Share Market News Today | Sensex, Nifty, Share Prices HighlightsHighlights: Domestic equity markets snapped a four-day losing streak to end in the green on Friday. S&P BSE Sensex closed 166 points higher at 52,484 while the 50-stock NSE Nifty gained 42 points to close at 15,722. Index heavyweights such as Reliance Industries and ICICI Bank were the top gainers on BSE Sensex, followed by State Bank of India, HDFC, and Mahindra & Mahindra. Tata Steel, Power Grid and Asian Paints were the top laggards. Broader markets, except Nifty Next 50 and Nifty Midcap 50 closed in the green. India VIX dived 6%. Bank Nifty closed with gains.
Domestic benchmark indices snapped their four-day losing streak and surged higher on Friday, helped by a strong rally during the final hours of trade. S&P BSE Sensex closed 166 points higher at 52,484 while the 50-stock NSE Nifty gained 42 points to close at 15,722. Index heavyweights such as Reliance Industries and ICICI Bank, State Bank of India, HDFC, and Mahindra & Mahindra were the top gainers on BSE Sensex. Tata Steel, Power Grid and Asian Paints were the worst-performing stocks. Broader markets, except Nifty Next 50 and Nifty Midcap 50 closed in the green. India VIX fell 6%. Among sectoral indices, only Nifty FMCG, Nifty Auto, Nifty PSU Bank index, and Nifty steel closed in red. Bank Nifty closed with gains.
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Sensex and Nifty closed with gains on Friday, reversing the downward trend. Benchmark indices gained momentum during the final hours of trade.
Tata Steel share price is down 2.45% ahead of the closing bell as the worst-performing Sensex constituent on Friday. It is followed by Power Grid and Bajaj Auto.
India VIX, the volatility index is down more than 5% with minutes left before the closing bell. The fear gauge is sitting near 12 levels.
With less than an hour left before the closing bell, Sensex was up more than 100 points at 52,425, helped by ICICI Bank and Reliance Industries.
Clean Sciences and Technology’s Rs 1,546 crore initial public offering (IPO) will open for subscription next week. Investors can bid for the issue in a price band of Rs 880-900 per equity share of face value Re 1 each. The IPO will open next week on July 7 and close on July 9 and will be purely an offer for sale (OFS) by existing shareholders, including promoters of the company. Clean Science and Technology manufactures specialty chemicals such as Performance Chemicals, Pharmaceutical Intermediates, and FMCG Chemicals. The firm had received SEBI’s nod last month.
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Smallcap indices were up with gains during the early hours of Friday’s trading session. However, slipping into the dying hours, the Smallcap indices seem to be giving up their gains. Nifty Smallcap 50 was up 0.99%.
Bank Nifty was up 0.22% on Friday, with little over an hour left in the day’s trade. It was followed by the Nifty Private Bank index, up 0.12% while the Nifty PSU Bank index was down 0.07%.
“In IDFC First we believe efforts to built liability franchise, fresh capital infusion and provision taken on wholesale book will help to tide over this difficult time. The IDFC First Bank is trading ( 0.7 x FY22ABV) at a significant discount to historical average valuations,” analysts at Angel Broking said.
Target price – Rs 77
upside – 42%
Sensex and Nifty were sitting in the green at this hour. Nifty was near 15,700 while Sensex was hovering around 52,400. ICICI Bank, RIL, and Titan were the top gainers.
India VIX, the volatility gauge slipped below 13 levels on Friday. Often called the fear gauge of domestic markets, India VIX was down more than 3%.
NSE Nifty 50 has continued to move in a range for successive trading sessions this week, and is likely to continue the trend in the coming week, analysts say. Overall, the 50-stock Nifty has fallen 1.5% so far this week, sliding from all-time highs. “For the coming week, NIFTY is unlikely to move past the 15700-15750 zone,” said Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services. Analysts believe a move below 15,500 could attract bears. Nifty entered the July series after gaining consecutively for previous three Futures & Options series.
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Bharti Airtel, ICICI Bank, and Reliance Industries are the top gainers on BSE Sensex at this hour. These are followed by Titan, SBI, and Bajaj Finance.
Nucleus Software, a software product company that provides lending and transaction banking products to global financial leaders, announced that FinnOne Neo will power the consumer finance business of Tien Phong Commercial Joint Stock Bank(TPBank), one of the leading banks in Vietnam. TPFico will offer instant digital loans anytime, anywhere, powered by the advanced digital lending platform FinnOne Neo. Nucleus Software share price has zoomed 23% so far this week to trade at Rs 723 apiece.
Fitch Ratings has published India-based Oil and Natural Gas Corporation Limited’s (ONGC) Long-Term Foreign-Currency Issuer Default Rating (IDR) of ‘BBB-‘. The Outlook is Negative. The agency has also assigned a ‘BBB-‘ rating to the company’s US dollar senior unsecured notes. Fitch has also assigned ‘BBB-‘ ratings on the foreign-currency guaranteed notes issued by ONGC’s subsidiary, ONGC Videsh Limited (OVL), and OVL’s subsidiary, ONGC Videsh Vankorneft Pte Ltd, and the medium-term note programme co-issued by the three entities.
Modi cabinet reshuffle: Prime Minister Narendra Modi may undertake a major rejig of his cabinet ahead of the Assembly elections scheduled for next year and an announcement to this effect may come anytime soon. There are several vacant positions in the cabinet with several ministers handling additional charges of different ministries. A sense of secrecy and surprise has been the hallmark of PM Modi’s decisions of this scale and second-guessing his mind has turned out to be futile more often than not in the past. While there has been no formal announcement of any such exercise yet, rumour mills are abuzz with names of likely candidates who may find a place in a rejigged cabinet. Several reports have claimed that PM Modi may opt for expanding his cabinet very soon and he is likely to keep in mind the assembly elections due next years in states like Uttar Pradesh, Goa, Himachal Pradesh, Uttarakhand, Punjab, Manipur and Gujarat. His eyes will also be on the 2024 general elections and some faces with mass appeal may also find a place in his cabinet.
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Broader markets continued to outperform benchmark indices. The Nifty Smallcap 50 index is up 1.12% while Nifty 50 trades flat.
Sensex is up marginal gains while Nifty 50 was still below 15,700 but in green. Bank Nifty is up 0.36%.
Global equity strategist Chris Wood has launched a dedicated long-only India portfolio of 16 stocks, including marquee scrips such as Reliance Industries Ltd, HDFC, SBI and others. Christopher Wood – Jefferies’ global head of equity strategy – is banking on India’s future demand potential and resilient domestic stock markets. The ace market strategist has been overweight on India in his Asia ex-Japan portfolio since the year began; he has maintained his position during the severe second wave of Covid-19.
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State-run NTPC has plans to list its arm NTPC Renewable Energy Ltd in 2022-23, to raise funds for achieving its ambitious target of 60 GW installed renewable energy capacity by 2032, which entails a total investment of Rs 2.5 lakh crore, a source said. The source, however, did not disclose the quantum of money to be raised through the initial public offering (IPO) of the NTPC Renewable Energy but said that the equity component of the firm would be around Rs 50,000 crore and rest of the requirement would be met through long-term loans, debentures, bonds and other such modes.
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Nifty has slipped below yesterday’s closing, which holds key support for the index. Technical analysts have advised caution if Nifty continues to trade below the said levels.
Sensex and Nifty moved higher from intr-day lows. Headline indices were once again trading flat with a negative bias.
“The Nifty is around the midpoint of the current range which is between 15400 and 15900. The bias continues to remain on the bullish side until 15400 is broken on a closing basis. That would trigger a short-term bear phase. If we can get past 15900, the next level to watch out for would be 16100. Closer to the 15400 levels a buy on dips approach can be implemented as the risk-reward ratio would be favorable,” said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.
On the BSE Midcap index, Oil India, Natco Pharma, Crisil, and Oberoi Realty were the top gainers, up more than 2% each.
“Sustained FII selling and high valuations are the major reasons for the weakness in the market now. It is normal & rationale for FIIs to sell & book profits at the present elevated valuations. HNIs also might be tempted to partially book profits. Since DIIs are getting big inflows they might continue to buy, but the buying is happening mainly in high-quality large-caps with good earnings visibility. Even in the event of a sharp correction in the market, these blue chips will decline only less- proportionately and will bounce back smartly in the next leg of the rally. So, there is safety in large-caps and high risk in many small-caps which are being pushed up by newbie retail investors. A lesson from history is that fundamentally unsound small-caps, the so-called ‘cats & dogs’, run up too much before a big correction,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
India VIX, the volatility gauge was down in the red with marginal losses on Friday morning. The index opened in green but failed to hold near the highs.
“Yesterday’s lows are very important, cautious if broken. Nifty supports at 15,660 and 15,450. Resistance is at 15,750 & 15,835,” said Rahul Sharma, Head of technical research, JM Financial.
“The OPEC+ deal is still hanging in balance after a key member objected to it; casting doubt on the agreement. The auto sector will be in focus today on the back of strong sales numbers for the month of June. The Nifty continues to take support at 15,600 while preparing for the further rally. With covid induced regional lockdowns eased throughout the world, the markets would continue the bull run in coming weeks,” said Mohit Nigam, Head, PMS – Hem Securities.
Sensex and Nifty gave up opening gains to trade flat with a negative bias, minutes into the day’s trade.
Short build up in Nifty futures, Long unwinding in the Bank Nifty Futures, Call writing at 15800-15900 levels and short build up by FIIs’ in the Index Futures segment Indicates that one should remain cautious for the markets.
~ HDFC Securities
Mahindra & Mahindra, ICICI Bank, and Reliance Industries were the top index gainers on Friday morning. These were followed by Maruti Suzuki India.
Sensex and Nifty began the day’s trading session on a flat note. Sensex was still below 52,400 while Nifty struggled to get past 15,700.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: The price of Petrol was revised upwards once again on Friday morning by oil market companies today while diesel rates remained steady. Petrol price in Delhi today stands at Rs 99.16 per litre, up 35 paise since yesterday. Diesel in the capital city is retailing at Rs 89.18 per litre today, same as yesterday. Fuel prices have increased 32 times since May 4 and thrice this week. The price of petrol in Delhi has increased by Rs 8.47, while diesel price has surged Rs 8.76 per litre since the rates started increasing. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices on a daily basis in line with benchmark international price and foreign exchange rates.
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Sensex and Nifty were up in the green during the pre-open session on Friday. Nifty was near 15,700 while Sensex moved above 52,500.
“Nifty has been hovering within the 15,450-15,900 zone for almost a month now and currently trading in the middle of the band. A breakdown below 15,650 would pave the way for a further slide towards the lower range. We feel it’s prudent to keep a check on positions and prefer defensive in the current scenario,” said Ajit Mishra, VP – Research, Religare Broking.
“Nifty is still at the support of a rising trendline and the pattern of higher highs and higher lows remains intact. Nifty has dipped below the rising 20 days moving average. Four days in a row of red candles means that Nifty is getting oversold on a very stochastic oscillator. Support for Nifty is now at 15600-15625. What we need is a bullish candle stock pattern which would at least give a short-term rally. What we need is to move above 15750 to propel Nifty towards 15900-15950,” said Manish Shah, Founder, Niftytriggers.
“US markets ended higher with all major indices in the green. Europe closed firm. Asian markets again trading mixed. SGX Nifty trading flattish. Sluggish down-move continued with no major change in Nifty futures OI while Bank Nifty futures saw an unwinding of positions. 15,700 straddle and 34,500 straddle witnessed major addition indicating a likelihood of big move in either direction,” said Rahul Sharma, Head Technical Research, JM Financial.
SGX Nifty hints at a flat start to Friday’s trading session. Benchmark indices have ended in the negative territory for the last few trading sessions. So far this week, Sensex and Nifty have slipped nearly 1% each while the volatility index, India VIX, has dropped 5%. “Nifty continued to show choppy movement with negative bias and still there is no evidence of any upside bounce emerging from the lows,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. As major triggers seem to be missing, stock-specific action has been advised by analysts.
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“The equity market may continue to consolidate in the near term given the worry over the potential risk from Covid third wave and the commodity price-led inflation and in absence of any fresh trigger. Investors would take cues from US jobs data and US PMI data due later today. Nifty valuations at the current juncture is not inexpensive and demand consistent earnings delivery ahead. Any disappointment on the earnings front could weaken the overall positive sentiments. However, we expect the earnings momentum is to accelerate given the pickup in the pace of vaccination and the further opening of the economy. Good monsoon further supports bullish biasedness,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
SGX Nifty was up in the green on Friday morning, hinting at a flat to a positive start for domestic markets.