Nifty, Sensex May Suffer Severe Decline If They Go Below Monday’s Lows – Wednesday closing report
We had mentioned in Tuesday’s closing report that Nifty, Sensex are still in downturn. The major indices continued to suffer a correction. On the NSE, there were 607 advances, 1,138 declines and 339 unchanged. 
 
 
Domestic passenger car sales continued to slump with the segment's offtake falling 24.07% in June. According to the Society of Indian Automobile Manufacturers (SIAM), passenger car sales in the domestic market dropped to 139,628 units from 183,885 units sold during June 2018. Among the other sub-segments of passenger vehicles, the number of utility vehicles sold in India went down by 0.99% to 72,917 units in June 2019, while 13,187 vans were sold last month, down 18.70% from the corresponding month of 2018. Overall, passenger vehicle sales declined 17.54% in June to 225,732 units from 273,748 units.
 
Shares of IndiGo fell 17% during early trade on Wednesday after the dispute between its promoters came out in the open. Gangwal lamented that IndiGo has started veering off from the core principles and values of governance that made IndiGo what it is today. The stock recovered later and closed down 10.74%.
 
The government is planning to raise up to Rs 10,000 crore from the sixth tranche of CPSE ETF which would be launched on July 18 for anchor investors and on July 19 for other investors, an official said.The government aims to raise a record Rs 1.05 lakh crore through disinvestment in 2019-20, up from Rs 85,000 crore raised last fiscal.
 
After banks, the government may capitalise public sector general insurers this year to improve their finances and get them ready for the next wave of restructuring. Sources in the Finance Ministry said that management consultancy firm Ernst & Young (EY) has been shortlisted to advise on restructuring of three general insurers and based on its report, the government may also consider providing capital support to these companies.
 
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 Still in a Downturn – Tuesday closing report
We had mentioned in Monday’s closing report that Nifty, Sensex may go lower. The major indices opened low and closed flat. On the NSE, there were 860 advances, 871 declines and 351 unchanged. The trends of the Indian stock markets in the course of Tuesday’s trading are given in the table below:
 
 
Sensex and Nifty fell during the early trade on Tuesday as the streets continued to react negatively to the Budget proposal. The proposal to increase minimum public shareholding of listed companies to 35%, tax on buybacks, and especially the surcharge on foreign portfolio investors has not been received well by the investor community. The indices may remain under pressure depsite intraday rallies.
 
Bajaj Finance reported highest loan growth in the last 11 quarters. As per the provisional data, the non-banking finance company booked 7.3 million new loans during the quarter ended June 2019 against 5.6 million in same period last year.
 
Bajaj Finance further said its assets under management (AUM) stood at approximately Rs1.29 lakh crore as of June 2019, up 41.30% compared to Rs91,287 crore as of June 2018. The stock bouced back 5.52% after falling over 8% yesterday.
 
Shares of Tata Consultancy Services (TCS) declined 2% in Tuesday’s trade ahead of the IT major's June quarter results.
 
Shares of watch and jewellery maker Titan slipped 12% on Tuesday as rising gold prices hit quarterly sales during April-June quarter. In June, global gold prices rose 8% month-on-month which analysts believe hurt consumer demand for the precious metal.
 
Sale of housing units across seven major cities in the country declined by 13% quarter-on-quarter (QoQ) basis during the April-June quarter of 2019, an Anarock report said on Tuesday. Sales declined to 68,600 units from 78,520 units in the January-March quarter, the report said. 
 
Among the cities, Hyderabad, Bengaluru and Pune witnessed the maximum drop in housing sales at 18%, 16% and 15% respectively, while in the Mumbai Metropolitan Region (MMR) and the National Capital Region (NCR) sales declined by 11% and 8% respectively. In Chennai and Kolkata, sales fell by 13 and 12% from the previous quarter.
 
The real estate consultancy firm in its report said that launches also declined by 2% across the seven cities during the period under review to 69,000 units as opposed to 70,480 units in the first quarter of 2019.Further, as sales remained tepid, unsold housing stock remained largely stagnant during Q2 2019 as against Q1 2019 at 6.65 lakh units, it added. Affordable housing saw a quarterly decline of total new supply by 20% from 32,060 units in Q1 2019 to 25,580 units in Q2 2019.
 
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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COMMENTS

BV SUDHANVA

6 days ago

wake up its tuesday.

SRF: Strong Prospects; Stretched Valuation
SRF Limited, led by Arun Bharat Ram (chairman), Ashish Bharat Ram (managing director) and Kartik Bharat Ram (deputy managing director), makes chemicals and polymers, technical textiles and packaging films. SRF’s business segments include:
1. Technical Textiles Business (TTB) which comprises the tyre-cord fabric (nylon and polyester), belting fabrics and polyester yarn business. This...
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