Taking Stock: Market Recovers From Day's Low To Close Flat; Metal, Power, Financial Stocks Take A Hit
On the sectoral front, except FMCG, all other indices ended in the red with energy and PSU bank indices slipping 1-2 percent.... Read More
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 81,207.17 | 223.86 | +0.28% |
| Nifty 50 | 24,894.25 | 57.95 | +0.23% |
| Nifty Bank | 55,589.25 | 241.30 | +0.44% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Tata Steel | 173.21 | 5.70 | +3.40% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Max Healthcare | 1,069.20 | -44.00 | -3.95% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Metal | 10277.10 | 184.15 | +1.82% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Auto | 26753.10 | -15.55 | -0.06% |
After opening the session on a positive note, Indian markets pared all the opening gains and came under strong selling pressure. The sell-off was seen across sectors, with metal stocks being one of the worst hit. Hints from the Federal Reserve that it could hike interest rates from 2023 have put world markets and commodities under stress, while the dollar has strengthened sharply. With global risk sentiment deteriorating, further selling in the short-term cannot be ruled out as markets price-in the Fed's surprising shift in policy stance.
Nifty briefly broke the 20-day moving average of 15596 today, but has recovered off lows. The index has not closed below the 20-DMA for well over a month. Hence, this is the immediate support to watch out for. A closing below the 20-DMA could lead to a short-term correction towards 15200-15100 in the days ahead.
The USDINR spot is at an inflection point, though optimism over Fed rate hikes is keeping the USDINR afloat, the price activity suggest that revaluation of positioning is currently taking place. Today’s weekly closing will be important for more clear direction for USDINR in coming days.
Sustenance above 74.25 will open doors for 74.50-74.65. If it gives weekly closing near or below 74.0 today then we can see the pair to witness a dip towards 73.90-73.65 and consistent trading below 73.65 will lead the pair towards 73.50/73.45.
Indian rupee erased intraday losses and ended 22 paise higher at 73.86 per dollar, amid volatile trade saw in the domestic equity market.
It opened flat at 74.10 per dollar against previous close of 74.08 and traded in the range of 73.82-74.27.
The market witnessed some lackluster movement and an attempt to hold the support level around the Nifty 50 index level of 15600. The market expects 15600 will act as a support and the technical factors seems aligned to support a sideways correction. Further, it is likely to continue for a few more trading sessions before the market resumes its upside momentum again.
: Benchmark indices erased all the intraday losses and ended near the day's high level in the highly volatile session.
The Sensex was up 21.12 points or 0.04% at 52344.45, and the Nifty was down 8.00 points or 0.05% at 15683.40. About 1182 shares have advanced, 1964 shares declined, and 126 shares are unchanged.
ONGC, Coal India, NTPC, UPL and JSW Steel were among major losers on the Nifty, while top gainers included Adani Ports, HUL,
Bajaj Auto, Bharti Airtel and Grasim Industries.
On the sectoral front, except FMCG, all other indices ended in the red with energy and PSU bank indices shed 1-2 percent.
Oil prices fell for a second straight session on Friday as the U.S. dollar soared on the prospect of interest rate hikes in the United States, but they were on track to finish the week little changed and only slightly off multi-year highs.
SREI Infrastructure Finance share price touched a 52-week high of Rs 14.49 and locked at 10 percent upper circuit on June 18 after company's material wholly owned subsidiary Srei Equipment Finance received a term sheet from Makara Capital Partners Pte. Ltd., Singapore indicating interest for investment of an aggregate amount of Rs 2,200 crore by way of subscription to equity shares and other securities of the company subject to the terms and conditions contained in the said term sheet.
The strategic coordination committee, chaired by an independent director, will evaluate the said offer and make the recommendation to the board of the company, comapny said in the release.
Asian shares extended losses for the week, U.S. Treasury yields climbed and the greenback hovered near two-month highs on Friday as investors digested comments from the U.S. Federal Reserve projecting rate hikes in 2023.
Benchmark indices erases most of the intraday losses but still trading lower with Nifty above 15600.
At 15:01 IST, the Sensex was down 158.26 points or 0.30% at 52165.07, and the Nifty was down 51.70 points or 0.33% at 15639.70. About 929 shares have advanced, 2018 shares declined, and 111 shares are unchanged.
ONGC, Coal India, Power Grid Corp, JSW Steel and UPL were among major losers on the Nifty, while top gainers included Adani Ports, HUL, Bajaj Auto, Bajaj Finserv and HDFC Life.
Indian rupee erased intraday losses and tradinghigherat 73.08per dollar, amidvolatile tradeseen in the domestic equity market.It opened flat at 74.10 per dollar against previous close of 74.08.
One97 Communications which owns and operates online payments firm Paytm has called an extraordinary general meeting (EGM) on July 12 to seek approval to raise Rs 12,000 crore through fresh issue of shares during its initial public offering (IPO).
The company will also decide if founder and chief executive Vijay Shekhar Sharma can be declassified as the promoter.
Besides deciding on the total number of equity shares that need to be reserved for allocation to eligible categories of investors, amendments to the Employees Stock Options Scheme is also on the cards
