Share Market News Today | Sensex, Nifty, Share Prices Highlights: Sensex shed 111 points or 0.21% on Friday to settle at 52,907 while NSE Nifty 50 index slipped 28.20 points or 0.18% to end at 15,752. Benchmark indices staged a smart recovery in the dying hours of trade and even turned positive just a few minutes before closing in the red. Bank Nifty gained 0.34% while India VIX was down 2.7% but still above 21 levels. Reliance Industries was the top Sensex laggard, falling 7.14%, followed by Power Grid, and Bajaj Auto. Bajaj Finance, however, was the top gainer, up 3.84%. ITC, Bajaj Finserv, and Asian Paints were the other gainers.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates
Bulls attempted a comeback in the dying minutes of trade on Friday as Sensex and Nifty trimmed losses and even turned positive. However, bears overpowered them and forced the headline indices to close in red. Sensex shed 111 points or 0.21% on Friday to settle at 52,907 while NSE Nifty 50 index slipped 28.20 points or 0.18% to end at 15,752. Reliance Industries was the top Sensex laggard, falling 7.14%, followed by Power Grid, and Bajaj Auto. Bajaj Finance, however, was the top gainer, up 3.84%. ITC, Bajaj Finserv, and Asian Paints were the other gainers. Bank Nifty gained 0.34% while India VIX was down 2.7% but still above 21 levels.
Sensex ends 111 points or 0.21% lower at 52,907 while the NSE Nifty 50 closed at 15,752; Reliance Industries was the worst performing Sensex stock as it tanked 7.25%.
RIL share price was down 7% ahead of the closing bell. The stock was down more than 8% earlier in the day.
Nifty shed all losses and turned positive with minutes left before the closing bell, Nifty at 15,781. Sensex was down just 8 points.
Sensex and Nifty were seen trimming losses just ahead of the closing bell. Sensex was now down just a little over 100 points while Nifty 50 regained 15,750.
Sensex and Nifty corrected by more than 8% each in June 2022, recording their worst monthly performance since March 2020. Still, the weakness might not be over. “On the short-term chart, the index has broken down from bearish cup and handle pattern at 15,700 and hit the low of 15,183. The short bullish blips retested the breakdown and again regained the negative momentum indicating the bears are in control of short-term trend,” analysts at Ashika Group said in a report. Analysts at the brokerage and research firm have picked 3 stocks for the month of July, projecting strong upside potential.
Be it big enterprises or middle and small business firms, permanent employees in the formal sector or gig workers, all seek to benefit greatly from these new codes with its liberalising approach introducing a complete overhaul in industrial relations and ensuring employee well-being and the achievement of long-term business outputs. The new labour code is, thus, a welcome step, in bringing post-pandemic recovery as it sets to completely change the idea of work with a healthier, sustainable and effective policy and legal paradigm.
~ Ashwajit Singh, Managing Director, IPE Global (international development consulting firm)
ITC stock price was up more than 3% on Friday to trade at Rs 283 per share. The FMCG giant's stock was the top Sensex gainer.
Reliance Industries was down 8% on Friday as investors react to the government move to tax refineries.
“The Nifty is expected to face resistance at higher levels and is likely to trade in a broad range of 15500-16000. The Bank Nifty is relatively strong and is showing clear signs of outperformance. At current juncture, we are advising to be with selective stocks and one can look for buying opportunity in United Spirits, ITC and SBI,” said Chandan Taparia, Vice President, Equity Derivatives and Technical, Broking & Distribution, Motilal Oswal Financial .
“Since the inception of GST in 2017, it has evolved at a fast pace to mitigate the inherent challenges of the previous tax regimes. The focus is gradually shifting from compliance to self-regulation and use of cognitive technologies to plug revenue leakages. On the anvil is the even more exciting phase where technology will be at the forefront of tax transformation with interconnected systems, and linking between the value chain and the tax administration systems. We are all set to meet the needs of the tax teams of tomorrow with our own IRP, GSP and tax-tech suite. I am excited to be a part of this evolving eco-system,” said Niraj Hutheesing, Founder and Managing Director of Cygnet Infotech.
CRISIL has lowered its fiscal 2023 real gross domestic product (GDP) growth forecast for India to 7.3% from 7.8% earlier. ” Higher oil prices, slowing global demand for India’s exports, and higher inflation are acting as the major drag factors,” Crisil said.
The ongoing selling by FPI (Foreign Portfolio Investors) in Indian equities is turning out to be the highest selling spree since the global financial crisis 2008, said ICICI Securities in a note. Further, analysts at the brokerage firm said that IT and financial stocks have seen the highest outflows amid this selling spree. “Sectorally, bulk of the FPI selling on 12-month rolling basis has been concentrated around financials and IT (93% contribution) along with FMCG, other services and construction materials whereas metals, power, discretionary consumption and telecom saw inflow,” ICICI Securities said.
India’s manufacturing PMI (seasonally adjusted) edged down to 53.9 in June, from 54.6 print in May. In our view, the decline in the PMI is not large enough to suggest the economy is slowing; we see it as resilient and holding off rising inflation pressures. Still, activity will face tightening domestic financial conditions and a weaker global growth outlook, which could weigh on economic recovery.
~ Barclays India
As the government raised taxes on petrol, diesel and ATF and imposed other taxes on refineries, state-owned ONGC saw its shares tank 10%.
Asian Paints was the top Sensex gainer on Friday, up 2.16% followed by Bajaj Finserv, and ITC.
While domestic benchmark indices were moving lower, the share price of Zomato was up 2.6% on Friday.
The economic recovery of the Indian manufacturing sector continued in June, aided by robust domestic and international client demand. Posting 53.9 in June, the seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index signalled a twelfth consecutive monthly improvement in the health of the sector. However, falling from 54.6 in May, the latest reading showed the weakest pace of growth since last September.
Reliance Industries' share price was down more than 5% on Friday. The sharp drop in RIL stock comes a day after the conglomerate announced it was foraying into the food and beverage retail business. The fall in stock price can also be attributed to the curbs imposed on the export of fuel.
The government of India has today increased the export duty on petrol, diesel, and ATF.
Export duty on petrol has been raised by Rs 5 per litre and Rs 12 per litre on diesel. Export duty on ATF has been upped by Re 1 per lire.
The index is undergoing healthy retracement of last week’s up move that would gradually pave the way for next leg of up move. Over past three sessions index has retraced merely 38.2% of preceding three sessions up move. Thus, any dip towards 15400 should be used as buying opportunity as we believe immediate support for the Nifty is placed at 15200.
~ ICICI Direct
India has raised the basic import duty on gold to 12.5%, a notification by the government said on Friday.
“Premiums are also down and despite an excellent core sector data, and a controlled fiscal deficit Rupee is still vulnerable as pointed out by the FM we are in a global downside on currencies. US ISM Mfg would be out today and for all other countries too. Exporters may sell for their near term requirements while importers who are not getting any better level may have to continue buying at best possible level. The range for the day is 78.80 to 79.20 with a risk to dollar upside,” said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.
Reliance Industries share price was down nearly 3% on Friday as the top Sensex drag.
“H1 of 2022 has ended with the benchmark S&P 500 correcting sharply by 21 % – the worst half since 1970. This weakness has reflected declines in other markets too. But it is important to appreciate the fact that India has outperformed with the Nifty correcting only around 9%. With the economy showing signs of “gradual recovery despite global headwinds” (RBI), the prospects for H2 appear better for markets. Leading indicators suggest improving prospects for banking, IT, telecom and autos. Stock price movements in the near term in July will be in anticipation of better-than-expected Q2 results in these segments. Metals stocks are likely to bottom out absorbing the poor Q1 results.”
~ V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Sensex shed more than 300 points on the opening bell while Nifty 50 index gave up 15,700, falling around 100 points Bank Nifty was down nearly 1%.
Sensex shed 155 points in the pre-open session on Friday while the NSE Nifty 50 index was just above 15,700.
“Nifty ended ~5% lower for the month (June) and 9.4% (April-June) lower for the quarter even as FPIs continue to be sellers on almost all days. It closed at the lowest in 4 days on June 30, once again failing to hold on to gains. 15565-15892 could be the band for the Nifty over the next few days,” said Deepak Jasani, Head of Retail Research, HDFC securities.
In the last four sessions, Nifty has consolidated within a narrow range of 15680-15930. The rollovers in Nifty are at 75 percent which are lower than its last 3 month average while that in Bank Nifty is at 87 percent. Lower rollover in Nifty indicates lesser shorts are rolled to the July series. However, if we look at FII’s index futures data, then they have rolled their short positions and at the start of the July series, they now have 21.8k contracts on the long side and over 1.26 lakh contracts on the short side. Thus their Long Short ratio stands under 15 percent. Read full story
“The grind for Nifty should end if we cross either 15,690 or 15,900 on either side. Similar levels for Bank Nifty are 33,200 and 33,750,” said Rahul Sharma, Director & Head – Research, JM Financial.
Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 were staring at a negative start yet again on Friday, as suggested by trends on SGX Nifty. Nifty futures were ruling at 15,721,50, down 58.50 points or 0.4 per cent, on Singaporean Exchange. In the previous session, BSE Sensex fell 8 points to end at 53,019, while Nifty 50 ended at 15780, down 19 points. “The recent pause in the index has derailed the momentum on the broader front as well. And, indications are still mixed so we suggest keeping a check on leveraged positions and waiting for clarity. Apart from the global factors, upcoming auto sales data will also be in focus for cues,” Ajit Mishra, VP – Research, Religare Broking, said. Read full story
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The prices of petrol and diesel continue to remain unchanged on Friday as OMCs have 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 retails at Rs 97.28 per litre.
Hindustan Unilever: HUL on Thursday said its chief executive officer and managing director Sanjiv Mehta will be appointed the president commissioner (non-executive chairman) of Unilever’s Indonesia business.
Bharti Airtel: The telecom operator said it has opted to defer the payment of AGR dues up to FY 2018-19, that are not tabulated in the Supreme Court’s order, by up to four years.
UPL: The company has acquired 100 percent holding in Nature Bliss Agro (NBAL) to become a wholly-owned subsidiary of the company.
“After the formation of false upside breakout at 15800 levels on 27th June, the absence of any sharp weakness from near the hurdle in the last three sessions could be in favor of bulls to make a comeback from the lows. But, any decisive move below 15600 levels is likely to negate the bullish bet and could result in sharp weakness down to 15200 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
SGX Nifty was down 60 points on Friday morning. Nifty futures were suggesting a gap-down start for stock markets.
Marking its foray into food & beverage (F&B) retailing, Reliance Brands (RBL) on Thursday announced a strategic partnership with UK-based fresh food and organic coffee chain Pret A Manger.