Nifty Auto and Nifty Pharma indices gained nearly one per cent, eachShare Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended in the red for the fourth consecutive day on weekly F&O expiry day. Investor sentiment was hit on fresh cases of new Delta and Delta plus variants of COVID-19 across the globe. BSE Sensex fell 164 points, or 0.31 per cent, to end at 52,318, while the broader Nifty 50 index settled at 15,680, down 42 points or 0.26 per cent. Bajaj Finserv, Infosys, UltraTech Cement, Tech Mahindra, IndusInd Bank, Reliance Industries Ltd (RIL), HDFC Bank, Bharti Airtel, TCS were among top index draggers. While Dr. Reddy’s Lab, Bajaj-Auto, Sun Pharma, Asian Paints, Maruti Suzuki, Titan Company, SBI were Sensex gainers. Nifty sectoral indices ended mixed. Nifty Auto and Nifty Pharma indices gained nearly one per cent, each. WhileNifty Bank fell 0.25 per cent to 34,684.
Highlights
BSE Sensex fell 164 points, or 0.31 per cent, to end at 52,318, while the broader Nifty 50 index settled at 15,680, down 42 points or 0.26 per cent.
US President Joe Biden’s infrastructure plan could be a shot in the arm for the US infrastructure sector paving the way for an infrastructure supercycle that could result in re-rating of construction stocks and help cement companies double their profits, said Morgan Stanley. “Despite the greater focus on elements related to clean energy and electric vehicles, the old-fashioned infrastructure and building materials -- think concrete and asphalt roads, steel for bridges -- could deliver an outsized economic impact,” they said. Joe Biden’s administration plans a massive bi-partisan infrastructure bill that would set the ball rolling for the US economy.
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Tata Motors shares have more than tripled investor money in a span of one year, rising to Rs 360.65 apiece from Rs 98.20, a year ago. Brokerage firm Jefferies expects another 34 per cent rally in this Rakesh Jhunjhunwala stock from the current levels, on the confluence of improved strategy and cyclical recovery. “Improving India business provides a higher floor to fair value,” it said.
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Emkay Investment Managers Ltd, the asset management arm of Emkay Global Financial Services Ltd today announced the launch of the Fourth Series of its maiden Category III Alternative Investment Fund (AIF) ‘Emkay Emerging Stars Fund’. EIML is aiming to raise Rs 500 crores from the latest fund. The fund will be managed by an accomplished team led by Sachin Shah, Fund Manager, Emkay Investment Managers.
Dabur India share price surged more than 3 per cent to Rs 588.80 apiece in intraday on BSE in an otherwise weak market. The stock had hit a 52-week low of Rs 463.10 apiece last year in July
Indian equities benchmarks were trading moderately lower on Thursday morning trades, fluctuating between gains and losses due to a sluggish trend in Asian peers and foreign investment outflow. Traders became concerned when India's manufacturing activity fell for the first time in 11 months in June, as cautious consumer attitude in the aftermath of the disastrous second wave of the coronavirus pandemic drove firms to cut factory output. Despite states loosening lockout rules, the contraction occurred. We witnessed an attempt to hold the Nifty 50 index support level of 15670-15700. 15650 will be an important level in the short term for the market to stay positive. We expect a recovery from these level till the level of 15900. Gaurav Garg, Head of Research, CapitalVia Global Research
GR Infraprojects’ Rs 963-crore IPO will be available for subscription next week, in a price band of Rs 828-837 per share of face value of Rs 5, each. The public issue will open for subscription on Wednesday, 7 July 2021 and close on Friday, 9 July 2021. The equity shares of GR Infraprojects (GRIL) are likely to be listed on BSE and NSE. Upon listing, GRIL will join industry peers such as KNR Constructions, PNC Infratech, HG Infra Engineering, Dilip Buildcon, Ashoka Buildcon, IRB Infrastructure Developers and Sadbhav Engineering.
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Bank Holidays in July 2021: Banks in India will remain closed for up to 15 days in July 2021, including second and fourth Saturdays, and Sundays. Apart from six weekly offs, banks will remain shut in different states on account of different holidays. Banks will not be closed for all nine days for all states as these are state-specific holidays for different occasions. On July 21, banks in most of the states will observe a holiday on account of Bakri Id. Only the gazetted holidays are observed by banks all over the country. Read full story
Mukesh Ambani’s Reliance Industries Ltd (RIL) could surge as much as 50% from current levels, according to global brokerage and research firm Jefferies. Value unlocking from the renewable energy push, stake sale in oil-to-chemical business, and maybe even the public listing of Reliance Jio are expected to support the massive rally in RIL stock. Reliance Industries shares currently trade at Rs 2,108 per share. The oil-to-telecom conglomerate recently announced its foray into the renewable energy space, which according to Jeffries, could be helped by government policies and capital subsidy schemes going ahead.
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India Pesticides has finalised the share allotment of its Rs 800-crore IPO on 1 July 2021. The public issue was subscribed 15 times and was sold in a price band of Rs 290-296 per share. In the grey market on Thursday, India Pesticides shares were quoting at a premium of Rs 33 over the issue price. The shares were trading at Rs 329 apiece, implying a premium of over 11 per cent, over the IPO price, according to the people who deal in shares of unlisted companies. India Pesticides is expected to make its stock market debut on 5 July 2021.
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The valuation discount of midcap and smallcaps has dipped of late, after having outperformed large cap stocks for nearly a year now. This has made some investors nervous about higher price to earnings (P/E) ratios. However, analysts at ICICI Securities believe it is not the right time to throw in the towel on midcap and smallcap stocks while adding that economic recovery will again fuel a broader market rally. Over the last one year, the Nifty 50 is up 53% while the Nifty midcap 50 index has zoomed over 80%. So far in 2021, the largecap Nifty 50 is up 12% while the midcap index has gained 25%.
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India's manufacturing industry fell back into decline during June, as the intensification of the pandemic and strict containment measures negatively impacted on demand. The latest results highlighted renewed contractions in factory orders, production, exports and quantities of purchases. With business optimism fading over the month, job shedding continued. Registering 48.1 in June (May: 50.8), the seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) was below the critical no-change mark of 50.0 for the first time since July 2020. The latest reading pointed to a renewed deterioration in the health of the sector that was, however, moderate. The PMI averaged 51.5 in the opening quarter of fiscal year 2021/22, the lowest three-month figure since the same period one year ago IHS Markit India Manufacturing PMI
The Nifty has a stiff resistance at the 15900 level and until we do not get past this, we cannot move to higher levels. 16100 is the next target for the index and that target is active as long as the market does not break the support of 15400. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
Vodafone Idea share price on 1 July 2021, tumbled 15 per cent to Rs 8.46 apiece on BSE after the telecom operator posted a loss of Rs 7,023 crore during the January-March quarter. In comparison, domestic equity market benchmarks BSE Sensex and Nifty 50 were trading flat. So far in the session today, Vodafone Idea hit a day’s high of Rs 9.44 and low of 8.46 apiece. In traded volume terms, over 5.70 crore shares of Vodafone Idea traded on BSE, while a total of 35.79 crore units exchanged hands on NSE on Thursday
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On the domestic front, the equity market can be seen trading under pressure on FII’s profit booking in the Indian stocks. This could be worrisome for the foreign flows and so for the Rupee. Ahead of further outflow, the RBI is piling up its FX reserves even at the current levels and hence we are not seeing any appreciating move beyond 74 mark. Broadly, it has become really important to understand RBI’s stance as Rupee will move in line with the RBI’s position. Further, the return of the COVID variant, higher crude oil prices and expectation of a higher fiscal deficit will try to break the roof of 74.40-50 levels. If this level is taken out then one can expect an immediate move towards 75-75.20 levels. On the contrary side, 74 is likely to be a strong support zone for the pair. Amit Pabari, managing director, CR Forex Advisors
Nifty sectoral trend was mixed. Nifty Auto index jumped 1.21 per cent while Nifty IT index fell over half a per cent
IndusInd Bank, Bajaj Finance, Infosys, Tech Mahindra, UltraTech Cement, HCL Tech, SBI, TCS, HUL were among top Sensex losers
Mahindra and Mahindra, Bajaj-Auto, Asian Paints, Bharti Airtel, Maruti Suzuki, Titan Company, ICICI Bank were index gainers.
BSE Sensex was trading flat, hovering near 52,500, Nifty 50 crosses 15,750 levels on opening on Thursday
Nifty futures turned positive in early trade, rising 18 points to 15,765 on Singaporean Exchange. Trends on SGX Nifty indicate a positive opening for BSE Sensex and Nifty 50 on Thursday. Analysts expect high volatility in stock markets on the back of weekly options expiry day. Investors will react to core sector output data for May 2021, announced post-market hours on Wednesday. They will also keep tabs on manufacturing PMI data for June, scheduled to be released later in the day, along with oil price movement, the Rupee’s trajectory, and foreign fund flow.
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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: The price of Petrol and Diesel were kept unchanged for the second day straight by oil market companies today. Petrol price in Delhi today stands at Rs 98.81 per litre, while Diesel in the capital city is retailing at Rs 89.18 per litre today. Fuel prices have increased 32 times since May 4 and twice this week. The price of petrol in Delhi has increased by Rs 8.12, while diesel price has surged Rs 8.76 per litre since the rates started increasing. 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.
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Nifty witnessed a Short Build in the current series with decrease in price of -0.51% and increase in OI by 4.49% till today wherein there was addition of 4.37 Lac shares in OI, increasing from 97.22lac to 101.59Lac shares. Nifty June rollover stands at 5% till yesterday, while provisional data for today indicate approximately 5%. Nifty Put Call Ratio a sentiment indicator used by traders to gauge the market sentiment and mood, is currently at 0.90 compared to 1.21 of last week, indicating positive bias.
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The decline with choppy trend continued in the market for the third consecutive session on Wednesday and Nifty closed the day lower by 26 points. After opening on a positive note, Nifty made an attempt to move up in the early to mid part of the session. Intraday weakness got triggered at the high of 15839 in the afternoon and the market showed a gradual weakness from the highs in the second half and closed near the lows.
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Domestic equity markets continue to move in a range near all-time highs. On Wednesday, S&P BSE Sensex dropped 392 from the intraday highs to end flat with negative bias. NSE Nifty 50 ended at 15,721. All sectoral indices on NSE closed with losses, except Nifty IT. The Bank Nifty index was down 0.68%. On Thursday morning, SGX Nifty was trading flat, hinting at range-bound movement for domestic equities. Cues from global peers were mixed.
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On the weekly options expiry day, Nifty 50 index is likely to trade in the 15,600-15,900 range. While 34,800 will act as a pivotal level for Bank Nifty on Thursday. Both Nifty 50 and Bank Nifty indices ended in the red on Wednesday. India VIX, the volatility index, gained 0.32 per cent to 13.05 levels on Wednesday. Analysts advise to use open interest data of Nifty and Bank Nifty on the expiry day, to gauge the participants positioning (long buildup/ short buildup/ long unwinding/ short covering).
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The Centre’s fiscal deficit in April-May touched 8.2% of the budget estimate (BE) for the fiscal year 2021-22, against 58.6% a year before, as tax and non-tax revenue saw a massive spurt, driven by a favourable base. The government also reined in expenditure in April. However, analysts say the deficit is set to soar, thanks to the announcement of a relief package this month with greater outlay for free grains, fertiliser and healthcare, among others.
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