Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 erased day’s losses on the last day of the week. BSE Sensex ended 21 points up at 52,344 while the broader Nifty 50 index was down 8 points to end at 15,683. HUL, Bajaj-Auto, Bharti Airtel, Bajaj Finserv, HDFC Bank, IndusInd Bank, Infosys, RIL, Titan Company were top Sensex gainers. On the flip side, ONGC, NTPC, Power Grid Corporation of India, Mahindra & Mahindra (M&M), Nestle India, SBI were top index laggards. Sectorally, Nifty PSU Bank index fell nearly 2 per cent while the Nifty Auto, IT, Metal, Pharma and Realty indices slipped up to 1 per cent each. While the Nifty FMCG index, on the other hand, gained 0.3 per cent.
BSE Sensex ended 21 points up 52,344 levels. The broader Nifty50 index was down 8 points to end at 15,683
Paytm plans to raise Rs 12,000 crore via issue of fresh equity shares, ahead of its proposed IPO scheduled for the October-December quarter of this year 2021. Paytm has called its extraordinary shareholder meeting on July 12 in Delhi, it said in a notice to shareholders on Friday. “The company proposes to create, offer, issue and allot fresh equity shares of the company of face value of Re 1, each of the company up to an aggregate of Rs 12,000 crore,” it said. It further said that the proposed offering may also include a fresh issue of the equity shares by the company and an offer for sale by certain, existing shareholders of the company.
With less than an hour left before the closing bell, Sensex and Nifty trimmed their gains and were now trading flat with a negative bias.
The role of the medical devices industry in ensuring business continuity and important deliveries during the pandemic has been critical. Covid-19 has once again brought Indian medtech to the epicentre. The current pandemic has led the medical devices industry to quickly recalibrate across the value chain and serve healthcare’s critical needs. This has further put the medical devices industry at the forefront, with unparalleled demand for products like diagnostic tests, personal protective equipment (PPE), masks, gloves and much more. While the crisis has placed these unparalleled demands, but the industry has responded with resilience and ability to integrate innovations swiftly. In an exclusive conversation with the Financial Express Online Anish Bafna, MD & CEO, The Healthium Group talked about how Healthium Group led the business continuity and responsiveness during the pandemic, given Healthium’s position as a leading medical devices manufacturer in India and other 70 geographies. Excerpts:
Mohalla Tech, which operates social media app ShareChat and short video app Moj, on Friday announced its maiden ESOP buyback program worth USD 19.1 million (about Rs 140 crore). The company had recently raised over USD 500 million, taking its valuation to USD 2.1 billion. ‘Nearly 200 existing and former employees with vested options are eligible to participate in this process,’ a statement said. ShareChat has also revised the existing vesting schedule. The new vesting policy will allow all the qualified employees to vest 25 per cent of ESOPs in the first year, followed by 8.25 per cent every quarter, it added. (PTI)
According to India Strategy – Financials report from Motilal Oswal Financial Services Ltd. (MOFSL), as growth picks up, the earnings momentum of corporate banks coupled with the valuation of headroom can serve as the twin catalysts of performance. In the decade ahead, large banks such as SBI, ICICI and Axis have undergone adverse corporate asset quality cycles, which bottomed out over FY 18-19. These banks have also beefed up their balance sheets by raising capital during the pandemic and emerged stronger in FY21 with the solid performance on PPOP/earnings and asset quality. Motilal Oswal Financial Services
We reiterate Buy rating on IGL with a TP of Rs 610. As NCR starts to unlock, we expect quick recovery in CNG volumes. In Q4FY21, peers MGL and GGL have beaten expectations in CNG and guiding on a quick recovery ahead. We expect the same for IGL. With higher oil prices, CNG running cost currently is 65%/50% lower than petrol/diesel. Q3FY21 saw cars-taxi conversions jump to 8,333/month. We believe that despite return of public transport, Covid-led shift to personal mobility would not reverse entirely. Emkay Global Financial Services
Nifty FMCG and Nifty Pharma index were up with gains on Friday while all other sectoral indices on the NSE were down in the negative.
The market opened with a small gain but soon lost all the gains and breached the important support level of 15650 which led the market to slip further and took support near the level of 15480-15500. Technical factors indicate that if the market closes below the level of 15650 we can witness a sideways movement in the following trading days. On the sectoral front a few sectors all the major sectors have been trading in red. Bajaj-Auto and Adani Ports are the top gainers while UPL and JSW Steel are the top losers on Nifty. Gaurav Garg, Head of Research, CapitalVia Global Research
Sona BLV Precision Forgings (Sona Comstar) is expected to announce the IPO share allotment on June 21, 2021. The Rs 5,550-crore issue was subscribed 2.28 times on the final day of the bidding. The issue received bids for 24.43 crore shares of the company, out of a total issue of 10.71 crore. In the grey market on Friday, Sona Comstar shares were seen trading at Rs 294.5 apiece, implying a premium of 1.2 per cent Rs 3.5 per cent over the IPO price of Rs 291, according to the people who deal in shares of unlisted companies. Analysts expect up to 25 per cent listing gains on debut day.
Rakesh Jhunjhunwala-backed Nazara Technologies has enjoyed a decent performance since listing, holding significantly above the IPO price so far. The stock is still 37% above its issue price, with valuations too expensive, according to brokerage and research firm CLSA. Seeing the high valuations, CLSA has initiated coverage of Nazara Technologies with a ‘Sell’ rating, expecting as much as 27% downside from current levels. Big bull Rakesh Jhunjhunwala, a pre-IPO investor in Nazara Technologies, owns a 10.82% stake in the company. The stock was down as much as 12% on Friday.
The BFSI sector enjoys the highest weights in the Indian equity market indices. Over the years, the sector representation has been getting better outside pure banks with several new listings – NBFC, SFBs, Life Insurance, General Insurance, Capital market firms, Wealth management firms etc. However, the large weight and the perennial dilemma still remains on how much to allocate within banks, and especially within banks itself – Retail or Corporate Motilal Oswal Financial Services
Rakesh Jhunjhunwala-backed Nazara Technologies has enjoyed a decent performance since listing, holding significantly above the IPO price. The stock is currently trading 37% above its issue price, with valuations too expensive for a stock that caters to a nascent market in the country. Seeing the premium valuations, brokerage and research firm Nazara Technologies has initiated the coverage of the stock with a ‘Sell’ rating, expecting as much as 27% downside from current levels. Big bull Rakesh Jhunjhunwala, a pre-IPO investor in Nazara Technologies, owns a 10% stake in the company.
The compression in trade deficit is on the back of a narrower deficit for petroleum products and gems & jewellery. In the near term, the overhang of Covid disruption could potentially persist until Jun-21, thereby resulting in a current account surplus in Q1 FY22. However, rising commodity prices, tapering of lockdown stringency, and anticipated ramp-up in vaccination in the coming months would push FY22 current account towards a deficit of USD 30 bn. Acuité Ratings & Research
State Bank of India (SBI), ONGC, Power Grid Corporation of India, NTPC, Mahindra & Mahindra, ICICI Bank, Axis Bank, Kotak Mahindra Bank top Sensex laggards.
Bank Nifty index falls 1.6 per cent or 537 points to 34,051, led by losses in State Bank of India (SBI), Punjab National Bank (PNB), RBL Bank, down over 3 per cent, each.
India Pesticides’ Rs 800-crore IPO, which will open for subscription on June 23, has fixed its price band at Rs 290-296 per share of the face value of Re 1, each. The issue will close on June 25. The public issue comprises fresh issue of shares worth Rs 100 crore and offer-for-sale (OFS) of Rs 281.4 crore by promoter Anand Swarup Agarwal and Rs 418.6 crore by selling shareholders. Up to 50 per cent of the net offer has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors (NIIs).
Rising inflation which could temporarily end the low-interest rate regime along with much-needed technical correction have led to a good fall in both Nifty & Nifty Bank. Technically, Nifty will have strong support at 15460, below which a further fall till 15355-15280 is a possibility. Resistance will be at 15774. Nifty Bank will have strong support at 33950 below which 33560-33300 looks possible. Resistance will be at 34525. AR Ramachandran, Co-founder & Trainer, Tips2Trades
Nifty has broken the important support of 15550, if it continues to sustain below then possible downside we can see 15450-15400 in near term, however, if manages to cross above 15600 then some pullback rally can come towards 15700-15750 Rajesh Palviya, Vice President, Research (Head Technical & Derivatives), Axis Securities
NIFTY can test the 15400-15450 zone, which would mean a full throwback as that would take NIFTY to the point from where it broke out. The behavior of NIFTY against the zone of 15400-15450 would be very crucial to watch over the immediate short-term. Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services
We continue with our cautious stance and expect Nifty and Banknifty to extend the corrective move towards 15400-15350 and 33500-33300, respectively. The major caveat here is the way MIDCAP index corrected from key resistance zone Sameet Chavan, Chief Technical Analyst, Angel Broking
Tata Motors and Tata Steel share prices fell 4 per cent, each, as Indian stock market traded at day’s low
Stocks of Reliance Industries Ltd (RIL), ICICI Bank, State Bank of India (SBI), Housing Development Finance Corporation (HDFC), HDFC Bank contributed the most to the indices’ fall
Bajaj-Auto and Hindustan Unilever Ltd (HUL) were the only gainers on BSE Sensex
BSE Sensex extended fall, and plunged 560 points or 1.07 per cent to 51,763, while the broader Nifty 50 index tanked 173 points or 1.1 per cent to 15,518
“15720 – 15800 is to be seen as strong resistance zone; whereas on the lower side, a move below 15600 opens up the downside towards the next important support zone of 15450 – 15350. Traders are advised to stay light and even if one wants to take stock specific longs, better not to carry leveraged positions overnight,” said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking.
The S&P BSE PSU index has outperformed both Sensex and Nifty over the last one year, and even year-to-date. Now, valuations of PSU stocks are expected to improve after lagging behind due to disinvestment overhangs. With valuations playing catch-up, disinvestment taking shape, and operation performance improving, brokerage and research firm JM Financial expects select PSU stocks to re-rate and provide investors with lucrative investment opportunities. Over the last one year, the PSU index has soared 62% while Sensex and Nifty have gained 52-55%.
Expect Nifty to test 15,350 if the support zone of 15,605-15,565 is broken. Rahul Sharma, Director and Research Head, JM Financial SErvices
The markets tried keeping above the 15700 level but failed to do so which goes to prove that this zone which was a good support is now a resistance for the Nifty. The current trend needs to be re-evaluated next week to come to a conclusion on whether the short term positive trend has ebbed or is this just a breather. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
Gold and silver prices in India edged higher on Friday, after both the metals fell steeply in the previous session. On Multi Commodity Exchange, gold August futures were trading Rs 153 or 0.33 per cent up at Rs 47,111 per 10 gram. In the previous session, yellow metal prices tanked Rs 1,548 and ended lower at Rs 46,958 per 10 gram. Silver July futures were trading Rs 732 or 1.08 per cent higher at Rs 68,331 per kg. On Thursday, silver prices crashed and fell Rs 3,869 and settled at Rs 67,599 per kg.
BSE Sensex fell to 52,264, while the Nifty 50 index gave up 15,700 levels and was trading near 15,650
After trading nearly dead for a month, the rupee finally delivered the most awaited move. Well, history always suggests that the longer the pair trades range-bound, the sharper and stronger is the breakout. And that’s what really happened. A surprisingly hawkish tone from the Fed and with Jerome Powell also noting that the discussion about scaling back bond purchases will likely start soon helped the dollar to scale up to multi months high of 91.85 levels creating havoc in the Emerging market currencies. Finally, the rupee has managed to break 73.80 crucial resistance yesterday. With markets remaining too volatile, it gave a “WIN-WIN situation” for both importers and exporters. Importers were lucky to get an appreciating move till 72.40 and now are sitting risk-free. For the ones who have missed the opportunity to buy further, should now look for a dip near 73.50-73.70 levels. While exporters who were advised to cover partially in the range of 73.30-73.40 and wait for a further upside momentum could now encash gains from the higher USDINR spot rate and sell in tranches above 74.00-74.40 levels for the near term. Amit Pabari, managing director, CR Forex Advisors
Except for Nifty Auto and Nifty Metal indices, all the sectoral indices were trading in the green, lead by gains in the Nifty IT index
ONGC, Maruti Suzuki, NTPC, Mahindra & Mahindra, L&T, Asian Paints, SBI, ITC, Bharti Airtel were top index losers
Bajaj Finserv, Infosys, HCL Tech, TCS, Sun Pharma, HUL, Dr Reddy’s were among top Sensex gainers
BSE Sensex jumped 221 points or 0.42 per cent to 52,544, while Nifty 50 index gained 45 points or 0.29 per cent to trade at 15,736.
BSE Sensex jumps 250 points to 52,500, while Nifty 50 index crossed 15,800, rising 100 points in pre-opening session
INR leads the EM Asia FX pack in losses on Thursday as the markets digest the hawkish FOMC with the median dot chart now indicating two rate hikes in 2023. This has help push the broad dollar up another 0.7% today (currently at 91.65), implying pressure on EM currencies, led by high beta ones. This comes in conjunction with RBI’s reiteration of its FX stance in Wednesday’s bulletin, where it indicated that FX reserves are still not adequate enough when seen in the light of cross country comparison ratios, high net international investment position of (-)12.9% of GDP and random shocks amid heightened global uncertainty — all of it implying that RBI’s tactical FX intervention in FX will be biased towards dollar purchases, keeping INR subdued/EM underperformer even in case of healthy EM flows. Madhavi Arora, Lead Economist, Emkay Global Financial Services
Once the lockdown is lifted completely, pent-up demand may lead to an uncertainty in price levels, particularly in the core inflation category of the CPI. Core inflation in the CPI, which continued to remain sticky at above 5% since last year, demands close attention, given the excess liquidity floating in the system. The RBI’s measures to keep the interest cost low through G-Sap, OMOs and other liquidity boosting measures to incentivise Covid-19-battered sectors further augment liquidity, with a substantial increase in money supply. Brickwork Rating
Domestic gold and silver prices could start marginally higher on Friday morning, tracking overseas prices, but upside will be capped. On the other hand, weaker Rupee could cap downside. On the domestic front, MCX Gold August will continue its Bearish momentum below 47000 level. Support is at 46800-46600 levels. Resistance is at 47180-47300 levels. MCX Silver July holds a support near 67300-66500 levels. Resistance is at 68700-69500 levels. Sriram Iyer, Senior Research Analyst at Reliance Securities