Sensex drops 393 pts from day's high, ends 67 pts down; Nifty holds 15,700

Sectorally, all but the Nifty IT index ended 0.6 per cent higher. All other indices settled lower with the Nifty Media index down 0.8 per cent and the Nifty Bank index down 0.7 per cent

5:11 PM

MARKET OUTLOOK :: Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities

Nifty continues to remain in medium term uptrend with buying advisable on aggressive dips; Expect volatility before momentum support gets triggered. In the near term expect range bounce movement as short term indicators are stretched. IT, Metals and Pharma are expected to do well while BFCI and Midcap stocks can be bought on corrections

4:59 PM

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

Indian benchmark equity indices lost all the intraday gains and ended lower in a volatile session for the third consecutive session on June 30. Nifty opened higher and rose in the initial part of the session to touch an intra day high of 15839 at 1215 pm. It later started to fall and closed near the intra day low. At close, the Nifty was down 27 points or 0.17% at 15721.50. For the month Nifty closed up 0.89%, while for the quarter it closed up 7%.

 

Volumes on the NSE were again lower than recent averages. Among sectors, IT & Energy were the main gainers while Power and Bank were the main losers. BSE Midcap ended flat, while Smallcap index gained 0.5 percent.

 

Nifty closed up the month and quarter, but fell for the third consecutive day. Advance decline ratio has become equal. This suggests tug of war between bulls and bears, where nobody seems to be winning for now. 15674 is the crucial support while 15772 is the resistance for the near term. So far the falls in the Nifty have been muted. We are almost at the end of the results season, hence the focus could shift from stocks to the index or largecaps for the next fortnight.

4:46 PM

MARKET OUTLOOK :: What should your strategy be as Nifty ends lower for 3rd day

For the third day in a row, Nifty failed to sustain at higher levels and closed at the lowest point of the day. In the absence of any specific news flow from the domestic markets, domestic markets followed global cues which are trading with negative bias. The dollar index held gains that would keep the sentiment of the market subdued.
 

Technically, the market has formed a double top at 15,835 levels and closed below the lowest of the previous day, which was at 15,724. Based on that, Nifty may fall to 15,650-15,620 levels.  However, as the underline trend of the market is still positive and range-bound, our strategy should be to buy between 15,650-15,600 levels.  Keep a final stop loss at 15,550 for the same. On the up-side, 15,770 and 15,840 would be major hurdles.

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

 

4:36 PM

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

Though the spread of the delta variant remained a concern in the Asian market, the domestic market took a breather as the market’s focus on declining domestic cases lifted its mood today. However, negative sentiments from global markets dropped investor’s risk appetite forcing the market to close flat. The global markets are eyeing  the release of the US  job data for June due this week, which is crucial for the US Fed’s monetary policy decision.

4:26 PM

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

Markets ended almost on a flat note amid volatility, in continuation to the prevailing consolidation phase. The benchmark initially opened on a firm note and inched higher in the first half however underperformance of the banking majors combined with profit taking in select index majors dragged the indices lower in the latter half. Consequently, the Nifty index ended lower by 0.2% at 15,722 levels. Amongst the sectors, banking, oil gas and realty were the top losers whereas IT and consumer durables ended with gains.

 

Global cues and updates on the new variant of Coronavirus would continue to dictate the trend in near future. On the domestic front, participants will also be closely eyeing the auto sales and PMI data for cues. Meanwhile, we reiterate our advice to restrict naked leveraged positions and wait for clarity.

4:15 PM

TECH VIEW :: Nifty index forms bearish candle for the third consecutive day

Nifty index forms bearish candle for the third consecutive day.

Good support for the index is near 15,675 zone. If it manages to hold the level then a bounce back can be expected. However, any break below this support level can see additional pressure.

Strong resistance is placed near 15,800-15,900 zone and traders can book profit on any rise.

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

4:04 PM

MARKET RECAP :: Indices continue to consolidate ahead of Q1FY22 earnings season

Markets started on a strong note but gave up gains in the afternoon session on profit booking. The broader markets, however, saw plenty of action across specific themes. Paper stocks stood out today with the top three players witnessing smart accumulation. Being the last day of the first quarter, the Street now braces for the earnings to kick in early next month.

Views by: S Ranganathan, Head of Research at LKP Securities

3:59 PM

BSE Snapshot :: Top gainers of the day

3:58 PM

NSE Snapshot :: Top Nifty50 gainers of the day

3:55 PM

Index contributors :: ICICI Bank, HDFC duo, HUL weigh on Sensex today

3:53 PM

Broader market :: BSE SmallCap index manages to hold gains, ends 0.56% higher

3:51 PM

Broader markets :: BSE MidCap index ends flat with a negative bias

3:48 PM

Sectoral trends on the NSE :: All except IT end in the red

3:47 PM

Sensex Heatmap at Close

Top gainers: Infy, RIL, Nestle India

Top losers: Power Grid, Bajaj Finserv, ICICI Bank

3:40 PM

CLOSING BELL

The frontline S&P BSE Sensex cooled off 393 points from day's high to end at 52,483 levels, down 67 points or 0.13 per cent. The Nifty50 also eased 27 points, or 0.17 per cent, to settle at 15,721 level.

3:33 PM

Rupee Closing

Rupee ends at 74.33 per US dollar vs Tuesday's close of 74.22/$

3:25 PM

China's Didi touts technology spending ahead of Wall Street debut

Chinese ride-hailing service Didi says it lost USD 5.5 billion over the past three years ahead of its US stock market debut Wednesday but it's highlighting its global reach and investments in developing electric and self-driving cars.

 

The Beijing-headquartered company operates in 16 countries but almost 90 per cent of the 493 million customers who used the service at least once in the past year are in China. READ MORE

3:12 PM

Cabinet Decision :: Additional Rs 19,000 crore-fund under BharatNet approved

>> Cabinet approves Credit Guarantee Scheme

>> Relief package worth Rs 97,000 cr approved

Alert: All these measures were announced by the FM on Monday

3:05 PM

MARKET UPDATE:: Sensex slips into the red

2:55 PM

Global markets :: Dow Jones Futures slips over 100 pts

2:47 PM

Where are gold prices headed?

The price set up for gold indicates that the metal is consolidating near the key support zone of Rs.46500-46300/10gms after the considerable fall and expected to witness a rebound in the near-term. A retreat looks plausible towards Rs.47500/10gms mark initially, that can extend further towards Rs.48100/10gms mark for the month ahead. On the contrary, a sustained close below the mentioned support could trigger selling pressure, leading the metal lower towards Rs.45500-Rs.45300/10gms zone.

-- Sugandha Sachdeva, Vice President - Commodity and Currency Research, Religare Broking

2:44 PM

Forex View :: More volatility in rupee likely, can fall to 74.75 levels vs dollar

Indian Rupee touched a two month low of 74.4538 in today’s session, hurt by stronger dollar, firm crude oil prices and fresh concerns of delta variant of COVID-19. On the domestic front, caution prevails in this data packed week ahead of release of India’s fiscal deficit, current account balance, core sector output, trade balance and manufacturing PMI figures. 

 

Besides, latest measures announced by the Finance minister Nirmala Sitharaman to give a boost especially to the healthcare and tourism sectors were seen as additional fiscal plan that may stress the government’s budget. Limited global risk appetite owing to OPEC+ report meeting outcome and US labor report due Thursday and Friday respectively may exert further pressure. 

 

Taking all these factors into consideration, we may see more volatility in Rupee spot with a depreciation bias towards 74.75 levels.

-- Kaynat Chainwala - Fundamental Research Analyst Currencies, Anand Rathi Shares and Stock Brokers

2:41 PM

MARKET CHECK :: Nifty50 wipes off most gains, barely holds above 15,750

2:30 PM

What inflation? Pandemic leaves emerging Asia's consumer recovery behind

Asia's once fast-growing economies are struggling with weak domestic demand that is keeping a lid on inflation in contrast to some developed markets, heightening the chance many central banks will forgo interest rate hikes this year.

 

For investors and policymakers in Asian emerging markets, high and sometimes destabilising inflation has always gone hand in hand with strong growth underpinning their development. READ MORE

2:22 PM

VIEW :: Rising fuel price an added pressure for India's economic recovery

The rising fuel price is an added pressure for India's economic recovery. Fuel prices have a trickle-down effect that could build up inflationary pressure in the economy. This, in turn, could pose a challenge to the RBI, following an inflation-targeting framework. As the economy is recovering from the second wave of the pandemic, more growth-supporting measures are expected from the Central Bank and government. However, in the wake of rising inflation, there is limited space for the RBI to announce any stimulus measures. 

-- Deepthi Mathew, Economist at Geojit Financial Services

2:21 PM

Sensex Heatmap | Top gainers & losers at this hour

2:14 PM

Market Check :: Sensex off day's high

2:08 PM

OPEC+ panel sees risk of oil market imbalance after April 2022: Report

n OPEC+ panel has warned of "significant uncertainties" and the risk of a potential global oil market imbalance after April 2022, according to a confidential report seen by Reuters on Wednesday.

 

The panel, known as the Joint Technical Committee, sees an overhang of crude by the end of 2022 under different scenarios looking at supply and demand in the oil market, the report showed. READ MORE

2:08 PM

Nifty sectoral indices at this hour

1:58 PM

Slow vaccination weighs on recovery of A-Pac sovereign credit metrics: S&P

S & P Global Ratings expects most Asia Pacific sovereign credit ratings to remain unchanged in the next one to two years despite continued pressures posed by Covid-19. "We have stable outlooks on more than two-thirds of 21 long-term sovereign ratings in the region currently," it said in a report published on Wednesday. Covid-19 vaccines rolled out in several countries from late 2020 have helped to reduce pandemic-related uncertainties on the trends of economic and fiscal indicators. READ MORE