the global commodities markets, Brent for August 2017 settlement was down 21 cents at $45.81 a barrel. The contract fell 89 cents, or 1.90% to settle at $46.02 a barrel during the previous trading session.
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