Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 crashed nearly 2 per cent each on Friday, as bear tighten their grip. BSE Sensex tanked 1017 points or1.84 per cent to settle at 54,303, while NSE Nifty 50 index finished at 16,202, down 276 points or 1.68 per cent. Index heavyweights such as Kotak Mahindra Bank, Bajaj Finance, Housing Development Finance Corporation (HDFC), Reliance Industries Ltd (RIL), Wipro, Infosys, Tech Mahindra were among top BSE Sensex losers. On the flip side, Asian Paints, UltraTech Cement, Dr Reddy’s Laboratories, Titan Company, IndusInd Bank, Nestle India were among BSE Sensex gainers. On the sectoral front, Nifty Bank index lost 1.7 per cent to settle at 34,484. India VIX, the volatility index, was up 2.3 per cent to finish at 19.6 levels.
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BSE Sensex tanked 1017 points or1.84 per cent to settle at 54,303, while NSE Nifty 50 index finished at 16,202, down 276 points or 1.68 per cent.
Gold has failed miserably in terms of capitalizing on the potential tailwinds in the form of persisting geopolitical tensions emanating from Russia/Ukraine and US/China, struggling global equities and negative real rates. Even the recent retreat in the General dollar index has not triggered any buying, which stokes concerns that gold as an investment avenue is out of the reckoning amid the rapidly evolving global variables. The fact that it is responding poorly to what should be bullish news, conveys that the yellow metal does not have much upside short-term potential. Hitesh Jain, Lead Analyst – Institutional Equities, YES SECURITIES
Sensex and Nifty may inch closer to their all-time highs by the end of this year, said Sandeep Bhardwaj, CEO, Retail, IIFL Securities in an interview with Kshitij Bhargava of FinancialExpress.com. He said that with the recent correction in the stock market, Dalal Street looks very attractive considering the long-term growth opportunity. He shared views on stocks that investors could buy for upside potential and has also listed sectors that can help shield investors' portfolios amid the current volatility. Here are the edited excerpts.
The US inflation data, due today, is expected to set the tone for the US Fed’s next policy decision. While a 50 basis point is very much in the cards, the forward looking commentary for future action could be greatly influenced by today’s data. While many have been peddling the possibility of the inflationary trend to be leveling out, today’s data will possibly validate or negate the same. Globally, the central banks seem to be operating in unison to stamp out inflation using interest rate hikes. The ECB announced on Thursday that it will prepare a quarter-point interest rate hike in July and suggested a bigger hike in the fall over long-lasting high inflation. The inflation in the eurozone now exceeds 8%. The ECB also said that it will end net asset purchases on July 1, 2022. This didn’t build confidence for the bullion bulls, resulting in small correction in prices . Rising US treasury yields didn’t help the cause either. Pritam Patnaik, Head – Commodities, HNI and NRI Acquisitions, Axis Securities
Rupee hit its fresh all time low but in the last few sessions has been very resilient and is consolidating in a narrow range despite volatility in domestic and global equities and strength in the dollar against its major crosses. On the domestic front, RBI has been very actively intervening and curtailing the volatility for the rupee. Global crude oil prices have been rallying thereby putting pressure on inflation and leading to higher trade deficit. Dollar is getting support at lower levels ahead of US inflation number that will be released today and FOMC policy statement that is scheduled next week. Expectation is that the Fed could continue to raise rates and maintain its hawkish stance. We expect the USDINR (Spot) to trade with a positive bias and is gradually headed towards 78.50 levels. On the downside 77.20 will continue to act as an important support in the short term. Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services
LIC (Life Insurance Corporation of India) share price tumbled for the ninth consecutive day on Friday to a fresh all-time low of Rs 709.20 apiece on BSE. The 30-day lock-in period meant for anchor investors in initial public offerings (IPOs) is set to end for companies such LIC, which made their debut share sale last month. This will allow anchor investors to sell their existing shares in the market. The stock price is now 25.22 per cent down from the IPO price of Rs 949 apiece. Read full story
A-1 Acid, Abhinav Capital Services, Brookfield India Real Estate Trust REIT, Confidence Futuristic Energetech, Chennai Ferrous Industries, Galactico Corporate Services, GHCL, Gorani Industries, J Kumar Infraprojects, Maharashtra Seamless, Rolex Rings, S&T Corporation, Time Technoplast, Vadilal Industries and TVS Motor Company were among the stocks that hit 52-week high on BSE. Meanwhile, The Anup Engineering, Mrs. Bectors Food Specialities, Grasim Industries, Heritage Foods, India Pesticides, Latent View Analytics, Life Insurance Corporation of India (LIC), Medplus Health Services, Nuvoco Vistas Corporation, Shree Cement, Tasty Bite Eatables, UTI Asset Management Company, Vijaya Diagnostic Centre were among the scrips at new lows.
Jefferies’ global head of equity strategy has booted out Housing Development Finance Corporation (HDFC) to replace it with HDFC Bank in his India long-only equity portfolio. Wood has mirrored the trade for his Asia ex-Japan long-only portfolio. HDFC's share price has fallen 16% so far this year while those of HDFC Bank have dropped 11%. With this move, The global market strategist has now upped HDFC Bank’s weightage in his India portfolio to 8%, the highest among financial stocks in the portfolio.
Global rating agency Fitch said Friday it has cut India’s growth forecast for FY 2023 by 70 basis points to 7.8 per cent. It has however raised India’s growth outlook to ‘stable’ from ‘negative’ on the back of reduced risks to India’s economic growth. The rating agency also said India’s growth is expected to be robust in comparison to its peers. Read more
LCI share price fell for the 9th consecutive session on Friday, to Rs 709 apiece on BSE, as the anchor investor's lock-in period near ends
Currently the gold market is neutral and stuck in range with no buying momentum seen with the upcoming FOMC meet. In MCX, gold is stuck in the range of 50000-51400. Even Indian Rupee has also not gone anywhere which also helped MCX gold to remain in range. RSI_14 has again started losing momentum on the upside as it is trading at 47 and prices are near the 20 and 50-day moving average suggesting no clear trend. We would recommend investors to wait for either breakout above 51400 or breakdown below 50000 to commence any fresh positions. Read full story
Tata Elxsi shares have rallied 46 per cent so far this year, outperforming benchmark Nifty 50 (down 7 per cent YTD) by a margin. The stock has more than doubled investors’ money in the last one year, and analysts see up to 12 per cent further upside going forward. Analysts at Sharekhan are bullish on Tata Elxsi stock, and have assigned ‘buy’ rating to the stock with a target price of Rs 9,750. “Given its strong digital engineering capabilities, Tata Elxsi would benefit from the current upcycle in Engineering R&D (ERD) spends. It is expected to deliver industry-leading margin in FY2023, led by a higher offshore mix, and currency tailwinds,” they said. The stock was quoting at Rs 8,601 per share, down 1 per cent on BSE intraday.
Domestic stock markets continue to remain volatile, faced with multiple headwinds including rising inflation and interest rate hikes. On Friday, BSE Sensex was down 744 points or 1.35%, hovering around 54,575 while the NSE Nifty 50 index tanked more than 200 points or 1.3% to give up 16,200. Analysts have been recommending stock-specific action to shield portfolios from uncertainty. “Aggressive rate hikes by global central banks on the back of continued inflationary pressures are the near-term risk while earlier than expected peaking of Inflation would drive the market,” Angel One said in a note. The brokerage firm has pinned four auto stocks that they believe could rally, giving investors as much as 60% returns.
We believe strong support for the Nifty is placed at 16100 zone. However, for a meaningful pullback to materialise the index needs to decisively close above past three session’s identical high of 16500 to extend the pullback towards last week’s high of 16800. Else, there will be prolonging of consolidation in the 16500-16100 range amid stock specific action.
~ ICICI Direct
Escalation in input cost, logistics-related challenges, inflationary pressures, and a volatile global environment led to decline in margin and muted near-term demand for Home Textile players. Cotton prices have doubled over the last 18 months due to non-availability of cotton. However, managements see these elevated price levels as unsustainable and expect it to normalize after another good cotton season. he mid to long-term outlook remains intact due to higher export opportunities with the signing of Free Trade Agreements (FTA) between India and the UAE and Australia, and with a few more in the pipeline. Motilal Oswal Financial Services
Strengthening of the US 10-year bond yield to 3.05 % can be interpreted as the market discounting worse- than- expected inflation data in the US on Friday. If inflation data turns out to be worse-than-expected, equity markets will turn bearish. If it doesn't, markets will stage a rebound next week. Meanwhile, INR depreciation is becoming a tailwind for the IT industry. Since banks have hiked lending rates immediately after the repo rate hike, they are likely to post good results in the coming quarters. Calibrated buying on dips in high quality banking and IT stocks can fetch good returns to investors in the medium- term. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
A strong dollar means weaker oil prices as one would need fewer dollars to buy the same – and vice versa. The dollar-oil relationship creates a cushion with one offsetting the other, which is particularly important for developing countries. Previously the world faced surging oil prices in 2008 when Brent surged to an all-time high of $147.50 per barrel, straining the finances of many nations. But during the same time, the dollar plunged to a record low, easing some pain for the nations. Read full story
Nifty Bank index fell 1.3 per cent or 218 points to trade at 34,626
Stocks of Power Grid Corporation of India, Maruti Suzuki India, Titan Company, and NTPC were trading in the green
Index heavyweights such as Wipro, Tech Mahindra, Tata Steel, Infosys, Kotak Mahindra Bank, Housing Development Finance Corporation (HDFC), Bajaj Finance, Sun Pharma were top index draggers
BSE Sensex tumbled 600 points or 1.08 per cent to trade at 54,724 while NSE Nifty 50 index plunged 185 points or 1.13 per cent to rule at 16283
The rupee is expected to depreciate on Friday amid strong dollar. However, investors will remain vigilant ahead of US CPI data, which could provide clues on the future path of monetary policy tightening, according to ICICI Direct. “US$INR is expected to continue its upward trend and break its key resistance level of 77.95. We expect US$INR to trade in the range of 77.80 to 78.00,” the brokerage said. In the previous session, rupee depreciated against the US dollar, weighed down by elevated crude oil prices and persistent foreign capital outflows. At the interbank foreign exchange market, the local unit opened lower at 77.74 against the greenback and touched an all-time low of 77.81 intraday before it finally settled at 77.76, down 8 paise over its previous close.
BSE Sensex tumbled 561 points to trade at 54,759 while NSE Nifty 50 index plunged 194 points to rule at 16283
Domestic equity markets may see a sharp fall in early Friday trades amid weakness across the global markets. Soaring inflation, recession fears, and the prospect of the Federal Reserve getting even more hawkish is making investors nervous worldwide. The negativity can also be attributed to yesterday’s weak session at European stock markets which closed sharply lower, with Germany’s DAX retreating 1.7% after the ECB set the path to start raising borrowing costs next month. ECB confirmed asset purchases will end from July 1st and a 25bps rate hike will follow in July as well. The U.S 10-year Treasury which has already doubled this year to roughly 3%, is expected to flirt with 4% by the end of 2022. Even if Nifty moves up, the overwhelming trend is down. Nifty’s immediate downside risk is seen at 16121 mark. Prashanth Tapse, Vice President (Research), Mehta Equities
The prices of petrol and diesel continue to remain unchanged as OMCs kept prices steady for the nineteenth day straight on Friday. 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 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.
Bajaj Auto: Bajaj Auto will consider a buyback of its fully paid-up equity shares, said the company in a notification to the exchanges on Thursday.
Reliance Industries: A consortium of Apollo Global Management Inc. and Reliance Industries Ltd. has made a binding offer for Walgreens Boots Alliance Inc.’s international arm. Read full story
Post the recent pullback move, our markets witnessed a correction of over 500 points in Nifty from its recent swing high of 16790. Nifty breached the 16300 mark on the weekly expiry day, but again it managed to pull back higher and end a tad below 16500. We witnessed some fresh short additions in the index in this recent correction. The Bank Nifty index too has seen a similar correction in the last few days and has ended just above the 35000 mark.
HDFC (Housing Development Finance Corporation) and ICICI Bank have raised lending rates by up to 50 basis points (bps) days after the Reserve Bank of India increased the repo rate. HDFC’s move follows other lenders such as HDFC Bank, State Bank of India, and Punjab National Bank who recently raised interest rates. Read full story
Bulls attempted to return to Dalal Street as domestic stock markets ended their 4-day losing streak on Thursday. S&P BSE Sensex rose 427 points or 0.78% at 55,320 while the NSE Nifty 50 index gained 121 points or 0.74% to settle at 16,478. India VIX, the volatility gauge was seen moving further down but is still above 19 levels. Now, entering the final day of trade for the week, SGX Nifty was down in the red, falling more than 200 points, suggesting that Dalal Street might still be in the grip of bears. Read full story
Nifty futures were ruling 229 points or 1.4 per cent down at 16,242.50 on Singaporean Exchange.
In a statement, Moody’s said the rupee has depreciated around 4.5 per cent since the start of the year. Higher energy prices and interest rates in developed economies have led to capital outflows and rising commodity prices, pressuring the rupee. Moody’s Investors Service on Thursday said most rated companies in India have buffers to withstand a further 10-15 per cent depreciation of the rupee. Read full story