Indices snap 3-day winning run; Sensex down 283 pts; metal, energy stks dip

Topics MARKET LIVE | Markets | Sensex

Stock market updates:Benchmark indices snapped their three-day winning streak and ended half a per cent lower on Wednesday as investors booked profits at higher levels. Besides, a cut in India's CY21 growth forecast by Moody's further dampened the sentiment on Street.

Moody's Investors Service on Wednesday slashed India's growth projection to 9.6 per cent for calendar year 2021, from its earlier estimate of 13.9 per cent, and said faster vaccination progress will be paramount in restricting economic losses to June quarter. READ ABOUT IT HERE

Barring the auto segment, all other sectoral indices settled the session in the red with the Nifty Metal (1 per cent) and IT (0.87 per cent) indices nursing the steepest losses.

Overall, the S&P BSE Sensex index closed at 52,306 levels, down 282.6 points or 0.54 per cent while the Nifty50 index ended at 15,687 levels, down 86 points or 0.54 per cent.

Maruti Suzuki, Titan Company, Bajaj Finserv, M&M, Ultratech Cement, Hero MotoCorp, and ONGC were the top gainers in the large-cap space while Adani Ports, Wipro, JSW Steel, Divis Labs, Shree Cement, L&T, Kotak Bank, and TCS were the top laggards.

In the mid-, and small-cap segment, PNB Housing Finance, Central Bank of India, United Breweries, Adani Enterprises, PNB Gilts, Dhanlaxmi Bank, and Indian Overseas Bank dragged the BSE MidCap and SmallCap indices 0.26 per cent and 0.43 per cent lower, respectively. 

Global markets
European stocks hovered below record highs on Wednesday as inflation worries overshadowed data showing a rise in June business activity. The pan-European STOXX 600 was down 0.2 per cent, France's CAC 40 fell 0.56 per cent, and Germany's DAX declined 0.64 per cent.

Mood in the Asian market, however, was mixed where Japan's Nikkei closed 0.03 per cent down but South Korea's Kospi and China's Shanghai index gained 0.38 per cent and 0.25 per cent, respectively.

As regards the US market, Futures of all three main Wall Street indices were up in the range of 0.06 per cent to 0.16 per cent.



LIVE UPDATES

TECH VIEW :: Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed a very volatile movement in the range of 15700-15850. It is suggested, trading above 15700 is positive from a short-term perspective. If the market closes below 15700, Market expects a correction till the level of 15500. The technical indicator suggests, a volatile movement in the market in the range of 15500-15900. As such the traders are advised to refrain from building a fresh buying position until further decisive movement is seen in the market.
 

Currency Outlook :: Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services

The USDINR spot is following the trend in dollar. Fed Powell downplaying the threat of tapering is not weighing on the spot, rather Fed rate hike worries has kept all the dollar bulls active. So until the spot tries above 73.75-73.80, it will remain afloat with immediate resistance around 74.50 and then 74.75 zone. While the major supports lies around 73.75-73.50-73.45.

MARKET CLOSING COMMENT :: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Sec

The market witnessed a roller coaster ride, as it opened higher but lost momentum thereafter to close at the lowest point of the day. This could be due to the monthly & quarterly F&O contracts expiry and the AGM of Reliance Industries on Thursday. India Vix jumped and the Nifty/Sensex settled on the support of the 20-day SMA, which is at 15670/52250. The Nifty/Sensex was expected to find support between 15670/52300 and 15700/52400 levels but volatility was unimaginable.
 
On Thursday, the markets would be a trading range of 15800/52800 and 15550/51700 levels. Below 15670/52250, the Nifty/Sensex would quickly drop to the level of 15550/51700. On the other hand, if the Nifty/Sensex trades above 15670/52250, then the market would move to the level of 15800/52800. One should be a level based trader

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

Nifty started the day marginally positive, but it consolidated in a range for most part of the day. However, we saw some sell-off in that last hour of the trade and Nifty ended the session with a loss of over half a percent.
 
The immediate support for Nifty is placed around 15600 while 15800-15820 would be resistance for the coming session. Since the index is consolidating within a range, a breakout beyond the broad range of 15500-15900 would be the deciding factor for the next leg of directional move. Whether the expiry day leads to a breakout that needs to be seen, but till then we continue to advise traders to trade with a stock specific approach.
 

MARKET OUTLOOK :: Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities

Nifty failed to maintain its upward thrust; Along with this the broader market health has also weakened. The larger setup suggests a possible short term correction up-to 15300 odd levels in the next few weeks. We suggest reducing long aggression and buying on aggressive corrections.”

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

Nifty formed an engulfing pattern on daily charts which is bearish for the near term. 15840-15900 remains a tough resistance to breach as has been seen over the past 7 odd sessions. On falls so far 15675 has provided support; but now the figure could shift to 15451-15560. Low volumes continue to suggest low trading interest due to low volatility in largecap and midcap space. This is despite individual stocks showing momentum on successive days.  

TECH VIEW :: Fresh up move possible only if Nifty closes above 15,900

>> Nifty index has formed a bearish candle for second consecutive day.

>> Immediate supports are near 15,600-15,500 zone. Below 15,500 we may see good selling pressure

>> Fresh up move possible only if Nifty closes above 15,900

Views by: Rohit Singre, Senior Technical Analyst at LKP Securities

MARKET STRATEGY :: Indices seeing time-wise correction

We’re currently seeing a time-wise correction in the market and it’s likely to end soon. The scheduled monthly expiry of the June month contracts combined with AGM of index heavyweight, Reliance, will keep the participants busy on Thursday i.e. June 24. We reiterate our advice to continue with the “buy on dips” approach until we see some sign of exhaustion or trend reversal.
 
Views by: Ajit Mishra, VP - Research, Religare Broking 

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

Consolidation continued as lack of key triggers in the domestic market and flight of foreign funds influenced investors to stay on the side-line. Global markets remain mixed as Fed’s reassurance on a slow pace in rates hike failed to get momentum in the market. All the sectors traded in red barring auto as all major manufacturers decided on a price hike. Easing lockdown restrictions and pick up in vaccination drive will aid economic activity, which is likely to be visible in the second half of the financial year

IPO Update :: India Pesticides sails through on the first day of the issue

Update till 3:55 PM

Stock of the day :: Khadim India hits its highest level since Sept 2019

>> Shares of Khadim India continued their upward movement in Wednesday's session and hit a fresh 52-week high of Rs 288.60, up 20 per cent on the BSE on expectation of improved earnings. The stock of the footwear company was trading at its highest level since September 2019. 
 

Stock of the day :: United Breweries declines 3.5%

>> Shares of United Breweries slipped 6 per cent from its 52-week high of Rs 1,497.65 touched earlier today, and hit an intra-day low of Rs 1,400, after nearly 40 million equity shares of the company changed hands via block deals on the BSE


Stock of the day :: BEL ends 11% higher in a weak market

>> Shares of Bharat Electronics (BEL) hit over three-year high of Rs 170 after it rallied 12.5 per cent on the BSE in intra-day trade on Wednesday after the company reported a strong set of numbers for the quarter ended March 2021 (Q4FY21). Besides, the company has recommended a final dividend of Rs 1.20 per equity share (120 per cent) of Rs 1 each for the financial year 2020-21.


NSE Snapshot :: Top Nifty50 gainers of the day


Heavyweights that pulled the Sensex down today

RIL, HDFC, ICICI Bank, TCS, Axis Bank slipped 1% each;

Infy 0.8%, Asian Paints 0.74%;

Kotak Bank, tata Steel, and L&T over 1%


Broader market :: BSE SmallCap index slips 0.43%


Broader market :: BSE MidCap index ends 0.26% lower


Sectoral trends on the NSE :: All except auto pack decline


Sensex Heatmap at Close

Top gainers: Maruti Suzuki, Titan, Bajaj Finserv

Top losers: L&T, Kotak Bank, Tata Steel


Rupee Closing

Rupee ends higher at 74.27 per US dollar vs Tuesday's close of 74.37/$

CLOSING BELL

>> The S&P BSE Sensex index closed at 52,306 levels, down 282.6 points or 0.54 per cent

>> The Nifty50 index ended at 15,687 levels, down 86 points or 0.54 per cent.

Euro zone business growth at 15-year high as demand unleashed -PMI

Euro zone business growth accelerated at its fastest pace in 15 years in June as the easing of lockdown measures unleashed pent-up demand and drove a boom in the dominant services sector but also led to soaring price pressures, a survey found.
 
When the coronavirus was spreading rapidly, governments imposed strict restrictions, encouraging citizens to stay at home and forcing much of the service industry to close. READ MORE

SBI may need to raise only up to Rs 9,000 crore in capital in FY22

Official sources said that the bank is sitting with a sound capital adequacy ratio (CAR) of 13.74 per cent and expects loan growth to touch close to 9 per cent in FY22. This would prevent the bank from raising full quanta of Rs 14,000 crore Tier-I capital raising plan that its board approved early this year. READ MORE


Sensex Heatmap at this hour


Greaves Cotton hits over four-year high; stock rallies 39% thus far in June

Shares of Greaves Cotton continued their upward movement and rallied 8 per cent in intra-day trade on the BSE on Wednesday to hit an over four-year high of Rs 174.45. The stock was trading its highest level since May 2017. It had hit a record high of Rs 178 on May 4, 2017.
 
Thus far in the month of June, Greaves Cotton has outperformed the market by surging 39 per cent, amid expectations of a strong business outlook. In comparison the S&P BSE Sensex was up 1.3 per cent during the same period. READ MORE

Moody's cuts India growth forecast for 2021 to 9.6% from 13.9% earlier

In its report titled 'Macroeconomics India: Economic shocks from second COVID wave will not be as severe as last year's', Moody's said high-frequency economic indicators show that the second wave of COVID-19 infections hit India's economy in April and May. With states now easing restrictions, economic activity in May is likely to signify the trough. READ MORE

Fall from intra-day high today in BSE500 stocks

COMPANY DAY'S HIGH(RS) DAY'S LOW(RS) LATEST(RS) FALL(%)
Adani Total Gas 1430.00 1317.70 1317.70 -7.85
Capri Global 578.70 532.00 534.50 -7.64
Suzlon Energy 8.49 7.86 7.86 -7.42
WABCO India 7468.45 6903.05 6943.80 -7.02
CLICK HERE FOR THE FULL LIST

Assets worth Rs 18,000 cr of Mallya, Nirav Modi and Choksi attached: ED

On Wednesday, the federal agency revealed that the three offenders have defrauded the public sector banks of Rs 22,586 crore, out of which 80 per cent (Rs 18,170 crore) has been attached/seized by the ED.
 
The total transfer of the attached assets including the latest ones stood at Rs 9,371 crore. This amounts to 40 per cent of the banks' losses, the agency said. READ MORE

Jamsetji Tata tops EdelGive Hurun Philanthropists of the Century list

Tata is the only Indian in the top 10 list. The other Indian among the top 50 is Azim Premji, former chairman of Wipro, who is ranked 12th. Bill Gates & Melinda French Gates, Henry Wellcome, Howard Hughes and Warren Buffett are among the top 5. Mackenzie Scott, the former wife of Jeff Bezos, Donated $8.5 billion directly to charities, most ever in a single year by a living donor. READ MORE

India's second Covid wave to impact infra sectors, says Moody's

India's second coronavirus wave will affect its infrastructure sectors to varying degrees with power companies and ports better able to weather the impact of pandemic-induced disruptions compared with airports and toll roads, according to a new report by Moody's Investors Service. Any further regional lockdowns will increase uncertainty over India's economic recovery, said the report. While infection rates are declining, vaccination rates remain low, leaving open the risk of subsequent infection waves that can bring further lockdowns. READ MORE

PNB Housing controversy puts spotlight on independent valuer rule

Market regulator Securities and Exchange Board of India (Sebi) has put a spanner in the works on private equity major Carlyle-led capital infusion of Rs 4,000 crore in the mortgage lender for not getting the company valued from an independent registered valuer before arriving at the allotment price READ MORE

European indices mixed in early deals

(Source: Reuters)


Cabinet Decision :: Govt approves merger of CRWC & CWC

MARKET CHECK :: Sensex at day's low


NEWS ALERT :: Police locates suspicious 'small pipes' at India Cements plant


NEWS ALERT :: Voda Idea partners with Cisco for 5G-ready network

Source: TV reports


Bharat Electronics surges 10% on strong Q4 results, hits over 3-year high

The stock of the state-owned defence company was trading at its highest level since February 2018. The trading volumes on the counter has seen an over four-fold jump with a combined 57.18 million equity shares changing hands on the NSE and BSE. At 12:34 pm, there were pending buy orders for 1.99 million shares on both the exchanges. In comparison, the S&P BSE Sensex was down 0.18 per cent at 52,496 points. READ MORE

Q&A | Economy likely to see cyclical upturn, says DSP Investment Managers' Sambre

The economy is likely to see a cyclical upturn from the second half of the current financial year, which bodes well for the broader markets going forward, says Vinit Sambre, head - equities and fund manager, DSP Investment Managers. While valuations of the Nifty 50 index are rich compared to historical averages, pockets of value are available in sectors such as financials, healthcare, IT and agri inputs. READ MORE


India Pesticides IPO hits halfway mark, subscribed over 50% on Day 1


Moody's cuts India growth forecast for 2021 to 9.6% from 13.9% earlier

Moody's Investors Service on Wednesday slashed India's growth projection to 9.6 per cent for 2021 calendar year, from its earlier estimate of 13.9 per cent, and said faster vaccination progress will be paramount in restricting economic losses to June quarter In its report titled 'Macroeconomics India: Economic shocks from second COVID wave will not be as severe as last year's', Moody's said high-frequency economic indicators show that the second wave of COVID-19 infections hit India's economy in April and May. With states now easing restrictions, economic activity in May is likely to signify the trough. READ MORE

MOSL on India Pesticides IPO

We like India Pesticides given its presence in fast growing agrochemical space, diversified product portfolio and robust financials. Strong R&D, long term relations with MNCs, cost competitiveness and extensive distribution network are some of the other key positives. Expanding product portfolio, growing customer base and increasing wallet share of existing customers can help IPL maintain its growth momentum. The issue is reasonably valued at 25.3x FY21 P/E on post issue basis, vis-à-vis peers (avg. peer P/E of 36.4x), while it enjoys higher RoE of 36% (avg. peer RoE of 21%). Hence, we recommend Subscribe.
 

Khadim India hits fresh 52-week high, zooms 51% in a week

In the January-March quarter (Q4FY21), the company’s Ebitda (earnings before interest, taxes, depreciation, and amortisation) and profit after tax (PAT) turned positive at Rs 14.09 crore and Rs 11.52 crore, respectively compared with losses in the corresponding quarter last year. Revenue from operations grew 70.7 per cent year-on-year (YoY) to Rs 270 crore as against Rs 158 crore in the year-ago quarter. READ MORE

Opec+ discusses crude output hike in preparation for next meeting

The Organization of the Petroleum Exporting Countries and allies, known as Opec+, is discussing whether to further boost production at next week’s meeting as the oil market looks increasingly tight.
 
Moscow is considering making a proposal that the group should ease a global supply deficit by increasing output, according to Russian officials familiar with the matter. Other Opec+ nations are also discussing a potential supply hike in August, although specific numbers haven’t been mentioned, said a delegate. READ MORE

India e-commerce rules cast cloud over Amazon, Walmart and local rivals

New Indian e-commerce rules will raise costs for all online retailers but particularly Amazon and Walmart's Flipkart as they may have to review their business structures, senior industry sources told Reuters. India's Ministry of Consumer Affairs outlined plans on Monday which include limiting "flash sales" by online retailers, reining in a private label push, compelling them to appoint compliance officers and impose a "fall-back liability" if a seller is negligent. READ MORE


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

A strong debut is on the cards for Shyam Metalics while Sona Comstar is likely to witness a muted listing, suggest grey market trends. The shares of both these firms are slated to list on bourses on June 24. 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

Sensex's slowest 1,000-point march in recent times as it crawls to 53,000

The benchmark Sensex on Tuesday crossed the 53,000-mark for the first time. The index touched a high of 53,057 before settling at 52,589. The latest 1,000-point up move has been the slowest in the previous 10.
 
The 30-share index had first breached the 52,000-mark February 15, 2021. But dropped over 9 per cent to below 48,000 after that due to the selloff triggered by the lethal second-wave of covid 19 infections. READ MORE

Save jobs or protect savers? A new monetary policy dilemma amid Covid-19

The extraordinary accommodative stance of the Reserve Bank of India (RBI), which the monetary policy committee (MPC) members say should continue for as long as necessary to nurse back durable growth, is also bringing new monetary theories into the equation. While the world is still debating whether modern monetary theory (MMT), which encourages governments to spend without having any meaningful fiscal constraints, should be the norm, RBI’s Executive Director Mridul Saggar proposed something new for India — Heterogenous Agents New Keynesian (HANK) model. READ MORE

BUZZING STOCK:: Godrej Industries up 8%


Only savvy investors should enter into floating-rate funds: Analysts

Interest rates could harden in the near future. One category that can protect investors from the price volatility seen in most debt funds in such a scenario is floating-rate funds. Ten fund houses currently offer them and have cumulative assets under management of Rs 69,730.9 crore. The new fund offer of Tata Floating Rate Fund, which closes on July 5, is also underway. Rates could rise Consumer Price Index (CPI)-based inflation has risen over the past six months. READ MORE

Godrej Agrovet rallies 8%, hits 52-week high as Godrej Industries ups stake

On Tuesday, June 22, 2021, Godrej Industries purchased 976,047 shares, representing 0.51 per cent of total equity of Godrej Agrovet, worth of Rs 55.63 crore. The promoter bought these shares at price of Rs 570 per share via bulk deal on the BSE, exchange data shows. Balram Singh Yadav, an individual investor, sold 1.0 million shares at Rs 570.01 per share, the data shows. READ MORE

Top losers on BSE at this hour

Company PRICE(rs) CHG(%)
Central Bank 23.90 -5.16
PNB Housing 700.60 -5.00
Adani Total Gas 1317.70 -5.00
Suzlon Energy 7.86 -4.96
IFCI 14.08 -4.74
» More on Top Losers

Maruti Suzuki :: Demand recovery, new launch hopes drive gains

The Maruti Suzuki (MSIL) stock gained over five per cent after the company announced price hikes across its portfolio to counter high input costs. The Street is also expecting passenger vehicle volumes to improve as the vaccination gathers pace and more states relax restrictions imposed after the second wave. READ MORE

MARKET UPDATE:: Sensex slips into the red


Hero MotoCorp to raise prices by up to Rs 3,000 from July 1; stock up 3%

The price hike has been necessitated to partially offset the impact of continuous increase in commodity prices. The company continues to drive cost savings program aggressively, in order to minimize the impact on the customer, Hero MotoCorp said. READ MORE

Kalrock-Jalan consortium receives NCLT nod to fly Jet Airways; stock up 5%

Shares of Jet Airways took a flight on Wednesday, hitting 5 per cent upper circuit at Rs 104 apiece on the BSE, as the Kalrock-Jalan consortium recieves nod to operate the airline again. Shares of the defunct airline are up 15.6 per cent in 3 trading sessions as against a 1 per cent gain in the frontline S&P BSE Sensex. On Tuesday, the National Company Law Tribunal (NCLT) cleared the resolution plan submitted by the consortium, pavong way to re-start the airline that has been out of business since 2019. The consortium will now apply for the relevant government approvals before it can recommence operations. READ MORE

Rupee opening

Rupee opens at 74.26 per US dollar vs Tuesday's close of 74.37/$

United Breweries reverses gains, slips 6% post huge block deals

Shares of United Breweries slipped 6 per cent in intra-day trade on Wednesday after nearly 40 million equity shares of the company changed hands via block deals on the BSE. The stock of the breweries and distilleries company hit an intra-day low of Rs 1,410.90, falling 6 per cent from its 52-week high of Rs 1,497.65 touched earlier today. At 09:34 am, the stock was trading 1.5 per cent lower at Rs 1,433.70, as compared to a 0.09 per cent gain in the S&P BSE Sensex. READ MORE

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

The Fed chief Jerome Powell's reiteration that inflation in the US is transitory and confined to a few goods & services is good news for markets. The US 10-year bond yield is unlikely to cross the recent high of 1.74%  anytime soon. The equity bulls are consistently winning against bond bears. This ferocious bull run has made India the best performing large market with a YTD appreciation of 12.81% in Nifty. The MSCI India valuation is now at a 55%  premium to MSCI Emerging Market Index. The market is discounting an expected 35% growth in Nifty earnings in FY22. This sharp rebound in earnings is achievable if a brutal third wave of the pandemic doesn't strike. Top-quality financials offer buying opportunities on declines. 

SECTOR WATCH:: Nifty Metal index top sectoral gainer at this hour


Market Check :: Sensex off day's high


Most active stocks by volume

Company PRICE(rs) CHG(%) VOLUME
United Breweries 1443.05 -0.94 39745198
Suzlon Energy 8.05 -2.66 9961201
Vodafone Idea 10.08 0.80 5239684
Wipro 557.00 0.10 2617120
South Ind.Bank 13.30 0.45 1820336
» More on Most Active Volume

Venky's extends rally, up 5% today


Vodafone Idea up 1% on new tariff offers

Telecom operator Vodafone Idea (VIL) said it is offering voice and data benefits for low-income group users to reconnect back, as they resume work amid lockdown relaxation.


IDBI Bank jumps 4% as divestment proceedings gather pace

The government on Tuesday invited bids from transaction advisors and legal firms for assisting in the strategic sale of IDBI Bank.


PNB Housing Finance hits 5% lower circuit


Wabco India surges about 3%

Auto components maker Wabco India said its promoter group ZF International UK Ltd plans to sell up to 6.5 lakh equity shares for at least Rs 425.75 crore through the stock exchanges.


Symphony holds gains on appointment of new Group CEO

Amit Kumar has been appointed as the Executive Director and Group CEO of the company. Kumar's appointment would be effective from August 2, 2021, Symphony said in a statement.


Result impact :: Sobha slides nearly 3%

The realty firm on Tuesday reported a 65 per cent YoY decline in its consolidated net profit at Rs 17.9 crore for the quarter ended March. Its net profit stood at Rs 50.7 crore in the year-ago period.


UBL slips into the red after hitting 52-week high

Markets regulator Sebi on Tuesday exempted Heineken International B V from the obligation of making an open offer following its proposed acquisition of shares in United Breweries Ltd (UBL).


Hero MotoCorp gains over 1% on price hike news

Two-wheeler maker Hero MotoCorp will hike its vehicle prices by up to Rs 3,000 from July to partially offset the impact of the higher commodity prices.


BSE SmallCap nearing flat line


BSE MidCap index off morning highs


Sectoral trends on the NSE


Sensex Heatmap

Top gainers: IndusInd Bank, Titan, Bajaj Finance

Top losers: Tech M, Kotak Bank, HCL Tech
 

Opening Bell :: Nifty above 15,800


Opening Bell :: Sensex below 53,000 in early deals


Commodity Heatmap


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


Markets at Pre-open


Markets at Pre-open


Prabhudas Lilladher gives 'Subscribe' rating to India Pesticides

We recommend subscribe to India Pesticides Limited (IPL), a niche play in manufacturing of pesticides technical (79% of rev) and formulation (21%). Our positive stance emanates from 1) it is the sole manufacturer of 5 technical in India and leading manufacturer of certain molecules like Captan, Folpet and Thiocarbamate herbicide and 2) none of its technical molecules are classified under “Red triangle”.

IPL reported a topline/EBITDA/PAT CAGR of 38%/67%/75% over FY19-21. we expect growth momentum to sustain led by 1) 6-8 molecules to be commercialized at its new 10000 MTPA capacity expansion (commencement of production in FY22E; 38% of existing capacity) and 2) Greenfield expansion at a new site for which IPL is currently in discussion with UP government to acquire land.

At upper end price band of Rs 290-296, the issue comes at an indicative rough estimate P/E multiple of 17.1x FY23E EPS of Rs 17.3. On TTM basis, the issue is priced at 24.7x FY21 earnings which is at median valuation compared to its listed peers i.e. Rallis (@30x FY21 earnings), Heranba Inds (@ 18.5x FY21 earnings) and Astec Lifescience (@ 40.9x FY21 earnings). Hence, we recommend investors to ‘SUBSCRIBE’ to the issue

Top stocks to keep on radar

Earnings Today: Apollo Hospitals Enterprise, HCC, Mcleod Russel India, Mercator and V2 Retail are among 64 companies slated to release quarterly earnings today.
 
NMDC: The company posted a manifold jump in its net profit to Rs 2,838 crore for the quarter ended March 31, 2021. It had clocked a Rs 351-crore net profit during the January-March period of the financial year 2019-20. READ MORE

Should you subscribe to India Pesticides IPO?

The IPO, analysts say, is priced at 25.3 times FY21 earnings, which looks to be attractive compared to the industry’s average multiple of 47 times. Its listed peers like Dhanuka Agritech, Bharat Rasayan and Rallis India are currently trading at a PE of 31.7 times, 36.2 times and 32.9 times respectively. READ MORE

Trading calls by Ajit Mishra of Religare Broking

Britannia Industries
 
Recommendation: Buy
 
Target: Rs 3,825
 
Stop loss: Rs 3,530
 
Britannia has been trading in a broader consolidation range of Rs 3,350-3,840 for the last one year and is currently hovering in the middle. After retesting the lower band in May, the stock witnessed a decent recovery and surpassed the resistance zone of moving averages ribbon on the daily chart. Its chart pattern combined with buoyancy in the FMCG space is pointing towards a steady up move ahead. READ MORE

Trading ideas by HDFC Securities

Buy INDIAN HOTELS (Rs 139.90): | Target: Rs 155 | Stop-loss: Rs 130
 
The stock has broken out from its three-week-long consolidation. On June 22, 2021, the stock surged more than 4.5 per cent with jump in volumes. The stock price has closed above the previous top resistance of 139. Besides, hospitality sector has started getting traction in the last one month. Indian Hotels is one of the best placed stocks from the hospitality 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

NEWS ALERT :: Glenmark Pharma receives ANDA approval for Arformoterol Tartrate Inhalation Solution


Bulk deals on the BSE as on Tuesday

Bulk deals on the NSE as on Tuesday

FIIs sold equity worth Rs 1,000 cr on Tuesday


Strong start likely for D-Street

Nifty futures on SGX were up 63 points or 0.40% higher at 15,832 around 8.30 am


Rupee check

Source: Bloomberg

Oil resumes climb on large US oil stocks drawdown

> Oil prices rose after industry data showed US crude inventories fell more than expected, reinforcing views of a tightening supply-demand balance with road and air travel picking up in Europe and North America.
 
> US West Texas Intermediate (WTI) crude futures jumped 33 cents, or 0.5%, to $73.18 a barrel , after falling 60 cents on Tuesday. Brent crude futures jumped 42 cents, or 0.6%, to $75.23 a barrel, after giving up 9 cents on Tuesday.
 
> The American Petroleum Institute industry group reported crude stocks fell by 7.2 million barrels for the week ended June 18, according to two market sources.
 
(Source: Reuters)

Asian stocks steady

Asian stocks were steady Wednesday after reassuring comments on inflation and monetary policy from Federal Reserve officials bolstered investor sentiment. Treasury yields held declines. Stocks fluctuated in narrow ranges, dipping in Japan, China and Australia but inching higher in Hong Kong. U.S. equity contracts made modest gains after the S&P 500 climbed a second day.
 
> Japan’s Topix index shed 0.3%
> Australia’s S&P/ASX 200 index lost 0.5%
> South Korea’s Kospi index added 0.2%
> Hong Kong’s Hang Seng index rose 0.4%
 
(Source: Bloomberg)

US stocks climb after Powell’s inflation reassurance

In the overnight session, US stocks climbed after Powell reiterated his views that inflation pressures will be transitory even after a notable increase in recent months. Fed chief said he’s got “a level of confidence” that prices will eventually come down while noting that it would be “very, very unlikely” to see the kind of 1970s-style inflation. The Dow Jones Industrial Average rose 0.2%, while the S&P 500 gained 0.51% and the Nasdaq Composite climbed 0.79% to end at a record high.

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