STOCK MARKET LIVE: Nifty near-term target 11,525; HOLD Motherson Sumi share; this Rakesh Jhunjhunwala stock gains 2.3%

BSE Sensex closed 289.29 down at 39,452.07 today, against its previous day's close of 39,741.36 points. NSE's Nifty shedded over 100 points during the day. Sensex, and Nifty opened slightly higher today in the pre-market trading session. Sensex opened at 39,791.83 points, 50.47 points up, while Nifty was trading at 11,914.05, up 7.85 points in the pre-market. Even as uptrends seen in the US stock markets after a series of fall, Asian shares were steady today during morning trade. Wall Street gained on a surge in oil prices. MSCI's Asia-Pacific shares outside Japan was remained muted. Japan`s Nikkei fell 0.1%.  On Thursday, Indian markets ended with marginal gains after a roller coaster ride that saw the Nifty recovering sharply in the afternoon session after a weak morning session. The recovery came on the back of positive European markets which were up on the back of energy shares which were up due to fresh trouble in the Gulf/Iran region.

Indiabulls group stocks rose after falling in the morning as Indiabulls Housing Finance said that the writ petition filed in the Supreme Court against company and Sameer Gehlaut has been withdrawn. This improved sentiments although other troubled companies like Jet, DHFL and Yes Bank closed near their lows. The Nifty index ended 7.85 points or 0.07% higher at 11,914.05. Sectorally, the top gainers were the BSE Realty, Power, Consumer Durables and Capital Goods indices. The top losers were the BSE IT, Auto, Energy and Healthcare indices.

4.50 pm: Nagaraj Shetti, Technical Research Analyst, HDFC securities on today’s market performance: "Nifty showed a sharp weakness today, after witnessing an upside recovery from the lows in the last session. A long negative candle was formed today and the Nifty placed near the crucial support of 11,770 levels, which is a strong support as per the concept of change in polarity. We observe a formation of head and shoulder type pattern as per daily timeframe chart (not a classical one) with the neckline placed at 11,770 levels. Hence, a decisive move below this neckline support could open up a potential down side pattern target of 11525 levels in the near term (this pattern could activate only on a decline below the support of 11770 levels)."

4 pm: IndusInd Bank, Bharti Airtel, Tata Motors, Axis Bank, Kotak Bank, Bajaj Auto, Yes Bank, HCL Tech, HUL and Hero MotoCorp were the top losers today.

3:30 pm: NSE's Nifty 50 sheds over 100 points to 11,811.40.

3:25 pm: BSE Sensex fell drastically during the last leg of the trading session to 39,409.45, down 331.91 points.

3:10 pm: Rakesh Jhunjhunwala's stock gains 2.3%

NCC, in which ace investor Rakesh Jhunjhunwala bought, gained 2.3% today.

2:45 pm: RITES share gains 6%

RITES share gains 6% on the BSE on Friday after the firm said its board will meet on June 24, 2019, to consider bonus issue proposal.

2:08 pm: BSE Sensex fell over 200 points to trade at 39,536.96 points

1:57 pm: Sensex, Nifty 50 fall drastically; most of the Nifty sectoral indices were in the red.

1:43 pm: Wholesale price inflation down:

Wholesale price inflation fell to 22-month low at 2.45% in May, helped by falling food articles, fuel and power items prices.

Motherson Sumi share (HOLD):
(Zee Business panel experts stock recommendations): Experts say this share should be kept on HOLD. The stock may go up to Rs 170 and keep stop loss at Rs 108.

12:55 pm: Buy Nifty on dip:
(Zee Business panel experts stock recommendations): Overall Nifty 50 range has been 11,800-12,000 during the week.  11,800 is a strong support level. The investors should go for long on dip at this level.  

12:31 pm: Stocks in news today:
Indiabulls Real Estate: Rs300 crore income tax notice from the Income Tax Department over undisclosed income. The company's stock fell up to 6%.

HDFC is expected to sell 4.2% stake in Gruh Finance today 

Wockhardt: Zero observations from the US drug regulator after inspection at its Aurangabad plant in Maharashtra.

Hexaware Technologies: It has bought consulting firm Mobiquity for $182 million.

12:05 pm: Radico Khaitan (HOLD) 
(Zee Business panel experts stock recommendations):  Stock market expert Astha Jain recommended "HOLD" for this stock. The share has seen a fall due to some technical reasons, however, the company's fandamentals are quite strong, she said. She kept stop loss at Rs 250. Current market price of the stock is Rs 274.30, down 1.81%. 

11: 44 am: Federal Bank (BUY)
(Zee Business panel experts stock recommendations): Stock market expert Astha Jain has given a target price of Rs 130 for the stock. Current BSE market price of Federal Bank is RS 106.35, down 0.33%.

11: 30 am: Axis Bank share (HOLD)
(Zee Business panel experts stock recommendations):  Stock market expert Astha Jain recommended Axis Bank's stock for HOLD. She recommended stop loss at Rs 750. Asset quality is quite good, so investors should the share for a year to get a good return. 

11:05 am: After opening flat BSE Sensex was trading at 39,583.86, 157.5  or 0.40% lower from the previous day's close.

10: 45 am: In the NIFTY 50 index, majority of the stocks declined, underlining the pessimism in the market.

10: 40 am: Infratel, L&T, Wipro, ONGC, and Vedanta are the Nifty top gainers.

10:28 am: Banking, auto, and pharma stocks down

Banking, auto, and pharma stocks were down. On the NSE, sectoral indices Bank Nifty, Nifty Auto and Nifty pharma were in the negative zone.

10:10 am: Persistent Systems BUY call from Edelweiss

The brokerage house has given BUY call for this stock. "We believe the appointment of new CEO definitely addresses leadership concern for the time being. Moreover, attractive valuation of 10.4x FY21E EPS with almost 30% of market cap in cash, the downside is protected with huge upside if execution proceeds as planned. We maintain ‘BUY/SP’ with TP of Rs 775."

9:50 am: Edelweiss BUY call on Dr Reddy’s Laboratories share

Performance of Dr Reddy’s Laboratories (DRRD) improved, notably profitability and cash flows in FY19 after a tough FY18. Top line grew 8% led by 20% growth in branded business which now contributes 36% to overall revenue. Margin jumped 450bps YoY led by - 120 bps fall in general and administrative expenses (SG&A); and 280 bps cut in research and development (R&D) expense. 

Free cash flows improved 215% to Rs 2250 crore (22.5 bn) led by improvement in profitability and lower capex. Key highlights of the year were: Approval for sumatriptan nasal spray and launch of gSuboxone, gPropafol, gCubicin and relaunch of gZenatane; benefit to reflect in FY20; and EIR at Duvvada oncology plant; management expects a few meaningful launches in FY20. Maintain ‘BUY’ with TP of Rs 3,400.

9:21 am: BSE Sensex today slipped after opening marginally higher at 39,797 points,  against its previous day's close of 39,741.36 points, while Nifty too was trading in the negative territory at 9:25 am ahead of Chinese data. 

9:20 am: Edelweiss outlook on Mahindra Logistics, Future Supply and TCI Express shares

Overall freight movement (road & rail) was sluggish, yet again, in May 2019. While overall rail freight volume grew meager 3% YoY, the bright spot came from container volumes, which jumped 7.5% YoY. Container volumes were strong after four months and this augurs well for Concor’s Q1FY20 numbers. Road freight rates are still under pressure as the demand-supply mismatch continues. We continue to remain bullish on niche spaces within the sector (surface express and 3PL) and believe asset-light players (Mahindra Logistics, Future Supply and TCI Express) will continue to outperform others even if this sluggishness persists.

9: 05am: Pre-market:
Sensex, Nifty open slightly higher today in the pre-market trading session; BSE Sensex opened at 39,791.83 points, 50.47 points up, while Nifty was trading at 11,914.05, up 7.85 points in the pre-market.

9:02 am: Indian Rupees

Indian Rupees remained flat today at 69.548, against US dollar.

8:40 am: Nifty trends

Deepak Jasani, Head Retail Research, HDFC Securities said Indian markets (Sensex, Nifty) could open flat to mildly lower today. Realty index can do well while Auto index could underperform. Last week Nifty closed at 11,870. On upside, Nifty could face resistance at 11,875-11,962 band, while 11,817 remains a support. Among stocks under coverage, Titan, PNC Infra, PI Ind, DLF, LTTS could do well.

8:37 am: Equitas Holdings:
(Zee Business TV experts stock recommendations):  Target price is Rs 145 and keep stop loss at Rs 135. 

8:34: Ujjivan Financial Services:
(Zee Business TV experts stock recommendations):  Target price is Rs 350 and keep stop loss at Rs 335. 

8:31 am: Wockhardt:
(Zee Business TV experts stock recommendations):  Target price is Rs400 and keep stop loss at Rs 380. The company has received clean chit for its Aurangabad plant.

8:25 am: Gujarat Gas:
(Zee Business TV experts stock recommendations):  Target price is Rs 190 and keep the stop loss at Rs 180.

8: 23 am: Adani Enterprises:
(Zee Business TV experts stock recommendations):  Target price is Rs 160 and keep stop loss at Rs 151.

8:20 am: Welspun:
(Zee Business TV experts stock recommendations):  Target price is Rs 160 and keep stop loss at Rs 138.

8:15 am: Agro Tech Foods:
(Zee Business TV experts stock recommendations):  Target price is Rs 550 and keep the stop loss at Rs 527.

8:12 am: Adani Gas 
(Zee Business TV experts stock recommendations):  Target price is Rs 177 and keep the stop loss at Rs 166.

7:06 am: Jet Airways (SELL)

(Zee Business TV experts stock recommendations): Experts on Zee Business TV panels have recommended SELL on Jet Airways stock. They are of the view that there is little chance of the airline coming back to operations.

7:05 am: VRL Logistics: 
(Zee Business TV experts stock recommendations): Target price Rs 302 and keep stop loss at Rs 290.

7:58 am: YES Bank (SELL)

(Zee Business TV experts stock recommendation) SELL call on YES Bank.

7:50 am: Gold prices hit one-week high on Fed rate cut expectations, and Middle East tensions

7:40 am: YES Bank, and IndusInd Bank fell heavily on Thursday. Many investors who invested in these stocks incurred huge loses.

7: 30 am: Nifty showed upside bounce from the lows and closed on a minor gains on Tursday. A small positive candle was formed with lower shadow, which indicates a minor comeback of bulls from the lows. The overall chart pattern could now suggests a broader range movement around 11,780 to 12,000 levels and the Nifty is expected to move within this range for the next 1-2 sessions. One may expect emergence of selling interest from near 12,000 mark, Nagaraj Shetti , technical Research Analyst, HDFC securities said.

7:22 am: Deepak Jasani, Head Retail Research, HDFC securities said technically, Nifty is now stuck in a range for the last few sessions. Further directional cues are likely to emerge on a move beyond the 11,769-12,001 trading range.

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