Rupee Closes:
Indian rupee ended 10 paise lower at 78.08 per dollar on Tuesday against Monday’s close of 77.98.
Market Close: Benchmark indices ended higher for the second consecutive session on June 21 with Nifty finishing above 15,600.
At close, the Sensex was up 934.23 points or 1.81% at 52,532.07, and the Nifty was up 288.60 points or 1.88% at 15,638.80. About 2428 shares have advanced, 819 shares declined, and 125 shares are unchanged.
Titan Company, Hindalco Industries, JSW Steel, Coal India and Adani Ports were among the top Nifty gainers. The only losers is Apollo Hospitals.
All the sectoral indices ended in the green with IT, metal, oil & gas, power, realty and PSU Bank up 3-6 percent.
BSE Midcap index jumped 2.4 percent and Smallcap index was up 3 percent.
Buzzing:Dev Information Technology signed MoU with Department of Science and Technology, Government of Gujarat. The MoU is indication of investment intentions worth INR 100cr in next 5 year by way of DEV IT investing in |T Infrastructure, Physical Infrastructure, Skilling-reskilling-upskilling of workforce in cloud plus data plus automation technologies, hiring of new workforce in coming years, etc such supporting various activities for DEV IT’s futuristic business growth.
Citi View On Tata Steel
Research house Citi has maintained buy rating on Tata Steel and cut target to Rs 1,085 from Rs 1,800 per share.
It has cut EBITDA estimate by 32% /34% on lower realisations.
The balancesheet is strong, perhaps strongest in the last 15 years, reported CNBC-TV18.
Hindustan Motors executes brand transfer agreement with SG Corporate Mobility:Hindustan Motors has executed a Brand Transfer Agreement with S.G. Corporate Mobility Private Limited for the transfer of the Contessa Brand (including the trademarks having application number 5372807) and certain related rights.
Fitch Ratings revises outlook of HUDCO to ‘stable’Fitch Ratings has affirmed the ratings of Housing and Urban Development Corporation (HUDCO) at ‘BBB-‘ level, i.e. at the sovereign level. At the same time, the rating agency has revised the outlook of HUDCO to ‘Stable’ from ‘Negative’. The rating action follows the change in outlook of Government of India rating to ‘Stable’ from Negative’ on June 10, 2022.
Market at 3 PMBenchmark indices erased some of the intraday gains but still trading higher with Nifty holding above 15600.The Sensex was up 913.16 points or 1.77% at 52,511.00, and the Nifty was up 279.50 points or 1.82% at 15,629.70. About 2375 shares have advanced, 757 shares declined, and 100 shares are unchanged.
IDFC First Bank | 6.4 crore of the company (1% Equity) worth Rs 189 crore change hands at Rs 29.60 per share, reported CNBC-TV18.
Oil prices climb on supply and demand fundamentals
Oil prices rose on Tuesday on high summer fuel demand while supplies remain tight because of sanctions on Russian oil after its invasion of Ukraine.
Brent crude rose $1.61, or 1.4%, to $115.74 a barrel by 0825 GMT.
U.S. West Texas Intermediate (WTI) crude for July, which expires later on Tuesday, rose $2.29, or 2.1%, to $111.85. The more-active WTI contract for August was up $2.48 at $110.47 a barrel.
BSE Power index rose 2.5 percent supported by the JSW Energy, Tata Power, NHPC
European Markets Updates
Vedanta large trade| 55.8 lakh shares (0.16% equity) worth Rs 129.4 crore change hands at Rs 233 per share
