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Closing Bell: Market ends flat as IT stocks cap the index gains; oil & gas, power rise – Moneycontrol

July 14, 2022 / 07:56 AM IST

Moneycontrol launches Analysts’ Call Tracker. A monthly special page that tells you which way analysts are leaning; the stock they are most bullish or bearish on, what they are upgrading or downgrades, and where they are betting against the market. Ignore this at your own risk!

July 14, 2022 / 04:00 PM IST

Vinod Nair, Head of Research at Geojit Financial Services:

Tracking weak cues in global markets, Indian indices gave away their initial gains amid concerns over higher-than-expected US inflation data. Investors are increasingly expecting the Fed to carry out a minimum 75bps rate hike this month in order to combat high inflation. 

On the domestic front, India’s WPI inflation moderated in June although it remains at the elevated levels, but is expected to ease further during the year.

July 14, 2022 / 03:45 PM IST

Kunal Shah, Senior Technical Analyst at LKP Securities

The Bank Nifty index continued to face selling pressure from higher levels and faced stiff resistance at the 35,200-35,300 zone. The lower-end support stands at 34,400 and if breached will lead to further selling pressure towards 34000. 

The index is broadly stuck in a range between 34,400-35,300 zones and a break on either side will lead to trending moves.

July 14, 2022 / 03:36 PM IST

Rupee Close:

Indian rupee ended at fresh record closing low at 79.87 per dollar against previous close of 79.63 per dollar

July 14, 2022 / 03:34 PM IST

Market Close: Benchmark indices ended on flat note in the highly volatile session on July 14.

At close, the Sensex was down 98 points or 0.18% at 53,416.15, and the Nifty was down 28 points or 0.18% at 15,938.70. About 1360 shares have advanced, 1880 shares declined, and 137 shares are unchanged.

ONGC, Sun Pharma, Kotak Mahindra Bank, Dr Reddy’s Labs and Maruti Suzuki were among the top Nifty gainers, while losers included Hero MotoCorp, Axis Bank, HCL Technologies, Tech Mahindra and SBI.

On the sectoral front, Information Technology and PSU Bank indices fell 1-2 percent, while Oil & Gas and Power indices gained 1-1.6 percent.

The BSE midcap and smallcap indices ended in the red.

July 14, 2022 / 03:25 PM IST

Rajani Sinha, Chief Economist at Care Edge

Wholesale inflation remained elevated above 15% for the third straight month in June driven by higher food and fuel prices. 

Sequentially, the wholesale price index was unchanged as moderation in manufactured products inflation on the back of the government’s supply-side measures and easing of global metal prices countered the higher food and fuel inflation. 

While the easing of many of the global commodity prices is a comforting factor, volatile crude oil prices and the weakening of rupee against dollar continue to pose an upside risk to the wholesale inflation number. 

Food inflation will continue to inch higher due to accelerating vegetable prices. Consequently, we expect WPI to remain in double-digits till the second quarter of this fiscal.

July 14, 2022 / 03:19 PM IST

Citi On Hindustan Zinc Research house Citi has maintained neutral rating on Hindustan Zinc and cut the target price to Rs 255 from Rs 330 per share.The valuations appear inexpensive at current levels, while interim dividend announcement of Rs 21 per share is augur well.The stock may be range-bound and have limited cost support for zinc LME.Likely offer for sale by government looks imminent, reported CNBC-TV18.

Citi On Hindustan Zinc      Research house Citi has maintained neutral rating on Hindustan Zinc and cut the target price to Rs 255 from Rs 330 per share.    The valuations appear inexpensive at current levels, while interim dividend announcement of Rs 21 per share is augur well.    The stock may be range-bound and have limited cost support for zinc LME.    Likely offer for sale by government looks imminent, reported CNBC-TV18.

July 14, 2022 / 03:16 PM IST

Dollar climbs further

The dollar resumed its relentless rise on Thursday, charting new 24-year highs against the yen and pinning the euro close to parity, as investors bet on the Federal Reserve ratcheting up interest rates to combat soaring inflation.

Global economic turmoil has put a rocket under the safe haven dollar, pushing the dollar index that tracks the greenback against six counterparts up more than 13% this year. It was last up a fifth of a percent on the day at 108.500.

The dollar strengthened more than 1% against the yen, pushing it above 139 yen per dollar for the first time since 1998. It was last up 1.3% at 139.18 yen per dollar.

The euro was hovering just above parity with the dollar – a day after breaking below the key level for the first time in almost two decades. The single currency fell as much as 0.5% on the day and was last down 0.3% at $1.00310.

July 14, 2022 / 03:13 PM IST

BSE Metal index shed 0.7 percent dragged by the NMDC, NALCO, Vedanta

BSE Metal index shed 0.7 percent dragged by the NMDC, NALCO, Vedanta

July 14, 2022 / 03:11 PM IST

Chandan Taparia, Vice President, Equity Derivatives and Technical, Broking & Distribution, Motilal Oswal Financial Services:

Nifty opened gap up above 16000 level and made a high of 16070. The index could not sustain at higher zones and drifted lower. Any rise towards 16061 can be utilised as a selling opportunity in the index. India VIX has cooled off a bit and near 18 zones but it needs to cool down further below 18 zone for some comfort. Now as long as it below 16161, we can expect lower levels of 15888 and 15735 whereas resistance can be faced at higher levels of 16061 and 16161 zones. Market breadth has turned negative which indicates that the market is facing pressure at higher zones.

Today, we are witnessing positive momentum in sectors including Pharma, Auto and Financial services while some weakness was witnessed in PSU Banks, IT, Metals, FMCG and Realty.

Nifty and Bank Nifty have been facing resistance at higher zone. Going forwards, any rise can be utilised as a selling opportunity. At current juncture, we are advising to be with selective stocks and one can look for buying opportunity in Bharat Forge and Pidilite while selling opportunity is seen in RBL Bank, Coforge and Tech Mahindra.

July 14, 2022 / 03:07 PM IST

Energy Prices Update:

Energy Prices Update:

July 14, 2022 / 03:03 PM IST

Wipro announces foray into packaged foods business in India

As part of Wipro Consumer Care & Lighting’s strategy for continuous growth, Wipro has announced its foray into packaged foods business in India. 

The company has an ambitious plan to be a significant player in the snack food, spices and ready to eat market. 

The company has appointed Mr. Anil Chugh, hitherto India & SAARC head of the Wipro Consumer Care business, to head the foods business. 

Wipro touched a 52-week low of Rs 400.50 and was quoting at Rs 401.15, down Rs 5.75, or 1.41 percent on the BSE.