Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services:
Rupee fell to fresh all-time lows following broad strength in the dollar against its major crosses. Dollar rose despite consumer confidence number released from the US came in below estimates. Euro and pound consolidated in a narrow range ahead of major central bank governor’s statement. Today focus will be on the final GDP number; better-than-expected number could support the dollar at lower levels. We expect the USD-INR to trade sideways but with a positive bias quote in the range of 78.70 and 79.20
Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities:
June series witnessed significant volatility and continues to trade with a negative bias below 15930. Medium term outlook remains negative while for the short term we believe technical bounce back is possible on crossing of resistance levels. On the higher side 16300-16500 is possible. Energy and select midcap stocks remain attractive. Banking stocks trades here critical support levels. Metals continue to remain weak with high volatility.
Vinod Nair, Head of Research at Geojit Financial Services:
Consumer confidence is declining rapidly due to the uncontrolled & constant rise in inflation. India had to bear the double whammy effect of a dampening global equity market and rising crude prices as major suppliers like Saudi are unable to boost the output in the short-term. However, the domestic market was able to recover most of the losses due to the strong movement of index heavyweights, PSUs, metals and oil & gas stocks before slipping some gains by the end of the day due to volatile global market.
Rupee at close: Rupee ends at record closing low of 78.97 against June 28 close of 78.77 per US dollar
Market at Close: Benchmark indices ended in the red on June 29 with Sensex down 150.48 points or 0.28% at 53026.97, and the Nifty falling 51.10 points or 0.32% at 15799.10.
Long Build-ups
Long build-ups were witnessed in the stocks of Bosch Ltd, Abbot India and Trent.
PVR restarts capex cycle
PVR restarts capex cycle, plans to open 125 screens in FY23. The company expects to complete the process of its merger with rival Inox Leisure during the current fiscal itself.
Market at 3.00 PM
Indices trade flat amid volatility, Nifty above 15,800
The Sensex was trading off day’s high with a gain of 21.89 points or 0.04% at 53,183.17 and the Nifty was higher by 2.2 points or 0.01% at 15,834.25 About 1,528 shares have advanced, 1,735 shares declined, and 147 shares are unchanged.
S&P BSE Power Index gain 1.62 percent propped by Adani Transmission, NTPC and Power Grid. Adani Transmission surge more than 7 percent.
Sensex, Nifty hit 27-month low after 5% slump in June amid unabated FII exodus
In June, Sensex and Nifty lost 4.9 percent each, its steepest fall since March 2020. Both the indices hovered near one-year lows. The rupee at the same time lost 1.8% and the 10-year bond yields…
Tapan Patel, Senior Analyst (Commodities), HDFC Securities:
Crude oil prices traded steady with benchmark NYMEX WTI crude oil prices were trading flat near $111.72 per barrel. Crude oil prices were marginal down after rising during the previous three sessions, but the concerns of global supply tightness capped the losses. Tuesday’s US crude supply data from the American Petroleum Institute showed a draw of 3.8 million barrels for the week ended June 24. The tight supplies and higher demand has supported oil prices to pare early loses.
We expect crude oil prices to trade sideways to up with resistance at $115 per barrel with support at $110 per barrel. MCX Crude oil July contract has important support at Rs 8720 and resistance at Rs 8970 per barrel.
IndiGo announces additional frequencies between Delhi-Leh, Delhi-Srinagar and Lucknow-Pantnagar effective from July 1 and July 15, 2022, respectively.
