Market Live: Indices remain strong, Nifty inches towards 12,000; Apollo Hospitals up 8%

Major Asian markets fell between 0.5-1 percent after fresh trade worries between the US and Mexico.

Stake Sale in DHFL

Aion Capital is in the fray to buy a majority stake in DHFL and may sign a term sheet soon to explore transaction, reports CNBC-TV18 quoting sources.

Lone Star, Piramal Enterprises and Oak Tree are also in talks with DHFL, sources said.

Aion Capital and DHFL did not respond to CNBC-TV18's query.

Aion Capital is a joint venture between Apollo Global & ICICI Ventures. DHFL's total AUM size is at around Rs 1.26 lakh crore.

PSU banks are trading lower today. The Nifty PSU Bank index has fallen 0.79 percent dragged by Oriental Bank, BoB and J&K Bank.

Nikkei India Manufacturing PMI

Economic growth in manufacturing industry moved up a notch in May as companies responded to strengthening demand conditions by lifting output, quantities of purchases and employment to greater extents, IHS Markit said.

Business sentiment also ticked higher. Price pressures remained relatively muted, with goods producers leaving selling prices unchanged on the back of a mild rise in overall cost burdens, it added.

At 52.7 in May (against 51.8 in April), the Nikkei India Manufacturing Purchasing Managers’ Index pointed to the strongest improvement in the health of the sector for three months. Moreover, the current growth sequence was stretched to 22 months, it said.

May Auto Sales

Ashok Leyland said it sold 13,172 units in May, lower by 4 percent against 13,659 units sold in the same month last year.

Medium and heavy commercial vehicle sales declined 14 percent year-on-year to 8,946 units.

Domestic sales grew by 6 percent to 12,778 units YoY in May 2019.

Stake Sale

Promoter sold 1.54 percent stake in Mahindra & Mahindra at Rs 648 apiece.

Post stake sale, promoter stake reduced to 18.90 percent from 20.44 percent.

Market Update

Benchmark indices remained strong on fall in oil prices and US bond yields.

The Sensex rose 164.33 points to 39,878.53 and the Nifty gained 44.60 points at 11,967.40 but the market breadth was in favor of bears.

About 933 shares declined against 826 advancing shares on the BSE.

Profit Plus Financial Services provides the best commodity tips with good call accuracy. Get profitable share market tips for long term and short term investment Call Now @9826278097