Domestic stock indices gained for the 2nd consecutive day on Tuesday as BSE Sensex and NSE Nifty 50 rose nearly 2 per cent higher. S&P BSE Sensex settled 934.23 points or 1.81% higher at 52,532.07, and the NSE Nifty 50 gained 288.60 points or 1.88% at 15,638.80. However, trends on SGX Nifty suggested a weak start for benchmark indices on Wednesday. Nifty futures were down 33.50 points or 0.2 per cent down at 15,589 on Singaporean Exchange. Global cues were mixed as Wall Street bounced back after a turbulent week. Technical analysts say Nifty is currently facing a crucial overhead resistance around 15700-15800 levels. “Any consolidation or minor weakness in the next few sessions at the resistance could hint possibility of sharp upside breakout of 15800 levels,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said
Stocks to watch
ONGC: State-owned Oil and Natural Gas Corporation (ONGC) is seeking a minimum USD 17 price for the gas it plans to produce from coal seams in its Bokaro CBM block in Jharkhand.
Jain Irrigation Systems: Jain Irrigation Systems on Tuesday said that its global irrigation business will be merged with Temasek-owned Rivulis in a cash-and-stock deal worth Rs 4,200 crore. The combined entity will have a revenue of $750 million and will be the second largest global irrigation and climate leader.
Coal India: Coal India (CIL) on Tuesday said it has made two amendments in the tender documents, floated for importing coal following three pre-bid meetings on 14th and 17th June.
Future Retail: Future Retail (FRL), against which Bank of India has filed insolvency proceedings, on Tuesday told the National Company Law Tribunal (NCLT) that the proposed resolution professional (RP) should be changed due to a conflict of interest.
Yes Bank: Mumbai-based Yes Bank on Tuesday launched a floating repo rate-linked term deposit which will be linked to the existing repo rate. The interest rates offered by the bank on the term deposits will automatically reset as per the applicable repo rate in the previous month.
HDFC Bank: HDFC Bank has made significant progress on the technology front during FY22, making changes at the foundational level, creating new digital solutions and modernising its legacy core, MD & CEO Sashidhar Jagdishan said in his message to shareholders in the bank’s annual report.
Adani Enterprises: Adani Enterprises and 10 other companies including offshore firms have expressed interest in bidding for coal import tenders floated by Coal India Limited, the public sector minor said on Tuesday.
Bank of India: Buoyed by the improvement in the loan growth in retail, agriculture and MSME (RAM) segment, Bank of India is planning to expand its loan portfolio in these segments in the current financial year. Within the RAM segment, the retail loan portfolio of Bank of India witnessed highest growth, followed by agriculture and MSME sectors.
Hero MotoCorp: The company launched Euro-5 compliant variants of its three globally popular products (Xpulse 200 4V motorcycle and Dash 110 and Dash 125 scooters), in Turkey.
PVR, Inox Leisure: The multiplex operators said that they have received clearances for their merger from bourses NSE and BSE.