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Market LIVE: Sensex off day’s high, Nifty gives up 15,800; RIL, Infosys, Maruti shares top gainers – 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 turned negative during dying hours of trade on Wednesday. Sensex was hovering around 52,500 while Nifty 50 gave up 15,750. RIL, 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.

The price set up for gold indicates that the metal is consolidating near the key support zone of Rs.46500-46300/10gms after the considerable fall and expected to witness a rebound in the near-term. A retreat looks plausible towards Rs.47500/10gms mark initially, that can extend further towards Rs.48100/10gms mark for the month ahead. On the contrary, a sustained close below the mentioned support could trigger selling pressure, leading the metal lower towards Rs.45500-Rs.45300/10gms zone. Sugandha Sachdeva, Vice President – Commodity and Currency Research, Religare Broking

Gold prices have witnessed a decline towards two-month lows as investors have grown wary after mixed signals from the Fed on policy normalisation and are awaiting further cues to assess the Fed’s stance going forward. Besides, the dollar index has staged a decent recovery after the Fed’s hawkish tilt earlier this month which is weighing on gold prices. On the other hand, market participants are keeping an eye on the recent surge in Delta variant of the COVID-19 virus across Asia and Europe that may underpin safe haven demand for the precious metal after the recent correction. The dollar’s prevailing strength is also likely to witness a pause amid progress over the US President Biden’s ambitious $1.2 tn infrastructure package, that should support recovery in the precious metal. Sugandha Sachdeva, Vice President – Commodity and Currency Research, Religare Broking

With Goods and Services Tax regime completing four years, the Finance Ministry on Wednesday said more than 66 crore GST returns have been filed so far and lower tax rates have helped increased compliance. A nationwide GST, which subsumed 17 local levies like excise duty, service tax and VAT and 13 cesses, was rolled out on July 1, 2017.

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Indian Rupee spot touched a two-month low of 74.4538 in today’s session hurt by stronger dollar, firm crude oil prices and fresh concerns of delta variant of COVID-19. On the domestic front, caution prevails in this data-packed week ahead of release of India’s fiscal deficit, current account balance, core sector output, trade balance and manufacturing PMI figures. Besides, the latest measures announced by the Finance minister Nirmala Sitharaman to give a boost especially to the healthcare and tourism sectors were seen as additional fiscal plan that may stress the government’s budget. Limited global risk appetite owing to OPEC+ report meeting outcome and US labor report due Thursday and Friday respectively may exert further pressure. Taking all these factors into consideration, we may see more volatility in Rupee spot with a depreciation bias towards 74.75 levels. Kaynat Chainwala – Fundamental Research Analyst Currencies, Anand Rathi Shares and Stock Brokers

Indian banks face systemic risk as the country sorts through the aftermath of the COVID second wave. Lenders struggled with a high level of weak loans well before the pandemic struck and, clearly, conditions have deteriorated. S&P Global Ratings expects the second wave to impair the performance of Indian financial intuitions in the first half of fiscal year 2022, with much resting on the effectiveness of government measures to address this problem. The banking sector’s weak loans will likely remain elevated at 11%-12% of gross loans in next 12 to 18 months. Credit losses should remain high at 2.2% before recovering to 1.8% in fiscal 2023 (year ending March 31, 2023).

The auto sales for the month of June 2021 are likely to be higher than May 2021 but unlikely to reach normal levels due to staggered unlocking across states during the month. Emkay Global expects volumes to recover from Q2FY22 due to the easing of lockdowns, pent-up demand and improving macros. The research firm is positive on the automobile sector underpinned by expectations of a strong cyclical upturn, that may last for at least three years. The top picks among OEMs are Tata Motors (TP: Rs410), Ashok Leyland (TP: Rs155) and Eicher Motors (TP: Rs3,180). In Ancillaries, Motherson Sumi (TP: Rs325) and Apollo Tyres (TP: Rs290). Emkay Global Financial Services

BSE Sensex was trading 168 points or 0.32 per cent up at 52,718, while the Nifty 50 index gave up 15,800 level

Taking into account FY21 actuals, our raised FY22e/FY23e margins and a higher effective tax rate for FY22, our FY22e earnings are ~1% lower, and FY23e earnings, ~4% higher. On our revised estimates, the stock is available (excl. investments) at a PER of 9.5x FY23e. Risk: Significant delays in orders added. Anand Rathi Financial Services

Vodafone Idea share price fell nearly one per cent after rising over 2 per cent in intraday on BSE, ahead of January-March quarter results. In comparison, domestic equity market benchmarks BSE Sensex and Nifty 50 were half a per cent up. So far in the session today, Vodafone Idea hit a day’s high of Rs 10.30 and low of 10 apiece. In traded volume terms, over 2.11 crore shares of Vodafone Idea traded on BSE, while a total of 9.88 crore units exchanged hands on NSE on Wednesday.

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Following a positive trend in global markets, Indian equities benchmarks stayed in the green in the morning. Sentiments turned positive as Finance Minister Nirmala Sitharaman urged ministries to go above and beyond their capital expenditure (capex) commitments for this fiscal year, emphasizing that increased spending will be important in reviving the economy following the pandemic. We witnessed some recovery in the market and an attempt to hold the Nifty 50 index level of 15800. 15800 will be an important level in the short term for the market to stay positive. Most of the sectors in the market remain in the positive zone. Gaurav Garg, Head of  Research, CapitalVia Global Research

Globally, the Specialty Chemicals business accounts for ~20% of the USD4t Chemicals industry. From having an insignificant presence (4.5%) in this segment, India’s share in Specialty Chemicals is expected to double over the next five years – at a ~12% CAGR to USD64b by CY25. Various factors favor the Specialty Chemicals industry in India, including 1) strong domestic consumption – led by a young population (median age of 28 years), a high percentage (~67%) of which forms the working age group, 2) favorable labor cost (one-third that of China / half that of Vietnam), and 3) government impetus. In this sector initiation report, we propound our views on eight companies operating in India’s Specialty Chemicals space: Atul Limited (ATLP), Deepak Nitrite (DN), Vinati Organics (VO), Alkyl Amines (AACL), Navin Fluorine (NFIL), Galaxy Surfactants (GALSURF), Fine Organics (FINEORG), and NOCIL. Motilal Oswal Financial Services

Cipla share price hit a new record high of Rs 997.20 apiece in intraday on BSE on Wednesday, after the Drugs Controller General of India (DCGI) approved the firm to import Moderna, a Covid-19 vaccine, with emergency use authorisation in India. The stock has gained over 4 per cent in four days. However, the stock erased all the morning gains, and turned negative, falling half a per cent.

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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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