Sensex slips 186 pts amid profit booking; banks, metals fall; pharma gains

HSBC said on Tuesday that the valuation of Indian stock market has become a concern now after a sharp run up from their March 2020 low

5:22 PM

MARKET CLOSING COMMENT :: Ajit Mishra, VP - Research, Religare Broking

The rise in cases of a new COVID variant has started weighing on the sentiment globally and it may cascade to our markets too. Having said that, the bias is still positive however the participation is now restricted to a handful of the index majors. We thus suggest limiting naked leveraged positions in the current scenario and waiting for further clarity. On the benchmark front, Nifty has immediate support at 15,650 and the banking index may find the cushion within the 34500-34800 zone

5:05 PM

TECH VIEW :: The short term trend of Nifty is weak with choppy movement

The short term trend of Nifty is weak with choppy movement. The absence of sharp selling interest from the new highs in the last couple of sessions could signal a chances of halting of this decline and emergence of upside bounce in the next 1-2 sessions. Important supports to be watched around 15670-15600 levels.

Views by: Nagaraj Shetti, Technical Research  Analyst at HDFC Securities

 

4:50 PM

MARKET CLOSING COMMENT :: Deepak Jasani, Head of Retail Research at HDFC Securities

Indian benchmark indices ended lower for the second consecutive session on June 29. Nifty opened flat, made an attempt to rise in the first few minutes of trade but failed. It fell gradually through the day to end near the day’s low. At close the Nifty was down 66.20 points or 0.42% at 15,748.50.

 

The Nifty fell for the second consecutive session with negative advance decline ratio. Weak Asian markets contributed to the negative sentiments. Volumes have however not expanded on falls suggesting that a larger downmove has not begun. 15674-15792 could be the band for the Nifty in the near term. 

4:34 PM

MARKET OUTLOOK :: Technical charts suggest profit-booking in near-term

Technically, the Nifty index has faced resistance at Upper Bollinger Band formation that suggests some profit booking for the near term. Moreover, the index has also confirmed the Bearish Marabozu Candlestick on the daily chart, which indicates further correction for the upcoming session.

Furthermore, the index has given closing below 21 HMA, which is also slightly negative. In addition, a momentum indicator RSI (14) & MACD also indicated negative crossover on the daily timeframe. At present, the nifty seems to have resistance at 15,900 levels while immediate support comes at 15,650.

Views by: Sumeet Bagadia, Executive Director at Choice Broking

4:22 PM

Trading Strategy :: Keep a final stop loss at 15,600/52,100 on Nifty/Sensex

The market remained in a narrow range but with a negative bias. Weakness in the Asian markets, consistent selling pressure from FIIs since the last three days, and steadiness in the prices of Brent crude at 75 could be the few reasons to keep the market within the trading range.

The market failed at 15,900/52,900 levels, which is an upward boundary for the market, and weakness from the same could result in gradual weakness towards  15,670/52,300 that is the lower boundary of the trading range. Coincidently, 20 days EMA is also placed at the same levels that should act as a reversal point for the market.

Today, we witnessed weakness in financials, metals, and auto companies, which is an indication of buying breadth is poor. The activity was more into FMCG and Pharmaceutical stocks. 

As the market is in the trading range, we need to be buyer between 15,720/52,450 and 15,670/52,300 levels. Keep a final stop loss at 15,600/52,100 levels

Views by: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities

4:11 PM

MARKET RECAP :: Vinod Nair, Head of Research at Geojit Financial Services

Despite the government’s stimulus package to revive stressed sectors, domestic equities continued to trade weak due to new coronavirus outbreaks in Asia. Extension of emergency credit guarantee scheme to MSME’s and subsidised financing to small borrowers will be a boost to the Microfinance and NBFC sectors. Amid a broad-based selling in the market, the healthcare sector managed to remain positive due to the extended government support

3:56 PM

TECH VIEW :: Any break below 15,670 will lead to further sell-off

>> Nifty forms bearish candle for the second consecutive day.

>> On hourly chart, Nifty has formed a small "double top" pattern with a neckline support around 15,670 zone

>> Any break below this levels can lead to further sell-off

>> Resistance is near 15,800-15,900 zone

Views by:  Rohit Singre, Senior Technical Analyst at LKP Securities

3:53 PM

BSE Snapshot :: Despite overall weakness, gainers outweigh losers

3:51 PM

NSE Snapshot :: Top Nifty50 gainers of the day

3:50 PM

Financials remain top laggards on the Sensex today

3:48 PM

BSE SmallCap index dips 0.07%

3:47 PM

BSE MidCap index underperforms, slips 0.4%

3:45 PM

Sectoral trends on the NSE

3:43 PM

Sensex Heatmap

Top gainers: PowerGrid, HUL, NTPC

Top losers: Kotak Bank, ICICI Bank, Tech M

3:35 PM

CLOSING BELL

The fronline S&P BSE Sensex ended the day at 52,549.6 levels, down 186 points or 0.35 per cent while the broader 50-share Nifty closed at 15,748 levels, down 66 points or 0.42 per cent.

3:30 PM

March Quarter Results :: IRCTC's profit slips from Rs 135 cr to Rs 104 cr YoY

3:22 PM

NEWS ALERT :: Avanti Feeds says US FDA asked the arm Avanti frozen to recall some products processed

>> About a week ago, Avanti Fr?zen Foods Pvt. Ltd. (AFFPL) was informed by CDC (Centre for Disease Control, US Government) and USFDA that some of the cooked Shrimp products supplied by AFFPL are identified as potential for contamination for containing Salmonella in those Products.

>> US FDA advised AFFPL to voluntarily recall the identified products processed by AFFPL between 23.10.2020 and 09.11.2020 (about 18 days) which correspond to range of products imported and distributed from late December 2020 to late February, 2021. It does not mean that all recalled products are affected and recall is only as an abundant precaution
 

3:09 PM

Sectoral trends on the NSE at this hour

2:55 PM

IDBI Intech ropes in UK-based Lemon Advisors for overseas foray

It has roped in technology advisory firm, Lemon Advisors UK Ltd, to extend their fintech products and services for the banking & financial services sector to new global markets.

 

This association will help IDBI Intech access global markets where it aims to leverage the significant reach that Lemon Advisors brings on board, across the geographies in Southeast Asia, Japan, Australia, the UK and the EU, the company said in statement. READ MORE

2:43 PM

NEWS ALERT

2:42 PM

Sensex Heatmap | Top gainers & losers in late afternoon session

2:35 PM

Debt-laden Go Airlines' planned $485 million IPO put on hold by Sebi

Go Airlines India Ltd.’s plans to raise 36 billion rupees ($485 million) via an initial public offering have been put on hold by India’s market regulator, dealing another blow to the debt-laden carrier whose business has been decimated by the coronavirus pandemic.
 

Go Airlines’ share sale documents will be “kept in abeyance,” the Securities and Exchange Board of India said in a filing late Monday, without specifying the reason why. READ MORE

2:20 PM

SECTOR WATCH:: Nifty Bank index dips 1%

2:14 PM

NEWS ALERT :: Monsoon Session of the Parliament likely from July 19

2:12 PM

Strong recovery likely to continue for auto ancillary companies

There’s an interesting divergence of opinions on the auto-ancillary sector. Some analysts and fund managers believe the sector is likely to continue a strong recovery. On the other hand, India Ratings & Research has issued an advisory saying there will be a contraction in the first quarter of financial year 2021-22 (Q1FY22).

 

The longer-term prospects seem good. The Q4FY21 results were very encouraging. READ MORE

2:11 PM

ICICI Bank, HDFC Bank, and Kotak Mahindra Bank top contributors to Sensex's losses at this hour

1:55 PM

European markets check

(Source: Reuters)

1:42 PM

Fall from intra-day high today

COMPANY	DAY'S HIGH(RS)	DAY'S LOW(RS)	LATEST(RS)	FALL(%)
Godrej Industrie	674.35	571.70	579.45	-14.07
Adani Transmissi	1208.80	1106.00	1127.70	-6.71
Natl. Aluminium	82.50	77.50	78.25	-5.15
Phoenix Mills	848.50	809.25	811.00	-4.42

1:36 PM

World Bank raises China's economic growth outlook to 8.5% from 8.1%

The World Bank raised its forecast of China's economic growth this year to 8.5 per cent from 8.1 per cent and said Tuesday that a full recovery requires progress in vaccinations against the coronavirus. The report adds to positive signs for China, the first major economy to rebound from the pandemic. Factory and consumer activity are back above pre-outbreak levels, though authorities have re-imposed travel controls in some areas to counter outbreaks of new variants of the virus. READ MORE

1:23 PM

EXPLAINED :: Why red flags have gone up on PNB Housing-Carlyle deal

PNB Housing Finance's hunt for funds continues, with Sebi and corporate governance experts and protectors of shareholders' interest throwing a spanner in the company's deal with US-based private equity major Carlyle. What the deal is between Carlyle and PNB Housing Finance? What led to the stock rally and why was the deal important for PNB Housing? What are the apprehensions around the deal? What is Sebi's take on this? And what should investors be doing now? LISTEN TO THE PODCAST HERE