Nagaraj Shetti, Technical Research Analyst, HDFC Securities:
The underlying trend of Nifty remains positive. The market is still showing range bound action near the crucial hurdle of 15900. A sustainable move above 15900-15925 could only open next round of upside in the market towards 16200-16300 levels. Any decline from here could find support around 15760 and next 15650 levels for this week.
Ajit Mishra, VP - Research, Religare Broking:
Markets settled marginally lower as participants preferred to book profit at higher levels. The benchmark opened on a firm note following supportive global cues however profit-taking in the index majors erased all the gains and pushed the index lower. Eventually, the Nifty index ended lower by 0.2% at 15,815 levels. Amongst the sector, a mixed trend was witnessed wherein metal, healthcare and FMCG ended with gains whereas IT, capital goods and oil & gas ended with losses. The broader markets outperformed wherein both midcap and small cap ended higher by 0.6% and 0.5% respectively.
Markets may react to the announcements made by the Finance Minister(FM) in early trades on Tuesday which were primarily focused on boosting the economic recovery and supporting the vulnerable sectors and individuals impacted due to COVID. We reiterate our bullish view and suggest continuing with a stock-specific trading approach. Among the sectors, banking has the potential to trigger the next up move.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research:
After breaching all-time high of 15900, the market witnessed some lackluster movement and an attempt to hold the support level above the Nifty 50 Index level of 15800. The market suggests, trading above 15800 is positive from a short-term perspective. Sustaining above 15800 levels, the market to gain momentum, leading to an upside projection till 16100-16200 level. The momentum indicators like RSI, MACD to further strengthen in favor of a positive outlook.
Rupee Close:
Indian rupeeendedflat at 74.19 per dollar, amidsellingsawin the domestic equity market.It opened marginally lower at 74.25 per dollar against Friday's close of 74.18 and trade intherange of 74.17-74.27.
Market close:
Benchmark indices ended lower on June 28 with Nifty below 15,850 amid Finance Minister Nirmala Sitharaman announced another stimulus package.
At close, the Sensex was down 189.45 points or 0.36% at 52735.59, and the Nifty was down 45.70 points or 0.29% at 15814.70. About 1826 shares have advanced, 1420 shares declined, and 147 shares are unchanged.
Divis Labs, Dr Reddys Labs, Hindalco, Tata Steel and Tech Mahindra were among major gainers on the Nifty. Top losers included HDFC Life, Titan Company, TCS, Shree Cements and Coal India.
Among sectors, Nifty PSU Bank, pharma and metal indices gained 1-2 percent, while IT, energy and infra indices witnessed selling pressure. BSE Midcap and Smallcap indices up 0.4 percent each.
Union Finance Minister Nirmala Sitharaman
| Announces Rs 1.1 lakh crore loan guarantee scheme for COVID-affected sectors and additional Rs 1.5 lakh crore announced under the Emergency Credit Line Guarantee Scheme (ECLGS).
Abhishek Bansal, Founder Chairman, Abans Group
Gold prices stuck up in the tight range of $1771-1796 from the last five trading sessions. A mixed instance on Fed policy is keeping prices in a tight range.
Gold prices are likely to find stiff resistance near $1793-$1814 meanwhile immediate support level could be seen near $1762-$1747.
Geojit on Power Mech Projects
With strong order inflow, diversification to non power segment and increased focus in O&M segment, we expect the company to be in its growth trajectory in FY22.
Impressive order book and superior execution capabilities will drive earnings growth. Therefore, we reiterate buy rating and value
the stock at a P/E of 7x FY23E earnings with a target price of Rs 894.
Hemang Jani, Head Equity Strategy, Broking & Distribution, Motilal Oswal Financial Services
Dodla dairy, a South based dairy firm, had a strong listing today with 28% premium at Rs 550/share against its issue price of Rs 428/share. The Rs 520 crore issue had seen strong subscription of 45.6 times, given its presence in niche space and decent fundamentals.
Dodla Dairy is one of the leading dairy firm in Southern India and is the third-largest player in terms of milk procurement per day. It derives about 30% of its revenue from the value added products, the share of which is likely to accelerate going ahead.
The issue was reasonably priced at 16.4x FY21 P/E vis-à-vis its peers, which also led to strong interest in the counter apart from its presence in niche space. However, the listed companies in this space have not done well so far, thus it needs to be seen how this company performs going ahead.
Union Finance Minister Nirmala Sitharaman
| Announcing 8 relief measures, out of which 4 of the measures are new one.
NTPC declares commercial operation of Unit-2 of 660 MW capacity of Tanda Super Thermal Power Station
Unit-2 of 660 MW capacity of Tanda Super Thermal Power Station, Stage-II (2 x 660 MW) is hereby declared on commercial operation
w.e.f 00:00 Hrs of 01.07.2021, NTPC said in its release.
With this, the commercial capacity of NTPC and NTPC group will become 52400 MW and 65165 MW respectively, it added.
NTPC was quoting at Rs 116.15, up Rs 0.10, or 0.09 percent.
Rupee Updates:
Indian rupee is trading flat at 74.20 per dollar, amid volatile trade seen in the domestic equity market.It opened marginally lower at 74.25 per dollar against Friday's close of 74.18.
Market at 3 PM
Benchmark indices were trading lower with Nifty around 15800 ahead of FM Sitharaman Press Conference.
The Sensex was down 169.15 points or 0.32% at 52755.89, and the Nifty was down 38.30 points or 0.24% at 15822.10. About 1705 shares have advanced, 1347 shares declined, and 118 shares are unchanged.
Dr Reddy’s Labs, Hindalco, Tata Steel, Divis Labs and Tech Mahindra were among major gainers on the Nifty. Top losers included HDFC Life, Titan Company, TCS, Shree Cements and HCL Tech.
NLC India Q4:
Consolidated net profit was up 54.6% at Rs 753 crore versus Rs 487 crore and revenue was down 7.5% at Rs 2,839.6 crore versus Rs 3,069.3 crore, YoY.
NLC India was quoting at Rs 64.65, up Rs 1.90, or 3.03 percent on the BSE.
ISGEC Heavy Engineering Q4:
ISGEC Heavy Engineering has reported net profit at Rs 63.4 crore in Q4FY21 against Rs 13.2 crore in a year ago period.
Revenue of the company was up 4% at Rs 1,617.7 crore versus Rs 1,555 crore.
ISGEC Heavy Engineering touched a 52-week high of Rs 678.40 and was quoting at Rs 672.45, up Rs 56.85, or 9.23 percent on the BSE.
Tapan Patel- Senior Analyst (Commodities), HDFC Securities
: Crude oil prices traded weak with benchmark NYMEX WTI crude oil prices were trading marginal down by 0.18% at $73.92 per barrel for the day. MCX Crude oil July futures were down by 0.15% at Rs. 5495 by noon.
Crude oil prices are expected to trade sideways to up for the day with resistance at $75 and support at $73 per barrel. MCX Crude oil July has support at Rs 5420 and resistance at Rs 5560.
European markets are trading in the red with FTSE and CAC down half a percent each
Escorts to increase prices of tractors effective July 1, 2021
Escorts Agri Machinery (EAM), division of Escorts Limited, shall be increasing the prices of its tractors effective July 1, 2021. There has been a steady rise in commodity prices necessitating a price hike to offset the impact of the continuing inflation. The increase in prices would vary across models and variants. The stock was trading at Rs 14.55, or 1.23 percent. It has touched an intraday high of Rs 1,201.45 and an intraday low of Rs 1,178.45.
Market update at 2 PM:
Sensex is down 144.07 points or 0.27% at 52780.97, and the Nifty shed 32.40 points or 0.20% at 15828. Dr Reddy's Labs, Divis Labs and Hindalco Industries are the top gainers while Reliance Industries, NALCO and Dodla Dairy are the most active stocks.
Among the sectors, metal, pharma and PSU Bank index added over a percent each while IT stocks are under pressure.
Goldman Sachs on Adani Ports
Goldman Sachs has maintained buy call on Adani Port with a target price at Rs 790 per share.
Continue to be encouraged by the firm’s key strengths, while adequate capacity to leverage growth opportunities, said broking firm.
It believe growth will remain strong in the near to medium term.
Adani Ports and Special Economic Zone was quoting at Rs 723.90, up Rs 11.70, or 1.64 percent on the BSE.
RITES bags orders worth Rs 749.67 crore:
RITES has been awarded two project worth Rs 749.67 crore by Railway Board, Ministry of Railways for railway electrification work on turnkey basis, company said in the release.
RITES was quoting at Rs 276.80, up Rs 6.45, or 2.39 percent on the BSE.
Gaurav Garg, Head of Research, CapitalVia Global Research:
In morning transactions, Indian equities indexes have given up their early gains and are currently trading marginally in the red. Due to the speed and scope of Covid 2.0, India Ratings and Research's earlier projection of 10.1 percent GDP growth for the current financial year (FY22) is unlikely to persist, sending market sentiment down. GDP growth is now expected to be 9.6% in FY22, according to the company. This, however, is dependent on India's adult population being vaccinated by December 31.
The Market opened at all-time high but could not sustain the higher levels and soon lost all the gains. 15800 will be an important support zone for the market to stay positive in the short-term. If the market sustain above the level of 15900, we can expect the market to trade till 16200-16300. On the sectoral front market is divided and has clear indication of the direction. Divis Lab and ONGC are the top gainers while HDFC Life and Titan are the top losers on Nifty.
Market at 1 PM
Benchmark indices were trading in the red but off day's low supported by the PSU banking names ahead of Finance Minister Nirmala Sitharaman press conference at 3 pm today
The Sensex was down 127.07 points or 0.24% at 52797.97, and the Nifty was down 28.10 points or 0.18% at 15832.30. About 1690 shares have advanced, 1281 shares declined, and 137 shares are unchanged.
USFDA complete audit at Granules India's facility at USA
USFDA has completed inspection of the facility of Granules Pharmaceuticals, Inc., a wholly owned foreign subsidiary of Granules India located in Chantilly, Virginia, USA on June 25, 2021 with two (2) minor observations, as per company's release
This is a pre-approval inspection for the products filed from this facility. Granules Pharmaceuticals, Inc. will respond to these observations within the stipulated time, it added.
Granules India was quoting at Rs 317.80, up Rs 3.80, or 1.21 percent on the BSE.
Follow our blog for LIVE Updates from FM Sitharaman Press Conference
Yash Gupta Equity Research Associate, Angel Broking:
Dr. Valumani, promoter of Thyrocare Technology Ltd, has entered into agreement to sell his entire holding (66.1%) in Thyrocare to Pharmeasy for total value of Rs 4546 crores (1300 per share). Pharmeasy's parent company will make an open offer to acquire an additional 26% stake in Thyrocare at 1300 per share.
Currently, the stock is trading at around 1370 per share and we expect the stock to remain in this range for some time. Short term investors should book profits rather than applying for the open offer. Long term investors should remain invested and wait for fresh buying opportunities. Pharmeasy has a platform along with a good client base, which will elevate Thyrocare’s low-price high-volume business to the next level. We expect the stock to perform well upon completion of this open offer.
JUST IN
| Finance Minister Nirmala Sitharaman is going to address press conference at 3 pm today
Companies hit all-time high in today's trade:
AAVAS Financiers, Aditya Birla Fashion and Retail, Apollo Hospitals, Bajaj Finserv, Cosmo Films, CSB Bank, Firstsource Solutions, ICICI Prudential Life Insurance Company, India Glycols, JB Chemicals and Pharmaceuticals, Navin Fluorine International, Newgen Software Technologies, Persistent Systems, Pidilite Industries, PI Industries and Surya Roshni are among the stocks that hit their all-time high in today's trade.
India's crude steel output grows 46.9% to 9.2 million tonnes in May
India registered a 46.9 percent year-on-year growth in its crude steel output at 9.2 million tonnes (MT) in May, according to worldsteel data.The country had produced 5.8 MT steel in the same month a year ago.
"The production of the 64 countries reporting to the World Steel Association (worldsteel) was 174.4 MT in May 2021, a 16.5 percent increase compared to May 2020," the global industry body said in its latest report.
Commercial Bank of Kuwait selects TCS BaNCS
Tata Consultancy Services announced that Commercial Bank of Kuwait (CBK), one of the largest financial institutions in Kuwait, has selected TCS BaNCS for treasury to manage risk better, enhance asset class coverage, and drive future growth
Tata Consultancy Services was quoting at Rs 3,336.10, down Rs 44.70, or 1.32 percent on the BSE.
Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors
Before the NFPR on Friday and the MFG PMI on 1st of July the markets are range bound as comments from FED officials slow. The rupee is also moving in a small range of 74.10 to 74.30 and for today we can expect a range of 73.90 to 74.40.
Exporters to sell at the extreme range of 74.40 and importers to buy near 73.90 or wait for the level which may come by 30th June when exporters sell for quarter end.
Market at 12 PM
Benchmark indices erased opening gains and trading lower with Nifty below 15850.
The Sensex was down 124.76 points or 0.24% at 52800.28, and the Nifty was down 26.10 points or 0.16% at 15834.30. About 1657 shares have advanced, 1268 shares declined, and 136 shares are unchanged.
Top gainers included Divis Labs, ONGC, Adani Ports, Dr Reddy’s Labs and Tata Steel on the Nifty, while losers were HDFC Life, TCS, Bajaj Finserv, Titan Company and HCL Tech.
Goldiam International receives export orders
Goldiam Group has received confirmed additional export orders worth Rs 40 crore from its International clients for manufacturing of diamond studded designed gold and lab-grown diamonds jewellery.
Goldiam International was quoting at Rs 466.55, up Rs 7.70, or 1.68 percent on the BSE.
ICICI
Direct:The USDINR continued to trade above 74 levels supported by a recent dollar index upside and rising crude oil prices. As long as the dollar trades above 91.20 level and oil prices remain elevated that may keep the rupee under pressures. The USDINR pair should move towards 74.6 levels in coming days.
The dollar-rupee June contract on the NSE was at Rs 74.31 in the last session. The open interest fell 7.1% for the June series.
Rupee Updates:
Indian rupee is trading flat at 74.20 per dollar, amid volatile trade seen in the domestic equity market.It opened marginally lower at 74.25 per dollar against Friday's close of 74.18.
Nifty Pharma index rose 1 percent led by the Cadila Healthcare, Divis Lab, Torrent Pharma
Strides Pharma announces successful completion of the EU GMP inspection:
Strides Pharma Science Limited (Strides) today announced the successful completion of the EU GMP inspection carried out by the National Institute of Pharmacy and Nutrition (OGYÉI), Hungry at its Puducherry facility on April 28, 2021.
The company has now received the renewed GMP (Good Manufacturing Practices) certificate thereby confirming the successful closure of the inspection, as per the company's press release.
Strides Pharma Science was quoting at Rs 779.95, up Rs 20.90, or 2.75 percent on the BSE.
Cabinet Secretary-headed Panel clears names for bank privatisation
Cabinet Secretary-headed Panel clears names for bank privatisation. Bank names to come up for Ministerial Panel nod as part of privatisation process. Finance Ministry also working on legislative amendments for bank privatisation. Indian Overseas Bank and Central Bank of India likely candidates for privatisation, according to sources to CNBC-TV18.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:
Technically, Nifty is poised to break above 15,900 but it remains to be seen whether it will sustain above that level. FIIs are likely to turn sellers above 15,900 levels and, therefore, some caution is warranted. Bank Nifty has turned stronger in recent days and has the potential to move up further.
Crude above USD 76 is a major macro worry. The implication of rising crude and rising fuel prices is that it will spill over into rising inflation, ultimately forcing MPC to turn a bit hawkish in its monetary stance. When this happens it would turn out to be negative for growth and the stock market.
Market update at 11 AM:
Sensex is down 94.09 points or 0.18% at 52830.95, and the Nifty shed 18.90 points or 0.12% at 15841.50. Divis Labs, Adani Ports and ONGC are the top gainers while HDFC LIfe Insurance and Titan Company dragged the most.
Among the sectors, metals, pharma and PSU Bank index added a percent each while IT stocks vare under pressure.
Dr. Reddy s Laboratories announces commercial launch of 2DG
Dr Reddy’s Laboratories share price added a percent on June 28 after the company launched 2-deoxy-D-glucose (2-DG), a therapeutic application for treatment of COVID-19 patients.
Dr Reddy's Labs announced the commercial launch of 2-deoxy-D-glucose (2-DG). The company will supply to major Government as well as private hospitals across India. In the initial weeks, the Company will make the drug available in hospitals across metros and Tier 1 cities, and subsequently expand coverage to the rest of India, the company said in an exchange filing.
Power Mech Projects shares hits 52-week high
Power Mech Projects share price touched a 52-week high of Rs 768, rising nearly 15 percent on June 28 after bagged order worth Rs 9,294.14 crore.
" ...... (consortium of PMPL- AMR India) got awarded a project by Central Coal Fields Limited (A Miniratna Subsidiary Company of Coal IndiaLimited) for the development and operationalization of Kotre Basantpur Pachmo Project, Jharkhand, in Mine Developer Cum Operator (MDO) mode for extraction of Coking Coal, company said in the release.
The project has been awarded to a consortium wherein Power Mech is the consortium leader with 74% equity stake and AMR India will hold 26% stake.
BSE Metal index added 1 percent supported by the NALCO, Jindal Steel, NMDC
Vaishali Pharma receives multiple orders from various countries
Vaishali Pharma has received orders from Nicaragua and a preliminary order from Madagascar for the supply of company’s registered products including various antibiotics and other generic medicines such as painkillers etc.
At 10:24 hrs Vaishali Pharma was quoting at Rs 41.00, up Rs 0.15, or 0.37 percent on the BSE.
Rupee Opens:
Indian rupee opened marginally lower at 74.25 per dollar Monday on against Friday's close of 74.18, amid volatile trade seen in the domestic equity market.
On June 25, the domestic unit ended flat at 74.18 per dollar against Thursday's close of 74.16.
