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:
 
 
  • User

    COMMENTS

    BV SUDHANVA

    4 months 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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  • Nifty, Sensex May Go Lower Still – Monday closing report
    We had mentioned in Friday’s closing report that Nifty, Sensex were headed lower. The major indices of the Indian stock markets suffered a deep correction.
     
    On the NSE, there were 387 advances, 1,382 declines and 324 unchanged. The trends of the major indices in the course of Monday’s trading are given in the table below:
     
     
    Disappointment over the budget proposals led the Sensex to log the heaviest fall in seven months on Monday. Both the key equity indices -- Sensex and Nifty -- fell over 2%, as did Bank Nifty.
     
    Shares of Punjab National Bank (PNB) fell by over 10% on Monday, two days after the bank announced that it was defrauded by Bhushan Power & Steel Ltd. (BPSL) to the tune of Rs3,805.15 crore. "On the basis of Forensic Audit Investigation findings and CBI filing FIR, on suo moto basis, against the Company and its Directors, alleging diversion of funds from banking system, a fraud of Rs3805.15 core is being reported by Bank to RBI," PNB said in a regulatory filing.
     
    Finance Minister Nirmala Sitharaman will brief the RBI’s central board on Monday on Budget measures and sources said the upcoming sovereign bonds, NBFC issues and RBI dividend will figure in the discussion at the Central Board meeting. 
     
    Though the meeting is taking place under the customary Budget brieing, the discussion will take place on the Government’s intent to raise debt overseas in foreign currency. The debt will be anchored by RBI and the groundwork preparation will also be done with consultation with the Central Bank on size, timing and market of the proposed float. The RBI gives the dividend to government in August usually. 
     
    Yes Bank shares jumped 5% after it clarified about management stability and appointed two management leaders. The bank appointed Anurag Adlakha as senior group president and head financial management and strategy.  The bank said over the past few weeks, there has been a lot of unfounded speculation about board & management stability, asset portfolio, future growth prospects amongst other things. The financial position is sound and stable and its liquidity and operating performance continue to be robust, said the board of YES Bank.
     
    Shares of Bajaj Finance tanked 8% on slowdown concerns. The non-banking finance company's stock had consistently outpaced the market in past more than seven years. 
     
    The production of steel by Jindal Steel and Power Ltd (JSPL) rose 16% to 1.57 million tonne (MT) during April-June period of the ongoing fiscal. JSPL had produced 1.35 MT steel in the year- ago period, JSPL said in a BSE filing.
     
    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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