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Market LIVE: Sensex jumps over 100 pts, Nifty above 15,750 on positive Asian cues; Infosys hits record high – The Financial Express

Barring the Nifty Realty index, all the sectoral indices were trading in the green, led by metal stocks. Image: Reuters

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty were trading in the positive territory on Wednesday, on the back of positives Asian cues. Sensex was hovering around 52,700 while Nifty 50 reclaimed 15,800. Maruti, Infosys, Titan Company, Mahindra & Mahindra (M&M), Tata Steel, Axis Bank, State Bank of India (SBI) were among top index gainers. Power Grid Corporation of India, NTPC, ICICI Bank, HUL, TCS were top index laggards. Barring the Nifty Realty index, all the sectoral indices were trading in the green, led by metal stocks.

The Reserve Bank of India is in a bind, given the present situation of inflation heating to above the mandated band and weakening growth, a British brokerage said on Tuesday. The central bank may hike the repo rate only by the first quarter of next fiscal (April-June 2022) and continue to maintain the accommodative stance in the interim, Barclays’ chief India economist Rahul Bajoria said in a note.

Infosys share price hit a fresh record high of Rs 1,584 apiece in intraday on BSE on Wednesday, more than doubling investor money in just one year. The IT stock has risen nearly 14 per cent so far in June. IT bellwether’s board of directors meeting is scheduled on July 14, 2021, to consider and approve the audited consolidated financial results of the company for the quarter ending June 30, 2021. In traded volume terms, in intraday so far, 42,000 shares have exchanged hands on BSE and a total of 17.74 lakh units on NSE.

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Seeking to strengthen the corporate governance practices as well as attract more investors, markets watchdog Sebi on Tuesday approved stricter norms related to independent directors, reduced the minimum subscription amount for REITs and InvITs and decided to introduce a framework for accredited investors along with other measures. To provide easy access to investors to participate in public/rights issues by using various payment avenues, Sebi has also decided to permit banks, other than scheduled banks, to act as a banker to such issues.

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The Nifty is clearly range bound, between 15400 and 15900. Until either level is not crossed, we will not witness a meaningful move. The bias is still on the upside and therefore any dip can be utilized to accumulate long positions for a target of 16100. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading flat in India on Wednesday as international rates remained steady ahead of US jobs data due later this week. On Multi Commodity Exchange, gold August futures were trading flat, below the crucial Rs 47,000-mark, at Rs 46,550. In the previous session, gold futures ended at Rs 46,555 per 10 gram. Silver September futures were ruling at Rs 68,340 per kg, up Rs 66 or 0.10 per cent, as against the previous close of Rs 68,274 per kg. 

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Domestically, for the past week, Indian equities don’t seem promising for FII as they sold stocks for the sixth consecutive day worth almost Rs 5080 crores. Investors fear that the spread of the delta virus variant could further add to lockdown restrictions and impact economic growth. That apart, market participants pledge that the new support measures by the government may provide some temporary relief but would not be sufficient to boost the economy. Also, the continuing rising oil prices are adding pressure to the Rupee. This could turn negative for domestic markets in addition to the global risk-off sentiment and could take flows back to safe heaven US. Broadly, the Indian Rupee is likely to trade sideways in the range of 73.70-74.50 zone in the near term before any big market trigger takes it towards 75.00-75.20 levels in the upcoming time. Amit Pabari, managing director, CR Forex Advisors

Power Grid Corporation of India, NTPC, ICICI Bank, HUL, TCS were top index laggards

Maruti, Infosys, Titan Company, Mahindra & Mahindra (M&M), Tata Steel, Axis Bank, State Bank of India (SBI) were among top index gainers

Infosys shares hit fresh record high of Rs 1,582.50, rising over 1% on Wednesday

BSE Sensex was trading 207 points or 0.4 per cent up at 52,756, Nifty 50 was ruling near 15,800 on Wednesday

BSE Sensex was trading 207 points or 0.4 per cent up at 52,756 in the pre-opening session on Wednesday, on the back of positive Asian cues.

On Tuesday, the market remained in a narrow range but with a negative bias. Weakness in the Asian markets, consistent selling pressure from FIIs since the last 3 days and steadiness in the prices of Brent crude at 75 could be the few reasons to keep the market within the trading range. The market failed at 15900/52900 levels, which is upward boundary for the market and weakness from the same could result in gradual weakness towards 15670/52300 that is the lower boundary of the trading range and coincidently 20 days EMA is also placed at the same levels that should act as reversal point for the market.

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More than 900 BSE-listed companies including SpiceJet, Vodafone Idea, Binani Industries, Dish TV India, Emami Realty, IRCON International, Liberty Shoes, Sadbhav Engineering, Simbhaoli Sugars, Simplex Infrastructures, SREI Infrastructure Finance, and Zodiac Clothing, will announce January-March quarter earnings on June 30.

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Reliance Industries Ltd (RIL) share price ended flat on Tuesday, even as domestic market benchmarks BSE Sensex and Nifty 50 settled in the red. RIL stock has underperformed the headline indices since the beginning of this calendar year, gaining only 5% against the 10-12% rallies in Sensex and Nifty. The stock failed to move higher after the much-awaited annual general meeting of the company, where RIL Chairman Mukesh Ambani announced a massive Rs 75,000 crore investment into the company’s new energy business

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To deepen the market for REITs and InvITs, Sebi on Tuesday decided to reduce the minimum subscription amount and trading lot size for such publicly issued emerging investment vehicles. The minimum application value will be in the range of Rs 10,000-15,000 and trading lot will be of one unit for REITs (Real Estate Investment Trusts) and InvITs (Infrastructure Investment Trusts), Sebi said in a release after its board meeting on Tuesday.

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Asian stocks markets were also trading higher in early trade on Wednesday. Japan’s Nikkei 225 rose 0.55 per cent, and the Topix edged up 0.45 per cent. South Korea’s Kospi was up 0.31 per cent.

Nifty futures were ruling at 15,829.50, up 42 points or 0.27 per cent on Singaporean Exchange. 

It can be noted that after responding with deep rate cuts initially, the RBI has limited itself to using non-conventional tools to help the growth process in the economy. However, with the surge in inflation lately – the headline number came at 6.3 per cent for May – there have been questions over the tolerance of the central bank.

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