!1 New UpdateClick here for latest updates
US stocks rise as China eases Covid curbs
Wall Street’s main indexes opened higher on Tuesday after China relaxed some COVID-19 quarantine requirements for international travelers, raising hopes of a revival in global growth.The blue-chip Dow Jones Industrial Average gained 409 points or 1.3%. The broader benchmark, the S&P 500, rose 1.2% and the Nasdaq Composite advanced 0.9%.
Tech View: Nifty forms small bullish candle; a revisit of 16,000 level likely
Nifty50 on Tuesday ended marginally higher and formed a small bullish candle on the daily chart. Analysts said a positive close after a gap-down start was positive. They see the index testing the 16,000 level in the coming days. Support for the index stays at 15,700, they said.During the day, the selling pressure was absorbed near the key hourly moving averages, said Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan.”The index witnessed a brief consolidation near 15,700-15,800 throughout the day and took a leap on the upside towards the end of the session. The hourly chart shows that the Nifty50 is moving up in an upward sloping channel and can test the upper channel line near 16,000. On the downside, 15,700-15,600 will act as a crucial support zone, which will provide a cushion on the downside,” Ratnaparkhi said.
Rupee tanks 46 paise to close at record low of 78.83 against US dollar
The rupee plunged by 46 paise to close at record low of 78.83 (provisional) against the US dollar on Tuesday, weighed down by persistent foreign capital outflows and a surge in crude oil prices. At the interbank foreign exchange market, the rupee opened lower at 78.53 against the greenback and finally settled at 78.83, down 46 paise over its previous close. During the session, the rupee touched an all-time low of 78.85 against the American currency.
Ruchi Soya Industries Ltd now becomes Patanjali Foods
Edible oil firm Ruchi Soya Industries Ltd on Tuesday said the name of the company has been changed to Patanjali Foods Ltd with effect from June 24. In 2019, Baba Ramdev-led Patanjali Ayurved acquired Ruchi Soya for Rs 4,350 crore through an insolvency process. In a regulatory filing, Ruchi Soya informed that it has “received an e-mail dated June 27, 2022, from the Ministry of Corporate Affairs mentioning that a fresh ‘Certificate of Incorporation pursuant to change of name’ dated June 24, 2022, was issued by the Registrar of Companies, Maharashtra, Mumbai”.
Market View: Vinod Nair, Head Of Research at Geojit Financial Services
After a gap down opening, domestic indices were lifted by positive global peers while oil prices rose over renewed supply concerns. The weakened rupee and rising bond yield limited domestic investors’ risk appetite. Gains in commodity-linked stocks and optimism over easing Covid restrictions in China aided the global up-move.
While the confluence of factors like War, Oil and Currency strength of India tempted FII’s to book profits on the back of premium valuations relative to its peers, the narrative could likely change if any of the above factors were to alter going forward. As the rupee hit fresh lows today, we did see selective buying interest in exporting companies as smart investors begin bargain hunting by putting global macro worries behind. In a rather range-bound trading session today as deliberations of the GST council gets underway, Autos displayed strength yet again on the back of new launches ahead of their monthly numbers.
– S Ranganathan, Head of Research at LKP Securities
Sectoral Watch: IT, metals rejoice; banks, financials edge lower
Closing Bell: Sensex pares early losses, ekes 16-point gain; Nifty near 15,850; 3M India rallies 10%, OIL 6%
Moody’s changes Tata Steel’s outlook to positive from stable
The outlook change to positive shows the domestic steel giant’s track record of delivering a solid operating performance while maintaining conservative financial policies and the likelihood that upward rating pressure will build over the next 12 months if the recent performance and credit metrics improvements are sustained.
“Moody’s Investors Service has changed the rating outlook on Tata Steel Ltd (Tata Steel) to positive from stable,” the global rating agency has said in a statement.
Sensex LIVE Updates: Index back in the green
Global Market Check
- The Stoxx Europe 600 rose 0.7% as of 10 a.m. London time
- Futures on the S&P 500 rose 0.6%
- Futures on the Nasdaq 100 rose 0.6%
- Futures on the Dow Jones Industrial Average rose 0.6%
- The MSCI Asia Pacific Index rose 1.5%
- The MSCI Emerging Markets Index rose 1.6%
The buyback will provide an edge to the performance of the stock price, in the industry, due to enhancement in quantitative & qualitative factors. Daily delivery will increase and fundamentally earnings will improve by a minimum 1% to a maximum 2% for FY23. Since it is an open market transaction, the immediate benefits to the stock price will depend on the trend of buyback offer and market condition. But, at CMP, the stock is trading at 18.5x on a 1yr fwd., which is in line with the 3yr and 5yr historical average. Henceforward, we can presume an improvement in the valuation to above the average during short to medium-term. We are also positive in the long-term due to pick up in domestic economic activities, strong road map for electric scooter and robust financial metrics like strong balance sheet and improvement in future earnings supported by the decrease in raw material prices.
– Vinod Nair, Head of Research at Geojit Financial Services
‘Sacred Foods of India’: MasterChef Vikas Khanna’s foray into the world of NFTs
Tata Motors has announced an impending price hike of its commercial vehicle range. An increase in price in the range of 1.5-2.5%, will come into effect from 1st July 2022 across the range, depending upon individual model and variant. While the company takes extensive measures to absorb a significant portion of the increased input costs, at various levels of manufacturing, the steep rise in overall input costs makes it imperative to pass on a residual proportion via a minimised price hike.
Price as on 28 Jun, 2022 02:03 PM, Click on company names for their live prices.
Commodity stocks lead European shares higher on China COVID relief
European shares rose on Tuesday, led by gains in commodity-linked stocks and automakers after China relaxed its COVID-19 quarantine mandate, while investors awaited ECB President Christine Lagarde’s speech later in the day. The continent-wide STOXX 600 index was up 0.9%, as of 0714 GMT, rising for a third straight session amid easing concerns about aggressive central bank policy moves to tame red-hot inflation.
15 more firms selected under PLI scheme for white goods
The government on Tuesday said 15 firms, including Adani Copper Tubes, LG Electronics and Wipro Enterprises, with committed investment of Rs 1,368 crore have been provisionally selected as beneficiaries under the production linked incentive (PLI) scheme for the white goods sector. In November last year, 42 firms, including Daikin, Panasonic, Syska and Havells, with committed investment of Rs 4,614 crore were selected.
Rupee depreciation will further impact inflation adversely: Nikhil Kamath
Rupee depreciates to a fresh all time low of 78.6 to the dollar. Indias current monthly trade deficit is about $ 20… https://t.co/x3OqzXUgqC
— Nikhil Kamath (@nikhilkamathcio) 1656402175000
STOCK IN FOCUS: ONGC
#Helicopter mishap in #Arabian Sea near #ONGC rig Sagar Kiran in #Mumbai High; carrying 7 passengers & 2 pilots. Fo… https://t.co/ou1dTaZXXR
— Oil and Natural Gas Corporation Limited (ONGC) (@ONGC_) 1656400690000
Engineering services company L&T Technology Services Limited (LTTS) has inaugurated its engineering design centre (EDC) in Toulouse, France, to initially cater to the new-age digital requirements of global aerospace and defence sectors.
Price as on 28 Jun, 2022 12:53 PM, Click on company names for their live prices.
Zomato slides over 13% in two days after Blinkit deal
Shares of Zomato slid for the second day, down over 7.5 per cent in Tuesday’s trade, after the food delivery giant agreed to acquire instant grocery startup Blinkit for Rs 4,447 crore in an all-stock deal. Analysts believe a deal with Blinkit will delay Zomato’s path to profitability, thus hurting the stock.
Sensex LIVE Updates: Index off day’s low, down over 100 points
97.9 lakh shares of NTPC exchange hands via block deal
Price as on 28 Jun, 2022 11:51 AM, Click on company names for their live prices.
ETMarkets Smart Talk: Time to follow Warren Buffett’s advice to ‘buy the fear’ in market: Sunil Damania
Several stories are projecting a scenario of gloom and doom, ranging from recession in the US, global rise of inter… https://t.co/Y2VjzifPLH
— ETMarkets (@ETMarkets) 1656395842000
Market LIVE Updates: Auto stocks gain in a weak market, rise up to 3%
Price as on 28 Jun, 2022 11:06 AM, Click on company names for their live prices.
Where is rupee headed after hitting record lows?
Going forward, we expect the Rupee spot to depreciate towards 80/81 levels by the year-end as twin deficits add to pressure on the emerging market currency. The Fed is expected to hike rates by 75 bps in the July meeting, while the RBI meeting is not due until August, which could narrow the yield differentials between India and US, and might further weigh down on Rupee.
— Jigar Trivedi – Research Analyst- Commodities & Currencies Fundamental, Anand Rathi Shares
Glenmark…
Read More: Sensex Today: Stock Market Highlights: Nifty forms small bullish candle; a revisit of