Nifty50 on Thursday saw selling pressure near 15,900 level, as it eventually closed near its opening levels, forming a Long Legged Doji on the daily chart. Such a candle suggests indecisiveness among traders. Analysts said the index needs to move out of the 15,600-900 range for a directional move.
Normally a formation of Doji after a downtrend or uptrend signals impending trend reversal, said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. But, the present Doji formation within a range movement has less predictive value, Shetti said.
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US stocks open lower on mounting growth worries
Wall Street’s main indexes opened lower on Thursday, the last day of a dismal first-half of the year, on worries that central banks determined to tame inflation will hamper global economic growth.The Dow Jones Industrial Average fell 239.31 points, or 0.77%, at the open to 30,790.00.The S&P 500 opened lower by 32.84 points, or 0.86%, at 3,785.99, while the Nasdaq Composite dropped 129.65 points, or 1.16%, to 11,048.25 at the opening bell.
Tech View: Nifty forms Doji candle; consolidation underway
Nifty50 on Thursday saw selling pressure near 15,900 level, as it eventually closed near its opening levels, forming a Long Legged Doji on the daily chart. Such a candle suggests indecisiveness among traders. Analysts said the index needs to move out of the 15,600-900 range for a directional move.Normally a formation of Doji after a downtrend or uptrend signals impending trend reversal, said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. But, the present Doji formation within a range movement has less predictive value, Shetti said.
Cryptocurrencies clear danger, says RBI Governor
Reserve Bank Governor Shaktikanta Das on Thursday described cryptocurrencies as “clear danger” and said that anything that derives value based on make believe, without any underlying, is just speculation under a sophisticated name. The government is in the process of finalising a consultation paper on cryptocurrencies after gathering inputs from various stakeholders and institutions.Reserve Bank of India (RBI) has been flagging concerns about cryptocurrencies, which are seen as a highly speculative asset.In the foreword to the 25th issue of the Financial Stability Report (FSR) released on Thursday, Das also said that as the financial system gets increasingly digitalised, cyber risks are growing and need special attention.
Gold declines Rs 323; silver tumbles Rs 776
Gold in the national capital on Thursday fell by Rs 323 to Rs 50,572 per 10 grams, according to HDFC securities. In the previous trade, the precious metal settled at Rs 50,895 per 10 grams.Silver also tumbled by Rs 776 to Rs 59,377 per kg from Rs 60,153 per kg in the previous trade.
Tech View: Nifty & Bank Nifty
Nifty index is stuck in a sideways trend where the immediate support is placed at 15,700 and resistance is at 15,900 level. The index once breaches the level of 15,900 on the upside will see sharp short covering on the upside towards 16,200 levels. The lower-end support if broken can see a fall towards 15,500-15,400 zone where fresh put writing has been seen.
The fight between the bears and the bulls continued in the Bank nifty index which led the index closed on a flat note on the last day of monthly expiry. The immediate support on the downside is placed at 33,200-33,000 zone and the upside resistance is placed at 34,000 where a significant amount of call writing has been observed. The index needs to break out of this range on either side for getting a directional move.
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities
Shaking off a weak lead from the global market, domestic indices recouped its losses backed by banking and energy stocks. Asian and European markets struggled to regain footing amid global recession fears, leading to a resurgent US dollar, which benefitted from safe-haven demand. FII selling nearing exhaustion provided comfort to the jittery Indian market.
– Vinod Nair, Head Of Research at Geojit Financial Services
Highlights from RBI’s June financial stability report
#RBI Financial Stability Report | Macro-stress tests for #credit risk reveal that #banks are well-capitalised All… https://t.co/Ir7m8JQED1
— ET NOW (@ETNOWlive) 1656583912000
Market at a glance: June worth month for Nifty since March 2020
#MarketsWithETNOW | #Nifty posted the highest decline in a month since March 2020 #StocksToWatch #StockMarket https://t.co/MGFObwUAzt
— ET NOW (@ETNOWlive) 1656583834000
Sector Watch: IT, Metals, Auto indices decline over 1% each
Closing Bell: Sensex, Nifty flat on F&O expiry; Zomato, Paytm fall up to 6%; Adani Transmission rises 5%
Rupee Alert
#MarketAlert | Rupee hits fresh record low at 78.97/$ #Rupee #USDINR #RupeeVsDollar #Economy #Dollar https://t.co/EsyDdSBIPF
— ET NOW (@ETNOWlive) 1656582998000
JUST IN: Project at Daheaj commissioned and capitalized on at an aggregate cost of INR 405 crore, says SRF
Price as on 30 Jun, 2022 03:08 PM, Click on company names for their live prices.
Market LIVE Updates: Ahluwalia Contracts gets award of project worth Rs 209 crore; stock jumps 3%
Price as on 30 Jun, 2022 03:03 PM, Click on company names for their live prices.
PNB Housing Finance on Thursday said it will seek shareholders’ approval next month to raise Rs 12,000 crore in debt capital. The housing finance company promoted by the city-headquartered state-owned lender Punjab National Bank (PNB) is scheduled to convene its annual general meeting (AGM) next month on July 26.
Price as on 30 Jun, 2022 02:55 PM, Click on company names for their live prices.
Rupee relatively better placed than other global currencies against dollar: FM
Amid the rupee declining against the US dollar, Finance Minister Nirmala Sitharaman on Thursday said the Indian currency is relatively better placed than other global currencies against the greenback. “We are relatively better placed. We are not a closed economy. We are part of the globalised world. So, we will be impacted (by global developments),” the finance minister said on the sidelines of an event here.
SBI Card partners with Aditya Birla Finance to launch ‘Aditya Birla SBI Card’
Price as on 30 Jun, 2022 02:07 PM, Click on company names for their live prices.
SEBI’s consent for allowing foreign portfolio investors to participate in all non-agriculture commodity derivative and select non-agriculture benchmark indices likely to increase the liquidity and market dept of the exchange-traded commodity derivatives in the country. Currently, the foreign entities having actual exposure to Indian commodity markets are allowed to participate in the commodity derivatives trading. The new rule will permit any foreign investor who desires to trade through Indian commodity exchanges with or without actual exposure to the physical commodities market. FPIs with huge purchasing power are also permitted to participate based on certain risk management measures.
– Geojit Financial Services
Global credit conditions more negative amid rising borrowing costs, slower eco growth: Moody’s
- Moody’s Investors Service on Thursday said global credit conditions have turned more negative amid rising borrowing costs, protracted Russia-Ukraine conflict and slower economic growth.
- It said the surge in energy and food costs spurred by the conflict in Ukraine is weakening the purchasing power of households, raising input costs for companies and dampening investor sentiment.
- Among sovereign debt issuers, debt sustainability will be especially challenging for many frontier market sovereigns as their borrowing costs climb, while their economies still have not fully recovered from the COVID-19 pandemic crisis, it said.
European shares face worst quarter since pandemic-led carnage in early 2020
- European shares fell on Thursday and were set for their worst quarter since the pandemic-led carnage in early 2020, as investors became increasingly wary of a global recession in the wake of hawkish central bank actions to tame rising inflation.
- The continent-wide STOXX 600 index was down 1.4% by 0709 GMT, with France’s CAC 40 index down 2.0% as preliminary official figures showed inflation climbed further from the previous month to a record 6.5%.
- The STOXX 600 fell for a second straight day after global central bank chiefs said bringing down high inflation around the world will be painful and could even crash growth.
The index has surpassed its key level of 15735 but there is pressure at higher levels of 15888-16000. Overall we expect the index to trade in a broader range with capped upside. At current juncture, we are advising to be with selective stocks and one can look for buying opportunity in MCX, Tata elxsi whereas selling opportunity can be LTI, Tata Power and Cipla.
– Chandan Taparia, Vice President, Equity Derivatives and Technical, Broking & Distribution, Motilal Oswal Financial Services
Drugmaker Biocon Ltd has engaged an external law firm to do a comprehensive review of its governance processes involving consultants and vendors following the CBI making a few arrests over alleged bribes paid to a government drugs controller.
Price as on 30 Jun, 2022 01:00 PM, Click on company names for their live prices.
10 stocks that beat FDs with dividend yields of up to 14%
Metal worst performer in sectoral space; top losers from the pack
Price as on 30 Jun, 2022 12:30 PM, Click on company names for their live prices.
Bitcoin poised for biggest quarterly drop in more than a decade
Bitcoin is on track for its worst quarter in more than a decade, as more hawkish central banks and a string of high-profile crypto blowups hammer sentiment. The 56% drawdown in the biggest cryptocurrency is the largest since the third quarter of 2011, when Bitcoin was still in its infancy, data compiled by Bloomberg show.
Market LIVE Updates: Bank stocks hold firm in weak market
Price as on 30 Jun, 2022 12:20 PM, Click on company names for their live prices.
Zomato tumbles for 4th session, wipes out nearly Rs 12,000 crore m-cap
- Shares of Zomato continued to slide on Thursday, marking its fourth consecutive session of fall. The stock of the food delivery giant has slumped about 25 per cent since Monday after the company acquired the quick commerce delivery firm Blinkit for Rs 4,447.5 crore in an all-stock deal.
- The latest round of correction has wiped out Rs 11,680 crore from investors’ kitty as its market capitalisation slipped to Rs 35,686 crore from Rs 47,366 crore in four days.
A meeting of the Board of Directors of Power Grid will be held on 6th July, 2022 to consider fund raising of up to Rs 6,000 crore from domestic market through issue of bonds and sanction of rupee term loan of upto Rs 5000 crore from commercial bank to meet capital expenditure requirements.
Price as on 30 Jun, 2022 11:39 AM, Click on company names for their live prices.
Dr Reddy’s settles patent litigation with Indivior, Aquestive Therapeutics
Dr Reddy’s Laboratories on Thursday said it has settled patent litigation with Indivior Inc and Aquestive Therapeutics on a medication used to treat opioid dependence or addiction. On June 28, 2022, a US Court dismissed all claims and counterclaims pending in the case with prejudice, pursuant to a joint stipulation of dismissal filed by the parties, the Hyderabad-based drug major said in a statement.
Sensex LIVE Updates: Index erases gains, slips into the red
J.B. Chemicals & Pharmaceuticals at its meeting held on June 29, 2022 has considered and approved the acquisition of portfolio of brands, for use and exploitation within India, from Dr Reddy’s Laboratories Limited.
Price as on 30 Jun, 2022 11:09 AM, Click on company names for their live prices.
Market LIVE Updates: Top gainers & losers from realty pack
Price as on 30 Jun, 2022 10:56 AM, Click on company names for their live prices.
New-age stocks a total avoid: Pankay Pandey, ICICIDirect
As of now it is a complete avoid. Even with the correction, they are still sort of expensive and we are still not very sure about the path to profitability. We really do not have that courage to look for the next four, five years to see what kind of numbers they pan out and on the basis of that recommend a buy. This space is quite dynamic. We are still watching for models where the path to profitability is clear. That is the first thing we will watch and then the valuation will come.
Meme coins trade in the green; Solana, Polkadot shed up to 8%
Market View: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Fed chief Powel renewed his hawkish statement yesterday that the central bank is determined to control inflation and that “soft landing is possible, but extremely challenging”. From the market perspective , what is interesting is that the US markets largely ignored this and ended almost flat. This may be an early indication that the markets are bottoming out. The decline in FPI selling to Rs 851 cr yesterday from the June average of around Rs 2700 cr also can be interpreted as early signs of selling exhaustion. Data will have to be watched to see whether this trend sustains.
In the near-term market movement will be increasingly influenced by the FY23 Q1 results expected from the second week of July onwards. Results of banking, IT and autos (PVs and CVs particularly) are likely to be good and those of metals, cement and some FMCG may disappoint.
Forex update: Rupee opens 11 paise higher at 78.92 against US dollar
Vodafone Idea, IOC, YES Bank among most active stocks on NSE
Price as on 30 Jun, 2022 09:26 AM, Click on company names for their live prices.
Sector Watch: Metals & media indices gain the most
Sensex Heatmap: 21 of 30 index stocks trade higher in opening deals
OPENING BELL: Sensex gains 180 points, Nifty50 above 15,800; Tata Steel, Power Grid rise 1% each
Asian shares end quarter in sombre mood
Asian shares were ending a rough quarter in a sombre mood on Thursday amid fears central banks’ cure for inflation will end up sickening the global economy, though it is proving to be a fillip for the safe-haven dollar and government bonds.
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 34 points, or 0.22 per cent, lower at 15,732, signaling that Dalal Street was headed for a negative start on Thursday.
Q4 results today
MMTC, Parag Milk Foods, Valecha Engineering and SDC Techmedia are among companies which will announce their quarterly earnings today.
Tech View: Nifty50 bulls not ready to give in; momentum positive
Analysts noted that the index has been staging a recovery in the last couple of sessions after seeing gap-down starts, which is positive. Besides, they noted that the selling pressure is getting absorbed near a key moving average. Analysts said the momentum stays positive.
Oil stable as market weighs fuel stocks build amid supply concerns
Oil prices were little changed on Thursday as markets weighed a rise in U.S. gasoline and distillate inventories and worries about slower economic growth amid concerns of supply tightness. Brent crude futures for August dropped 25 cents, or 0.2%, to $116.01 a barrel in light trading as the August contract is set to expire on Thursday. The more-active September contract was at $112.18, down 27 cents, or 0.2%.
Tokyo shares open lower after mixed US trade
Tokyo shares opened lower on Thursday after US stocks ended flat, with investors searching for new trading cues. The benchmark Nikkei 225 index fell 0.19 percent, or 51.32 points, to 26,753.28 at the open, while the broader Topix index lost 0.34 percent, or 6.48 points, to 1,887.09.
S&P 500 limps to lower close as quarter-end looms
The S&P 500 ended a seesaw session slightly down on Wednesday as investors staggered toward the finish line of a downbeat month, a dismal quarter, and the worst first-half for Wall Street’s benchmark index since President Richard Nixon’s first term.
Rupee slides 18 paise to close at 79.03 against US dollar
Falling for the fourth session in a row, the rupee slid by 18 paise to close at a record low of 79.03 against the US dollar on Wednesday, weighed down by a rise in crude oil prices, a strong dollar overseas and persistent foreign capital outflows.
Sensex, Nifty on Wednesday
Dragged by banking and IT stocks, the 30-share pack Sensex dropped 150 points to close at 53,026.97. Its broader peer, Nifty50, shed 51.10 points to end the session at 15,799.
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