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  • 12

    Jul
    2019

    Benchmarks trade almost flat

    Key indices were trading in a narrow band near flat line in mid-morning trade. At 11:23 IST, the barometer index, the S&P BSE Sensex, was down 12.36 points or 0.03% at 38,835.47. The Nifty 50 index was down 2.05 points or 0.02% at 11,580.85.

    Broader markets outperformed the benchmark index. The S&P BSE Mid-Cap index was up 0.21%. The S&P BSE Small-Cap index was up 0.25%.

    The market breadth, indicating the overall health of the market, was positive. On the BSE, 982 shares rose and 950 shares fell. A total of 102 shares were unchanged.

    India`s industrial production data for May 2019 and CPI inflation rate for June 2019 will be announced after market hours today, 12 July 2019.

    Quess Corp was up 5.9% to Rs 466.1 after the company announced that the board has approved preferential issue of 7.54 lakh equity shares to Amazon.com NV Investment Holdings LLC, a category III foreign portfolio investor. The company further stated that the issue price for the said preferential issue is Rs 676 per share, aggregating to Rs 50.99 crores and that the issue is subject to regulatory approvals. The company will hold an extraordinary general meeting (EGM) of the company on 8 August 2019 for seeking approval of the members for the aforementioned preferential issue.

    NTPC was up 1.55% to Rs 131 after a foreign brokerage retained its buy call with a target price at Rs 157, implying 22% upside on potential SJVN merger.

    Tata Communications was down 2.09% to Rs 493.35. The company announced that it has tied up with Thales to address businesses` data security concerns around IoT (Internet of Things). The Global IoT security solution will aim to safeguard critical data in sectors such as automotive both at the device and network level.

    Shriram Transport Finance was up 0.15% to Rs 1044.65. The company announced that Bond Issuance Committee in a meeting on 11 July 2019 approved issuance of $250,000,000 Senior Secured Notes under the $2,000,000,000 Global Medium Term Note Programme established on 5 April 2019.

    Shares of IT companies were mixed. Persistent Systems (up 1.53%), MindTree (up 0.63%), TCS (up 0.29%), Oracle Financial Services Software (up 0.24%), Hexaware Technologies (up 0.22%) and Tech Mahindra (up 0.04%) advanced. Wipro (down 2.6%), Mphasis (down 1.03%) and HCL Technologies (down 0.42%) declined.

    Infosys was up 0.4% ahead of its Q1 results today, 12 July 2019.

    In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 68.5450, compared with its close of 68.4425 during the previous trading session.

    Most realty stocks advanced. Sobha (up 2.28%), Sunteck Realty (up 1.38%), Godrej Properties (up 1.09%), Prestige Estates Projects (up 1.01%), The Phoenix Mills (up 0.73%), Oberoi Realty (up 0.62%), DLF (up 0.51%) and Omaxe (up 0.2%) gained. Anant Raj (down 0.17%), Mahindra Lifespace Developers (down 0.75%) and Indiabulls Real Estate (down 0.01%) declined.

    RBI released a report yesterday, 11 July 2019, stating that housing affordability has worsened over the past 4 years as the house price to income (HPTI) ratio increased from 56.1 in March 2015 to 61.5 in March 2019. Mumbai remains the least affordable city in India, while Bhubaneswar remains the most affordable city.

    The median EMI-to-Income (ETI) ratio has remained relatively steady during the past 2 years; however, Mumbai, Pune and Ahmedabad recorded higher median ETI compared to other cities.

    Meanwhile, the monsoon has made a great start in July. Average countrywide rainfall in the first 11 days of the month has been 24% above normal, which has helped reduce the overall monsoon deficit to almost a third, from 33% at the end of June to 12%.

    Overseas, Asian stocks were trading higher on expectations of a rate cut by US Federal Reserve later this month.

    In US, the Dow and S&P 500 rose on Thursday to close at record highs as health insurers gained after the Trump administration scrapped a plan designed to rein in prescription drug prices, while financial shares climbed with bond yields.

    Federal Reserve Chairman Jerome Powell testifying Wednesday before the House Financial Services Committee and Thursday in front of the Senate Banking Committee gave investors more hope that a rate cut is coming. The Fed has a two-day meeting on July 30-31.

    The US consumer price index for all urban consumers (CPI-U) increased 0.1% in June on a seasonally adjusted basis, the same increase as in May, the US Bureau of Labor Statistics reported Thursday.

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