#CNBCTV18Exclusive | Won’t rule out #PE funding for #Chetak Tech & #EV development in future. Expecting 10% #electric two wheelers in Bajaj Auto #portfolio in the next two years, says Rajiv Bajaj of Bajaj Auto pic.twitter.com/LYFErBhqAh— CNBC-TV18 (@CNBCTV18Live) June 10, 2022
Expert’s take on Market
“Nifty June series sentiment remains weak. Sell on rise advisable for the near term. Only a strong matured reversal will change the monthly outlook. Selective stocks are available at medium term value levels while broadly risk reward remains skewed. Liquidity remains the main reason behind the current corrective phase,” Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities said.
Stocks That Saw Short Build-Up
#OnCNBCTV18 | Will #double our #oil production by end FY23. Will be able to #produce gas of 10 m cubic feet/day, says Managing Director Of HOEC, Elango Pandarinathan pic.twitter.com/o37HpK9dkG— CNBC-TV18 (@CNBCTV18Live) June 10, 2022
Market Update at 15:00:
The benchmark indices erased all its previous day’s gains and fell nearly 2 percent following weakness in global counterparts amid fear of faster policy tightening. Investors await US inflation data which is due later today.
The Nifty50 plunged 288 points or 1.75 percent to 16,190, and the BSE Sensex fell 1,053 points or 1.9 percent to 54,267, as all sectoral indices traded in red.
13 Stocks Saw Long Build-Up in the falling market
IIFL Finance Jumps 10%
IIFL Finance shares rallied more than 10 percent after the Abu Dhabi Investment Authority (ADIA) has picked up a 20 percent stake in its subsidiary IIFL Home Finance for Rs 2,200 crore.
The Abu Dhabi sovereign wealth fund will make the investment through a wholly-owned subsidiary, said IIFL Home Finance, which is among the largest affordable housing financiers with assets under management of Rs 23,617 crore.
IIFL Home Finance has entered into a definitive agreement for raising Rs 2,200 crore of primary capital for a 20 percent stake from a wholly-owned subsidiary of ADIA. The deal completion is subject to regulatory approvals, it said in a statement on Thursday.
Top Gainers and Losers in BSE Sensex
European markets fell more than one percent each after digesting European Central Bank’s rate hike commentary and awaiting US inflation data due later today. European Central Bank hinted that it will hike interest rates by 25 bps in July policy meeting, followed by next in September.
Transformers and Rectifiers (India) Limited received an order for Rs 186 crore
Transformers and Rectifiers (India) Limited has been awarded orders of Transformers for total contract value of
Rs. 186 Crores from one of the State Utility. This order falls under the normal course of business. With this order, the Company’s Order book as on date stands at Rs. 1482 Crores.
Market at 2.00 PM
Indices tank more than 1.75%, Sensex trading lower by around 1000 points, Nifty below 16,200
The Sensex was trading lower by 1,021.7 points or 1.85% at 54,299 and the Nifty was lower by 284.2 points or 1.73% at 16,214.45. About 1185 shares have advanced, 2025 shares declined, and 140 shares are unchanged.
Nifty IT Index lose the most, down 2.15 percent; Wipro & Tech M down more than 3 percent