Stock Market Highlights: The Indian equity indices, Sensex and Nifty recovered early losses to end marginally higher Monday amid mixed global cues. Broader markets, smallcap and midcap indices closed lower. Among sectors, selling was seen in metals, private banks, realty and financial services indices, while Nifty IT and Nifty PSU Bank ended in the green.
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Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty witnessed a massive intraday recovery from the lows suggesting that the upmove is not out of strength. However, the intraday volatility was enough to prompt profit-taking across the board resulting in a negative advance-decline ratio. The street will now watch as to whether some more negative news will surface in the coming few days to prompt a more sustaining down move. 15,737-15,890 seems to be the band for the near term.
Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities
The market opened higher today but liquidation in the positions of Adani Group of companies triggered massive selling and dragged Nifty to the level of 15,606. Later the markets witnessed a gradual recovery which pulled the market back to the highest level of the day. It was completely unexpected to recapture the levels of 15,800 but gains in Reliance, Infosys and Bajaj Finance made it possible. The formation of the market is suggesting a bullish continuation, however, for that the market would consolidate between the levels of 15,850 and 15,700. Once the market starts trading and sustaining above the levels of 15,850 then it would not be difficult for the market to conquer the levels of 16,000/16,050. Buying is advisable if the market drops to 15,700/15,720 levels. The Bank-Nifty has formed a Dragonfly Doji, which is bullish for the sector and for the market.
Ajit Mishra, VP - Research, Religare Broking
Markets ended almost unchanged in a highly volatile trading session amid mixed cues. Markets are seeing buying interest on every dip and it shows that bulls are in control. Apart from the domestic factors viz. inflation and monsoon updates, the upcoming US Fed meet will be in focus. We reiterate our bullish yet cautious view on the market and suggest maintaining stock-specific trading approach. We expect Nifty to test the next milestone of "16,000" soon.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
The short term trend of Nifty continuous to be positive and there is no indication of any reversal pattern unfolding at the highs. At the same time, the market is finding stiff resistance around 15,800-15,900 levels and sharp intraday profit bookings are triggering from the highs. Till Nifty decisively crosses above 15,900 levels, the high volatility likely to be expected in the next 1-2 sessions. Immediate support is placed at 15,670.
Manish Shah, Founder, www.Niftytriggers.com
Nifty witnessed a volatile trading session on Monday but finally closed the day with a net gain. At one point Nifty was down by some 180 points and then there was a bounce off the support zone at 15550-15600. The pattern that stands out is a candle with a long lower shadow which means buyers acted in concert in pushing the index higher from the support zone. Since last several days Nifty has gone in a trading range between 15,850-15,600. The overall trend direction is still up. MACD is in a buy mode and the directional movement indicator is also showing strength. Failure of Nifty to break below 15,600 is a sign of strength. If Nifty manages to break and hold above 15,850 we could see a rapid move to 16,000 over the next 2-3 days.
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments
The Nifty has respected the 15,700 levels on a closing basis. Despite the crack in the first hours of trade, it has managed to claw back its losses and has closed well above the lows of the day. 15,900-16,000 continues to remain the next target for the index and as long as 15,700 holds, traders have no reason to be concerned. A buy-on dips is a prudent strategy to adopt at these levels of the market.
Rupee At Close | The Indian rupee ended 20 paise lower at 73.27 per dollar, amid volatility in the domestic equity market. The local currency opened 14 paise lower at 73.21 per dollar against the previous close of 73.07 and traded in the range of 73.10-73.28.
Market At Close | Market breadth improves from opening levels but still in favour of declines. NSE advance-decline ratio stands at 4:5.
Market At Close | RIL leads recovery with the stock contributing 24 points to Nifty’s recovery. IT shares gain as well with rupee weakening vs US dollar; Nifty IT up 0.4%.
Market At Close | Market recovers from lows to end flat, but at record closing-high.
Market At Close | Here are the highlights of today's trading session
- Market Recovers From Lows To End Flat, But At Record Closing-high
- Sensex Gains 615 Points & Nifty 205 Points From Lows
- Midcap Index Recovers 589 Pts & Nifty Bank 576 Points From Lows
- Sensex Closes 51 Pts Higher At 52,525 & Nifty 12 Pts Higher At 15,812
- Nifty Bank Slips 97 Pts To 34,951 & Midcap Index 131 Pts To 27,199
- RIL Leads Recovery With The stock Contributing 24 Pts To Nifty’s Recovery
- IT Shrs Gain As Well With Rupee Weakening Vs US Dollar; Nifty IT Up 0.4%
- Adani Grp Shrs Recover But Still In The Red On Dvpt w.r.t 3 FPI A/cs
- Coal India Falls Ahead Of Q4 Earnings With The Stock Slipping Over 2%
- Market Breadth Improves From Opening Lvls But Still In Favour Of Declines
- NSE Advance-Decline Ratio Stands At 4:5
Closing Bell | The Indian equity benchmark indices recovered early losses to end marginally higher Monday amid mixed global cues. The Sensex gained 76.77 points, or 0.15 percent to close 52,551.53, while the Nifty settled 12.50 points, or 0.08 percent higher at 15,811.85. Broader markets, smallcap and midcap indices closed lower.
Among sectors, selling in metals, private banks, realty and financial services indices weighed on sentiment, while Nifty IT and Nifty PSU Bank ended in the green.On the Nifty50, Divi’s Laboratories, Tata Motors, Reliance Industries, Wipro and Bajaj Finance were the top gainers, while the top losers included Adani Ports & SEZ, Coal India, Kotak Mahindra Bank, HDFC and NTPC.
Market Watch: Sanjiv Bhasin Director, IIFL Securities
Indiabulls Housing Finance now looks set for Rs 350, Jaiprakash Associates maybe Rs 25 and as a disclosure, we have had positions in both these and we are still looking for outperformance, but we may be privy to booking profit when we want. I would be comfortable with Tech Mahindra and HCL Technologies in my portfolio. I do not want to go into midcap IT because a large part of the run up is already there, but these 2 stocks can give an easy 20 percent even if the index is 16,000.
Adani Group Clarification:
Adani group requested Registrar and Transfer Agent, with respect to the status of the Demat Account of the 3 foreign funds and have their written confirmation clarifying that the Demat Account in which the 3 funds hold the shares of the company are not frozen.
Oil prices rise as demand improves, supplies tighten
Oil prices rose on Monday, hitting their highest levels in more than two years supported by economic recovery and the prospect of fuel demand growth as vaccination campaigns in developed countries accelerate. Brent was up 85 cents, or 1.2 percent, at $73.54 a barrel, their highest since April 2019. US West Texas Intermediate gained 72 cents, or 1 percent, to $71.63 a barrel, their highest since October 2018.
JK Paper says normalised revenue growth could have been around 15% in Q4FY21
JK Paper has been buzzing in trade and has gained over 60 percent in 2021 so far. The company also posted strong earnings last month. AS Mehta, president, and director of JK Paper discussed with CNBC-TV18 the company’s performance and its outlook going forward. On the impact of the COVID-19 pandemic on revenues, Mehta said that sales were impacted for 10 days in Q4FY20. He added that normalised revenue growth in Q4FY21 could have been around 15 percent. Mehta credited JK Paper Limited’s subsidiary Sirpur Paper Mills for being the major contributor in growth. “In Q4, the Sirpur volume was close to 70 percent of its capacity, which was not there in the Q4 of the last year,” he said. Read here.
Lupin receives UK marketing authorization for Luforbec
Drug major Lupin said its UK subsidiary, Lupin Healthcare (UK) Limited has received approval from the Medicines and Healthcare products Regulatory Agency (MHRA) to market Luforbec®️ 100/6 µg pressurized metered dose inhaler (pMDI), the first branded generic of Fostair 100/6 µg pMDI, which has the potential to offer significant cost savings for the NHS. Luforbec 100/6 µg pMDI is indicated for regular treatment of asthma and for the symptomatic treatment of patients with severe chronic obstructive pulmonary disease (COPD), the company said.
Market Watch: Ruchit Jain, Angel Broking
- Buy Jindal Steel with a stop loss of Rs 418 and a target of Rs 442.
- Buy Aurobindo Pharma with a stop loss of Rs 963 and a target of Rs 1,060.
Sona Comstar IPO subscribed 5% so far on day 1, retail portion booked 25%
The Rs 5,550-crore initial public offering (IPO) of Sona BLW Precision Forgings (Sona Comstar) has been subscribed 5 percent so far on June 14, the first day of the bidding process. The public issue received bids for over 57 lakh equity shares against the offer size of over 10.71 crore equity shares, as per the subscription data available on exchanges. The portion set aside for retail investors has been subscribed 25 percent, while the non-institutional investors have put in bids for 59,169 equity shares against their reserved portion of over 2.92 crore equity shares. Qualified institutional investors are yet to put in their bids.
Shyam Metalics IPO subscribed 60% so far on day 1
The initial public offering (IPO) of Shyam Metalics and Energy has received a 60 percent subscription so far on June 14, the first day of bidding. The offer has received bids for 1.26 crore equity shares against the IPO size of over 2.1 crore equity shares, according to the subscription data available on the exchanges.
Shyam Metalics plans to reduce debt by 46% via IPO proceeds
Shyam Metalics' IPO opened today (June 14) with a price band of Rs 303-306 per share. The leading integrated metal producing company focuses on long steel products and ferroalloys. CNBC-TV18 spoke to Brij Bhushan Agarwal, Vice Chairman and MD of the company to understand the objectives of the IPO and the outlook for FY22. The company plans to reduce the debt on its book by lost 50 percent (46 percent) via the money raised from its Dalal Street debut. “We have a long-term and short-term debt of around Rs 886 crore and out of that we are going to repay Rs 470 crore and approximately Rs 400 crore will be comprising of both long-term and short-term debt,” Agarwal said. Read here.