19th June, 2019 Morning Brief

Market will open on a positive note today after a volatile session on yesterday.

Asian stocks rose, building on gains in global shares amid optimism over progress in the U.S.-China trade war and indications of more stimulus from the European Central Bank.
U.S. stocks approached all-time highs on optimism that President Donald Trump will de-escalate his trade war with China.

Volatility struck bourses in late afternoon trade as they reversed their entire gains and traded with marginal losses, as anxiety remained among the traders with Fitch lowered India's growth forecast to 6.6 per cent for the current fiscal from 6.8 per cent projected earlier, as manufacturing and agriculture sectors showed signs of slowing down over the past year. 

Nifty formed a Spinning Top kind of pattern on daily charts. Spinning Top is often regarded as a neutral pattern which suggests indecisiveness on the part of both bulls and bears. It can be formed in an uptrend as well as in a downtrend.
The consolidation is expected to continue but if the index extended gains then it can lead to the test of 11,800 on the upside, however, a close below 11665 may lead to further downside to 11426.

🎯 News & Impact 🎯

🎯 DHFL :
Company repaid Rs.7.5 crore on June 18.

🎯 NMDC :
Company produced 3.04 MT iron ore in May 2019 versus 2.12 MT year on year.
Sales at 3.37 MT versus 2.31 MT year-on-year.

🎯 Canara Bank :
Board permitted stake sale in Can Fin Homes.

🎯 Surya Roshni :
Company wins orders from Bharat Gas Resources worth Rs1.52bn.

🎯 TCS :
Company deploys TCS BaNCS for KGI Bank, Taiwan.

🎯 Trent :
Tata Sons to invest Rs9.50bn in Trent to fund Star, Westside, Zudio.
Positive for the stock. 👍

🎯 Va Tech Wabag :
Company bags order for Rs.14.77bn from State Mission for Clean Ganga – UP.

🎯 Hatsun Agro :
Company commissions Cattle feed plant at Solapur.
Positive for the stock. 👍

🎯 HCL Technologies :
HCL Technologies and Cricket Australia announce a multi-year partnership.

🎯 BSE :
Recognised bourses can launch futures on commodity indices - SEBI
Positive for the stock. 👍

🎯 NLC India :
The 100 MW Solar PV power plant at Kamuthi & K. Nedunkulam village, Ramanathapuram District, Tamilnadu, out of 709 MW solar power projects awarded by TANGEDCO has been successfully commissioned.

🎯 HDFC Bank :
The Reserve Bank of India imposed a penalty of Rs.1 crore on HDFC Bank for non-compliance with directions issued by RBI on Know Your Customer/Anti-Money Laundering norms and on reporting of frauds.
Negative for the stock. 👎

🎯 Max India :
2.75 crore shares pledged by Max Ventures released (9 crore shares pledged as of March 2019).
Negative for the stock. 👎

🎯 Max Financial Services :
48.6 lakh shares pledged by Max Ventures released.
Negative for the stock. 👎

🎯 Adani Enterprises :
Shares Pledged by Gautam Adani/Rajesh S Adani (on behalf of SB Adani Family Trust) on 19 lakh shares released.
Negative for the stock. 👎

🎯 Adani Transmission :
Shares pledged by Gautam Adani/Rajesh S Adani (on behalf of SB Adani Family Trust) on 29 lakh shares released.
Negative for the stock. 👎

🎯 JSW Steel :
Promoter pledged additional 1.08 % equity.
Negative for the stock. 👎

🎯 JSW Energy : Promoter pledged additional 0.69 percent equity.
Negative for the stock. 👎

✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒

Edited by Sharp.