Sumeet Bagadia, Executive Director at Choice Broking:
Nifty has been sustain above 21&50 DMA which suggest strength for upside as RSI indicator also trading above the level of 50 with positive crossover which points out strength in the index. At present level index is having a support of 10100 while resistance comes at 10500 levels
June 30, 2020 / 04:33 PM IST
Chandan Taparia, Vice President | Analyst-Derivatives at Motilal Oswal Financial Services:
Nifty index opened positive but failed to hold above 10400 and drifted towards 10270 zones. It closed flat to negative near to 10300 levels but formed a Bearish candle as it settled lower to its opening mark. Index has been moving in a rising channel on daily scale by connecting swing lows of 7511, 9004, 9544, 9845 and 10250 levels. It has been moving in between 10200 to 10400 zones from last four trading sessions where dips are being bought but follow up is totally missing. Now, index has to hold above 10333 zones to witness an up move towards 10400 then 10555 zones while on the downside immediate support is seen at 10200 - 10180 zones.
June 30, 2020 / 04:32 PM IST
Vinod Nair, Head of Research at Geojit Financial Services:
In Spite of trading positive for most part of the day, the benchmark indices gave up its gains and ended flat with a negative bias. The markets were impacted by the uncertainties surrounding PM’s address to the nation. Irrespective of this, many Indian cities, are extending their lockdowns in the face of unabated growth in virus infections, which has added to the uncertainty surrounding economic recovery. The market direction for tomorrow may also largely be guided by the content of the PM’s address and global cues.
June 30, 2020 / 04:31 PM IST
Ajit Mishra, VP - Research, Religare Broking:
Nifty has been hovering within 10,200-10,400 for the last four sessions and either side break may trigger the next directional move. Meanwhile, limit your trades and use dips to accumulate quality stocks.
June 30, 2020 / 04:11 PM IST
Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services:
During unprecedented times, traders prefer to take shelter of safe-haven assets like gold and it is generally considered as a traditional hedge. The fears of rapid coronavirus and its impact on global growth and rising geopolitical tensions between India-China, US-China and US-European Union has increased the demand for gold. Moreover, rise in crude oil prices and hike in gold ETFs holdings, provided support to gold price. As countries around the world are easing the lockdown and governments and central banks are providing stimulus to support economies, there has been a cap to the gold rally.
In Q1 of FY21, the Spot Gold prices posted gains, rallying almost 13% and multi-year high of 1779.06 in June. Taking cues from firmness in international markets, MCX Gold also witness gains of almost 12 percent in Q1 FY21 and hit its life-time high of Rs.48589/10 gms in June.
Going ahead, any escalation in the ongoing geopolitical tensions or any negative news regarding coronavirus will boost safe-haven demand for gold and once it cross and sustains above 48600 we can expect a surge towards 49750-50600. Meanwhile, dips will find buying support until 47000 holds and prices will again bounce back towards 48600 levels.
June 30, 2020 / 03:48 PM IST
Jyoti Roy, DVP Equity Strategist, Angel Broking:
Bharat Electronics (BEL) reported a strong set of numbers for Q4FY20. Revenues for the quarter was up by 49.2% YoY to Rs 5,817 crore as compared to revenues of Rs 3,899 crore for Q4FY19 on the back of ramp up in new projects and low base effect of last year.
EBIDTA for the quarter was up by 56.0% YoY to Rs 1,494 crore while EBIDTA margins expanded by 112 basis points to 25.68%. Net profit for the quarter was up by 72% YoY to Rs 986.5 crore.
BEL reported an order inflow of Rs 13,200 crore for the year and has an order backlog of Rs 51,970 crore as of Q4FY2020 which is 4.1x of FY2020 revenues thus providing strong revenue visibility going forward.
June 30, 2020 / 03:47 PM IST
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments:
The markets have been sideways since Friday of last week. We are still unable to trade in a single direction. The Nifty is still in a consolidation phase with low volume trading. We would need to break 10200 or cross 10450 for a directional trade to get activated.
June 30, 2020 / 03:36 PM IST
Market Close: Benchmark indices ended flat in the volatile session on June 30 as investors keeping an eye on PM Narendra Modi's address to the nation at 4 pm today.
At close, the Sensex was down 45.72 points or 0.13% at 34915.80, and the Nifty was down 10.30 points or 0.10% at 10302.10. About 1259 shares have advanced, 1452 shares declined, and 137 shares are unchanged.
BPCL, IOC, Power Grid Corp, Sun Pharma and UPL were among major losers on the Nifty, while gainers were Shree Cements, Maruti Suzuki, Nestle, ICICI Bank and Britannia Industries.
Mixed trend seen on the sectoral front, with auto and FMCG ended higher, while selling seen in the energy, pharma and infra space. BSE Midcap and Smallcap indices ended lower.
June 30, 2020 / 03:24 PM IST
Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities:
Rupee traded in range but with minor weakness as USDINR took support near 75.40 and bounced towards 75.60 on back of some buying witnessed due to uncertainty on risky assets and higher crude prices & gold prices. USDINR still seems to be in this smaller range of 75.40-75.75 & broader range of 75.00-76.40.
June 30, 2020 / 03:14 PM IST
BSE Oil & Gas index fell 1 percent dragged by the HPCL, BPCL, IOC: