Sensex gains 100 points; ICICI Bank top loser; Ruchi Soya slips 3%
ICICI Bank: As a multi-agency probe continues in India into alleged lapses involving ICICI Bank’s chief Chanda Kochhar and her family members, the matter has also come under the scanner of the U.S. markets regulator, the Securities and Exchange Commission (SEC).
1) Reliance Industries (Buy)
Target: Rs 992
Stoploss: Rs 981
- Morgan Stanley overweight on the stock
- MS sees target price at Rs 1000
Indian markets finished on a negative note last week, with Sensex tumbling by over 19.41 points or 0.05% at 35,443.67 and Nifty 50 muted at 10,767.20. These two benchmarks gave away their gains which were boosted by India’s GDP growth rate of 7.7% in Q4FY18, and were trading cautiously last week in the midst of RBI’s policy announcement. RBI held a three day meeting for the first time in history, and on June 06 the central bank raised policy repo rate by 25 basis points to 6.25% from previous 6% which was also a first during Narendra Modi regime. RBI maintained a neutral stance, but also raised CPI inflation target by FY18 end. CPI, WPI and IIP will be presented in upcoming week and domestic indices will move as per the performances of these indicators. RBI has already raised a list concern which pressurizes inflation in coming months.
Asian stocks moved gingerly on Monday as a weekend G7 summit fanned trade conflict fears after U.S. President Donald Trump backed out of a joint communique in a blow to the group’s efforts to show a united front. Trump’s reversal, announced while he was en route to Singapore for a meeting with North Korean leader Kim Jong Un, sent his Group of Seven partners scrambling.