F&O expiry: IT, banks lift Sensex 393 pts up; RIL slips 2.4% post 44th AGM

Topics MARKET LIVE | Markets | Nifty50

The Indian benchmark indices ended the final session of the June series of futures & options (F&O) over half a per cent higher, with major contribution from information technology (IT) stocks. Heavyweight Reliance Industries, meanwhile, was the top Sensex laggard, falling 2.35 per cent even though the company's chairman Mukesh Ambani made a slew of announcements at the firm's 44th annual general meeting (AGM).

In some major announcements, Ambani said that Yasir Al-Rumayyan, Chairman of Saudi Aramco and Governor of PIF, will join the Board of Reliance Industries as Independent Director. Besides, he said that Reliance Industries will invest Rs 75,000 crore in new energy business over the next three years.

Among the headline indices, the S&P BSE Sensex rose 393 points, or 0.75 per cent, to close at 52,699, while the broader Nifty50 index ended the session at 15,790, up 103 points, or 0.66 per cent. Infosys, TCS, and Tech Mahindra were the top Sensex gainer, while apart from RIL, Bharti Airtel and PowerGrid were the top laggards.

The Nifty sectoral indices were mixed, with the Nifty IT index, up 2.79 per cent, leading the gainers, while the Nifty PSU Bank index, down 1.4 per cent, bled the most.

The broader markets, meanwhile, underperformed their benchmark peers, with the S&P BSE MidCap and SmallCap indices ending 0.51 and 0.22 per cent lower, respectively.

Among other individual stocks, Shyam Metalics and Energy (SMEL) made a strong debut on the bourses, with the stock listing at Rs 380, a 24 per cent premium over its issue price, on the National Stock Exchange (NSE). The stock ended the session at Rs 375.50.

Meanwhile, Sona BLW Precision Forgings (Sona Comstar) made a quiet debut on the bourses, with the stock getting listed at Rs 302.40 -- a 4 per cent premium over its issue price of Rs 291 per share on the BSE. The stock, however, extended gains in intra-day deals to end the session at Rs 362.85 apiece.

Global markets

European shares rose on Thursday as investors focused on a steady economic rebound against the backdrop of fears of a tapering in global monetary stimulus, while technology stocks jumped following an overnight rally in their U.S. peers.

The pan-European STOXX 600 was up 0.6 per cent by 0803 GMT, with financial services, retail and bank stocks among the biggest gainers. German shares gained 0.5 per cent as data showed the business climate index rose again in June after hitting a two-year high last month, while nervousness over a Bank of England policy meeting on Thursday weighed on the FTSE 100 .

LIVE UPDATES

EXPERT VIEW :: Gaurav Garg, Head of Research, CapitalVia Global Research on RIL

n my opinion, the major trigger for this AGM is O2C business will benefit overall health of company, long-awaited RIL’s CMD Mukesh Ambani talked about Saudi Aramco as a strategic partner in our O2C business. RIL has been leader in grocery, electronics, and apparel which helped company to generate handsome revenue in next year and has been major contributor in top line of RIL. Retail will be an important arm to look for RIL’s growth. What excited me most is “Jio Phone Next” which is to be available from September 10. Jio working on 5G trials, will collaborate with Google Cloud for solutions, seen as first step towards made-in-India tech. JIO Fiber has become the largest and fastest-growing fixed broadband operator in India. This might be dark horse top line contributor for JIO.
 
RIL has focused on green energy which will begin with the Jamnagar refinery. I believe RIL to do well in coming quarters firmly based on its core Oil&Gas business which might helped by increasing price of crude in last few quarters, along with Retail and JIO arms. What excites me is the growth of ARPU which was 138 Rs in April quarter which might boost in the coming quarters, I expect this to increase by 25 % in next one year. Based on announcements made and considering next year’s performance of the stock, stock likely to out-perform NIFTY 50 space, as I expect the stock to touch Rs 2650 level in next year.

TECH VIEW :: Ruchit Jain, Senior Analyst - Technical and Derivatives at Angel Broking

Nifty opened marginally higher and traded with a positive bias during the day. The index managed to end tad below 15800 with gains of over 100 points.
 
Although Nifty posted gains of 100 points, it was more of a day of consolidation with the range of 15700-15800. The index was managed by the IT stocks which posted good outperformance, while the heavyweight RIL witnessed some pressure ahead of its AGM. It seems that it was more due to the F&O expiry that the indices were locked within a range and there was no major move in today’s session. In last couple of weeks, we had initially seen a price wise correction in Nifty where it corrected from 15900 to 15450; and now the index seem to be going a time-wise correction. It just seems to be a corrective phase within an uptrend and unless any negative development seen, our market should be geared for a resumption of the uptrend soon. The IT heavyweights have shown good strength today but all eyes would now be on the banking space which could play a pivotal role in driving the index. After a sharp upmove at the start of the week, the Bank Nifty has consolidated for three sessions, and if the momentum resumes at the close of the week then it could result into a resumption of the momentum in the market.
 
The immediate support for Nifty is placed in the range of 15700-15670 while resistance is around 15900 mark. A breakout beyond these boundaries would then lead to a directional move and hence, trader should be vigilant on the mentioned levels

MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services

Supported by positive global equities and strong buying interest in IT stocks, the domestic market sparked a rally today. Total FDI inflow in April rose 38% YoY led by a 60% YoY rise in equity inflow reassuring continued liquidity support in the Indian market. 

Global investors have digested the comments from Fed officials and are looking ahead to key data releases like U.S jobless claims and Bank of England’s decision on interest rates

MARKET CLOSING COMMENT :: Ajit Mishra, VP - Research, Religare Broking

Markets traded with a positive bias and managed to close half a percent higher on the monthly expiry day. After yesterday’s fall in the index, the benchmark opened with an uptick and inched gradually higher as the day progressed. Among the sectors, IT majors played a crucial part in recovery and select stocks from FMCG and auto pack also aided the index to hold the gains. Eventually, the Nifty ended higher by 0.6% at 15,790 levels. Amid all, the broader indices underperformed wherein midcap ended with losses of 0.3% while smallcap ended flat.
 
The prevailing consolidation in the index is largely in line with the global counterparts so participants should continue to keep a close watch on the world market for cues. Despite the positive bias, we’re seeing restricted participation so traders should focus more on the selection of sectors and stocks. On the index front, a decisive break above 15,900 in Nifty would pave the way for an up move else consolidation will continue

MARKET RECAP :: S Ranganathan, Head of Research at LKP Securities

With Q1 of the current fiscal drawing to a close next week, Technology stocks powered Indices as the street bets on the IT sector to deliver the first set of earnings. Even as Reliance spelt out its roadmap and strategies at its AGM today, IT stocks quite clearly hogged the limelight today. The twin listings today from the Primary Market too had a good opening day with both providing 25% gains to IPO investors from their issue price

Twitter Talk :: Shyam Sekhar on RIL AGM

BSE Snapshot :: Weakness in broader markets spoils market breadth


NEW STOCK ON THE BLOCK :: Sona BLW ends 25% higher vs issue price of Rs 291


NEW STOCK ON THE BLOCK :: Shyam Metalics ends 23% higher vs issue price of Rs 306


NSE Snapshot :: Top Nifty50 gainers of the day


Sensex contributors :: Financials, IT support market bulls even as RIL caps gains


Broader market :: BSE SmallCap index slips 0.22%


Broader market :: BSE MidCap index falls 0.5%


Sectoral trends on the NSE :: IT index jumps 3%


Sensex Heatmap at Close :: RIL ends as top laggard

Top gainers: Infosys, TCS, Tech M

Top losers: RIL, Bharti Airtel, Power Grid


RIL AGM 2021 concludes

Mukesh Ambani thanks the Central and State Govts, shareholders, investors, lenders, suppliers and customers for their consistent and resolute support. I thank colleagues on the Board for their oversight in this crucial phase of our growth

RIL ends 2.4% lower post 44th AGM


RIL AGM 2021 LIVE :: I foresee that the Indian economy will bounce back at a rate that will surprise the world

>> Prosperity and opportunities will be created for all on a scale never seen before. Not for a few, but for all 1.35 billion Indians

>> India will conquer the COVID crisis — sooner rather than later. Post COVID, India will emerge stronger. It will be a Better India, a Resurgent India, a more Equal India, and a far more Self-Confident India: Mukesh Ambani 

RIL AGM 2021 LIVE :: India is destined to emerge as one of the top three economies in world, says RIL chairman

>> As Reliance climbs new summits of success in its onward journey, it will also cross new milestones in being a caring and empathetic corporate citizen. But believe me: The Best of Reliance is yet to come: Mukesh Ambani 

RIL AGM 2021 LIVE :: In last 10 years, Reliance invested $90bn in creating substantial wealth for nation

>> In the coming decade, Reliance has capacity to catalyse investments of over $200bn directly and through partners: Mukesh Ambani

>> These investments will create value on an exponential scale.

>> They will also create over 10 lakh new employment opportunities, besides fostering thousands of small and medium enterprises across the country. 

CLOSING BELL

>> SEnsex ends at 52,699, up 392.92 points or 0.75%

>> Nifty50, on the other hand, closes at 15,790, up 103 points or 0.66%

RIL AGM 2021 LIVE :: Envision to take Reliance Retail among top 10 retailers globally, says Mukesh Ambani

I am confident that Reliance Retail is on a hyper growth trajectory to grow at least 3x in the next 3-5 years

STOCK CHECK :: RIL slides nearly 3% amid profit booking


RIL AGM 2021 LIVE :: 1 in 8 consumer shop from Reliance Retail, says Mukesh Ambani

>> We added 1,500 new stores, which is amongst the largest retail expansion undertaken by any retailer during this period, taking our store count to 12,711

>> Our apparel business sold nearly five lakh units per day and over 18 crore units during the year. This is equivalent to dressing the entire population of UK, Germany and Spain once

>> Reliance Retail sold 4.5 crore units of electronics last year which translates to over 120,000 units per day. We sold over a billion units of groceries or about 30 lakh units per day

RIL AGM 2021 LIVE

RIL AGM 2021 LIVE :: Confident of becoming the first company to roll out 5G network

Reliance Industries Chairman Mukesh Ambani speaks at the 44th Annual General Meeting

RIL AGM 2021 LIVE :: JioFiber has acquired over 2 mn new premises over past year, says Mukesh Ambani

>> With a cumulative base of 3mn active home and business users JioFiber has become the largest and the fastest growing fixed broadband operator in India

>> Jio has taken tremendous strides in maturing state-of-the-art 5G technology signifying a quantum leap to next frontier of wireless broadband. 

RIL AGM 2021 LIVE

>> With Microsoft, we have operationalized an initial 10 MW capacity of JIO-AZURE Cloud Datacentres in Jamnagar and Nagpur, says Mukesh Ambani

>> We are currently onboarding the initial group of pilot customers

RIL AGM 2021 LIVE :: Mukesh Ambani on WhatsApp, JioMart partnership

With Facebook, we have launched an initial set of integrations between WhatsApp and JioMart on a trial basis and the response from WhatsApp and JioMart customers is encouraging along with lots of valuable feedback

RIL AGM 2021 LIVE :: RIL, Google deepen partnership

Reliance Retail, Reliance Jio, and other key buisnesses to use Google's cloud services, says Sundar Pichai

RIL AGM 2021 LIVE :: Mukesh Ambani unveils JioPhone Next

>> Will be available in the market Sept 10, 2021 onwards

>> Ambani claims the phone to be the cheapest phone so far, in India and the world

>> It is a fully featured smartphone supporting the entire suite of applications from both Google and Jio

>> JIOPHONE NEXT is powered by an optimized version of Android OS jointly developed by Jio and Google.

>> It is ultra-affordable and packs cutting-edge features.

RIL AGM 2021 LIVE :: RJio is the world’s 2nd largest mobile data carrier

>> Reliance Jio is today world’s 2nd largest mobile data carrier handling over 630 crore GBs a month.

>> This is 45% growth in data consumption in the last year alone – a testament to the rapid pace at which India is digitizing

>> During recent spectrum auctions, we invested Rs 57,123 cr to acquire significant additional spectrum, making Jio the largest operator of 4G spectrum in India.

>> We have operationalized nearly 100% of this additional spectrum

RIL AGM 2021 LIVE :: Reliance Industries to set-up 100 GW plant for Solar Energy

>> This will be done by 2030

RIL AGM 2021 LIVE :: Mukesh Ambani lays roadmap for cleaner energy biz

>> Reliance is also evolving a vision for New Materials and Green Chemicals.

>> We will kickstart this by strategically investing in India’s first world-scale carbon fiber plant for supporting our hydrogen and solar ecosystems

RIL AGM 2021 LIVE

>> Mukesh Ambani says, will build two additional divisions to further strengthen this ecosystem.

>> First, a dedicated Renewable Energy Project Management and Construction Division.

>> Second, a dedicated Renewable Energy Project Finance Division:

RIL AGM 2021 LIVE :: Investment from internal resources will be Rs 75,000 cr in New Energy biz

>> Ambani says, this will be done over the span of 3 years

>> The additional Rs 15,000 cr (over and above Rs 60,000 cr) will be in value chain, partnerships and future technologies, including upstream and downstream industries.

MARKET CHECK :: Sensex zooms nearly 500 pts


RIL AGM 2021 LIVE :: Developing the Dhirubhai Ambani Green Energy Giga Complex, says RIL chairman

We have started work on developing the Dhirubhai Ambani Green Energy Giga Complex on 5,000 acres in Jamnagar.

It will be amongst the largest such integrated renewable energy manufacturing facilities in the world

RIL AGM 2021 LIVE :: We plan to build four Giga Factories, announces Mukesh Ambani

>> These factories will be built to manufacture and integrate all critical components of New Energy ecosystem – solar photovoltaic module factory, energy storage battery factory, electrolyser factory, fuel cell factory

>> Reliance will thus create and offer a fully integrated, end-to-end renewables energy eco-system.

>> Over the next 3 years we will invest over Rs 60,000 crore in these initiatives

RIL AGM 2021 LIVE :: Mukesh Ambani on New Energy biz

>> Will make RIL's energy-arm a global leader

>> As one of the biggest energy markets in the world, India will play a leading role in transforming the global energy landscape

>> As a company always focused on growing businesses of the future, Reliance will provide leadership on the combined strength of our balance-sheet, talent, technology and proven project execution capabilities

>> Reliance will make its New Energy business a truly global business


RIL AGM 2021 LIVE :: Will make RIL net zero-carbon company in 15 years, says Mukesh Ambani

Mukesh Ambani says

As an important part of this vision of achieving accelerated growth, we look forward to welcoming Saudi Aramco as a strategic partner in our O2C business.

Despite several challenges due to COVID 19, we have made substantial progress in the past year in our discussions. These discussions have been held in the spirit of mutual commitment to convert our long-standing relationship into a perpetual partnership. This continued engagement and resolve from both sides, even during this pandemic, is a testimony of strong relationship between Saudi Aramco and Reliance. I expect our partnership to be formalised in an expeditious manner during this year.

RIL AGM 2021 LIVE :: Yasir Al-Rumayyan to join RIL's Board as independent director, says Mukesh Ambani

Rumayyan is Saudi Aramco Chairman and Governor of the Kingdom’s wealth fund — Public Investment Fund (PIF) 

RIL AGM 2021 LIVE

>> Hope to welcome Saudi Aramco to RIL's O2C-arm within this year , says Mukesh Ambani

RIL AGM 2021 LIVE :: Mukesh Ambani on Reliance Retail

Reliance Retail continues to be the undisputed leader in organised retailing in the country, with scale that is more than 6 times the next competitor.

We are by far the leader in each category — grocery, electronics and apparel

RIL AGM 2021 LIVE :: Mukesh Ambani on Jio Platform

Reliance Jio had net addition of 37.9 million subscribers during the year. We now serve over 425 million consumers on our network.

We have revenue market leadership in 19 out of 22 circles

RIL AGM 2021 LIVE

RIL raised $44.4bn – largest ever capital raise by any company in a year globally. This capital raise is a strong vote of confidence by global investors in India’s growth potential, says Mukesh Ambani

RIL AGM 2021 LIVE :: Mukesh Ambani highlights financial performance of FY21

>> Exports goods worth Rs 145,143 crore

>> RIL accounts for 6.8% of total India's export merchanside

>> RIL added 75,000 new jobs last year

>> Paid Rs 21,044 cr of customs+excise, Rs 85,306 cr of GST+VAT, and Rs 3,213cr of Income Tax

RIL's 44th AGM: Watch it live here

STOCK CHECK :: RIL extends decline


RIL AGM 2021 LIVE :: Nita Ambani lists 5 missions undertaken by Reliance Foundation

RIL AGM 2021 LIVE

RIL producing 11% of India's medical-grade oxygen, says Nita Ambani

Procured 100 oxygen cylinders from within India and abroad

RIL AGM 2021 LIVE

Nita Ambani says: 

>> It is my dream that every woman in India writes her own destiny

>> Reliance Foundation also partnered with USAID to launch the Women Connect India Challenge this year.

>> A partnership that aims to empower more and more Indian women with digital access and opportunity

RIL AGM 2021 LIVE :: Jio Institute to commence session this year, says Nita Ambani

>> Have worked hard to bring Jio Institute to life

>> It will prepare the next generation for the world

STOCK CHECK :: RIL

RIL slips over 1% on the BSE as the AGM gets underway



RIL AGM 2021 LIVE

RIL AGM LIVE

>> Mukesh Ambani says, our business performance has exceeded expectations despite the pandemic

>> Reliance Family has risen to the occasion amid Covid pandemic

>> Every employee, directly or indirectly, participated in the fight against Covid-19

RIL AGM LIVE :: Mukesh Ambani begins address

RIL AGM :: Will the Group disclose its plans on carbon footprint?

Speaking at the Qatar Economic Forum, Mukesh Ambani said it is difficult to imagine what India would have been without the 4G telecom network during the pandemic.
 
"The digital divide must be bridged, both among nations and within nations. This is because connectivity and communications have become the basic needs, and also fundamental rights of every human being on the planet (just) as basic as food, clothing, and shelter," he said. READ MORE

RIL AGM and stock performance

Over the last 10 years, RIL has seen an average surge of around 140 per cent in trading value on its AGM day versus the month-ago volume. However, in the last 10 years, from the month prior to the AGM date and the week prior to the AGM date, the stock has outperformed the Nifty nearly half the time and three out of 10 times, respectively.

Source: HSBC

Stock Talk :: RIL

>> Reliance Industries' stock has rallied 10% so far in one month, outperforming benchmark indices' 3% gain

RIL 44th AGM to begin shortly


EXPERT TAKE :: Ambareesh Baliga on trends in IPO listings

Household savings slide in third quarter amid Covid-19 pandemic cloud

Household financial savings moderated in the third quarter (Q3) of 2020-21 (FY21) for the second consecutive quarter, driven by a significant weakening in household financial assets, which more than offset the moderation in household financial liabilities.
 
Preliminary estimates released by the Reserve Bank of India (RBI) showed that household financial savings were at 8.2 per cent of gross domestic product (GDP) in the Q3FY21. READ MORE

Paytm extends deadline to submit documents for share sale to June 30

Digital payments and financial services firm Paytm has extended the deadline for shareholders, employees and former employees to submit their documents by June 30, if they wish to sell their shares in the planned initial public offering of the company. One 97 Communications, which operates services under the Paytm brand name, is planning an initial public offering of its equity shares which is contemplated to include a fresh issue of equity shares by the company and an offer-for-sale of equity shares by the existing shareholders of the company. READ MORE

Heatmap: S&P BSE Sensex gainers and losers at this hour


Buzzing :: After a subdued debut, Sona BLW zooms 20%


Tiger Global-backed Bright Health raises $924 million in US IPO

Bright Health Group, a health insurance start-up backed by Tiger Global and Blackstone Group Inc, said on Wednesday it sold shares in its initial public offering at a price lower than its target range to raise $924.3 million.
 
Bright Health priced 51.3 million shares at $18 per share and had issued a targeted price range of $20 to 23. The IPO values the company at $11.23 billion. READ MORE

NEWS ALERT :: Siemens Plc raises mid-term profit target, reports Bloomberg

>>  Plans 3 billion Euros share buyback


Fitch upgrades Reliance rating a notch above India's sovereign rating

In a statement, Fitch said it has upgraded RIL's long-term foreign-currency issuer default rating (IDR) to 'BBB', from 'BBB-', with a negative outlook. At the same time, the agency has affirmed RIL's long-term local-currency IDR at 'BBB+' with a stable outlook. READ MORE

Sugar stks in focus; Balrampur, Dhampur, Dalmia, Uttam Sugar rally up to 5%

Shares of sugar companies were in focus on Thursday as they rallied up to 7 per cent on the BSE in intra-day trade, exiting their consolidation phase, on the back of a strong earnings outlook. Balrampur Chini Mills, Dhampur Sugar Mills, Avadh Sugar & Energy, Uttam Sugar Mills and Dalmia Bharat Sugar and Industries rallied more than 5 per cent each on the BSE. Dwarikesh Sugar Industries, Shree Renuka Sugars, Triveni Engineering & Industries and Bajaj Hindusthan Sugar, on the other hand, were up between 2 per cent and 5 per cent. In comparison, the S&P BSE Sensex was up 0.43 per cent at 52,531 points at 12:00 pm. READ MORE

MARKET UPDATE:: Sensex at day's high


S&P cuts India's FY22 growth forecast to 9.5% from 11% earlier

S&P Global Ratings on Thursday cut India's growth forecast for the current fiscal to 9.5 per cent, from 11 per cent earlier, and warned of risk to the outlook from further waves of COVID pandemic.
 
The agency lowered the growth outlook saying that a severe second COVID-19 outbreak in April and May led to lockdowns imposed by states and sharp contraction in economic activity. READ MORE

Reliance Industries declines ahead of the AGM


Margin concerns weigh on NMDC

NMDC cashed in on the global metals boom, going by the Q4FY21 results. The PSU, which is India's biggest producer of iron ore, registered Rs 6,848 crore in revenues, a rise of 148 per cent over Rs 3,187 crore reported in Q4FY20. The PAT expanded to Rs 2,828 crore against Rs 351 crore a year ago, a rise of over 700 per cent. READ MORE

NEWS ALERT :: Zydus Cadila receives tentative approval from USFDA for Fingolimod Capsules


US Federal Reserve's mixed messages on inflation unsettle investors

Investors have been struggling to interpret signals from the Federal Reserve about how hot it is willing to let inflation run before it begins unwinding pandemic-era monetary stimulus. Measures of markets' U.S. inflation expectations hit multi-year highs in mid-May, but fell after comments from some Fed speakers and minutes from the committee's April meeting sounded more hawkish. READ MORE

Bull run will last for 'very, very long time', says Rakesh Jhunjhunwala

Annual equity returns from Indian stocks will be about five percentage points on top of the economic growth of 7%-10% in coming years, according to billionaire investor Rakesh Jhunjhunwala.
 
Known locally as India’s Warren Buffett due to his penchant for equity investing, Jhunjhunwala is counting on the nation’s potential for long-term growth and political stability to fuel further gains in the $3 trillion stock market that’s already been hitting record after record this year. READ MORE

Infosys hits new high as buyback via open route commences on Friday

In the past one month, Infosys has outperformed the market by surging 14 per cent, as compared to 4 per cent rise in the S&P BSE Sensex. A sharp run-up in stock price has seen Infosys' market capitalisation cross Rs 6.5 trillion. At 11.00 am, the market-capitalisation of Infosys stood at Rs 6.56 trillion on the BSE, the exchange data shows. READ MORE

MARKET CHECK :: Sensex at day's high


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Greaves Cotton 181.85 8.37
KRBL 254.00 5.35
Godfrey Phillips 998.70 5.25
Grindwell Norton 1211.25 4.87
Esab India 1963.80 4.75
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Orchid Pharma freezes at 10% down circuit as promoter begins stake sale

Dhanuka Laboratories, one of the promoters of Orchid Pharma, proposed to sell in aggregate up to 3.28 million equity shares, representing 8.04 per cent of the total equity share capital of the Company. The issue opened today for non-retail investors, and will open for retail investors on Friday. READ MORE

Cyclical currencies lead after dust settles on US Federal Reserve

The dollar jumped and stocks swooned last week after the Fed surprised markets by signalling much earlier rate hikes than investors previously expected.
 
But policymakers have since softened their stance, sending the greenback to its lowest in nearly a week, with both Powell and New York Fed President John Williams saying the economic recovery required more time before any tapering of stimulus and higher borrowing costs are appropriate. READ MORE

Gold prices on back foot as dollar firms; traders await US Fed data

Gold was subdued on Thursday, as a stronger dollar made bullion more expensive for holders of other currencies, while investors digested mixed signals from Federal Reserve officials on rate hike and awaited more U.S. data to gauge inflationary pressures. Spot gold was down 0.2% at $1,774.96 per ounce, as of 0251 GMT. U.S. gold futures fell 0.4% to $1,776.10. READ MORE

Sona BLW makes a tepid debut; lists at 4% premium over issue price

Sona BLW Precision Forgings (Sona Comstar) made a quiet debut on the bourses, with the stock getting listed at Rs 302.40 -- a 4 per cent premium over its issue price of Rs 291 per share on the BSE on Thursday. On the other hand, on the National Stock Exchange, it opened at Rs 301. However, post listing, the stock hit a low of Rs 295 on the BSE and NSE. READ MORE

Shyam Metalics makes strong debut, lists at 24% premium over issue price

At 10:03 am, SMEL was trading at Rs 394, a 29 per cent premium on the NSE and BSE. A combined 7.7 million shares have changed hands on both the exchanges, so far.
 
The Rs 909 crore initial public offering (IPO) had witnessed robust demand from investors as the issue was subscribed 121.4 times. The metal producer has fixed the price band of Rs 303-306 for the IPO. READ MORE

On the radar: Analysts expand coverage amid sharp stock market rally

Brokerages are expanding the universe of stocks they cover amid a boom in the market. Several stocks in the mid-cap universe are now tracked by more analysts than they were a year ago.
 
For instance, SBI Cards and Payment Services is now tracked by 17 brokerages, compared to just four a year ago. Similarly, companies like V-Mart Retail, Ujjivan Small Finance Bank, Indian Energy Exchange, and Birla Corporation are tracked by 7-8 more analysts. READ MORE

Rupee opening

Rupee opens at 74.22 per US dollar vs Wednesday's close of 74.28/$

NEW LISTING | Shyam Metalics lists at 24% premium to IPO price


MARKET STRATEGY :: IT, metals & pharma have favourable tailwinds

The fundamental support to the highly valued markets comes from the ongoing economic recovery and the expected sharp rebound in earnings. US, China & parts of Europe are staging a smart economic rebound.

In India, even though unemployment is high and consequently aggregate demand is a concern, the organised sector is doing well supported by market share gain at the expense of the unorganised sector, lower corporate tax, cost-cutting and lower interest cost.

Segments like IT, metals & pharma have favourable tailwinds. Since valuations are high investors should moderate their return expectations and extend their investment time horizon. Even in these highly valued markets, there are pockets of value in leading financials, pharma and top telecom stocks.

Views by: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

NEW LISTING :: Sona BLW expected to list at Rs 302/share on BSE

Issue Price for the issue: Rs 291/- per share


NEW LISTING :: Shyam Metalics expected to list at Rs 367/share

Issue Price for the issue: Rs 306/- per share


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Sector Watch :: Metal stocks exhibit upswing; index up nearly 1%


Sector Watch :: Nifty Bank gains momentum


Orchid Pharma hits 10% lower circuit as promoters sell part stake

Promoter Dhanuka Laboratories proposed to sell 32,80,115 equity shares, representing 8.04 per cent of total paid-up equity via offer for sale, on June 24 and June 25.


Result impact :: Speciality Restaurant back to black in Q4; stock zooms 7%

Speciality Restaurants reported consolidated profit of Rs 8.43 crore in Q4FY21 against loss of Rs 37.11 crore in Q4FY20. Revenue fell to Rs 65.42 crore.


Godawari Power surges 4% on regulatory approvals by Govt of India

Government of India, Ministry of Environment & Forests & Climate Change, Impact Assessment Division has accorded its environment clearance for enhancement of iron ore production capacity from 1.405 MTPA to 2.35 MTPA in Ari Dongri Iron Ore Mines at Chhattisgarh, and for setting up of beneficiation plant of 0.6 MTPA capacity.


Apollo Hospitals slides 2.6% on lower Q4 profit

Apollo Hospitals Enterprise reported a consolidated net profit of Rs 169.89 crore for the March quarter of FY21 as compared to Rs 209.60 crore in the year-ago quarter. Consolidated revenue stood at Rs 2,867.95 crore in the quarter under review.


Tata Motors slips in early deals as Guenter Butschek to step down as its MD and CEO

Tata Motors said Guenter Butschek will step down as its MD and CEO with effect from June 30. He will, however, continue as a consultant to the company till the end of this fiscal year.


Reliance Industries trades flat ahead of AGM


Broader market :: BSE SmallCap index up 0.3%


Broader market :: BSE MidCap index trades 0.06% higher in early deals


Sectoral trends on the NSE :: Sentiment largely positive across board


Sensex Heatmap


Opening Bell :: Nifty holds 15,700


Opening Bell :: Sensex starts 150 pts up


Fuel price update

IOC, BPCL & HPCL hike petrol price by 26 paise & diesel by 7 paise today

Petrol price in Mumbai at Rs 104/ltr; approximately Rs 98/ltr in Delhi

Top gainers and losers on the S&P BSE Sensex in Pre-open


Markets at Pre-open


Markets at Pre-open


Commodity corner :: Trading strategies for gold and aluminum

Buy Gold Aug above 47,300 | TGT: 48,000 | Stoploss: 46,850
 
Gold futures had made ‘Bearish belt hold’ candlestick format last week when the US Fed changed its outlook. Follow up candles have been negative, but prices are now starting to consolidate. Recent high after bearish belt hold candlestick is 47,300 and gold is struggling to gain any traction above that level. So, clearly sellers are defending that level and once that level is breached, we might see short covering. Looking at this scenario, we would recommend going long only above 47,300 for expected move till 48,000 and stoploss of 46,850 on a closing basis. READ MORE

Top stocks to watch today

Reliance Industries: The 44th Annual General Meeting (AGM) of Reliance Industries (RIL) will be the most keenly tracked event on Thursday, where the company is touted to spell out its plans for the oil-to-chemical (O2C) telecom, digital and retailing verticals, according to analysts. The AGM begins at 2 PM.
 
New listing: The shares of Shyam Metalics and Sona Comstar are slated to list on the bourses on Thursday. A strong debut is on the cards for Shyam Metalics while Sona Comstar is likely to witness a muted listing, suggest grey market trends. READ MORE
 

RIL 44th AGM :: Will the Chairman of Saudi Aramco join RIL's board?

“RIL’s annual general meeting (AGM) has historically been a keenly watched event (previously attended by 3,000 shareholders when held in physical format and last year saw 300,000 concurrent viewers of the virtual AGM across 42 countries and 468 cities), given that it has been one of the top 3 companies by market capitalisation in India, has a large free float, and a large public shareholding (more than 3 million non-institutional shareholders),” brokerage HSBC Global Research said in a report. Expectations are already built up for the AGM. READ MORE

RIL 44th AGM :: Retail next growth engine for RIL, says Goldman Sachs

With a potential for a 10x growth in pre-tax profit from the business over the next decade, retail including e-commerce will be the next growth engine for Reliance Industries Ltd, Goldman Sachs said in a report.
 
After growing 5x over FY16-FY20, RIL's core retail revenue growth has taken a pause in FY21 (April 2020 to March 2021) due to Covid related macro headwinds including lower footfalls. READ MORE

Shyam Metalics, Sona Comstar: What grey mkt is signaling ahead of listing

Shyam Metalics shares traded at a premium of Rs 123-125 or nearly 40 per cent over the issue price of Rs 306 in the grey market ahead of listing, while Sona Comstar shares were trading flat, up Re 1 over the issue price of Rs 291, according to grey market watchers. READ MORE

Saudi Aramco, O2C vertical update :: Here's what analysts expect from RIL's 44th AGM

The upcoming annual general meeting of Reliance Industries (RIL), scheduled to be held on June 24, will be a keenly watched event, according to analysts, where the company is touted to spell out its plans for the oil-to-chemical (O2C) telecom, digital and retailing verticals. “Over the last year, new investors have joined RIL’s digital and retail business at subsidiary level and RIL has formed new partnerships with global players like Google, Facebook, Microsoft, QUALCOMM etc. READ MORE

Market Ahead Podcast :: Top factors that could guide markets today

Shares of Reliance Industries will be in focus, with the company's 44th AGM slated for today. A roadmap for 5G rollout, likely announcements on affordable 5G phone, low-cost laptop JioBook and update on Aramco deal and retail business would be on top of investor radar. That apart, Fitch Ratings has upgraded RIL's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'BBB', from 'BBB-', with a Negative Outlook. At the same time, the agency has affirmed RIL's Long-Term Local-Currency IDR at 'BBB+' with a Stable Outlook. LISTEN TO THE PODCAST HERE

Results today :: A total of 97 companies are slated to post their quarterly numbers today

Bulk deals on the NSE as on Wednesday

Bulk deals on the BSE as on Wednesday

FII/FPI & DII trading activity on NSE, BSE and MSEI


Rupee check

Source: Bloomberg


Oil check


SGX Nifty update

>> At 8:35 AM, the index was quoting at 15,720, up 24 points

Oil prices jump to more than two-year high as US supplies tighten

Oil prices rose on Wednesday, with Brent climbing above $76 a barrel to its highest since late 2018, after data showed US crude inventories declined and reinforced views of a tightening market as travel picks up in Europe and North America.
 
Brent crude rose $1.02, or 1.4 per cent, to $75.83 by 8:19 pm IST, having touched its highest since October 2018 at $76.02.

(Source: Reuters)

Asian markets check

Asian stocks tracked the Wall Street trend and were mixed in early Thursday trade. Hong Kong's Hang Seng and Korea's Kospi gained 3 per cent, each, while Japan's Nikkei was flat, and Australia's ASX200 fell 0.4 per cent.

US Markets check

Wall Street shares were mixed on Wednesday, with the Nasdaq closing at a record high, amid strong manufacturing data and the latest statements from Federal Reserve officials. The Nasdaq gained 0.13 per cent, while the Dow and the S&P 500 fell 0.21 per cent and 0.11 per cent, respectively.

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