Vinod Nair, Head of Research at Geojit Financial Services
Unfavorable cues from the domestic market led to a weak start due to weakness in the rupee and selling in oil refineries as the government imposed an additional export duty on petrol and diesel.
Adding to the weakness, India’s factory output growth slowed down during June, as high inflation continued to dampen demand. However, the FMCG sector witnessed strong buying supported by declining commodity prices on the belief that the prices have peaked out.
S Ranganathan, Head of Research at LKP securities:
As the street sets about pricing in the impact of the windfall gain tax on the Oil & Gas sector, benchmark indices displayed high volatility today primarily led by the Energy sector.
The manner in which bulls responded with the help of FMCG stocks led by ITC in afternoon trade left bears completely surprised as it helped indices stage a breathtaking recovering by erasing all the days losses.
Indian rupee ended lower at 79.04 per dollar on Friday versus previous close of 78.97.
Market Close: Benchmark indices erased all the intraday losses and ended on flat note in the highly volatile day on July 1.
At close, the Sensex was down 111.01 points or 0.21% at 52907.93, and the Nifty was down 28.30 points or 0.18% at 15752. About 1708 shares have advanced, 1503 shares declined, and 144 shares are unchanged.
ONGC, Reliance Industries Power Grid Corporation, Bajaj Auto and Bharti Airtel were among the top Nifty losers. ITC, Bajaj Finance, Bajaj Finserv, Britannia Industries and Cipla were among the gainers on the index.
Among sectors, Realty and FMCG indices up 1-2 percent, while oil & gas index shed 3 percent.
BSE midcap index rose 0.6 percent and smallcap index ended flat.
SML Isuzu June Auto Sales Data | Total sales surges 412% at 1,322 units against 258 units, YoY
Morgan Stanley On Bajaj ElectricalsMorgan Stanley has kept equal-weight rating on Bajaj Electricals with a target at Rs 1,050 per share.The company is in process of demerging its power related business and aim is to improve focus on its consumer electricals & lighting business.The separate heads for consumer products & lighting has been appointed.And appointments would help sharpen focus on two business verticals to drive growth & margin, reported CNBC-TV18.
Nifty Pharma index added nearly 1 percent supported by the Cipla, Lupin, Strides Pharma
Jefferies View On Petronet LNGBrokerage house Jefferies has maintained buy rating on Petronet LNG with a target at Rs 320 per share.The volumes improved by Dabhol unavailability & increased demand in CNG. The sharp spike in spot LNG price is a headwind.Jefferies see resilient FY23 EPS as trading gains offset the use-or-pay decline, reported CNBC-TV18.
European Markets are trading flat with positive bias:
Tata Motors June Auto Sales Tata Motors in Q1FY23 sold 2,31,248 vehicles, compared to 1,14,784 units during Q1FY22, in the domestic & international market.Tata Motors was quoting at Rs 410.70, down Rs 1.00, or 0.24 percent.
Market at 3 PMBenchmark indices erased some of the intraday losses but still trading in the red.The Sensex was down 260.61 points or 0.49% at 52758.33, and the Nifty was down 77.90 points or 0.49% at 15702.40. About 1499 shares have advanced, 1580 shares declined, and 135 shares are unchanged.
Daily Voice | Stock pickers’ market right now, Autos in top gear: Ashutosh Tiwari, Equirus
It is time to bet on auto shares for over-sized returns, in the next 2-3 years. That’s the view from Ashutosh Tiwari of Equirus, who said IT could now stay rangebound after the selloff so far, as US…