The domestic equity market witnessed some consolidation on a closing basis on Tuesday, but the session remained weaker than the previous one. Following an overnight strong closing of the US markets, Asian bourses started on a firm note this morning. The Indian market saw a strong opening, but failed to capitalise on it.
Opec, Russia seen easing oil production cuts from August: Sources
Opec and Russia will likely ease record oil production cuts from August as global oil demand recovers and prices have bounced back from their lows, four Opec+ sources told Reuters. Opec and its allies including Russia, know as Opec+, have agreed to cut production by a record 9.7 million barrels per day, or 10 percent of global demand, from May to support oil prices as demand plunged because of the coronavirus pandemic.
Direct investment rises in FY20, portfolio investment declines: RBI
Direct investment into the country rose by $19 billion while portfolio investment declined by $13.7 billion during 2019-20, according to the data on the International Investment Position (IIP) released by the Reserve Bank on Tuesday. International financial assets of Indian residents increased by $73.9 billion due to the rise in reserve assets and overseas direct investment by $64.9 billion and $13.0 billion, respectively, though other investments declined marginally during the year, the RBI said in a release.
Nifty ended flat amid volatile trade on Tuesday and in the process formed a bearish candle on the daily chart. Analysts said the index managed to hold on to the 10,300 mark, but is still in a consolidation phase. It needs to break the 10,200 level or cross 10,450 for a directional trade to emerge. Sumeet Bagadia of Choice Broking said the index has support at 10,100 level while resistance comes in at 10,500 level.
Foreign exchange reserves up by $64.9 billion in FY20
The country's foreign exchange reserves in nominal terms increased by $64.9 billion in FY20 compared to a reduction of $11.7 billion in FY19, according to RBI. This increase in reserves includes the valuation effects, the Reserve Bank of India said in a release.
Smallcap stocks dominate bulk deals on Tuesday
Here’s who bought and sold what in some of the key bulk deals of the day. Sanjay Lunawat sold 728,861 shares of Digjam at Rs 4.77 per share on BSE, and another 5,71,148 shares at Rs 3.44 per share. Shriram Credit Company sold 1,08,42,770 shares of Empower India at Rs 19 per share. It held a 5.77 per cent stake in the company at the end of March quarter.
Bondholders and lenders of GVK Power Goindwal at loggerhead over priority payment
IDBI Trusteeship Services has approached the Bombay High Court on behalf of bondholders of GVK Power (Goindwal Sahib) against the company’s lenders for the priority over the dues of over Rs 293 crore. IDBI Trusteeship filed the case on behalf of DB International (Asia), an affiliate of Deutsche Bank, seeking the court’s intervention to get Rs 293 crore under the Trust and Retention Account (TRA) Agreement from the IDBI Bank. The bondholders are claiming that being priority lenders, they have right over the money over the banks.
Govt to implement uniform stamp duty on transfer of capital market instruments from July 1
The government will implement the uniform stamp duty on transfer of shares, debentures, futures, options, currency and other capital market instruments from July 1. The rationalized system through centralized collection mechanism is expected to ensure minimization of cost of collection, enhancement of revenue productivity, capital formation and ease of doing business, while reducing jurisdictional disputes.
Dow Jones dips at open on virus fears, US-China tensions
The S&P 500 and Dow Jones indexes opened lower on Tuesday as coronavirus-related worries and simmering U.S.-China tensions weighed on sentiment at the end of what is expected to be the S&P 500's best quarter since 1998. The Dow Jones Industrial Average fell 83.37 points, or 0.33%, at the open to 25,512.43.
Nifty50 on Tuesday erased morning gains to close flat. The index formed a small bearish candle on the daily chart after forming indecisive Doji candles for two consecutive sessions. Analysts said the index is losing strength and the bias has turned negative. Nifty has immediate support at 10,190 and 10,180 levels, while the immediate hurdle is seen at 10,400 level, they said.
ONGC Q4 results: Reports first-ever quarterly loss on impairment loss
State-owned Oil and Natural Gas Corp (ONGC) on Tuesday reported its first-ever quarterly loss after it took an impairment on the slump in oil and gas prices. India's top oil and gas producer reported a Rs 3,098 crore loss in the January-March quarter as compared to a profit of Rs 4,240 crore in the same period a year back.
Index heavyweights drop
Oil-to-telecom conglomerate Reliance Industries (RIL) contributed the most to Sensex’s decline as it dropped 1.15 per cent, while private lender HDFC Bank shed 0.99 per cent. FMCG major ITC and top software exporter Tata Consultancy Services (TCS) shed 1.32 per cent and 0.93 per cent, respectively.
Below 10,170 level, Nifty could fall to 10,000 or 10,050: Shrikant Chouhan
“Markets failed to hold on to its initial gains and ended lower due to shift in US stock futures to negative territory. Major market participants stayed on the sidelines ahead of the speech from PM Modi. On Wednesday, we are expecting trending day for the market. Below 10170 level, Nifty could fall to 10000 or 10050. On the higher side, Nifty could move to 10500 if it breaches the 10410 level. In brief, 10170 and 10410 levels would be trend decider levels for the market. Also, the trend in world markets could also be influential,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.
Use dips to accumulate quality stocks: Ajit Mishra
"Markets will take cues from the PM speech on further unlocking of the economic activities amid the rising cases and we’ll see the reaction in the early trade on Wednesday i.e. July 1. Besides, the auto sales data will also be closely watched by the participants to access the pace of recovery in the economy. Nifty has been hovering within 10,200-10,400 for the last four sessions and either side break may trigger the next directional move. Meanwhile, limit your trades and use dips to accumulate quality stocks," said Ajit Mishra, VP - Research, Religare Broking.
"Markets settled almost unchanged amid volatility, in continuation to the prevailing consolidation phase. The benchmarks opened with an uptick, taking cues from the global markets but selling pressure erased all the gains in the latter half. Consequently, the Nifty index ended flat at 10,300 levels. On the sector front, a mixed trend was witnessed as on one hand sectors like auto, capital goods and banking ended in green whereas telecom, healthcare and oil & gas ended with losses," said Ajit Mishra, VP - Research, Religare Broking.
PM Garib Kalyan Yojana to be extended till Nov-end
No one is above lockdown rules; We need people to follow rules in containment zone
- PM Narendra Modi
Unlocking phase has increased laxity among people; Carelessess increasing during Unlock
- PM Narendra Modi
Covid-19 recovery rate in India better than most countries: PM Modi
We are now entering Unlock 2. We are also entering the season where there are rising cases of cold, cough, and fever: PM Narendra Modi
CLOSING BELL: Sensex erases gains, ends 46 pts lower ahead of PM Modi's address; Nifty ends flat; Nestle, Maruti gain 2% each
17 of 30 Sensex stocks end the day in the red
Index contributors: RIL, HDFC Bank, Bharti Airtel, TCS, ITC
Top Index gainers: Nestle (2.63%), Maruti (2.61%), ICICI Bank (2.52%)
Top Index losers: Power Grid (2.08%), Sun Pharma (1.70%), Bharti Airtel (1.17%)
S&P BSE AUTO biggest sectoral gainer, up 1.05%
S&P BSE OIL & GAS biggest sectoral loser, down 1.51%
Volume toppers: RIL, Bajaj Fin, Kotak Bank, ICICI Bank, IndusInd Bank
Here are the volume toppers in today's trade
Here are the top gainers and losers in the real estate space.
Price as on 30 Jun, 2020 02:51 PM, Click on company names for their live prices.
Sensex erases all gains, drops 70 points; RIL, HDFC Bank top drags
S&P BSE MidCap up 0.36%. This is how the index has performed in the last 3 months
BSE Bankex gains, ICICI Bank top gainer, Bandhan worst loser
Covid-19 may set back Indian banks' recovery by years; NPAs will hit record high, raising credit costs, putting pressure on ratings: S&P (Source: Agencies)
Premji Invest to acquire controlling stake in Baroda-based aroma chemical manufacturer
Premji Invest, the investment arm of Azim Premji, has agreed to acquire a controlling stake in Baroda-based Best Value Chem (BVC). BVC, a specialty aroma chemical manufacturer, said the transaction involves the selling of stake by existing shareholders and a commitment to infuse the primary capital for capacity expansion to meet increasing demand from its global customers.
S&P BSE METAL up over 1%. This is how the index has performed in the last 6 months
Raymond shares decline over 4% after Q4 earnings
Shares of Raymond Ltd on Tuesday declined over 4 per cent after the company reported a consolidated net loss of Rs 69.10 crore for the fourth quarter ended March 2020. The stock dipped 4.23 per cent to Rs 275 on the BSE. Raymond Ltd on Monday reported a consolidated net loss of Rs 69.10 crore for the fourth quarter ended March 2020, impacted by the coronavirus-induced lockdown.
Here are the top gainers and losers in the auto space
Price as on 30 Jun, 2020 01:00 PM, Click on company names for their live prices.
In a move to encourage more investors to participate in reconstruction schemes, including Yes Bank and others approved by National Company Law Tribunal or are still pending with it, the government has exempted purchase of such shares at discounted prices from income tax.
Forex Center: This is how the major currencies are trading against each other
Tourism & hospitality stocks trade mixed; Indian Hotels best performer, Mahindra Holidays worst
Price as on 30 Jun, 2020 12:23 PM, Click on company names for their live prices.
Sensex up over 100 points. This is how the 30-pack index moved in the morning session
Bharti Airtel has been in good form during the Covid-19 phase of the market. Prices have sought out new highs and are consolidating those gains. More recently, the stock went down with a gap on May 22 and since then prices have been unable to close the gap to make room for an assault higher. This gap lies between Rs 590 and Rs 575.
Do you think banning Chinese apps is a good way to send out a strong signal to Beijing that its strong-arm tactics will not be tolerated?
Pharma stocks trade in the red. Suven Life, Glenmark top losers, fall up to 5%
Price as on 30 Jun, 2020 11:38 AM, Click on company names for their live prices.
Shares of ONGC climbed 1 per cent ahead of quarterly earnings later today. The oil & gas major is expected to report an up to 60 per cent drop in profit on 20-25 per cent plunge in net sales. The production guidance for domestic and overseas (OVL) businesses and the current status of KG-DWN-98/2 block will be keenly followed, said analysts.
S&P BSE Metal jumps over 2% to emerge as the biggest sectoral gainer in morning session
Sobha, Godrej Properties among top gainers in the realty space
Price as on 30 Jun, 2020 10:36 AM, Click on company names for their live prices.
Shares of Vodafone Idea edged higher in Tuesday's trade ahead of its quarterly earnings scheduled for release later in the day. The telecom operator is seen narrowing losses in March quarter while it is expected to report flat-to-single digit growth in sales on a year-on-year (YoY) basis amid a drop in the pace of market share loss due to the lockdown. Analysts said management commentary on the adjusted gross revenue (AGR) issue will be keenly followed.
S&P BSE IT index biggest sectoral loser, sheds 0.48%; here are the gainers & losers from the sector
Voda Idea, BEL, BHEL among most active stocks on NSE
Price as on 30 Jun, 2020 09:33 AM, Click on company names for their live prices.
Pre-open session: Sensex gains 160 points, Nifty50 at 10,380
SGX Nifty signals positive start
Nifty futures on the Singapore Exchange traded 76.50 points, or 0.75 per cent higher at 10,323.50, in signs that Dalal Street was headed for a positive start on Tuesday.
Tech view: Nifty forms Doji candle
Nifty50 on Monday closed almost at the same level where it had opened, and in the process formed a Doji candle on the daily chart for the second consecutive session. The back-to-back formation of such candles suggests investors are indecisive after the recent rally. A pause is likely, said analysts, who believe the recent swing low of 10,194 will act as immediate support for Nifty. They see some upside on any rise above the 10,337 level.
Oil prices slip as weak Japan data exposes market jitters
Oil prices fell in early trade on Tuesday after weak Japanese industrial production data, not usually a market-moving factor, was enough to jangle trader nerves over a bumpy recovery in fuel demand as coronavirus pandemic restrictions ease. Brent crude futures for September fell 32 cents, or 0.8%, to $41.53 a barrel, paring Monday's 92-cent gain. There were no early trades on the August contract, which rose 69 cents on Monday and expires on Tuesday.
China passes security law for Hong Kong
China's parliament passed national security legislation for Hong Kong on Tuesday, setting the stage for the most radical changes to the former British colony's way of life since it returned to Chinese rule almost exactly 23 years ago. Cable TV, citing an unidentified source, said the law was passed unanimously by the Standing Committee of China's National People's Congress.
Gold set for best quarter in 4 years
Gold prices held steady on Tuesday and were heading for their biggest quarterly rise in more than four years as fears over rising coronavirus cases around the world boosted demand for the safe-haven metal. Spot gold was mostly unchanged at $1,770.77 per ounce by 0052 GMT, just $8.29 shy of a near eight-year high of $1,779.06, hit last week.
China's June factory activity quickens, but exporters struggle
China's factory activity expanded at a stronger pace in June, as the economy continues to recover after the government lifted strict lockdowns and ramped up investment, but export orders remained weak as the global coronavirus crisis shatters demand. The official manufacturing Purchasing Manager's Index (PMI) came in at 50.9 in June, compared with May's 50.6, National Bureau of Statistics (NBS) data showed on Tuesday, and was above the 50.4 forecast in a Reuters poll of analysts.
Japan stocks open higher following US markets
Tokyo stocks opened higher on Tuesday after US and European markets bounced back on optimism over post-lockdown economic activities. The benchmark Nikkei 225 index gained 1.55 percent or 340.37 points to 22,335.41 in early trade while the broader Topix index was up 1.34 percent or 20.69 points at 1,569.91.
Dow jumps 580 points as Boeing shares rally
US stocks finished noticeably higher, boosted by solid gains in Boeing shares.On Monday, the Dow Jones Industrial Average jumped 580.25 points, or 2.32 per cent, to 25,595.80. The S&P 500 was up 44.19 points, or 1.47 per cent, to 3,053.24. The Nasdaq Composite Index increased 116.93 points, or 1.20 per cent, to 9,874.15.
Rupee settles 7 paise higher at 75.58 against US dollar
The rupee settled 7 paise higher at 75.58 (provisional) against the US dollar on Monday supported by weak American currency and easing crude prices even as the equity market was trading in the negative territory. Forex traders said weak domestic equities, foreign fund outflows and rising COVID-19 cases weighed on investor sentiments. However, weak American dollar supported the local unit and restricted the decline.
Sensex, Nifty on Monday
The Indian stock market declined on Monday, although the indices trimmed major losses by the end of the day's trade. At the end of the session, BSE Sensex was down 209 points and had to settle below the psychological mark of 35,000 points. Sensex closed at 34,961.52, lower by 209.75 points or 0.60 per cent from the previous close of 35,171.27. The Nifty50 on the National Stock Exchange closed at 10,312.40, lower by 70.60 points or 0.68 per cent from its previous close.
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