Stock Market Live Updates: Sensex at record high, Nifty above 15,850; auto, energy stocks rise

Market Watch: Rahul Mohindar of viratechindia.com

– Buy HDFC with a stop loss of Rs 2,510 and a target of Rs 2,570

– Buy Kotak Mahindra Bank with a stop loss of Rs 1,760 and a target of Rs 1,815

– Buy Manappuram Finance with a stop loss of Rs 159 and a target of Rs 167-172.

Vaishali Pharma | The company has received an order in excess of 100,000 US Dollars from Russia for the supply of registered Veterinary product.

Dr Reddy’s Laboratories | The company announced the launch of Icosapent Ethyl Capsules, 1 gram approved by the US Food and Drug Administration (USFDA),.

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

Yesterday the Nifty closed above 15,700 which blocked the avenue for the markets to be weak in the short term. We have resumed the uptrend and can target 16,000-16,100 as the next level for the index. Keeping 15,400 as a support for the market, a buy on dips approach will be appropriate to adopt in this market.

Gold rate today: Yellow metal trades higher

Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Tuesday following a positive trend in the international spot prices as the US dollar slipped from a two-month high level. At 10:20 am, gold futures for August delivery rose 0.17 percent to Rs 47,155 per 10 grams as against the previous close of Rs 47,074 and the opening price of Rs 47,178 on the MCX. Silver futures traded 0.06 percent lower at Rs 67,720 per kg. The prices opened at Rs 67,755 as compared to the previous close of Rs 67,762 per kg. More here

China cuts second batch of crude oil import quotas for private refiners

China has issued 35.24 million tonne of crude oil import quotas to non-state refiners in the second batch of allowances for 2021, a 35 percent drop from the same slot last year, according to a document seen by Reuters and two sources with knowledge of the matter. The sharp decline comes after a recent crackdown on trading of such quotas as Beijing works to consolidate its bloated refining industry and reduce emissions. Analysts expect the changes in quotas and newly imposed taxes on bitumen feedstock to reduce independent refiners’ crude imports and their fuel output in the second half of the year although state refiners will ramp up crude imports and processing rates to reap higher domestic margins. Independent firms, known as ‘teapot’ refiners, account for about a fifth of crude imports the world’s largest oil importer. More here

Bitcoin recoups losses in Asia after plunging on Chinese crackdown

Bitcoin regained some ground on Tuesday, a day after touching a two-week low after China’s central bank reaffirmed a crackdown on cryptocurrencies and restricted trading channels for Chinese residents. The world’s largest cryptocurrency was last up 4.58 percent at 33,000, having dropped more than 10 percent on Monday. Ether, the second-biggest cryptocurrency, was up 5.05 percent at 1,983 after hitting a five-week low the day before. Monday’s sell-off was sparked by an announcement from the Peoples Bank of China saying it had summoned China’s largest banks and payment firms urging them to crack down harder on cryptocurrency trading. More here

Jet Airways shares locked in 5% upper circuit as NCLT final order likely today

Shares of Jet Airways were frozen in 5 percent upper circuit at Rs 99.45 per share on BSE as the National Company Law Tribunal (NCLT) is set to pronounce its final ruling on the resolution plan for the airline today. Jet Airways, India’s oldest and once largest private airline, was grounded in April 2019 after a severe scarcity of funds, following which an SBI-led consortium referred it to the NCLT for resolution under the insolvency and bankruptcy code. After several rounds of bidding, the lenders of Jet Airways finally zeroed in on the Kalrock-Jalan consortium in October of 2020.

Indian Bank shares jump 5% after lender launches QIP to raise Rs 4,000 crore

Shares of Indian Bank surged 5 percent on Tuesday, trading near its 52-week high level after the lender launched its qualified institutional placement (QIP). The lender is looking to raise around Rs 4,000 crore through the QIP with a floor price set at Rs 142.15 per share. The stock rose as much as 5.2 percent to its day’s high of Rs 153.10 per share on the BSE. It was trading near its 52-week high of Rs 156.90, hit on February 18, 2021. In comparison, Sensex was trading around 0.7 percent higher.

Market Watch: Dipan Mehta, Director of Elixir Equities

On Market

Corrections are good entry points for long-term investors and even if marketwise correction doesn’t come, stockwise correction does take place because there is a lot of rotation into and outside sectors and those should be taken advantage of by investors to gradually increase their exposure to equity.

On PNB Housing Finance

We and our clients are invested in this stock. The outcome of the present issue will be positive for minority shareholders. Such corrections are good opportunities for investors who are little underweight as far as housing finance companies are concerned to start investing a little bit in it. PNB Housing Finance could be the real outperformer as far as HFCs are concerned over the next six-twelve months.

Opening Bell: Sensex opens at record high, Nifty nears 15,850; metals, energy stocks rise

Indian indices opened higher with Sensex at a record high on Tuesday, tracking gains in Asian peers. The rise was led by broad-based buying across sectors with metals, energy and banking stock adding the most. The Sensex rose 327 points to hit a new high of 52,901 while the Nifty was up 94 points at 15,840. Broader markets were also higher with the midcap index up 0.8 percent and smallcap index up 1 percent. On the Nifty50 index, Adani Ports, UPL, ONGC, Maruti and Tata Steel were the top gainers while Bajaj Auto, Nestle, Britannia, HCL Tech and Powergrid led the losses.

Asian shares bounce from four-week lows, dollar pulls back

Global shares extended their recovery on Tuesday, with Asian markets bouncing from four-week lows as investors focus on economic growth partly offset worries about any near-term rise in US interest rates. The early momentum in the region was supported by a rally on Wall Street, with the Dow registering its strongest session in more than three months. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.35 percent, moving above Monday’s four-week lows and notching a 4 percent gain so far this year. Japanese shares led the way, with the Nikkei advancing 2.1 percent. South Korea stocks rose 0.4 percent, Australia was up 1.2 percent and Chinese stocks advanced 0.6 percent. More here

Central Bank of India, Indian Overseas Bank shortlisted for divestment: Report

The Central government has shortlisted the Central Bank of India (CBI) and the Indian Overseas Bank (IOB) for divestment, according to a report on Monday. The government is likely to amend the Banking Regulations Act and Banking Law Act during the monsoon session of Parliament to privatise the two-state run banks, the report suggests. The move comes after Union Finance Minister Nirmala Sitharaman had announced during her Budget 2021 speech in February that two public sector banks (PSBs) would be privatised in 2021-22. More here

NCLT set to pronounce final order in Jet Airways insolvency case today

The National Company Law Tribunal (NCLT) is set to pronounce final order in the Jet Airways insolvency case today. The verdict will be given with respect to the Kalrock-Jalan consortium resolution plan for Jet Airways. The NCLT had reserved an order on approval of Jet resolution plan on June 14. In October 2020, Jet’s lenders had approved Kalrock-Jalan’s resolution plan for the company. Jet was admitted into NCLT in June 2019 under the Insolvency and Bankruptcy Code (IBC). Kalrock Capital is a UK-based asset management company and Murari Lal Jalan is a UAE-based entrepreneur. More here

Retail to be next growth engine for Reliance Industries: Goldman Sachs

With a potential for a 10x growth in pre-tax profit from the business over the next decade, retail including e-commerce will be the next growth engine for Reliance Industries Ltd (RIL), Goldman Sachs said in a report. After growing 5x over FY16-FY20, RIL’s core retail revenue growth has taken a pause in FY21 (April 2020 to March 2021) due to COVID related macro headwinds including lower footfalls. The oil-to-telecom conglomerate run by billionaire Mukesh Ambani used the period to build strong digital capabilities of the retail business while continuing to expand its physical reach. “We believe retail business (including e-commerce) is set to be the next growth engine for RIL, with potential for retail EBITDA to grow 10x over the next 10 years,” the brokerage said. More here

Petrol, diesel prices touch new heights after fresh hike today

The oil marketing companies (OMCs) hiked the prices of petrol and diesel by 27-28 paise and 26-28 paise respectively on Tuesday after keeping the rates unchanged on Monday. Accordingly, the price of petrol and diesel increased to Rs 97.50 and Rs 88.23 per litre in the national capital, as per Indian Oil Corporation, the country’s largest fuel retailer. In Mumbai, the petrol price changed to Rs 103.63 per litre on Tuesday. The cost of diesel advanced to Rs 95.72 a litre.

Indian Bank opens Rs 4,000-cr QIP issue; sets floor price at Rs 142.15/share

State-owned Indian Bank on Monday launched its qualified institutional placement (QIP) of shares to raise around Rs 4,000 crore, setting the floor price at Rs 142.15 per share. The committee of directors on capital raising in its meeting held on Monday approved and authorised the opening of the QIP on June 21, Indian Bank said in a regulatory filing. The committee approved the floor price for the QIP at Rs 142.15 per equity share. More here

First up, here is quick catchup of what happened in the markets on Monday

Indian indices staged a smart recovery to end higher on Monday after falling over a percent in intra-day deals. Gains were led by banking, metals and energy with PSU Banks rallying the most. The Sensex ended 230 points at 52,574 while the Nifty rose 63 points to settle at 15,746. Broader markets also rebounded with the midcap and smallcap indices up nearly a percent each. On the Nifty50 index, Adani Ports, NTPC, Titan, SBI and Bajaj Finserv were the top gainers while UPL, Wipro, Tata Motors, Maruti and Tech Mahindra led the losses. More here

Welcome to CNBC-TV18’s Market Live Blog

Good morning, readers! I am Pranati Deva from the market’s desk of CNBC-TV18. Welcome to our market blog, where we provide rolling live news coverage of the latest events in the stock market, business and economy. We will also get you instant reactions and guests from our stellar lineup of TV guests and in-house editors, researchers, and reporters. If you are an investor, here is wishing you a great trading day. Good luck!