D-St ends flat ahead of Powell testimony; Sensex up 14 pts; auto, IT gain

Maruti Suzuki, up 5 per cent, on the NSE was the biggest gainer on the Nifty today after the company decided to hike vehicle prices in the July-September quarter (Q2FY22) to pass on higher input costs

5:17 PM

EXPERT VIEW :: Avinash Shekhar, Co-CEO, ZebPay on recent crypto crash

No one can predict the market or define if we have entered the bear market. Crypto markets overall have seen significant gains over the last 6-9 months despite the recent dip in prices. But, the market is still sustaining very well above the 2017 all-time high prices. This is a good sign of the market still holding a positive sentiment. We are looking forward to the upcoming upgrades to different blockchain networks and might see more fundamental strength in this space leading to sustainable growth in the future.

4:59 PM

Trade set-up for Wednesday

The Nifty touched the previous high (15900/53057) today and invited profit taking. Nifty / Sensex made a gradual correction from 15900/53057 to 15750/52590. If we look at the market on a closing basis, it can be called steady closing and the main reason behind this is the testimony of the Fed in the US. Monthly / quarterly expiration is also a big trigger. 15670/52300 and 15800/52800 are important trading zones for the market. Keep a stop loss of 15500/51700 and buy between 15700/52450 and 15650/52300 and be ready for 16050/16150 (53750) above 15900 (53050)

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

4:45 PM

TECH VIEW :: Expect Nifty to challenge 15,900 levels again in the next few sessions

The short term uptrend, after a fine upside bounce of Monday is still intact. Any weakness from here is going to be a buy on dips opportunity for the short term. We expect Nifty to challenge upper 15900 levels again in the next few sessions and a sustainable move above this area could open more upside towards 16200 levels. Immediate support is placed at 15650

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

4:33 PM

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

The market witnessed some lackluster movement and an attempt to hold the support level around the Nifty 50 Index level of 15800. Trading above 15800 is positive from a short-term perspective. Sustaining above 15800 levels, The market expects to gain momentum, leading to an upside projection till 16100-16200 level. The momentum indicators like RSI and MACD to gain their momentum after staying negative in recent times, indicating the chance of continuing upside.

4:20 PM

NIFTY OUTLOOK :: 15,690-15,895 could be the band over the next few sessions

Volumes on the NSE continued to be below average for the second consecutive session as volatility in individual stocks in the large and midcap space remained low. Among sectors, Power, Capital Goods and Auto were the main gainers while Realty was the main loser.

 

Nifty after recovering from the lows over the past two trading sessions, reversed course and lost the intra day gains on June 22. After opening gap up, the Nifty ran into resistance at around the 15900 level once again and later filled the morning upgap. 15690-15895 could be the band for the Nifty over the next few sessions even as stock specific moves (amongst lesser number of stocks) continue.

Views by: Deepak Jasani, Head of Retail Research at HDFC Securities

4:06 PM

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

During early hours, Indian market traded strongly following yesterday’s rebound in western markets which focused on economic recovery partially offsetting concerns over a possible change in Fed policy in the future. Volatility returned after main indices tested near all-time high levels, recurring weak closing of Asian & European markets and feeble futures. Falling covid infection rate along with ramping up of vaccination in India, added colours to the broad market in hopes of faster economic recovery

3:58 PM

NSE Snapshot :: Top Nifty50 gainers of the day

3:52 PM

Maruti, Infy, L&T :: Stocks that helped the Sensex to end higher today

3:50 PM

BSE SmallCap index ends 0.8% up; Dhanlaxmi Bank, Venky's top gainers

3:48 PM

Broader markets outperform; BSE MidCap index up 0.33%

3:45 PM

Sectoral trends on the NSE

3:43 PM

Sensex Heatmap at Close

Top gainers: Maruti Suzuki, L&T, UltraTech Cement

Top losers: Asian Paints, Bajaj Finance, Nestle India

3:37 PM

CLOSING BELL

At the headline level, the 30-share BSE Sensex hit a fresh record high of 53,057 level in early deals but pared gains to end at 52,589 levels, up 14 points or 0.03 per cent. On the NSE, the Nifty50 index ended at 15,773 levels, up 26 points or 0.17 per cent.

3:34 PM

Rupee Closing

Rupee ends lower at 74.36 per US dollar vs Monday's close of 74.10/$

3:20 PM

Currency check :: Rupee hits 74.4/$, lowest level since April 28

Source: Bloomberg

3:11 PM

MARKET CHECK :: Sensex pares gains

2:57 PM

Paper stocks in demand; JK Paper surges 19%, Orient Paper up 10%

Shares of paper and paper products companies were in focus, rising up to 19 per cent in intra-day trade, on the BSE on Tuesday on expectation of higher demand. JK Paper surged 19 per cent to hit a 52-week high of Rs 208.75 in intra-day trade today, on the back of three-fold jump in trading volumes. Thus far in the month of June, the stock has outperformed the market by gaining 31 per cent, as compared to 1.6 per cent rise in the S&P BSE Sensex. READ MORE

2:45 PM

Covid leaves Indian adults poorer by 6.1% in 2020: Credit Suisse

Covid-19 pandemic that brought life to a near standstill in 2020 has left Indian adults poorer by 6.1 per cent in 2020, suggests the Credit Suisse Global Wealth Report 2021. Wealth per Indian adult in 2020, according to the report, dropped to $14,252 by 2020-end compared to pre-pandemic levels. On a cumulative basis, Credit Suisse estimates the drop in the wealth of Indian adults at $594 billion. READ MORE

2:35 PM

Tech view: Divestment news can trigger up to 25% rally in IOB, Central Bank

PSU Bank stocks are back on investor radar this week after a media report suggested the government may soon initiate the process to privatise Central Bank of India and Indian Overseas Bank. The report further suggested the two lenders might see 51 per cent sale in the first phase of disinvestment. Reacting to the development, shares of both these lenders got locked in the 20 per cent upper circuit on Monday and extended thier rally to jump 16 per cent (IOB) and 17 per cent (Central Bank of India) on Tuesday and claimed fresh 52-week highs. READ MORE

2:25 PM

Fall from intra-day high today in BSE500 stocks

COMPANY	DAY'S HIGH(RS)	DAY'S LOW(RS)	LATEST(RS)	FALL(%)
Central Bank	28.30	25.45	25.55	-9.72
I O B	27.95	25.20	25.35	-9.30
J & K Bank	44.35	40.05	41.15	-7.22
Mahindra Life.	638.00	594.80	595.40	-6.68

2:17 PM

MM Forgings zooms 19%, nears record high on strong Q4 results

Shares of MM Forging zoomed 19 per cent to hit a 52-week high of Rs 720 on the BSE in intra-day trade on Tuesday after the company reported a strong set of numbers for the quarter ended March 2021 (Q4FY21). The stock was trading close to its all-time high level of Rs 743, touched on June 18, 2018. In Q4FY21, the company's standalone profit after tax (PAT) nearly doubled at Rs 30.14 crore, against Rs 15.34 crore in Q3FY21, on the back of healthy income. It had posted PAT of Rs 6.54 crore in Q4FY20. READ MORE

1:59 PM

Auto parts suppliers to see 70% fall in operating profit in Q1: Icra

Auto component industry is likely to witness a 70 per cent decline in operating profits in the first quarter of the current fiscal due to disruptions caused by the second wave of COVID-19, as per domestic ratings agency Icra. The challenges for component manufacturers will be further compounded by the sharp increase in commodity prices, which are generally passed through to original equipment manufacturers (OEMs) with a lag of 3-6 months, Icra noted. READ MORE

1:50 PM

RBI likely to go against convention on raising funds through bonds

The Reserve Bank of India (RBI) will use the existing 10-year bond to raise at least Rs 14,000 crore from the markets on Friday, taking the outstanding of the paper to more than Rs 1.33 trillion, possibly the highest ever amount raised against a security. READ MORE

1:44 PM

Global economy :: UK government borrowing falls as economic recovery boosts tax revenues

British public borrowing fell in May from sky-high levels of a year earlier when the government was ramping up a huge spending response to the coronavirus crisis, and there are signs that the recent recovery in the economy was boosting tax revenues.

 

Borrowing excluding public sector banks totalled 24.3 billion pounds ($33.8 billion) in May, down from 43.8 billion pounds in the same month in 2020, the Office for National Statistics said. READ MORE

1:34 PM

Domestic cold chain biz struggles to keep up volumes to recover investment

Industry officials are of the view that pharma cold chain alone could grow by about 20 per cent compound annual growth rate (CAGR), while the non-pharma segment by 15 per cent CAGR for the next few years. The cold chain industry in India, however, is fragmented and has only a few organized players catering to both pharma and non-pharma segments such as confectionaries, fruits and vegetables among others. READ MORE

1:24 PM

Fuel prices hiked again, petrol nearing century mark across the country

With the rise, petrol prices have reached very close to hitting the century mark all across the country extending the scope of historic high prices that had already made the fuel rate cross the Rs 100 per litre-mark in certain cities and towns of Maharashtra, Madhya Pradesh, Rajasthan, Telangana, Andhra Pradesh. READ MORE

1:16 PM

India's electric vehicle sales to grow at 26% in FY21-23: Fitch Solutions

The recently announced electric vehicle (EV) incentives by India along with high fuel prices will be supporting factors for stronger adoption of EVs over 2020-2023, leading to an average annual growth rate of 26 per cent, Fitch Solutions said on Tuesday. However, it said the economic impact of Covid-19 pandemic and limited domestically produced EVs will prove a challenging barrier to overcome. READ MORE

1:06 PM

Firms' m-cap grew fastest in 2020 despite GDP contraction: SBI economists

Indian companies' market capitalization has grown at the fastest pace last year among major economies despite contraction in GDP, economists from SBI said, flagging the risks to financial stability it poses. Further, retail investors have shown higher interest in markets and their numbers have increased by 1.42 crore in FY21 and another 44 lakh in April and May, they said in a note, wondering if this will be a lasting behavioural change or is transitory. READ MORE

12:52 PM

NEWS ALERT :: NCLT approves Jet Airways resolution plan by Kalrock-Jalan committee

> Slots to be considered for Jet Airways as and when applied

 

> Jet Airways asked to apply for slots in 90 days

 

> Historic slots and rights will not be available for Jet Airways

 

12:49 PM

Maruti, Tata Motors: Auto stocks showing positive trend reversal on charts

The Nifty Auto index has seen a decline of over 6 per cent recently, with market sentiment staying light. However, the long-term trend has been bullish and continues to stay upward until the major supports are not broken.

 

That said, analysts tracking the space also expect the 'pent-up demand' story to play out from the second quarter of the financial year 2021-22 (Q2FY22) as states unlock. Furthermore, pick up in vaccination pace also holds the key for a revival in the auto space, they said. READ MORE