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  • Nifty closes above 11,800 mark
  • June 20,2019  16:45
  • Key benchmark indices ended with robust gains on Thursday, supported by positive global stocks. Global shares jumped after a dovish US Federal Reserve opened the door to further rate cuts. Following the Fed meeting on Wednesday, the US central bank left interest rates unchanged but opened the door for a possible rate cut in the future.

    The barometer index, the S&P BSE Sensex, gained 488.89 points or 1.25% to 39,601.63. The index hit a high of 39,638.64 and a low of 38,933.78 in intraday trade.

    The Nifty 50 index rose 140.30 points or 1.20% to settle at 11,831.75. The index hit high of 11,843.50 and low of 11,635.05 in intraday trade.

    After opening lower, key indices bounced back in morning trade and continued rising as the session progressed. The benchmarks hit fresh intraday high in late trade. Gains in pharma and banks stocks contributed to the rally.

    Buying was broad based. Among secondary barometers, the BSE Mid-Cap index was up 1.64%. The BSE Small-Cap index was up 1.05%.

    The market breadth, indicating the overall health of the market, was strong. On BSE, 1530 shares rose and 1010 shares fell. A total of 140 shares were unchanged.

    Among the sectoral indices on the BSE, the S&P BSE Auto index (up 2.46%), the S&P BSE Capital Goods index (up 2.36%) and the S&P BSE Healthcare index (up 2.27%) outperformed the S&P BSE Sensex. Meanwhile, the S&P BSE FMCG index (up 0.11%), the S&P BSE IT index (up 0.28%) and the S&P BSE Teck index (up 0.49%) underperformed the S&P BSE Sensex.

    Jet Airways India soared 93.35% to Rs 64. A consortium of 26 bankers led by the State Bank of India earlier this week took the airline to the National Company Law Tribunal (NCLT) for the speedy recovery of their dues. NCLT will pass an order at 17:00 IST today, 20 June 2019, on whether the bankruptcy case will be admitted, reports suggested.

    Wind turbine maker Suzlon Energy surged 22.39% to Rs 4.10 after media reports suggested that the company's lenders will meet tomorrow to decide on the debt restructuring proposal for the company.

    Titan Company was up 2.44% at Rs 1,305.80. The stock hit a record high of Rs 1,308.50 in intraday today.

    Bajaj Finserv was up 2.03% to Rs 8,422. The stock hit a 52-week high of Rs 8,440 in intraday today.

    Bajaj Finance was up 1.71% to Rs 3,585. The stock hit a 52-week high of Rs 3,590.70.

    Yes Bank (up 11.43%), Sun Pharmaceutical Industries (up 3.68%), JSW Steel (up 3.45%), ICICI Bank (up 3.14%), Larsen & Toubro (up 3.45%) and Cipla (3.41), advanced.

    Adani Ports and Special Economic Zone (down 1.34%) Britannia Industries (down 1.31%) Zee Entertainment Enterprises (down 0.54%) and ITC (down 0.07%), declined.

    UPL was down 8.51%. The stock hit an intraday high of Rs 947.55 and an intraday low of Rs 833.65. The stock hit a 52-week low of Rs 537.90 on 19 July 2018 and a 52-week high of Rs 1045 on 12 June 2019.

    IndusInd Bank was up 3.80%. Bharat Financial Inclusion was up 4.85%. The boards of IndusInd Bank and Bharat Financial Inclusion fixed 4 July 2019 as the record date for merger between IndusInd Bank and Bharat Financial Inclusion. The announcement was made after market hours yesterday, 19 June 2019.

    Pharma stocks were in demand. Wockhardt (up 5.96%), Divi's Laboratories (up 3.9%), Cipla (up 3.35%), Strides Shasun (up 2.84%), Aurobindo Pharma (up 2.33%), Cadila Healthcare (up 1.93%), IPCA Laboratories (up 1.62%), Lupin (up 1.46%) and Dr Reddy's Laboratories (up 0.73%), edged higher. GlaxoSmithKline Pharmaceuticals (down 0.27%) and Alkem Laboratories (down 1.91%), edged lower.

    The Indian pharmaceutical industry is aspiring to touch $120-130 billion by 2030 from the current $38 billion, industry body Indian Pharmaceutical Alliance (IPA) said on Wednesday.

    Piramal Enterprises jumped 7.88% on bargain hunting after a recent slide. Shares of Piramal Enterprises fell 19.60% in the past six trading sessions to settle at Rs 1742.75 yesterday, 19 June 2019, from its close of Rs 2,167.65 on 11 June 2019.

    Glenmark Pharmaceuticals was up 1.60%. Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted tentative approval by the United States Food & Drug Administration (USFDA) for Clindamycin Phosphate Foam, 1%, a generic version of Evoclin Foam, 1%, of Mylan Pharmaceuticals Inc. According to IQVIA sales data for the 12 month period ending April 2019, the Evoclin Foam, 1% market achieved annual sales of approximately $17 million. The announcement was made after market hours yesterday, 19 June 2019.

    Shares of IT companies were mixed. Hexaware Technologies (up 4.08%), Oracle Financial Services Software (up 1.27%), TCS (up 0.85%), Infosys (up 0.36%), MindTree (up 0.29%) and HCL Technologies (up 0.23%), edged higher.

    MphasiS (down 0.28%), Persistent Systems (down 0.28%), Tech Mahindra (down 1.39%) and Wipro (down 2.42%), edged lower.

    Media reported that the United States has told India it is considering caps on H-1B work visas for nations that force foreign companies to store data locally. The move could have an adverse impact on Indian IT companies in the US. The H-1B visa is a non-immigrant visa that allows US companies to employ foreign workers in specialty occupations that require theoretical or technical expertise.

    In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 69.5625, compared with its close of 69.6850 during the previous trading session.

    A firm rupee adversely affects operating profit margin of IT firms as the sector derives a lion's share of revenue from exports.

    Housing Development Finance Corporation (HDFC) rose 0.94%. HDFC said it has entered into agreements for acquiring up to 51.2% of the equity share capital of Apollo Munich Health Insurance Company for a total consideration of Rs 1346.84 crore. The announcement was made after market hours yesterday, 19 June 2019.

    Apollo Hospitals Enterprise rose 1.42%. The company said that the board of directors of the company approved the sale of the entire 9.96% equity stake held by the company in Apollo Munich Health Insurance Company, an unlisted public limited company for a total consideration of around Rs 300 crore. The announcement was made after market hours yesterday, 19 June 2019.

    Ashok Leyland rose 5.85%, reversing early fall. The company said that as part of the company's strategy to align with the production and sales requirements, the company's plant situated at Pantnagar will remain closed from 24 June 2019 to 29 June 2019 (both days inclusive). The company does not expect any material impact on the same. The announcement was made after market hours yesterday, 19 June 2019.

    Punjab National Bank (PNB) rose 2.12%. PNB said that the bank's board has granted permission for raising capital through issuance of Basel III compliant Tier II bonds amounting up to Rs 1500 crore in one or more tranches. The announcement was made after market hours yesterday, 19 June 2019.

    Oil and Natural Gas Corporation (ONGC) was up 2.69%. The company said that its wholly-owned subsidiary, ONGC Videsh, along with its joint venture partners of Mozambique Rovuma Offshore Area 1, announced final investment decision (FID) for initial two LNG train project development. The FID signifies that the Golfinho/Atum Mozambique LNG project will now advance to the construction phase. The announcement was made after market hours yesterday, 19 June 2019.

    Adani Green Energy (AEGL) was up 3.15%. The company announced that it had won bids for setting up 600 MWac ISTS-connected wind-solar hybrid power projects in a tender issued by Solar Energy Corporation of India (SECI). The fixed power purchase agreement (PPA) tariff is Rs. 2.69/ kWh for a period of 25 years. Projects are expected to be commissioned by Q4 FY 2021. The announcement was made after market hours yesterday, 19 June 2019.

    In the commodities market, Brent crude for August 2019 settlement was up $1.43 at $63.25 a barrel. The contract fell 32 cents or, 0.51% to settle at $61.82 a barrel in the previous trading session.

    Overseas, European stocks were trading higher as investors await an interest rate decision from the Bank of England. Asian stocks ended higher on Thursday. Investors globally were rejoiced after the US Federal Reserve spurred hopes of a rate cut as soon as July, even though it left interest rates unchanged. The Fed news came in after European Central Bank chief Mario Draghi said in his latest speech said that the European Central Bank could cut interest rates again or provide further asset purchases, if inflation does not reach its target.

    Meanwhile, on the US-China trade front, hopes in Beijing appear to have risen for a trade deal between the two economic powerhouses. US President Donald Trump and Chinese Xi Jinping are reportedly set to meet at the upcoming G-20 summit in Japan, which will happen next week.

    US stocks closed higher Wednesday after the Federal Reserve kept interest rates unchanged as widely expected but dropped the reference to patient in its statement to indicate it is ready to make ease monetary policy if needed.

    The Fed said it will closely monitor the economy given increasing uncertainty about government policy though it signaled it may not need to lower rates before 2020. The central bank remained mostly optimistic about the economic outlook, but said inflationary pressures have receded, compelling it to lower its forecast for PCE inflation in 2019 to 1.5% from 1.8%, below its 2% target. At the same time, it left its gross domestic product estimate at 2.1%.

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