Ajit Mishra, VP – Research, Religare Broking:
We feel global cues will continue to dictate the trend. Besides, domestic factors like the upcoming GST council meet will also be in focus.
We reiterate our positive yet cautious view on markets citing the hurdle at 15900 levels. A decisive breakout could further fuel the recovery to the 16200 zone in Nifty else correction would resume.
Amid all, we’ve been seeing select sectors/themes doing well so the focus should be more on identifying the stocks from such themes while keeping a check on leveraged positions.
Glenmark Pharma acquires Abbreviated New Drug Applications from WockhardtGlenmark Pharmaceuticals’ fully owned subsidiary Glenmark Pharmaceuticals Inc., USA has acquired the approved Abbreviated New Drug Applications (ANDAs) for Famotidine Tablets USP, 10 mg and 20 mg (OTC), Cetirizine Hydrochloride Tablets USP, 5 mg and 10 mg (OTC), Lansoprazole DelayedRelease Capsules USP, 15 mg (OTC) and Olopatadine Hydrochloride Ophthalmic Solution USP, 0.1% (OTC) in the United States from Wockhardt Limited.
Gainers and Losers on the BSE Sensex in the early trade:
Market Opens: Indian indices opened lower on June 28 with Nifty below 15800.
At 09:16 IST, the Sensex was down 224.45 points or 0.42% at 52936.83, and the Nifty was down 65.60 points or 0.41% at 15766.40. About 778 shares have advanced, 915 shares declined, and 83 shares are unchanged.
Rupee Opens:
Indian rupee opened 17 paise lower at 78.51 per dollar on Tuesday against Monday’s close of 78.34.
Gold Prices Updates:
Gold prices were steady on Tuesday, as traders refused to commit in either direction in the absence of market-moving catalysts.
Spot gold held its ground at $1,824.51 per ounce, as of 0246 GMT. U.S. gold futures were flat at $1,824.50.
Yes Bank to approach regulator over Goel’s tenure on Dish TV board
Yes Bank has managed to convince the majority of Dish TV India shareholders to prevent Jawahar Goel’s continuance as managing director but was caught by surprise as the company’s articles of association makes it possible for Goel to continue as a non-executive director. The private lender now plans to approach the markets regulator over the issue.
Vedanta turns to LIC to raise Rs 4,800 crore as offshore borrowing costs rise
At a time when higher US interest rates have made it expensive for Indian corporation to tap foreign bond markets, mining firm Vedanta is likely to have struck a direct transaction with Life Insurance Corporation of India to raise Rs 4,809 crore 10-year bonds.
Market at pre-open: Benchmark indices are trading lower in the pre-opening session.
At 09:02 IST, the Sensex was down 286.37 points or 0.54% at 52874.91, and the Nifty was down 133.20 points or 0.84% at 15698.80.
Ashwin Patil, Senior Research Analyst at LKP Securities view on Bajaj Auto share buyback:
The size of the buyback is Rs 2500 crore and at a price of Rs 4600. However it’s an open market buyback and not through a tender offer. This means that the stock may not reach those levels by the time the buyback offer closes. Therefore for retail investors, there may not be any significant upside because of this buyback.
However, we believe that the stock definitely holds a good value through its intrinsic performance and can reach levels of Rs 4400 which is as it is our target price. Maintain Buy”
ICICI Direct
Indian markets are likely to open on a flat note today tracking weak global cues. Amid few catalysts to sway investor sentiment, equity markets have been slammed by heightened inflation worries and tightening policy.
US markets ended marginally lower amid falling inflation expectations and mixed macroeconomic data.
FII and DII data
Foreign institutional investors (FIIs) have net sold Rs 1,278.42 crore worth of shares, whereas domestic institutional investors (DIIs) remained net buyers, to the tune of Rs 1,184.47 crore worth of shares on June 27, as per provisional data available on the NSE.
