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    Stock Market Highlights: Sensex ends 111 pts lower and Nifty50 near 15,750 — rupee sinks below 79 for first time

    Stock Market Highlights: Sensex ends 111 pts lower and Nifty50 near 15,750 — rupee sinks below 79 for first time

    Stock Market Highlights: Sensex ends 111 pts lower and Nifty50 near 15,750 — rupee sinks below 79 for first time
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    Summary

    Stock Market Highlights: Indian equity benchmarks BSE Sensex and NSE Nifty50 finished a choppy session in the red on Friday as losses in oil & gas shares outweighed gains in financial, IT and FMCG stocks. The rupee closed below the 79 mark against the US dollar for the first time. Broader markets, however, managed to make it to the green, closing with gains of around half a percent each. Nervousness persisted among investors globally amid fears aggressive hikes in COVID-era interest rates will hamper economic growth.

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    Market This Week | Nifty Bank declines 0.3%

    Here are some highlights: 

    --IEX, IndiaMART, Bandhan, AU Small Finance Bank, Info Edge top midcap losers

    --ONGC, Bajaj Auto, Titan, Reliance and Eicher top Nifty losers

    Stock Market Highlights: Sensex ends 111 pts lower and Nifty50 near 15,750 — rupee sinks below 79 for first time

    Market This Week | Sensex and Nifty manage weekly gain of 0.3% 

    Here are some highlights:

    --Midcap index rises 0.5 percent

    --Most sectors rise for the week

    --Nifty Realty, Nifty FMCG and Nifty Metal top gainers among NSE's sectoral indices

    --36 Nifty stocks rise

    --ITC, Hindalco, L&T top gainers

    --Dr Lal Pathlabs, Bosch, Granules, Petronet, TVS, REC and City Union Bank top midcap gainers

    Stock Market Highlights: Sensex ends 111 pts lower and Nifty50 near 15,750 — rupee sinks below 79 for first time

    Prefer Hero MotoCorp to TVS Motor for long term: Kunj Bansal

    Kunj Bansal of investment-illiteracy.com prefers Hero MotoCorp to TVS Motor Company from a long-term fundamental and sustainability perspective. 

    "TVS Motor on a comparative levels its margins are lesser than its peers Bajaj Auto and Hero MotoCorp but the delta on margin is always high and it applies on both the sides: in a falling margin scenario as well as a rising margin scenario. So that is what seems to have attracted the attention of the Street. With raw material prices starting to fall for last few days, it will clearly be beneficial for all the metal consuming sectors including auto companies," he says. 

    Reliance Industries, Bharti Airtel and PowerGrid pull Sensex lower

    Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

    Stock Market Highlights: Sensex ends 111 pts lower and Nifty50 near 15,750 — rupee sinks below 79 for first time

    Market At Close | Sensex and Nifty50 recover much of day's losses in the last hour of trade

    Here are some highlights: 

    --Reliance and ONGC drag headline indices though IT, financial and ITC stocks keep downside in check

    --Reliance shares suffer biggest fall in 19 months and ONGC biggest in 26 months after government announces tax on windfall gains from surge in crude oil rates

    --Titan surges seven percenet from lows despite increase in import duty on gold

    --ITC hits 52-week high

    --Muthoot Finance surges seven percent and Manappuram four percent as government raises customs duty on gold

    --Market breadth favours the bulls — advance-decline ratio at 1:1

    --Rupee ends at record closing low of 79.04 vs US dollar

    Stock Market Highlights: Sensex ends 111 pts lower and Nifty50 near 15,750 — rupee sinks below 79 for first time

    Tata Motors domestic sales rise 82% to 79,606 vehicles

    Tata Motors reports a 78.4 percent increase in total sales to 82,462 vehicles compared with the corresponding period a year ago. The auto major's monthly sales exceed Nomura’s estimate of 77,900 vehicles.

    Its passenger vehicle sales in the domestic market increase 87 percent to 45,197 units.

    Here are some highlights: 

    --Total commercial vehicle sales up 69 percent at 37,265 vehicles

    --Medium and heavy commercial vehicle sales up 75 percent at 9,191 units

    --Electric vehicle sales jump more than five times to 3,507 units

    Tata Motors shares make it to the green after the release of sales data. The stock rises as much as 0.3 percent to Rs 413.1 apiece on BSE in late afternoon deals, having slid to as low as Rs 402.2 apiece earlier in the day. 

    Tax revenue buoyancy is at 1.5%: Tarun Bajaj 

    Stock Market Highlights: Sensex ends 111 pts lower and Nifty50 near 15,750 — rupee sinks below 79 for first time

    Gold price likely to rise by Rs 2000 per 10 gm: Religare Broking

    Sugandha Sachdeva, VP- Commodity & Currency Research, Religare Broking said considering that India largely imports gold to meet domestic demand, the increase in import tax is likely to lead to a proportionate rise in the price of domestic gold by around Rs.2000 per 10gm, factoring in international gold prices which are trading with a slightly negative bias. With domestic prices surging, demand is likely to take a hit at a time when the country is already grappling with high inflation, she said. 

    "In an attempt to stem the steep decline in rupee and curb the widening trade deficit, which has soared to record highs of $23.33 bln in May amid rising import bills, the government has raised the import duty on gold by 5 percent in a surprise move, which makes the import duty on gold as 12.50 percent, while the effective duty on gold will be 15 percent, including the 2.5 percent agri cess, as social welfare surcharge of 0.75 percent has been exempted. In all, the net duty change will be 4.25 percent. Gold also attracts additional 3 percent GST as well, which means the total levies on gold will be 18.45 percent," she explained. 

    Concord Enviro Systems files IPO draft papers with Sebi

    Concord Enviro Systems, an environmental engineering solutions firm, has filed preliminary papers with Sebi to raise funds through an initial public offering (IPO). The proposed IPO comprises fresh issuance of equity shares worth Rs 175 crore and an offerforsale (OFS) of 35,69,180 equity shares by promoters and an investor, according to the draft red herring prospectus (DRHP).

    Buy ICICI Bank, HDFC Life: Ruchit Jain

    Here are two recommendations by Ruchit Jain of 5paisa.com:

    -- Buy ICICI Bank for a target of Rs 725 with a stop loss at Rs 688 

    -- Buy HDFC Life for a target of Rs 585 with a stop loss at Rs 539 

    Finance Minister Nirmala Sitharaman announces Gross GST Collections for June

    Stock Market Highlights: Sensex ends 111 pts lower and Nifty50 near 15,750 — rupee sinks below 79 for first time

    Gold is one of the preferred asset class during high inflation: Dinesh Kumar Khara of State Bank of India

    Stock Market Highlights: Sensex ends 111 pts lower and Nifty50 near 15,750 — rupee sinks below 79 for first time

    Buy Ashok Leyland, HDFC AMC, Marico: Prakash Gaba

    Here are recommendations by Prakash Gaba of prakashgaba.com:

    -- Buy Ashok Leyland for a target of Rs 160 with a stop loss at Rs 140 

    -- Buy HDFC AMC for a target of Rs 1,850

    -- Buy Marico for a target of Rs 495 with a stop loss at Rs 485 

    Bandhan Bank trading at Rs 263.1, 1% off day's high  

    Bandhan Bank cuts lending rates by 11-42 bps across tenures

    Ashok Leyland reports strong set of sales for the month of June 

    Stock Market Highlights: Sensex ends 111 pts lower and Nifty50 near 15,750 — rupee sinks below 79 for first time

    Expect elevated marketing spends to continue for the next 2-3 years: Jaideep Nandi of Bajaj Consumer

    Buy ITC, Motherson Sumi: Mitessh Thakkar 

    Here are recommendations by Mitessh Thakkar of earningwaves.com:

    -- Buy ITC for a target of Rs 288-290 with a stop loss at Rs 274 

    -- Sell Motherson Sumi with a stop loss at Rs 118

    Nifty could hover in a range of 15,000 to 17,500: Rahul Arora

    Rahul Arora, CEO, Nirmal Bang Institutional Equities said “I don't think there is material reason for the Nifty to break 15,000 on the way down. Currently, I don't think the macros or the future is looking that bright that it needs to take out 17,000-17,500 on the way up." "I think at best for the remainder of the six months, you are probably going to be in a 2,000 to 2,500 point range,” he added. 

    You got to be tactical in commodities: Gurmeet Chadha

    Gurmeet Chadha, Managing Partner & CIO at Complete Circle Consultants said, "I think the slowdown is looking real both in terms of high frequency data and ground level checks, which is a lot of brokerages are doing and commodities are the first to get impacted. And the price action can be extremely sharp." He added: "focus should now shift to commodity consumers gradually, again one should not hurry because we are in a very tricky situation. So maybe something like autos and other commodity consumers, which are worst hit, it's time to be a little contrarion."

    Buy TVS, Shriram Transport Finance: Chandan Taparia

    Chandan Taparia, Derivatives and Technical Analyst at Motilal Oswal Financial Services, shares three trading calls: 

    --Buy TVS Motor on declinesfor a target towards Rs 850-855 with a stop loss at Rs 795 

    --Buy Shriram Transport Finance for a target towards Rs 1,240 with a stop loss at Rs 1,160

    --Sell Bandhan Bank for a target towards Rs 250 with a stop loss at Rs 271 

    Buy Siemens, Reliance Industries: Shilpa Rout

    Here are recommendations by Shilpa Rout of Prabhudas Lilladher:

    -- Buy Siemens for a target of Rs 2,480 with a stop loss at Rs 2,390 

    -- Buy Reliance Industries for a target of Rs 2,550-2,600 with a stop loss at Rs 2,380 

    (Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)

    CRISIL lowers India's GDP growth forecast

    Analytics company CRISIL has lowered India's FY23 real GDP growth forecast to 7.3 percent from 7.8 percent earlier.

    Reliance, Vedanta, ONGC tumble as India reserves half of its crude for domestic market

    Domestic oil companies have been told that at least 50 percent of their shipping bills, in a given financial year, have to be reserved for the domestic market. Further, Rs 6/litre tax will be levied on ATF exports, Rs 6/litre on petrol exports and Rs 13/litre on diesel exports. More details here

    Expect Titan to continue compounding by 15% every year: Rahul Arora of Nirmal Bang Institutional Equities

    Stock Market Highlights: Sensex ends 111 pts lower and Nifty50 near 15,750 — rupee sinks below 79 for first time

    Nifty50 enters July series with 75% rollover

    Rollover is the carrying forward of a derivatives contract close to expiry to the next available series. So a trader closes a position in the existing contract and opens a new position in the next one by bearing a certain cost.

    The average rollover of past three months stands at 80 percent.

    Month Rollovers (%) OI at start of series (crore shares) FII long exposure in index futures (%)
    July 75 1.13 15
    June 78.9 1.13 45
    May 78 0.85 35
    April 82 1.23 74
    March 77 1.1 48
    February 75 1.03 33
    January 79 0.96 66
    December 83 1.05 70
    November 82 1.04 54

    Key triggers for July series

    --Apr-June earnings season

    --Monsoon

    --China re-opening

    --FOMC rate decision — central banks remain in focus

    --FII flows 

    ICICI Bank at day's low

    Gold import duty raised to 12.5% from 7.5%

    Economists estimate India's gold imports at around $46-50 billion in the year ending March 2023, as against $46 billion in the year ended March 2022. 

    In the January-May period, however, the imports stood at around $15.97 billion, as against $24.7 billion in the corresponding period a year ago, on account of the Russia-Ukraine war and weakness in the rupee. 

    Economists have not changed their forecasts based on the government's move on import duty. The situation is similar to 2013, when the country saw a similar a hike in gold import duty. 

    Stock Market Highlights: Sensex ends 111 pts lower and Nifty50 near 15,750 — rupee sinks below 79 for first time

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