Sensex zooms 395 pts amid buying in realty, bank stocks; Nifty above 15,800

Sectorally, all, except the IT and Pharma indices, ended in the green. Of these, the Nifty Realty index was the top gainer, up nearly 3 per cent.

5:36 PM

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

After a few days of the lackluster movement, the market witnessed a positive trend in today’s activity. The market shows that the expected levels are likely to be in the range of 15800 and 15950, and it is going to be crucial for the short-term market scenario to sustain above the 15800 Nifty50 Index level. The market observed that the momentum indicators like RSI and MACD have recovered from their respective oversold zone and support the upside move and indicating potential upside from the current market level.

5:25 PM

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

The Nifty opened up with a gap of 55 points and finally closed with gains of 112 points. Market breadth was strong but market volume was low. On the first day of the week, the range-bound market rallied to the level of 15845/52920, which is an upper boundary for the market. However, till the market is not crossing 15920/53100 levels, the strong buyers would not enter the market. On Tuesday, initially the level of 15900/15920 (53100) would act as major resistance and support would be 15740/52600. The strategy should be to buy on dips around 15760/15710 (52600/52500) levels or if the market is closing above the levels of 15930/53150.

5:05 PM

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

The upmove of Monday seems to have confirmed the bullish reversal of Friday and one may expect upmove towards 15900 levels or higher in the next 1-2 sessions. The upside area of 15900-16100 is going to be crucial to sustain for the short term. Any lack of strength to sustain the highs is likely to result in another downward correction from the highs. Immediate support is placed at 15740

4:54 PM

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

Nifty rose for the second straight day with a gap up and closed near the intra-day high. This along with a positive advance decline ratio means some more upside potential in the near term. 15870-15915 could be the next resistance for the Nifty while 15777 could be a support. Volume expansion, if it happens soon, will help in sustaining the upmove.

4:43 PM

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

The Nifty index opened with a good gap-up and maintained its bullish stream for the second consecutive session

For fresh move above recent swing highs, the index need to give a decisive close above 15,900 zone.  Only then we may see a fresh up-move towards 16,000-16,100 zone

Immediate hurdle zone is 15,900 while support zones have shifted to 15,790-15,700. 

4:30 PM

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

Domestic indices witnessed a gap-up opening and maintained the levels despite mixed sentiments seen in global equities. In line with contraction in manufacturing PMI, India’s Service PMI for June fell to 41.2 against 46.4 in May, having no negative impression on the market. A strong US job data signalled that the economy is recovering at a steady pace which eased concerns over an earlier-than-expected interest rate hike by the Fed. The overall optimism boosted appetite for most sectors barring IT and Pharma, while small and mid-cap stocks continued their outperformance"

4:15 PM

Sector of the day :: Nifty Metal index ends over 1% up

4:07 PM

Sector of the day :: Nifty Realty index soars 3%

3:59 PM

NEW STOCK ON THE BLOCK :: India Pesticides ends at Rs 343 vs issue price of Rs 296

3:54 PM

NSE Snapshot :: Top Nifty50 gainers of the day

3:53 PM

Index contributors :: Financials, RIL, L&T lift Sensex

3:51 PM

BSE SmallCap index outperforms, ends 0.8% up

3:49 PM

BSE MidCap index ends 0.3% higher

3:46 PM

Sectoral trends on the NSE

3:46 PM

Sensex Heatmap at Close

Top gainers: SBI, Tata Steel, L&T

Top losers: Tech M, Dr Reddy's, HCL Tech

3:36 PM

CLOSING BELL

The S&P BSE Sensex hit an intra-day high of 52,919 before settling at 52,880 levels, up 395 points or 0.75 per cent.

On the NSE, the Nifty50 index gained 115 points, or 0.71 per cent, to close at 15,834 levels. 

3:34 PM

Market valuation too demanding; divestment target may not be met: Nomura

Valuation of Indian stock market at 22.5 times fiscal 2021-22 (FY22) earnings is too demanding, said analysts at Nomura in their 2021 Asia economic, currencies & equities mid-year outlook call on Monday. Within the region, they expect north Asian markets, particularly China and Japan, to do well in the remaining part of calendar year 2021 (H2-CY21). The Rs 1.75 trillion divestment target for FY22, according to them, may not be achieved. READ MORE

3:26 PM

Shares of SoftBank, biggest investor in Didi, sink after China blocks app

Shares in SoftBank Group Corp. tumbled Monday after Chinese regulators ordered app stores to remove Didi Chuxing, run by the recently U.S.-listed ride-hailing giant in which the Japanese firm is the top shareholder.

 

The government also widened its probe of U.S.-listed tech firms to include Full Truck Alliance Co., another SoftBank investment. SoftBank fell 5.4% in Tokyo, the most among stocks on Japan’s Nikkei 225 Stock Average and the biggest decline since it reported earnings in May. READ MORE

3:13 PM

Apex Frozen Foods hits 20% upper circuit, rises 46% in a week post Q4 nos

In the past week, the stock has zoomed 46 per cent as compared to a 0.20 per cent rise in Sensex, following the company’s March quarter (Q4FY21) results. The company's profit after tax (PAT) more-than-doubled to Rs 8.4 crore from Rs 2.3 crore in the December 2020 quarter (Q3FY21). Although, on a year-on-year (YoY) basis, PAT declined 8.7 per cent from Rs 9.2 crore posted in the same quarter last year. READ MORE

3:02 PM

NEWS ALERT :: Casinos in Sikkim, operated by the company, to resume operations from July 6, says Delta Corp

3:02 PM

Nifty sectoral indices at this hour

2:51 PM

OPEC+ crisis deepens as Saudi Arabia refuses to budge, oil edges up

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, voted on Friday to increase production by about 2 million barrels a day from August to December 2021 and to extend the remaining output cuts to the end of 2022, but objections from the United Arab Emirates (UAE) prevented an agreement. READ MORE

2:40 PM

Stocks that hit 52-week high on BSE today

Company	PRICE(rs)	52 WK HIGH	CHG(%)
Apollo Hospitals	3714.65	3762.25	-0.51
Astral	2045.90	2064.55	0.21
Avanti Feeds	627.90	636.20	10.75
Balkrishna Inds	2296.80	2337.50	-0.05
Cams Services	2862.00	2950.00	-0.31

2:33 PM

Q1 business update :: Godrej Consumer Products expects to deliver strong double-digit sales growth

>> In India, we expect to deliver sales growth in high teens, driven by strong volume growth and calibrated price increases. We expect our 2-year CAGR to be in the double digits.

>> At a consolidated level, we continue to leverage our category and geographic portfolio well and expect to deliver strong double-digit sales growth and our 2-year CAGR to be in the double digits.
 
Click here for details on international biz

2:22 PM

CSB Bank gains 7%, hits record high post June quarter business update

Shares of CSB Bank hit a record high of Rs 372.95, up 7 per cent on the BSE in intra-day trade on Monday after the lender released a business update for the April-June quarter of the financial year 2021-22 (Q1FY22). The stock surpassed its previous high of Rs 362.50 touched on June 30, 2021. READ MORE

2:11 PM

Paytm to file draft prospectus next week for $2.3-bn IPO: Report

One97 Communications Ltd, the parent of Indian payments firm Paytm, will file a draft prospectus as early as July 12 for a domestic initial public offering (IPO) that seeks to raise $2.3 billion, two sources close to the matter said on Monday, Reuters reported. READ MORE

2:00 PM

Tata Steel June quarter crude steel output jumps over 43%; sales up 35%

Steel major Tata Steel has posted an over 43 per cent jump in its consolidated crude steel output at 7.94 million tonne (MT) during the quarter ended June 30, 2021. The company's consolidated output of steel in the year-ago quarter was at 5.53 MT, Tata Steel said in a statement released on Sunday. During the April-June period of 2021-22 fiscal, the company's consolidated sales also rose to 7.14 MT, from 5.33 MT in the same quarter a year ago, a rise of 35 per cent. READ MORE

1:49 PM

Q&A | Valuation of SBI, subsidiaries can be better: Chairman Dinesh Kumar Khara

The second Covid-19 wave has hit both individuals and businesses hard. Within three weeks of starting Covid-19 personal loans, State Bank of India (SBI), the country’s largest lender, has disbursed about Rs 400 crore, says its Chairman Dinesh Khara in an interview. While the June quarter was weak, Khara is betting on retail loan growth on the back of the improving economy. However, there is very little traction in corporate loans. He also believes the aberration in inflation will go as supply chains normalise. READ FULL INTERVIEW HERE

1:46 PM

IndusInd Bank Q1 update | Advances down 1% QoQ, up 7% YoY

-- Deposits up 4% QoQ, up 26% YoY
 

1:39 PM

European markets check

(Source: Reuters)