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Market LIVE Updates: Indices erase opening losses, Nifty around 15,700; metals drag –

June 17, 2021 / 07:50 AM IST

Buzzing Stocks: Power Grid, Tata Steel, Aurobindo Pharma and other stocks in news today

June 17, 2021 / 07:43 AM IST

Follow our LIVE blog for the latest updates on the novel coronavirus pandemic and its impact

June 17, 2021 / 10:17 AM IST

June 17, 2021 / 10:11 AM IST

Rupee Opens:

Indian rupee slipped in the early trade on June 17. It opened 35 paise lower at 73.67 per dollar against previous close of 73.32, amid selling seen in the domestic equity market after US Fed projected interest rate hikes into 2023.

On June 16, rupee ended flat at 73.32 per dollar versus previous close of 73.31.

The Federal Reserve brought forward its projections for the first post-pandemic interest rate hikes into 2023, citing an improved health situation and dropping a long-standing reference that the crisis was weighing on the economy.

June 17, 2021 / 10:05 AM IST

Market at 10 AM

Benchmark indices erased some of the early losses but still trading lower with Nifty above 15700.

At 10:03 IST, the Sensex was down 147.26 points or 0.28% at 52354.72, and the Nifty was down 46.50 points or 0.29% at 15721.00.
About 1537 shares have advanced, 1078 shares declined, and 99 shares are unchanged.

Asian Paints, Nestle, Tata Motors, UltraTech Cement and Reliance Industries were among major gainers on the Nifty, while losers were Adani Ports, Tata Steel, Hero MotoCorp, Hindalco and HDFC.

All the sectoral indices were trading in the red.

June 17, 2021 / 10:03 AM IST

June 17, 2021 / 09:58 AM IST

Kotak Mahindra Bank’s arm Kotak Mahindra Life Insurance Company expect losses in June quarter

The company estimate that claims, net of reinsurance, for the quarter ending June 2021, will be significantly higher than expected.

Due to increased claims and higher mortality related provisioning arising on account of the second wave, the company expects to incur a loss for the quarter ending June 2021 in an estimated range of Rs 225 crore to Rs 275 crore on the shareholder’s account

The provisioning, going forward, will depend on the trends in mortality. The company continues to have a strong capital and solvency position.

Kotak Mahindra Bank was quoting at Rs 1,747.85, down Rs 12.85, or 0.73 percent.

June 17, 2021 / 09:52 AM IST

CESC approves stock split proposal:

CESC share price touched a 52-week high of Rs 819.15, gaining 6 percent in the early trade on June 17, a day after the company posted an improved set of numbers of the March quarter and approved a proposal for sub-division of equity shares.

The company reported a 13.5 percent jump in its consolidated net profit to Rs 429 crore in the quarter ended March 2021 against Rs 378 crore in the year-ago period. Its revenue jumped to Rs 2,890 crore from Rs 2,621 crore, YoY.

Subject to the approval of the shareholders, the board approved a proposal for sub-dividing the existing equity share of a nominal value of Rs 10 each into 10 equity shares of a nominal value of Re 1 each.

June 17, 2021 / 09:36 AM IST

S Hariharan, Head – Sales Trading, Emkay Global Financial Services:

Led by weakness in Asian base metals markets, metals stocks have started displaying negative momentum divergence, though open interest across all names are at multi-year high levels with high futures basis showing elevated leverage levels – within the sector, non-ferrous metals stocks appear weaker than steel producers. 

Retail participation levels in the market continue to be elevated, and a strong pipeline of deals and IPOs can be expected to attract substantial incremental flows in the coming 2 weeks – as a result, price action across frontline names can be expected to remain relatively muted. 

June 17, 2021 / 09:33 AM IST

Sona Comstar share allotment expected next week:

Global automotive technology company Sona BLW Precision Forgings (Sona Comstar) is expected to finalise the IPO share allotment next week.

The Rs 5,550-crore public issue opened for subscription on June 14 and closed on June 16 after being subscribed 2.28 times. The reserved portion for qualified institutional buyers (QIBs) was subscribed 3.46 times and that of non-institutional investors’ 39 percent. The part set aside for retail investors witnessed subscription of 1.57 times. Read More

June 17, 2021 / 09:26 AM IST

Nifty Metal index shed 1 percent dragged by the Adani Enterprises, Hindustan Zinc, Hindalco

June 17, 2021 / 09:24 AM IST

Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors:

The rupee may remain under pressure in the near term as oil prices rise but depreciation should be in control as RBI has sufficient reserves to manage the same.

The dollar index continues to remain under pressure and unable to cross 90.65 as the market awaits FED outcome.