Market Update: The market continued to be under selling pressure, tracking correction in global peers after US President Donald Trump warned of potential fresh tariffs on China, saying he could add another 10 percent tariff on $200 billion worth of Chinese goods.
All sectoral indices are in the red with Auto, IT, Metal and PSU Bank falling over a percent each.
The 30-share BSE Sensex fell 187.63 points to 35,360.63 and the 50-share NSE Nifty slipped 71.40 points to 10,728.50. About three shares declined for every share rising on the BSE.
Jun 19, 01:28 PM (IST)
IPO: Logistics company Avana Logistek has filed draft papers with markets regulator Sebi to launch its initial public offer (IPO).
The share sale consists of fresh issue of up to Rs 300 crore and offer for sale of up to 43,00,000 shares by the selling shareholder, as per the draft red herring prospectus (DRHP) filed with Sebi.
The Mumbai-based company plans to utilise the net proceeds towards funding capital expenditure for setting up of new dry warehouses and cold storages and repayment/prepayment of certain borrowings.
Besides, the IPO proceeds will be used for acquisition of containers for coastal and liner services, expenditure towards software development, implementation and maintenance and general corporate purposes, reports PTI.
Jun 19, 01:16 PM (IST)
Jun 19, 01:14 PM (IST)
Equity Market Outlook: ICICI Securities said
Global factors like a rise in commodity prices, particularly crude oil, sharp depreciation in emerging market currencies and volatility in global fixed income markets have impacted the sentiments of global investors in recent months. Any improvement in these factors would help reverse market sentiments.
Going forward, with the forecast of normal monsoon 2018 and firm rural demand amid a pick-up in industrial activity (increased sales of M&HCV, cranes), we expect the Sensex to stage an impressive earnings recovery, growing in excess of 20 percent CAGR in FY18-20E.
We believe the recent correction particularly in midcap and small caps offer selective investment opportunity. We advise investors to utilise the current volatility to accumulate with a medium to long term investment horizon.
Structurally, the overall bias remains positive as the broader consolidation would make markets healthy by cooling off the overbought situation and gradually forming a higher base that would set the stage to move higher.
Drug Approval: Zydus Cadila has received the tentative approval from the USFDA to market Tadalafil Tablets USP, 2.5 mg, 5 mg, 10 mg and 20 mg.
It is used to treat erectile dysfunction (impotence) and symptoms of benign prostatic hypertrophy (enlarged prostate).
It will be manufactured at the group's manufacturing facility at Moraiya, Ahmedabad.
Jun 19, 12:47 PM (IST)
Europe Update: European stocks opened significantly lower as investors worry that the US and China are getting closer to a trade war.
France's CAC, Germany's DAX and Britain's FTSE are down 1-1.8 percent.
The opening calls reflect concerns over trade tensions after President Trump warned of potential fresh tariffs on China. Trump said Monday he could add another 10 percent tariff on $200 billion worth of Chinese goods.
The move came after Beijing earlier on Monday said it impose duties on $50 billion of US goods, which it claimed was in response to new US levies announced Friday, reports CNBC.
Jun 19, 12:37 PM (IST)
Market Update: The market continued to trade lower in afternoon following weakness in global peers after US President Donald Trump threatened more tariffs on Chinese products. The Shanghai Composite and Hang Seng are down 3-4 percent.
The 30-share BSE Sensex dropped 191.39 points to 35,356.87 and the 50-share NSE Nifty fell 68.60 points to 10,731.30 while the Nifty Midcap index corrected further, falling more than 1 percent.
About three shares declined for every share rising on the BSE.
Jun 19, 12:22 PM (IST)
Rupee Update: The rupee tumbled by 22 paise to 68.21 against the US dollar in afternoon on sustained demand for the American currency from importers and banks amid lower local equities.
The rupee opened a tad higher against yesterday's closing level of 67.99 at the inter-bank foreign exchange market here.
Later, the domestic unit hovered between 67.98 and 68.12 per dollar during morning deals. It was quoting at 68.11 at 1030 hrs.
Persistent foreign capital outflows are looming over the rupee, a dealer said.
Meanwhile, the US dollar was mostly mixed against other currencies in early Asian trade. It fell against the yen and Swiss franc after US President Donald Trump's threat of additional tariffs on China raised worries about an escalating trade war between the world's two largest economies.
Jun 19, 12:06 PM (IST)
IPO: Auto parts manufacturer Varroc Engineering has set a price range of Rs 965-967 a share for an initial public offering (IPO) that will open on June 26, according to a public notice on Tuesday.
At the upper end of the range, the IPO will raise about Rs 1,955 crore ($287.46 million), the notice added.
The IPO comprises sale offer of up to 18 lakh shares by promoter Tarang Jain, about 1.69 crore shares by Omega TC Holdings Pte Ltd and up to 16 lakh shares by Tata Capital Financial Services Ltd.
Kotak Mahindra Capital, Citigroup Global Markets India, Credit Suisse Securities (India) are global co-ordinators and bookrunners for the offer, which closes on June 28.
Jun 19, 11:48 AM (IST)
Plant Shutdown: Goa Carbon has informed the exchange that the issue with the contract workers at the Company''s Paradeep Unit at Vill. Udayabata, Odisha has been resolved and the normalcy at the plant has been restored.
Further, the company has decided to extend the plant shutdown for the regular maintenance work. The production at the said plant is expected to resume shortly.
The stock price was quoting at Rs 660.55, down Rs 14.35, or 2.13 percent.
Jun 19, 11:45 AM (IST)
Buzzing: C & C Constructions share price is locked at 5 percent upper circuit after the company has entered into negotiated settlement with State Bank of India (SBI), the lead lender in regard to financial assistance provided to the company by it.
Jun 19, 11:36 AM (IST)
Market Update: The market remained under pressure on global weakness after the US President Donald Trump threatened more tariffs on Chinese products. China's Shanghai Composite dropped 3 percent and Hong Kong's Hang Seng dipped 2 percent. Dow Jones futures also shed around 300 points, indicating weak opening on Wall Street.
The 30-share BSE Sensex fell 189.12 points to 35,359.14 and the 50-share NSE Nifty down 67.40 points at 10,732.50 as IOC, Infosys, Reliance Industries, Vedanta, ICICI Bank and SBI are down 1-3 percent.
About two shares declined for every share rising on the BSE.
Jun 19, 11:28 AM (IST)
Order Win: Cords Cable Industries has bagged bulk order amounting to Rs 47.20 crore.
Tata Power in pact with IDFC Bank: Tata Power has become the first power utility to enable online, automated bill payments using e-NACH (Electronic National Automated Clearing House).
IDFC Bank is a technology partner and a settlement banker to Tata Power.
t 11:02 hrs Tata Power Company was quoting at Rs 74, down Rs 1.20, or 1.60 percent. It has touched a 52-week low of Rs 73.80.
Jun 19, 10:54 AM (IST)
Glenmark Pharmaceuticals announced that the US Food & Drug Administration provided its first supplemental abbreviated new drug application (sANDA) approval for the company’s manufacturing facility in Monroe, North Carolina.
The said approval covers, Atovaquone and Proguanil Hydrochloride Tablets, 250 MG/100 MG and 62.5 MG/25 MG, a generic version of GlaxoSmithKline’s Malarone (atovaquone and proguanil hydrochloride) Tablets.
Jun 19, 10:43 AM (IST)
ICICI Bank in focus: ICICI Bank share price fell as much as a percent in morning after the news that the board appointed Sandeep Bakhshi as Chief Operating Officer (COO) of the bank priced in. The stock had rallied 3.6 percent on Monday.
"The board of directors on Monday decided to appoint Sandeep Bakhshi, as Wholetime Director & Chief Operating Officer designate, ICICI Bank. His appointment as COO will be for a period of five years, subject to regulatory approvals," the bank said in its statement.
Bakhshi will take over as the COO from June 19, 2018, or on the date of regulatory and other approvals, whichever is later, it added.
Bakhshi will report to Chanda Kochhar, who will continue in her role as MD & CEO of the country's largest private sector lender.
In line with the highest levels of governance and corporate standards, Kochhar has decided to go on leave till the completion of the enquiry against her in the Videocon loan matter as announced on May 30, 2018.
Jun 19, 10:38 AM (IST)
Buzzing: Shares of Power Mech Projects gained 3.3 percent intraday as company received letter of intent/work orders worth Rs 500 crore.
The trading window for all designated persons as under Power Mech - Insider Trading Policy will be closed from June 20, 2018 to June 21, 2018 (both day inclusive).
Jun 19, 10:35 AM (IST)
Market Update: The market extended losses in morning with the Nifty breaking 10,750 levels following weakness in Asian counterparts after the US President Donald Trump threatened more tariffs on Chinese products.
The Sensex shed 164.03 points to 35,384.23 and the Nifty slipped 56.70 points to 10,743.20 while the Nifty Midcap index declined half a percent.
About two shares declined for every share rising on the BSE.
Jun 19, 10:16 AM (IST)
Jun 19, 10:12 AM (IST)
Buzzing: Tejas Networks rose 3 percent intraday as brokerages maintained buy rating on the stock with a target of up to Rs 430 per share.
Nomura has maintained buy rating on Tejas Networks with a price target of Rs 410 per share.
The company upbeat on converged offerings and growth prospects in the US and expects to recoup revenue loss in the US in the previous financial year.
Management maintains revenue growth guidance to compound at 20 percent over the fiscal 2017-2020, it added.
Citi has maintained buy rating on the stock with a price target of Rs 430. The research house expects topline growth to revive in the current financial year.
The heavy investment in R&D has helped create competitive advantage and three macro trends in India would drive demand, it said.
Jun 19, 09:58 AM (IST)
Jun 19, 09:38 AM (IST)
Drug Approval: Shares of Strides Shasun added 3 percent intraday as company got an USFDA approval for Ketoconazole tablets USP.
The company's wholly owned subsidiary Strides Pharma Global Pte has received final approval for Ketoconazole tablets USP, 200 mg from the United States Food & Drug Administration (USFDA).
Ketoconazole tablets is a generic version of Nizoral tablets, 200 mg, of Janssen Pharmaceuticals, Inc.
Ketoconazole is used to treat certain serious fungal infections in the body and it works by stopping the growth of the fungus.
Jun 19, 09:35 AM (IST)
Market Update: The market extended previous day's losses with the Nifty struggling below 10,800 levels as Asian counterparts are under pressure after US President Donald Trump threatened more tariffs on Chinese products. China's Shanghai Composite dropped 3 percent while Hang Seng shed 2 percent and Japan's Nikkei slipped 1 percent.
The Sensex slipped 124.80 points to 35,423.46 and the Nifty shed 46.50 points to 10,753.40.
Oil retailers HPCL, BPCL and IOC are biggest losers among Nifty50 stocks, down 3 percent each.
Jun 19, 09:26 AM (IST)
Buzzing: Shares of Borosil Glass Works rallied 20 percent in morning as the board approved the issue of bonus shares.
The company board at its meeting held on June 18 has approved the issue of bonus shares in the ratio of 3:1 subject to approval of shareholders' and other authorities.
The board approved the withdrawal of scheme of amalgamation of Hopewell Tableware, Fennel Investment and Finance and Vyline Glass Works with Borosil Glass Works presently pending for approval from the National Company Law Tribunal (NCLT).
However, it approved the composite scheme of amalgamation and arrangement for amalgamation of Vyline Glass Works, Fennel Investment and Finance Private and Gujarat Borosil with company.
Jun 19, 09:20 AM (IST)
Market Opening: Benchmark indices started off the day on a negative note Tuesday following weakness in the Asian peers on escalated trade war tensions.
The Sensex fell 90.36 points to 35,457.90 and the Nifty declined 30.80 points to 10,769.10.
State Bank of India, HPCL, BPCL, ICICI Bank, UPL, Reliance Industries and Tata Steel are under pressure.
Dr Reddy's Labs, Bharti Airtel, ONGC and HDFC Bank are gainers.
The Nifty Midcap index fell 85 points and Nifty Bank slipped 56 points.
UCO Bank, Dena Bank and Bank of Maharashtra gained 1-3 percent.
Strides Shasun, Liberty Shoes, Nestle India, Gati, Hexaware Technologies, Glenmark Pharma, Tejas Networks and Mphasis gained 1-4 percent.
Balrampur Chini, PC Jeweller, CG Power, Jaiprakash Associates and GMR Infrastructure fell 1-2 percent.
Jun 19, 09:14 AM (IST)
Market Outlook: LKP Securities said markets would make negative start on feeble global cues.
Indian equity markets ended Monday’s trade slightly in red, as India’s trade deficit widened to $14.62 billion in May as against $13.84 billion in May 2017, the highest in nearly four months mainly because of rising oil imports. Today, the start is likely to remain cautious, tracking weak global cues as fears of a global trade war resurfaced.
There will be some cautiousness with Commerce and Industry Minister Suresh Prabhu’s statement that global trade is facing headwinds and these challenges are needed to be tackled properly to boost world economy. He also said that the US decision to impose high import duties on certain steel and aluminium products have led to a trade war kind of situation, with other countries too raising their tariff walls. Traders will also be concern about a private report that the Indian rupee would continue to witness pressure in the coming days, but it should get respite in the medium term as trade protectionism ends up hurting the US economy, a net importer of goods. Market participants however will be getting some encouragement with the Finance Ministry’s statement that it would be increasingly difficult for businesses to remain outside the tax net as Goods and Services Tax (GST) is leading to formalisation of the economy.
Jun 19, 09:11 AM (IST)
Bulk Deals
CIL Nova Petrochemicals: Asia Investment Corporation Mauritius Ltd bought 1.70 lakh shares or 0.6 percent equity at Rs 29.94 each.
Siti Networks:
Promoter Digital Satellite Media and Broadband Pvt. Ltd. sold 70.58 lakh shares or 0.8 percent equity at Rs 14.5 each.
JSGG Infra Developers LLP bought 70.58 lakh shares or 0.8 percent equity at Rs 14.5 each.
Market Update: The market continued to be under selling pressure, tracking correction in global peers after US President Donald Trump warned of potential fresh tariffs on China, saying he could add another 10 percent tariff on $200 billion worth of Chinese goods.
All sectoral indices are in the red with Auto, IT, Metal and PSU Bank falling over a percent each.
The 30-share BSE Sensex fell 187.63 points to 35,360.63 and the 50-share NSE Nifty slipped 71.40 points to 10,728.50. About three shares declined for every share rising on the BSE.
IPO: Logistics company Avana Logistek has filed draft papers with markets regulator Sebi to launch its initial public offer (IPO).
The share sale consists of fresh issue of up to Rs 300 crore and offer for sale of up to 43,00,000 shares by the selling shareholder, as per the draft red herring prospectus (DRHP) filed with Sebi.
The Mumbai-based company plans to utilise the net proceeds towards funding capital expenditure for setting up of new dry warehouses and cold storages and repayment/prepayment of certain borrowings.
Besides, the IPO proceeds will be used for acquisition of containers for coastal and liner services, expenditure towards software development, implementation and maintenance and general corporate purposes, reports PTI.
Equity Market Outlook: ICICI Securities said
Global factors like a rise in commodity prices, particularly crude oil, sharp depreciation in emerging market currencies and volatility in global fixed income markets have impacted the sentiments of global investors in recent months. Any improvement in these factors would help reverse market sentiments.
Going forward, with the forecast of normal monsoon 2018 and firm rural demand amid a pick-up in industrial activity (increased sales of M&HCV, cranes), we expect the Sensex to stage an impressive earnings recovery, growing in excess of 20 percent CAGR in FY18-20E.
We believe the recent correction particularly in midcap and small caps offer selective investment opportunity. We advise investors to utilise the current volatility to accumulate with a medium to long term investment horizon.
Structurally, the overall bias remains positive as the broader consolidation would make markets healthy by cooling off the overbought situation and gradually forming a higher base that would set the stage to move higher.
RITES IPO to open on June 20; 10 key things you should know
The government is targetted to raise about Rs 453-466 crore through the RITES share sale, at a price band of Rs 180-185 a share, respectively.
Drug Approval: Zydus Cadila has received the tentative approval from the USFDA to market Tadalafil Tablets USP, 2.5 mg, 5 mg, 10 mg and 20 mg.
It is used to treat erectile dysfunction (impotence) and symptoms of benign prostatic hypertrophy (enlarged prostate).
It will be manufactured at the group's manufacturing facility at Moraiya, Ahmedabad.
Europe Update: European stocks opened significantly lower as investors worry that the US and China are getting closer to a trade war.
France's CAC, Germany's DAX and Britain's FTSE are down 1-1.8 percent.
The opening calls reflect concerns over trade tensions after President Trump warned of potential fresh tariffs on China. Trump said Monday he could add another 10 percent tariff on $200 billion worth of Chinese goods.
The move came after Beijing earlier on Monday said it impose duties on $50 billion of US goods, which it claimed was in response to new US levies announced Friday, reports CNBC.
Market Update: The market continued to trade lower in afternoon following weakness in global peers after US President Donald Trump threatened more tariffs on Chinese products. The Shanghai Composite and Hang Seng are down 3-4 percent.
The 30-share BSE Sensex dropped 191.39 points to 35,356.87 and the 50-share NSE Nifty fell 68.60 points to 10,731.30 while the Nifty Midcap index corrected further, falling more than 1 percent.
About three shares declined for every share rising on the BSE.
Rupee Update: The rupee tumbled by 22 paise to 68.21 against the US dollar in afternoon on sustained demand for the American currency from importers and banks amid lower local equities.
The rupee opened a tad higher against yesterday's closing level of 67.99 at the inter-bank foreign exchange market here.
Later, the domestic unit hovered between 67.98 and 68.12 per dollar during morning deals. It was quoting at 68.11 at 1030 hrs.
Persistent foreign capital outflows are looming over the rupee, a dealer said.
Meanwhile, the US dollar was mostly mixed against other currencies in early Asian trade. It fell against the yen and Swiss franc after US President Donald Trump's threat of additional tariffs on China raised worries about an escalating trade war between the world's two largest economies.
IPO: Auto parts manufacturer Varroc Engineering has set a price range of Rs 965-967 a share for an initial public offering (IPO) that will open on June 26, according to a public notice on Tuesday.
At the upper end of the range, the IPO will raise about Rs 1,955 crore ($287.46 million), the notice added.
The IPO comprises sale offer of up to 18 lakh shares by promoter Tarang Jain, about 1.69 crore shares by Omega TC Holdings Pte Ltd and up to 16 lakh shares by Tata Capital Financial Services Ltd.
Kotak Mahindra Capital, Citigroup Global Markets India, Credit Suisse Securities (India) are global co-ordinators and bookrunners for the offer, which closes on June 28.
Plant Shutdown: Goa Carbon has informed the exchange that the issue with the contract workers at the Company''s Paradeep Unit at Vill. Udayabata, Odisha has been resolved and the normalcy at the plant has been restored.
Further, the company has decided to extend the plant shutdown for the regular maintenance work. The production at the said plant is expected to resume shortly.
The stock price was quoting at Rs 660.55, down Rs 14.35, or 2.13 percent.
Buzzing: C & C Constructions share price is locked at 5 percent upper circuit after the company has entered into negotiated settlement with State Bank of India (SBI), the lead lender in regard to financial assistance provided to the company by it.
Market Update: The market remained under pressure on global weakness after the US President Donald Trump threatened more tariffs on Chinese products. China's Shanghai Composite dropped 3 percent and Hong Kong's Hang Seng dipped 2 percent. Dow Jones futures also shed around 300 points, indicating weak opening on Wall Street.
The 30-share BSE Sensex fell 189.12 points to 35,359.14 and the 50-share NSE Nifty down 67.40 points at 10,732.50 as IOC, Infosys, Reliance Industries, Vedanta, ICICI Bank and SBI are down 1-3 percent.
About two shares declined for every share rising on the BSE.
Order Win: Cords Cable Industries has bagged bulk order amounting to Rs 47.20 crore.
What are Money Market Mutual Funds? Consider these 5 important factors before investing
The money invested in money market mutual funds can be used for emergency hospitalisation, child's school fees, vacation planned over the next 2 to 3 months.
Tata Power in pact with IDFC Bank: Tata Power has become the first power utility to enable online, automated bill payments using e-NACH (Electronic National Automated Clearing House).
IDFC Bank is a technology partner and a settlement banker to Tata Power.
t 11:02 hrs Tata Power Company was quoting at Rs 74, down Rs 1.20, or 1.60 percent. It has touched a 52-week low of Rs 73.80.
Glenmark Pharmaceuticals announced that the US Food & Drug Administration provided its first supplemental abbreviated new drug application (sANDA) approval for the company’s manufacturing facility in Monroe, North Carolina.
The said approval covers, Atovaquone and Proguanil Hydrochloride Tablets, 250 MG/100 MG and 62.5 MG/25 MG, a generic version of GlaxoSmithKline’s Malarone (atovaquone and proguanil hydrochloride) Tablets.
ICICI Bank in focus: ICICI Bank share price fell as much as a percent in morning after the news that the board appointed Sandeep Bakhshi as Chief Operating Officer (COO) of the bank priced in. The stock had rallied 3.6 percent on Monday.
"The board of directors on Monday decided to appoint Sandeep Bakhshi, as Wholetime Director & Chief Operating Officer designate, ICICI Bank. His appointment as COO will be for a period of five years, subject to regulatory approvals," the bank said in its statement.
Bakhshi will take over as the COO from June 19, 2018, or on the date of regulatory and other approvals, whichever is later, it added.
Bakhshi will report to Chanda Kochhar, who will continue in her role as MD & CEO of the country's largest private sector lender.
In line with the highest levels of governance and corporate standards, Kochhar has decided to go on leave till the completion of the enquiry against her in the Videocon loan matter as announced on May 30, 2018.
Buzzing: Shares of Power Mech Projects gained 3.3 percent intraday as company received letter of intent/work orders worth Rs 500 crore.
The trading window for all designated persons as under Power Mech - Insider Trading Policy will be closed from June 20, 2018 to June 21, 2018 (both day inclusive).
Market Update: The market extended losses in morning with the Nifty breaking 10,750 levels following weakness in Asian counterparts after the US President Donald Trump threatened more tariffs on Chinese products.
The Sensex shed 164.03 points to 35,384.23 and the Nifty slipped 56.70 points to 10,743.20 while the Nifty Midcap index declined half a percent.
About two shares declined for every share rising on the BSE.
Buzzing: Tejas Networks rose 3 percent intraday as brokerages maintained buy rating on the stock with a target of up to Rs 430 per share.
Nomura has maintained buy rating on Tejas Networks with a price target of Rs 410 per share.
The company upbeat on converged offerings and growth prospects in the US and expects to recoup revenue loss in the US in the previous financial year.
Management maintains revenue growth guidance to compound at 20 percent over the fiscal 2017-2020, it added.
Citi has maintained buy rating on the stock with a price target of Rs 430. The research house expects topline growth to revive in the current financial year.
The heavy investment in R&D has helped create competitive advantage and three macro trends in India would drive demand, it said.
Drug Approval: Shares of Strides Shasun added 3 percent intraday as company got an USFDA approval for Ketoconazole tablets USP.
The company's wholly owned subsidiary Strides Pharma Global Pte has received final approval for Ketoconazole tablets USP, 200 mg from the United States Food & Drug Administration (USFDA).
Ketoconazole tablets is a generic version of Nizoral tablets, 200 mg, of Janssen Pharmaceuticals, Inc.
Ketoconazole is used to treat certain serious fungal infections in the body and it works by stopping the growth of the fungus.
Market Update: The market extended previous day's losses with the Nifty struggling below 10,800 levels as Asian counterparts are under pressure after US President Donald Trump threatened more tariffs on Chinese products. China's Shanghai Composite dropped 3 percent while Hang Seng shed 2 percent and Japan's Nikkei slipped 1 percent.
The Sensex slipped 124.80 points to 35,423.46 and the Nifty shed 46.50 points to 10,753.40.
Oil retailers HPCL, BPCL and IOC are biggest losers among Nifty50 stocks, down 3 percent each.
Buzzing: Shares of Borosil Glass Works rallied 20 percent in morning as the board approved the issue of bonus shares.
The company board at its meeting held on June 18 has approved the issue of bonus shares in the ratio of 3:1 subject to approval of shareholders' and other authorities.
The board approved the withdrawal of scheme of amalgamation of Hopewell Tableware, Fennel Investment and Finance and Vyline Glass Works with Borosil Glass Works presently pending for approval from the National Company Law Tribunal (NCLT).
However, it approved the composite scheme of amalgamation and arrangement for amalgamation of Vyline Glass Works, Fennel Investment and Finance Private and Gujarat Borosil with company.
Market Opening: Benchmark indices started off the day on a negative note Tuesday following weakness in the Asian peers on escalated trade war tensions.
The Sensex fell 90.36 points to 35,457.90 and the Nifty declined 30.80 points to 10,769.10.
State Bank of India, HPCL, BPCL, ICICI Bank, UPL, Reliance Industries and Tata Steel are under pressure.
Dr Reddy's Labs, Bharti Airtel, ONGC and HDFC Bank are gainers.
The Nifty Midcap index fell 85 points and Nifty Bank slipped 56 points.
UCO Bank, Dena Bank and Bank of Maharashtra gained 1-3 percent.
Strides Shasun, Liberty Shoes, Nestle India, Gati, Hexaware Technologies, Glenmark Pharma, Tejas Networks and Mphasis gained 1-4 percent.
Balrampur Chini, PC Jeweller, CG Power, Jaiprakash Associates and GMR Infrastructure fell 1-2 percent.
Market Outlook: LKP Securities said markets would make negative start on feeble global cues.
Indian equity markets ended Monday’s trade slightly in red, as India’s trade deficit widened to $14.62 billion in May as against $13.84 billion in May 2017, the highest in nearly four months mainly because of rising oil imports. Today, the start is likely to remain cautious, tracking weak global cues as fears of a global trade war resurfaced.
There will be some cautiousness with Commerce and Industry Minister Suresh Prabhu’s statement that global trade is facing headwinds and these challenges are needed to be tackled properly to boost world economy. He also said that the US decision to impose high import duties on certain steel and aluminium products have led to a trade war kind of situation, with other countries too raising their tariff walls. Traders will also be concern about a private report that the Indian rupee would continue to witness pressure in the coming days, but it should get respite in the medium term as trade protectionism ends up hurting the US economy, a net importer of goods. Market participants however will be getting some encouragement with the Finance Ministry’s statement that it would be increasingly difficult for businesses to remain outside the tax net as Goods and Services Tax (GST) is leading to formalisation of the economy.
Bulk Deals
CIL Nova Petrochemicals: Asia Investment Corporation Mauritius Ltd bought 1.70 lakh shares or 0.6 percent equity at Rs 29.94 each.
Siti Networks:
Promoter Digital Satellite Media and Broadband Pvt. Ltd. sold 70.58 lakh shares or 0.8 percent equity at Rs 14.5 each.
JSGG Infra Developers LLP bought 70.58 lakh shares or 0.8 percent equity at Rs 14.5 each.