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  • Sensex ends higher in volatile trade
  • June 19,2019  15:35
  • The Sensex ended with small gains while the Nifty ended almost flat after a volatile trading session on Wednesday. The barometer index, the S&P BSE Sensex, rose 66.40 points or 0.17% to 39,112.74, as per the provisional closing data. The Nifty 50 index ended almost flat at 11,691.45, as per the provisional closing data.

    Among secondary barometers, the BSE Mid-Cap index was down 0.69%. The BSE Small-Cap index was down 1.37%. Both these indices underperformed the Sensex.

    The market breadth, indicating the overall health of the market, was weak. On BSE, 710 shares rose and 1858 shares fell. A total of 119 shares were unchanged.

    Zee Entertainment Enterprises (up 5.32%), Kotak Mahindra Bank (up 2.69%), NTPC (up 1.74%) and Titan Company (up 1.45%), were major gainers.

    Yes Bank (down 4.85%), UPL (down 4.85%), Adani Ports and Special Economic Zone (down 3.08%) and Cipla (down 2.41%), were major losers.

    Tata Steel rose 5.49% on bargain hunting after a recent slide. Shares of Tata Steel fell 6.50% in the past four trading sessions to settle at Rs 472.75 yesterday, 18 June 2019, from its close of Rs 505.60 on 12 June 2019. Meanwhile, a foreign brokerage has reportedly maintained a 'buy' recommendation on the Tata Steel stock with a target price of Rs 570 per share. The broker highlighted that the domestic demand for steel is resilient but spreads are unlikely to bounce back.

    Shares of Indiabulls Group slumped in today's trade. Indiabulls Real Estate (down 1.74%), Indiabulls Ventures (down 4.14%) and Indiabulls Housing Finance (down 8.48%), all declined.

    Asian Oilfield Services shares climbed 1.46% to Rs 73. The company announced today that it has received two public tenders (orders) for 2D and 3D CDP seismic acquisition within Block 12 in Republic of Iraq totaling to $37 million. The order is to be executed within FY2020 and FY2021.

    Granules India rose 1.32% to Rs 92.45. The company's chairman reportedly said it expects pledge on shares to reduce in coming weeks. Krishna Prasad Chigurupati, chairman & MD, Granules India was quoted by the media as saying that currently, promoter pledge is at 43% and in the next few weeks, it is going to go down.

    Meanwhile, NITI Aayog CEO Amitabh Kant said in Delhi on Monday that circular economy has potential to create nearly one-and-half crore jobs in next five to seven years and create lakhs of new entrepreneurs. A circular economy is an alternative to a traditional linear economy (make, use, dispose) in which resources are kept in use for as long as possible, the maximum value is extracted from them whilst in use, the products and materials are recovered and regenerated at the end of each service life. This economic system is aimed at minimising waste and making the most of resources.

    Overseas, most European shares were trading lower ahead of a much-anticipated US Federal Reserve decision on interest rates. The US Fed kicked off its two-day monetary policy meeting yesterday. The Fed is expected to leave borrowing costs unchanged this time but possibly lay the groundwork for a rate cut later this year.

    Asian stocks ended higher on Wednesday. President Donald Trump on Tuesday announced plans on Twitter for an extended meeting with Chinese President Xi Jinping at next week's G-20 summit, sparking hopes of a resolution to the ongoing trade war between the two nations.

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