Domestic equity benchmarks started Thursday’s session on a sharply negative note tracking losses across Asian peers, a day after the US central bank projected at least two interest rate hikes in 2023, a year earlier than forecasted in the March meeting. Adani Ports was the top laggard among blue-chip stocks. Hindalco, Hero MotoCorp, Bajaj Finance, Axis Bank, HDFC Bank and HDFC were among the 41 laggards in the Nifty50 universe. On the other hand, UPL was the top gainer, up 0.72 per cent. Asian Paints, HCL Tech, UltraTech, Nestle and Infosys were among other top performers.
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RCom shares up 5% to hit upper circuit limit
The bankrupt Reliance Communications has written to the telecom department to renew its telecom licence for another 20 years, a move aimed to retain its rights over spectrum and to keep its enterprise business running.
Federal Bank up 2%
Private sector Federal Bank said its board has approved issuing equity shares to World Bank arm International Finance Corporation and associates for over Rs 916.25 crore.
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Analysts say valuations of Bharat Petroleum (BPCL), Hindustan Petroleum, and Indian Oil (IOC) remain attractive despite their share prices firming up recently.
Top gainers and losers in today’s trade
Price as on 17 Jun, 2021 10:03 AM, Click on company names for their live prices.
For Nifty50, the levels of 15,820-15,900 is seen as strong resistance levels. On the lower side, 15,700 is a crucial support. For the weekly expiry session, we would advise traders existing longs
– Sameet Chavan of Angel Broking
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Adani stocks continue to face selling pressure
Price as on 17 Jun, 2021 09:39 AM, Click on company names for their live prices.
Intraday Picks from Reliance Securities
Aurobindo Pharma: Buy in the range of Rs 975-980 for a target of Rs 1,010 with a strict stop loss at Rs 962.Concor: A short position can be initiated in the range of Rs 690-694 for a target price of Rs 674 with a strict stop loss at Rs 700.TVS Motor: A short position can be initiated in the range of Rs 630- 635 for a target price of Rs 610 with a strict stop loss at Rs 641.
Q4 Results Today
Power Grid, Tube Investments, Natco Pharma, Indostar Capital Finance, Novartis India, Healthcare Global Enterprises, J&K Bank, DB Corp, Nava Bharat Ventures and Bajaj Hindusthan Sugar, among others, are slated to report their quarterly earnings today.
All Nifty sectoral indices trading in negative zone; Nifty Metals down 1%
Most Sensex stocks in red; HDFC twins, RIL top drags
Opening Bell: Sensex sheds 250 pts, Nifty below 15,700; Majesco tanks 5%, Adani Enterprises 4%
Pre-open session: Sensex drops 260 points, Nifty at 15,650
SGX Nifty signals a gap-down start
Nifty futures on Singapore Exchange traded 115 points, or 0.73 per cent, lower at 15,660.50, signaling that Dalal Street was headed for a gap-down start on Thursday.
Tech View: Nifty sends sell signal on MACD
Nifty50 snapped a four-day winning streak on Wednesday and formed a bearish candle on the daily scale after forming three indecisive candles. Analysts said the chances of the index revisiting the 15,600 level – the lower end of the ongoing consolidation range – are good. The 15,700 level may offer some support, they said.
Crude oil prices drop, hit by stronger dollar
Crude oil prices fell on Thursday pressured by a stronger dollar, but losses were limited by a big drop in crude oil inventories in the United States, the world’s top oil consumer. Brent crude oil futures dropped by 74 cents, or 1 per cent, to $73.65 a barrel after reaching its highest since April 2019 in the previous session. US crude oil futures fell by 69 cents, or 1 per cent, to $71.46 a barrel..
Hong Kong, China shares begin with losses
Hong Kong stocks sank at the open of business morning after the latest Federal Reserve policy meeting left investors expecting US interest rates will rise earlier than previously expected. The Hang Seng Index slipped 0.69 percent, or 195.96 points, to 28,240.88. The benchmark Shanghai Composite Index fell 0.28 percent, or 10.01 points, to 3,508.32.
Japanese stocks open lower
Tokyo stocks opened lower on Thursday as negative sentiment from falls on Wall Street overwhelmed support from a cheap yen against the dollar. The benchmark Nikkei 225 index was down 0.57 percent or 168.03 points at 29,122.98 in early trade, while the broader Topix index slipped 0.22 percent or 4.41 points to 1,971.45.
US stocks dip, dollar rallies as Fed edges towards policy shift
The dollar rallied while US stocks dipped on Wednesday after the Federal Reserve sent signals it was moving closer to tightening monetary policy while downplaying recent signs of inflation. The Dow Jones Industrial Average fell 265.66 points, or 0.77 per cent, to 34,033.67, the S&P500 index lost 22.89 points, or 0.54 per cent, to 4,223.7 and the Nasdaq Composite index dropped 33.17 points, or 0.24 per cent, to 14,039.68.
Fed sees earlier time frame for rate hikes with inflation up
The Federal Reserve signaled that it may act sooner than previously planned to start dialing back the low-interest-rate policies. The Fed’s policymakers forecast that they would raise their benchmark short-term rate — which affects many consumer and business loans, including mortgages and credit cards — twice by late 2023. They had previously estimated that no rate hike would occur before 2024.
Rupee slips to 73.32 against dollar
Extending its losses for seventh straight session, the rupee slipped by 1 paisa to end at 73.32 against the US dollar following risk-off sentiment among investors ahead of the outcome of the US Federal Reserve meeting. At the interbank foreign exchange market, the rupee opened at 73.29 per dollar as against its previous close of 73.31. It hovered in the range of 73.26 to 73.38 during the day.
Sensex, Nifty on Wednesday
Key benchmark indices Sensex and Nifty retreated from record-high levels on Wednesday following as investors turned cautious ahead of the outcome of the US Federal Reserve’s policy meeting. The 30-share BSE index ended 271.07 points or 0.51 per cent lower at 52,501.98. It had closed at an all-time high of 52,773.05 on Tuesday. The NSE Nifty retreated from a record and declined 101.70 points or 0.64 per cent to 15,767.55.