Amid weak cues from Asian markets, Sensex and Nifty started Tuesday’s session on a sluggish note and soon slipped in the red zone. Bajaj twins and Titan were the top Sensex performers. Bank stocks were under selling pressure. Cipla was the top Nifty50 gainer. On the other hand, ONGC, Hindalco and Kotak Mahindra Bank were the top laggards.
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With lockdown restrictions easing, automakers are expected to report a recovery in sales in June. The easing of restrictions has helped retail sales to recover up to 65-70 per cent of the normal levels, analysts said. Based on channel checks, Sharekhan said around 80-90 per cent of dealerships have opened fully, while some others opening up for limited hours a day.
Despite the government’s stimulus package to revive stressed sectors, domestic equities continued to trade weak due to new coronavirus outbreaks in Asia. The extension of the emergency credit guarantee scheme to MSMEs and the subsidised financing to small borrowers will be a boost to the microfinance and NBFC sectors.
– Vinod Nair, Geojit Financial Services
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This is how the 30-pack Sensex moved in today’s session. It touched a high of 52,816.42 and a low of 52,477.77 to finally settle at 52,549.66
CLOSING BELL: Bank, IT stocks drag Sensex 186 pts lower; Nifty below 15,750; Indian Bank tanks 6%, SJVN 5%
- Bank and IT stocks lead the market fall
- 17 of 30 Sensex stocks end the day in the red
- Index contributors: ICICI Bank, Kotak Bank, Infosys, HDFC Bank, Axis Bank
- Top Index gainers: Power Grid (2.03%), HUL (1.39%), DRL (0.83%)
- Top Index losers: ICICI Bank (1.58%), Kotak Bank (1.54%), TechM (1.38%)
- All BSE sectoral indices except utilities, healthcare and FMCG end the day in the red
- S&P BSE Healthcare biggest sectoral gainer, up 0.73%
- S&P BSE METAL biggest sectoral loser, down 1.35%
- Volume toppers: SBI, RIL, Tata Steel, Kotak Bank, Bajaj Finance
Sensex down over 150 pts, Nifty near 15,750
Among the sectors tracked by NSE, only the FMCG and pharma gauges traded in positive territory. The Nifty FMCG and Nifty Pharma indices were up 0.45% and 0.63% respectively. The Nifty PSU Bank gauge was the worst hit, down 1.24%, whereas the Nifty Bank barometer was down 1%.
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Forex Center: This is how the major currencies are faring against each other
Telecom department not in favour of merging BSNL with MTNL
The MTNL stock traded down 2.91% at Rs 21.65 apiece on BSE, underperforming the benchmark S&P BSE Sensex index, which was down 0.43% at 52,509.94.
DCM Shriram Industries approves proposal for sub-division of shares
DCM Shriram Industries approved a proposal for the sub-division of equity shares from Rs 10 per share to Rs 2 per share. The stock traded 7.67% lower at Rs 434 apiece on BSE in late afternoon deals, sharply underperforming the S&P BSE Sensex index, which was down 0.44% at 52,505.85.
Here are the top losers in the tourism and hospitality space
Price as on 29 Jun, 2021 02:43 PM, Click on company names for their live prices.
Indian Bank, IFCI, Adani Gas, Adani Transmission, Schaeffler fall up to 6%
On the other hand, Firstsource Solutions, KSB, Venky’s, Sequent Scientific and Alok Industries, trading between 7.07% and 15.99% higher, were among the top gainers in the broadest index on BSE.
Fear gauge index India VIX cools off 3%
Price as on 29 Jun, 2021 02:01 PM, Click on company names for their live prices.
Top gainers in the FMCG pack
Price as on 29 Jun, 2021 01:53 PM, Click on company names for their live prices.
Sensex off day’s low; Nifty nearing 15,800 mark
Price as on 29 Jun, 2021 01:48 PM, Click on company names for their live prices.
Sun Pharma among top gainers in the pharma pack
Price as on 29 Jun, 2021 01:39 PM, Click on company names for their live prices.
Heritage Foods stock up 7% on foray into ready-to-eat segment
JP Morgan overweight on Sun Pharma
JP Morgan has maintained its overweight rating on Sun Pharma with a target price of Rs 770/share. The brokerage believes that Sun Pharma is the best placed to transition to specialty player in US with large part of investment already in place.
Cipla may be allowed to import Moderna’s Covid-19 vaccine; stock up 1%
DCGI (Drug Controller General of India) may consider Cipla to import Moderna’s Covid-19 vaccine shortly. Decision on approval for the same is expected today itself: Sources to ANI
Nifty Midcap index trading in negative
GIC Housing Finance rallies 18% after strong show in Q4
Shares of GIC Housing Finance soared as much as 18 per cent on Tuesday as the company reported a strong performance in the fourth quarter of FY21.
PNC Infra Nomura’s preferred stock pick in road EPC space
Foreign brokerage Nomura said PNC Infratech is its preferred pick in the road engineering, construction and procurement space due to a combination of strong execution, robust balance sheet and relatively inexpensive valuations. Retaining a buy recommendation, Nomura has lifted target price to Rs 385 from Rs 364 on stronger order inflow prospects and execution outlook.
Reliance jumps 1% on report of planning a petrochemical play in UAE
Reliance Industries and Abu Dhabi National Oil Co (Adnoc), a state-run oil company of the UAE, have finalised an agreement for a petrochemical joint venture one and a half years after signing a broad framework agreement.
Dollar hovers below two-month highs
The dollar index, which tracks the greenback against a basket of six major currencies, added 0.1% to 91.966 in Asia, slowly closing the gap to the high of 92.408 reached on June 18 after the Federal Open Market Committee shocked markets by predicting two interest rate hikes by end-2023.
Credit Suisse raises price target for Marico
Credit Suisse has maintained its outperfom stance on Marico and has increased its price target on the stock to Rs 600/share from Rs 490/share. Credit Suisse believes the Saffola Foods’ expansion can drive a rerating in Marico.
Sebi’s latest updates on the status of offer documents filed for fund-raising from the public showed that its observations on the offer document by Aditya Birla MF was ‘kept in abeyance’. Sebi gave the same reason against GoAir’s IPO.
All positive factors are already incorporated in the market, and there is no big event or positives which can help a further rally… We are seeing a bit of consolidation
– Gaurav Garg, head of research at CapitalVia Global Research
Welspun Corp gains 2% after robust Q4 numbers
Welspun Corp Ltd has reported more than 49 per cent jump in consolidated net profit at Rs 222.95 crore for the quarter ended March 31, 2021, mainly on account of lower expenses. The company had posted a net profit of Rs 149.24 crore, for the year-ago quarter from continuing operations, it said in a regulatory filing on Monday.
Nomura increases price target for SBI to Rs 580 per share
Foreign brokerage firm Nomura has raised its price target for SBI to Rs 580/share from Rs 550/share earlier. Nomura believes SBI’s balance sheet is geared to benefit from the cyclical recovery.
Rupee falls 7 paise to 74.26 against US dollar
The Indian rupee slumped 7 paise to 74.26 against the US dollar in opening trade on Tuesday as a muted trend in domestic equities and firm crude oil prices weighed on investor sentiment. At the interbank foreign exchange, the rupee opened lower at 74.26 against the dollar, registering a fall of 7 paise over its previous close.
Indian Bank falls 6%. Here’s why
Shares of Indian Bank tanked 6 per cent after listing of shares allotted under qualified institutional placement (QIP). Indian Bank had raised a total of Rs 1,650 crore in the QIP in which shares were issued at Rs 142.15 apiece. The state-owned lender said it allotted 11,60,74,569 new equity shares to eligible qualified institutional buyers (QIBs) in the issue that opened on June 21 and closed on June 24.
IT a better defensive pick; don’t go overweight on pharma: Ajay Bagga
“One cannot expect blockbuster drugs from Indian pharma companies. We see a betrayal of investor trust. I would rather go with IT as my defensive global pick and would not go overweight on pharma at all,” says market expert Ajay Bagga.
Top gainers and losers in the metals pack
Price as on 29 Jun, 2021 10:38 AM, Click on company names for their live prices.
Defensives like IT, FMCG and pharma in favour as traders avoid metals, auto and banks
Q3 results today
General Insurance Corporation of India, Indian Railway Catering and Tourism Corporation, Indian Railway Finance Corporation, Ruchi Soya Industries, NBCC (India), EID Parry, Finolex Cables, Suzlon Energy, KRBL, Angel Broking and Rail Vikas Nigam are among the companies that will announce their March quarter results today.
Rain Technologies to launch marketplace platform for equity investments this week
The proposed marketplace Rain Trader will go live from July 1, and take on the segment peers like Smallcase, Tradetron and Algobulls.
Sensex slips over 150 points; ICICI Bank HDFC Bank and Infosys top drags
Asian stock markets under pressure over Delta virus variant
Australian and Japanese shares took the brunt of early losses, with the ASX/200 index down 0.76% and the Nikkei falling 0.91%. The South Korean market was 0.39% lower, and Chinese stocks were also down 1.06%.
Top gainers and losers in the broader market
Godrej Agrovet, Laurus Labs, Bharat Forge, Graphite India, SpiceJet and Firstsource Solutions were gainers from the space while Indian Bank, PNB Housing, Future Retail, Adani Total Gas, Bombay Burmah Trading and JSW Energy were under selling pressure.
Nifty Bank down over 140 points; ICICI Bank, Kotak Mahindra Bank top drags
Block deals in Godrej Agrovet and HDFC Life shares: ET Now
Fear gauge index India VIX slips 2% to 13.1
15,900 level is a strong resistance zone for Nifty now, say analysts
The strongest headwind for the market now is the continuous FII selling (Rs 1,659 cr in the cash market yesterday) which is logical in the context of the high valuations. With strong DII buying (Rs 1,277 cr in the cash market yesterday) and over-confident retail activity, FIIs are now in a position to sell aggressively without pulling the markets down significantly
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Profit booking seen in PSU bank stocks
Price as on 29 Jun, 2021 09:26 AM, Click on company names for their live prices.
Nifty Bank and Nifty Financial Services trading in red
How Sensex stocks are faring now
Opening Bell: Sensex adds 30 pts, Nifty50 flat; IFCI, Indian Bank drop 5% each
Pre-open session: Sensex gains 75 points, Nifty stays above 15,800
Hong Kong stocks open with small gains
Hong Kong shares opened slightly higher Tuesday morning following another record close on Wall Street but traders were moving cautiously as they monitor fresh virus flare-ups in parts of the world. The Hang Seng Index edged up 0.08 percent, or 23.59 points, to 29,291.89. The benchmark Shanghai Composite Index climbed 0.13 percent, or 4.69 points, to 3,601.68, while the Shenzhen Composite Index on China’s second exchange added 0.18 percent, or 4.34 points, to 2,468.00.
Japan retail sales rises for 3rd month
Japanese retail sales beat expectations in May as households loosened their purse strings, but underlying trends in consumption remain hostage to COVID-19-linked pressures and suggest the economic recovery will take time to gather steam. Retail sales jumped 8.2 per cent in May from a year earlier, the third straight month of growth, government data showed on Tuesday, a larger rise than the median market forecast for a 7.9 per cent gain.
SGX Nifty signals a flat start
Nifty futures on Singapore Exchange traded 0.5 points higher at 15,874.50, signaling that Dalal Street was headed for a flat start on Tuesday.
Tech View: Nifty50 bulls fail to top 15,900
Nifty50 on Monday hit an all-time high of 15,915 at open but tested the 15,800 level intraday, before closing the session near the day’s low. Analysts said the index would find immediate support in the 15,800-750 range. They believe a sustained close above 15,915 level should offer the bulls an edge.
Japan stocks open lower with eyes on US data
Tokyo stocks opened lower on Tuesday in subdued trade after a mixed close on Wall Street, with eyes shifting to key US economic indicators due later this week. The benchmark Nikkei 225 index was down 0.71 percent or 205.96 points at 28,842.06 in early trade, while the broader Topix index lost 0.82 percent or 16.04 points to 1,949.63.
US stocks settled mostly higher
Blue chip and key technology stocks on Wall Street hit record highs on Monday as investors bet on outsized US jobs gains for June. The S&P500 index raced to an all-time high of 4,292 before closing at 4,290, up 0.2 per cent on the day. The Nasdaq Composite index hit an all-time high of 14,505, before settling at 14,500, up almost 1.0 per cent. The Dow Jones Industrial Average fell on the day and finished down 0.4 per cent at 34,283.
Rupee ends flat at 74.19 per dollar
The rupee inched up 1 paisa to settle at 74.19 against the dollar on Monday amid firm crude oil prices and a lacklustre trend in domestic equities. At the interbank foreign exchange market, the rupee opened at 74.24 per dollar as against its previous close of 74.20. It hovered in a range of 74.18 to 74.27 during the day, before ending at 74.19 against the greenback.
Sensex, Nifty on Monday
Equity benchmark Sensex reversed early gains to close 189 points lower on Monday, pressured by Reliance Industries and IT stocks, as investors gave a lukewarm response to the government’s fresh stimulus measures for COVID-hit sectors. After touching a lifetime high of 53,126.73 in opening session, the 30-share BSE index ended 189.45 points or 0.36 per cent lower at 52,735.59. Similarly, the broader NSE Nifty settled 45.65 points or 0.29 per cent down at 15,814.70.