Domestic stock indices ended nearly 2 per cent lower on Friday on the back of weak global cues. BSE Sensex tanked 1,017 points or1.84 per cent to settle at 54,303, while NSE Nifty 50 index finished at 16,202, down 276 points or 1.68 per cent. India VIX, the volatility gauge, jumped 2.3 per cent to 19.58 levels. SGX Nifty was down with huge losses ahead of Monday’s trade, suggesting a gap-down opening to the day’s trade. Nifty futures were ruling at 15,871, down 314 points or 1.94 per cent on Singaporean Exchange. Global cues were also weak during the early hours of trade, with Asian markets seeing over 2 per cent sell-off. While on Wall Street, Friday’s trade gave a hint of what investors may see this week, with US stocks posting their biggest weekly percentage declines since January. The Dow Jones Industrial Average fell 2.73 per cent, the S&P 500 lost 2.91 per cent, and the Nasdaq Composite dropped 3.52 per cent.
Stocks to watch
Reliance Industries Ltd (RIL): Jefferies, in its report, said that multi-year-low inventories, gradual decline in Russian exports, recovery in European and Chinese demand, and lower diesel production in Europe are tailwinds to refining margins in CY22. RIL is a key beneficiary of energy inflation, with every $1/bbl rise in refining margins annualised adding $400-450 mn to its Consol Ebitda. It also added that with refining volumes at 50%/73%/91% of marketing volumes for HPCL/BPCL/IOCL, respectively, the near-term outlook on the earnings for OMCs looks soft.
HDFC Bank: HDFC Bank on Friday said its total advances in Maharashtra have crossed Rs 3 lakh crore. As on 31 March 2022, the bank’s advances in the state stood at Rs 3.29 lakh crore. The bank said that in the last 12 months, its total advances have grown 23%, from Rs 2.66 lakh crore as on 31 March 2021.
Coal India: Coal India Limited on Friday floated two large international competitive bidding e-tenders totalling 6 million tonnes for sale to domestic power plants. The medium-term tenders are scalable to 12 million tonnes and are not indent based.
MapmyIndia: MapmyIndia on Friday said it has collaborated with India’s space agency ISRO which will enhace the quality of its 3D maps. The company is developing new maps as part of its foray into the metaverse.
IIFL Finance: British International Investment offloaded 1.6 crore equity shares in the IIFL Finance through open market transactions on Friday, 10 June 2022. While, Max Life Insurance Company acquired 24.6 lakh equity shares and Nomura India Investment Fund Mother Fund bought 44.74 lakh shares of the company.
Krishna Institute of Medical Sciences (KIMS): Mirae Asset Mutual Fund acquired 1,08,472 equity shares in the company via open market transactions on 9 June 2022.