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    Stock Market Highlights: Sensex falls 67 points, Nifty ends below 15,750 dragged by financials

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    Stock Market Highlights: Sensex falls 67 points, Nifty ends below 15,750 dragged by financials

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    Stock Market Highlights: The Indian equity indices, Sensex and Nifty erased the day's gains to end lower Wednesday dragged by selling in banks, FMCG and realty stocks. Broader markets outperformed the benchmarks as the midcap and smallcap indices ended 0.2 percent higher each. Barring Nifty IT, all other sector indices closed in the red with Nifty Private Bank, Nifty Financial Services, Nifty Metal and Nifty FMCG falling the most.

    Stock Market Highlights: Sensex falls 67 points, Nifty ends below 15,750 dragged by financials
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    • Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities

      For the third day in a row consecutive day, Nifty failed to sustain at higher levels and closed at the lowest point of the day. In the absence of any specific news flow from the domestic markets, domestic markets followed global cues which are trading with negative bias. The dollar index held gains that would keep the sentiment of the market subdued.

      Technically, the market has formed a double top at 15,835 levels and closed below the lowest of the previous day, which was at 15,724. Based on that, Nifty would fall to 15,650-15,620 levels. However, as the underline trend of the market is still positive and range-bound, our strategy should be to buy between 15,650-15,600 levels. Keep a final stop loss at 15,550 for the same. On the up-side, 15,770 and 15,840 would be major hurdles.

    • Dinshaw Irani, CIO, Helios Capital India

      We would basically be careful in the market today and expect some kind of correction. If one were to look at the fundamentals, in the last March quarter the surprises to disappointment ratio was 1:1, which came after a very long time. If one were to look at this quarter, I don’t think numbers are going to come up to the expectation of the analyst. Maybe in some pockets, sectors numbers will look right. We may see a lot of downgrades happening. Our thesis is that consumption has taken a beating and you will probably see another couple of quarters of that pain coming through. We are quite cautious today in the market.

    • Ajit Mishra, VP - Research, Religare Broking

      Markets ended almost on a flat note amid volatility, in continuation to the prevailing consolidation phase. Global cues and updates on the new variant of Coronavirus would continue to dictate the trend in near future. On the domestic front, participants will also be closely eyeing the auto sales and PMI data for cues. Meanwhile, we reiterate our advice to restrict naked leveraged positions and wait for clarity.

    • Deepak Jasani, Head of Retail Research, HDFC Securities

      Nifty closed up the month and quarter but fell for the third consecutive day. The advance-decline ratio has become equal. This suggests a tug of war between bulls and bears, where nobody seems to be winning for now. 15,674 is the crucial support while 15,772 is the resistance for the near term. So far the falls in the Nifty have been muted. We are almost at the end of the results season, hence the focus could shift from stocks to the index or largecaps for the next fortnight. 

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      Stock Market Highlights: Sensex falls 67 points, Nifty ends below 15,750 dragged by financials
    • Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services

      The rupee is on an edge, for which the greater sensitivity probably lies towards stronger US data and a stronger dollar. Overall, fx market is focusing on a potentially hot US labour report or the degree to which new Covid variant reduces recovery expectations. So until the USDINR spot trades above 73.75-73.80, it will remain afloat with immediate resistance around 74.50 and then 74.75 zone. While the major supports lie around 73.75-73.50-73.45.

    • Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

      We were unable to get past the range today, 15,900 continues to be a major roadblock for the Nifty. If we can cross that, we will head to 16100. Until then we will vacillate between 15,400 and 15,900 on the back of lackluster volumes. 15,400 is good support for the markets and until we do not disrespect that on a closing basis, the macro trend continues to remain bullish.

    • Manish Shah, Founder, Niftytriggers.com

      Nifty50 saw for the third day in a row a red candle on Wednesday. Nifty now is touching the rising trendline that is coming up from the lows of April 22, 2021. Nifty has closed just below a flattening 20-day moving average. MACD is in a sell mode. 14 period RSI has crossed below 60. Nifty is not able to move above 15,900-15,950 for the last three sessions. What this means is there are sellers building their stronghold at this level. Selling is not strong enough as yet. The longer-term momentum is still strong it is just that Nifty has gone in a flat trading range. With just a day before Nifty weekly options expire, it is not likely that Nifty will trade below 15,600 considering contracting volatility. Secondly, Nifty may not trade above 15,900 till expiry. This could be valuable for option sellers and expiry day players.

    • Rupee At Close | The Indian rupee ended 9 paise lower at 74.32 per dollar, amid volatility in the domestic equity market. The local currency opened flat at 74.22 per dollar against the previous close of 74.23 and traded in the range of 74.22-74.44.

    • Market At Close | IT Stocks Gain As Rupee Remains Weak Against Dollar; Nifty IT Up Nearly 1%

    • Market At Close | Market Breadth Neutral With Advance-Decline Ratio At 1:1

    • Market At Close | Market Erases Opening Gains To Close In The Red. Sensex Slips 393 Points & Nifty 118 Points From Day’s High

    • Market At Close | Here are the highlights of today’s trading session

      - Market Erases Opening Gains To Close In The Red

      - Financials Remain Major Laggards With ICICI & HDFC Bk Being Top Losers

      - Sensex Slips 393 Points & Nifty 118 Points From Day’s High

      - Nifty Bank Falls 443 Points From Highs To Close At Day’s Low

      - Nifty Falls 27 Points To 15,722 & Sensex 86 Points To 52,464

      - Nifty Bank Slips 238 Pts To 34,772 While Midcap Index Rises 70 Pts To 26,971

      - Market Breadth Neutral With Advance-Decline Ratio At 1:1

      - ONGC & GAIL Under Pressure As Crude Remains Around $75 Ahead Of OPEC Meet

      - Autos Close Mixed Ahead Of June Sales; Analysts Seen An Improvement YoY

      - REC & PFC Surge On Cabinet’s Approval For `3 Lk Cr Pwr Distribution Scheme

      - IT Stocks Gain As Rupee Remains Weak Against Dollar; Nifty IT Up Nearly 1%

      - Manappuram & Muthoot Rise After BofA Sec Initiates Coverage With Buy Call

      - Tata Elxsi, Cummins, GMR, Dr Lal, Deepak Nitrite, SRF Top Midcap Gainers

      - IRCTC Falls Despite Reporting A Sequential Improvement In Earnings

    • Closing Bell | The Indian equity benchmark indices erased the day's gains to end lower Wednesday dragged by selling in banks, FMCG and realty stocks. The Sensex fell 66.95 points, or 0.13 percent, to 52,482.71, while the Nifty ended 26.95 points, or 0.17 percent, lower at 15,721.50. Broader markets outperformed the benchmarks as the midcap and smallcap indices ended over 0.2 percent higher each.

      Barring Nifty IT, all other sector indices closed in the red with Nifty Private Bank, Nifty Financial Services, Nifty Metal and Nifty FMCG falling the most. On the Nifty50, Shree Cement, Bajaj Finserv, PowerGrid Corporation, UPL and ICICI Bank led the losses, while Coal India, Reliance Industries, Divi’s Laboratories, Infosys and Tech Mahindra were the top index gainers.

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    • Macrotech Developers: Promoters repay entire debt to company

      Macrotech Developers is trading two percent higher in trade after promoters repaid their entire debt to the company. As of March 31, 2021, the promoters owed around Rs 1,596 crore to the company and Rs 400 crore of which was paid in April 2021. Today, the promoters have paid the remaining amount of around Rs 1,100 crore. The company also plans to reduce net debt by Rs 10,000 crore by end of this year and that is something that the street is liking because debt has been a big problem for Macrotech Developers. As of March 31, the company’s net debt was around Rs 16,075 crore. Watch here.

    • NITI Aayog recommends privatisation of Central Bank, Indian Overseas Bank

      There was only a list of six non-merged public sector banks that the government was considering for privatisation after the announcement was made in the Union Budget in February. Now it has been given to understand that the NITI Aayog has made a recommendation that the Indian Overseas Bank (IOB) and Central Bank of India are the two candidates that are considered for privatisation exercise. Read here.

    • Indian banks will feel the effects of the second wave long after infections fade: S&P Global 

      Indian banks face systemic risk as the country sorts through the aftermath of the COVID second wave. Lenders struggled with a high level of weak loans well before the pandemic struck and, clearly, conditions have deteriorated. S&P Global Ratings expects the second wave to impair the performance of Indian financial intuitions in the first half of fiscal year 2022, with much resting on the effectiveness of government measures to address this problem. The banking sector's weak loans will likely remain elevated at 11%-12% of gross loans in next 12 to 18 months. Credit losses should remain high at 2.2% before recovering to 1.8% in fiscal 2023 (year ending March 31, 2023).

    • AstraZeneca India partners with Docon

      Biopharmaceutical company AstraZeneca India on Wednesday announced that it has signed a memorandum of understanding with Bengaluru-based health startup, Docon Technologies, for digitising 1,000 clinics across India. Under the partnership, Docon will equip the identified clinics with customised Electronic Medical Record (EMR) systems enabling clinicians to access complete patient history, a joint statement said.

    • OPEC will increase output to keep oil prices affordable -NNPC chief

      OPEC will increase production to keep oil prices at a level customers can afford, Nigeria's NNPC chief and OPEC country representative Mele Kyari said on Wednesday, as per a Reuters report. “The only way to pull down the price is to increase the production, for you to increase the supply,” Kyari said during an interview on local news channel Arise TV. “And that is what is going to happen. OPEC is going to intervene.”

    • Motilal Oswal bullish on Zensar, expects SBI card to recover sharply

      Siddhartha Khemka, Head of Retail Research, B&D at Motilal Oswal Financial Services discussed the fundamentals of the market in an interview with CNBC-TV18. Khemka is bullish on the IT sector as a whole and particularly on Zensar in the midcap companies. “Zensar’s current valuation at 14 times FY23 is the lowest amongst midcap-IT coverage. We expect the growth to improve from the second half of FY22 onwards on the back of the new leadership and a refreshed strategy that should start paying off. We expect double-digit growth to return from FY23 onwards. All this should help the stock regain its momentum, should lead to rerating,” he explained. Read here.

    • Small savings schemes may see interest rate cut in July quarter: Experts
      It must be noted that interest rates for these small savings schemes are notified on a quarterly basis. Currently, India Post or Department of Posts, which runs postal services in the country, offers…
      Stock Market Highlights: Sensex falls 67 points, Nifty ends below 15,750 dragged by financials
    • GR Infraprojects IPO opens on July 7; issue entirely offer for sale

      The initial public offering (IPO) of GR Infraprojects will be open for subscription from July 7-9. There will not be any fresh issue of shares and the public issue will be an offer-for-sale (OFS) of up to 1.15 crore shares by promoters and shareholders. The shares are likely to be listed on the BSE and NSE on July 19. Lokesh Builders, Pradeep Kumar Agrawal, Jasamrit Premises, India Business Excellence Fund, and India Business Excellence Fund I will be offloading their shares in the OFS. Read here.

    • Buzzing | Shares of Reliance Industries gained over a percent after the company announced the signing of an agreement with Abu Dhabi National Oil Company (ADNOC) to join a new worldscale chlor-alkali, ethylene dichloride and polyvinyl chloride (PVC) production facility at TA’ZIZ in Ruwais, Abu Dhabi.

    • Retail participation has risen to around Rs 1,700 cr from Rs 400 cr: India Grid

      Market regulator Sebi in its board meet made changes to the debt market rules. Infra InvIT and REIT norms were amended as well Harsh Shah, CEO, India Grid, is of the view that the new Sebi norms would certainly help liquidity, which is an important aspect to make any capital market vehicle or platform work. “This would enable a far broader participation for retail investors and would eventually increase liquidity and would give confidence to both domestic institutional investors as well as global institutional investors,” said Shah in an interview with CNBC-TV18. Read here.

    • Market Watch: Aditya Agarwala of Yes Securities

      - Dr Lal Path Labs is a buy with a stop loss of Rs 3,170 and a target of Rs 3,400

      - Escorts is a buy with a stop loss of Rs 1,190 and a target of Rs 1,280.

    • IDBI Bank | The bank's board has approved deferment of the Employee Stock Option Scheme.

    Stock Market Highlights: The Indian equity indices, Sensex and Nifty erased the day's gains to end lower Wednesday dragged by selling in banks, FMCG and realty stocks. Broader markets outperformed the benchmarks as the midcap and smallcap indices ended 0.2 percent higher each. Barring Nifty IT, all other sector indices closed in the red with Nifty Private Bank, Nifty Financial Services, Nifty Metal and Nifty FMCG falling the most.

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