Share Market News Today | Sensex, Nifty, Share Prices Highlights: Indian equity markets ended higher for a second consecutive day, as investors’ sentiments got a boost after US Treasury Secretary Janet Yellen said that a recession in the United States is not “inevitable”. The S&P BSE Sensex zoomed 1,200 points intra-day to hit a high of 52,799. The index, however, settled 934 points, or 1.81%, higher at 52,532. The NSE Nifty 50 closed at 15,639, up 289 points or 1.88%, after hitting a high of 15,707 in the intra-day. PSB, Metal, and Energy (Oil and Gas) indices rose the most in today’s trade as investors indulged in bargain buying. Titan, Hindalco, JSW Steel, Coal India, Adani Ports, Tata Motors, SBI, ONGC, TCS, Eicher Motors, Dr Reddy’s Labs, Tata Steel, HCL Tech, Infosys, and Wipro gained in the range of 2.5% to 6%.
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Indian benchmark indices jumped 1.7% on Tuesday and firmly raced up following the long haul of losses last week. The BSE Sensex rose 872 points to 52,469, and the NSE Nifty gained 262 points to 15,610. “Markets were technically in oversold territory and thus witnessed a bounce back, especially in a light market since US markets were closed yesterday. There is an increased perception that by the end of the year, the US Fed will be able to get inflation levels down considerably, which is also helping the markets currently,” said Nishit Master, Portfolio Manager, Axis Securities.
Benchmark indices ended higher for the second consecutive session on June 21 with Nifty finishing above 15,600. The Sensex was up 934.23 points or 1.81% at 52,532.07, and the Nifty was up 288.60 points or 1.88% at 15,638.80. Titan Company, Hindalco Industries, JSW Steel, Coal India and Adani Ports were among the top Nifty gainers. The only losers is Apollo Hospitals. All the sectoral indices ended in the green with IT, metal, oil & gas, power, realty and PSU Bank up 3-6 per cent. BSE Midcap index jumped 2.4 per cent and Smallcap index was up 3 per cent.
Oil prices rose on Tuesday on high summer fuel demand while supplies remain tight because of sanctions on Russian oil after its invasion of Ukraine. Brent crude rose $1.61, or 1.4%, to $115.74 a barrel. U.S. West Texas Intermediate (WTI) crude for July, which expires later on Tuesday, rose $2.29, or 2.1%, to $111.85. The more-active WTI contract for August was up $2.48 at $110.47 a barrel.
Benchmark indices erased some of the intraday gains but still trading higher with Nifty holding above 15600. The Sensex was up 913.16 points or 1.77% at 52,511.00, and the Nifty was up 279.50 points or 1.82% at 15,629.70.
“Fall in crude oil prices, positive global cues, bottom fishing and technical setup ripe for a bounce are the reasons for the rise in the markets today. 15670-15740 could be a near term resistance for the Nifty. Investors can ride this bounce through trading in oversold stocks and prepare a list of stocks that they would like to offload in this bounce to raise cash. Sell on rise is a good strategy to follow unless we see signs of inflation stabilising and reversing globally which can be an early sign of bottom formation.”
~Deepak Jasani, Head of Retail Research, HDFC Securities
Nestle India was the only loser on S&P BSE Sensex, down 0.3 per cent in the afternoon trade
India VIX, the volatility index, fell 4.4 per cent to 21.42 levels
Bank Nifty jumped 2.5 per cent to 33,490 levels in the afternoon trade on Tuesday
Index heavyweights such as ICICI Bank, Infosys, Reliance Industries Ltd (RIL), HDFC Bank, and Tata Consultancy Services (TCS), among others contributed the most to the indices gain.
Bajaj Finance Limited (BFL), the lending arm of Bajaj Finserv Limited and India’s largest and highly diversified NBFC company, has partnered with Worldline, a global leader in payment services, to develop point-of-sales (POS) payments acquiring solutions for its merchant network.
BSE Sensex at day's high of 52,799, while NSE Nifty touched a high of 15,707.25, on the back of positive global cues.
Sensex is up 1,179.96 points or 2.29% at 52777.80, and the Nifty jumped 352.30 points or 2.30% at 15702.50.
Capital markets regulator Sebi has permitted mutual funds to again invest in foreign stocks within the aggregate mandated limit of USD 7 billion for the industry. This came in the wake of a major correction in global markets that brought down the valuation of international stocks.
BSE Realty index added 3 percent led by the DLF, Godrej Properties, Prestige Estate.
Banking stocks were one of the key contributors to the benchmark rally with SBI up 4.4 per cent. ICICI Bank surged 3 per cent, while HDFC Bank added 2.2 per cent.
Shares of conglomerate Tata group were among the most actively traded stocks on the bourses on Tuesday as the broader markets staged a relief rally. In terms of traded value, Tata Motors, Tata Steel, Tata Elxsi, Tata Power and Titan stood among top 10 so far in the day. Titan Company was the top gainer, up almost 6 per cent. Shares of Tata Motors rallied around 5 per cent, while Tata Elxsi was up 2 per cent.
Online brokerage firms Zerodha and Upstox faced an outage due to a technical issue with Cloudflare, an internet infrastructure provider. Zerodha and Upstox users took to Twitter to register their complaints about their inability to use their respective trading applications. “We are getting reports of intermittent connectivity issues on Kite via the Cloudflare network for users on certain ISPs. We are taking this up with Cloudflare. In the meanwhile, please try using an alternate internet connection,” Zerodha said in a tweet. Upstox also tweeted “Our CDN partner, Cloudflare is currently experiencing issues in India, due to which some of our services may be temporarily inaccessible.”
Benchmark indices were trading at day's high with Nifty around 15650. The Sensex was up 980.61 points or 1.90% at 52578.45, and the Nifty was up 296 points or 1.93% at 15646.20.
Noida-based India Exposition Mart has received capital market regulator SEBI’s approval to raise funds through an initial public offering (IPO). The public issue comprises fresh issue of equity shares aggregating up to Rs 450 crore and an offer-for-sale (OFS) of up to 1.12 crore equity shares by existing shareholders. Read full story
IT stocks were seen outperforming and leading the pullback rally in the markets on Tuesday. Index heavyweights Infosys and TCS were up around 2.6 per cent and 3.3 per cent, respectively. HCL Technologies, Wipro and Tech Mahindra too logged strong gains.
The domestic steel production was at its highest at 113.6 million tonnes in FY22 (up from 96.2 million tonnes in FY21), an increase of 18.1% (y-o-y) on account of the revival in economic activities and low-base effect. During April and May 2022, the production grew by 9.1% to 9.6 million tonnes as compared to the same period of FY22. The robust steel demand outlook is likely to lead to continued high-capacity utilisation for the sector over the medium term. CareEdge Research expects domestic demand for steel to remain robust in near term mainly because of Government’s infrastructure push and increased investments amid an overall rebound in the Indian economy. The recent announcement by Government on imposition of export duty will lead to a de-growth in exports from India for FY22. CareEdge
Hindustan Petroleum Corporation (HPCL) issued Unsecured, Redeemable, Non-Convertible, Non-Cumulative, Taxable Debentures of Rs 10,00,000 each aggregating to Rs 1,500 crore on private placement basis on June 20, 2022 for funding of refinancing of existing borrowings and/or funding of capital expenditure of the Issuer, including recoupment of expenditure already incurred and/or for any other purpose in the ordinary course of business of the Issuer.
BSE Sensex and NSE Nifty 50 were trading more than 1.5 per cent higher on Tuesday, on the back of positive global cues. So far in the day, the 30-share index S&P BSE Sensex hit a day’s high of 52,402, while NSE Nifty 50 touched 15,603.95. No stock on S&P BSE Sensex hit a fresh 52-week high or low on Tuesday, despite a rally in equity benchmarks. Read full story
Shares of HDFC Asset Management Company rose after brokerage firm Kotak Institutional Equities upgraded the stock to ‘add’ as it believes negatives for the company are now adequately represented in the stock price. The stock has fallen more than 38 per cent over the past one year on account of concerns over its loss of market share in the equity mutual fund schemes, and shrinking margins due to higher commissions for distributors.
The rupee inched lower by 6 paise to 78.04 against the US dollar in early trade on Tuesday, as persistent foreign fund outflows and strong dollar demand globally weighed on investor sentiments.
Noida-based India Exposition Mart Limited has received capital market regulator Sebi’s nod to raise funds through an initial public offering (IPO). The initial share sale with a face value of Rs 5 per equity share comprises fresh issue of equity shares aggregating up to Rs 450 crore and an offer-for-sale (OFS) of up to 11,210,659 equity shares by existing shareholders. The Offer is being made through the book building process, wherein note less than 75% of the offer shall be available for allocation to QIB, not more than 15% of the offer shall be available for allocation to non-institutional bidders and not more than 10% of the offer shall be available for allocation to retail individual bidders.
Nifty PSU Bank index rose 2 per cent supported by the Canara Bank, Bank of Baroda, Punjab National Bank
A meeting of the board of directors of Hindustan Aeronautics will be held on June 28, 2022, to consider, the recommendation of final dividend for the financial year 2021-22. The stock was quoting at Rs 1,761, up 2.14% on the National Stock Exchange.
Nifty faces its first resistance at 15800 levels; post breaking this level Nifty might retest 16000 levels. If the Nifty is able to sustain 16000 levels then the next retest levels will be 16400/16700.
~Santosh Meena, Head of Research, Swastika Investmart
“The market has witnessed a bounce back due to positive sentiment in the global equity markets. Post a major correction from 16800 to 15183, the market has witnessed a short-covering rally. However, a major pullback can be expected only above 16000 levels.”
~Santosh Meena, Head of Research, Swastika Investmart
Sensex is up 750.09 points or 1.45% at 52347.93, and the Nifty up 226.50 points or 1.48% at 15576.70.
We believe Tata Steel standalone's 1HFY23 EBITDA is likely to contract by 66% over 1HFY22 driven by lower ASP, lower demand and peak coking coal costs and high base effect. India operations will not benefit from lower iron ore costs or discounted Russian coal. Hence, the cost structure will only benefit from the reduction in coking coal prices that too for 70-75% of requirement as India operations are captive on coking coal for the balance. We cut our FY23E consolidated EBITDA by 22%, driven by 34% reduction in standalone EBITDA offset by 4% increase in TSE EBITDA. The reduction in domestic EBITDA is a combination of a) lower than expected sales volume, b) reduction in ASP and c) higher than estimated coking coal cost. Motilal Oswal Financial Services
Benchmark indices extended the opening gains and trading at day's high level with Nifty above 15550. The Sensex was up 624.22 points or 1.21% at 52222.06, and the Nifty was up 194.80 points or 1.27% at 15545.
A meeting of the board of directors of Suven Life Sciences is scheduled to be held on Friday, 24th June, 2022 at 11:00 a.m., to consider matters related to raising of funds through issue of equity shares of the company on rights basis to the existing equity shareholders of the company, company said in its release.
RIL slips as SEBI slaps Rs 30 lakh penalty over compliance issues
Gold prices were trading higher in India on Tuesday, on the back of positive global trends. On Multi Commodity Exchange, gold August futures were trading Rs 87 or 0.2 per cent up at Rs 50,822 per gram. Silver July futures were up Rs 241 or 0.4 per cent at Rs 60,985 per kg. Globally, yellow metal prices edged up as the dollar eased, even as investors kept a keen eye on posturing from major central banks on interest rate hikes for a clearer outlook for bullion. Read full story
State-owned Bank of India (BoI) is mulling to raise up to Rs 2,500 crore in fresh equity capital as it requires to increase the public shareholding in the bank to 25 per cent to comply with regulatory norms. Presently, public shareholding in Bank of India is 18.59 per cent.
“We expect Nifty to rebound towards 15480 from oversold readings. IT, auto, capital goods in focus.”
Among the Sensex-30 shares, Tata Steel, IndusInd Bank, Titan, SBI, Tech M, Reliance, Bajaj twins, and HDFC were the top gainers, while HUL, Ultratech Cement and Asian Paints were the top losers.
“On Monday, Gold and silver was traded flat to negative and the price of the precious metal was struggling at a previous support zone as U.S. markets were on holiday. In international Gold was settled at $1,840.60, down by 0.07% and silver was settled at $21.59, down by 0.20%. In Domestic markets also Gold was settled at Rs50,735 with a loss of 0.19% and silver was settled at Rs60744 with a loss of 0.32%. On the other hand, the dollar index showed some profit taking after ECB’s interest rate hike talks and further rate hike prospects of the BOE. Profit taking in the dollar index and slower global growth outlook supported both precious metals. Gold has support at $1828-1816, while resistance at $1852-1861. Silver has support at $21.35-20.95, while resistance is at $21.85-21.95. In INR terms gold has support at Rs 50,440–50,110, while resistance is at Rs 50,980–51,240. Silver has support at Rs 60,120-59,550, while resistance is at Rs 61,380–61,710.”
~Rahul Kalantri, VP Commodities, Mehta Equities
Hindalco Industries, Adani Ports, Tata Motors, Tata Steel and IndusInd Bank were among major gainers on the Nifty, while HUL, UltraTech Cement, Asian Paints and Maruti Suzuki were the laggards.
Benchmark indices opened higher with Nifty climbing above 15400. The Sensex was up 405.99 points or 0.79% at 52003.83, and the Nifty was up 117.30 points or 0.76% at 15467.50.
“Indian markets halted a six-day-long losing streak on Monday, though fears of aggressive rate hikes and their impact on economic growth kept investors on the back foot. Today, the markets are likely to make positive start taking gains in Asian peers. Some support will come with the southwest monsoon entering Madhya Pradesh, Chhattisgarh, coastal Andhra Pradesh, Odisha, west Bengal, Jharkhand and Bihar on Monday, cumulative rainfall deficiency so far has been reduced to 5% from 25% reported on June 16.”
“There may be some cautiousness as the finance ministry cautioned the re-emergence of the twin deficit problem in the economy, with higher commodity prices and rising subsidy burden leading to an increase in both fiscal deficit and current account deficit. It is also the first time the government has explicitly talked about the possibility of fiscal slippage in the current fiscal year. On the technical front, immediate support and resistance for Nifty50 is 15,200 and 15,600 levels. In case of Bank Nifty, 32,300 may act as immediate support and 33,150 may act as immediate resistance level.”
~Mohit Nigam, Head – PMS, Hem Securities
“A distinct trend in the market now is the weakness in the broader market. While Nifty 50 is down 5.6 percent during the last one month, Nifty Mid and Small- cap indices are down 9.25 percent and 12.63 percent respectively during the same period. This trend is likely to continue as long as the market remains weak. The pull back rally will be led by high-quality fundamentally strong large-caps.”
“Meanwhile, the Finance ministry's latest Monthly Economic Review warns about the stress in government's finances caused by the rising food and fertiliser subsidies and revenue forgone from cuts in petrol and diesel taxes. Both fiscal and current account deficits are likely to deteriorate surpassing budget estimates. This macro headwind can turn out to be a headwind for markets too, particularly if crude remains at elevated levels. Investors should seek the safety of fundamentally strong large-caps during this phase of market turbulence.”
~V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The US economy will likely fall into a mild recession by the end of 2022 as the Federal Reserve raises rates to tame prices, according to economists at Nomura Holdings Inc. “With rapidly slowing growth momentum and a Fed committed to restoring price stability, we believe a mild recession starting in the fourth quarter of 2022 is now more likely than not,” Nomura economists Aichi Amemiya and Robert Dent wrote in a note on June 20.
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 the twenty-ninth 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 will cost Rs 89.62 a litre as opposed to Rs 96.67. Read full story
Reliance Industries Ltd: The Securities and Exchange Board of India (SEBI) on Monday imposed a penalty of Rs 30 lakhs on RIL and its two compliance officers for alleged violation of Prohibition of Insider Trading (PIT) regulations.
Vodafone Idea: Vodafone Idea’s (VIL) board is scheduled to meet on June 22 to consider a proposal to raise Rs 500 crore from one of the entities of Vodafone Group. Read full story
“Technically, on intraday charts, the Nifty has formed a double bottom formation which is broadly positive for the near term. The index has also formed a Hammer reversal formation on daily charts, indicating strong possibility of a fresh pullback rally from the current levels. For day traders, 15250 would be the sacrosanct support zone. And if the index succeeds to trade above the same, then the pullback rally is likely to continue in the near future and could move up to 15500-15600 levels. On the flip side, below 15250, the uptrend would be vulnerable and below the same, the index could slip till 15180-15100.”
~Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
Asian shares opened slightly higher Tuesday morning, extending the previous day's gains, following a positive lead from Europe as some stability returned to markets after last week's hefty losses. MSCI's index of Asia-Pacific shares outside Japan was up by 0.81 per cent.
“A small body of positive candle was formed on the daily chart with minor upper and long lower shadow. Technically, this formation indicate a doji type candle pattern, but not a classical one. But the formation of high wave and doji patterns back to back in the two sessions around the lows of 15200 levels signal chances of an upside bounce in the market.”
“The negative sequence of lower tops and bottoms is intact as per daily timeframe chart and current consolidation indicate an attempt of lower high formation. Hence, any attempt of lack of strength around 15500 levels could possibly bring bears into action. The short term trend of Nifty continues to be volatile with broader range movement. A decisive move above 15500 levels could open an upside bounce in the market. Important support to be watched around 15200 levels.”
~Nagaraj Shetti, Technical Research Analyst, HDFC Securities