Closing Bell: Sensex, Nifty end lower for third straight session dragged by financials, only 8 Nifty stocks end in the green

Closing Bell: Sensex, Nifty fall sharply, financials, consumer, pharma drag indexes##Closing Bell: Sensex, Nifty fall sharply, financials, consumer, pharma drag indexes

Indian shares fell sharply in the last hour of trade with the Nifty50 ending belwo the 11,850 level. The 30-share BSE Sensex was down 289.29 points at 39,452.07 at close, while the broader NSE Nifty50 was down 90.70 points at 11,823.30. IndusInd Bank, Zee Entertainment, Indiabulls Housing, Bharti Airtel and Axis Bank were the top losers on the Nifty, while gainers were Bharti Infratel, Sun Pharma, Power Grid, L&T and Vedanta. Barring BSE Capital Goods, all the sectoral indices ended lower led by FMCG, bank, auto, pharma, infra, metal, IT and energy.

Sensex slips 289 points today, down over 600 points from this week’s high of 40,066##Sensex slips 289 points today, down over 600 points from this week’s high of 40,066

Market fails to sustain recovery after sources say India will impose retaliatory tariffs on 29 US products##Market fails to sustain recovery after sources say India will impose retaliatory tariffs on 29 US products

HDFC confirms selling 4.2% stake in Gruh finance, stock depressed, Sensex, Nifty fall sharply##HDFC confirms selling 4.2% stake in Gruh finance, stock depressed, Sensex, Nifty fall sharply

HDFC confirmed selling 3,10,00,000 equity shared representing 4.2% stake of the issue and paid up share capital of Gruh Finance. Shares quoted at Rs 2,185.75, down by 0.53 percent on NSE at 3.23 pm. Meanwhile, the NSE Nifty50 dropped over 100 points to trade at 11,813.35. The Sensex also declined by over 336 points, or 0.85 percent, to trade at 39,404.

Here's a quick round up of what has happened in the markets so far##Here's a quick round up of what has happened in the markets so far

-Benchmark indices continue to trade under pressure, extending losses after a flat start on Friday. 

-At 14.57 pm, the Sensex was lower by 143 points, or 0.36 percent, to trade at 39,596.71. The Nifty was lower by 45.65 points, or 0.38 percent, to trade at 11,868.40.

-Midcap indexes on both NSE and BSE have also fallen in tandem with the Nifty MidCap and the BSE MidCap index fallen over half a percent.

-As many as 36 sectors have fallen with Nifty Media declining the most by 2.41 percent. Pharma, Media and Healthcare counters among top losing sectors. Nifty PUS Banks leads the 7 advancing sectors.

-ZEEL, IndusInd Bank, Bharti Airtel, Axis Bank and Bajaj Auto among top Nifty losers.

-IndusInd Bank, Kotak Bank, Axis Bank and Bharti Airtel among top drag on the Sensex.

IndusInd Bank, Bharat Financial boards likely to meet next week to finalise merger, says Romesh Sobti##IndusInd Bank, Bharat Financial boards likely to meet next week to finalise merger, says Romesh Sobti

The boards of IndusInd Bank and Bharat Financial Inclusion could meet next week, hopefully, to complete the formalities of the proposed merger, said Romesh Sobti, managing director and CEO of IndusInd Bank, adding that the June-quarter results will include consolidated financial statements of the two banks.

“The liability profile is an important part of the synergy. They have 9-9.5 million customers, 115,000 villages, 1,800 branches and each one of these customers will have a savings bank account. So, over the next 2-3 years this will become an additional low cost source of raising liabilities,” added Sobti. READ MORE

Five reasons why BofAML expects RBI to cut rates by another 50 bps by March 2020##Five reasons why BofAML expects RBI to cut rates by another 50 bps by March 2020

Bank of America Merrill Lynch (BofAML) is confident that the Reserve Bank of India will reduce lending rates by another 50 basis points by March 2020 as the investment bank expects the Indian economy to remain weak for the next couple of quarters. READ MORE

Jet Airways shares continue downward trend; tanks 15 percent##Jet Airways shares continue downward trend; tanks 15 percent

Shares of Jet Airways further plunged nearly 15 percent on Friday after stock exchanges decided to impose restrictions on its stock trading from June 28 earlier this week. The scrip tumbled 13.37 percent to Rs 79.65 - its multi-year low - on the BSE. On NSE, the shares tanked 14.96 percent to a multi-year low of Rs 78.15. Shares of Jet Airways had on Thursday also cracked nearly 18 percent. Stock exchanges will impose restrictions on trading in Jet Airways shares from June 28 as part of preventive surveillance measures to curb excessive volatility, according to a circular. The cash-starved company suspended operations in April and lenders are working on ways for revival of the airline.

Manpasand Beverages falls for 14th day##Manpasand Beverages falls for 14th day

Shares of Manpasand Beverages were locked in a 5 percent lower circuit and hit a fresh lifetime low of Rs 32.60 as investors continued to sell shares following corporate governance issues at the company. The stock fell for the 14th session in a row today after reports of irregularities at the firm and arrest of top management officials. So far this year, the stock has lost 63 percent of its value.

Here's a quick round up of what has happened in the markets so far##Here's a quick round up of what has happened in the markets so far

-Benchmark indices continue to trade under pressure, extending losses after a flat start on Friday. 

-At 1.47 pm, the Sensex was lower by 174 points, or 0.44 percent, to trade at 39,567. The Nifty was lower by 58 points, or 0.49 percent, to trade at 11,855.

-Midcap indexes on both NSE and BSE have also fallen in tandem with the Nifty MidCap and the BSE MidCap index fallen over half a percent.

-As many as 31 sectors have fallen with Nifty Media declining the most by 2.4 percent. Pharma, Media and Healthcare counters among top losing sectors. Nifty PUS Banks leads the 12 advancing sectors.

-ZEEL, IndusInd Bank, Bharti Airtel, Indiabulls Housing Finance and Kotak Bank among top Nifty losers.

-Reliance Industries, IndusInd Bank, Kotak Bank and Axis Bank among top drag on the Sensex.

Adani Green Energy trades lower, promoter sells 6% stake##Adani Green Energy trades lower, promoter sells 6% stake

Adani Green Energy ltd shares trade under pressure, quoting at Rs 43.10, down by 0.69 percent on NSE at 1 pm. Adani Green promoter sells 5.98 percent stake via offer for sale to meet minimum public shareholding norm. Promoter stake now stands at 74.92 percent. 

Wholesale inflation slips to 2.45 percent in May##Wholesale inflation slips to 2.45 percent in May

India's wholesale inflation, as measured by the Wholesale Price Index (WPI), slipped to 2.45 percent in May, as against 3.07 percent in April, the lowest level since July 2017, data published by the Ministry of Commerce and Industry showed on Friday. May WPI was expected to slide to 3.06 percent from 3.07 percent in March, as per a CNBC-TV18's poll. The wholesale inflation is expected to be in the range of 2.96 percent to 3.18 percent. READ MORE

Intellect Design up 5% as company sells arm for Rs 20.5 crore##Intellect Design up 5% as company sells arm for Rs 20.5 crore

Shares of Intellect Design Arena surged nearly 5 percent to a seven-month high of Rs 278 after the company sold its subsidiary SFL Properties for Rs 20.5 crore. Shares of the company were up almost 3 percent at Rs 272.80 at 12.37 pm on NSE.

Krish Subramanyam of Altamount Capital recommends to buy Larsen & Toubro##Krish Subramanyam of Altamount Capital recommends to buy Larsen & Toubro

Krish Subramanyam F&O stock recommendations are, “Put option in Larsen & Toubro (L&T), the stock has been seeing selling pressure on that higher levels so one could possibly see a buy of 1520 Put that is quoting at around Rs 15-16 keeping a target of Rs 27 and stop loss of Rs 8. A Covered Call on Tata Steel the metals have been a strong feature and even in a market which is sliding they seen to be holding on. Buy the futures and sell 510 Call that is quoting at around keeping a very bonus target of Rs 518 and stop loss of Rs 495.” READ MORE