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Market LIVE: Sensex, Nifty trade flat, Tech stocks in red, Bharti Airtel, ICICI Bank, RIL top gainers – The Financial Express

India VIX was up with marginal gains on Friday morning.
(Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets were moving between gains and losses on Friday. S&P BSE Sensex was still below 52,400 while the NSE Nifty 50 index struggled to breach 15,700. Infosys, TCS, Tech Mahindra, were among the laggards on Sensex while Mahindra & Mahindra, ICICI Bank, and Reliance Industries were the top gainers. Broader markets were outperforming the benchmark indices while India VIX, the volatility gauge, was up with marginal gains. Bank Nifty was in the green along with other sectoral indices, except Nifty IT and Nifty Metal. 

Banks could see an increase in loan losses by as much as 232 basis points on year to 9.8% by the end of this financial year, said the Reserve Bank of India (RBI). However, the central bank has said that lenders are well capitalised to manage any stress emerging. As an aftermath of the pandemic led lockdown and business disruption, the gross non-performing asset (NPA) ratio could rise to 10.36% by March next year if the stress is moderate and 11.22% if it is severe, RBI said on Thursday. To tide over the crisis, most banks have maintained adequacy ratios above the mandated 9%.

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. 

The Reserve Bank of India (RBI) estimates loan losses at banks could rise 232 basis points y-o-y to 9.8% by March 2022 in a baseline stress scenario, even as banks are well-capitalised to manage the stress. With the pandemic having hurt businesses across sectors, the gross non-performing asset (NPA) ratio could rise to 10.36% by March 2022 if the stress is moderate and 11.22% if it is severe, the central bank said on Thursday.

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