Nifty, Sensex Directionless – Wednesday closing report
We had mentioned in Tuesday’s closing report that Nifty, Sensex were mildly trending up. The major indices opened in the red on Wednesday and ended with losses over Tuesday’s close. On the NSE, there were 695 advances, 1,047 declines and 356 unchanged. The trends of the Indian stock markets in the course of Wednesday’s trading are given in the table below:
 
 
The indices opened on a negative note on Wednesday morning. The beleaguered public sector Punjab National Bank (PNB) has admitted to 1,142 big and small defaulters all over India who have defaulted a stupendous Rs 25,090.3 crore. Of these 1,142, the PNB has so far initiated recovery proceedings by filing suits against 1,108 defaulters to recover Rs 23,879.8 crore. However, no suits have been filed against the remaining 34 defaulters who owe the bank Rs1,210.5 crore.
 
Shares of Tata Steel jumped close to 3% after the European Union's (EU) anti-trust authority on Tuesday blocked its merger with German industrial conglomerate Thyssenkrupp.  The merger had already been abandoned last month by the companies and was communicated to shareholders, on expectations that the EU would refuse the deal.
 
Yes Bank shares slumped more than 3% on Wednesday after independent director Mukesh Sabharwal, chairman of the nomination and remuneration committee, quit on Tuesday citing personal reasons. Former interim CEO Ajai Kumar had quit on Monday, also on personal grounds. The private bank’s founder Rana Kapoor sent two letters seeking re-induction on the board and compensation for lost payment, which seemed unreasonable to many board members.
 
Credit Suisse retained its positive stance on Motherson Sumi Systems, citing attractive valuations and expected growth going ahead. The global brokerage said global auto component suppliers warrant a relook after sharp correction in valuations. Overall auto space had been under pressure before recovery started in May-end. 
 
Indiabulls Housing Finance shares continued to be under pressure as it fell nearly 10% intraday after the company moved the Supreme Court seeking urgent listing of a plea filed against it in which it has been alleged that the company misappropriated Rs98,000 crore of public money.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 
 

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Nifty, Sensex Mildly Trending Up – Tuesday closing report
We had mentioned in Monday’s closing report that Nifty, Sensex were lacking any bullish trigger. The major indices of the Indian stock markets traded on a flat note on Tuesday after opening in the positive territory. On the NSE, there were 808 advances, 960 declines and 329 unchanged. The trends of the Indian stock markets in the course of Tuesday’s trading are given in the table below:
 
 
The economic growth numbers have come back to haunt the government with former Chief Economic Advisor (CEA) Arvind Subramanian also questioning the change in GDP calculation methods and numbers effected last year. In his recent research paper published by Harvard University, the former CEA has said there is a possibility of substantial overestimation in the growth figures while stating that the actual GDP growth between 2011-12 and 2016-17 was around 4.5% as against 7%.
 
Rebutting rumours about the financial health of Reliance ADAG Group, Anil Ambani on Tuesday said the group has met debt servicing obligation of Rs35,000 crore during the period from 1 April 2018 to 31 May 2019. According to him, the debt servicing component comprises of principal repayments of Rs24,800 crore and interest payments of Rs10,600 crore.
 
Southwest monsoon this year has become a thing of concern for policymakers as it has not just been delayed by a week, but it is also likely to be sluggish and erratic, which may spell trouble for the farm sector. Paddy, the primary crop of the kharif season, is likely to be hit as June as well as July are expected to be rain-deficit. The output of pulses such as arhar (pigeon pea), soybean and coarse cereals is also likely to be affected.
 
Jaguar Land Rover (JLR), the UK subsidiary of Tata Motors, on Tuesday reported a decline of 12.2% on year-on-year basis in retail sales in May at 42,370 units hit by weak demand in China, overseas market and Europe. Tata Motors was up 2.74% today.
 
Shares of Sun Pharma dropped nearly 4% intraday on June 11 after brokerage firm Goldman Sachs downgraded the stock to sell and cut the target price from Rs437 to Rs355. The global financial firm attributed the downgrade to Sun Pharma's spending in speciality pharma which will impact the company's profit growth.
 
Refuting charges of misappropriation of around Rs98,000 crore by its Chairman Sameer Gehlaut and other directors, Indiabulls Housing Finance late on Monday evening said that the allegation is "bizzare" and is meant to malign the reputation of the company. The statement comes after a plea was filed in the Supreme Court on Monday seeking legal action against Indiabulls Housing Finance, Gehlaut and the directors for the alleged misappropriation of public money. Indiabulls stock dropped by more than 8% today.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 
 
 
 

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Nifty, Sensex Lacking Bullish Trigger - Monday closing report
We had mentioned in Friday’s closing report that Nifty, Sensex were range-bound. The major indices of the Indian stock markets opened in the green on Monday and closed with gains over Friday’s close. On the NSE, there were 701 advances, 1083 declines and 331 unchanged. The trends of the major indices in the course of Monday’s trading are given in the table below:
 
 
Both the domestic and Asian investor sentiment strenthened after US President Donald Trump on Friday announced that he would not impose 5% tariffs on Mexican exports, as Mexico agreed to strengthen immigration enforcement.
 
Former ICICI Bank CEO and managing director Chanda Kochhar on Monday skipped questioning by the Enforcement Directorate (ED) in connection with a Rs 1,875-crore Videocon loan case citing poor health. Last month, Chanda Kochhar and her husband Deepak Kochhar were questioned five times by the financial probe agency in the national capital. The case relates to the alleged irregularities and corrupt practices in the sanction of Rs1,875-crore loan disbursed by ICICI Bank to the Videocon Group between 2009 and 2011.
 
The stock of YES Bank was down 5% at Rs133 per share on Monday on concerns of eroding balance sheet strength, rising non-performing assets (NPAs), capital raising concerns and weak visibility of profits. 
 
Vodafone Idea on Saturday said that its shareholders and creditors have approved proposal to transfer optical fibre assets to its wholly-owned subsidiary Vodafone Towers Limited. On April 11, 2019, the Mumbai-headquartered telecom company had filed a petition with National Company Law Tribunal Ahmedabad, seeking approval for the transfer of its telecom fibre infrastructure to Vodafone Towers. The decision to hive off its fibre assets into a separate entity is part of the Vodafone's strategy to monetise its assets apart from its stake in the joint entity of Bharti Infratel and Indus Towers which is close to completing their merger.
 
Bharat Petroleum Corporation Ltd plans to invest Rs6,877 crore to modernise its Mumbai refinery complex by replacing the old Catalytic Cracking Unit and Fluidised Catalytic Cracking Unit with a new, state-of-the-art Petro Resid Fluidized Catalytic Cracking Unit and associated facilities, the State-run refiner said in an application seeking environment clearance for the project.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 
 
 

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