Market rises for 3rd straight session

Key equity benchmarks ended higher for third consecutive trading session. The Nifty failed to close above 11,700 mark after briefly crossing that level in intraday trade. Gains were capped amid weakness in other Asian shares.

The barometer index, the S&P BSE Sensex, rose 84.60 points or 0.22% to 39,215.64, as per the provisional closing data. The Nifty 50 index rose 24.90 points or 0.21% to 11,687.50, as per the provisional closing data.

The S&P BSE Mid-Cap index fell 0.15%. The S&P BSE Small-Cap index fell 0.07%.

The market breadth was tilted in favour of sellers. On the BSE, 1125 shares rose and 1356 shares fell. A total of 169 shares were unchanged.

 

IndiaBulls Housing Finance (up 2.75%), Zee Entertainment Enterprises (up 2.60%), UPL (up 2.51%), Hindalco Industries (up 2.41%) and State Bank of India (SBI) (up 2.37%) advanced.

Gail (India) (down by 2.75%), NTPC (down 1.34%) and Coal India (down 1.20%) declined.

Yes Bank lost 5.34% ahead of its Q1 result today, 17 July 2019.

Ministry of Petroleum and Natural Gas yesterday, 16 July 2017, signed contracts for 32 blocks awarded under Open Acreage Licensing Programme (OALP) Bid Rounds - II & III. The Government had launched OALP Bid Rounds-II and III on 7 January 2019 and 10 February 2019 respectively. The total number of awarded blocks stood at 32.

Oil India (down 1.02%) won 12 blocks, Vedanta (up 1.20%) won 10 blocks and ONGC (down 1.87%) won 8 blocks while Indian Oil Corporation (down 0.14) and BP Exploration & Reliance Industries (RIL) (down 0.89%) won 1 block each.

Most IT shares rose. Tech Mahindra (up 2.16%), HCL Technologies (up 1.99%), Infosys (up 1.16%), TCS (up 0.58%) and MindTree (up 0.15%) advanced. Oracle Financial Services Software (down 0.86%), Hexaware Technologies (down 0.68%), MphasiS (down 0.5%) and Persistent Systems (down 0.32%) declined.

Wipro fell 0.13% ahead of its Q1 result today, 17 July 2019.

DCB Bank dropped 16.65%. The bank's net profit rose 16.63% to Rs 81.06 crore on 20.43% rise in total income to Rs 944.46 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 16 July 2019.

Multi Commodity Exchange of India (MCX) advanced 4.98%. The company's consolidated net profit surged 496.18% to Rs 43.70 crore on 29.87% rise in total income to Rs 110.95 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 16 July 2019.

KNR Constructions jumped 5.50%. The firm said that it received a work order for Rs 847.34 crore from Navayuga Engineering Company, Hyderabad on back to back basis for the balance work of 'Palamuru Rangareddy Lift Irrigation Scheme - Package 10 for the formation of Venkatadri Reservoir bund. The announcement was announced was made after market hours yesterday, 16 July 2019.

Jay Bharat Maruti lost 5.88% after the company's consolidated net profit dropped 41.59% to Rs 7.85 crore on 12.45% fall in total income to Rs 443.21 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 16 July 2019.

InterGlobe Aviation gained 1.63%. As per reports, the ministry of corporate affairs (MCA) has asked InterGlobe Aviation to respond to all charges of corporate mis-governance raised by Rakesh Gangwal, the company's promoter. The ministry is also scrutinizing the shareholder agreement between the two promoters, Rakesh Gangwal and Rahul Bhatia, verifying the agreement's compliance with the Companies Act.

Meanwhile, Spicejet jumped 7.74%.

Sadbhav Infrastructure Project shed 1.07%. The company announced after market hours yesterday, 16 July 2019, that its toll revenue from 10 operational SPVs (apart from NSEL which is an annuity project) have increased by approx 2.3% to Rs 281.26 crore in Q1FY20 from Rs 274.99 crore in Q1FY19.

KRBL fell 1.22%. The company announced after market hours yesterday, 16 July 2019 that CARE Ratings had revised the rating of its commercial paper limits worth Rs 700 crore to CARE A 1 + (Under credit watch with negative implications). CARE has revised the rating due to the provisional attachment of properties by the Directorate of Enforcement at Dhuri, Tehsil Sangrur District of Punjab, valuing about Rs. 15 crore, on 4 July 2019 in connection with the Embraer deal case.

Suzlon Energy fell 4.71%. The company announced after market hours yesterday, 16 July 2019 that it has not made the payment of the principal amount of the outstanding Bonds, being $172 million, which was due on 16 July 2019 in accordance with the terms and conditions of the bonds. The company is working on holistic solution for its debt and continues to be in discussions with various stakeholders in relation to its outstanding debt (including the Bonds).

Larsen & Toubro Infotech fell 1.90%. The company announced during market hours today, 17 July 2019, that it has signed a definitive agreement to acquire Lymbyc Solutions, headquartered in Bangalore along with additional offices in Chennai and Texas, US. The acquisition is subject to customary closing conditions which are expected to get completed within 6 weeks. The cost of the said acquisition is Rs 380 million.

Larsen & Toubro shed 0.40%. The company announced during market hours today, 17 July 2019 that the water & effluent treatment business of L&T Construction and Tecton Engineering a Construction LLC, UAE joint venture have secured a prestigious contract for a 100 MLD Desalination plant from Gujarat Industrial Development Corporation, Gujarat, India. L&T Construction will be the lead in this project. The order falls in significant category with valuation between Rs 1000 to 2500 crore.

Vodafone Idea rose 1.69%. The company announced after market hours yesterday, 16 July 2019, that it has received a rating of 'BWR A+ (Outlook: Negative)' from 'BWR AA- (Outlook: Negative)' for non-convertible debentures from Brickwork Ratings.

Bharti Airtel fell 1.31%. The company announced after market hours yesterday, 16 July 2019, that it will consider Q1 June 2019 result on Thursday, 01 August 2019.

MTNL rose 1.35%. As per reports, group of ministers, led by Home Minister Amit Shah, yesterday discussed revival of loss making telecom firms BSNL and MTNL.

Cox & Kings hit 5% lower circuit at Rs 19. The company announced after market hours yesterday, 16 July 2019, that it had defaulted on its repayment obligation towards secured redeemable non convertible debentures worth Rs 50 crore. In a separate announcement yesterday, Cox & Kings said that it had also defaulted on its repayment obligation towards unsecured commercial paper worth Rs 45 crore.

Tata Power was up 1.91%. The company after market hours yesterday, 16 July 2019, announced a partnership with NTT Com- Netmagic to build its first 50 MW Solar Photovoltaic (PV) power plant in Solapur, Maharashtra, India. The capacity will be built in a phased manner with initial capacity of 35 MW increasing up to 50 MW within 24 months of initial commissioning of the plant.

Tata Elxsi lost 7.58%. The company reported that the net profit declined 31.56% to Rs 48.79 crore on a 10.71% fall in net sales to Rs 361.71 crore in Q1 June 2019 over Q4 March 2018.

Titan Company was down 0.27% after a global brokerage firm reportedly downgraded its rating on the stock from buy to neutral, as it cut the price target for the stock to Rs 1165 from 1200, citing weak jewellery demand in near term.

Auto shares declined. Eicher Motors (down 3.31%), Escorts (down 1.37%), Maruti Suzuki India (down 1.37%), Bajaj Auto (down 1.34%), Tata Motors (down 1.03%), Ashok Leyland (down 0.98%), Mahindra & Mahindra (down 0.91%), Hero MotoCorp (down 0.78%) and TVS Motor Company (down 0.14%) declined.

The Government said that it is aware that the auto sector which has been growing at approximately 7-8% per annum has witnessed a sluggish rate of sales in the last two quarters. During the period from January2018-June 2018, 13.39 million vehicles (all categories) were sold and during the period from January 2019-June 2019, 12.04 million vehicles were sold. A net decline of 10.08% was registered in the rate of automobile sale in the last two quarters. The Government, as a policymaker, always attempts to kickstart the sluggish economy through a package of measures for comprehensive and continued development of the auto sector as and when required. This information was given by the Minister of Heavy Industries & Public Enterprises, Arvind Ganpat Sawant, in a written reply in the Lok Sabha.

Overseas, shares in Europe were mixed while Asian stocks ended lower as comments from US President Donald Trump reignited trade war fears.

US stocks closed lower on Tuesday after President Donald Trump said an agreement with China on trade tariffs had a long way to go adding that America could place tariffs on an additional $325 billion worth of Chinese goods. Trump made his comments during a cabinet meeting at the White House. US and China have slapped tariffs on billions of dollars' worth of each other's imports since last year.

Federal Reserve chair Jerome Powell, while speaking in Paris at the Bank of France, said the economic outlook hasn't improved since the last Federal Open Markets Committee meeting in June, likely setting the stage for an interest rate cut.

Finance ministers from the Group of Seven (G-7) will meet in France today, with US-Sino trade tensions, France's digital tax and Facebook's Libra cryptocurrency expected to be on the agenda.

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