Kotak Mahindra Bank announced that the Annual General Meeting (AGM) of the bank will be held on 22 July 2019.

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Kotak Mahindra Bank Ltd is up for a third straight session today. The stock is quoting at Rs 1517.05, up 1.29% on the day as on 12:54 IST on the NSE. The benchmark NIFTY is up around 0.53% on the day, quoting at 11753.9. The Sensex is at 39337.51, up 0.57%. Kotak Mahindra Bank Ltd has gained around 1.96% in last one month.

Meanwhile, Nifty Bank index of which Kotak Mahindra Bank Ltd is a constituent, has gained around 0.91% in last one month and is currently quoting at 30362.1, up 0.73% on the day. The volume in the stock stood at 14.56 lakh shares today, compared to the daily average of 23.39 lakh shares in last one month.

The benchmark June futures contract for the stock is quoting at Rs 1514.75, up 1.1% on the day. Kotak Mahindra Bank Ltd is up 15.46% in last one year as compared to a 9.43% jump in NIFTY and a 15.42% jump in the Nifty Bank index.

The PE of the stock is 58.81 based on TTM earnings ending March 19.

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Key benchmarks came off day's low in early afternoon trade after India's inflation eased in May 2019. At 12:23 IST, the barometer index, the S&P BSE Sensex, was down 135.64 points or 0.34% at 39,605.75. The Nifty 50 index was down 51.35 points or 0.43% at 11,862.70. Weakness in private sector banks still weighed on bourses.

The annual rate of inflation, based on monthly Wholesale Price Index (WPI), stood at 2.45% (provisional) in May 2019 (over May 2018) as compared to 3.07% (provisional) for the previous month and 4.78% during the corresponding month of the previous year. The data came out during trading hours today, 14 June 2019.

In broader market, the BSE Mid-Cap index was down 0.39%. The BSE Small-Cap index was down 0.31%.

The market breadth, indicating the overall health of the market, was negative. On BSE, 776 shares advanced and 1434 shares declined. A total of 132 shares were unchanged.

Bajaj Finance was down 0.16% at Rs 3,537.30. The stock hit a record high of Rs 3566 in intraday today.

Private sector banks were under pressure. IndusInd Bank (down 4.87%), Yes Bank (down 2.13%), Kotak Mahindra Bank (down 1.99%), RBL Bank (down 1.06%), Axis Bank (down 0.45%), ICICI Bank (down 0.42%), HDFC Bank (down 0.1%) and City Union Bank (down 0.02%), edged lower. Federal Bank was up 0.19%.

Public sector banks were mixed. Syndicate Bank (up 1.72%), UCO Bank (up 1.39%), Indian Bank (up 1.31%), Union Bank of India (up 1.03%), Punjab National Bank (up 0.98%), Canara Bank (up 0.67%), Andhra Bank (up 0.42%) and Bank of India (up 0.23%), edged higher. Bank of Baroda (down 0.08%), Allahabad Bank (down 0.12%), Central Bank of India (down 0.22%), IDBI Bank (down 0.28%), Bank of Maharashtra (down 0.31%), State Bank of India (down 0.55%), Corporation Bank (down 0.85%), United Bank of India (down 0.98%) and Punjab & Sind Bank (down 1.53%), edged lower.

Sun Pharmaceutical Industries was down 1.17%. The company announced interim results from a Phase 2 study of interleukin-23 (IL-23) inhibitor ILUMYA (tildrakizumab-asmn) in patients with active psoriatic arthritis that was presented in a late-breaking oral presentation at the Annual European Congress of Rheumatology (EULAR 2019) in Madrid, Spain.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 0.91% at 13.78.

On the options front, Nifty option chain for 27 June 2019 expiry showed maximum call open interest (OI) of 25.90 lakh contracts at the 12000 strike price. Maximum put OI of 26.10 lakh contracts was seen at 11500 strike price.

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Key benchmark indices continued trading lower in morning trade. At 10:23 IST, the barometer index, the S&P BSE Sensex, was down 89.84 points or 0.23% at 39,651.52. The Nifty 50 index was down 31.26 points or 0.26% at 11,882.85

Among secondary barometers, the BSE Mid-Cap index was down 0.27%. The BSE Small-Cap index was down 0.05%.

The market breadth, indicating the overall health of the market, was negative. On BSE, 711 shares rose and 988 shares fell. A total of 105 shares were unchanged.

Hexaware Technologies rose 2.70%. The company announced that it has acquired 100% shares of Mobiquity and Mobiquity Softech, a wholly owned subsidiary of Mobiquity for a total cash consideration of $182 million. Mobiquity creates digital products for brands like Amazon Web Services, Rabobank, Philips, Wawa, Backbase and Otsuka.

Pharma shares declined. Aurobindo Pharma (down 2.05%), Cadila Healthcare (down 1.83%), Divi's Laboratories (down 1.76%), Sun Pharmaceutical Industries (down 0.95%), Strides Shasun (down 0.92%), Piramal Enterprises (down 0.64%), Cipla (down 0.28%) and Lupin (down 0.19%), edged lower. Wockhardt (up 1.26%), Glenmark Pharmaceuticals (up 0.36%) and Alkem Laboratories (up 0.14%), edged higher.

Dr. Reddy's Laboratories was down by 1.32%. The company announced that it entered into a definitive asset purchase agreement with Upsher-Smith Laboratories. Dr. Reddy's Laboratories would sell its US and select territory rights for 'Zembrace Symtouch' 3 mg and Tosymra 10 mg, also known as DFN-02, which are commercialized through its wholly owned subsidiary, Promius Pharma. Under the agreement, Dr.Reddy's Laboratories will receive $70 million as upfront consideration, $40.5 million in near term milestones and additional financial considerations including, existing contractual obligation and inventory.

Most realty stocks witnessed selling. Unitech (down 6.03%), D B Realty (down 3.06%), Sobha (down 1.61%), Sunteck Realty (down 1.36%), Peninsula Land (down 0.78%), The Phoenix Mills (down 0.47%) and Oberoi Realty (down 0.29%), all declined. Only Prestige Estates Projects (up 0.17%) and Anant Raj (up 0.51%), trader higher.

On the domestic front, the markets regulator on Thursday directed credit rating agencies (CRAs) to start disclosing the probability of default for the issuers they rate. According to the latest Sebi circular, rating companies, in consultation with the regulator, will now create a uniform probability of default benchmark for each rating category on their website, for one-year, two-year and three-year cumulative default rates, both for the short term and long term.

India's inflation based on wholesale price index (WPI) for May 2019 will be unveiled today, 14 June 2019. WPI-based inflation, base year 2011-12, declined to 3.1% in April 2019 from 3.2% in March 2019, while snapping rise for last two straight months.

Overseas, Asian stock markets were trading lower on Friday as sovereign bonds rate dip. Crude oil prices rallied after an attack on tankers in the Gulf of Oman. Hong Kong's Hang Sang remained under pressure and continued to trade lower.

US stocks gained on Wednesday on expectations that trade officials from the US and China will clinch a deal on the sidelines of a G-20.

Crude oil steadied following attacks on two tanker ships in the Gulf of Oman on Thursday. In the global commodities markets, Brent for August 2019 settlement rose $1.34 a barrel or 2.23% to settle at $61.31 a barrel during the previous trading session.

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