Closing Bell: The market ended marginally higher in a lacklustre trading session on Tuesday. Key stocks showed mixed trend on alternative buying and selling by traders.

The 30-share Sensex ended at 39,816.48, up 129.98 points. The index ranged between 39,499.19 and 39,838.49 during intraday session.

The Nifty 50 index too was up 44.70 points or 0.38% and ended at 11,910.30.

Key sectoral indices such as IT, Metal, FMCG, Financial Services and Auto registered nearly 1 per cent gain, while Realty, Pharma, Banks and Media indices have lost up to 1.47 per cent on the back of selling pressure.

HOEC to buy Hardy’s India assets for USD 1.5 mn

Hindustan Oil Exploration Company (HOEC) has agreed to buy India assets of Harty Oil and Gas for USD 1.5 million (approximately Rs 10.3 crore).

“HOEC has entered into a conditional agreement with Hardy Oil and Gas, subject to their shareholders’ and other approvals, to acquire the entire share capital of HEPI [Hardy Exploration & Production (India)],” HOEC said in a regulatory filing Tuesday without giving any further details.

Sectoral indices @ 2.25 pm

Nifty Call: Buy on declines with fixed stop-loss at 11,860

The Sensex and the Nifty began the session on a flat note and slipped in to negative territory. But after witnessing buying interest at lower levels, the key benchmark indices are on a recovery mode and are likely to enter positive territory. The market breadth of the Nifty index is marginally biased towards declines. The India VIX is hovering almost flat at 14.57 levels. The Nifty Pharma and Realty indices have slumped more than 1 per cent in today’s session on the back of selling interest. While buying interest is seen in Nifty IT and FMCG indices. Click here to read the full technicals

Nifty top gainers, losers at 1 pm

Bank loan fraud: ED attaches ₹ 110-cr assets of Simbhaoli Sugars

The Enforcement Directorate on Tuesday said it has attached assets worth ₹110 crore of Simbhaoli Sugars Limited, one of India’s largest sugar mills, in connection with a money laundering probe against the firm related to an alleged bank loan fraud.

The agency said a provisional order was issued under the Prevention of Money Laundering Act (PMLA), for attachment of properties like land, buildings, plant and machinery of the distillery unit of the company located in Simbhaoli, Hapur in Uttar Pradesh.

The total value of assets under the latest attachment order is ₹109.8 crore, the Enforcement Directorate said in a statement.

A PMLA case was filed against the firm by the agency last year after taking cognisance of a CBI FIR against Simbhaoli Sugars Ltd and others for “cheating and defrauding Oriental Bank of Commerce on the pretext of financing the sugarcane farmers.”

“According to the CBI FIR, the company was given a loan of ₹148.59 crore by the bank for providing assistance to 5,762 farmers but the funds were diverted by the company for other purposes,” it said. Click here to read more

Power Mech Projects bags orders worth Rs 412 cr

Power Mech Projects Tuesday said it has bagged two orders worth Rs 412 crore in the domestic market.

The company has received letter of intent/work order for civil, structural and architectural works for main plant area at 1×660 mega watt (MW) Bhusawal Thermal Power Station, Maharashtra for around Rs 285.50 crore to be completed within a period of 40 months, the company said in a BSE filing.

Cox & Kings shares continue to fall; hit lowest trading permissible limit

Cox & Kings stock further fell 5 per cent Tuesday to hit its lowest trading permissible limit for the day following a payment default.

The scrip dropped 4.91 per cent to Rs 32.95 — its 52-week low and also its lower circuit limit — on the BSE.

At NSE also, the stock plunged 5 per cent to hit its 52-week low and the lower circuit limit.

On June 27, the company said it defaulted on payment of commercial papers due to cash flow mismatch. Cox & Kings was required to pay Rs 200 crore, however, it was able to pay only Rs 50 crore and defaulted on Rs 150 crore.

GAIL India issues tender to sell and buy LNG

GAIL India has offered two cargoes of liquefied natural gas (LNG) for loading from the Cove Point plant in the United States in August and November, two industry sources said on Tuesday.

The cargoes will be offered on a free-on-board (FOB) basis, they said.

GAIL is also seeking an LNG cargo for India’s Dahej terminal for late December delivery on a delivered ex-ship (DES), the sources said.

The tender for the swap deal closes on July 3, they added.

IOC close to deal for scrubber-equipped VLCC as Indian vessels fail to match criteria

India’s top refiner Indian Oil Corp is close to chartering a Panama-flagged ship rather than an Indian vessel in its first tender to hire an oil tanker with scrubbers that remove sulphur emissions, sources with knowledge of the matter said.

In December last year, state-owned IOC issued a global tender and offered Indian shippers a first right of refusal as the nation seeks to boost its shipping industry. India, the world’s third biggest oil importer, wants to promote the market share of its vessels in bringing in crude imports. Read more here

Strides Pharma gets USFDA warning letter relating to Puducherry facility

Strides Pharma on Tuesday said it has received a warning letter from USFDA relating to Puducherry facility.

Puducherry site currently produces 6 ANDAs which will not get impacted by the current development. However, the 10 ANDAs pending approval from the site will get deferred till the site is reclassified.

The company said, it is committed to the highest standards of quality and compliance and will work collaboratively with the FDA to resolve all issues addressed in the warning letter.

Brent oil may test support at $63.99

Brent oil may test a support at $63.99, a break below which could cause a loss to $63.13 per barrel.

The support is identified as the 38.2 per cent retracement on the uptrend from $59.45 to $66.80. The trend has reversed around a resistance at $66.43, the 50 per cent retracement of the downtrend from $73.40 to $59.45. Please read the techniicals here

Spot gold may bounce to $1,401

Spot gold may bounce to $1,401, as it has found a support in a narrow range of $1,386-$1,387 per ounce.

The range is formed by the 100 per cent projection level of a downward wave c from $1,424.24 and the 61.8 per cent projection level of an upward wave C from $1,332.45.

A falling trendline suggests that gold may bounce into the range of $1,401-$1,409. A break below $1,386 may cause a loss into the range of $1,366-$1,377. Click here to read more on the technicals

Alembic Pharma gets USFDA nod for Febuxostat tablets

Drug firm Alembic Pharmaceuticals Tuesday said it has received approval from the US health regulator for Febuxostat tablets, used to lower high levels of uric acid in adults who have gout.

The approved product is therapeutically equivalent to the reference listed drug Uloric tablets of Takeda Pharmaceuticals U.S.A., Inc.

The company has received approval from the US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) Febuxostat tablets in the strengths of 40 mg and 80 mg, Alembic Pharmaceuticals said in a filing to BSE.

Mumbai paralysed as monsoon rain pummels India’s financial capital

Large parts of Mumbai, home to India’s financial markets and the central bank, were inundated because of incessant monsoon rains over the past 24 hours, prompting the city administration to declare a holiday.

Airlines in the Mumbai’s airport were forced to delay, divert or cancel dozens of flights after a Boeing Co. 737 aircraft operated by SpiceJet Ltd. overshot the runway in Mumbai amid heavy rains. The stock, bond and currency markets remain open though trading volumes are likely to be impacted.

It is very unsafe to go out, Mahesh Palawat, a vice president of meteorology and climate change at Weather forecaster Skymet, said in a Twitter post. Nothing is important than your safety, he said, adding that Mumbai and suburbs saw rainfall of as much as 500 millimeters in the last 24 hours. Read more on the latest updates here

Bharat Financial to turn ex-date for merger

Shares of Bharat Financial Inclusion will turn ex-date on Wednesday for the proposed amalgamation with IndusInd Bank.

As per the scheme, the Bank will allot 639 shares to shareholders of Bharat Financial on the record date (July 4) for every 1,000 shares held in Bharat Financial, the erstwhile SKS Microfinance.

All assets and liabilities of Bharat Financial shall become assets and liabilities of the bank with effect from the appointed date i.e., January 1, 2018.

ICRA drops after CEO placed on leave

The shares of ICRA Ltd fell as much as 4.8 per cent to a one-week low of Rs 3,010.

The ratings agency placed MD & CEO Naresh Takkar on leave until further notice, it said in an exchange filing on Monday. The company said Takkar was placed on leave pending examination into concerns raised anonymously that were forwarded to it by India’s market regulator SEBI.  Read more here

Green energy to constitute over half of India’s capacity addition by 2030

Solar and wind energy projects may constitute over half of India’s total power capacity of by 2030, according to a draft report by the country’s power-planning body, which sees the country surpassing its climate goals. Read more here

India seeks to buy $2 bn worth warships to meet security challenges

India sought bids for purchase of warships and support vessels for its navy and coast guard as it ramps up security of its maritime border in the Indian Ocean region.

The government on Monday asked seven shipyards to submit proposals for the construction of six missile warships and other smaller vessels worth ₹15,000 crore ($2.2 billion), the Defence Ministry said in a statement. The tender includes eight fast patrol vessels, 12 hovercrafts and eight missile-cum-ammunition barges.

The shipbuilders invited include private shipyards Larsen & Toubro Ltd. and Reliance Naval & Engineering Ltd., apart from the state-run Mazagon Dock Shipbuilders Ltd., Garden Reach Shipbuilders and Engineers Ltd., Goa Shipyard Ltd., Hindustan Shipyard Ltd. and Cochin Shipyard Ltd., people with knowledge of the matter said.  Read more here

Kalpataru Power: Focus on preferential allotment

The board of directors of Kalpataru Power Transmission will meet on Tuesday to consider a proposal for issue of equity shares through preferential allotment. Shareholders will closely monitor the funds to be raised through the issue, the number of shares to be issued and the price at which they would be allotted.

The company, which last reported bagging of orders worth ₹975 crore, had reported net profit of ₹401.30 crore and revenues of ₹7,115.12 crore for FY18-19.

Tata Sponge ₹1,650 -cr rights issue opens today

The ₹1,650-crore rights issue of Tata Sponge Iron opens for subscription on Tuesday and ends on July 16. The company will issue 3.3 crore shares to eligible investors, who will get to subscribe to 15 shares for every seven held. The issue has been priced at ₹500 a share.

The company had fixed June 25 as the record date to identify eligible shareholders. Through the issue, Tata Sponge plans to retire debts worth ₹1,250 crore, which it had raised to acquire Usha Martin.

Markets opening: The Equity benchmarks have started the day on a positive note, with the Nifty is trading above 11,850 level.

The Sensex is up 33.20 points at 39,719.70, while Nifty is up 19.20 points at 11,884.80. About 387 shares have advanced, 298 shares declined, and 39 shares are unchanged.

All other sectoral indices are trading in the green, while Midcap index is up 0.15 percent.

Zee Entertainment, BPCL, ONGC, IOC and IndusInd Bank are trading higher, while Yes Bank, Hindalco, Tata Motors, Eicher Motors and JSW Steel have lost the most.

Rupee opening: The Indian rupee opened marginally lower at 69.02 per dollar on Tuesday against yesterday’s close of 68.94.

Trade hopes lift S&P to record as tech leads

US stocks climbed on Monday, but finished off earlier highs, led by gains in technology stocks on optimism for progress in US-China trade talks and signs of a likely reprieve for Chinese telecom company Huawei. Read the full story here

Oil prices slip as demand worries outweigh OPEC supply cuts

Oil prices slipped on Tuesday as worries that a weakening global economy would dent demand for the commodity outweighed OPEC’s decision to extend supply cuts until next March.

Brent crude futures for September delivery had dropped 33 cents, or 0.5 per cent, to $64.73 a barrel by 0034 GMT. They climbed more than $2 a barrel on Monday before paring gains later in the day. US crude futures for August had fallen 48 cents, or 0.8 per cent, to $58.61 a barrel, after touching their highest in over five weeks on Monday. Click here to read trends in the crude oil market

Day Trading Guide for July 2, 2019

11903 • Nifty 50 Futures

S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.

₹2239 • TCS

₹361 • SBI

₹1268 • Reliance Ind.

₹161 • ONGC

₹274 • ITC

₹731 • Infosys

₹2485 • HDFC Bank

Today’s Pick – Ashoka Buildcon (₹145.6): Buy

Investors with a short-term perspective can buy the stock of Ashoka Buildcon at current levels. The stock took support at around ₹110 in February and again in mid-May 2019 and started to trend upwards. Since May this year, the stock has been in a short-term uptrend. While trending up, the stock breached its moving average compression (21-, 50- and 200-day moving averages) at ₹128 in late May. Following a minor correction, the stock took support at ₹131 and resumed the uptrend. Read the full technicals here…

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