Key benchmarks held on to gains in a narrow trading range in mid-morning trade. At 11:20 IST, the S&P BSE Sensex was up 89.99 points or 0.23% at 39,864.66. The Nifty 50 index was up 21.20 points or 0.18% at 11,943.45.
The market breadth was negative. On NSE, 694 shares advanced and 961 shares declined. A total of 435 shares were unchanged.
Shares of all listed Indiabulls Group companies tumbled after media reports alleged Indiabulls Housing Finance (IHFL) for misappropriating Rs 98,000 crore of public money.
Indiabulls Real Estate was down 4.82%, Indiabulls Housing Finance was down 5.27% and Indiabulls Ventures was down 5.57%.
According to reports, a Writ Petition was filed in Supreme Court against Sameer Gehlaut, chairman of Indiabulls group, allegedly siphoning off Rs 98,000 crore from Indiabulls Housing Finance. IHFL clarified after market hours on Monday that the Writ Petition was filed on Monday and is not heard by the court. Further, the total loans on the books of Indiabulls Housing Finance are approximately Rs 90000 crore. The company also stated that allegation of siphoning off of Rs 98000 crore is bizarre. The company added that blackmailers had been trying to extort money from the company and threatened them to write complaints to various government departments alleging siphoning off of Rs 55,000 crore if extortion money of Rs 10 crore was not paid to them.
Realty stocks were trading lower. Parsvnath Developers (down 6.09%), Indiabulls Real Estate (down 4.98%), D B Realty(down 4.52%), Housing Development and Infrastructure (down 1.79%), Peninsula Land (down 1.38%), Sunteck Realty (down 1.16%), Unitech (down 0.85%), Oberoi Realty (down 0.77%), Mahindra Lifespace Developers (down 0.71%), Prestige Estates Projects (down 0.69%) and Omaxe (down 0.07%), decreased. While, DLF (up 0.32%), Godrej Properties (up 1.07%) and Sobha (up 3.9%) increased.
Metal shares advanced. Vedanta (up 2.27%), Jindal Steel & Power (up 1.63%), National Aluminium Company (up 1.63%), Steel Authority of India (up 1.24%), NMDC (up 1.1%), Tata Steel (up 0.68%), JSW Steel (up 0.66%), Hindalco Industries (up 0.35%) and Hindustan Copper (up 0.12%), edged higher. Hindustan Zinc was down 0.37%
Zensar Technologies gained 4.19% after the company announced global partnership with NetApp and Cisco to deliver private cloud services. The announcement was made after market hours yesterday, 10 June 2019.
Share price of Bharat Financial Inclusion rose 2.10%. The company announced that the National Company Law Tribunal (NCLT), Mumbai on 10 June 2019 sanctioned the Composite Scheme of Arrangement among Bharat Hnandal Inclusion, Induslnd Bank, Induslnd Financial Inclusion and their respective Shareholders and Creditors. The scheme will come into effect upon filing certified copy of the order with the jurisdictional Registrar of Companies and the certified copy of the order is awaited.
Eveready Industries India fell by 2.36% after the company announced that a rating agency has downgraded the company's long term credit rating. The announcement was made after market hours yesterday, 10 June 2019.