Press "Enter" to skip to content

Market LIVE Updates: Indices at day’s low; RIL, HDFC Bank negative contributors, rupee at fresh low – Moneycontrol

July 01, 2022 / 09:57 AM IST

Prabhudas Lilladher View on Reliance Industries:

We increase our FY23/24E earnings estimate by 23%/13% as we increase our refining margin assumptions to USD18/13/bbl (+USD6.5/1.5/bbl), while we increase our input price assumptions for petchem. 

Low product inventory (US diesel inventory lowest since CY08), reduced Chinese exports (May 22 diesel exports down 75% vs CY18-21 avg) and low exports from Russia have pushed Q1 diesel margins to USD42/bbl (Q4: USD18) and gasoline margins to USD 34/bbl (Q4: 16). 

RIL with access to discounted Russian crude (discount at over USD 30/bbl) and EU exports is best placed to capitalize on tight market conditions, given high refining complexity. 

We believe higher gas prices along with strong growth in telecom (continued tariff hikes) and retail (store expansion), make RIL a preferred play in challenging times. Reiterate ‘BUY’ with revised price target of Rs 3,277 (Rs 3,000).

July 01, 2022 / 09:46 AM IST

JUST IN | Governemnt levied Rs 6 per litre tax on ATF exports, Rs 6 per litre tax on petrol exports and Rs 13 per litre on diesel exports

July 01, 2022 / 09:44 AM IST

Bajaj Auto June Auto Sales:The company’s total sales for the month of June 2022 were at 3,47,004 units against 3,46,136 in June 2021.Domestic sales were down 15% at 1,38,351 units against 1,61,836 units and exports were up 13% at 2,08,653 units against 1,84,300 units, YoY.

July 01, 2022 / 09:39 AM IST

Rupee falls below 79 per dollar to hit fresh record low

Rupee falls below 79 per dollar to hit fresh record low

Sharp increase in crude oil stoked concerns over a widening current account deficit and inflation. So far this year, FIIs have sold around $28 billion in equities

July 01, 2022 / 09:36 AM IST

Import tax hikes on gold:The market cap of Diamond & Jewellery sector fell 6.76 percent in today’s trade after import duty tax on gold has been hiked by five percent – rising from 7.5 to 12.5 percent. 

Import tax hikes on gold:     The market cap of Diamond & Jewellery sector fell 6.76 percent in today's trade after import duty tax on gold has been hiked by five percent - rising from 7.5 to 12.5 percent. 

July 01, 2022 / 09:29 AM IST

Hot Stocks | ‘ITC, Linde India, TVS Motor can give double-digit returns in short term’

Hot Stocks | 'ITC, Linde India, TVS Motor can give double-digit returns in short term'

Talking about overall mood in market, Vidnyan Sawant of GEPL Capital said the current trend in Nifty is rangebound between 15,930 and 15,367 but is negative-biased

July 01, 2022 / 09:24 AM IST

Escorts Kubota June sales data:

Escorts Kubota Limited Agri Machinery Segment (EAM) in June 2022 sold 10,051 tractors as against 12,533 tractors sold in June 2021.

Domestic tractor sales in June 2022 were at 9,265 tractors as against 11,956 tractors sold in June 2021. 

Export tractor sales in June 2022 was at 786 tractors against 577 tractors sold in June 2021, registering a growth of 36.2%.

Escorts Kubota was quoting at Rs 1,445.55, up Rs 3.40, or 0.24 percent on the BSE.

July 01, 2022 / 09:22 AM IST

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:

H1 of 2022 has ended with the benchmark S&P 500 correcting sharply by 21% – the worst half since 1970. This weakness has reflected declines in other markets too. But it is important to appreciate the fact that India has outperformed with Nifty correcting only around 9%.

With the economy showing signs of “gradual recovery despite global headwinds” (RBI), the prospects for H2 appear better for markets.

Leading indicators suggest improving prospects for banking, IT, telecom and autos. Stock price movements in the near-term in July will be in anticipation of better-than-expected Q2 results in these segments. Metals stocks are likely to bottom out absorbing the poor Q1 results.

July 01, 2022 / 09:20 AM IST

Gainers and Losers on the BSE Sensex in the early trade:

Gainers and Losers on the BSE Sensex in the early trade:

July 01, 2022 / 09:17 AM IST

Market Opens: Indian indices opened on negative note on July 1 with Nifty below 15700.

At 09:16 IST, the Sensex was down 373.53 points or 0.70% at 52645.41, and the Nifty was down 120.70 points or 0.76% at 15659.60. About 728 shares have advanced, 926 shares declined, and 82 shares are unchanged.

Titan Company, M&M, Tata Motors, Bajaj Auto and Maruti Suzuki were among major losers on the Nifty, while gainers were Cipla, Tech Mahindra, TCS, Power Grid Corp and Apollo Hospitals.

July 01, 2022 / 09:14 AM IST

Indian Bank raises MCLR rates by 0.15% across tenors

State-owned Indian Bank said it has raised the Marginal Cost of Funds based Lending Rates (MCLR) across tenors by 0.15 per cent with effect from Sunday.

The benchmark one-year tenor MCLR — against which most of the consumer loans are based upon — will be 7.55 per cent as against 7.40 per cent presently, Indian Bank said in a regulatory filing.

July 01, 2022 / 09:13 AM IST

Hindustan Copper to seek shareholders’ nod to raise Rs 500 crore

State-owned Hindustan Copper said that its board has suggested seeking shareholders’ approval to raise up to Rs 500 crore through debentures.

The board has also recommended taking the approval of the shareholders in the ensuing annual general meeting for raising funds by issue of equity shares through Qualified Institutional Placement.