The NewsYet – Market Live: Indices off day’s high with Nifty around 11,900; Bharti Infratel gains 2% – Moneycontrol.com
The NewsYet –
Jun 10, 2019 12:18 PM IST | Source:Moneycontrol.com
The NewsYet – All the sectoral indices are trading in the green led by PSU bank, infra, IT, FMCG, auto, metal and pharma.
PVR opens new multiplex: PVR is opening 10 screens multiplex at Uthandi Mall, Chennai. With this launch, PVR now operates the largest multiplex network with of 781 screens at 166 properties in 67 cities.
Dr Reddy’s Laboratories along with its subsidiaries announced positive topline results from its Phase 2b study of PPC-06 (formerly referred to as XP23829) in patients with moderate to severe plaque psoriasis.
RPP Infra Projects bags Rs 47.2 crore order: RPP Infra Projects won new order worth Rs 47.2 crore from Bharat Heavy Electricals (BHEL) for structural works of their Coal Handling Plant and Ash Handling Plant.
Rupee Update: The Indian rupee is trading marginally higher at 69.44 per dollar against Friday’s close 69.47.
Shares of The Jammu and Kashmir Bank dropped about 20 percent on June 10 in the morning trade after the government on June 8 removed J&K Bank Chairman Parvez Ahmad and appointed its executive president RK Chibber as an interim chairman.
Just In | SBIkeeps lending rates unchanged for June.
Sensex at this hour
Market Update: The benchmark indices erased some of its morning gains but trading higher with Nifty around 11,950 level.
The Sensex is up 281.35 points at 39897.25, while Nifty is up 80.20 points at 11950.90. About 1031 shares have advanced, 784 shares declined, and 106 shares are unchanged.
Buzzing:Shares of Globus Spirits rose 4.6 percent in the early trade on Monday after upward revision of selling rates of country liquor in Rajasthan.
L&T bag orders: The construction arm of L&T has secured orders from prestigious clients across various Indian states for its varied businesses.
Crude Update: Oil prices rose on Monday after Saudi Arabia said producer club OPEC and Russia were likely to keep withholding supplies, and in relief that the United States and Mexico averted a trade war that would have damaged the global economy.
Market Opens: It is positive start for the benchmark indices on June 10 with Nifty above 11,900.
At 09:16 hrs IST, the Sensex is up 296.45 points at 39,912.35, while Nifty is up 86.10 points at 11,956.80. About 468 shares have advanced, 183 shares declined, and 46 shares are unchanged.
Indiabulls Housing, Vedanta, Tata Steel, Zee Entertainment, Yes Bank, IndusInd Bank, SBI, DHFL, Edelweiss Financial, Manappuram Finance, India Cements are among major gainers on the indices in the early trade, while losers are J&K Bank, Reliance Power, Reliance Capital , Reliance infra and PC Jeweller.
All the sectoral indices are trading in the green led by PSU bank, infra, IT, FMCG, auto, metal and pharma.
Rupee Opens: The Indian rupee opened higher at 69.45 per dollar on Monday versus Friday’s close 69.47.
Market at pre-open: The benchmark indices are trading positive in the pre-opening session on June 10.
At 09:02 hrs IST, the Sensex is up 111.69 points or 0.28% at 39727.59, and the Nifty up 56.90 points or 0.48% at 11927.60
US markets end higher on Friday: Wall Street’s major indexes charged higher on Friday, as sharply slowing US job growth boosted hopes for Federal Reserve interest rate cuts while optimism about potential progress in US trade fights with China and Mexico added to risk appetites.
Asian markets update: US stock futures and Asian shares rose on Monday after the United States dropped its threat to impose tariffs on Mexico in a deal to combat illegal migration from Central America, while weak US jobs data raised hopes for US interest rate cuts.
Brokerages View: Source: CNBC-TV18
Citi on Monsoon
Monsoon arrival delayed marginally, El Nino risk lingers on
44% of country’s area is under drought-like conditions vs 38% last year
CLSA on new NPA circular
RBI offers leeway to banks; Onus of resolutions now on them
New framework addresses banks’ concerns by giving four concessions
There is no rule-based reference to NCLT
Nomura on new NPA circular
Most changes to resolution for stressed assets are practical
Changes rightly incentivise banks to find a time-bound resolution
RBI has mandated additional provisions of 20-35% if lenders do not find resolution plan
Deutsche Bank on new NPA circular
New NPA norms to provide flexibility in the resolution process
Expect some pick-up in the pace of resolution
Credit Suisse on new NPA circular
RBI maintains its push towards IBC
Focus on IBC positive for resolution as well as disincentive for poor creditor behaviour
Recent slowdown in IBC process remains a bottleneck for faster recoveries
China data watch
May $-denominated exports up 1.1% YoY versus Reuters poll of 3.8% decline
May $-denominated imports down 8.5% YoY versus Reuters poll of 3.8% decline
May trade surplus at $41.65 billion vs Reuters poll of $20.5 billion surplus
Morgan Stanley on ITC
Overweight call, target raised to Rs 360 from Rs 320 per share
Investors remain worried about sharp unexpected tax increases
Cigarette volumes are tracking ahead of expectations
Citi on Dabur
Buy rating, target at Rs 455 per share
Trends in the last two months are slightly better vs slowdown in March
Credit Suisse on HUL
Maintain neutral call, target at Rs 1,850 per share
Co remains way ahead of the curve, but near-term growth may be muted
Jefferies on HUL
Hold rating, target at Rs 1,820 per share
Investor day highlighted company’s superior execution & lead over peers
Citi on HUL
Neutral call, target at Rs 1,867 per share
Data & digital increasingly important for company
CLSA on HUL
Outperform call, target at Rs 1,950 per share
Analyst meeting built on last year’s theme of re-imagining HUL
Deutsche Bank on Tata Motors
Hold Rating, target at Rs 175 per share
JLR focussing on costs & cash flows
Deutsche Bank on Embassy REIT
Buy rating, target at Rs 370 per share
Indiabulls’ promoter stake sale in-line with its strategy to focus on fin services
Morgan Stanley on GSK Pharma
Underweight call, target raised to Rs 1,134 from Rs 1,102 per share
GSK India growth muted due to a recent industry slowdown
CLSA on Gas Sector
Weak gas consumption in April
Weak gas consumption suggests QoQ vol decline for GAIL, GSPL & Petronet LNG
Strong retail volume growth for CGDs will continue
Prefer CGDs in the gas space
Credit Suisse on IT Sector
Valuations reluctant to price in any slowdown risks
HCL Tech stands out with extremely low expectations
If US slowdown manifests, growth expectations could get reset downwards
SGX Nifty: Trends on SGX Nifty indicate a positive start for the broader indices in India, a gains of 59 points or 0.50 percent. Nifty futures were trading around 11,956-level on the Singaporean Exchange.