Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments:
The markets are taking support at lower levels and today was no different. We have respected the 15600-15650 patch today and the bias still remains on the upside as long as 15400 does not break on a closing basis. The Nifty still has the wings to achieve 16100 and hence any dip can be utilized to accumulate long.
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas:
The Nifty posted a positive daily close on July 02 after four consecutive negative sessions. The selling pressure in the beginning of the session was absorbed near 15650-15630 & the index bounced thereon. Multiple support parameters likely 61.8% retracement of the previous rise from 15450 to 15915, the daily lower Bollinger Band, lower end of a falling channel on the hourly chart & lower end of a rising channel on the daily chart were present near 15650-15630 that induced the bulls into the action.
Hereon the index is set to take leap towards 15900 & once that is crossed on a closing basis the Nifty can target 16400 on the upside. On the downside, 15650-15630 will continue to act as a crucial support zone on a closing basis.
Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services:
The USDINR spot has continued the uptrend this week, and we likely need a catalyst to fuel another extension higher. After the big beat on US ADP employment the focus is on nonfarm payrolls data, as a strong candidate with enough impetus to accelerate US Dollar buying pressure. In USDINR spot the next week’s trading range will continue to be 74-75.25 with sideways bias.
Rupee Close:
Indian rupee slipped to over 2 months low andendedlower by 19 paise at 74.74 per dollar, amid buyingsawin the domestic equity market.
It opened 16 paise lower at 74.71 per dollar versus Thursday's close of 74.55 and traded in the range of 74.66-74.87.
Jateen Trivedi, Senior Research Analyst at LKP Securities:
Rupee witnessed weak trend as OPEC+ delayed production info, which indicates at no increase in production which can make Crude expensive going ahead. The range for rupee can be 74.60 - 75.10 in coming sessions ahead.
Market Close:
Benchmark indices snapped the four day losing streak and ended higher in the volatile session.
At close, the Sensex was up 166.07 points or 0.32% at 52484.67, and the Nifty was up 42.20 points or 0.27% at 15722.20. About 1874 shares have advanced, 1279 shares declined, and 120 shares are unchanged.
Among sectors, metal and power indices shed 1 percent each, while buying seen in the infra, pharma and banking names. BSE midcap ended flat, while smallcap index added 1 percent.
Gland Pharma, Divis Labs, ICICI Bank, Reliance Industries and Coal India were among the top gainers on the Nifty. Top lower were Tata Steel, Britannia Industries, JSW Steel, Power Grid Corp and Hindalco.
Zee Learn CFO Rakesh Agarwal resigns
The company has informed that Mr. Rakesh Agarwal has resigned from the position of Chief Financial Officer of the company with effect from the closing hours of July 1, 2021 due to personal reasons and other preoccupations.
Zee Learn was quoting at Rs 16.65, up Rs 1.55, or 10.26 percent on the BSE.
Abhishek Bansal, Founder Chairman, Abans Group
Gold is marginally up from the previous day’s closing but still sharply lower from a recent high of $1919.20 registered on June 1st.
Thursday’s weaker than expected US ISM manufacturing data was supportive for gold prices however strength in the US dollar index is likely to keep gold prices under pressure. US Dollar index is currently trading near 92.64 which is sharply higher from the recent low of 89.53 registered on May 25th.
Gold prices are likely to face stiff resistance near 20 days EMA at $1807 and 50 days EMA at $1818. Meanwhile, immediate support levels could be seen around $1767 and $1757.
Bharti Airtel launches 'Airtel Black':
Bharti Airtel today announced the launch of its latest innovation Airtel Black – India’s first all-in-one solution for homes.
Bharti Airtel was quoting at Rs 524.90, up Rs 2.05, or 0.39 percent on the BSE.
Upasna Bhardwaj, Senior Economist at Kotak Mahindra Bank:
The high frequency data and relatively decent May tax collections have been suggesting limited adverse impact on economic activity and that the slowdown had troughed around late May. However, the weak PMI manufacturing data in June provides mixed signals suggesting persistence of fragile sentiments. While supply side constraints begin to ease, sentiments may remain tepid amidst uncertainty on demand in the near term.
Market at 3 PM
Benchmark indices were trading with marginal gains amid volatility.
The Sensex was up 115.59 points or 0.22% at 52434.19, and the Nifty was up 28.10 points or 0.18% at 15708.10. About 1765 shares have advanced, 1199 shares declined, and 91 shares are unchanged.
Gland Pharma, Divis Labs, ICICI Bank, Adani Ports and Reliance Industries were among the major gainers on the Nifty, while losers were Tata Steel, Britannia, JSW Steel, Power Grid Corp and Hindalco.
CEP for Ranitidine Hydrochloride drug substance restored by EU regulator: Solara Active Pharma
Solara Active Pharma Sciences is pleased to announce that the CEP for Ranitidine Hydrochloride drug substance (CEP 2001-228) has been restored by EDQM. A revised CEP has been granted as of 01st July 2021. Ranitidine Hydrochloride was an important product for Solara and was manufactured at its Cuddalore site.
Solara Active Pharma Sciences was quoting at Rs 1,735.75, up Rs 66.15, or 3.96 percent.
Rupee Updates:
Indian rupee extended the fall and trading at 2 months low at 74.83, amid buying seen in the domestic equity market. It opened 16 paise lower at 74.71 per dollar versus Thursday's close of 74.55.
Tapan Patel- Senior Analyst (Commodities), HDFC Securities:
Crude oil prices traded marginal down with benchmark NYMEX WTI crude oil prices were trading 0.36% lower at $74.96 per barrel for the day. MCX Crude oil July futures were trading marginal up at Rs 5612 by noon.
Crude oil prices are expected to trade sideways to up for the day with resistance at $76 and support at $73.90 per barrel. MCX Crude oil July has support at Rs 5540 and resistance at Rs 5680.
European markets are trading flat with FTSE and DAX trading marginally in the green
Marico Q1 business update:
India business delivered 30 percent+ revenue growth in Q1. Saw robust double-digit volume growth in Q1FY22. Parachute coconut oil delivered ahead of medium-term expectations. Saffola edible oils posted low double-digit volume growth, despite a high base. Foods portfolio revenue more than doubled YoY in Q1. International business posted constant currency growth in low 20s in Q1.
Gross and operating margin should see significant improvement in Q1 as key input costs started easing. Operating margin in quarter will drop sharply on a YoY basis due to high base. Company expects muted bottom line growth in the quarter.
Market update at 2 PM:
Sensex is down 15.71 points or 0.03% at 52302.89, and the Nifty shed 10.40 points or 0.07% at 15669.60. Reliance Industries, ICICI Bank and Titan COmpany are the top gainers while Tata Steel, Power Grid and JSW Steel are the top losers.
Among the sectors, the metal and power indices shed over a percent each while the smallcap index added close to a percent.
KR Choksey on Reliance Industries
We estimate a 12.6 percent CAGR growth in revenue and a 25.9 percent CAGR rise in EBITDA over FY21-FY23E driven by Digital, Retail segments and O2C segments while oil and gas segment ramps up due to incremental commissioned capacity. At a CMP of Rs 2,098 per share; RIL is trading at 18.1x FY23EPS. Based on our FY23 estimates and using SOTP methodology, we arrive at a target price of Rs 2,464 per share; a potential upside of 17.4 percent. Accordingly, we reiterate our 'buy' rating on the shares of RIL.
Likhita Chepa, Senior Research Analyst, CapitalVia Global Research:
In morning trades, Indian equity indexes were marginally in the red, led primarily by losses in Power, Utilities, Metal, and IT companies. Sentiments remained negative as the Reserve Bank of India (RBI) released its Financial Stability Report (FSR), which stated that the gross non-performing assets (GNPAs) percentage of banks could climb to 9.8% by March 2022 from 7.48 percent in March 2021 under a baseline scenario.
We witnessed an attempt to hold the Nifty 50 index support level of 15650. 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. There is mixed reaction amongst the sectors where Realty sector gave some support to the market while Power and Metal sector pulled the market down. Adani Ports and Divis Lab are the top gainers while Tata Steel and JSW Steel are the top losers on Nifty.
CARE Ratings assigns ‘CARE A+’ rating to Jindal Stainless (Hisar)
CARE Ratings has upgraded the long-term bank facilities of Jindal Stainless (Hisar) to ‘CARE A+'. The rating for short-term bank facilities of the company has also been upgraded to ‘CARE A1+’.
Jindal Stainless (Hisar) was quoting at Rs 209.75, down Rs 2.40, or 1.13 percent on the BSE.
Laurus Labs gets licence to manufacture & market Deoxy-D-Glucose (2DG) in India
Laurus Labs has received the licence from Defence Research & Development Organisation (DRDO) to manufacture and market of 2-
Deoxy-D-Glucose (2DG).
Laurus Labs was quoting at Rs 671.85, up Rs 4.85, or 0.73 percent on the BSE.
Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities:
Three musketeers may continue to drive USDINR upwards. Firstly, the economic data continues to improve in the US, whereas it continues to disappoint in India. All eyes on US jobs report tonight. If the growth in US jobs is close to a million it will underscore the point that the US central bank will remain hawkish, at a time when RBI remains dovish. This contrast is enough to drive USDINR higher.
Secondly, the rising oil prices, in spite of OPEC + committing to increased supply and stronger USD.
Finally, with Indian equity markets underperforming the developed peers due to lackluster FPI flows makes Rupee unattractive. All in all, the combination of these three factors can drive USDINR towards 75.30/40 levels on spot, April’21 high.
Zydus Cadila receives final approval from USFDA
Zydus Cadila has received final approval from the USFDA to market Emtricitabine and Tenofovir Disoproxil Fumarate Tablets, 100 mg/150 mg, 133 mg/200 mg and 167 mg/250 mg, Cadila Healthcare said in the press release.
Cadila Healthcare was quoting at Rs 639.20, up Rs 0.40, or 0.06 percent.
Market at 1 PM
Benchmark indices were trading with marginal gains in the volatile session.
The Sensex was up 99.30 points or 0.19% at 52417.90, and the Nifty was up 29 points or 0.18% at 15709. About 1833 shares have advanced, 1059 shares declined, and 100 shares are unchanged.
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments
The Nifty is around the midpoint of the current range which is between 15400 and 15900. The bias continues to remain on the bullish side until 15400 is broken on a closing basis. That would trigger a short-term bear phase. If we can get past 15900, the next level to watch out for would be 16100. Closer to the 15400 levels a buy on dips approach can be implemented as the risk-reward ratio would be favorable.
Rupee Updates:
Indian rupee is trading near the day's low at 74.78, amid volatile trade seen in the domestic equity market.It opened 16 paise lower at 74.71 per dollar versus Thursday's close of 74.55.
Market at 12 PM
Benchmark indices continue to trade flat in the volatile session with buying seen in the realty and pharma names, while IT and power stocks trading under pressure.
The Sensex was down 6.74 points or 0.01% at 52311.86, and the Nifty was down 0.60 points or 0.00% at 15679.40. About 1781 shares have advanced, 1074 shares declined, and 91 shares are unchanged.
Top gainers on the Sensex included Bharti Airtel, Reliance Industries, ICICI Bank, Bajaj Finance and SBI, while TCS, Tata Steel, Bajaj Finserv, Power Grid Corp and Nestle India.
Garden Reach bags export order Worth USD 1.8 million
Garden Reach Shipbuilders & Engineers has awarded an export order, for construction and supply of six patrol boats, through competitive bidding at the cost of USD 1,821,798.00, from the Department of Fisheries, Government of the People's Republic of Bangladesh.
Garden Reach Shipbuilders & Engineers was quoting at Rs 205.95, up Rs 4.30, or 2.13 percent on the BSE.
Titan Company appoints Ashok Sonthalia as new CFO:
Titan Company share price gained over half a percent on July 2. Tata-group owned Titan Company welcomed Ashok Kumar Sonthalia as the Chief Financial Officer on July 1. Sonthalia takes over from from S Subramaniam who retired on June 30.
Edelweiss Financial Services to divest entire shareholding in arm Edelweiss Gallagher
Edelweiss Group announced the divestment of its stake in Edelweiss Gallagher Insurance Brokers Ltd (EGIBL). Gallagher, who previously held 30% in the business, will now be acquiring all the remaining shares, taking its stake to 100%. The transaction is subject to approvals by the Insurance Regulatory and Development Authority of India, as per press release.
Edelweiss Financial Services was quoting at Rs 74.20, up Rs 2.10, or 2.91 percent on the BSE.
Clean Science IPO to launch IPO issue on July 7
Specialty chemicals manufacturer Clean Science and Technology will open its initial public offering for bidding on July 7. This will be the second company to launch IPO in July 2021 after GR Infra.
The price band for the issue, which will close on July 9, has been fixed at Rs 880-900 per share.
The company is planning to raise Rs 1,546.62 crore through public issue which consists of a complete offer for sale by existing selling shareholders including promoters Ashok Ramnarayan Boob, Krishnakumar Ramnarayan Boob, Siddhartha Ashok Sikchi, and Parth Ashok Maheshwari. Also Read
Adani Ports business update
: The company handled cargo volume of 25.54 mt in June, up 83 percent YoY. It handled cargo volume of 75.69 mt in Q1 FY22, up 83 percent YoY. The firm handled cargo volume of 0.67 m TEUs (Container Segment) in June, up 48 percent YoY. It handled cargo volume of 2.08 m TEUs (Container Segment) in Q1 FY22, up 69 percent YoY.
Nifty IT shed a percent dragged by Mphasis, Mindtree, Coforge and TCS
Zomato Eyes $8.7 billion valuation at listing, IPO launch likely in mid-July
Food delivery giant Zomato is eyeing a listing valuation of $8.7 billion dollars due to huge demand from the global tech specialist funds and EM funds, sources with direct knowledge share with Moneycontrol. Expected valuation for Zomato is at a premium to the Hong Kong-listed delivery platform Meituan. Zomato is awaiting SEBI approval for the IPO and is planning to launch by mid-July, sources share.
Sources suggest Zomato has increased its primary fund raise through the IPO by 20% to $1.2 billion, it has reduced the secondary portion or OFS by 50% to $50 million. Offer for sale or OFS is likely by Infoedge which owns around 18% stake in Zomato.
Market update at 11 AM:
Sensex is down 99.32 points or 0.19% at 52219.28, and the Nifty shed 27.50 points or 0.18% at 15652.50. ICICI Bank, Reliance Industries and Gland Pharma are the top gainers while Happiest Minds, HDFC Bank and Adani Ports are the most active stocks.
Among the sectors, metals and pharma dragged the most while the smallcap index added half a percent.
JSW Neosteel receive GreenPro Certification
JSW Steel is one of the first steel companies in India to get the GreenPro ecolabel certification for JSW Neosteel, its brand of TMT rebars.
GreenPro is a Type – 1 Ecolabel by Confederation of Indian Industry (CII) which enables the end users in the building sector and manufacturing sector to make informed decisions by choosing sustainable products, materials and technologies for the construction, operation and maintenance of their buildings and factories
JSW Steel was quoting at Rs 675.60, down Rs 4.70, or 0.69 percent on the BSE.
BSE Realty Index added 1 percent supported by the Oberoi Realty, Prestige Estate, DLF
GR Infraprojects IPO available at 26-38% premium in grey market:
Road EPC company GR Infraprojects (GRIL) shares are available at a premium of 26-38 percent in the grey market today, ahead of IPO opening next week.
The public issue of Rs 963 crore will open for subscription on July 7, with a price band at Rs 828-837 per share. The offer will close on July 9. The anchor investors' portion, if any, will open for bidding for a day on July 6. Click to Read More
Fitch downgrades Delhi Airport to 'BB-'; Outlook negative
Fitch Ratings has downgraded Delhi International Airport Limited's (DIAL) Long-Term Issuer Default Rating (IDR) and the rating on the senior secured notes to 'BB-' from 'BB'. The outlook is negative.
ICICIDirect
The USDINR continued to move higher as the Dollar index moved to two-month highs. Major writing is happening in ATM and OTM Puts indicating a move towards 75 is expected for the pair.
The dollar-rupee June contract on the NSE was at Rs 74.75 in the last session. The open interest rose 4.4% for the July series.
Rupee Opens:
Indian rupee opened 16 paise lower at 74.71 per dollar on Friday versus Thursday's close of 74.55, amid volatile trade seen in the domestic equity market.
On July 1, domestic unit ended 23 paise lower at 74.55 per dollar against previous close of 74.32.
Nomura maintains 'buy' on Adani Port
Adani Ports and Special Economic Zone share price added over 2 percent on July 2 after foreign broking house Nomura maintained buy rating on the stock and raised the target price to Rs 890 per share.
The group-linked concerns are overdone as company largely de-linked from the group after improved governance. The company remains financially sound and more than 15 percent share price correction makes the company attractive, CNBC-TV18 said quoting Nomura.
BSE Power index slipped 1 percent dragged by the Adani Green, Adani Transmission, Adani Power
Market at 10 AM
Benchmark indices were trading flat in the volatile session.
The Sensex was down 56.48 points or 0.11% at 52262.12, and the Nifty was down 11.40 points or 0.07% at 15668.60. About 1669 shares have advanced, 935 shares declined, and 106 shares are unchanged.
RBI extends interest subsidy scheme for exporters until September
The Reserve Bank on Thursday said a scheme providing interest subsidy for post and pre-shipment export credit has been extended by three months till September, a move that will provide relief to exporters. Exporters get the subsidy under the Interest Equalisation Scheme for pre and post-shipment Rupee Export Credit'. Earlier in April, the scheme was extended till June 30.
"Government of India has approved the extension of Interest Equalization Scheme for Pre and Post Shipment Rupee Export Credit, with the same scope and coverage, for a further period of three months, i.e., up to September 30, 2021," the RBI said in a circular.
