Stocks to Watch Today | Vedanta, Eicher Motors, Mold-Tek Packaging and others in news today
Elara Capital’s Jay Kale on sales numbers of auto firms in May:
Softness in tractor sales month on month due to wheat export ban. Tractor numbers still strong on an absolute basis. Small uptick in two-wheeler sales due to the marriage season. Overall growth estimate for 12% in FY23 remains intact.
Gold Prices Today: Despite strong dollar, yellow metal to stay firm on the back of inflation worries, recession fears
“Gold has support at Rs 50,640–50,410, while resistance is at Rs51,180–51,350. Silver has support at Rs 61,080-61,550, while resistance is at Rs 62,680–63,110,” said Rahul Kalantri, VP Commodities,…
Market update at 10 AM: Sensex is up 62.89 points or 0.11% at 55444.06, and the Nifty added 2.30 points or 0.01% at 16525.10
Sameet Chavan, Chief Analyst – Technical and Derivatives, Angel One:
Despite SGX indicating a sluggish start, our markets opened marginally in the green around 16600. This was followed by some consolidation in the first half; but as we stepped into the latter one, some tentativeness was visible across the broader market. As a result, the Nifty sneaked below 16500 and even went on to slide slightly below 16450 during the penultimate hour. Fortunately, the banking space came to the rescue and lifted the market to eventually reclaim the 16500 on a closing basis.
Since the last couple of sessions, the benchmark index has been struggling around 16700, and yesterday it did not even reach there. After marking a high of 16649.20, the Nifty once again felt some heat and in the process, corrected in the vicinity of 16500 – 16400. Since this support zone holds the key as it coincides with the recent breakout point as well as the’20-day EMA’, some buying was visible in the last 30 minutes of trade. The global uncertainty is still looming over and hence, we are not seeing convincing moves after reaching the key resistance levels of 16700. If there is no aberration on the global front, we continue to remain sanguine as long as 16400 – 16370 is defended successfully. Until then one should use these declines to go long. On the upside, the resistance remains at 16600 – 16700; but it’s a matter of time, we would see Nifty surpassing these levels and then heading towards 16850 – 16950 in coming sessions.
The coming session is likely to be the exciting one and it would be interesting to see how things pan out on the global as well as domestic front. We remain hopeful and expect the stock-specific action to continue in the forthcoming session.
Mittals sound out foreign i-bankers on $2 billion fundraise to bankroll partial buyout of Singtel from Airtel
The Mittal family is considering all options for offshore credit such as structured financing, bonds, and even bridge loans
Yes Bank hikes lending rates across tenures by 15-25 bps
Rupee at open: Rupee opens at 77.60 per US dollar against June 1 close of 77.52 per US dollar
#COVID19 India Update | India adds 3,712 cases in last 24 hours vs 2,745 cases the previous day
Active cases rise by 1,123, recoveries rise by 2,584 & deaths by 5
Positivity rate at 0.84%, recovery 98.74% & mortality 1.22% pic.twitter.com/8p0qe3UmNu
— CNBC-TV18 (@CNBCTV18Live) June 2, 2022
Market at Open: Sensex is down 171.04 points or 0.31% at 55210.13, and the Nifty shed 58.90 points or 0.36% at 16463.90.
Cement firms post muted March quarter and analysts expect more pain ahead
Thirty five firms reported six percent rise in sales as net profit fell for the second quarter by 11 percent year on year but rose 72 percent sequentially.
