Sensex zooms 489 points, Nifty ends above 11,800; Yes Bank jumps 11%

20 Jun 2019

Market Closing

The market saw spectacular run on June 20 as buying across sectors pushed Sensex up over 500 points intraday while the broader markets outperformed frontliners.

The BSE Sensex rallied 488.89 points or 1.25 percent to 39,601.63 and the Nifty50 climbed 140.30 points or 1.20 percent to 11,831.80.

The market breadth was also in favour of bulls as about three shares advanced for every two shares falling on the BSE. The Nifty Midcap and Smallcap indices surged more than 1.5 percent each.

Yes Bank was biggest gainer among Nifty50 stocks, rising 11 percent followed by Indiabulls Housing (7.97 percent), Sun Pharma (4.08 percent), IndusInd Bank (up 3.93 percent) and L&T (3.45 percent).

However, UPL, Wipro, Adani Ports, Britannia and Tech Mahindra were losers.

Jet Airways was biggest gainer among smallcaps, rising 90 percent while Anil Dhirubhai Ambani Group stocks like Reliance Infrastructure and Reliance Capital rallied 35 percent and 28 percent respectively.

Expert View on Yes Bank

Ambareesh Baliga, Independent Market Expert told CNBC-TV18 that the bottom for Yes Bank could be around Rs 85 or so. "We suggested buying a bit more at around Rs 110 levels as I don't think bank shutting down due to current problems. Look at ICICI Bank, it had also problem in the past which resolved over the time. So for next 12-18 months, Yes Bank is a great opportunity to buy now."

Market Update: Indian indices are trading at day's high level in the afternoon trade on June 20.

At 14:02 hrs IST, the Sensex is up 269.96 points at 39382.70, while Nifty is up 73.90 points at 11765.40. About 1167 shares have advanced, 1152 shares declined, and 121 shares are unchanged.

Crude Update: Oil prices climbed around 3% on Thursday amid escalating tensions in the Middle East as a US official said one of the country's military drones was shot down by an Iranian missile.

Brent Crude Futures Rally 3%

Oil prices climbed around 3 percent amid escalating tensions in the Middle East as a US official said one of the country’s military drones was shot down by an Iranian missile.

The drone was downed in international airspace over the Strait of Hormuz by an Iranian surface-to-air missile, a US official said on Thursday, speaking on condition of anonymity.

Brent crude futures were up $1.93, or 3.1%, at $63.75 a barrel and US West Texas Intermediate (WTI) crude futures were up $1.73, or 3.2%, at $55.49 a barrel. Source: Reuters

Rupee Update: The Indian rupee erased some of its morning gains but trading higher by 9 paise at 69.59 per dollar versus previous close 69.68.

Market Update: The benchmark are trading higher with Nifty holding above 11,700.

The Sensex is up 126.54 points or 0.32% at 39239.28, and the Nifty up 33.70 points or 0.29% at 11725.20. About 1006 shares have advanced, 1016 shares declined, and 96 shares are unchanged.

Buzzing: Jain Irrigation Systems shares rallied nearly 9 percent on June 20 after the company clarified on its recent share fall and pledged shares.

Gold Update: Gold prices surged as much as 1.8% to their highest in more than five years on Thursday after the US Federal Reserve signalled possible interest rate cuts later this year, sending the dollar and US Treasury yields lower.

Dollar Update: The dollar was on the defensive on Thursday after the Federal Reserve signalled it was ready to lower interest rates to combat growing global and domestic risks.

Market Update: Benchmark indices recovered from the day's low and trading flat.

At 09:42 hrs IST, the Sensex is down 1.52 points at 39,111.22, and the Nifty down 8 points at 11683.50. About 485 shares have advanced, 1001 shares declined, and 42 shares are unchanged.

Buzzing: Shares of Ashok Leyland shed 3 percent in the early trade on June 20 after company decided to shut its Pantnagar plant.

Crude Update: Oil prices rose over 1 percent on Thursday as official data showed US crude stocks fell more than expected and as OPEC and other producers finally agreed a date for a meeting to discuss output cuts.

Market Opens: It is weak start for the Indian indices on June 20 with Nifty around 11,650 level.

At 09:16 hrs IST, the Sensex is down 81.12 points or 0.21% at 39031.62, and the Nifty down 25.00 points or 0.21% at 11666.50. About 229 shares have advanced, 380 shares declined, and 36 shares are unchanged.

Axis Bank, Wipro, UPL, TCS, Infosys, Tech Mahindra, IRB Infra, Ashok Leyland, HCL Tech, Yes Bank, Britannia and Maruti Suzuki are among major losers on the indices, while gainers were Indiabulls Housing, RIL ONGC, Eicher Motors, L&T and IOC.

Except energy and metal all other sectoral indices are trading lower led by the IT, auto, FMCG and pharma.

Glenmark Pharmaceuticals receives tentative approval: Glenmark Pharmaceuticals Inc., USA has been granted tentative approval by the United States Food & Drug Administration (USFDA) for Clindamycin Phosphate Foam, 1%, a generic version of EVOCLIN 1 Foam, 1%, of Mylan Pharmaceuticals Inc.

Rupee Opens: The Indian rupee opened higher by 20 paise at 69.48 per dollar on Thursday versus previous close 69.68.

Market at pre-open: Benchmark indices are trading lower in the pre-opening session with Nifty around 11,650 level.

At 09:02 hrs IST, the Sensex is down 33.48 points or 0.09% at 39079.26, and the Nifty down 44.30 points or 0.38% at 11647.20.

Market Headstart: Nifty likely to open higher; 3 stocks which could give 11-13% return

The Nifty50 is likely to open higher on Thursday following Asian markets which were trading firm. The S&P BSE Sensex added 66.40 points to 39,112.74 while the Nifty50 ended flat at 11,691.50 on Wednesday.

Wall Street ends higher: The S&P 500 approached a record high on Wednesday after the Federal Reserve signaled potential interest cuts later this year, reassuring investors worried that the U.S.-China trade war could stall economic growth.

CLSA India Strategy

May indicators show economy stayed weak

Domestic demand-linked imports have also been persistently weak

Eco weakness could be more structural

RBI has taken cognizance of slower growth

Fiscal space is limited to carry out any growth enhancement measures

Housing cycle bottoms out & the same will eventually drive capex/eco recovery

CLSA on Asian Paints

Retain sell call, target at Rs 1,285 per share

Strong YoY rise in FY19 FCF but weak RoE

Jefferies on HDFC & Apollo

Have hold rating on Apollo Hospitals, target at Rs 1,250 per share

Buying Apollo Munich scales up its gen insurance, but price too high

At 6x trailing BV for a sub 5% RoE business; price is too high

Overall impact on company should be miniscule

Morgan Stanley on Apollo Hospitals

Overweight call, target at Rs 1,667 per share

Insurance stake sale, a major liquidity event

Apollo Munich stake sale should help reduce the leverage

Nomura on Apollo Hospitals

Buy rating, target at Rs 1,693 per share

Total consideration to Apollo Group from Apollo Munich deal at Rs 1,630 crore

Nomura on Fortis Healthcare

Maintain buy call, target cut to Rs 159 from Rs 171 per share

Expect gradual recovery following a challenging FY19

Cut target as impact of a potential open offer factored in

HSBC on UPL

Maintain buy, target at Rs 1,220 per share

Trade tensions & African swine fever headwinds for soyabean

Company at risk due to its global diversified exposure

Citi on Voltas

April & May weather has been favorable for AC sales

Management believes India should register healthy volumes in the quarter

Inventory levels which were high going into the quarter, have now normalised

CLSA on HDFC, Apollo Hospitals

Apollo Munich acquisition will help HDFC Ergo deepen health insurance presence

HDFC may utilise part of proceeds Gruh Finance stake sale

Synergies & cost savings post-merger key to improve profitability

Asian markets trade firm: A gauge of global stock markets edged near this year's peak while benchmark U.S. Treasury yields and the dollar dropped after the Federal Reserve signalled possible interest rate cuts later this year.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2% while Japan's Nikkei gained 0.5%.

SGX Nifty: Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 31.50 points or 0.27 percent. Nifty futures were trading around 11,750-level on the Singaporean Exchange.