Share Market News Today | Sensex, Nifty, Share Prices Highlights: Indian equity markets ended in red in a highly volatile session. After opening gap-down with a loss of over 500 points, the BSE Sensex sought support from Reliance Industries, Bharti Airtel, ITC, and NTPC to end slightly lower on Wednesday. Amid a subdued global mood, BSE Sensex shut shop at 53,027, down 150 points or 0.28%, while the NSE Nifty 50 index closed at 15,799, down 51 points or 0.32%. HDFC Life, HUL, Apollo Hospitals, Axis Bank, Tata Consumer Products, Bajaj Finserv, and UPL were the major draggers, down up to 4.5%. In the broader markets, the BSE SmallCap and MidCap index also ended in red. Sectorally, most of the indices closed with losses barring the Nifty Oil and Gas index. The Nifty IT, Nifty Bank, and FMCG indices dropped over 1% each.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates
Closing Bell: Sensex snapped 4-day winning streak and closed 150 points lower at 52,026, while Nifty settled below 15800.
“Mukesh Ambani has finally passed on the baton to his elder son, Akash to head Reliance Jio Infocomm Ltd. We expect major announcements during the upcoming AGM and new initiatives might be announced. Reliance is currently firing on all cylinders as every business segment is expected to grow in the coming years and is now one step closer to separate listing of Jio and Retail soon.”
~Santosh Meena, Head of Research, Swastika Investmart Ltd
Benchmark indices Sensex and Nifty have tanked 5 per cent in June alone as global markets remained largely bleak and foreign investors sold off equities. With 4.9 per cent slump in June – steepest in 27 months since March 2020 – both the Sensex and Nifty hovered at their one-year lows. The rupee, at the same time, lost nearly 1.8 per cent to hover at a record low of 79 to a dollar and the 10-year bond yields stayed flat.
S&P BSE Power Index gains 1.62 per cent propped by Adani Transmission, NTPC and Power Grid. Adani Transmission surge more than 7 percent.
The Goods and Service Tax (GST) Council on Wednesday deferred a decision on the proposal to raise the GST on online gaming from 18% to 28% on the skill gaming to bring it at par with chance games involving gambling and betting, Karnataka chief minister BS Bommai said. Read full story
Last year, government has issued a notification regarding Plastic Waste Management Amendment Rules, 2021, in which single use plastic will be banned from 1st July 2022. Given, the rising concern over climatic change and environmental pollution, the extension of this deadline is very unlikely. The ban is on rigid plastic items such as plates, cups, glasses, cutlery, wrapping or packaging films, PVC banners less than 100 micron, straws and stirrers. The industry size of single-use plastics is estimated to be Rs 10,000 crore. This has been positive news for paper industry as the opportunity to replace the single use plastic with paper has been huge. However, currently, India lag on require infrastructure to entirely replace the single use plastic. Arijit Malakar, Head of Research – Retail, Ashika Group
The 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 Reliance, Ultratech and HCL Tech and ONGC. Chandan Taparia, Vice President, Equity Derivatives and Technical, Broking & Distribution, Motilal Oswal Financial Services
India VIX needs to cool down for stability and a directional move in the market. Now till it holds above 15735 – 15700 zone we can expect bounce towards 15950 and 16000 whereas a hold below this could open a downside move towards 15555 and 15350 zones. Market breadth is negative which indicates that there is some resistance faced at higher levels. Today, we are witnessing weak movement in most of the sectors including Banking, FMCG, Pharma, IT, Auto, Realty, Media and Metals. Chandan Taparia, Vice President, Equity Derivatives and Technical, Broking & Distribution, Motilal Oswal Financial Services
List of Bank Holidays For July 2022: Banks in India are likely to be shut for up to 14 days in July 2022, including second and fourth Saturdays, and Sundays. According to the list released by Reserve Bank of India (RBI), banks will be closed for eight days, apart from weekends in July this year. Banks will remain shut in different states or cities on account of different holidays. It may be noted that the banks remain open on the first and third Saturdays every month. Read full story
Reliance Industries Ltd share price jumped 2 per cent from day’s low to Rs 2,555 apiece on BSE on Wednesday. Bernstein Research sees 33 per cent upside potential in RIL stock price going forward owing to its strength across segments. The research firm also expects higher earnings growth potential than what the consensus estimates suggest, and has given ‘outperform’ rating to it. The brokerage firm has also raised RIL’s price target to Rs 3,360 from Rs 2,830 earlier, implying a 33 per cent rally from previous close. Read full story
Crypto crash update (29th June 2022): Most of the top cryptos traded low on Tuesday while the global cryptocurrency market cap shrunk to $910 billion, decreasing 2.42 per cent over the day. Prices of most of the top cryptos have dropped in the last 24 hours, according to CoinMarketCap data at the time of writing (11.20 am, India time). Read full story
Isha Ambani is set to be named chairman of the Reliance conglomerate’s retail unit in another sign that her father, Indian billionaire Mukesh Ambani, is pushing ahead with a plan for succession in one of Asia’s richest families. An announcement of Isha Ambani’s elevation could come as early as Wednesday, according to people with knowledge of the matter, who asked not to be identified ahead of a formal statement. She is currently director of Reliance Retail Ventures Ltd. Read full story
Bharti Airtel share price has fallen around 2% so far in 2022, outperforming benchmark Nifty 50 which has tanked 10.5%. The stock is expected to jump 34% going forward as the telecom company’s growth is likely to get a boost from three levers-4G mix improvement, market share gains from VIL, and continued tariff hikes, according to analysts at Motilal Oswal Financial Services. “These levers along with an incremental margin of 65% should drive 18% EBITDA CAGR for Bharti over FY22-24E,” the brokerage noted. Read full story
The risk-averse sentiments, higher crude oil prices, weaker regional currencies, slower growth, higher CAD and foreign fund outflows are the few factors to mention for the rupee depreciation. The sentiment for the rupee remains bearish till we see improvement in domestic macro and foreign fund inflows. Spot USDINR is expected to open higher and crossing 78.85 will pave way for 79.05 while the support has been shifted to 78.40, the recent top resistance, said Dilip Parmar, Research Analyst, HDFC Securities. Read full story
The Indian rupee depreciated 14 paise to fresh lifetime low of 79 against the US dollar on Wednesday amid persistent foreign capital outflows and elevated crude oil prices. At the interbank foreign exchange, the local unit opened on a weak note at 78.86 against the greenback, then lost ground to quote at 79 — its all-time low level
Akash Ambani taking over the Reliance Jio board is a sign that the company is clear in terms of its succession planning. Technically, a dip near support levels of 2460-2480 can be used to buy for long term targets of 2850-2975 in the near term. AR Ramachandran, Co-founder & Trainer, Tips2Trades
Hindalco Industries has, pursuant to approval granted by board of directors at their meeting held on May 26, 2022, consented to make investment in the equity share capital of M/s Cleanwin Energy SIX LLP. The company is going to acquire 26% of equity share capital of M/s Cleanwin Energy SIX LLP at Rs 71,50,000.
Nifty Bank index was top sectoral loser, down 1.3 per cent or 426 points to 33,216. Nifty IT index, too, fell 1.1 per cent, and Nifty Metal plunged more than 1 per cent
Index heavyweights such as Reliance Industries, Infosys, HUL, ICICI Bank, HDFC Bank contributed the most to the indices' loss
All 30 stocks on S&P BSE Sensex were trading in sea of red. Hindustan Unilever Ltd (HUL) was top loser, down 2.5%, followed by IndusInd Bank, Wipro, Bajaj Finserv, Bajaj Finance, Kotak Mahindra Bank, Titan Company.
BSE Sensex tanked more than 500 points or 1 per cent to trade at 52,690, while NSE Nifty 50 gave up 15700 in opening deals on Wednesday
Immediate support and resistance for Bank Nifty are 33,000 and 34,000 respectively. Mohit Nigam, Head – PMS, Hem Securities
Immediate support and resistance for Nifty are 15,600 and 15,900 respectively. Mohit Nigam, Head – PMS, Hem Securities
Investors should understand the fact that big money is made not by investing in a bull market but by systematically investing through a bear market and waiting patiently for the inevitable bull market. So, invest systematically in high-quality stocks. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The sharp pullback witnessed in the US last Friday has lost steam and the markets have again turned weak. The decline in commodity prices last week has not sustained and Brent crude is back to above $117. Even though there is no consensus on whether the US economy will slip into recession or not, there are clear signs of the economy slowing down. But the labour market continues to be strong in the US and unemployment is low at 3.6%. In this context of conflicting signals, markets are likely to remain choppy. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Today, the Indian Rupee is expected to trade in the range of 78.60 to 79.25. Apart from last-minute hiccups from 78.84 to 78.71, there was no major intervention by the RBI throughout yesterday's session. That clearly indicates that RBI has given up on volatility and rates, and probably they are allowing Rupee to depreciate in line with other peers and fundamentals. Overall, a short-term range for the pair would be 77.90 to 79.50 with an upside bias. Amit Pabari, managing director, CR Forex Advisors
BSE Sensex tanked more than 500 points or 1 per cent to trade at 52,666, while NSE Nifty 50 gave up 15750 in pre opening session on Wednesday
Local benchmark indices are likely to see a gap down opening and stay downwards, tracking a sharp fall in the overnight US markets and weakness in other Asian peers. There are multiple factors at play that would drag markets after having clocked decent gains in the last three sessions. We have seen oil prices moving up again, while US treasury yields are also trading higher, which has reignited fears of uncertainty going ahead. Besides, FIIs have shown no signs of returning back, as they remained net sellers in the Indian markets. Traders will also brace for the final revision of the U.S Q1 GDP print to trickle in the evening today. However, IT & Software stocks could be bright spots on the side in the backdrop of depreciating Indian Rupee. Prashanth Tapse, Vice President (Research), Mehta Equities
Technically, after an early morning sell-off, the indices took the support near 15700/52750 and bounced back sharply. They also formed small bullish candles on daily charts. We are of the view that, as long as the indices are trading above 15750/52900 the uptrend formation is intact. Above which indices could move up to 15950-16000/53500-53700. On the flip side, a fresh round of selling is possible, if the indices succeed to trade below 15750/52900. Below which, these could retest the level of 15700-15650/52700-52500. Read full story
The prices of petrol and diesel continue to remain unchanged on Wednesday as OMCs kept prices steady across the country for the 38th consecutive day on Wednesday (29 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. Read full story
The rupee is expected to depreciate today amid rising crude oil prices and strong US dollar. However, investors will closely watch US GDP QoQ (Q1) data as it is expected to drop by 1.5%. US$INR is expected to surpass the hurdle of 78.06 to continue its upward trend towards the level of 78.20, according to ICICIDirect. The local unit fell to a another lifetime low of 78.87 against the greenback, its second in as many weeks, as unabated FII selling by overseas investors and an unusual surge in demand from importers took the domestic currency to the brink of 79 in the worst performance for the day by an Asian currency. Read full story
Having sustained above the important area of 15750-15800 levels, there is a possibility of further upside from here towards the next important resistance of 16180 levels (opening downside gap of 13th June). On the other side, the level of 15800 has been a significant value area and has resulted in a formation of long range bear candle during its recent downside breakout (16th June). Hence, further choppy or range bound movement above 15800 levels (absence of strong upside momentum) could signal chances of false upside breakout and that could possibly bring bears into action. Immediate resistance is placed at 15950 levels. Nagaraj Shetti, Technical Research Analyst, HDFC Securities
USDINR closed at a fresh all time high at 78.77 on spot, up 43 paise. There seems to be relentless demand from offshore market and also from carry traders looking to unwind their shorts in USDINR. In the morning expiry related buying pushed the pair higher. The move higher has continued even after the closing on spot. Spot reference is now quoting 78.92 in the offshore market. Bias remains upward. Range can be 78.50 and 79.40 on spot. Anindya Banerjee, VP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities
We expect the NSE Nifty 50 index to continue its retracement move in the near term. The 50 percent retracement of the recent corrective phase is placed around 15990 while 61.8% is around 16178. We expect the index to retrace towards these levels in the near term and hence, one should look for buying opportunities in intraday declines. On the flipside, the immediate support for Nifty has now shifted to 15700. Until the index breaks important supports, we expect the Nifty to test the above mentioned levels. Ruchit Jain, Lead Research, 5paisa.com
Reliance Industries: The board of Reliance Jio, the telecom arm of oil-to-retail conglomerate Reliance Industries Ltd (RIL), has appointed Akash Ambani as its chairman.
SBI, ICICI Bank: State Bank of India NSE (SBI), and ICICI Bank on Tuesday acquired a 9.54 per cent stake each in Perfios Account Aggregation Services Pvt Ltd. Read full story
US main indices ended in red in overnight trade. The Dow Jones Industrial Average dropped 1.56%, the S&P 500 slipped 2.01%, and the Nasdaq Composite declined 3%.
Asian stock markets fell following the Wall Street's performance. Japan's Nikkei 225 was down 0.96%, and the Topix slipped 0.63%.
Nifty suggested weak trends for benchmark indices, as Nifty futures were ruling 156 points or 1 per cent down at 15,697.50 on Singaporean Exchange.
Federal Reserve policymakers on Tuesday promised further rapid interest-rate hikes to bring down high inflation, but pushed back against growing fears among investors and economists that sharply higher borrowing costs will trigger a steep downturn. “Many are worried that the Fed might be acting too aggressively and maybe tip the economy into recession,” San Francisco Fed President Mary Daly said in an interview on LinkedIn. “I am myself worried that left unbridled, inflation would be a major constraint and threat to the U.S economy and continued expansion.” Reuters