Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 ended the volatile session in red on Thursday, a day of weekly and monthly F&O expiry day. BSE Sensex fell 8 points to end at 53,019, while Nifty 50 ended at 15780, down 19 points. Tech Mahindra, IndusInd Bank, Bajaj Finance, Tata Steel, Bajaj Finserv, HCL Tech, M&M, HDFC were among top index draggers. On the flip side, Axis Bank, State Bank of India (SBI), Kotak Mahindra Bank, NTPC, ICICI Bank, Reliance Industries Ltd, L&T were among top BSE Sensex gainers. On the sectoral front, Nifty Bank index jumped half a per cent to end at 33,425.10 levels
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BSE Sensex fell 8 points to end at 53,019, while Nifty 50 ended at 15780, down 19 points.
The recent weakening of the rupee is expected to impact the economy but not to a degree that it becomes a worry, finance minister Nirmala Sitharaman said. Speaking to reporters on the sidelines of an event in New Delhi on Thursday, Sitharaman said the fall in the value of the national currency, which hit a record low of 78.92 against the dollar, is being monitored by the government. Falling value of the rupee makes imports costlier. India’s import bill hit a record high of $612 billion in FY22. On the other hand, a weakening home currency boosts exports as shipments become more competitive and overseas buyers gain more purchasing power.
“Indian Rupee spot is hovering near a record low of 78.98 touched on 29th June, amid broad dollar strength coupled with elevated crude oil prices. Shortage in cash dollars and collapse in 1 year forward premiums have weighed down on Rupee. Going forward, we might see the Rupee spot depreciating towards 80.5/81 levels by the year-end, owing to the widening of twin deficits. Rising crude oil prices might continue to weigh down on the net importer’s trade deficit, after rising to a record high deficit of $24.29 billion in May. Meanwhile, narrowing interest rate differentials amid hawkish central banks across the horizon with Fed ready to hike 75 bps in July might amplify the capital outflows, adding pressure on capital account. Though RBI might intervene in the forex markets to curb the losses, it's unlikely to draw a line in the sand, as fundamentals remain weak.”
~Jigar Trivedi – Research Analyst- Commodities & Currencies Fundamental, Anand Rathi Shares & Stock Brokers
Rakesh Jhujhunwala-owned stock Star Health and Allied Insurance Company continued to reel under pressure and hit a new low of Rs 488.55 apiece on the BSE in Thursday’s intra-day trade. The stock of the general insurance company quoted lower for the 12th straight trading day and has slipped 31% from Rs 703.35, touched on June 14, 2022, during the period. The decline in Star Health share price continued despite the company announcing that it had signed an agreement with IDFC FIRST Bank for distribution of its health insurance solutions on June 27. In the last five sessions, Star Health share price has tanked around 10%.
After a gap-up start on Thursday, BSE Sensex and NSE Nifty 50 gave up gains and turned negative. So far in the trade, BSE Sensex hit a day’s low of 52,897.16, while NSE Nifty 50 fell to 15,747.80. On S&P BSE Sensex, out of 30 stocks, Bajaj Finserv hit a fresh 52-week low of Rs 10,979.65 apiece, slipping below the previous low of Rs 11,043.95 apiece. While no stock hit a fresh 52-week high on S&P BSE Sensex in the afternoon deals. Read full story
The index has surpassed its key level of 15735 but there is 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 MCX, Tata Elxsi whereas selling opportunity can be LTI, Tata Power and Cipla. Chandan Taparia, Vice President, Equity Derivatives and Technical, Broking & Distribution, Motilal Oswal Financial Services
Bank Nifty opened gap down and moved lower towards 33660 zones and is seen facing some resistance at higher levels. Now it has to hold above 33000 zones for a bounce towards 33750 and 34000 zones whereas supports are placed at 33000 and 32750 zones. Today, we are witnessing long built up in stocks like Kotak bank, Marico, ICICIGI, LT and HDFC Life etc. while short build-up is visible in counters like Indigo, Motherson, Cipla, SBI cards and Havells. Chandan Taparia, Vice President, Equity Derivatives and Technical, Broking & Distribution, Motilal Oswal Financial Services
Nifty opened marginally positive and inched lower thereafter. The index is seen facing some pressure at higher levels as a result of which it is unable to surpass 15900 zones but some support is visible at the lower levels which is holding the market. It is hovering in a broader range of 15650 to 15950. India VIX is hovering at 22 which indicates volatility likely to continue and creating discomfort for the bulls. It needs to cool down for stability and a directional move in the market. Now again a hold of its crucial support levels of 15700-15735 zone is very important for the move towards higher levels. Till it holds above 15735 – 15700 zone we can expect a bounce towards 15950 and 16000 whereas a hold below this could open a downside move towards 15555 and 15350 zones. Market breadth is positive which indicates support for the market at lower levels. Chandan Taparia, Vice President, Equity Derivatives and Technical, Broking & Distribution, Motilal Oswal Financial Services
The fear of recession in the US amid the aggressive rate hike by Federal reserve to tame the inflation keep the equity market on edge. If there is recession in the US as per the expectation then it could be felt in India as well. In stagflation where the demand is low and inflation is high, the small companies find it difficult to sustain its business momentum as they have less pricing power compared to large scale companies. Large cap companies are well placed to weather such economic downturn with their healthy balance sheet, strong brand proposition and better pricing power. Hence, in a turbulent market it is better to stay invested in large cap companies having strong fundamentals, good business moat and strong industry tailwind. Arijit Malakar, Head of Research – Retail, Ashika Group
Hindustan Aeronautics Ltd (HAL) share price has surged 45 per cent so far in 2022. The defence PSU company stock has outperformed benchmark Nifty 50 which has tanked around 10 per cent so far this year. Domestic brokerage firm ICICIDirect has initiated coverage on the stock with ‘buy’ rating. Analysts value the stock at Rs 2,200 on 16x P/E on FY24E EPS basis, implying 22% upside from 28 June closing price of Rs 1,810. HAL stock was up marginally on Thursday, day after the company said that its board has recommended a final dividend of Rs 10 per equity share for the financial year 2021-22. Read full story
ITC's refreshed strategy across business divisions places digital prowess and sustainability at its center, as it focuses on remaining nimble to address the fast-evolving trends and consumer preferences. As highlighted in our recent 'Upgrade to BUY' report: a) better-than-expected demand recovery and a healthy margin outlook in cigarettes, b) healthy sales momentum in the FMCG business, c) lower drag from the Hotels business, and d) better capital allocation in recent years supports our positive view on the stock. We believe premium multiples v/s global tobacco peers are justified, given ITC's strong visibility over the medium term and the defensive nature of its business, especially in a volatile macro environment. Motilal Oswal Financial Services
BSE Realty index shed 1 percent dragged by the Phoenix Mills, Indiabulls Real Estate, Godrej Properties
Devyani International announced the milestone opening of its 1,000th outlet. The company operates restaurants across India, Nigeria and Nepal, and its newest Pizza Hut at Sion, Mumbai, is testament to DIL’s commitment to business growth across geographies.
Despite the weakness seen in the global markets, the Nifty has held up pretty well for the past three sessions. This indicates near-term strength after the index had broken out of a bullish Head & Shoulder pattern on the hourly time frame last week. The Nifty now faces a minor resistance at 15880. If it sustains above it today, it could signal an end to this week's range-bound action. In such a case, the recovery could continue towards 16170 in the next few sessions. On the downside, this week's low of 15687 now becomes the immediate support for the bulls to defend. Abhishek Chinchalkar, CMT Charterholder & Head of Education, FYERS
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading weak in India on Thursday, despite positive global trends. On Multi Commodity Exchange, gold August futures were ruling Rs 17 down at Rs 50,712 per 10 gram. So far this fiscal year, MCX gold has fallen 2.4 per cent. Silver September futures were trading at Rs 59,708 per kg, down Rs 83 or 0.14 per cent. Globally, yellow metal firmed as U.S. Treasury yields dipped, but faces its worst quarter since early 2021, as the dollar cemented its place as the safe-haven asset of choice, amid top central banks adopting aggressive tactics against runaway inflation. Read full story
Back home, in the past three trading sessions looking at the rupee move, it seemed as if RBI was missing in its intervention and the pair moved sharply close to 79.00 levels. There is a huge dollar demand/shortage amid FII outflows. Also, the corporates, oil companies and other importers would have settled their liabilities in the last couple of days, and the unwinding of USDINR open interest that happened; together aggravated the demand for dollars and pushed USDINR higher. Assuming that these settlements which were on hold have been done, we might see USDINR remaining range-bound for a couple of sessions between 78.70-79.20 levels before making a fresh high. However, upside risk remain intact on the rupee until sentiments turn positive and fundamentals improve and if RBI remains absent, there is no saver for rupee. Amit Pabari, managing director, CR Forex Advisors
Except Nifty Realty, all the Nifty sectoral indices were ruling in the green. Nifty Bank index, and Nifty Metal gained 0.5 per cent each.
Bajaj Finance, Hindustan Unilever Ltd (HUL), M&M, Tech Mahindra, Titan Company, ITCS HDFC Bank, HDFC were among top Sensex laggards
Reliance Industries Ltd (RIL), Kotak Mahindra Bank, Tata Steel, Power Grid Corporation of India, Sun Pharma, ICICI Bank, State Bank of India, were among top BSE Sensex gainers
BSE Sensex jumped 250 points or 0.5 per cent to 53,278, while NSE Nifty 50 topped 15850 on F&O expiry day
BSE Sensex fell 137 points or 0.3 per cent to 52,890, while NSE Nifty 50 was ruling at 15775 in pre-open on Thursday
The prices of petrol and diesel continue to remain unchanged on Thursday as OMCs kept prices steady across the country for the 39th consecutive day on 30 June 2022. 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.
Rupee likely to depreciate today amid strong dollar and worries about elevated crude oil prices. US$INR is expected to trade in the range of 79.00 to 79.30, according to ICICIDirect. In the previous session, rupee breached the psychologically significant level of 79 per dollar level for the first time ever, marking the sixth straight session of all-time weak closes as worries about elevated oil prices and inflation weighed on emerging market assets. The currency depreciated 18 paise to a record low close of 79.03 per dollar, provisionally, weighed down by persistent foreign capital outflows driven by flight-to-safety bets.
The short term trend of Nifty continues to be choppy with negative bias. The present range bound movement in Nifty could continue for the next 1-2 sessions and immediate support to be watched around 15600-15650 levels. On the flip side, a decisive move above 15850-15900 levels is likely to open a sustainable upside for the market. Read full story
Nifty Put options OI distribution shows that 15,500 has highest OI concentration followed by 15,600 & 15,700 which may act as support for current expiry and on the Call front 16,000 followed by 16,100 & 15,900 witnessed significant OI concentration and may act as resistance for current expiry. Options data suggest an immediate trading range between 15,600 and 16,000 levels. In Nifty Call writing was witnessed at 16,000 , 16,100 & 15,900 ;while on Put side it was seen at 15,700 & 15,600. Read full story
Nifty has to hold above 15735 zones for an up move towards 15888 and 16000 zones whereas on the downside supports shifts to 15650 and 15555 zones. Traders are advised to buy on decline with positive stock specific action in Bosch India, Trent, ONGC, Reliance, Coal India, Petronet, Cummins India, TVS Motor, Indian Hotels Company, ACC, Ashok Leyland, Adani Enterprises, Bharti Airtel, Eicher Motor, ITC, Hindalco and CUB while weakness in RBL Bank, Escorts, AU Bank, HDFC Life, IEX, Bandhan Bank, Axis Bank, Muthoot Finance, Marico and Titan.
Wall Street traded mixed with the Dow Jones Industrial Average ending the session up 82.32 points, while the other benchmarks closed slightly lower. The S&P 500 dipped 0.07%, and the tech-heavy Nasdaq Composite edged down by 0.03%.
Asian stock markets were seen trading lower. Japan’s Nikkei 225 dropped 0.72%, while the Topix slipped 0.54%.
Nifty futures were trading 34 points or 0.22 per cent down at 15,743.50 on Singaporean Exchange.
Reliance Industries: After handing over the reins of Reliance Jio to elder son Akash Ambani, now father Mukesh Ambani is reportedly going to appoint daughter Isha, 30, as chairman of Reliance’s retail arm.
Infosys: The IT company has agreed with The House Fund III, LP, a venture capital (VC) fund based out of the US, for an investment of $10 million. Read full story