SGX Nifty was in the red ahead of today's opening bell.
(Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic markets moved higher on Monday as bulls took control of Dalal Street. On the closing bell, S&P BSE Sensex was at 52,880 while the NSE Nifty 50 index ended at 15,834. Broader markets participated in the up-move while India VIX, the volatility gauge, slipped. Heading into the second day of the week, SGX Nifty was down in the red, hinting at a reversal in the momentum. Global cues were mixed on Tuesday morning with Hang Seng and Shanghai Composite trading with losses while TOPIX, Nikkei 225, KOSPI, and KOSDAQ moved higher. Wall Street remained closed as the country observed Independence Day.
The much-awaited initial public offering (IPO) of Zomato could hit Dalal Street soon after capital markets regulator SEBI approved the offer as proposed in the DRHP. Zomato plans Rs 8,250 crore public issue which will be an amalgamation of fresh issue of equity shares and an offer for sale (OFS). Naukri.com’s parent company, Info Edge, the selling shareholder of Zomato has trimmed the stake it plans to offload by half, which may reduce the overall issue size. Info Edge is a key shareholder of Zomato, with a stake of about 18.55% in the food delivery platform. Zomato’s IPO is keenly awaited by investors. Zomato had filed preliminary IPO papers with SEBI in April.
Highlights
Farmers have received a record Rs 84,369 crore in their bank accounts for the wheat they sold to the government procurement agencies led by the Food Corporation of India (FCI) since April; for a change the entire MSP funds have been routed through the direct benefit transfer (DBT) mechanism this time around. Significantly, farmers in Punjab, who are at the forefront of a prolonged agitation against the three reform-oriented farm laws being put in abeyance, are the biggest beneficiaries of the MSP transfers.
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"Till the Nifty crosses 15920 levels, the strong buyers would not enter the market. For Tuesday, initially, the level of 15900/15920 would act as major resistance and support would be 15740. The strategy should be to buy on dips around 15760/15710 levels or if the market is closing above the levels of 15930," said Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities Ltd.
Amazon founder Jeff Bezos stepped down as CEO on Monday, handing over the reins as the company navigates the challenges of a world fighting to emerge from the coronavirus pandemic. Andy Jassy, who ran Amazon’s cloud-computing business, replaced Bezos, a change the company announced in February.
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"European indices closed in the green yesterday while Asia is trading flat to positive this morning. SGX Nifty is suggesting a flattish opening near the 15,845 mark. Call unwinding was seen in Nifty 15,700 and 15,800 calls along with huge addition in 15,700-15,800 puts. Bank Nifty saw maximum addition at 35,000 puts Broad-based participation was seen yesterday after many sessions along with sustenance at higher levels. Expect more upside if Nifty crosses 15,850," said Rahul Sharma, Head - Technical and Derivative research, JM Financial.
"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," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: The price of Petrol was left unchanged today after two consecutive hikes in the previous days. Petrol price in Delhi now stands at Rs 99.86 per litre, while Diesel in the capital city is retailing at Rs 89.36 per litre today. Fuel prices have increased 34 times since May 4 and thrice this month. The price of petrol in Delhi has increased by Rs 9.17, while diesel price has surged Rs 9.48 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 futures were trading 44.50 points or 0.28 per cent lower at 15,819 on Singaporean Exchange, indicating a gap-down opening for BSE Sensex and Nifty 50 on Tuesday. In the previous session, headline indices gained for the second straight day. BSE Sensex ended higher at 52,880 while the NSE Nifty 50 finished the day’s trade at 15,834.
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"Equity market would continue to weigh economic recovery and pace of vaccination against the potential risk from Covid third wave. Q1FY22 earnings season which would kick start this week with TCS results on 8th July would also provide the direction to the market and lot of stock specific action could be seen. Since restrictions this time around was localized and less stringent v/s the lockdown in CY20, we expect the impact in 1QFY22 to be contained. We expect earnings momentum to accelerate in FY22 as the pace of vaccinations picks up and the economy opens up further," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.
SGX Nifty was down 20 points ahead of Tuesday's opening bell.
Info Edge has reduced the size of its offer for sale (OFS) in the upcoming initial public offering (IPO) of Zomato to Rs 375 crore from Rs 750 crore planned earlier, according to a regulatory filing to BSE. On Monday, capital markets regulator Securities and Exchange Board of India (Sebi) officially approved Zomato’s IPO offer. Info Edge is a key shareholder of Zomato, with a stake of about 18.55% in the food delivery platform.
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The initial public offer (IPO) comprises fresh issue of equity shares worth Rs 7,500 crore and an offer-for-sale to the tune of Rs 750 crore by Info Edge (India) Ltd, according to draft red herring prospectus. Zomato, which filed preliminary IPO papers with Sebi in April, obtained its observation on July 2, an update with the regulator showed on Monday.
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