Investors book profit ahead of US Fed meet outcome; Sensex drops 271 pts

Topics MARKET LIVE | Markets | Sensex

Stock market updates: Equity markets consolidated near record high levels on Wednesday as investors awaited the outcome of the US Federal Reserve's monetary policy meeting, due later in the day. Moreover, a rally in crude oil price, which is hovering above $74 per barrel, also had a bearing on the sentiment.

The benchmark S&P BSE Sensex traded within a band of 391 points before settling the day at 52,502 levels, down 271 points or 0.5 per cent. On the NSE, the Nifty50 index erased 102 points, or 0.64 per cent, to close at 15,767 levels.

In the broader markets, the BSE MidCap index slipped 0.95 per cent while the BSE SmallCap index dipped 0.68 per cent.

Market breadth was skewed towards bears as approximately 1,800 scrips declined on the BSE compared with 1,400 scrips that advanced. In the large-cap universe, Adani Ports, Hindalco, JSW Steel, Tata Steel, IndusInd Bank, Power Grid and Reliance Industries were the top laggards while Adani Enterprises, LIC Housing Finance, Adani Transmission, Future Retail, Future Consumer, and Suprajit Engineering were the worst performing stocks in the mid- and small-cap segment.

Sectorally, the Nifty Metal index skidded 3 per cent on the NSE on report that China has ordered state firms to curb overseas commodity exposure. A Reuters report also said China may release State reserves for Copper, Aluminum, and Zinc.

That apart, the Nifty PSU Bank and Realty indices dropped over 1 per cent each. On the contrary, the Nifty FMCG and IT indices gained 0.5 per cent and 0.25 per cent, respectively.

Global cues
Asian shares were subdued on Wednesday with investors wary of any hint of hawkishness from the US Federal Reserve given lofty asset valuations rely so heavily on an endless supply of super-cheap money.

Japan's Nikkei ended 0.5 per cent lower and China's Shanghai Index dipped 1 per cent. South Korea's Kospi and Australia's ASX200, on the other hand, gained 0.6 per cent and 0.01 per cent, respectively. 

In Europe, gains in financial and industrial stocks lifted indices, with the pan-European STOXX 600 up 0.2 per cent.


LIVE UPDATES

MARKET OUTLOOK :: Broader indices may see further profit-booking

Since last couple of days, we have been advising on booking profits and staying light in the market. The way market is behaving around 15,800 – 15,900, the strength is clearly missing. Also if we take a glance at the NIFTY MIDCAP 50 index, it is struggling around the crucial juncture (as it’s placed around the key Fibonacci ratios). In fact, today’s weakness in the broader market is clearly hinting towards some sort of profit booking in the near term. Hence we continue to remain cautious and advise traders to stay light on positions.
 
As far as Nifty is concerned, 15820 – 15900 to be seen as strong resistances; whereas on the lower side, 15700 is to be considered a crucial support. For the weekly expiry session, we would advise traders existing longs and aggressive traders can opt to short as well if we see Nifty around 15820. If the selling happens as per our expectation, the possibility of breaking 15700 increases, which could then lead to some extended correction in the following sessions

Views by: Sameet Chavan, Chief Analyst-Technical and Derivatives at Angel Broking

TECH VIEW :: Rohit Singre, Senior Technical Analyst at LKP Securities

After forming a Doji candle pattern in Tuesday’s session, Nifty formed a bearish candle on daily chart & has given a close at 15,767 with loss of  0.6 per cent. Nifty has reached to its good support zone of 15,750 and if it breaks below this, then some more slide towards the next support zone of 15,650 is likely. However, if the fall is contained, then some decent pullback can be witnessed towards 15,850-15,900 zone

MARKET CLOSING COMMENT :: Deepak Jasani, Head of Retail Research at HDFC Securities

Indian Benchmark equity indices broke a four day winning streak and retreated from record highs following weak Asian cues and ahead of the US Fed meet outcome. The Nifty opened marginally in the negative, rose to go into the green in the first 20 minutes of trade but resumed its downtrend later. It closed almost at its intra day low. At close, the Nifty ended 101.7 points, or 0.64 percent, lower at 15,767.55.
 
Nifty fell ahead of the US Fed meeting as traders brought down their positions ahead of the event. This is also reflected in low volumes and sharply negative advance decline ratio. The market might be reluctant to push higher ahead of the Fed meeting beyond a point. While economists don't expect US Fed to alter rates or cut bond buying immediately, any indication of an earlier than expected roll back of stimulus may dampen sentiments. 15648-15835 is the band for the near term for the Nifty. 

MARKET OUTLOOK :: Technical patterns suggests more correction in the offing

Technically, the index has confirmed a shooting star candlestick pattern on the top which suggests correction in the counter. Furthermore, the index has given closing below 21&50 HMA, which further adds bearishness to the counter. Moreover, Hourly Momentum Indicator MACD is also showing negative crossover, which indicates weakness for the near term. At present, the nifty seems to have resistance at around 16000 levels while immediate support shifted up to 15650 levels.

Views by: Sumeet Bagadia, Executive Director at Choice Broking.
 

TECH VIEW :: Nagaraj Shetti, Technical Research Analyst at HDFC Securities

The short term trend of Nifty seems to have shattered by Wednesday's decline. The immediate support of 15715-15700 is going to be crucial for a sustainability of uptrend. A decisive move below this support could confirm trend reversal and also a crucial top formation at 15901 levels. Any pullback rallies could find resistance at 15825-15850 levels.

MARKET STRATEGY :: Traders should limit naked leveraged positions

Markets lost over half a percent in a volatile trading session as participants were in the profit taking mood from the beginning. After the flat start, the benchmark gradually inched lower as the day progressed. Though it tried to recoup some of the intraday losses in the middle however selling pressure in the final hour dragged the Nifty again to day’s low around 15,767 levels. The broader indices too followed suit as both midcap and small cap ended lower by 1.1% and 0.6% respectively. Amongst the sectors, except the defensives like IT and FMCG, all the other indices ended with losses wherein metal, capital goods and banking were the top losers.
 
All eyes are on the US Fed rate decision which is scheduled tonight. We expect the Fed to maintain the status quo on rates however commentary on economy and inflation would be actively tracked by investors. We expect volatility to remain high in the indices due to scheduled weekly expiry. In case of a further slide, Nifty would find support around 15,600-15,650 zone on Thursday. On the higher side, the 15,800-15,850 zone would act as a hurdle. Traders should limit naked leveraged positions and wait for further clarity.

Views by: Ajit Mishra, VP - Research, Religare Broking
 

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

Indian indices slipped ahead of the Fed policy announcement as global markets turned cautious. Weakening MoM sales data and rising prices in the US are adding concerns to ongoing inflationary trend. But Fed maintaining an accommodative policy and a calm comment on short-term inflationary pressure can drive the markets ahead

IPO Alert :: Sona Comstar issue subscribed 2.3x till so far on Day 3


IPO Alert :: Shyam Metalics and Energy issue subscribed 121x till 4 PM on Day 3


IPO Alert :: Dodla Dairy issue sails through on Day 1

Issue fully subscribed till 4:00 PM

IPO Alert :: KIMS issue subscribed 21% till 4:00 PM on Day 1


BSE Snapshot


Volatility Alert

India VIX gains around 2% to end at 14.87 levels

Sector Watch :: FMCG index ends higher for second day; Tata Consumer hits record peak


Sector Watch :: All metal index constituents end in the red; Adani Ent SAIL top drags


Broader market :: BSE SmallCap index slips 068%


Broader market :: BSE MidCap index falls nearly 1%


NSE Snapshot :: Stocks that bucked the falling trend on the Nifty


Heavyweights that dragged the Sensex today


Sectoral trends on the NSE :: Metals, PSBs skid; FMCG stocks rally


Sensex Heatmap at Close

Top gainers: Nestle India, ONGC, NTPC

Top losers: Power Grid, IndusInd Bank, Reliance Industries


CLOSING BELL

The benchmark S&P BSE Sensex traded within a band of 391 points before settling the day at 52,502 levels, down 271 points or 0.5 per cent. On the NSE, the Nifty50 index erased 102 points, or 0.64 per cent, to close at 15,767 levels.
 
In the broader markets, the BSE MidCap index slipped 0.95 per cent while the BSE SmallCap index dipped 0.68 per cent.

Total haircut of 95.85% to all the creditors in Videocon resolution plan

The Mumbai bench of the National Company Law Tribunal (NCLT) has questioned the haircut that creditors have to take in the Videocon Industries Limited (VIL) Ltds (VIL) resolution plan, a global news wire reported.
 
The resolution applicant was paying close to the liquidation value to acquire the company, the tribunal noted in the order approving the resolution plan submitted by Anil Agarwal's Twin Star Technologies. READ MORE

NEWS ALERT :: Cabinet decisions

Nifty sectoral indices at this hour; Metals remain under pressure


NEWS ALERT

China's economic data disappoints in May as consumer spending lags

Industrial output rose 8.8% in May from a year earlier, below the 9.2% forecast by economists in a Bloomberg survey. Retail sales increased 12.4% versus an estimate of 14%. Fixed-asset investment increased 15.4% in the first five months of the year from the same period in 2020. The unemployment rate eased to 5% in May from 5.1% in the previous month. READ MORE

Recovery from intra-day lows in today's session

COMPANY DAY'S LOW(RS) DAY'S HIGH(RS) LATEST(RS) RISE(%)
Jai Corp 137.00 169.60 168.70 23.14
Alok Industries 27.10 30.80 30.20 11.44
BASF India 2584.00 2863.25 2847.40 10.19
WABCO India 6856.95 7870.45 7512.05 9.55
Click here for the full list

Q4 RESULTS | RITES net profit slips 1.6% YoY at Rs 141.5 crore

-- Revenue up 11.4% at Rs 636 cr

-- EBITDA up 13.3% at Rs 185.4 cr

-- Margin at 29.1% vs 28.6%
 

European markets check

(Source: Reuters)


IPO Alert :: KIMS issue subscribed 19% till 2:00 PM on Day 1


Infosys rallies for 8th straight day, hits record high; up 13% in a month

Infosys was trading higher for eight straight days. At 01:25 pm, the stock was up 0.45 per cent at Rs 1,479.45, as compared to a 0.41 per cent decline in the S&P BSE Sensex.
 
Infosys on Monday, June 14, 2021, informed the stock exchanges that the meeting of the Board of directors of the company is scheduled on July 14, 2021, inter alia, to consider and approve the audited consolidated financial results of the company for the quarter ending June 30, 2021 (Q1FY22). READ MORE

Google's smartphone tie-up with Reliance hits supply chain snag: Report

Ambani’s Reliance Industries Ltd. originally envisioned sales in the hundreds of millions in the first years for the inexpensive device but now targets a small fraction of that at launch, the people said. The co-branded phone is set for its unveiling at the conglomerate’s June 24 shareholder meeting, followed by an official debut as early as August or September, the people said, asking not to be named as the plan isn’t public. READ MORE


IPO update:: Dodla Dairy overall subscribed 60%. Retail portion fully subscribed 1.18x


Barred or not? Adani investors fret over three Mauritius-based funds

Shares of Adani’s firms nosedived Monday after a local media report said accounts of these funds — owning about $6 billion of shares across the conglomerate — were frozen by India’s national share depository. The Economic Times said the action was taken probably due to insufficient information on the owners, citing people it didn’t identify. The stocks recouped losses after the conglomerate refuted it. A Tuesday filing stoked doubts again after Adani group said the three funds were facing some suspension due to a years-old regulatory order. READ MORE

LARGE TRADE :: Suprajit slides 6% post multiple block deals

>> 0.75 million equity changes hand on BSE

>> 13.8 million equity changes hands on NSE


Inflation persistence vis-a-vis low growth, RBI has limited choice: Report

Driven by several global and domestic factors, inflation may remain elevated in the coming months, State Bank of India's research division said on Wednesday. Soumya Kanti Ghosh, Group Chief Economic Adviser at SBI, said that faster-than-anticipated and robust recovery in some advanced countries is likely to exert upward pressure on international commodity prices, including crude oil. READ MORE


Globus Spirits hits new high; advances 28% in a week on strong Q4 results

Shares of Globus Spirits hit a new high of Rs 459 after rallying 9 per cent on the BSE in intra-day trade on Wednesday. The stock has now surged 14 per cent in the past two trading days after reporting a more-than-doubled consolidated profit after tax (PAT) at Rs 50.63 crore in the March quarter (Q4FY21), on the back of strong revenue. It had PAT of Rs 19.35 crore in the year-ago quarter.
 
In the past one week, the stock of the breweries & distilleries company has advanced 28 per cent, as compared to 1 per cent rise in the S&P BSE Sensex. READ MORE

IPO Alert :: Dodla Dairy issue subscribed 63% till 1:00 PM on Day 1


SECTOR WATCH:: IT stocks hold firm

Company LATEST(rs) CHG(%)
Infosys 1482.15 0.63
Vakrangee 48.35 -0.92
Tech Mahindra 1069.05 0.20
TCS 3282.90 0.63
Firstsour.Solu. 165.50 0.70
» More

ICICI Bank raises Rs 2,827 crore by issuing bonds on pvt placement basis

Private sector lender ICICI Bank has raised more than Rs 2,827 crore by issuing bonds on private placement basis. The bonds carry a coupon rate of 6.45 per cent per annum payable annually and were issued at par. There are no special rights or privileges attached to them. The allotment date is June 15 and redemption date is June 15, 2028. The bonds will be listed in relevant segment of the National Stock Exchange (NSE) of India. READ MORE

Fed officials expected to signal start of monetary policy shift debate

Federal Reserve officials on Wednesday are expected to at least flag the pending start of talks about when and how to exit from the crisis-era policies the U.S. central bank put in place at the onset of the coronavirus pandemic last year. With U.S. inflation rising faster than expected and the economy forecast to grow at its quickest pace in decades this year, some policymakers have begun questioning whether the Fed should continue to keep its benchmark short-term interest rate near zero and leave unchanged a massive bond-buying program put in place to stem the economic fallout from the pandemic. READ MORE

Brent may test $78-80 levels, support at $68 -70 levels: Emkay Wealth Management

As per a study by Emkay Wealth Management, the Brent crude oil prices may test higher levels of USD 78-80, and the support may be at USD 68-70 level. But the rise may be, to a certain extent, limited by the strength in the US Dollar against other currency majors. 
 
One major factor that dominated oil markets is the possibility of a nuclear deal between the US and Iran, and also better relations between the two countries, based on the reported talks between the two parties. This would mean that the supply from Iran will be in the markets as soon as such a pact is reached. Therefore, the prices should naturally come down. But there is a strong view that oil prices may start going up, anticipating this supply in the near future.

MARKET CHECK :: Sensex extends slide, down 300 points


LTI to acquire Cuelogic Technologies for $8.4 million; stock gains 2%

Shares of Larsen & Toubro Infotech gained 2.2 per cent to Rs 4,148 apiece on the BSE in Wednesday's intra-day session after the company announced acquisition of Cuelogic Technologies Private Limited, a Pune based Digital Engineering company. At 12:28 PM, the stock was trading 1.6 per cent higher at Rs 4,222 per share as against a 0.45 per cent decline in the benchmark S&P BSE Sensex. READ MORE

 

Gold extends losing streak to fourth day on worries over Fed taper talk

Gold prices fell on Wednesday for a fourth straight session, hurt by a stronger dollar as investors awaited the outcome of the U.S. Federal Reserve's latest meeting for clues on possible tapering of economic support measures. Spot gold was down 0.1 per cent at $1,857.55 per ounce, by 0320 GMT. U.S. gold futures were steady at $1,857.50. READ MORE

IPO Update :: Sona BLW crosses 50% subscription mark

> The issue closes for subscription today

CEAT, HUL: These 5 stocks can rally up to 15% on conquering MACD hurdle

Technical indicators can be useful parameters to gauge the short-term price movement in a stock or an index to either make quick profits or trim losses. One of the measures, Moving Average Convergence Divergence (MACD), is used to assess the power of price movement in a market. The indicator is a momentum indicator, derived from moving averages, and is calculated by subtracting 26-days exponential moving average (EMA) from the 12-EMA. READ MORE

Adani Power, Transmission, Total Gas slip 5% for third straight day

Shares of three Adani Group companies - Adani Power (Rs 127.25), Adani Transmission (Rs 1,369.35) and Adani Total Gas (Rs 1,394) – were locked in lower circuit for the third straight day, down 5 per cent each, on the BSE on Wednesday despite the National Securities Depository Ltd (NSDL) clarifying that the accounts of three foreign funds - holding nearly Rs 43,000 crore worth of Adani group shares - are 'active' and not frozen. READ MORE


Top-performing Indian funds make winning bets on chemical firms stocks

India’s best-performing stock funds have one thing in common: they’ve bet on companies that make the chemical substances used in items ranging from lip balms to crop-boosting fertilizers. Chemicals producers make up at least 14% of the portfolio for three funds that have delivered the biggest returns this year among those with at least $500 million in total assets, according to Bloomberg-compiled data. Those bets have paid off thanks to rising global appetite for specialty chemicals in industries such as automobiles and cosmetics amid a recovery from the pandemic. READ MORE


Geojit Financial on KIMS & Dodla Dairy IPOs

Krishna Institute of Medical Sciences (KIMS): At the upper price band of Rs.825, KIMS is available at EV/EBITDA of 18.6x (FY21) which appears fully priced. We expect to see a recovery in patient footfalls and occupancy rates as lockdown restrictions ease. The company’s leadership position in the AP& Telangana along with expansion into new markets and increased bed capacity will be strong levers for future growth. We assign subscribe rating with a long term perspective.

Dodla Dairy (DDL): At the upper price band of Rs.428, DDL is available at P/E of 16.4x (annualized basis on FY21E EPS of Rs.26.1) which appears fully priced. We assign a “Subscribe” rating for the issue on a long-term basis considering the significant market presence, brand visibility, plans to launch new milk products in the near term and lean balance sheet.

Top losers on BSE at this hour

Company PRICE(rs) CHG(%)
Future Consumer 10.35 -8.73
Adani Transmissi 1369.35 -5.00
Adani Total Gas 1394.00 -5.00
Adani Power 127.25 -4.97
Future Retail 69.05 -4.96
» More on Top Losers

Flexicap schemes find favour among investors amid broad market rally

The newly-created flexicap category is gaining popularity among investors. The data from Association of Mutual Funds in India (Amfi) shows that that equity scheme category has received net inflows of over Rs 2,700 crore in the past three months.
 
Market participants say that investors are using flexicap schemes to spread their bets across the investing universe as the rally has become more broad-based. “Flexi cap is the most attractive category in the equity segment. READ MORE

LIC Housing Finance dips 4% on profit booking post Q4 results

Shares of LIC Housing Finance slid 4 per cent to Rs 501 on the BSE in intra-day trade on Wednesday as investors booked profit after the company reported a good set of numbers for the March quarter (Q4FY21) on the operating and business growth front. However, a steep rise in provisions dented profitability. The board approved a dividend at 425 per cent i.e. Rs 8.50 per equity share of Rs 2 each for the financial year 2020-2021. READ MORE


MARKET UPDATE:: Sensex extends fall


India inflows may get boost with category-I FPI status for Cyprus funds

The Indian government has classified foreign portfolio investors (FPIs) from Cyprus as eligible for taking up Category-I licence — a move that could boost investment from the region into India. Cyprus is the third non-FATF country, after Mauritius and UAE, to be given the exemption --- a move that could prompt more and/or larger funds from the European Union to route their investments through the island nation. READ MORE

NEWS ALERT :: Alembic Pharma JV receives US FDA's final approval for Testosterone Topical Solution

Alembic Pharmaceuticals Limited (Alembic) today announced that its joint venture Aleor Dermaceuticals Limited (Aleor) has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Testosterone Topical Solution USP, 30 mg per pump actuation.


Asian central banks build dollar war chests, prep for US Fed policy

Asia’s emerging economies have accumulated their highest level of foreign-exchange reserves since 2014, offering a powerful buffer against market volatility if the U.S. Federal Reserve changes course. Central bank holdings of foreign currencies in the region’s fast-growing emerging economies hit $5.82 trillion as of May, their highest since August 2014. When China’s cash pile is stripped out, emerging Asian central banks’ reserves stood at an all-time high of $2.6 trillion. READ MORE


MARKET VIEW | V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

A disturbing trend in the market in recent days is the rise of low-grade stocks- the so-called 'cats & dogs' of the market. Some companies in debt trap and heading for bankruptcy and some already there are being pushed up by the new breed of retail investors. Market history tells us that these 'cats & dogs' will be butchered in a  bear ambush. Since valuations are high a bear ambush may happen anytime. So investors have to be extremely careful while playing the small-cap game. Bluechips will recover from a bear ambush but cats & dogs will be slaughtered.
 
The Fed commentary today will be keenly watched by markets globally. Brent at $74 is negative for Indian macros. But the market is likely to ignore this and focus on the unlock trade.

KR Choksey recommends 'Subscribe' rating on Dodla Dairy IPO

Dodla Dairy's (DDL) IPO size is Rs 520 Cr, which includes a fresh issue of INR 50 Cr and offer for sale (OFS) of INR 470 Cr. The price band of the issue is INR 421-428. On the upper price band of INR 428 and EPS of INR 14.57 for FY20, the P/E ratio works out to be 47.8x. If we annualise the 9MFY21 EPS, then P/E ratio works out to be 15.4x, which is reasonable. If we compare DDL with its peers like Hatsun Agro and Heritage Foods, then Heritage Foods is available at a P/E of 12.1x, which is lower than DDL. Though, Hatsun Agro is available at a P/E of 79.1x its FY21 earnings, which is significantly higher than DDL. We believe, DDL has a good potential for future and is also available at a reasonable valuation compared to its peers. As a result, we recommend a ‘SUBSCRIBE’ rating for the DDL IPO.

Newgen Software surges 13% in 2 days after promoters sell 10.57% stake

Shares of Newgen Software Technologies extended their rally into second day, surging 4 per cent to Rs 519.45, on the BSE in Wednesday's intra-day deals after the promoters sold their 10.57 per cent stake in the company via open market on Tuesday. With today's gain, the stock was trading at its fresh all-time high level, having zoomed 13 per cent in two days. In the past one month, it has soared 58 per cent as compared to an 8 per cent gain in the S&P BSE Sensex. READ MORE

Rupee opening

Rupee opens at 73.29/$ vs Tuesday's close of 73.31 against the US dollar

Jubilant FoodWorks rallies 5%, hits record high post Q4 results

Shares of Jubilant FoodWorks rallied 5 per cent to hit a record high of Rs 3,331.85 on the BSE in intra-day on Tuesday after the company reported over three-fold jump in its consolidated net profit at Rs 105.30 crore for the fourth quarter ended March 2021 (Q4FY21). It had reported a profit of Rs 32.53 crore in the year-ago quarter. READ MORE

Metal stocks in focus


Most active stocks by volume

Company PRICE(rs) CHG(%) VOLUME
Vodafone Idea 9.82 1.13 9096994
Future Consumer 10.95 -3.44 2596000
Suzlon Energy 7.27 0.69 1690862
Future Retail 70.80 -2.55 1669498
Alok Industries 28.65 -2.22 1501557
» More on Most Active Volume

BREAKING NEWS

Hindustan Organic jumps 5% as co back to black in Q4

The company reported consolidated profit at Rs 7.5 crore in Q4FY21 as against loss of Rs 20.39 crore in Q4FY20.


GE Power India up 2% on new order win

GE Power India Ltd (GEPIL) has bagged three separate orders worth Rs 125 crore from STEAG Energy (for Vedanta), Tata Power and JSW Steel. GEPIL has received three separate orders for a combined value of Rs 125 crore (USD 16.54 million) for upgrade of the coal-fired power plants equipment from STEAG Energy (for Vedanta), Tata Power and JSW Steel, according to a statement.


PNB Housing Finance rallies even as NHB imposes penalty on the company

National Housing Bank (NHB) has imposed a penalty of Rs 80,000 on PNB Housing Finance for not complying with loan disbursement norms in 2015. However, the company has asked the regulator to reconsider the penalty.


Dish TV gains 2% as Board to consider fund raising

The company on Tuesday, said its board will meet next week to consider raising up to Rs 1,000 crore by issue of permissible securities.


Jubilant Pharmova gains in early deals as US arm to produce Covaxin

The firm said its subsidiary has inked a pact with US-based Ocugen Inc to manufacture COVID-19 vaccine Covaxin for the US and Canadian markets.


Result Impact :: LIC Housing Finance down 1%

Mortgage financier LIC Housing Finance on Tuesday reported a 5 per cent YoY decline in its profit after tax at Rs 398.92 crore in the quarter ended in March 2021 due to higher provisioning for bad loans.


Jubilant Foods advances over 4% post Q4 nos


Sectoral trends on the NSE


Sensex Heatmap

Top gainers: ONGC, M&M, Sun Pharma

Top losers: Power Grid, Dr Reddy, IndusInd Bank


Opening Bell :: Nifty holds 15,800


Opening Bell :: Indices open with a red tick; Sensex slips 100 pts


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


Markets at Pre-open


Markets at Pre-open


Top stocks to watch today

Earnings Today: RITES, Asahi India Glass, Nureca, Somany Ceramics, and Welspun Enterprises are among 32 companies slated to release their quarterly earnings today.
 
DRL: Dr Reddy's Laboratories (DRL) on Tuesday said it has been asked to pay $46.25 million to Australia-based Hatchtech Pty Ltd as part of an asset purchase agreement between the two parties in 2015.
 
ICICI Bank: The private sector lender has raised over Rs 2,827 crore by issuing bonds on a private placement basis. READ MORE

Trading ideas by HDFC Securities

Buy Oberoi Realty (Rs 650): | Target: Rs 780 | Stop-loss: Rs 600
 
On June 3, the stock surpassed the crucial double top resistance of 630 on a closing basis. Volumes have been building up in the stock for last three weeks, along with the price rise. Realty sector has started getting traction in the last one month. Oberoi Realty is one of the best placed stocks from the real estate sector, technically. The stock is placed above all important moving averages, indicating bullish trend on all time frame. Indicators and oscillators have turned bullish on weekly and monthly charts. READ MORE

Weekly stock recommendations by Ajit Mishra

Cholamandalam Investment and Finance Company

Recommendation: Buy
 
Target: Rs 620
 
Stop loss: Rs 545
 
Cholamandalam Investment and Finance has been consolidating within Rs 500-600 zone for the last three months. It is currently trading closer to the upper band of the range while holding firmly above the support zone of the short-term moving average (50 EMA). Indications are in the favor of a breakout soon, so we advise utilising the prevailing phase to initiate fresh positions. READ MORE

Dodla Dairy IPO: Should you subscribe to the issue?

The IPO, analysts said, is valued at 16.5 times FY21 earnings and looks reasonable compared with peers, although some concerns on the earnings growth front linger. Most analysts have a 'subscribe' rating on the issue as they expect a rerating of valuations given Dodla Dairy's market leadership, high return ratios, thrust on expanding footprint and improved efficiencies. READ MORE

Krishna Institute of Medical Sciences IPO: Here's all you need to know

The three-day initial public offer (IPO) of Hyderabad-based Krishna Institute of Medical Sciences (KIMS) will open for subscription on Wednesday. Most of the brokerages recommend investors subscribe to the issue for a long-term considering healthy industry growth prospects and the company's strong track record.
 
According to a Crisil report, the Indian healthcare industry is expected to log a CAGR of 17-18 per cent and Rs 7.1 trillion by FY24. Besides, in FY20, 68 per cent of hospital treatments, in terms of the treatment value, were carried out in private hospitals, and the number is expected to reach 72 per cent in FY24, the report said. READ MORE

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


Results today :: A total of 32 companies are slated to post their quarterly numbers today

Rupee check


SGX Nifty indicates muted start

> Nifty futures on SGX were down 9 points at 15,845 around 8.30 am, indicating flat-to-negative start for the benchmark indices


Oil bulls take charge as demand outlook improves; Brent moves past $74 mark

Oil prices rose on Wednesday, with Brent gaining for a fifth consecutive session, as falling stockpiles and a recovery in demand encouraged investors. Brent crude was up 69 cents, or 0.9%, at $74.68 a barrel, having risen 1.6% on Tuesday. US crude gained 66 cents, or 0.9%, to $72.78 a barrel, after rising 1.7% in the previous session. 
 
(Source: Reuters)


Asian shares subdued

Asian shares were subdued on Wednesday with investors wary of any hint of hawkishness from the U.S. Federal Reserve given lofty asset valuations rely so heavily on an endless supply of super-cheap money. A looming data dump on Chinese retail sales and industrial production offered another reason for caution, with some modest slowdown in annual growth expected.
 
MSCI's broadest index of Asia-Pacific shares outside Japan barely moved, while Chinese blue chips dipped 0.3%. Japan's Nikkei eased 0.2%, but South Korean stocks rose 0.6% to a record high after five months of effort. Both S&P 500 futures and Nasdaq futures were all but unchanged.
 

US STOCKS UPDATE :: Wall Street ends down

Wall Street's main indices closed lower on Tuesday as data showing stronger inflation and weaker US retail sales in May spooked already-jittery investors awaiting the results of the Federal Reserve's latest policy meeting. The Dow Jones Industrial Average fell 94.42 points, or 0.27%, to 34,299.33, the S&P 500 lost 8.56 points, or 0.20%, to 4,246.59 and the Nasdaq Composite dropped 101.29 points, or 0.71%, to 14,072.86.

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