India VIX, the volatility gauge, was down in the red. (Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices saw some volatility during the day’s trade as Nifty slipped into the red after opening at all-time highs. On the closing bell, Sensex was down 53 points at 52,275 points while the Nifty 50 index was at 15,740. Tech Mahindra, Bharti Airtel, and Infosys were the top gainers on Sensex while Kotak Mahindra Bank, HDFC, SBI, and HDFC Bank were the top laggards. Broader markets outperformed the benchmark index while the volatility index ended with losses. Among sectoral indices, Nifty Bank, Nifty Financial Services, Nifty PSU Bank, Nifty Private Bank, and Nifty metal were in the red while other sectoral gauges were up with gains.
Read More
Highlights
Sensex and Nifty ended the day flat with negative bias after witnessed some volatility. Nifty opened at all-time highs of 15,778 but soon slipped into the red and ended the day 11.55 points lower at 15,740. Sensex closed at 52,275. Tech Mahindra, Bharti Airtel, and Infosys were the top gainers on Sensex while Kotak Mahindra Bank, HDFC, SBI, and HDFC Bank were the top laggards. Among sectoral indices, Nifty Bank, Nifty Financial Services, Nifty PSU Bank, Nifty Private Bank, and Nifty metal closed with losses while others ended with gains. Broader markets outperformed the benchmark index while the volatility index ended with losses.
Read full story
Nine top-tier cricketing nations competed over two years in the toughest form of international cricket for a chance to claim the first ever World Test Championship, 2021’s marquee event of the International Cricket Council. India started its campaign with seven consecutive victories and secured its spot in the final after handing England a thorough drubbing at Ahmedabad. The final against New Zealand is slated to be played at the Ageas Bowl, the home of the Hampshire County Cricket Club. It is quite intriguing that Hampshire’s connections with India are as old as the game of cricket itself. While the earliest definite reference to cricket dates back to 1597, Hampshire became one of the biggest benefactors of the East India Company from the early 1600s. Employment for its labour, demand for its timber, requests for its ships, markets to its investors and consumers for its farmers. India gave Hampshire what it takes to build a modern city. Historically and culturally speaking, it wouldn’t be too much of a stretch to consider Ageas Bowl, the Indian team’s home ground. After all, who fills the stands?
Read full story
Sensex and Nifty ended the day's trade flat with negative bias. Broader markets outperformed benchmark indices. IT stocks were among top gainers while bank stocks dragged.
Nifty Bank, Nifty Financial Services, Nifty Metal, Nifty PSU Bank, and Nifty Private bank index were down in the red on Tuesday, ahead of the closing bell. All other sectoral gauges on NSE were up with gains.
Sensex and Nifty were down in the negative with marginal losses just ahead of the closing bell.
"While the markets are facing resistance at higher levels, it has good support at 15600 and as long as that is holding on a closing basis, the market trend remains bullish. Any intraday drop or correction can be utilized by traders to accumulate long positions on the index. 15900-16000 is a prospective target for the Nifty," said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.
Capital market regulator SEBI has approved the initial public offerings (IPO) of Glenmark Life Sciences and Utkarsh Small Finance Bank, warming up the IPO street that has seen little action so far this financial year. Collectively, Glenmark Life Sciences and Utkarsh Small Finance Bank are looking to raise more than Rs 2,500 crore through their public issues. Since April, IPO investors have seen only two public offerings, Power Grid InvIT and Macrotech Developers. In the previous financial year, investors were greeted with 30 initial public offerings.
Read full story
While the Nifty 50 index was up with gains, the 30-stock Sensex was still trading with a negative bias with little over an hour left before the closing bell.
"Shyam Metalic IPO is set to open on June 14, 2021. Earlier it was announced that the IPO size would be Rs 1109 Crores comprising fresh issue of Rs 657 crores and Rs 452 crores of offer for sale by promoters/shareholders. There has been a reduction in IPO size to Rs 909 crores in which offer for sale by promoter group has been reduced from Rs 452 crores to Rs 252 crores. We do not believe that this would have any negative implications for the issue. Looking at the rally in steel stocks and the company’s clean Balance Sheet, we have a positive outlook for the Shyam Metalic IPO," said Yash Gupta Equity Research Associate, Angel Broking.
Less than a year after the World Bank made its first intervention with the $750 million MSME Emergency Response Program to help Covid-hit MSMEs in India, the global financial institution has now approved a $500 million programme called Raising and Accelerating Micro, Small and Medium Enterprise Performance (RAMP) to further back government’s initiative to help the sector recover from the Covid menace.
Read full story
Dewan Housing Finance Ltd (DHFL) share price hit 10 per cent upper circuit at Rs 22.85 apiece intraday on BSE, even as the debt-ridden company in an exchange filing said that its shares would be delisted. Analysts suggest investors to stay away from DHFL stock, as it may be written down to zero soon. Also, investors who currently hold DHFL shares are advised to exit and book whatever their profit or loss.
Read full story
Investors in Franklin Templeton’s other mutual fund schemes may not face immediate repercussions of SEBI’s order to refund money to the investors of six debt schemes that shut down. However, further investigation into employees of the fund house must be closely watched. “SEBI is also evaluating separately the conduct of certain Franklin Templeton employees. If SEBI finds their conduct to not be in compliance, it could have big implications,” Ajay Kejriwal, President, Choice Broking, told Financial Express Online. Earlier this week, SEBI directed Franklin Templeton India to return management and advisory fees worth Rs 512 crore to the investors of the six debt schemes. It also ordered the fund house to pay a Rs 5 crore fine.
Read full story
Adani Power's share price surged to hit a fresh 52-week high of Rs 151.5 per share on Tuesday. The stock price has skyrocketed for the second day straight on Tuesday.
Midcap and Smallcap indices on NSE were outperforming the benchmark Nifty 50 index. Nifty Midcap 50 was flat with positive bias while the Smallcap 50 was up 0.43%. Nifty 50 was down in the red.
"Nifty and Bank Nifty Futures Open Interest remained flattish while shifting in the base was seen in Nifty Put writers. Bank Nifty continued to find resistance at 35,500 while 35,500 straddle witnessed more build up," said Rahul Sharma of JM Financial. He added that Nifty continues to be strong for 16,000 target with support at 15,661 and 15,700.
The fear of inflation may become more realistic in the times to come. At least, here in India, the inflationary pressure may not be as pronounced as in the developed economies, the situation may change quickly. The wholesale price-based inflation had shot up to an all-time high of 10.49 per cent in April, on rising prices of food items, crude oil and manufactured goods. Many industry experts believe that the uptrend is likely to continue. This is the fourth straight month of uptick seen in the wholesale price index (WPI)-based inflation.
Read full story
The fear of inflation may become more realistic in the times to come. At least, here in India, the inflationary pressure may not be as pronounced as in the developed economies, the situation may change quickly. The wholesale price-based inflation had shot up to an all-time high of 10.49 per cent in April, on rising prices of food items, crude oil and manufactured goods. Many industry experts believe that the uptrend is likely to continue. This is the fourth straight month of uptick seen in the wholesale price index (WPI)-based inflation.
Read full story
The Bank Nifty index was down in the red on Tuesday. State Bank of India, ICICI Bank, Axis Bank, and Kotak Mahindra Bank were all down over 1%.
"The markets are seeing some selling pressure at higher levels which is normal. However, this does not alter the view point that we are in bullish terrain and the markets are headed to higher levels. Since we are eyeing 16000 as the next potential target, any dip or correction should be utilized to initiate long positions," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India edged lower on Tuesday, on the back of muted trends in the international market. On Multi Commodity Exchange, gold August futures were down Rs 32 at Rs 49,111 per 10 grams, as against the previous close of Rs 49,143. Silver July futures were also seen ruling weak, down Rs 257 or 0.36 per cent at Rs 71,560 per kg on MCX. Silver futures settled higher at Rs 71,817 per kg in the last close.
Read full story
"The outperformance of the broader market, though desirable, is becoming a bit excessive. While Nifty is up 12.66 % YTD, Nifty Mid-cap & Nifty Small-cap indices are up by 28.97% & 35.77 % respectively YTD. The problem with the broader market is that the crash in prices would be disproportionate during a bear phase since the broader market lacks depth. The outperformance of the broader market is largely driven by retail investors particularly the new breed of retail investors who have entered the market post the lockdown. Retail investors chasing low-quality names in the broader market will come to grief. Broader market shakeouts are inevitable. The ideal strategy would be to invest in mid & small-caps through mutual fund SIPs," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
One97 Communications-owned Paytm has received in-principle approval from its board to float India’s biggest IPO to-date, it said in a letter to employees and other stakeholders. The company is also finalising the draft red herring prospectus (DRHP), which could be filed in the first week of next month, Bloomberg reported citing sources. Paytm expects to raise around Rs 22,000 crore from the public issue during the October-December quarter this financial year. Paytm, in the offer-for-sale (OFS) sent to its staff, informed that it has proposed to undertake an initial public offering of its equity shares, subject to market conditions.
Read full story
Nifty reached a fresh all-time high of 15,778 on Tuesday's opening bell. The index, however, failed to hold on to the levels and was seen slipping from the highs, but still in green.
Sensex and Nifty were trading flat on Tuesday's opening bell. Nifty set a fresh all-time high but soon slipped into the negative territory.
Benchmark indices soared higher in the pre-open session on Tuesday. Sensex was above 52,400 while the Nifty 50 index was near all-time highs.
"Benchmark Indices are expected to open on a flat to slight positive note as indicated by trends on SGX Nifty. Dow Jones slipped -0.36% yesterday due to news of global minimum corporate tax rate and inflation fears whereas European equity markets ended on a positive note led by auto stocks. Asian markets were mixed early Tuesday, Nikkei 225 gained 0.75% on better than expected Japan quarterly GDP numbers. Stock specific actions due to Q4 results can be witnessed in stocks like EIL, Galaxy Surfactants, Max Fin. Services, Prestige Estates, Petronet LNG, Suven Pharma etc. Immediate resistance levels for Nifty 50 are 15850 and 16000 while key support levels for Nifty 50 are 15500 and 15300," said Mohit Nigam, Head, PMS - Hem Securities.
After having surged higher, Sensex and Nifty slipped during the pre-open session to trade flat with negative bias.
Sensex surged higher during Tuesday's pre-open session. The index was closing in on all-time high of 52,516.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel were left unchanged by oil market companies today. Petrol in Delhi today costs Rs 95.31 per litre, while diesel in the capital city costs Rs 86.22 litre today. Since May 4, rates have been hiked 21 times. During this period, the price of petrol in Delhi has increased by Rs 4.76 since, while diesel price has surged Rs 5.31 per lire. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices on a daily basis in line with benchmark international price and foreign exchange rates.
Read full story
A group of ministers (GOM) led by Meghalaya chief minister Conrad Sangma is learnt to have recommended no change in the 5% goods and service tax (GST) rate for Covid vaccines while suggesting reduction of the GST rate temporarily to 5% for both commercial imports and domestic supply of most other Covid medicines and materials. It also recommended exemption from GST for the black fungus medicine Amphotericin B for three months.
Read full story
BSE-listed firm including Engineers India, Petronet LNG, Max Financial Services, Essar Shipping, Galaxy Surfactants, Jindal Hotels, KM Sugar Mills, Prestige Estates Projects, Shemaroo Entertainment, Surya India, Suven Pharmaceuticals, Talbros Automotive Components, Titagarh Wagons, Vipul Organics, Winsome Textile Industries, and Wonderla Holidays, among others are scheduled to announce their January-March quarter earnings on June 8.
Read full story
"After the recent run-up, Nifty now trades at rich valuations. Thus any negative surprise or misses in the June quarter earnings could act as a dampener. However, the overall structure of the market remains positive as the second COVID wave has now started to recede, with the number of active COVID cases down >50% since its peak in early May to sub-18 lakhs now. There is greater visibility on vaccine supply now v/s April’21 and May’21. The expeditious containment of active COVID-19 cases and accelerated pace of vaccinations would boost and provide confidence in economic growth recovery in FY22E. As states ease restrictions gradually in Jun’21, we expect the demand environment to get better. Technically too, Nifty can see move towards fresh life time high of 16000 zones," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.
Motherson Sumi Systems’ (MSS’) Q4FY21 operating earnings were in line with consensus estimates as Ebitda margin came in at 10.1% (up 154bps y-o-y). However, FCF generation for FY21 positively surprised consensus at ~Rs 30.3 bn leading to net debt reduction (ex-leases) at Rs 48 bn (down ~Rs 21 bn y-o-y/ lowest ever debt/Ebitda: 1.2x). Management expects SMP’s greenfield plants to reach PBT breakeven soon (we expect FY22); this is likely to boost earnings growth in FY23.
Read full story
SGX Nifty was up 34 points ahead of the opening bell. Nifty futures trading higher hint at a positive start for the domestic equity indices.
Lenders have identified 22 stressed accounts, worth around Rs 89,000 crore, to be transferred to the proposed National Asset Reconstruction Company (NARCL) in the first phase. A much larger exposure — of an estimated Rs 2 lakh crore — is expected to be transferred over time.