Indices snap 3-day winning run; Sensex down 283 pts; metal, energy stks dip

In the mid-, and small-cap segment, PNB Housing Finance, Central Bank of India, United Breweries, Adani Enterprises, PNB Gilts, Dhanlaxmi Bank, and Indian Overseas Bank dragged the broader markets

5:56 PM

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

The market witnessed a very volatile movement in the range of 15700-15850. It is suggested, trading above 15700 is positive from a short-term perspective. If the market closes below 15700, Market expects a correction till the level of 15500. The technical indicator suggests, a volatile movement in the market in the range of 15500-15900. As such the traders are advised to refrain from building a fresh buying position until further decisive movement is seen in the market.

 

5:45 PM

Currency Outlook :: Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services

The USDINR spot is following the trend in dollar. Fed Powell downplaying the threat of tapering is not weighing on the spot, rather Fed rate hike worries has kept all the dollar bulls active. So until the spot tries above 73.75-73.80, it will remain afloat with immediate resistance around 74.50 and then 74.75 zone. While the major supports lies around 73.75-73.50-73.45.

5:32 PM

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

The market witnessed a roller coaster ride, as it opened higher but lost momentum thereafter to close at the lowest point of the day. This could be due to the monthly & quarterly F&O contracts expiry and the AGM of Reliance Industries on Thursday. India Vix jumped and the Nifty/Sensex settled on the support of the 20-day SMA, which is at 15670/52250. The Nifty/Sensex was expected to find support between 15670/52300 and 15700/52400 levels but volatility was unimaginable.

 

On Thursday, the markets would be a trading range of 15800/52800 and 15550/51700 levels. Below 15670/52250, the Nifty/Sensex would quickly drop to the level of 15550/51700. On the other hand, if the Nifty/Sensex trades above 15670/52250, then the market would move to the level of 15800/52800. One should be a level based trader

5:14 PM

TECH VIEW :: Ruchit Jain, Senior Analyst - Technical and Derivatives at Angel Broking

Nifty started the day marginally positive, but it consolidated in a range for most part of the day. However, we saw some sell-off in that last hour of the trade and Nifty ended the session with a loss of over half a percent.

 

The immediate support for Nifty is placed around 15600 while 15800-15820 would be resistance for the coming session. Since the index is consolidating within a range, a breakout beyond the broad range of 15500-15900 would be the deciding factor for the next leg of directional move. Whether the expiry day leads to a breakout that needs to be seen, but till then we continue to advise traders to trade with a stock specific approach.

 

4:57 PM

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

Nifty failed to maintain its upward thrust; Along with this the broader market health has also weakened. The larger setup suggests a possible short term correction up-to 15300 odd levels in the next few weeks. We suggest reducing long aggression and buying on aggressive corrections.”

4:43 PM

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

Nifty formed an engulfing pattern on daily charts which is bearish for the near term. 15840-15900 remains a tough resistance to breach as has been seen over the past 7 odd sessions. On falls so far 15675 has provided support; but now the figure could shift to 15451-15560. Low volumes continue to suggest low trading interest due to low volatility in largecap and midcap space. This is despite individual stocks showing momentum on successive days.  

4:33 PM

TECH VIEW :: Fresh up move possible only if Nifty closes above 15,900

>> Nifty index has formed a bearish candle for second consecutive day.

>> Immediate supports are near 15,600-15,500 zone. Below 15,500 we may see good selling pressure

>> Fresh up move possible only if Nifty closes above 15,900

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

4:21 PM

MARKET STRATEGY :: Indices seeing time-wise correction

We’re currently seeing a time-wise correction in the market and it’s likely to end soon. The scheduled monthly expiry of the June month contracts combined with AGM of index heavyweight, Reliance, will keep the participants busy on Thursday i.e. June 24. We reiterate our advice to continue with the “buy on dips” approach until we see some sign of exhaustion or trend reversal.

 

Views by: Ajit Mishra, VP - Research, Religare Broking 

4:10 PM

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

Consolidation continued as lack of key triggers in the domestic market and flight of foreign funds influenced investors to stay on the side-line. Global markets remain mixed as Fed’s reassurance on a slow pace in rates hike failed to get momentum in the market. All the sectors traded in red barring auto as all major manufacturers decided on a price hike. Easing lockdown restrictions and pick up in vaccination drive will aid economic activity, which is likely to be visible in the second half of the financial year

4:02 PM

IPO Update :: India Pesticides sails through on the first day of the issue

Update till 3:55 PM

3:57 PM

Stock of the day :: Khadim India hits its highest level since Sept 2019

>> Shares of Khadim India continued their upward movement in Wednesday's session and hit a fresh 52-week high of Rs 288.60, up 20 per cent on the BSE on expectation of improved earnings. The stock of the footwear company was trading at its highest level since September 2019. 
 

3:55 PM

Stock of the day :: United Breweries declines 3.5%

>> Shares of United Breweries slipped 6 per cent from its 52-week high of Rs 1,497.65 touched earlier today, and hit an intra-day low of Rs 1,400, after nearly 40 million equity shares of the company changed hands via block deals on the BSE

3:54 PM

Stock of the day :: BEL ends 11% higher in a weak market

>> Shares of Bharat Electronics (BEL) hit over three-year high of Rs 170 after it rallied 12.5 per cent on the BSE in intra-day trade on Wednesday after the company reported a strong set of numbers for the quarter ended March 2021 (Q4FY21). Besides, the company has recommended a final dividend of Rs 1.20 per equity share (120 per cent) of Rs 1 each for the financial year 2020-21.

3:53 PM

NSE Snapshot :: Top Nifty50 gainers of the day

3:49 PM

Heavyweights that pulled the Sensex down today

RIL, HDFC, ICICI Bank, TCS, Axis Bank slipped 1% each;

Infy 0.8%, Asian Paints 0.74%;

Kotak Bank, tata Steel, and L&T over 1%

3:45 PM

Broader market :: BSE SmallCap index slips 0.43%

3:44 PM

Broader market :: BSE MidCap index ends 0.26% lower

3:42 PM

Sectoral trends on the NSE :: All except auto pack decline

3:40 PM

Sensex Heatmap at Close

Top gainers: Maruti Suzuki, Titan, Bajaj Finserv

Top losers: L&T, Kotak Bank, Tata Steel

3:39 PM

Rupee Closing

Rupee ends higher at 74.27 per US dollar vs Tuesday's close of 74.37/$

3:33 PM

CLOSING BELL

>> The S&P BSE Sensex index closed at 52,306 levels, down 282.6 points or 0.54 per cent

>> The Nifty50 index ended at 15,687 levels, down 86 points or 0.54 per cent.

3:29 PM

Euro zone business growth at 15-year high as demand unleashed -PMI

Euro zone business growth accelerated at its fastest pace in 15 years in June as the easing of lockdown measures unleashed pent-up demand and drove a boom in the dominant services sector but also led to soaring price pressures, a survey found.

 

When the coronavirus was spreading rapidly, governments imposed strict restrictions, encouraging citizens to stay at home and forcing much of the service industry to close. READ MORE

3:12 PM

SBI may need to raise only up to Rs 9,000 crore in capital in FY22

Official sources said that the bank is sitting with a sound capital adequacy ratio (CAR) of 13.74 per cent and expects loan growth to touch close to 9 per cent in FY22. This would prevent the bank from raising full quanta of Rs 14,000 crore Tier-I capital raising plan that its board approved early this year. READ MORE

2:57 PM

Sensex Heatmap at this hour

2:46 PM

Greaves Cotton hits over four-year high; stock rallies 39% thus far in June

Shares of Greaves Cotton continued their upward movement and rallied 8 per cent in intra-day trade on the BSE on Wednesday to hit an over four-year high of Rs 174.45. The stock was trading its highest level since May 2017. It had hit a record high of Rs 178 on May 4, 2017.

 

Thus far in the month of June, Greaves Cotton has outperformed the market by surging 39 per cent, amid expectations of a strong business outlook. In comparison the S&P BSE Sensex was up 1.3 per cent during the same period. READ MORE

2:33 PM

Moody's cuts India growth forecast for 2021 to 9.6% from 13.9% earlier

In its report titled 'Macroeconomics India: Economic shocks from second COVID wave will not be as severe as last year's', Moody's said high-frequency economic indicators show that the second wave of COVID-19 infections hit India's economy in April and May. With states now easing restrictions, economic activity in May is likely to signify the trough. READ MORE

2:30 PM

Fall from intra-day high today in BSE500 stocks

COMPANY	DAY'S HIGH(RS)	DAY'S LOW(RS)	LATEST(RS)	FALL(%)
Adani Total Gas	1430.00	1317.70	1317.70	-7.85
Capri Global	578.70	532.00	534.50	-7.64
Suzlon Energy	8.49	7.86	7.86	-7.42
WABCO India	7468.45	6903.05	6943.80	-7.02

2:20 PM

Assets worth Rs 18,000 cr of Mallya, Nirav Modi and Choksi attached: ED

On Wednesday, the federal agency revealed that the three offenders have defrauded the public sector banks of Rs 22,586 crore, out of which 80 per cent (Rs 18,170 crore) has been attached/seized by the ED.

 

The total transfer of the attached assets including the latest ones stood at Rs 9,371 crore. This amounts to 40 per cent of the banks' losses, the agency said. READ MORE

2:08 PM

Jamsetji Tata tops EdelGive Hurun Philanthropists of the Century list

Tata is the only Indian in the top 10 list. The other Indian among the top 50 is Azim Premji, former chairman of Wipro, who is ranked 12th. Bill Gates & Melinda French Gates, Henry Wellcome, Howard Hughes and Warren Buffett are among the top 5. Mackenzie Scott, the former wife of Jeff Bezos, Donated $8.5 billion directly to charities, most ever in a single year by a living donor. READ MORE

1:56 PM

India's second Covid wave to impact infra sectors, says Moody's

India's second coronavirus wave will affect its infrastructure sectors to varying degrees with power companies and ports better able to weather the impact of pandemic-induced disruptions compared with airports and toll roads, according to a new report by Moody's Investors Service. Any further regional lockdowns will increase uncertainty over India's economic recovery, said the report. While infection rates are declining, vaccination rates remain low, leaving open the risk of subsequent infection waves that can bring further lockdowns. READ MORE