7th June 2019, Morning Brief

Market will continue yesterday's slide by opening on a negative note.

Asian stocks traded mixed Friday as traders awaited a key U.S. jobs report and the outcome of further tariff negotiations between the Trump administration and Mexico.

The RBI slashed repo rates by 25 bps to 5.75% a lowest in 9 years and changed the stance to accomodative from neutral but a downward revision of FY20 GDP growth forecast and no major measure to address liquidity conditions for NBFCs dented sentiment and caused to register a biggest fall of 2019 for Sensex and Nifty.

Nifty forms Bearish Belt Hold pattern on the chart. As mentioned in repetition that Nifty should hold and sustain above 11960 level to start it's upward journey, Nifty is failing the same. Again, to regain recent tops it needs some concrete stimulus in coming days. 11830 can be considered an immediate support to watch today.

🎯 News & Impact 🎯

🎯 RNAM :
Reliance Life Insurance Company making an open offer to acquire 13.82 crore shares of Reliance Nippon Life Asset Management at Rs 230 per share.

🎯 Cyient :
Company announces strategic investment in rail Cybersecurity Company Cylus.

🎯 Indiabulls Real Estate :
Company's promoters' strategy to focus on financial services in the long run, the promoters intend to dispose-of up to 14% of the fully paid-up share capital of the company to third party investors.
Positive for the stock. 👍

🎯 Indiabulls Real Estate :
Blackstone may buy promoters' stake for around USD 1 billion.
Positive for the stock. 👍

🎯 Bharti Airtel :
Oyo Hotels & Homes and Airtel partner to launch Oyo Store on Airtel Thanks App.

🎯 JSW Steel :
Company has agreed to acquire the entire issued and paid-up share capital of Piombino Steel Limited.
✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒
Edited by Sharp.