Thank you, readers! That's all from CNBCTV18.com's live market coverage on June 22, 2022. Stay tuned for other updates on our website: CNBCTV18.com.
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Falling crude oil rates definitely a positive for Indian market: Neeraj Deewan
Neeraj Deewan, Director at Quantum Securities, sees the ongoing fall in crude oil rates as a positive for the Indian market.
“It is very hard to hold on to any conviction with the kind of US markets we are seeing. There are so many people giving call of a recession in US and the markets are pricing that in," he says.
"The commodity market correction is good for a lot of industries consuming fuel and steel etc. So I think one should be looking at buying on dips. If you are looking at a one-year investment, these dips should be bought into,” he adds.
Market At Close | Sensex and Nifty50 in the red amid volatility
Here are some highlights:
--Metal shares reverse previous day's gains as global rates slip — Nifty Metal falls five percent
--All sectoral in the red — Nifty Metal, Nifty Media and Nifty Energy top losers
--Crude fall weighs on oil & gas shares — ONGC slides three percent and OMCs gain 2-3 percent
--UPL, Tata Steel and IndusInd hit 52-week lows
--Hindalco, UPL, Tata Steel, JSW Steel, Wipro, ONGC, Adani Ports top Nifty losers
--Sun TV top midcap loser
--IndiGo rises but SpiceJet slips after monthly air passenger traffic data
--Market breadth favours the bears — advance-decline ratio at 2:5
RBL Bank up 3.5% as investors likely to approve new CEO
The stocks of RBL Bank had earlier fallen over 20 percent after the surprise appointment of R Subramaniakumar as the MD and CEO. Now, people in the know have told CNBC-TV18 that bank’s key investors are likely to approve the appointment.The stock reacted positively to the news and was up 3.5 percent in the afternoon. (Read more here)
Buy Berger Paints, Shriram Transport Finance, Maruti Suzuki: Aditya Agarwala
Here are some recommendations by Aditya Agarwala, Head-Research and Investments at Invest4edu:
-- Buy Berger Paints for a target price of Rs 620 with a stop loss at Rs 560
-- Buy Shriram Transport Finance for a target price of Rs 1,250 with a stop loss at Rs 1,160
-- Buy Maruti Suzuki for a target price of Rs 9,000 with a stop loss at Rs 7,600
Quarterly GDP Growth will fall into the 4% handle: Citi
The current data, macro data, and activity data are quite strong and that is why for the April to June quarter, especially because of the favorable base, India is likely to see a GDP growth of maybe even 19-20 percent, says Surendra Goyal, Head-India Research at Citi.
"The full-year GDP growth number in our view would be significantly elevated at around 8 percent. However, as we move in the year, the quarterly growth rates will fall quite substantially and we will see numbers more or less in the 4 percent handle on GDP growth," he said.