Sensex falls 164 pts; Vodafone Idea tumbles 9%, Happiest Minds soars 17%

Despite an overall slowed down momentum in the markets, investors rewarded auto stocks as the June sales figures showed healthy year-on-year recovery

5:20 PM

TECH VIEW :: Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed yet another volatile session in a small range of 15680-15750. the market suggests trading above the support zone of 15680-15700 is positive from a short-term perspective. If the market sustains above15750, market expects a recovery to the level of 15900. The technical indicator suggests, a volatile movement in the market in the range of 15650-15900. As such the traders to refrain from building a fresh buying position, until any further decisive movement is seen in the market.

5:13 PM

MARKET CLOSING COMMENT :: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Sec

The Nifty remained sluggish throughout the day and gradually declined to the level of 15667. Thursday's fall was led by the decline in technology, banks and commodities, which have a large weight in the index. Volatility is declining, which is a sign that bulls are resting and they could bring volatility to the market. India VIX closed at 12.63, the lowest level in the last 18 months. On a monthly basis, the market remained in the narrow range of 500 points, which is an unusual and even narrow trading range over the last six months.  Long traders need to be careful when adding long positions at high levels and such markets invite unpleasant events.
 

For the day, the Nifty closed below the levels of 15700 and on Friday, we may see the market hitting the lower boundary which is between 15650 and 15600 levels. Our strategy should be to buy on dips that are between 15670-16620. Keep a final stop loss at 15550 levels.  On the higher side, 15700-15745 and 15800 would be major obstacles.

5:02 PM

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

Indian benchmark equity indices once again gave up opening gains and settled in the negative territory on July 1.The Nifty opened higher, made an intra day high in the first few minutes of trade and started to fall. It closed the day almost at the intra day low. At close, the Nifty was down 41.50 points or 0.26% at 15680.

 

Volumes on the NSE fell even more from the low recent averages showing lack of institutional interest at the month and quarter beginning. Among sectors Consumer Durables, Healthcare and Auto gained the most while Power, IT and Telecom fell the most. BSE Midcap ended marginally lower, while Smallcap index up 0.3 percent.

 

Nifty fell for the fourth consecutive session and closed just above the near term support of 15674. 15606-15724 is the new band for the Nifty for the next 1-2 days. Advance decline ratio is even now suggesting limited profit taking at a time when the overall volumes in the market are sluggish.

4:41 PM

TECH VIEW :: Nagaraj Shetti, Technical Research Analyst at HDFC Securities

Nifty continued to show choppy movement with negative bias and still there is no evidence of any upside bounce emerging from the lows. Nifty is currently placed at the important cluster support of 15650 levels and a move below this area could result in slide down to 15500 levels.

 

 

4:25 PM

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

Markets traded lackluster and ended marginally lower following subdued global cues. After the flat start, the benchmark traded range-bound till the end however the bias slightly on the negative side. Consequently, the Nifty index ended lower by 0.3% at 15,680 levels. Amongst the sectors, auto, healthcare and consumer durables ended in green whereas IT, telecom and realty ended with losses. The broader markets too remained mixed as midcap ended lower by 0.2% whereas smallcap was up 0.8%.

 

Markets are closely eyeing the global indices for some signal as indications are mixed from the domestic front. Nifty has been hovering within the 15,450-15,900 zone for almost a month now and currently trading in the middle of the band. A breakdown below 15,650 would pave the way for a further slide towards the lower range. We feel it’s prudent to keep a check on positions and prefer defensive in the current scenario.

4:12 PM

TECH VIEW :: Rohit Singre, Senior Technical Analyst at LKP Securities

Nifty index closed at 15,680 and formed a bearish candle for the fourth consecutive session.

The index has reached its good demand zone of 15,650-15,600 zone from where we have witnessed a good move previously.

Any break below the mentioned levels can increase profit-booking in index. A strong resistance is seen 15,750-15,840 zone.

3:58 PM

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

Selling was triggered in the domestic market as investors remained cautious about the increasing Covid cases, especially in Asia. Despite the easing of restrictions, the manufacturing PMI data for June contracted to 48.1 from 50.8 in the previous month. However, the diminishing rate of domestic infection and progress in vaccination provided some comfort to the market. Positive auto sales numbers for June helped the sector to trade in positive territory.

3:56 PM

BSE Snapshot :: Advance to decline ratio nearly 1:1

3:54 PM

BSE Snapshot :: Top gainers of the day

3:53 PM

NSE Snapshot :: Top Nifty50 gainers of the day

3:49 PM

Infy, RIL, HDFC duo :: Stocks that weighed on Sensex today

3:46 PM

BSE SmallCap Heatmap :: Index ends 0.3% higher

3:45 PM

BSE MidCap Heatmap :: Index ends 0.2% down

3:43 PM

Sectoral trends on the NSE :: Auto, pharma stocks outperform

3:41 PM

Sensex Heatmap at Close

3:38 PM

Rupee Closing

Rupee ends weaker at 74.56 per US dollar vs Wednesday's close of 74.33/$

3:34 PM

CLOSING BELL :: Profit-booking enters 4th day

>> The frontline BSE barometer gave up 164 points, or 0.31 per cent, to end at 52,318 levels.

>> The broader Nifty50, on the other hand, settled at 15,680 levels, down 42 points or 0.26 per cent.

3:25 PM

LARGE TRADE :: Happiest Minds Tech zooms 16% on multiple block deals

3:19 PM

MARKET CHECK :: Sensex drops over 150 pts

3:11 PM

Uncertainty on AGR, spectrum payments weighs on Vodafone Idea: Analysts

A 12 per cent decline in revenues on a sequential basis was largely due to lower average revenue per user (ARPU), which is total revenue divided by the number of subscribers and slipped for Vodafone due to a marginal dip in subscriber base. READ MORE

2:55 PM

Vodafone Idea's auditors raise doubts over its 'going concern' status

As Vodafone Idea reported a net loss of Rs 6,985.1 crore for the January-March quarter, auditors of the company have raised concerns over its survival as a 'going concern'. In its notes to the financial results for FY21 and the fourth quarter of last fiscal, the company said that the group has incurred losses of Rs 44,233.1 crore for the year ended March 31 and the net worth is negative. As at March 31, 2021, the total debt, including interest accrued but not due and AGR liability of the group stands at Rs 1.86 lakh crore. READ MORE

2:44 PM

June Auto Sales :: TVS Motor Company's total sales grow by 27% in June 2021

>> TVS Motor Company registered a growth of 27% in June 2021 with sales of 251,886 units as against sales of 198,387 units in the month of June 2020.

>> Total two-wheelers registered a growth of 25% with sales of 238,092 units in June 2021 as against sales of 191,076 units in June 2020.

>> Three-wheeler of the Company registered a growth of 89% with sales of 13,794 units in June 2021 as against sales of 7,311 units in June 2020.

>> The Company's total exports registered sales of 106,246 units in the month of June 2021 as against sales of 53,123 units in June 2020.

2:41 PM

Power consumption grows nearly 10% to 115.39 billion units in June

Power consumption in the country grew by nearly 10 per cent in June to 115.39 billion units (BU) compared to a year ago, but is still lower than the pre-COVID level, according to power ministry data.

 

Power consumption had slumped to 105.08 BU in June 2020, mainly due to fewer economic activities amid COVID-induced restrictions. READ MORE

2:30 PM

Stocks that hit 52-week high on BSE in an otherwise rangebound session today

Company	PRICE(rs)	52 WK HIGH	CHG(%)
APL Apollo Tubes	1640.20	1675.75	0.72
Apollo Hospitals	3666.65	3680.00	1.34
Bharat Electron	184.10	184.85	3.43
Carborundum Uni.	630.65	643.90	4.02
Century Textiles	617.90	624.40	0.55

2:18 PM

European markets check

(Source: Reuters)

2:10 PM

Shree Renuka Sugars becomes the most valuable sugar co; up 326% in 3 months

Shree Renuka Sugars became the most valuable sugar producing company in terms of market capitalisation (m-cap) on Thursday after its stock soared over 300 per cent during the past three months. The stock hit an over nine-year high in the intra-day session today and was trading at its highest level since February 2012. READ MORE

1:59 PM

Happiest Minds hits new high, rallies 103% so far in current fiscal

Shares of Happiest Minds Technologies continued their northward movement in Thursday's session and hit a new high of Rs 1,099, up 9 per cent, on the BSE on the back of heavy volumes. A combined 11.57 million equity shares, representing 7.88 per cent of the total equity of the company had changed hands on the NSE and BSE till 01:13 pm. At the same time, the S&P BSE Sensex was down 0.05 per cent at 52,458 points. READ MORE

1:49 PM

MARKET VIEW :: What should investors to expect from the Listing of India Pesticides Limited IPO?

India Pesticides Limited IPO will get listed on the bourses on 5th July 2021 and it is expected that investors will receive shares in their de-mat accounts on 2nd July 2021. We have seen good listing for several IPOs in the last two weeks and the expectation for Indian Pesticides Limited is also the same.

If we look at the grey market premium of IPL IPO, it has been volatile since last week and currently it is quoting at Rs 60 as per the different sources. If we look at the fundamentals and valuation of stock, fundamentals look good and based on FY-2021 P/E of 24.5x and EV/EBITDA of 18.2x at the upper band of the IPO price, valuations are slightly better than the peer companies.

Similarly, the company has one of the best ROE & ROCE of 34% and 45% respectively. We expect listing to be at a premium of 15%-25%. We suggest short term investors to book at levels of Rs 350.

Views by: Yash Gupta Equity Research Associate, Angel Broking 

1:39 PM

Dr Reddy's denied approval for Phase 3 trials of Sputnik Light vaccine

The central government's Subject Expert Committee (SEC) has denied permission to Dr Reddy's Laboratories for conducting Phase 3 trials of Russia's COVID-19 vaccine Sputnik Light in India. "The SEC has denied permission to Dr Reddy's to conduct phase-3 trials on the Russian vaccine Sputnik Light in India," sources told ANI here. READ MORE

1:26 PM

Market check :: Sensex erases losses, trades flat