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Tuesday Equity Wrap Up

Closing bell: Indices snap 4-day losing streak, Sensex gains 85 pts; banks, IT stocks lead.

Benchmark indices ended volatile session marginally higher and snapped four-day losing streak, driven by select banks and IT stocks.
The BSE Sensex rose 85.55 points to 39,046.34 and the Nifty50 gained 19.30 points at 11,691.50. The market breadth was in favour bears as about 1,546 shares declined against 964 advancing shares on the BSE.
ICICI Bank, Infosys, HCL Technologies, TCS, Vedanta, Coal India, Power Grid, Ultratech Cement and BPCL were gainers among Nifty50 stocks.
Indiabulls Housing Finance fell 7 percent. Maruti Suzuki, Hindalco, Sun Pharma, Axis Bank and HDFC were down 1-2 percent.
Jet Airways plunged over 40 percent after landing in bankruptcy court.
Reliance Infrastructure, Reliance Capital, Jain Irrigation, Kaveri Seeds, IRB Infrastructure and Arvind were down 5-20 percent.
Praj Industries, SRF, Shriram Transport, Varun Beverages, LG Balkrishnan, IOL Chemicals gained 3-7 percent.

IndusInd Bank shares gained 3 percent intraday after global brokerage firm Morgan Stanley resumed rating with overweight call as valuation is lower after underperformance last year.

ICICI Bank shares gained 2.8 percent intraday after global brokerage firm Macquarie raised price target on the stock by 13 percent to Rs 525 from Rs 465 while maintaining outperform call.

Jet Airways hits lower circuit, down 35 percent after landing in bankruptcy court.

Star Cement to consider buyback: The meeting of the board of directors of the company is scheduled on June 21 to consider and approve a proposal for buyback of the company’s equity shares.

Shares of Coal India gained 1.7 percent on June 18 after global brokerage house CLSA said it is optimistic on company’s volume growth and cost though there is no visibility on price hikes yet.

The crucial resistance for Nifty spot is now seen at 11760 and above this 11900 Support for the immediate term is now placed at 11560 next support will be 11440.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

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