Closing Bell: Sensex, Nifty fall 0.5%, Indiabulls Housing dips 8%, Yes Bank 3%##Closing Bell: Sensex, Nifty fall 0.5%, Indiabulls Housing dips 8%, Yes Bank 3%
The BSE Sensex ended 193 points lower at 39,756.81, while the NSE Nifty50 shed 59 points to settle at 11,906. The Nifty MidCap index slid 0.79 percent, while Bank Nifty declined almost a percent. The BSE MidCap slipped 0.79 percent, while the BSE SmallCap was down 0.48 percent. Tata Steel, GAIL, ONGC, Britannia, Vedanta, Sun Pharma, TCS gained by up to 2.71 percent. Indiabulls Housing Finance dipped 8 percent, Bharti Infratel 3.5 percent, Yes Bank 3.5 percent, Tech Mahindra and Maruti Suzuki 1.86 percent each. Kotak Mahindra, Hero MotoCorp and Bajaj Auto fell between 1 and 2 percent.
Shares snap seven-day winning streak; U.S. inflation next hurdle##Shares snap seven-day winning streak; U.S. inflation next hurdle
Europe’s main markets followed Asia by declining early on. London’s FTSE, the DAX in Frankfurt and CAC40 Paris were down 0.2 percent to 0.4 percent as traders trimmed some of June’s 4 percent gains. Benchmark government bond yields fell as caution grew. FX dealers kept the dollar near an 11-week low before the U.S. data, having priced in the first U.S. rate cuts since the financial crisis. MSCI’s broadest index of Asia-Pacific shares outside Japan had slipped 0.6 percent after two days of gains. Wall Street’s recent rally ended on Tuesday. Japan’s Nikkei dipped 0.3 percent. Shanghai blue chips fell 0.7 percent following a 3 percent jump the day before. Hong Kong’s Hang Seng lost 1.7 percent as demonstrators stormed roads next to government offices to protest against a bill that would allow people to be sent to China for trial.
Oil falls over 2% on weaker demand growth, gain in U.S. crude stocks##Oil falls over 2% on weaker demand growth, gain in U.S. crude stocks
Oil prices fell more than 2 percent on Wednesday, weighed down by a weaker demand outlook and a rise in U.S. crude inventories despite expectations of extended supply cuts led by OPEC. Brent crude futures, the international benchmark for oil prices, were down $1.69, or 2.71 percent, at $60.60 a barrel by 0907 GMT. U.S. West Texas Intermediate crude futures were down $1.56, or 2.93 percent, at $51.71. The U.S. Energy Information Administration (EIA) cut its forecasts for 2019 world oil demand growth and U.S. crude production on Tuesday.
Why there’s more to Yes Bank resignations than a board seat##Why there’s more to Yes Bank resignations than a board seat
Independent director Mukesh Sabharwal has quit to pursue academic interests, as per the bank’s exchange filing. Ajai Kumar, non-executive, non-independent director, also announced his departure from the board citing personal reasons, another exchange filing from Yes bank on June 10 showed. READ MORE
Lakshmi Vilas Bank extends losses for the 3rd day, falls 8%##Lakshmi Vilas Bank extends losses for the 3rd day, falls 8%
Shares of Lakshmi Vilas Bank extended their losses for the third straight session and were down 6.6 percent today to hit a one-month low of Rs 63.50. The delay in regulatory approvals for the merger with Indiabulls Housing Finance likely weighs on the stock and may further drag it due to the embezzlement allegations on the latter. Shares of Lakshmi Vilas Bank ltd dipped 7.86 percent on NSE, quoting at Rs 62.70 at 2.21 pm. Meanwhile, the Nifty50 traded at 11,908.80, down by 56.80 points, or 0.47 percent. The Sensex traded at 39,794, lower by 156 points, or 0.39 percent.
Dollar slips for second day on growing U.S. rate cut bets##Dollar slips for second day on growing U.S. rate cut bets
The dollar edged lower for a second consecutive day on Wednesday on growing expectations of a U.S. rate cut next week while high-yielding currencies suffered due to ongoing trade tensions. Against a basket of its rivals, the dollar edged 0.1 percent lower to 96.64 and just above a 2-1/2 month low of 96.46 hit last week. Trade differences between the world’s two biggest economies are starting to reflect in data with Chinese factory inflation slowing in May while recent comments by Fed officials have become increasingly cautious.
Here's a quick catch-up of what has so far happened in markets today##Here's a quick catch-up of what has so far happened in markets today
-Markets continue to trade under pressure with the Nifty50 testing 11,900 level. At 1.17 pm, the 50-share broader NSE gauge traded lower by over 72 points at 11,893. The Sensex was down 249 points.
-Broader market indices fell in tandem with frontline indices. The Nifty MidCap index was down by 0.61 percent.
-Shares of Reliance Capital and Reliance Home Finance fell on Wednesday after statutory auditor PwC resigned from the two Anil Ambani-led companies.
-Shares of Dewan Housing Finance (DHFL) gained on Wednesday after the company said it has cleared all its overdue payments on non-convertible debentures (NCDs). The NBFC also paid Rs 962 crore in interest on NCDs), which fell due on June 4.
Bajaj, TVS miffed over govt’s ‘unrealistic and ill-timed’ all-electric push##Bajaj, TVS miffed over govt’s ‘unrealistic and ill-timed’ all-electric push
Bajaj Auto and TVS Motor, the country's top two-wheeler makers, have voiced concerns over the government's electric vehicle-related policies, calling it “unrealistic” and “ill-timed”.
“Nobody can argue with the intent and direction but related to execution, I have 3 serious concerns; first, it’s impractical to put a deadline to something like this. Second, it is ill-timed and third, I found it to be relatively incomplete because I heard a lot about 2 and 3-wheelers when what the world needs is car-free cities,” Rajiv Bajaj, MD of Bajaj Auto, told CNBC-TV18 on Wednesday. READ MORE
Happy birthday Nifty futures: Take a look at the 19-year journey of India’s top derivative instrument##Happy birthday Nifty futures: Take a look at the 19-year journey of India’s top derivative instrument
But in the financial world, 19 years ago, there was an event which shaped up how the Indian markets will trade forever. The Nifty futures were launched. READ MORE
Sterlite Tech rises 3%, extends gains to third session##Sterlite Tech rises 3%, extends gains to third session
Shares of Sterlite Technologies rose over 3 percent on Wednesday, extending gains to the third session, after the lien on promoter stake pledged with Citicorp International was released late on Monday. The promoter stake was pledged as collateral for a loan taken by group company Volcan Investment Cyprus. At 12.36 pm, the stock quoted at Rs 196.30, up by 2.48 percent on NSE.
Maruti Suzuki dips 2% after Deutsche Bank cuts price target##Maruti Suzuki dips 2% after Deutsche Bank cuts price target
Maruti Suzuki India shares fell 1.6 percent intraday on June 12 after global brokerage house Deutsche Bank maintains its 'hold' rating but slashed price target to Rs 6,325 (from Rs 6,450 earlier), implying 9 percent potential downside from current levels. Maruti had reported a 22 percent decline in sales at 1,34,641 units in May. Its domestic sales fell 23.1 percent to 1,25,552 units compared to year-ago period. Shares of Maruti Suzuki quoted at Rs 6,899.90, down by 1.12 percent on NSE at 12.06 pm. Meanwhile, the Nifty slipped below the 11,900 mark, dipping almost 76 points. The BSE Sensex fell by over 247 points, or 0.62 percent, to 39,703.