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Market LIVE: Sensex tanks over 500 pts, Nifty may test 15,350, Bank Nifty may fall 4%; analysts cautious – The Financial Express

Except for Nifty Auto and Nifty Metal indices, all the sectoral indices were trading in the green, lead by gains in the Nifty IT index. Image: Reuters

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 erased opening gains and were trading at day’s lows on Friday. BSE Sensex was hovering around 51,700, while the Nifty 50 index gave up 15,550. Bajaj Finserv, Infosys, HCL Tech, TCS, Sun Pharma, HUL, Dr Reddy’s were among top Sensex gainers. ONGC, Maruti Suzuki, NTPC, Mahindra & Mahindra, L&T, Asian Paints, SBI, ITC, Bharti Airtel were top index losers. Except for Nifty Auto and Nifty Metal indices, all the sectoral indices were trading in the green, lead by gains in the Nifty IT index.

Today is the last day to subscribe to Dodla Dairy and Krishna Institute of Medical Sciences (KIMS) IPOs. Dodla Dairy’s initial public offer was subscribed 3.30 times on the second day of subscription. The Rs 520.17-crore initial public offer received bids for 2,80,50,960 shares against 85,07,569 shares on offer. The public offer of KIMS Hospitals was subscribed 56 per cent on June 17, as the offer received bids for 80.52 lakh equity shares against IPO size of 1.44 crore shares.

The BFSI sector enjoys the highest weights in the Indian equity market indices. Over the years, the sector representation has been getting better outside pure banks with several new listings – NBFC, SFBs, Life Insurance, General Insurance, Capital market firms, Wealth management firms etc. However, the large weight and the perennial dilemma still remains on how much to allocate within banks, and especially within banks itself – Retail or Corporate Motilal Oswal Financial Services

Rakesh Jhunjhunwala-backed Nazara Technologies has enjoyed a decent performance since listing, holding significantly above the IPO price. The stock is currently trading 37% above its issue price, with valuations too expensive for a stock that caters to a nascent market in the country. Seeing the premium valuations, brokerage and research firm Nazara Technologies has initiated the coverage of the stock with a ‘Sell’ rating, expecting as much as 27% downside from current levels. Big bull Rakesh Jhunjhunwala, a pre-IPO investor in Nazara Technologies, owns a 10% stake in the company.

The compression in trade deficit is on the back of a narrower deficit for petroleum products and gems & jewellery. In the near term, the overhang of Covid disruption could potentially persist until Jun-21, thereby resulting in a current account surplus in Q1 FY22. However, rising commodity prices, tapering of lockdown stringency, and anticipated ramp-up in vaccination in the coming months would push FY22 current account towards a deficit of USD 30 bn. Acuité Ratings & Research

State Bank of India (SBI), ONGC, Power Grid Corporation of India, NTPC, Mahindra & Mahindra, ICICI Bank, Axis Bank, Kotak Mahindra Bank top Sensex laggards.

Bank Nifty index falls 1.6 per cent or 537 points to 34,051, led by losses in State Bank of India (SBI), Punjab National Bank (PNB), RBL Bank, down over 3 per cent, each.

India Pesticides’ Rs 800-crore IPO, which will open for subscription on June 23, has fixed its price band at Rs 290-296 per share of the face value of Re 1, each. The issue will close on June 25. The public issue comprises fresh issue of shares worth Rs 100 crore and offer-for-sale (OFS) of Rs 281.4 crore by promoter Anand Swarup Agarwal and Rs 418.6 crore by selling shareholders. Up to 50 per cent of the net offer has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors (NIIs).

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Rising inflation which could temporarily end the low-interest rate regime along with much-needed technical correction have led to a good fall in both Nifty & Nifty Bank. Technically, Nifty will have strong support at 15460, below which a further fall till 15355-15280 is a possibility. Resistance will be at 15774. Nifty Bank will have strong support at 33950 below which 33560-33300 looks possible. Resistance will be at 34525. AR Ramachandran, Co-founder & Trainer, Tips2Trades

Nifty has broken the important support of 15550, if it continues to sustain below then possible downside we can see 15450-15400 in near term, however, if manages to cross above 15600 then some pullback rally can come towards 15700-15750  Rajesh Palviya, Vice President, Research (Head Technical & Derivatives), Axis Securities

NIFTY can test the 15400-15450 zone, which would mean a full throwback as that would take NIFTY to the point from where it broke out. The behavior of NIFTY against the zone of 15400-15450 would be very crucial to watch over the immediate short-term. Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services

We continue with our cautious stance and expect Nifty and Banknifty to extend the corrective move towards 15400-15350 and 33500-33300, respectively. The major caveat here is the way MIDCAP index corrected from key resistance zone Sameet Chavan, Chief Technical Analyst, Angel Broking

Tata Motors and Tata Steel share prices fell 4 per cent, each, as Indian stock market traded at day’s low

Stocks of Reliance Industries Ltd (RIL), ICICI Bank, State Bank of India (SBI), Housing Development Finance Corporation (HDFC), HDFC Bank contributed the most to the indices’ fall

Bajaj-Auto and Hindustan Unilever Ltd (HUL) were the only gainers on BSE Sensex

BSE Sensex extended fall, and plunged 560 points or 1.07 per cent to 51,763, while the broader Nifty 50 index tanked 173 points or 1.1 per cent to 15,518

“15720 – 15800 is to be seen as strong resistance zone; whereas on the lower side, a move below 15600 opens up the downside towards the next important support zone of 15450 – 15350. Traders are advised to stay light and even if one wants to take stock specific longs, better not to carry leveraged positions overnight,” said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking.

The S&P BSE PSU index has outperformed both Sensex and Nifty over the last one year, and even year-to-date. Now, valuations of PSU stocks are expected to improve after lagging behind due to disinvestment overhangs. With valuations playing catch-up, disinvestment taking shape, and operation performance improving, brokerage and research firm JM Financial expects select PSU stocks to re-rate and provide investors with lucrative investment opportunities. Over the last one year, the PSU index has soared 62% while Sensex and Nifty have gained 52-55%.

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Expect Nifty to test 15,350 if the support zone of 15,605-15,565 is broken. Rahul Sharma, Director and Research Head, JM Financial SErvices

The markets tried keeping above the 15700 level but failed to do so which goes to prove that this zone which was a good support is now a resistance for the Nifty. The current trend needs to be re-evaluated next week to come to a conclusion on whether the short term positive trend has ebbed or is this just a breather. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

Gold and silver prices in India edged higher on Friday, after both the metals fell steeply in the previous session. On Multi Commodity Exchange, gold August futures were trading Rs 153 or 0.33 per cent up at Rs 47,111 per 10 gram. In the previous session, yellow metal prices tanked Rs 1,548 and ended lower at Rs 46,958 per 10 gram. Silver July futures were trading Rs 732 or 1.08 per cent higher at Rs 68,331 per kg. On Thursday, silver prices crashed and fell Rs 3,869 and settled at Rs 67,599 per kg.

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BSE Sensex fell to 52,264, while the Nifty 50 index gave up 15,700 levels and was trading near 15,650

After trading nearly dead for a month, the rupee finally delivered the most awaited move. Well, history always suggests that the longer the pair trades range-bound, the sharper and stronger is the breakout. And that’s what really happened. A surprisingly hawkish tone from the Fed and with Jerome Powell also noting that the discussion about scaling back bond purchases will likely start soon helped the dollar to scale up to multi months high of 91.85 levels creating havoc in the Emerging market currencies. Finally, the rupee has managed to break 73.80 crucial resistance yesterday. With markets remaining too volatile, it gave a “WIN-WIN situation” for both importers and exporters. Importers were lucky to get an appreciating move till 72.40 and now are sitting risk-free. For the ones who have missed the opportunity to buy further, should now look for a dip near 73.50-73.70 levels. While exporters who were advised to cover partially in the range of 73.30-73.40 and wait for a further upside momentum could now encash gains from the higher USDINR spot rate and sell in tranches above 74.00-74.40 levels for the near term. Amit Pabari, managing director, CR Forex Advisors

Except for Nifty Auto and Nifty Metal indices, all the sectoral indices were trading in the green, lead by gains in the Nifty IT index

ONGC, Maruti Suzuki, NTPC, Mahindra & Mahindra, L&T, Asian Paints, SBI, ITC, Bharti Airtel were top index losers

Bajaj Finserv, Infosys, HCL Tech, TCS, Sun Pharma, HUL, Dr Reddy’s were among top Sensex gainers

BSE Sensex jumped 221 points or 0.42 per cent to 52,544, while Nifty 50 index gained 45 points or 0.29 per cent to trade at 15,736.

BSE Sensex jumps 250 points to 52,500, while Nifty 50 index crossed 15,800, rising 100 points in pre-opening session

Check live BSE Sensex, Nifty levels

INR leads the EM Asia FX pack in losses on Thursday as the markets digest the hawkish FOMC with the median dot chart now indicating two rate hikes in 2023. This has help push the broad dollar up another 0.7% today (currently at 91.65), implying pressure on EM currencies, led by high beta ones. This comes in conjunction with RBI’s reiteration of its FX stance in Wednesday’s bulletin, where it indicated that FX reserves are still not adequate enough when seen in the light of cross country comparison ratios, high net international investment position of (-)12.9% of GDP and random shocks amid heightened global uncertainty —  all of it implying that RBI’s tactical FX intervention in FX will be biased towards dollar purchases, keeping INR subdued/EM underperformer even in case of healthy EM flows. Madhavi Arora, Lead Economist, Emkay Global Financial Services

Once the lockdown is lifted completely, pent-up demand may lead to an uncertainty in price levels, particularly in the core inflation category of the CPI. Core inflation in the CPI, which continued to remain sticky at above 5% since last year, demands close attention, given the excess liquidity floating in the system. The RBI’s measures to keep the interest cost low through G-Sap, OMOs and other liquidity boosting measures to incentivise Covid-19-battered sectors further augment liquidity, with a substantial increase in money supply. Brickwork Rating

Domestic gold and silver prices could start marginally higher on Friday morning, tracking overseas prices, but upside will be capped. On the other hand, weaker Rupee could cap downside. On the domestic front, MCX Gold August will continue its Bearish momentum below 47000 level. Support is at 46800-46600 levels. Resistance is at 47180-47300 levels. MCX Silver July holds a support near 67300-66500 levels. Resistance is at 68700-69500 levels. Sriram Iyer, Senior Research Analyst at Reliance Securities

A total of 52 BSE-listed companies such as Ashoka Buildcon, Archidply Industries, Balaji Telefilms, BC Power Controls, Gujarat Fluorochemicals, GMR Infrastructure, Hinduja Global Solutions, Insecticides (India), Jubilant Industries, PSP Projects, SMS Lifesciences, and Welspun Specialty Solutions, are scheduled to announce their January-March quarter earning on June18.

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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel were revised upwards on Friday by oil marketing companies. Petrol price in Delhi today stands at Rs 96.93 per litre, up 27 paise since yesterday. Diesel in the capital city is retailing at Rs 87.69 per litre today, an increase of 28 paise. Rates have been hiked 26 times since May 4. The price of petrol in Delhi has increased by Rs 6.24, while diesel price has surged Rs 6.64 per litre since the rate revision began. 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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Foreign Institutional Investors (FII) were net sellers for a second consecutive day on Thursday. FIIs pulled out Rs 879 crore. Domestic Institutional Investors (DII), however, turned net buyers, pumpkin in Rs 45 crore.

In overnight trade on Wall Street, Dow Jones fell for fourth straight day and S&P 500 finished lower for the third day in a row. The Dow Jones Industrial Average fell 0.62 per cent, the S&P 500 lost 0.04 per cent, while the Nasdaq Composite added 0.87 per cent.

Asian stocks were trading mixed on Friday. Japan’s Nikkei 225 gained 0.14 per cent while the Topix index fell over half a per cent. The S&P/ASX 200 in Australia was up 0.17 per cent.

Nifty futures were trading 70 points or 0.45 per cent up at 15,762.50 on Singaporean Exchange

Following US Fed’s hawkish comments, domestic benchmark indices mirrored global peers on Thursday and closed in the negative territory. On the closing bell, S&P BSE Sensex was at 52,323 while the Nifty 50 index ended the day at 15,691. Broader markets followed. On Friday morning, SGX Nifty was up in the green hinting at positive momentum building up ahead of the opening bell. Global cues were mixed during the early hours of trade. “Domestic Market may consolidate for some time before resuming its rally.

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