Sensex slips 94 pts, Nifty holds 16,550; Oil India soars 11%, LIC falls 3%

CLOSING BELL: nfosys, ICICI Bank, Kotak Bank, ITC, and Tata Steel were the large-caps that helped the 30-pack index bounce back from lows

4:02 PM

Market Stats :: BSE m-cap stands at Rs 256.42 trillion

4:00 PM

RBI Policy Preview :: Expect MPC to revise inflation projection upwards by 70-80bps

We expect the MPC to revise upward the inflation trajectory by 70-80bps accounting for the upside price pressures. The GDP estimates may remain unchanged

for now.

From the policy withdrawal perspective, RBI in the last two months has moved quite aggressively and swiftly. The weighted average overnight rates have risen by 80-90bps since the April MPC policy.

The recent countercyclical government measures has clearly provided room for the MPC to avoid disruptive tightening. We expect a repo rate hike of 35-40bps and status quo on CRR in the upcoming June policy.

Views by: Upasna Bhardwaj, Chief Economist at Kotak Mahindra Bank

3:58 PM

Tech View :: Nifty facing resistance at 16,800

On the lower end, bulls have protected the crucial support of 16,400, which led to a rally towards 16,600. The trend is likely to remain positive for the near term as long as 1,6400 is held on a sustained basis. On the higher end, resistance is seen at 16,800. 

 

The Bank Nifty has remained below the 50-EMA throughout the session. The momentum oscillator is a bullish crossover. Going forward, Bank Nifty may remain sideward to positive as long as it holds the crucial support of 35,000. On the higher end, resistance is visible at 36,000.

Views by: Rupak De, Senior Technical Analyst at LKP Securities

3:56 PM

MARKET COMMENT :: Volatility to continue in both global and domestic markets

Domestic market moved in tandem with the global peers to open weak and gradually recovered its losses following a positive start in Europe. Oil prices rose after Saudi Arabia raised their selling price adding to the current global inflationary pressure. Better than expected US job data triggered worries on Wall Street as it gives the Fed more room to hike rates. This volatility is likely to continue in both global and domestic markets as investors await monetary policy decisions from major central banks including RBI.

Views by: Vinod Nair, Head of Research at Geojit Financial Services

3:55 PM

News impact :: SpiceJet slips over 1%as DGCA asks airline to re-train 90 pilots for Max 737

3:53 PM

News impact :: IDBI Bank adds nearly 2% on report Prem Watsa may acquire controlling stake

3:51 PM

News impact :: Zomato falls 3% on report Board may soon approve Blinkit acquisition

>>According to reports, the Zomato board will meet on June 17 to sign off the acquisition of quick commerce company Blinkit.

 

>> Although the deal discussions earlier valued Blinkit at $700 million, the value of the final deal is expected to come down as it involves a stock swap of a definite number of shares in the ratio of 1:10 where Zomato would get 10 shares of Blinkit for every one of its shares.
 

3:50 PM

Buzzing stock :: Oil India zooms 11% amid surging crude oil prices

3:48 PM

Buzzing stock :: LIC ends near lifetime low of Rs 775

>> LIC falls 3% to end at Rs 777

>>M-cap falls below Rs 5 trillion

3:46 PM

Sector check :: Select private banks gain in a tepid market

3:43 PM

Sector check :: Media stocks worst hit; Inox Leisure slumps 5% as Covid-19 cases rise

3:40 PM

Sector check :: Metal stocks see smart rebound; index ends 1% higher

3:38 PM

Broader markets close lower in line with benchmarks; SmallCaps worst hit

 

3:36 PM

Sensex Heatmap: Only 9 stocks close with gains; Asian Paints, UltraTech Cement top drags

3:34 PM

Closing Bell: Nifty 50 closes around the flatline; holds 16,550

 

3:32 PM

Closing Bell: Sensex sheds 94 points to close volatile session

 

3:26 PM

Now, book up to 24 train tickets a month if IRCTC user ID linked to Aadhaar

"To facilitate passengers, Indian Railways has decided to increase the limit of booking maximum 6 tickets in a month to 12 tickets by a user ID which is not Aadhaar linked and the limit of booking maximum 12 tickets in a month to 24 tickets by a user ID which is Aadhaar linked and that one of the passengers in the ticket to be booked is verifiable through Aadhaar," the ministry said in a statement. READ MORE

3:18 PM

RBI Policy Preview :: 'Important that fiscal and monetary policies move in tandem'

It is likely that the RBI's stance will be "Neutral" while it will stay committed to bringing back inflation closer to the targeted levels through all possible instruments. I expect a rate hike between 35-50 basis points in the June policy.

Based on inflation data and external factors, including oil and commodity prices, expect a total of 100 to 150 bps increase in repo rate from the current 4.40%.

However, it is important that fiscal and monetary policies move in tandem to bring inflation within targeted levels and provide support to economic growth.

Views by: Shanti Ekambaram, Group President – Consumer Banking, Kotak Mahindra Bank

3:09 PM

MARKET COMMENT :: Nifty and Bank Nifty are expected to remain in a range with positive bias

Nifty opened with a gap down but managed to hold key support at 16,442 levels and has been consolidating in a range of around 100 points.

The index is facing resistance at its 200 DEMA placed near to 16,750 indicating some kind of pressure at higher levels but at the same time it is also holding to key support zones.

Now it has to hold above 16,500 for an up move towards 16,666 and 16,800 zones whereas supports is near to 16,442 and 16,400 zones.

Nifty and Bank Nifty are expected to remain in a range with positive bias.

Traders are advised to apply Buy on dips strategy as long as Nifty holds above the crucial support of 16,400-164,42 zones.

At current juncture, we are advising to be with selective stocks and one can look for buying opportunity in stocks like Reliance, ONGC, TCS and ICICI Bank. 

Source: Technical and Derivatives Research, MOFSL

 

3:00 PM

Brent crude continues to hover above $120 a barrel

2:55 PM

BS Opinion :: After the rate hike

Market expectations from the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) have changed dramatically over the past few weeks. The rate-setting committee increased the policy repo rate by 40 basis points in an off-cycle meeting in May, which was a clear attempt to make up for the lost time. As several commentators have argued, the central bank is behind the curve in withdrawing monetary accommodation. READ MORE

2:53 PM

European markets trade on a positive note

2:45 PM

NEWS ALERT :: No change in existing Currency and Banknotes, clarifies RBI

2:37 PM

Covid-19: Analysts dump diagnostic firms for multiplexes on solid outlook

Experts believe the current news cycle may keep the stock prices of related players volatile in the near term, but any fundamental or direct impact, in the long run, remains improbable. READ HERE

2:29 PM

SpiceJet restricts 90 pilots from flying 737 MAX aircraft after DGCA fine

The faults were detected during a surveillance check by the DGCA at the Greater Noida-based facility of CAE Simulation Training Pvt Ltd. READ HERE

2:17 PM

This industrial equipment stock hits 14-year high; zooms 85% in 3 months

As of 1:44 PM, the trading volumes on the counter more-than-doubled as 6.05 million equity shares representing 5.4 per cent of the company's total equity changed hands on the NSE and BSE. READ HERE

2:04 PM

Biocon, Dalmia Bharat among stocks that hit 52-week low

1:53 PM

Anupam Rasayan hits 52-week low; stock slips 25% in a month

Anupam Rasayan is one of the leading companies engaged in custom synthesis (CSM) and manufacturing of specialty chemicals in India. The company had made a stock market debut on March 24, 2021. Anupam Rasayan had raised Rs 760-crore initial public offer (IPO) by issuing shares at price of Rs 555 per share. Earlier, it had hit a record low of Rs 472.25 on March 31, 2021. READ MORE

1:43 PM

Morgan Stanley on RIL

>> RIL's energy vertical is on track to deliver its best quarterly performance in more than 20 years.

>> Refining margins are running almost 2x above mid-cycle; petrochemical margins, despite China lockdowns, are up QoQ and trending towards

mid-cycle

>> Upstream profitability is at its best ever
 

1:34 PM

BSE 500:: Volume Shockers

Apollo Tyres and Dabur India have witnessed unusally high volume in trades so far. Similarly, Aegis Logistics, Tata Chemicals and Mahindra CIE have witnessed unusually high volume in trades so far on Monday.