Share Market News Today | Sensex, Nifty, Share Prices Highlights: After fluctuating between gains and losses, Indian benchmark indices ended in green on Thursday amid mixed global cues. On the day of weekly F&O expiry, BSE Sensex index hit a high of 52,517 and a low of 51,633 during the day before it closed 443 points, or 0.86% higher at 52,266. The Nifty 50 gyrated between 15,368 and 15,628 before it eventually settled at 15,557, up 143 points or 0.9%. Sectorally, the Nifty Auto index was the only notable gainer. Other indices added up to 2%, except the Nifty PSB index which closed 0.25% down. In the broader markets, the BSE MidCap and SmallCap indices outrun the frontline indices, rising up to 1.4%.
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After fluctuating between gains and losses, Indian benchmark indices ended in green on Thursday amid mixed global cues. On the day of weekly F&O expiry, BSE Sensex index hit a high of 52,517 and a low of 51,633 during the day before it closed 443 points, or 0.86% higher at 52,266. The Nifty 50 gyrated between 15,368 and 15,628 before it eventually settled at 15,557, up 143 points or 0.9%.
Tea cafe chain Chaayos on Thursday said it has raised USD 53 million (around Rs 414 crore) for tech-enhancement, hiring and store expansion as it plans to add 100 stores by the end of this year. The company said the funding round was led by Alpha Wave Ventures with participation from all existing investors — Elevation Capital, Tiger Global and Think Investments. Read full story
The price of Polygon (Matic) cryptocurrency token has jumped over 30 per cent in the last few days. In the last 24 hours itself, Matic price has increased by over 26 percent. At the time of writing, the Matic token was trading at $0.5037, according to data on CoinMarketCap. Read full story
Indian markets opened on positive note following Asian market peers which were trading mostly green led by China. During the afternoon session markets trimmed some of their gains as European markets struggled to shrug off recession fears but managed to trade in green. Buying in frontline stocks such as Maruti Suzuki, Asian Paints and Bharti Airtel were aiding sentiment, while selling in Power Grid, Titan Co and NTPC kept the gains in the markets in check. Traders were encouraged as Prime Minister Modi said the government expects the Indian economy to grow by 7.5% this year. Additional support came with RBI data showing that the country's foreign exchange reserves in nominal terms, including valuation effects, rose by $30.3 billion in 2021-22 fiscal against $99.2 billion expansion in FY2020-21.
~Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers
Infosys shares have plunged 25 per cent so far this year amid, underperforming benchmark Nifty 50 which has tumbled 12%. Despite the steep correction in the stock, it has managed to outperform Nifty IT which has plummeted 29% so far this year. Domestic brokerage firm Sharekhan remains bullish on the stock and sees up to 20% potential rally going forward. “Infosys is well positioned to capture opportunities even in case of increased focus on cost efficiencies by enterprise clients to reduce costs in a deteriorating macro environment. We expect Infosys to continue to deliver industry-leading organic revenue growth among large peers in FY2023E,” the brokerage report said.
Nifty Metal index shed 0.5 per cent dragged by NALCO, Ratnamani Metals, Vedanta
Benchmark indices turned green after briefly slipping into red. Sensex rose 300 points, while Nifty 50 was hovering near 15500.
Ajanta Pharma extended fall intraday as it slipped 2%. The stock turned ex-bonus on Wednesday. The company had fixed June 23, 2022 as the record date for the bonus issue in the proportion of one equity share for every two equity shares held.
Sensex slips into red, drops 650 points from day's high
Nifty falls below 15,400
Vodafone Idea (Vi) has opted for a four year moratorium on payment of Rs 8837 crore in AGR dues in addition to one exercised last year. Similarly, the telecom company has the option to convert interest on deferred amount into additional equity to government. The government is set to own 33 per cent stake in Vi following an earlier decision to convert interest with net present value of interest worth Rs 16,000 crore into equity.
Sensex is up 326.94 points or 0.63% at 52149.47, and the Nifty added 106.20 points or 0.69% at 15519.50.
Auto stocks witnessed across-the-board buying in trades so far. Maruti Suzuki and Hero MotoCorp were the top gainers, up around 5 per cent each. Bajaj Auto and Mahindra & Mahindra rallied nearly 3 per cent each.
Shares of Acrysil zoomed over 12 per cent after the company announced doubling its supply of Quartz kitchen skinks to IKEA supply AG, which is a part of international IKEA Group Sweden for their global requirement. The production of kitchen sinks for IKEA will start at the end of July and the supply will begin in August.
Responsive Industries was the top gainer among the BSE 500 stocks so far, locked at the 20 per cent upper circuit. IRB Infra Developers, Triveni Turbine, Sapphire Foods and Chmplast Sanmar were the few of the other major gainers.
Brightcom Group has shed 5 per cent and was the top loser so far among the BSE 500 stocks. MRPL, ITI, Tanla Platforms and BASF India were few of the other notable losers
Indian Hotels (IH) FY22 annual report highlights the company's efforts to grow its existing and new businesses, improve its margins and deploy its capital efficiently to generate better returns. IH has introduced AHVAAN 2025 strategy under which it expects to reach a portfolio of 300 hotels, increase management contract share, grow beyond tradition hotel business and expand new businesses. AR also highlighted reduction in corporate overheads by 28% at INR2.5b in FY22 led by optimization through redeployment, multiskilling, restructuring and prudent allocation of resources. Motilal Oswal Financial Services
Bank Nifty index rose over 500 points or 1.6% to 33,389
The board of telecom major Vodafone Idea on June 22 approved the plan to raise a fund of Rs 436 crore from a Vodafone Group entity, via issuance of up to 42.76 lakh equity shares or warrants convertible into equity shares. Vodafone shares rose 1% intraday.
Glenmark Pharma slipped around 4 per cent after the US FDA issued form 483 with 6 observations for the company's Baddi unit.
Benchmark indices were trading higher with Nifty above 15500. The Sensex was up 488.92 points or 0.94% at 52311.45, and the Nifty was up 151.20 points or 0.98% at 15564.50. About 2028 shares have advanced, 640 shares declined, and 95 shares are unchanged.
Gold prices in India were trading lower on Thursday, on the back of weak global cues after US Fed chair Powell reaffirmed inflation fight. On Multi Commodity Exchange, gold August futures were trading Rs 134 or 0.3 per cent up at Rs 50,770 per 10 gram. Silver July futures were ruling at Rs 60,178 per kg, down Rs 470 or 0.8 per cent on MCX, Globally, yellow metal prices were a touch lower on with some support from a weaker dollar and U.S. Treasury yields, after the Federal Reserve’s head said the central bank was fully committed to reining in inflation, and would try not to spark a recession in the process, according to Reuters. Read full story
“Fall in crude oil prices helping Indian markets. Nifty is well above resistance of 15,550, we should head towards retest of 15,700.”
~Rahul Sharma Head Technical & Derivatives Research, JM Financial
Bajaj Auto stock rose 3 per cent after the company said its board will meet on Monday to further deliberate on the previously deferred share buyback plan.
Oil prices continued to pull back on Thursday, dropping more than 2% as investors recalibrated assessments of recession risks and fuel demand amid interest rate hikes in major economies. U.S. West Texas Intermediate (WTI) crude futures had skidded $2.6, or 2.7%, to $103.46 a barrel by 0330 GMT. Brent crude futures slid $2.5, or 2.3%, to $109.22 a barrel. Both benchmarks tumbled by as much as $3 a barrel in the early morning of Asian trading, after plunging around 3% in the previous session. They are at their lowest levels since mid-May.
Vodafone Group Plc will infuse an additional Rs 436 crore into Vodafone Idea (Vi) through equity shares or warrants.
The National Highways Authority of India (NHAI), after a Delhi High Court order, has paid Rs 308 crore to IRB Pathankot Amritsar Toll Road Ltd (IRPRL), a special purpose vehicle (SPV) of IRB Infrastructure Developers, over a dispute in payment related to the Pathankot-Amritsar project.
India’s largest software firm TCS has bagged a deal to drive business process transformation at Aadhar Housing Finance for an undisclosed sum, the companies said on Wednesday. The domestic housing financier will be deploying the Tata group company’s lending and securitisation platform for market expansion, according to a statement.
BSE SmallCap index outruns peers, advances 1%; BSE MidCap index rises 0.85%
Indian rupee opened 13 paise higher at 78.25 per dollar on Thursday against previous close of 78.38.
Hero MotoCorp, Bajaj Auto, Bharti Airtel, Wipro and Divis Labs were among major gainers on the Nifty, while losers were Apollo Hospitals, ONGC, Titan Company, Power Grid Corporation and SBI Life Insurance.
Airtel, Wipro, Maruti, ICICI Bank, Ultratech Cement, Asian Paints, TCS, M&M and Dr Reddy's were the top Sensex gainers, while Titan, PowerGrid, Reliance, HDFC twins, Kotak Bank, meanwhile, were the top losers.
Benchmark indices opened marginally higher amid mixed global cues. The Sensex was up 22.82 points or 0.04% at 51845.35, and the Nifty was up 13.20 points or 0.09% at 15426.50.
“Indian markets ended a two-day pullback on Wednesday amid weakness across sectors, as nervousness persisted across global markets. Today, markets are likely to make cautious start amid weak global cues. Traders will be concerned as the Reserve Bank said India witnessed a current account deficit of 1.2 per cent of GDP in 2021-22 against a surplus of 0.9 percent in FY2020-21 due to a wider trade deficit. On the technical front 15,200 and 15,600 are immediate support and resistance in Nifty 50. For Bank Nifty 32,400 and 33,300 are immediate support and resistance respectively.”
~Mohit Nigam, Head – PMS, Hem Securities
Since the Nifty has clearly broken the lower band of 15800- 16800 in which it was trading for some time, the structure of the market has become weak. Relentless selling by FPIs and expectations of further selling have created a trade set-up where every rally will be sold into. The only sensible investment strategy in this complex and uncertain time is to buy high-quality stocks on dips and wait with patience. Apart from financials which look good, IT gaining from rupee depreciation and select autos gaining from metal price crash are good buys for long-term investment. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
“Indian equities may move in tandem with early gains in most of the Asian gauges, despite overnight fall in US markets and weak European markets closing. Boosting the sentiment would be a sharp fall in WTI crude oil prices, which eased more than 7% in overnight trades towards $102 a barrel, much below the RBI's assumption of $105 a barrel for its full-year inflation projection. However, mounting concerns of rising US interest rates, rupee hitting fresh lows and unabated FII selling will continue to keep markets in a volatile mode. Also, the progress of the south-west monsoon in the country has been disappointing so far, which could further weigh on the already bearish sentiment.”
~Prashanth Tapse, Vice President (Research), Mehta Equities
Nifty Put options OI distribution shows that 15,200 has highest OI concentration followed by 15,300 & 15,400 which may act as support for current expiry and on the Call front 15,700 followed by 15,500 & 15,600 witnessed significant OI concentration and may act as resistance for current expiry. Options data suggest an immediate trading range between 15,600 and 15,200 levels. Read full story
On the daily chart, we can observe that after recently breaking the lows of 15735 and touching a new 52-week low last week, NSE Nifty 50 bounced back this week. But the bounce has not sustained as selling once again emerged from the resistances and pushed the Nifty index lower. Technical indicators too are not giving any positive signals as the Nifty index trades below a downward sloping 20 day and 50 day SMA. 14-week RSI too is weakening. Nifty could now be headed towards the next major intermediate support of 14592 in the coming weeks. Read full story
BPCL: State-owned Bharat Petroleum Corporation (BPCL) is considering to enter into a term agreement with Russia for imports of crude oil.
Vodafone Idea: Vodafone Idea’s (VIL’s) board on Wednesday approved a fund-raise of up to Rs 436.21 crore from Euro Pacific Securities. Read full story
Benchmark indices are trading mixed in the pre-opening session. The Sensex was up 142.26 points or 0.27% at 51964.79, and the Nifty was down 93 points or 0.60% at 15320.30.
“With every passing day the probability of the US economy falling into recession is increasing. This will keep the markets weak till there are indications of inflation cooling enabling the Fed to go a bit slow on raising rates. Such a scenario will emerge only if there is a big dip in crude prices.””Since the Nifty has clearly broken the lower band of 15800- 16800 in which it was trading for some time, the structure of the market has become weak. Relentless selling by FPIs and expectations of further selling have created a trade set-up where every rally will be sold into. The only sensible investment strategy in this complex and uncertain time is to buy high-quality stocks on dips and wait with patience. Apart from financials which look good, IT gaining from rupee depreciation and select autos gaining from metal price crash are good buys for long-term investment.”
~V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Nifty likely to support at around 15250 while 15850 is likely to act as resistance on the upside. Bank Nifty likely to find support at around 32600 while 34000 is likely to act as resistance.
TRADING call (1-2 days): BUY DLF June future at Rs 304-306. Stop loss: Rs 298.80. Target: Rs 312
Derivative call- (time period 1 month): BUY Godrej Properties June future at Rs 1165-1175. Stop loss: Rs 1146.5. Target: Rs 1200
The Indian rupee is likely open higher on Thursday amid strong dollar, recovery in Asian currencies and lower crude oil prices. USDINR is expected to break the hurdle of 78.25 to move towards the level of 78.00, according to ICICIDirect. Investors will closely watch US initial jobless claims data as it is expected to fall from 229,000 to 227,000. The rupee declined by 27 paise to a record low against the US dollar in the previous session due to unabated FII outflows and losses in domestic equities. A stronger greenback overseas also weighed on the rupee sentiment. At the interbank foreign exchange market, the local unit opened flat at 78.13 against the greenback and it ended the day at a record low of 78.40, down 27 paise over its previous close.
Nifty on June 22 gave up almost all the gains made on the previous day. At close, Nifty was down 1.44% or 225.5 points at 15413.3. Nifty on June 22 could not build on to the gains of Tuesday and gave up almost the entire gains made on that day. Markets have fallen sharply on below normal volumes, suggesting lack of adequate buying to offset the selling pressure. Now Nifty has support at 15293-15350 band while on upmoves, it could face resistance from 15565 and later 15670.
U.S. stock indexes closed lower in choppy trade Wednesday, after Federal Reserve Chairman Jerome Powell reiterated his commitment to combat inflation through higher interest rates, but said a recession couldn’t be ruled out. The yield on the 10-year US Treasury note fell 14.9 basis points to 3.155%, the steepest daily decline since Nov. 21. Investors are bracing for a heavy day of trading Friday due to the rebalancing of the Russell U.S. equity indexes, an annual reconstitution that comes amid elevated volatility in the stock market. Asian stocks were mixed Thursday as investors parsed the economic and monetary-policy outlook after Federal Reserve Chair Jerome Powell acknowledged the risk of a recession.
The prices of petrol and diesel continue to remain unchanged on Thursday as OMCs kept prices steady for the thirty second day straight. 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 earlier 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.
“On the technical aspect, the halt in buying interest post an intense day of rally certainly showcased the tentativeness among the market participants at the higher critical level. At the current juncture, the immediate support is likely to be seen around the 15300 level, wherein the placement of the index above the sacrosanct support of the 15180-15200 zone could be seen as the last resort of relief for the bulls. Meanwhile, on the contrary, the critical zone of 15650-15700 withholds the sturdy wall for the index, and till it is not claimed, it would be a challenging period for the bulls of D-street. Hence, looking at recent developments that construe an unclear market trend, participants are advised to avoid any undue risk and stay abreast with the global developments. Also, with most counters trading near the oversold region, we advocate continuing with a stock-centric approach for better trading opportunities.”
~Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One
“Nifty succumbed to bear hammering as most of its gains evaporated and, most importantly, the benchmark ended at its lowest point of the day. Investors traded with caution as they awaited Fed Chairman Jerome Powell to deliver his semiannual monetary policy report to Congress on Wednesday and Thursday. The street suspects that Fed will probably hike rates by another 75 basis points again in July. Technically, for Nifty the major hurdle is seen at 15723 with downside risk seen at 15183. The index can find resistance at 15723 and 16151.”
~Prashanth Tapse, Vice President (Research), Mehta Equities
Federal Reserve Chair Jerome Powell on Wednesday underscored the Fed’s determination to raise interest rates high enough to slow inflation, a commitment that has fanned concerns that the central bank’s fight against surging prices could tip the economy into recession. Powell said the pace of future rate hikes will depend on whether and how quickly inflation starts to decline, something the Fed will assess on a meeting by meeting basis. Its decision-making will be based on the incoming data and the evolving outlook for the economy, Powell said in prepared testimony to the Senate Banking Committee, which he is addressing as part of the Fed’s semiannual policy report to Congress.
A reasonable negative candle was formed as per daily chart, which signal a possibility of bull trap in the market. After a sustainable upside bounce on Tuesday, Nifty showing immediate reaction on the downside in the subsequent session indicate a lack of strength in the market to sustain the upside bounces.
The crucial overhead resistance of 15700-15800 levels as per the concept of change in polarity has weighed high on the market. After hitting the day's high of 15707 on Tuesday Nifty showing sharp weakness on Wednesday reflects significance of the hurdle. The market showing immediate reversal of upside bounce is not a good sign for the bulls to sustain the highs. Now, one may expect Nifty to slide down to the important support area of 15200 levels in the next few sessions. Immediate resistance is placed at 15560.
~Nagaraj Shetti, Technical Research Analyst, HDFC Securities
Tokyo shares opened higher on Thursday as investors gauged inflation and recession risks after US Fed chair Jerome Powell pointed to the need for further rate hikes. The benchmark Nikkei 225 index rose 0.22 percent or 58.77 points to 26,208.32 in early trade, while the broader Topix index added 0.41 percent or 7.62 points to 1,860.27. MSCI's broadest index of Asia-Pacific shares outside Japan reversed earlier gains to be mostly flat in Asia trade. Stocks in South Korea were off.