Share Market News Today | Sensex, Nifty, Share Prices Highlights: Dalal Street continued its up-move on Monday and headline indices closed with gains. S&P BSE Sensex gained 433 points or 0.82% to settle at 53,161 points. NSE Nifty 50 index was up 132 points or 0.85% to end the day at 15,832. Both Sensex and Nifty were down from intraday highs. Bank Nifty was also up with gains, adding 0.55% and India VIX regained 21 levels. Broader markets followed the up-move. Larsen & Toubro was the top Sensex gainer, up 2.99%, followed by HCL Technologies, Infosys, and Tech Mahindra. Kotak Mahindra bank dropped 0.45% as the worst Sensex stock, accompanied by Reliance Industries and Titan.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates
Sensex ends lower from day's high but gains 433 points to end at 53,161, Nifty 50 closes at 15,832; L&T stock top gainer.
“Zomato’s acquisition of Blinkit for Rs.4,447 crore in an all-stock deal marked its entry into the emerging sector of “quick-commerce”. This deal shall provide cross-selling opportunities to Blinkit by gaining access to the 15mn active monthly users of Zomato and vice-versa. Further, the merger might yield synergies in terms of better utilisation of Zomato’s hyperlocal delivery fleet and consequently reducing their cost of delivery. However, this high cash-burning sector houses fierce competition from the likes of Zepto, Dunzo, Swiggy Instamart BigBasket, etc and it will be interesting to see how this expensive investment by zomato pans out in the future. Moreover, whether Ola’s decision to exit food delivery space to focus on its core streams of strength amidst the current market conditions should have been a learning lesson for zomato too, is a question which might be answered in the near future,” said Shivam Bajaj, Founder & CEO at Avener Capital.
ICICI Bank shares may be offering the best risk-reward among global banking stocks, said analysts at Jefferies in a recent note. The global brokerage firm has reiterated its ‘Buy’ rating on the scrip with a target price of Rs 1,070 per share, implying 50% potential rally going forward. “ICICI Bank is not only well poised to leverage on growth pickup in Indian bank credit from 8-9% to 12% and the ramp-up of SME vertical, but the recent correction, coupled with high ROA, arguably makes it among the best risk/reward across global banks,” Jefferies said. The stock hit a low of Rs 716 per share on Monday.
Infosys, L&T, Reliance Industries Ltd (RIL), TCS, ITC, HCL Tech were among top index gainers.
NSE Nifty 50 index may have hit bottom at 15200, and now it looks set for a 10 per cent upside by July end, to move towards 16700-16900, Sanjiv Bhasin, Director, IIFL Securities, said in an interview with Surbhi Jain of FinancialExpress.com. Bank Nifty could reclaim 35000 levels. Owing to monthly F&O expiry on Thursday, 30th June, Nifty is likely to witness high volatility and trade in 15600- 16200 range. Sanjiv Bhasin also recommended a few sectors and stocks that can be picked in a falling stock market scenario to pocket gains. Here are edited excerpts from the interview. Read full story
Today, we are witnessing positive movement in most of the sectors including IT, Metals, Auto, Pharma, Banking, Media and FMCG space.
The Nifty index has surpassed its key level of 15735 but there is some pressure at higher levels of 15888-16000. Overall we expect the index to trade in a broader range with capped upside. At current juncture, we are advising to be with selective stocks and one can look for buying opportunity in HCL Tech, Paytm and Srtransfin.
~ Chandan Taparia, Vice President, Equity Derivatives and Technical, Broking & Distribution
Only Kotak Mahindra Bank and Titan Company shares were down with losses on Monday. While Kotak stock was down 0.4% that of Titan fell 0.2%.
Zomato share price tanked 6% on Monday after the online food delivery platform announced that it has agreed to acquire Blink Commerce Pvt Ltd (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. As part of the deal, Zomato will issue up to 629 million shares, amounting to an equity stake of 6.88% on a fully-diluted basis, at an allotment price of Rs 70.76 per share. Zomato’s proposed acquisition of Blinkit not only widens its scope of hyperlocal delivery services beyond food delivery but also highlights management’s broader ambitions of capturing a larger slice of India’s Commerce market, said JM Financial in its report.
Recently we have been quite upbeat about our view of a relief rally in the market before any further fall. In line with that the index NSE Nifty 50 managed to provide a recent recovery in the previous week. The reason for such a view on the markets was the derivative data. As per the participant wise open interest data; FIIs had heavy shorts in index futures in the previous week. Their Long to Short ratio of index futures was nearly 11% and the net short contracts were above 1 lakh. Historically, we have witnessed that such kind of oversold data is followed by a sharp bounce in the markets and in some instances we have seen bottoms being made from there. Read full story
Domestic equity benchmark indices Sensex and Nifty extended their up-move on Monday as bulls pulled markets higher. S&P BSE Sensex soared more than 600 points and breached 53,300 points while NSE Nifty 50 index was above 15,800 and closed in on 15,900. Global cues were also supportive with many technical analysts predicting a move past 16,000 could be on the cards soon. While indices soared, 62 stocks on the BSE touched fresh 52-week highs while 28 scrips on the exchange were down with losses, reaching fresh 52-week lows.
Zomato's proposed acquisition of Blinkit (at an EV of $720mn, ~7.3% dilution for existing holders) not only widens its scope of hyperlocal delivery services beyond food delivery but also highlights management's broader ambitions of capturing a larger slice of India's Commerce market. Given the intense competitive intensity in the Quick Commerce space we believe that the path to profitability for Zomato group (post-acquisition) can get extended by at least a year (from FY25 to FY26). Despite management optimism, we conservatively build forecasts for Blinkit due to limited data and basis DCF, ascertain that the acquisition can add >8% value to our published TP of INR 115 for Zomato.
~ JM Financial
China stocks rose on Monday, with tourism and consumer sectors leading the gains, as Shanghai’s top party boss declared victory over COVID-19 after the city reported zero new local cases for the first time in two months. Hong Kong equities surged the most in nearly six weeks, with tech giants climbing to their highest level since March 1.The CSI300 index rose 1.3% to 4,449.70 points at the end of the morning session, while the Shanghai Composite Index gained 0.9% to 3,379.16 points.The Hang Seng index added 3.2% to 22,403.53 points. The Hong Kong China Enterprises Index gained 3.4% to 7,886.79.
“FIIs sold in cash but bought in index and stock futures. Their short position in index futures have come down for the second consecutive day while retail continues to be high on long positions,” said Rahul Sharma, Director & Head – Research, JM Financial.
Domestic stock markets have recently started moving upward after weeks of downward momentum plagued Dalal Street. Technical analysts believe NSE Nifty 50 index could be breaching 16000 soon if there is no catalyst for bears. Global cues were also positive with Asian stock markets zooming higher on Monday morning, mirroring the up-move charted by Wall Street stock indices on Friday. Amid this, ICICI Direct has picked Bosch and Mahindra & Mahindra as Gladiator Stocks that could rally in the next three months. Both the stocks are believed to be having strong technical and fundamental backing.
We expect gold prices to trade sideways to down this week with COMEX spot gold resistance at $1870 per ounce and support at $1800 per ounce. At MCX, Gold August prices have near term resistance at Rs. 51400 per 10 grams and support at Rs. 49800 per 10 gram. COMEX Spot silver has near term resistance at $22.40 per ounce with support at $20.50 per ounce. MCX Silver July has important resistance at Rs. 62500 per KG and support at Rs. 58500 per KG. Read full story
“Accenture posted their Q3 earnings last week with revenue beating their estimates and profit slightly below estimates. Management mentioned that the demand outlook is robust but the strengthening of the dollar gives them a slight hit. We believe Indian IT companies may also show a bounce back after a sharp correction,” said Mohit Nigam, Head – PMS, Hem Securities.
Going ahead, we expect NSE Nifty 50 to eventually resolve past falling channel (confining price action since early June) is placed at 15800 and gradually head towards 16200 levels in coming weeks as it is 61.8% retracement of June decline (16794-15183) coincided with upper band of negative gap recorded on June 13 (16201-15878). On the downside, the past two weeks’ identical low of 15200 would act as immediate support for the Nifty. In the process, we expect volatility to remain high owing to monthly expiry week. Thus, any dip towards 15400 should be used as a buying opportunity. Read full story
The prices of petrol and diesel continue to remain unchanged on Monday (27 June) as OMCs kept prices steady. Prices have remained undisturbed for over a month now 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 21 May 2022. 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 is priced at 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.
Sensex and Nifty zoomed on the opening bell. Sensex was up more than 600 points, breaching 53,300 while the Nifty 50 index was up above 15,800. Bank Nifty breached 34,000.
Sensex zooms 500 points in the pre-open session and regains 53,000. Nifty 50 was above 15,800.
The chart pattern suggests that if Nifty crosses and sustains above 15800 level it would witness buying which would lead the index towards 15900-16200 levels. However if the index breaks below 15600 level it would witness selling which would take the index towards 15400-15200. For the week, we expect Nifty to trade in the range of 16200-15400 with mixed bias. The weekly strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. Read full story
The coming week is when many portfolio managers shift their investments or rebalance, to make up for the changes in the values of their stock and bond holdings. This may lead to some uppishness in the global markets followed by India. However one needs to check as to whether these rises are being sold into aggressively.
~ Deepak Jasani, Head of Retail Research, HDFC securities
Equity benchmark indices posted their biggest weekly advance in a month as a retreat in oil prices eases cost pressure on companies, though the central bank remains concerned that inflation is above its targeted band. The sentiment was boosted on account of the smart rally witnessed in global markets. Asian and European markets soared between 3-6% on account of sharp decline US Bond yield from the recent high and fall in Dollar Index. Auto stocks were the star of the previous week after fall in oil prices and hopes of good monsoon to improve demand, followed by FMCG stocks account of benefit of fall in palm oil price. Banking stocks witnessed fresh buying due to stable bond yield and bargain hunting.
Meanwhile, MACD forest is about to signal a positive centerline crossover, while PSAR has given a “stop and reverse” signal, encouraging us to play the upside with confidence. With these in perspective, our near term upside target would be 16360, the 60 SMA, with interim challenge expected in the 15950-16060 region. Let us see how far this construct is supported by the broader market. Read full story
“As expected and shared on the previous Monday, bounce back to continue in Nifty up to 16000-16200. Bank Nifty is expected to test 34400 and fill the gap on daily charts,” said Rahul Sharma, Director & Head – Research, JM Financial.
Rupee to depreciate further this week till 78.80 amid persistent foreign funds outflows. However, investors will remain vigilant ahead of major economic events from US like CB consumer confidence, GDP and Personal Income MoM data. Consumer confidence in the United States is expected to decline from 106.4 to 100 and Personal income is expected to decline from 0.4% to 0.3%. USDINR (June) as long as it sustains above 78.00 level it may rise till 78.80 level this week.
Domestic stock indices BSE Sensex and NSE Nifty 50 were staring at a positive start on Monday, as suggested by trends on SGX Nifty in early trade. Nifty futures were trading 167.5 points or 1.07 per cent up at 15,868.50 on Singaporean Exchange. In the previous session, the BSE Sensex closed 462 points, or 0.88 per cent higher at 52,728, the Nifty 50 ended at 15,699, up 143 points or 0.92 per cent. Analysts say stock markets will be driven by global trends, crude oil movement and foreign institutional investments this week, and benchmark indices may also face volatility amid the scheduled monthly derivatives expiry. Read full story
The Nifty 50 index has formed a bullish ABCD harmonic Pattern at 15350 levels and currently prices are trading marginally above their PRZ (potential reversal zone) on the weekly time frame. Last week we saw a decent pullback in the prices after a consecutive negative closing on the weekly closing basis. In terms of candle sticks, prices have formed a bullish harami pattern on the weekly chart. The harami pattern requires a bullish confirmation by closing above the pattern in the coming weeks; if we do not get any confirmation, we may see this pattern's failure.
Zomato: The board of directors of online food delivery major Zomato on Friday approved the acquisition of Blinkit (formerly Grofers) for a total purchase consideration of Rs 4,447.48 crore in a share-swap deal.
Infosys: Infosys gave capital return of over Rs 24,100 crore in 2021-22 with a total dividend of Rs 31 per share along with share buyback of over Rs 11,000 crore, company’s co-founder and chairman Nandan Nilekani said on Saturday.
Markets are taking comfort from their global counterparts but the recent move lacks decisiveness. And, we feel it’s prudent to maintain a cautious stance until we see some concrete reversal signals. Nifty is currently hovering around the resistance zone of 15,700 levels and is likely to face stiff resistance around the 15,900-16,250 zone if the rebound extends further. On the other hand, a breakdown below 15,350 would again change the market tone in the favour of bears. Meanwhile, participants should focus on identifying the opportunities based on the sectoral trend. Auto, FMCG and select pharma counters still look promising to us while metals and PSU banks may continue to face pressure on the rise so align the positions accordingly.
~ Ajit Mishra, VP – Research, Religare Broking
SGX Nifty was up more than 150 points on Monday morning, hinting at a positive start for Sensex and Nifty.
Retail inflation will likely get back to the mid-point of the Reserve Bank of India’s (RBI) medium-term target of 2-6% in two years, given the raft of measures initiated by the monetary and fiscal authorities, deputy governor Michael Patra said on Friday. He expressed optimism that the “required monetary policy actions in India will be more moderate than elsewhere in the world”. However, the fight against inflation is unlikely to be “painless”, Patra cautioned, indicating its adverse impact on the economy.