Jateen Trivedi, Senior Research Analyst at LKP Securities:
Rupee traded with strength near 74.60 as dollar index lost some momentum and broke below USD 92.50 towards USD 92.30 after a couple of failing attempts to cross USD 93.00. Crude prices can provide some trend going ahead to USDINR provided OPEC+ comes out with decision else delays in production data will again weaken the rupee. Going ahead rupee can be seen in a range of 72.45-72.95.
Rupee Close:
Indian rupee ended higher at 74.63 per dollar, amid selling saw in the domestic equity market.It opened marginally higher at 74.68 per dollar against previous close of 74.71 and trade in the range of 74.56-74.68.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research:
The market continued to witness volatility at its recent swing low and stayed in the range between 15650 to 15750 (Nifty 50). The market's short-term technical condition appears like a consolidation after the recent correction witnessed yesterday. While it is subject to further price action evolution, the market suggests it is prudent to wait for a decisive breakout above 15800 and technical factors to improve before going long in the market.
The traders are advised to refrain from building a new buying position until market sees any further improvement and breakout above 15800. The volatility to expand in today's trading session, indicating a likely change of trend.
Market Close:
Indian benchmark indices ended lower for the second day in a row with Nifty below 15,700.
At close, the Sensex was down 182.75 points or 0.35% at 52,386.19, and the Nifty was down 38.10 points or 0.24% at 15,689.80. About 1693 shares have advanced, 1252 shares declined, and 107 shares are unchanged.
Bajaj Auto, TCS, HDFC Bank, Wipro and Reliance Industries were the top losers on the Nifty. Top gainers were Tata Steel, Bajaj Finserv, Adani Ports, Bharti Airtel and JSW Steel.
On the sectoral front, metal and realty indices rose 2 percent each, while auto, IT, energy and bank indices ended in the red. BSE midcap and smallcap indices rose 0.4-0.6 percent.
GR Infraprojects IPO subscribed 62 times:
The Rs 963-crore of GR Infraprojects continued to witness healthy demand from investors as it received subscription of 62.39 times on July 9, the final day of bidding.
Investors have applied for 50.68 crore equity shares, so far, against the offer size of 81.23 lakh equity shares, the subscription data available on exchanges showed.
The portion set aside for qualified institutional buyers is subscribed 63.17 times and that of non-institutional investors is 188.34 times. Retail investors have put in bids 11.45 times their reserved portion and employees applied for 1.13 imes their portion.
HG Infra Engineering emerges lowest bidder for highway project
The company has been declared as L-1 bidder by National Highways Authority of India (NHAI) for the project in the state of Delhi with estimated project cost of Rs 1646.57 crore. The project is to be completed in 2 years.
At 15:21 hrs HG Infra Engineering Ltd. was quoting at Rs 491.85, down Rs 7.25, or 1.45 percent on the BSE.
BSE Realty index added over 2 percent led by the Sunteck Realty, DLF, Brigade Enterprises
Crude Updates:
Oil prices rose for a second day on Friday as data showed a draw in US inventories, but were heading for a weekly loss amid uncertainty over global supplies after an OPEC+ impasse.
Clean Science IPO subscribed 60 times on final day
The initial public offering of Clean Science and Technology is oversubscribed by 60.09 times on July 9, the final day of bidding, supported by strong buying interest from investors.
The offer has received bids for 73.92 crore equity shares against the IPO size of 1.23 crore equity shares, the subscription data available on exchanges showed.
The qualified institutional buyers have put in bids 81.22 times their reserved portion and non-institutional investors 153.50 times, while the portion set aside for retail investors is subscribed 7.97 times.
Rupee Updates:
Indian rupee is trading higher at 74.63 per dollar, amid selling seen in the domestic equity market.It opened marginally higher at 74.68 per dollar against previous close of 74.71.
Market at 3 PM
Benchmark indices were trading lower but off day's low with Nifty below 15700.
The Sensex was down 181.19 points or 0.34% at 52387.75, and the Nifty was down 43.80 points or 0.28% at 15684.10. About 1737 shares have advanced, 1196 shares declined, and 103 shares are unchanged.
JUST IN
| China has cut reserve ratio by 0.5 percentage point
Emkay on Tata Consultancy Services
Broking house lower its FY22/23/24 EPS estimates by 1.3%/0.1%/0.1%, after factoring in Q1FY22 revenue miss. TCS is well-positioned to benefit from the strong demand environment, acceleration in cloud adoption and digital transformation opportunities. However, revenue miss and rich valuations will weigh on stock performance. Maintain hold with a target price of Rs 3,500 (28x Jun'23E EPS).
Tapan Patel- Senior Analyst (Commodities), HDFC Securities:
Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices rose by 0.81% to $73.53 per barrel for the day. MCX Crude oil July futures rose by more than 1% to Rs. 5491 by noon.
Crude oil prices are expected to trade sideways to up for the day with resistance at $75 and support at $72 per barrel. MCX Crude oil July has support at Rs 5420 and resistance at Rs 5560.
European markets are trading in the green with FTSE, DAX and CAC up over half a percent each
Naveen Munjal, Managing Director, Hero Electric to CNBC-TV18
: Seeing good offtake; more walk-ins in last couple of weeks. Had switched to hybrid mode last year; initial purchase price has come down. Batteries are portable and can be charged at home.
FY21 sales at 54,000 units against 46,000 units YoY. FY21 sales grew YoY despite supply chain issues. On track to achieve sales of 1 lakh units this year. Will be back to January-March sales in July; volume will increase thereon.
Fuel price hikes tremendously helping sales. Customers switching to electric vehicles in a significant number.
Market update at 2 PM
: Sensex is down 209.03 points or 0.40% at 52359.91, and the Nifty shed 51 points or 0.32% at 15676.90. Bajaj Finserv and Tata Steel are the top gainers while TCS, Tata Steel and Tata Motors are the most active stocks.
Among the sectors, metals, realty and pharma indices are trading in the green while IT, auto and banks are under pressure.
Anand Rathi on JSW Steel
We have increased our FY2022- FY2023 earnings estimate to factor in higher EBITDA margin given higher-than-expected margin performance in Q4FY2021. Earnings outlook for the steel sector has improved as profitability is expected to increase, led by higher steel spreads and sharp recovery seen in domestic steel demand. We continue to monitor the performance and despite a healthy growth in recent quarters, maintain our hold rating on the stock with a revised target price of Rs 757 based on 7x FY23E EV/EBITDA.
Likhita Chepa, Senior Research Analyst, CapitalVia Global Research
: Tracking the weakness in the global peers market made a gap up opening and are trading lower with half a percent cut in early deals in energy and oil & gas sectors. Traders ignored the declaration by the Philippine Chamber of Commerce and Industry (PHDCCI) that the gradual receding of the second wave of the COVID-19 epidemic has provided an opportunity for the economy to recover from the devastating damage seen in April and May 2021.
Nifty is getting close to the 15,900 level but has failed multiple times to do so. On the other side, support lies at 15,400.
NSE issues guidelines for companies under corporate insolvency resolution process:
Resolution professional must disclose resoln approval within 30 minutes of oral order. Resolution professional will also inform impact on existing share holders of listed securities. Exchange will accordingly highlight that security and list will be available on website too.
Exchange will provide alert of company being under cirp at the time of order entry. Broking platforms shall be advised to provide this alert in their front-end systems. Exchange will suspend trading in the scrip if resolution order is for delisting.
Market update at 1 PM:
Sensex is down 217.82 points or 0.41% at 52351.12, and the Nifty shed 55.60 points or 0.35% at 15672.30. Bajaj Finserv, Tata Steel and Bharti Airtel are the top gainers while Bajaj Auto, TCS and Axis Bank are the top losers.
Among the sectors, the metal and realty index added a percent each while banks and auto are under pressure.
US Fed's monetary policy to give direction to gold price, going ahead:
After a sharp correction late last year, gold witnessed a roller-coaster ride in the first half of 2021. After starting the year on a firmer note, gold plunged sharply in Q1 only to be followed by a sharp recovery in April and May but witnessed an equally sharp sell-off in the month of June.
Going ahead, the key factor affecting gold will be the outlook for monetary policy of the Fed and other major central banks. With pickup in economic activity and sharp surge in inflation pressure, market players expect the Fed to act soon. However, it is likely that central banks may take a cautious approach amid persisting virus risks. The quick spread of the Delta variant of coronavirus has forced authorities to impose stricter restriction hampering economic activity. Read more
GR Infraprojects IPO subscribed 12.23 times on the last day of bidding
The Rs 963-crore of GR Infraprojects continued to witness healthy demand from investors as it received subscription of 12.23 times on July 9, the final day of bidding. Investors have applied for 9.93 crore equity shares, so far, against the offer size of 81.23 lakh equity shares, the subscription data available on exchanges showed.
The portion set aside for qualified institutional buyers is subscribed 6.9 times and that of non-institutional investors is 27.17 times. Retail investors have put in bids 9.52 times their reserved portion and employees applied for 82 percent of their portion.
Goa Carbon resumes operations at Bilaspur unit in Chhattisgarh:
The company informed the exchanges that the operations at the company's Bilaspur unit located at Sirgitti Industrial Area, Bilaspur (Chhattisgarh) has resumed. The Kiln has been lit up from today. After preliminary heat up and commencement of feeding of raw material, normal production is likely to resume, the company said to BSE. The stock was trading atRs 404.00, up Rs 4.15, or 1.04 percent. It has touched an intraday high of Rs 405.80 and an intraday low of Rs 392.
Way2Wealth Research on market:
Nifty experienced sharp selloff on July 8 and plungged nearly a percent. In the early hours, the index started the day with minimal losses following weak Asian peers accelerated further weakness after opening of European markets. Nifty failed to cross the resistance of 15,900 levels after trying multiple times and precisely retraced 50 percent of the range that has been hovering between (15452 -15915) levels.
On the other hand, Nifty penetrated the rising trend line support and thus gave a bearish breakdown. So going forward, Nifty could extend the fall till next supports of 61.8 percent placed at 15,628 and then 15,431 levels.
Clean Science IPO subscribed 6.5 times on final day, QIB portion booked 6.68 times
The initial public offering of Clean Science and Technology is oversubscribed by 6.54 times on July 9, the final day of bidding, supported by strong buying interest from investors. The offer has received bids for 8.04 crore equity shares against the IPO size of 1.23 crore equity shares, the subscription data available on exchanges showed.
The qualified institutional buyers have put in bids 6.68 times their reserved portion and non-institutional investors 7.2 times, while the portion set aside for retail investors is subscribed 6.17 times.
Market update at 12 PM:
Sensex is down 214.36 points or 0.41% at 52354.58, and the Nifty shed 57.40 points or 0.36% at 15670.50. Bajaj Finserv, Tata Steel and Bharti Airtel are the top gainers while Bajaj Auto and Axis Bank are the top losers.
Among the sectors, the realty index added over a percent while banks and auto stocks are under pressure.
SEBI recommends ESOP for non-permanent, gig employees of listed companies
Securities and Exchange Board of India (SEBI) has proposed to offer an employee stock ownership plan (ESOP) to non-permanent employees and non-executive directors of listed companies.
SEBI, through its Expert Group report, suggested amending the definition of "employee" in the Share-Based Employee Benefits (SBEB) Regulations. In addition, it has suggested relaxations with respect to the quantum of sweat equity shares that can be issued by new-age companies listed on the Innovators Growth Platform, according to a consultation paper issued by it July 8.
BHEL bags order worth Rs 1,405 crore for nuclear steam generators from NPCIL
Bharat Heavy Electricals Limited has won an order for the supply of 12 steam generators from Nuclear Power Corporation of India Limited (NPCIL) valued at Rs 1,405 crore, to be set up at four different locations in the country. The steam generators will be manufactured at the Tiruchirapalli plant of BHEL. The stock was trading at Rs 67.30, up Rs 0.30, or 0.45 percent. It has touched an intraday high of Rs 67.40 and an intraday low of Rs 66.05.
Alembic Pharma receives US FDA final approval for Erlotinib Tablets
Alembic Pharmaceuticals received final approval from US FDA for its ANDA for Erlotinib Tablets, 25 mg, 100 mg, and 150 mg. The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), Tarceva Tablets, 25 mg, 100 mg, and 150 mg, of OSI Pharmaceuticals, LLC. Erlotinib Tablet in combination with gemcitabine is indicated for the first-line treatment of patients with locally advanced, unresectable or metastatic pancreatic cancer. The stock was trading at Rs 986.25, up Rs 1.30, or 0.13 percent. It has touched an intraday high of Rs 993.65 and an intraday low of Rs 981.65.
Ashoka Buildcon gets Letter of Award worth Rs 482.3 crore from IRCON International:
Ashoka Buildcon received Letter of Award (LoA) from IRCON International for provision of supply, erection, testing and commissioning of electro mechanical system which includes 33/11kv & 11/0.433kv GIS Substations, 33kV & 11kv power cable network, DG sets, ventilation and control system, lighting, UPS system, fire fighting system and SCADA system, and associated works complete in all respect as required for Tunnel T-14 & T-15 + T-40/41 on Dharam-Katra Section of USBRL Project (J&K). The accepted contract value of the project is Rs 482.34 crore. The stock was trading at Rs 113.45, up Rs 2.70, or 2.44 percent. It has touched an intraday high of Rs 114.45 and an intraday low of Rs 109.60.
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments
: It is evident that the Nifty is getting nervous closer to the 15,900 levels. We have attempted to cross that level multiple times but have failed to do so. If we are successful in doing so, we should be headed to 16,100.
On the flip side, good support lies at 15,400 and if that breaks on a closing basis, the short-term bullish trend might enter into a 'pause' zone. Until either level (15,900 or 15,400) is triggered, the index will trade sideways.
Market at 11 AM
Benchmark indices erased most of the early losses but trading marginally lower with Nifty around 15700.
The Sensex was down 139.38 points or 0.27% at 52429.56, and the Nifty was down 37.50 points or 0.24% at 15690.40. About 1639 shares have advanced, 1094 shares declined, and 110 shares are unchanged.
Tata Steel, Bajaj Finserv, JSW Steel, Adani Ports and Divis Labs were among major gainers on the Nifty, while losers included Eicher Motors, Bajaj Auto, Axis Bank, HDFC Bank and Shree Cements.
Tata Power gets 84 MW solar project from Kerala Govt
Tata Power won a contract worth Rs 400 crore from the Kerala State Electricity Board Limited (KSEBL) to develop 64 MW solar rooftop project for domestic consumers across all districts of Kerala, company said in the release.
As a part of this agreement, the company will implement projects through KSEBL of 80MW for individual households with solar capacity ranging from 3kW - 10kW) and for 20 MW of residential / housing society with projects (solar capacity ranging from 11kW - 100kW), it added.
Tata Power Company was quoting at Rs 124.05, up Rs 0.65, or 0.53 percent on the BSE.
Bharat Dynamics signs Rs 499-crore contract with IAF for Akash Missiles
Bharat Dynamics share price gained 4 percent on July 9 after the company signed contract for supply of Akash Missile to Indian Air Force.
Bharat Dynamics (BDL), in an exchange filing, said it has signed a contract worth about Rs 499 crore with the Ministry of Defence for the manufacture and supply of Akash Missiles to the Indian Air Force (IAF).
India Inc likely logged 8-10% sequential dip in Q1 this fiscal: CRISIL
CRISIL Research estimates India Inc. will report a sequential decline of 8-10% in revenue at Rs 7.3 lakh crore for the first quarter of this fiscal, led by consumer discretionary products such as automobiles, which saw volumes impacted by the lockdowns across states to contain the second wave of Covid-19 infections.
Nifty Metal Index added 1 percent led by the Tata Steel, NALCO, JSW Steel
ICICI Direct
The USDINR pair approached its sizeable Call base of 75. We feel a leg of profit booking should take the pair towards 74.6 in coming days.
The dollar-rupee July contract on the NSE was at Rs 74.95 in the last session. The open interest rose 2.9% for the July series.
Pfizer to seek US authorization for COVID booster shot
Pfizer Inc plans to ask U.S. regulators to authorize a booster dose of its COVID-19 vaccine within the next month, the drugmaker's top scientist said on Thursday, based on evidence of greater risk of reinfection six months after inoculation and the spread of the highly contagious Delta variant.
Rupee Opens
:
Indian rupee opened marginally higher at 74.68 per dollar on Friday against previous close of 74.71, amid selling seen in the domestic equity market.
On July 8, rupee ended 10 paise lower at 74.71 per dollar against previous close of 74.61.
JSW Steel Q1FY22 crude steel production at 5.07 million tonnes
JSW Steel reported crude steel production at 5.07 million tonnes for Q1 FY22, a growth of 16 percent, QoQ and 65 percent, YoY.
Market at 10 AM
Indian benchmark indices erased some of the early losses but still trading lower with Nifty around 15700 level.
The Sensex was down 163 points or 0.31% at 52405.94, and the Nifty was down 38.40 points or 0.24% at 15689.50. About 1478 shares have advanced, 1108 shares declined, and 114 shares are unchanged.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:
There is a sudden bout of negative news for markets. The elusive virus, which is foxing even the World's best epidemiologists, has again become a threat with countries like South Korea and Australia imposing fresh restrictions. Tokyo Olympics closing to spectators is a sentiment negative.
The 0.8% cut in S&P 500 and deeper cuts in European markets indicate that the uptrend is temporarily halted. How deep the downtrend will depend on institutional behaviour and the retail investor response. The latter is a powerful market determining factor now.
Without a doubt, the valuations are excessive and there is room for markets to correct significantly. 'Buy on dips' may not prove to be a good strategy now. Profit booking and increasing the cash component in the portfolio are advisable.
Marine Electricals wins order worth Rs 33.8 crore
Marine Electricals India share price jumped over 4 percent on July 9 after company has received an order from Bridge Datacentres (Mumbai).
" .... has received an order from Bridge Datacentres (Mumbai) LLP for supply of L V Busduct & L V Switchboard (L2, L3, L4) and MY Panel package for Project Byte, amounting to Rs 33.84 crore (excluding GST)," company said in the release.
The delivery of the said goods shall be made over a period of 9 months.
Zomato IPO trades at a 26% premium in grey market
Food delivery giant Zomato witnessed strong demand from the grey market investors as shares were available at a premium of 26 percent in the grey market ahead of the opening of its initial public offering (IPO).
Its Rs 9,375-crore initial public offering, the largest in last sixteen months since SBI Card IPO, will open for subscription on July 14. The offer will close on July 16.
The offer comprises a fresh issue of Rs 9,000 crore and an offer for sale of Rs 375 crore by Info Edge, a pure play internet company. Info Edge is the largest shareholder in Zomato with 18.68 percent stake.
Gold Updates:
Gold prices on Friday were set for the third straight weekly gain, as a slight pullback in the dollar made bullion less expensive for other currency holders, while a drop in U.S. Treasury yields also offered support to the safe-haven metal.
