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: