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Share Market Highlights: Sensex cuts losses in dying minutes to end flat with gains, Nifty closes at 15850

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Sensex and Nifty started the day with losses, mirroring global cues but bulls attempted a comeback in the dying minutes of trade to help the indices close in the green.

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India VIX was up with gains (Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic stock markets traded with losses for most of Tuesday’s trade before closing with marginal gains. S&P BSE Sensex added 16.17 points or 0.03% to end at 53,177 while the NSE Nifty 50 index gained 18.15 points or 0.11% to settle at 15,850. Bank Nifty failed to end in green and was down 0.50% on the closing bell while India VIX was up 2% and still above 21 levels. Broader markets were mixed on the closing bell with the Nifty Smallcap 100 index closing in the red. Mahindra & Mahindra was the top Sensex gainer, up 2.84% on the closing bell. Reliance Industries, Tata Steel, and Dr Reddy’s were other top gainers. Titan was the top laggard, down 3.39%, followed by Asian Paints, and Bajaj Finserv.

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16:25 (IST) 28 Jun 2022
Sensex ends flat with marginal gains, Nifty may edge higher, check support & resistance levels

Bulls attempted a comeback during the dying minutes of trade on Tuesday and pulled benchmark indices out of losses to close with marginal gains. S&P BSE Sensex added 16.17 points or 0.03% to end at 53,177 while the NSE Nifty 50 index gained 18.15 points or 0.11% to settle at 15,850. Mahindra & Mahindra was the top Sensex gainer, up 2.84% on the closing bell. Reliance Industries, Tata Steel, and Dr Reddy's were other top gainers. Titan was the top laggard, down 3.39%, followed by Asian Paints, and Bajaj Finserv. Bank Nifty failed to end in green and was down 0.50% on the closing bell while India VIX was up 2% and still above 21 levels. Broader markets were mixed as Nifty Smallcap 100 closed in the red. 

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15:33 (IST) 28 Jun 2022
CLOSING BELL

Sensex cuts losses in dying minutes to end flat with gains at 53,177 while NSE Nifty 50 index closed at 15,850.

15:01 (IST) 28 Jun 2022
Bajaj Auto Buyback to provide stock an edge

“The buyback will provide an edge to the performance of the stock price, in the industry, due to enhancement in quantitative & qualitative factors. Daily delivery will increase and fundamentally earnings will improve by a minimum 1% to a maximum 2% for FY23. Since it is an open market transaction, the immediate benefits to the stock price will depend on the trend of buyback offer and market condition. But, at CMP, the stock is trading at 18.5x on a 1yr fwd., which is in line with the 3yr and 5yr historical average. Henceforward, we can presume an improvement in the valuation to above the average during short to medium-term. We are also positive in the long-term due to pick up in domestic economic activities, strong road map for electric scooter and robust financial metrics like strong balance sheet and improvement in future earnings supported by the decrease in raw material prices.”

~ Vinod Nair, Head of Research at Geojit Financial Services

14:45 (IST) 28 Jun 2022
Nifty in green

With less than hour left before the closing bell, Sensex was still trading flat with marginal losses while NSE Nifty 50 index was up with some gains.

14:32 (IST) 28 Jun 2022
Stocks to buy: ABB, Eicher Motors’ shares find strong backing on charts, analysts see up to 17% returns

Domestic stock markets slipped on Tuesday, continuing their volatile trending momentum amid multiple headwinds. S&P BSE Sensex and NSE Nifty 50 were both down more than 0.30% each on Tuesday. India VIX, the volatility index, was up in the green as benchmarks slid, sitting above the 21-level mark. Analysts have been advising investors to take a stock-specific approach in such a volatile market environment. Catering to this, analysts at ICICI Direct have picked stocks that they believe could rally as much as 17% in the next three months.

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13:58 (IST) 28 Jun 2022
Rupee likely to remain volatile to weak this week; may cross 78.90

The rupee extended its fall on Tuesday morning despite weakness in the dollar index. Rebound in the crude oil prices and talks of more economic sanctions on Russia pushed the rupee lower. FII selling in the domestic markets is continuing which is also putting pressure on the rupee. Further, economic sanctions on Russia could lead to volatility in global energy prices and put pressure on emerging market currencies. We expect the rupee to remain volatile to weak this week and may cross 78.90 levels. Rahul Kalantri, VP Commodities, Mehta Equities

13:27 (IST) 28 Jun 2022
Zomato share price tanks 14% in 2 days after Blinkit acquisition deal; should you buy, sell or hold?

Zomato share price has tumbled nearly 15 per cent to Rs 60.45 apiece on BSE in two trading session after the online food delivery platform announced the acquisition of Blinkit (formerly known as Grofers) for Rs 4,447 crore in a share swap deal as part of its strategy of investing in quick commerce business. The stock has plunged over 64 per cent from its all time high of Rs 169 apiece. Read full story

13:16 (IST) 28 Jun 2022
Buy Rico Auto Industries

Rico Auto had witnessed subdued sales between FY19 and FY21 due to Automobile industry going through a dull phase. First signs of uptick are visible in FY22 for Rico and the industry. Going forward the visibility of revenues has improved and Rico is expected to benefit out of this. Its valuations remain undemanding. We expect RICO’s Revenue/EBITDA/PAT to grow at 16/23/92% CAGR over FY22-FY24E, led by increased demand from end user industries. We believe investors can buy the stock in Rs 41-43 band and add on dips to Rs 37-38 band (6.5x FY24E EPS) for a base case fair value of Rs 45.5 (8x FY24E EPS) and bull case fair value of Rs 48.5 (8.5x FY24E EPS) over the next 2 quarters.

~ HDFC Securities

12:43 (IST) 28 Jun 2022
Rupee hits a fresh all-time low

“Rupee hits a fresh all-time low of 78.73 as No sellers of dollars emerge despite it being quarter-end. The RBI was conspicuous by its absence in allowing the rupee to weaken. Rupee is down 1% during the month and about 6% during the current year and 4% during the financial year. With no signs of selling of equities by FPIs abating oil being above $ 111 per barrel, the rupee seems to be catching up with the depreciation that other Asian currencies have already seen. 79.00 was expected in July but as RBI allowed the break of 78.35 yesterday and opened above 78.50 the depreciation today came fast and quick. Equities were also down today while the war shows no sign of stopping. The range for the rupee should be 78.30 to 79.50 for July-22.”

~Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors

11:32 (IST) 28 Jun 2022
Glenmark Pharmaceuticals acquires certain OTC drugs from Wockhardt in US

Glenmark Pharmaceuticals Ltd on Tuesday said it has acquired the approved generic versions of certain over-the-counter drugs from Wockhardt Ltd in the US. The acquisition by the company’s fully-owned subsidiary Glenmark Pharmaceuticals Inc, USA includes the approved abbreviated new drug applications (ANDAs) for famotidine tablets, 10 mg and 20 mg used to treat and prevent ulcers in the stomach and intestine, the company said in a statement.

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11:30 (IST) 28 Jun 2022
Investment realignment: Don’t look at stock valuations in isolation, consider risk-reward ratio

The bottom 10 stocks (account for a measly 5.36% weight of the index) have all corrected more than 20% so far this year. So, in effect what we are telling you is that: a) don’t go by averages, they hide more than they reveal, b) markets have been far more volatile than you realize, and c) these are the best times to realign portfolios. Read full story

11:04 (IST) 28 Jun 2022
Cyclicals, financial stocks may dominate upcoming AMFI rejig despite volatility, defensives to be downgraded

Association of Mutual Funds in India (AMFI) is due to publish its fresh list of stock classification soon. The list will be based on the market capitalization of listed companies between January and June 2022 —  a period that has been marred by heightened volatility. “Surprisingly, the type of stocks that will get upgraded (from small to midcap and mid to largecap) do not indicate a risk-off environment as most of them belong to cyclical and capital intensive sectors such as financials and industrials,” ICICI Securities said in a note. The brokerage firm believes growth, quality and defensive stocks might be downgraded. 

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10:24 (IST) 28 Jun 2022
Rupee plunges to fresh lifetime low; here’s what is dragging domestic currency

The Indian Rupee slumped 20 paise to hit a new lifetime low of 78.59 per dollar on Tuesday after closing at record lows in the previous four trading sessions, tracking weakness in global markets. Rebound in oil prices after last week’s rout also put pressure on the local unit. At the interbank forex market, the rupee opened on a weak note at 78.53 against the dollar, then lost ground to quote at 78.59 — its all-time low level, registering a fall of 22 paise from the last close. Fear of a global recession, strengthening dollar, continuing foreign fund outflows have kept the domestic currency under pressure for the last few weeks now.

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10:05 (IST) 28 Jun 2022
Gold Price Today, 28 June 2022: MCX gold may rise to Rs 50800, buy on dips near support at Rs 50200

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading flat with a positive bias on Tuesday, mirroring global trends. On Multi Commodity Exchange, gold August futures were ruling Rs 103 or 0.2 per cent up at Rs 50,752 per 10 gram, as against the previous close of Rs 50,649. Silver July futures were trading at Rs 60,177 per kg, up Rs 231 or 0.4 per cent. Globally, yellow metal prices were nearly flat as recent gains in Treasury yields prevented any significant interest in bullion, according to Reuters. Spot gold was last up 0.1% at $1,824.65 per ounce and U.S. gold futures were flat at $1,824.70. Read full story

09:47 (IST) 28 Jun 2022
Sectoral watch

Nifty Auto index was up 0.64% while the Nifty PSU Bank index gained 0.38% on Tuesday. All other sectoral indices were in the red.

09:42 (IST) 28 Jun 2022
Rupee hits fresh lifetime low

“Indian rupee opened at new life low as risk- sentiments retreat while crude oil prices gained on supply worries. Today is the last day of quarterly adjustment and as we all know RBI has aggressively intervened in forward and futures market, there is a high chance of the rupee depreciating in the first half while stabilising in the second half. Spot USDINR is having resistance at 78.80 and support at 78.40. The view for USDINR remains bullish till it sustains above 77.87, the low of June 20.”

~Dilip Parmar, Research Analyst, HDFC Securities

09:33 (IST) 28 Jun 2022
15650 support for Nifty

Immediate support and resistance for Nifty are 15,650 and 15,950 respectively. Immediate support and resistance for Bank Nifty are 33,250 and 34,250 respectively.

~ Mohit Nigam, Head – PMS, Hem Securities

09:17 (IST) 28 Jun 2022
OPENING BELL

Sensex dropped more than 150 points or 0.34% on the opening bell to start the day at 53,000 points while Nifty 50 was below 15,800.

09:15 (IST) 28 Jun 2022
MCX Crude oil July futures may fall to Rs 8,250/bbl this week; heads for 1st monthly fall since November 2021

Crude oil is headed for its first monthly decline since November 2021, as investor sentiments were dampened over a potential global slowdown spurred by aggressive interest rate hikes worldwide to combat surging inflation, which might hurt demand. Oil prices might be volatile for the week, ahead of the G7 meeting, where the leaders of the nations are expected to discuss options for tackling rising energy prices by putting a price cap on Russian crude and oil products exports, aimed at curbing Russia’s revenue while reducing the damage to other economies. Read full story

09:02 (IST) 28 Jun 2022
Pre-open

Sensex was down more than 200 points in the pre-open session while NSE Nifty 50 gave up 15,800.

08:57 (IST) 28 Jun 2022
Pallonji Mistry dies

Pallonji Mistry, the Chairman of Shapoorji Pallonji group died at the age of 93, Mint reported on Tuesday morning.

08:54 (IST) 28 Jun 2022
15927-15638 could be the range for Nifty

Volumes on the NSE continue to be on the lower side suggesting lack of conviction on the part of traders to take a big bet. Nifty in the current uptrend has entered the 15886-16172 downgap area, but has so far hesitated to build on gains. 15927-15638 could be the range for the Nifty in the near term.

~ Deepak Jasani, Head of Retail Research, HDFC securities.

08:44 (IST) 28 Jun 2022
Mildly bearish today

“Mildly bearish for the day. Nifty support is placed at 15,735 while stiff resistance is placed at 15,900. US GDP numbers, scheduled to be released on Wednesday night, and a bounce back in oil to keep traders on the edge,” said Rahul Sharma, Director & Head – Research, JM Financial.

08:32 (IST) 28 Jun 2022
Petrol and diesel price June 28: Fuel rates remain steady; Check prices in Delhi, Mumbai, other cities here

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The prices of petrol and diesel continue to remain unchanged on Tuesday as OMCs kept prices steady for more than a month now. Prices have remained undisturbed since Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by 8 per litre, and 6 rupees per litre on diesel on May 21. Petrol price in Delhi today stands at Rs 96.72 a litre as against Rs 105.41 a litre prior to the cut in excise duty, while diesel will cost Rs 89.62 a litre as opposed to Rs 96.67. In Mumbai, one litre of petrol costs Rs 111.35 while diesel is retailing at Rs 97.28 per litre.

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08:30 (IST) 28 Jun 2022
SGX Nifty falls: Nifty-Bank Nifty support, resistance, technical view, stocks under NSE F&O ban on 28 Jun 2022

Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 were staring at a negative opening on Tuesday, as suggested by trends on SGX Nifty in early trade. Nifty futures were ruling 60.50 points or 0.4 per cent down at 15,773.50 on Singaporean Exchange. In the previous session, equity markets rallied for a third straight day. Read full story

08:14 (IST) 28 Jun 2022
Stocks to watch today

Future Retail: The National Company Law Tribunal (NCLT) on Monday reserved its order on the petition filed by Amazon opposing Bank of India’s plea to initiate insolvency resolution proceedings against debt-ridden Future Retail Ltd (FRL).

ICICI Bank: ICICI Bank will maintain its strong market position and market capitalisation over the next 12-18 months, S&P Global Ratings said on Monday, and affirmed its long-term issuer credit rating ‘BBB-‘ with a stable outlook.

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08:08 (IST) 28 Jun 2022
Short-term trend positive

“The short-term trend of Nifty continues to be positive. Display of lack of strength to sustain the highs during upside breakout is likely to result in further consolidation or downward correction from the highs. On the other side, a decisive upmove above 15900 could open further upside towards another hurdle of 16200 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

07:57 (IST) 28 Jun 2022
SGX Nifty in red

SGX Nifty was down 40 points on Tuesday morning, hinting at a tepid start to the day's trade on Dalal Street.

07:57 (IST) 28 Jun 2022
GST regime simpler, needs tweaks: India Inc

A pizza sold and eaten within a restaurant attracts a 5% GST, the pizza base bought separately attracts 12%, while a pizza delivered at home attracts 18% GST. Even after five years, the GST construct remains riddled with anomalies. Nonetheless, in a vast majority of cases, India Inc is now enjoying the benefits of a single rate for a product which has made the supply chain more efficient and product pricing easier.

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07:56 (IST) 28 Jun 2022
Slew of GST rate hikes imminent at 47th GST Council meeting

The Goods and Services Tax (GST) Council, in its two-day meeting starting here today, will consider rate hikes for a slew of items and steps to check evasion like biometric authentication of ‘high-risk taxpayers’, sources said.

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