Nifty, Sensex Mildly Trending Down – Thursday closing report
We had mentioned in Wednesday’s closing report that Nifty, Sensex are directionless. The major indices of the Indian stock markets opened lower on Thursday and ended flat. On the NSE, there were 598 advances, 1,164 declines and 334 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below:
 
 
Taking a cue from global markets, the key Indian equity market indices on Thursday opened lower. As many as 14 stocks advanced in the Nifty 50 index while 36 stocks declined. In the BSE Sensex, 20 stocks including Tata Steel, ITC were trading in red while 10 stocks including Coal India, HDFC were trading in green at 9.21 a.m.
 
Shares of YES Bank fell 13% after foreign brokerage UBS cut its target on the stock to Rs90 from Rs170 earlier, a drop of 47%. UBS maintained its sell rating on Yes Bank as it expects more asset-quality pressure than consensus, given the bank’s higher exposure to stressed corporates and lower recognition of these loans as gross non-performing loans. 
 
Shares of Indiabulls Housing Finance and Indiabulls Ventures jumped around 12% after Abhay Yadav, who had filed a writ petition against promoter Sameer Gehlaut and the company over alleged fund misappropriation, withdrew his case in the Supreme Court. Yadav in his affidavit said that he was not aware of the contents and allegations mentioned in the complaints of the petition, Indiabulls said in a statement.
 
Shares of Jet Airways plunged more than 14% intraday after stock exchanges decided to impose trading restrictions on the troubled airline. According to a circular issued by NSE, the decision was taken as a part of preventive surveillance measures to curb excessive volatility. 
 
Concerns over slowing growth along with the outflow of foreign funds pulled the Indian equity market lower on Wednesday.State-run Allahabad Bank is looking at a modest business growth of 9% during fiscal year 2019-20 through a focus on consolidating current account and savings accounts (CASA) base and increasing dependency under the retail sector, according to its latest annual report. The bank’s total deposits stood at Rs2,14,335 crore at the end of the last financial year registering a year-on-year (y-o-y) growth of 0.34%.
 
Foreign Direct Investment (FDI) in India grew by 6% to $42 billion last year, according to the UN Conference on Trade and Development (UNCTAD). UNCTAD's Director of Investment and Enterprise James Zhan, who led the report team, said that an impetus for FDIs came from the new development of India abolishing approval procedures for foreign companies in areas like defence, telecommunications, and private security that want "to open branch offices under certain conditions in the country".
 
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 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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