MARKET SUMMARY OF 10 JUN 2019

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On the weekly chart, Nifty has formed a small Bearish candle with shadows on either side indicating indecisiveness amongst participants regarding the direction. The index is moving in a Higher Top and Higher Bottom formation on the weekly chart indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 11,970, it would witness buying that would lead Benchmark indices ended Monday's session with gains, lifted by tech stocks, in line with global stock markets that were buoyed by a deal struck between the US and Mexico to avoid a tariff war, and weak US jobs data that raised hopes of rate cuts by the Federal Reserve.In the broader market, the S&P BSE MidCap was up 17 points, or 0.11 per cent, to 14,923, while the S&P BSE SmallCap dipped 72.5 points, or 0.49 per cent, to 14,585.BUZZING STOCKS Shares of Jammu & Kashmir (J&K) Bank tanked 20 per cent to Rs 47.60 apiece on the BSE on Monday after reports suggested that the Anti-Corruption Bureau alleged Parvez Ahmed, now-removed chairman-cum-managing director, of indulging in corrupt activities. The stock, however, ended the day at Rs 52.25, down 12.11 per cent. Shares of Jet Airways (India) were trading 8 per cent lower on the BSE in the morning deals on Monday after concerns over a potential government-led investigation surfaced, implying derailment of the revival plan of the cash-strapped airline.

The stock, however, pared almost all of its losses to end the day at Rs 125.20, down 0.36 per cent.  Shares of Anil Dhirubhai Ambani Group  companies came under heavy pressure on Monday with Reliance Power  hitting a new low of Rs 4.94, tumbling 20 per cent on the BSE after the company reported a huge loss of Rs 3,559 crore for the March 2019 quarter, due to impairment and higher finance costs. The company had posted a net profit of Rs 189 crore in the year-ago quarter.