Nifty, Sensex To Head Higher – Thursday closing report
We had mentioned in Wednesday’s closing report that Nifty, Sensex may try to rally. The major indices of the Indian stock markets rallied on Thursday and closed with gains over Wednesday’s close. On the NSE, there were 1,118 advances, 665 declines and 310 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below:
 
 
The key Indian equity market indices opened lower on Thursday even after the US Federal Reserve left interest rates unchanged. However, the markets soon rallied throughout the entire trade session and closed with gains. On Thursday, Asian indices were showing a positive trend. Japan’s Nikkei 225 was quoting in green, up by 0.61%, Hang Seng was up by 1.23%. China’s Shanghai Composite was shot up by 2.38%.
 
Software and business re-engineering services firm Tech Mahindra on Thursday announced signing of a multi-year contract with Airbus for cabin and cargo design engineering. "This will strengthen our aerospace engineering portfolio, especially in areas like cabin engineering and customer services," Natarajan said. Tech Mahindra said it is aiming to grow its cabin engineering business over the next few years.
 
Yes Bank shares fell into double digits extending the bear run after credit agency Moody's put the company under review for a downgrade. The shares later recovered sharply and outperformed the broad market.
 
Shares of United Phosphorus Limited (UPL) fell 12.31% intraday after HSBC Research raised concerns on declining soyabean demand, pricing pressure from the US-China trade tensions and the African swine fever (ASF). 
 
Jet Airways shares shot up 150% intraday ahead of order from National Company Law Tribunal on insolvency plea filed by State Bank of India. “Market is expecting a positive outcome at the NCLT hearing. As a result, short covering and fall in open interest mainly supported the stock on Thursday,” said Chandan Taparia, derivative and technical analyst at Motilal Oswal Securities.
 
Adani Renewable Energy Park (Gujarat) has bagged a 130-megawatt (MW) wind power project in an auction by state-owned Solar Energy Corporation of India (SECI). The company has received a letter of award from SECI for the project, it said. The fixed power purchase agreement tariff is Rs 2.83 per kilowatt hour for 25 years. The project is expected to be commissioned by the fourth quarter of 2020-21.
 
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

    NARESH GAJRIA

    4 months ago

    Markets are going to take a toll, based on International tensions. What gave Money life a Positive feeling of markets going positive? I thought you guys were better in giving genuine advices!

    Nifty, Sensex May Try to Rally – Wednesday closing report
    We had mentioned in Tuesday’s closing report that Nifty, Sensex may rise if global markets are strong. The major indices of Indian equity markets were range bound on Wednesday and ended with minor gains even though global markets were strongly up. On the NSE, there were 486 advances, 1,292 declines and 320 unchanged. 
     
     
    The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a positive note during the morning session of the trade. Overseas, Asian stocks were trading higher on Wednesday on growing investor confidence that the Fed will cut interest rates this year.
     
    Shares of Tata Steel jumped 4% in the Wednesday's session and broke their losing streak of the last four consecutive sessions. Indiabulls Group stocks came under heavy pressure. Shares of Indiabulls Ventures and Indiabulls Real Estate plunged up to 20%.
     
    State-owned engineering firm BHEL announced on June 19 that it has commissioned Unit-1 of 84 MW at Chhukha hydro electric project in Bhutan. It has achieved yet another milestone in Bhutan with the successful commissioning of Unit-1 of the 4x84 MW Chhukha hydro electric project (HEP), following complete renovation and modernisation (R&M) of the generator, BHEL said in a statement.
     
    Engineering and construction giant Larsen & Toubro (L&T) has won a contract for water supply project in Sri Lanka. As per the company's project classification, the award value falls in the range of Rs1,000 crore to Rs2,500 crore. 
     
    The Reserve Bank of India (RBI) on Tuesday imposed a penalty of Rs 1 crore on private sector lender HDFC Bank for non-compliance of Know Your Customer (KYC) norms and anti-money laundering norms, and for failure to report frauds. The central bank, however, said that the action was based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
     
    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 May Rise if Global Markets are Strong – Tuesday closing report
    We had mentioned in Monday’s closing report that Nifty, Sensex were under pressure. The major indices of the Indian stock markets were range bound and closed with minor gains over Monday’s close. On the NSE, there were 688 advances, 1,092 declines and 316 unchanged. The trends of the Indian stock markets in the course of Tuesday’s trading are given in the table below:
     
     
    The Sensex on Tuesday opened marginally higher ahead of the US Federal Reserve policy meet. The two-day US Federal Reserve's monetary policy meeting is scheduled to begin on Tuesday. 
     
    Bharti AXA General Insurance on Tuesday said the company registered an increase of 29% in its Gross Written Premium (GWP) to Rs2,285 crore in the financial year 2018-19 from Rs1,772 crore in 2017-18. 
     
    Driven by growth across all product segments and channels of distribution, it achieved healthy top line performance against an overall industry growth of 12.9% and private sector growth of 25% in the financial year that ended on March 31, 2019.
     
    Vedanta on June 17 said its first pilot floating solar plant will be completed in the next two to three months. In an investor brief, the company said it is focussing on renewable energy and its group firm Hindustan Zinc plans its "first pilot floating solar to be completed in next 2-3 months". Vikram Solar, module manufacturer and rooftop solar and EPC solutions provider, had earlier in the year announced that it bagged the project order for a 1-MW floating solar plant for Hindustan Zinc Ltd, a Vedanta Group firm.
     
    Shares of YES Bank hit nearly five-year low of Rs107, down 8% on the BSE on Tuesday, falling 20% in the past four days after global brokerage firm UBS cut the target price to Rs90 from Rs170. The stock of the private sector lender was trading at its lowest level since August 12, 2014. 
     
    The foreign brokerage firm has maintained ‘sell’ rating on the stock saying sharp turnaround is less likely to fructify. It expects 255/200 basis points (bps) credit costs in FY20/21, higher than management guidance of 125 bps. NPL (non-performing loan) risks seem higher than current expectation, it said.
     
    Indiabulls Housing Finance has appointed a chief risk officer and complied with norms of National Housing Bank (NHB), the housing finance sector regulator. “In compliance with NHB/ND/DRS/Policy Circular No.
     
    95/2018-19 dated 29 May, 2019 issued by NHB, we wish to inform that Naveen Uppal, has been appointed as Chief Risk Officer (CRO) of the company, for a period of three years, with effect from 17 June, 2019," the company said in a notice. Naveen Uppal will directly report to the vice-chairman, managing director and CEO of the company or the board-constituted risk management committee of the company. The stock crashed by -7.35%.
     
    Shares of Jet Airways nosedived to record lows on Tuesday, wiping out more than half of the company's market value, a day after creditors said that they plan to begin insolvency proceedings against the grounded airline. According to news agency Reuters, insolvency proceedings against Jet Airways are likely to begin this week. The National Company Law Tribunal (NCLT) could hear insolvency petitions filed by the carrier's operational creditors for recovery of dues on June 20, the report said.
     
    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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