News End-Session

Volatile session ends with small gains
13-Jun-18   16:24 Hrs IST

Amid a divergent trend among various index constituents, the key benchmark indices settled with small gains amid volatility. The barometer index, the S&P BSE Sensex, rose 46.64 points or 0.13% to settle at 35,739.16. The Nifty 50 index rose 13.85 points or 0.13% to settle at 10,856.70.

Domestic stocks drifted higher in early trade boosted by good industrial production data for April. Stocks trimmed gains in morning trade. Key benchmark indices once again regained strength in mid-morning trade. Indices trimmed gains after hitting fresh intraday high in afternoon trade. Firmness prevailed on the bourses in mid-afternoon trade. Stocks trimmed gains in late trade.

The Sensex rose 46.64 points or 0.13% to settle at 35,739.16, its highest closing level since 1 February 2018. The index rose 184.89 points, or 0.52% at the day's high of 35,877.41. The index rose 23.44 points, or 0.07% at the day's low of 35,715.96.

The Nifty 50 index rose 13.85 points or 0.13% to settle at 10,856.70, its highest closing level since 1 February 2018. The index rose 50.40 points, or 0.46% at the day's high of 10,893.25. The index fell 0.20 points at the day's low of 10,842.65.

The S&P BSE Mid-Cap index fell 0.46%. The S&P BSE Small-Cap index fell 0.21%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, turned negative from positive in late trade. On the BSE, 1,297 shares rose and 1,380 shares fell. A total of 157 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Telecom index (down 1.26%), the S&P BSE Capital Goods index (down 0.66%), the S&P BSE FMCG index (down 0.42%), the S&P BSE Industrials index (down 0.42%), the S&P BSE Metal index (down 0.38%), the S&P BSE Power index (down 0.26%), the S&P BSE Finance index (down 0.2%), the S&P BSE Utilities index (down 0.18%), the S&P BSE Basic Materials index (down 0.07%), the S&P BSE Auto index (down 0.02%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.01%) and the S&P BSE Oil & Gas index (down 0.01%), underperformed the Sensex. The S&P BSE Realty index (up 0.22%), the S&P BSE Bankex (up 0.27%), the S&P BSE Energy index (up 0.35%), the S&P BSE Consumer Durables index (up 0.57%), the S&P BSE Healthcare index (up 0.58%), the S&P BSE Teck index (up 0.94%) and the S&P BSE IT index (up 1.29%), outperformed the Sensex.

Dr Reddy's Laboratories (up 2.82%), Power Grid Corporation of India (up 1.43%), Infosys (up 1.41%) and Wipro (up 0.98%), were the major Sensex gainers.

Tata Steel (down 2.12%), Adani Ports and Special Economic Zone (down 1.48%), Hindustan Unilever (down 1.31%), Bharti Airtel (down 1.3%) and ONGC (down 0.79%), were the major Sensex losers.

IT major TCS gained 2.43% after the company said that its board of directors will meet on 15 June 2018 to consider a proposal for buyback of equity shares of the company. The announcement was made after market hours yesterday, 12 June 2018.

Sun Pharmaceutical Industries (Sun Pharma) advanced 0.95% after the company announced that it has received the Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA) for the inspection conducted at its Halol facility (Gujarat, India) during the period 12-23 February 2018. The agency concluded that the inspection is now closed and the issues contained in the Warning Letter issued in December 2015 have been addressed.

Commenting on the development, Dilip Shanghvi, managing director, Sun Pharma said that this is an important development for the company. Sun Pharma remains committed to following the highest levels of quality and 24x7 cGMP compliance at all its manufacturing facilities globally. The announcement was made after market hours yesterday, 12 June 2018.

Page Industries rose 4.03% after the company announced that its license agreement with Jockey International Inc., has been extended till 31 December 2040. The announcement was made after market hours yesterday, 12 June 2018.

Banks shares were mixed. Among private sector banks, IndusInd Bank (down 0.71%), City Union Bank (down 0.48%), HDFC Bank (down 0.46%) and Kotak Mahindra Bank (down 0.36%), edged lower. Yes Bank (up 0.21%), Axis Bank (up 0.55%), ICICI Bank (up 1.18%) and RBL Bank (up 1.86%), edged higher.

Federal Bank fell 1.87%. The bank said it entered into definitive agreements for investment upto 19.89% in the equity share capital of Equirus Capital. The announcement was made after market hours yesterday, 12 June 2018.

Among public sector banks, Bank of Baroda (up 2.55%), State Bank of India (up 1.70%), Allahabad Bank (up 1.64%), Bank of India (up 1.13%), Syndicate Bank (up 1.07%), Union Bank of India (up 1.06%), IDBI Bank (up 0.73%), Vijaya Bank (up 0.43%), Andhra Bank (up 0.27%), Indian Bank (up 0.23%) and Bank of Maharashtra (up 0.14%), edged higher. Canara Bank (down 0.5%), United Bank of India (down 0.5%), Punjab National Bank (down 0.65%), Punjab & Sind Bank (down 1.07%), Corporation Bank (down 1.7%), UCO Bank (down 1.72%) and Central Bank of India (down 3.63%), edged lower.

On the macro front, the annual consumer inflation rose to a four-month high of 4.87% in May as compared to 4.58% in April due to costly petrol and diesel and a weak rupee, provisional government data released after market hours yesterday, 12 June 2018 showed. The annual retail inflation stood at 2.99% in April 2017.

In a separate data released by the government after market hours yesterday, 12 June 2018, industrial output rose to 4.9% in April as compared to 4.4% growth in March 2018.

Traders and investors are closely awaiting a series of domestic and global events this week. The wholesale price index (WPI) inflation data will be announced tomorrow, 14 June 2018.

On the global front, the US Federal Reserve's two-day policy meeting concludes today, 13 June 2018. The Fed is widely expected to raise interest rates for the second time this year after a move in March as the US economy remains solid. Investors will closely watch the outlook for future monetary tightening amid an ongoing economic expansion.

The European Central Bank (ECB) will hold its policy meeting tomorrow, 14 June 2018, in which policy makers are poised to hold formal talks on ending its bond-buying program. The Bank of Japan meets on Friday, 15 June 2018 with no change to policy expected.

In the overseas stock market, most European stocks edged higher while most Asian stocks fell as investors looked to the US Federal Reserve policy decision later in the day and any clues it might give on future rate hikes, shifting focus away from the historic US-North Korea summit in Singapore.

US stocks closed little changed yesterday, 12 June 2018 after US President Donald Trump and North Korea leader Kim Jong Un signed an agreement aimed at establishing a peace regime on the Korean peninsula and better relations between the two states. Lack of detail in the agreement about the path to denuclearization on the peninsula kept the market's moves in check throughout the day.

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