Hawkish US Fed tone hits D-Street; Sensex slips 179 pts; IT stocks shine

Topics MARKET LIVE | Markets | Sensex

Stock market updates: A surprisingly hawkish tone by the US Federal Reserve -- where it guided for two potential rate hikes in 2023 -- crushed equities across the globe on Thursday as investors feared global central banks may hike rates sooner than expected.

US Treasury yields gained overnight and dollar strengthened against the rupee to its highest level in six weeks, hammering equity prices on Dalal Street. This comes on the day of weekly F&O expiry, adding to the overall volatility.

A mild recovery post a gap-down start quickly dismantled during the last hour of the session as market participants offloaded metal and rate-sensitive counters. 

The frontline S&P BSE Sensex declined 484 points from the day's high and hit a low of 52,040. However, it ended at 52,323 levels, down 179 points or 0.34 per cent. On the NSE, the Nifty50 index breached below its immediate support of 15,650 and hit a low of 15,616. It recovered marginally to end at 15,691 levels, down 76 points or 0.48 per cent.

In the broader markets, the BSE MidCap index cracked 1.3 per cent while the BSE SmallCap index slipped 0.58 per cent.

Sectorally, the Nifty Metal index slipped 2 per cent, followed by the Nifty Realty index (1.6 per cent) and the Nifty PSB and Auto indices (around 1.5 per cent each). The Nifty FMCG and IT indices, on the other hand, gained 0.14 per cent and 0.57 per cent, respectively.

Global markets
Global stock markets were mostly lower Thursday after the Federal Reserve indicated it might ease off economic stimulus earlier than previously thought.

In Asia, the Nikkei 225 in Tokyo lost 0.9 per cent, South Korea's Kospi and Australia's S&P-ASX 200 shed 0.4 per cent each. China's Shanghai Composite Index, on the contrary, rose 0.2 per cent while Hong Kong's Hang Seng added 0.4 per cent.

In Europe, too, the pan-European STOXX 600 index was down 0.3 per cent, the UK's FTSE 100 lost 0.3 per cent, and Frankfurt's DAX was off less than 0.1 per cent. The CAC 40 in Paris also retreated 0.1 per cent.

On Wall Street, futures for the benchmark S&P 500 index and the Dow Jones Industrial Average were down 0.3 per cent.

In the commodities market, Gold and Silver futures tanked 2 per cent each while Brent Crude was up over 1 per cent on MCX.


TECH VIEW :: Sumeet Bagadia, Executive Director, Choice Broking

The index has confirmed the Evening Star candlestick pattern at the top of the trend which suggests correction in the counter. Moreover, the index has given closing below 21 SMA & Middle Bollinger Band formations, which indicates further bearishness for the near term. In addition, a momentum indicator RSI (14) & Stochastic witnessed a negative crossover on the daily time frame. At present, nifty has an immediate support at 15550 levels, whereas 15900 may act as a crucial resistance zone.

Trade set-up for Friday

An important event ended in the market yesterday, but today the market was neutral at the level of 15550/51700. This confirms that the market trend is strong and may reach 15900/52800 or 16000/53100 level once again. Today, Technology stocks and Reliance gave strong support to the index, which allowed the Nifty to close at 15,700.
The Nifty/Sensex could reach fresh levels on Friday if the indices don't close below the levels of 15550/51700. On an immediate basis, 15770/52500 and 15850/52700 levels would be major hurdles. Below the levels of 15550/51700, the Nifty/Sensex would gradually fall to 15400/51300 or in the worst-case scenario 15300/51000.

Views by: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities

MARKET VIEW :: Markets may return to normalcy but upside momentum is weak

Nifty fell due to the global event, but contained its losses. Even the Asian markets clawed back post weak openings. However advance decline ratio in India remains severely negative for the second consecutive session. Nifty may fall some more to take support around 15567 and then correct upwards. On rises 15750 may be difficult to breach sustainably in the near term.

The fact that the big Fed announcement has passed by without any large damage to global indices means that there may not be a sharp downmove immediately and global markets may go back to their original trend soon; though the momentum on the upside may be weak till a fresh positive trigger emerges on the horizon.

Views by: Deepak Jasani, Head of Retail Research, HDFC Securities

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

The short term trend of Nifty seems to have reversed down with the short term top reversal at 15901 (15 June). The next downside levels to be watched around 15550 in the next couple of sessions, before showing another round of minor upside bounce. Any upside rally towards 15750-15800 could be a sell on rise opportunity for the coming sessions.

TECH VIEW :: Levels to watch on Friday

The Nifty index showed a good pull back from 15,600 odd levels which will be immediate support on the downside. Any break below this support can see more pressure. A strong hurdle is formed near 15,750-15,820 zone. 

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

MARKET OUTLOOK :: Will the correction continue?

Markets extended Wednesday’s fall and lost half a percent, pressurized by weak global cues. The benchmark opened lower and traded volatile in a range till the end. Finally, the Nifty index settled at 15,691 levels. On the sectoral front, mostly traded in tandem with the benchmark and ended in the red however buying in defensive pack viz. IT and FMCG for the second consecutive session capped the downside. The broader markets remained under pressure as both midcap and small cap lost 1.3% and 0.5% respectively. 
The US Fed’s hawkish tone didn’t go well with the equity investors across the globe and we might see the overhang for a session or two. Going ahead, the focus would shift back to fundamentals and domestic factors viz. pace of vaccination drive, reopening by states, etc. Meanwhile, we reiterate our advice of keeping a check on naked leveraged positions and let the markets stabilize. 

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

MARKET VIEW :: Is US Fed's commentary really a reason to worry?

Indian equities traded mirroring global peers after the optimistic comments by Fed acknowledging the strengthening of the economy. The rate hike has been advanced by a year to 2023 but is not the key point of issue to the market. While the fast normalization of the economy and strong job market can lead to a taper in bond-buying plan. This can lead to tightening of bonds yields which will impact the pricing of equity asset.

Views by: Vinod Nair, Head of Research at Geojit Financial Services.

MARKET RECAP :: Gainers and losers in Thursday's trade

Bulls stepped back a bit today following the economic forecast by the US Fed as the Street stayed cautious on the slow economic recovery in emerging markets unlike some of the developed markets. While Metal names saw profit booking, we did witness keen buying interest in Cement & IT well supported by select consumer names during the volatile afternoon session of trade

Views by: S Ranganathan, Head of Research at LKP Securities

IPO Alert :: Dodla Dairy issue subscribed nearly 3x till 3:45 PM on Day 2

IPO Alert :: KIMS issue subscribed 51% till 3:45 PM on Day 2

Sector Watch :: Fag-end buying lifts IT stocks

Sector Watch :: Metal index ends as top laggard for second straight day

NSE Snapshot :: Stocks that managed to gain despite overall weakness

Index contributors :: Losses in financials outweigh gains in TCS, Infy

Broader market :: BSE SmallCap index skids 0.58%

Broader market :: BSE MidCap index slips 1.3%, ends near day's low

Sectoral trends on the NSE :: IT stocks rally on weaker rupee

Sensex Heatmap

Top gainers: TCS, UltraTech Cement, Infosys

Top losers: IndusInd Bank, NTPC, Dr Reddys


The frontline S&P BSE Sensex declined 484 points from the day's high and hit a low of 52,040. However, it ended at 52,323 levels, down 179 points or 0.34 per cent.

On the NSE, the Nifty50 index breached below its immediate support of 15,650 and hit a low of 15,616. It recovered marginally to end at 15,691 levels, down 76 points or 0.48 per cent.

Returned Rs 17,777 cr to investors of shuttered schemes: Franklin Templeton

Franklin Templeton Mutual Fund (MF) on Thursday said it has returned Rs 17,777 crore to unit holders of six shuttered debt schemes till June 15.
This amounts to 71 per cent of assets under management (AUM) as on April 23, 2020, when the fund house shut its six debt mutual fund schemes citing redemption pressures and lack of liquidity in the bond market. READ MORE

Liquor stocks rally; Globus Spirits zooms 20%, Radico Khaitan surges 10%

Among individual stocks, Globus Spirits hit a new high of Rs 531, and shares were locked in the 20 per cent upper circuit on the BSE. In the past four days, the stock has rallied 36 per cent after reporting an over two-fold jump in consolidated profit after tax (PAT) at Rs 50.63 crore in the March quarter (Q4FY21), on the back of strong revenue. It had posted a PAT of Rs 19.35 crore in the year-ago quarter. READ MORE

US Fed prepping the markets for taper; a correction will be good: Analysts

The US Federal Reserve (US Fed) rejigged its expectations for inflation this year and signaled that it expects two rate increases by the end of 2023 as their Covid-impacted economy stutters back to life. However, the US central bank gave no exact date as to when the rollback of its bond buying program will begin. While the inflation projections confirm that the Federal Open Market Committee (FOMC) still thinks the current surge in inflation is transitory, they no longer feel comfortable waiting for 2024 to start the hiking cycle. READ MORE

Indian rupee at six-week low; bond yields rise after hawkish Fed signal

The Indian rupee weakened to its lowest level since early May on Thursday while bond yields rose as the U.S. Federal reserve stunned investors by signalling it might raise interest rates as early as 2023, faster than assumed.
The partially convertible rupee was trading at 73.79/80 per dollar at 0816 GMT compared with its close of 73.3225, after touching 73.83, its lowest since May 6. READ MORE

India unlikely to see a V-shaped economic recovery in Q1FY22: Report

Lockdowns imposed by the states in April and May to contain the second wave of the deadly COVID-19 pandemic has likely led to the economy contracting 12 per cent in the June quarter as against 23.9 per cent contraction in the same quarter in 2020, says a brokerage report. READ MORE


NEWS ALERT :: Lupin Receives US FDA Approval for Sevelamer Hydrochloride Tablets

MARKET UPDATE:: Sensex at day's low

PNB Housing hits 5% upper circuit after 25% fall from 52-week high

Till 01:42 pm, a combined around 1,90,000 shares of PNB Housing had changed hands and there were pending buy orders for 12,000 shares on the NSE and BSE. In comparison, the S&P BSE Sensex was down 0.22 per cent at 52,384 points. READ MORE

Heatmap :: Here are the top gainers and losers as Sensex dips 170 pts

European markets check

(Source: Reuters)

Cement shares in focus; Ambjua, JK Lakshmi Cement hit record highs

Shares of cement companies were in focus on Thursday as they surged up to 7 per cent on the BSE in intra-day trade in an otherwise subdued market on expectation of demand recovery in the coming quarters. Ambuja Cements and JK Lakshmi Cement each hit their respective record highs in intra-day trade today while Saurashtra Cement, Andhra Cements, KCP, JK Lakshmi Cement and Gujarat Sidhee Cement gained between 4 per cent and 7 per cent. READ MORE

BUZZING :: Infosys hits new record high

Nazara Tech to acquire majority stake in Publishme for Rs 20 crore

Nazara Technologies on Thursday said it will acquire 69.82 per cent stake in Publishme, the largest mobile game publishing agency in the Middle East and Turkey, for about Rs 20 crore - a move that will help the Indian gaming major strengthen its presence in the region. Nazara has signed a binding term sheet to acquire the majority stake in Arrakis Tanitim Organizasyon Pazarlama San Tic Ltd Sti (Publishme) by way of primary and secondary transaction through its subsidiary. READ MORE

BUZZING STOCK:: VA Tech Wabag gains 6%

IT firms set to slash 3 mn jobs by 2022 due to automation

With automation taking place at a much faster pace across industries especially in the tech space, domestic software firms that employee over 16 million are set to slash headcounts by a massive 3 million by 2022, which will help them save a whopping
$100 billion mostly in salaries annually, says a report.
The domestic IT sector employs around 16 million, of them around 9 million are employed in low-skilled services and BPO roles, according to Nasscom. READ MORE

How to check live subscription status for IPOs on NSE and BSE?

An initial public offer's (IPO) bid details or demand graph as the name suggests help investors understand the total bids received for a new public offer and demand from different quotas of investors -- Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs) and Retail Individual Investors (RIIs) According to Ajit Mishra, VP - Research at Religare Broking, the subscription ratio gives an idea about what investors think about an IPO and one can look at it before subscribing to the issue. READ MORE

Commodity rout :: Silver slips below Rs 70,000-mark

Stocks that hit 52-week high on BSE today in an otherwise volatile market

Company PRICE(rs) 52 WK HIGH CHG(%)
A B B 1730.00 1775.00 0.73
Ambuja Cements 345.35 346.30 1.92
APL Apollo Tubes 1551.70 1553.95 4.49
Asian Paints 3058.10 3068.05 1.30
Bombay Dyeing 96.05 99.75 3.61
» More on 52 Week High

Mutual Fund SIP asset base touches all-time high at Rs 4.67 trillion in May

Investor interest in the mutual fund industry as an avenue to generate long term wealth creation is rising with SIP's asset base touching an all-time high of Rs 4.67 lakh crore at May-end.
Over the past five years, the systematic investment plan or SIP AUM has grown 30 per cent annually, twice as fast as the growth in the overall mutual fund industry's assets under management (AUM). READ MORE

Raymond, Bombay Dyeing: 5 mid-, smallcap stocks that can rally up to 25%

Bombay Dyeing and Manufacturing Company (BOMDYING)

Likely target: Rs 110 and Rs 117

Upside potential: 12% and 20%

As per the weekly chart, the stock has crossed the hurdle range of Rs 97 – Rs 96, reflecting an upward sentiment for the upcoming sessions. The volumes have seen phenomenal rise on any upmove, suggesting positive interest of market players. The Moving Average Convergence Divergence (MACD) has conquered the zero line, implying that the trend will remain in the upward direction with a support of Rs 80 and Rs 87 levels. The overall trend is heading towards Rs 110 and Rs 117 levels. CLICK HERE FOR THE CHART

Wipro IT Services to issue $750 mn dollar denominated notes on Jun 23

Wipro on Thursday said its step-down subsidiary, Wipro IT Services, will issue US dollar denominated notes worth USD 750 million on June 23. The net proceeds of the notes, which are proposed to be listed on Singapore Exchange Securities Trading Ltd, are intended to be utilised for refinancing existing debt and general corporate purposes. READ MORE

IPO alert:: Dodla Dairy subscribed 2.01 times so far on Day 2

-- QIB portion subscribed 0.24x, HNI 0.33x, and retail 3.75x, at 11:30 AM

Greaves Cotton advances 10% on heavy volumes; stock nears record high

The stock was trading at its highest level since July 2017. It had hit a record high of Rs 178 on May 4, 2017. The trading volumes on the counter nearly doubled, with a combined around 9.9 million shares having changed hands on the NSE and BSE till 11:22 am. In comparison, the S&P BSE Sensex was down 0.20 per cent at 52,400 points. READ MORE

Adani Group stocks extend fall

Adani Ports 662.85 704.00 660.15 -6.22
Adani Enterp. 1360.25 1435.25 1340.25 -6.14
Adani Power 120.90 120.90 120.90 -4.99
Adani Green 1116.00 1140.00 1112.70 -4.72
Adani Transmissi 1300.90 1300.90 1300.90 -5.00

IPO Alert :: KIMS issue subscribed 32% so far on Day 2

>> QIB portion subscribed 0.14x, HNI 0.04x, Retail 1.3x, Employee 0.29

CESC surges 6%, hits 52-week high post Q4 results, stock split approval

Shares of CESC surged 6 per cent and hit a 52-week high of Rs 819.15 on the BSE in intra-day trade on Thursday after the company reported healthy performance in operating front for March quarter (Q4FY21). Meanwhile, the board approved sub-division of existing 1 share of Rs 10 each into 10 shares of Re 1 each. The company intends to improve the liquidity of its shares in the stock market by reducing the nominal value of the shares through the process of subdivision, CESC said on rationale behind the stock split. READ MORE

Troubled newspaper creates 200% windfall with digital arm's IPO

The buyers of the Toronto Star newspaper have tripled their money on the investment in less than a year after completing an initial public offering of a little-known online publishing division.
The IPO of VerticalScope Holdings, a former unit of Torstar that runs websites for hobbyist communities such as wood-workers and motorcyclists, raised about C$125 million ($103 million). The shares closed at C$22.95 in the first day of trading on Tuesday, valuing the remaining stake held by private equity firm NordStar Capital at C$180 million. READ MORE

MARKET VIEW | Some correction in the market is now desirable!

The FOMC meet has sent out mixed signals. The decision to keep rates unchanged at 0 to 0.25 levels, maintain asset purchases at $120 a month and declaration that monetary policy will continue to give powerful support to growth are supportive for markets. But Fed's language is mildly hawkish since there are indications of bringing the rate hikes forward. Fed chief's remark that " inflation can be more persistent than we thought" is a signal that the Fed will be serious about tackling inflation by withdrawing accommodation at the right time. The rise in US 10-year bond yield by 10 bp to 1.58% and the Dollar index moving up to 91.50 are negatives for emerging markets like India. However, it is important to note that the Fed has raised the 2021 US GDP forecast to 7% from 6.5% earlier. This means higher EPS growth and better prospects for equities. Back home in India, Covid data continues to improve and reopenings are gathering momentum favouring unlock trades. Some correction in the market now is desirable since it would make the market healthy. 

-- Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Adani juggernaut will roll on but it needs more quality investors

A temporary bout of nervousness in the stock market won’t shake Asia’s second-richest man, who has managed to sustain — without any visibility on future profit — a decade-long entanglement in a controversial and costly coal mine investment in Australia. Behind that confidence lies the workhorse of the group. Adani Ports & Special Economic Zone Ltd. is spewing $1 billion of cash annually, a nine-fold jump from 2014. READ MORE

Market breadth turns sharply positive on hopes of revival in economy

The market breadth has turned sharply positive since May on hopes that a decline in covid-19 infections will lead to a revival in the economy. The advance-decline ratio (ADR) for May was the best since June 2020 at 3.8. So far this month, the ratio has continued to remain above three. In simple words, for every one declining stock there were nearly four advancing stocks in May and three this month. READ MORE

BS Podcast :: Key things retail investors must look at before investing in an IPO

The lure of owning a new piece of business is what has always driven retail investors to the new public offers. But history has been witness that the euphoria in the IPO market has not always been kind to them, with investors often ending up getting their hands singed. Although, identifying the right bets has resulted in a windfall for them. LISTEN TO THE PODCAST HERE

Gujarat Gas hits new high; rallies 32% in four weeks on healthy Q4 results

Shares of Gujarat Gas Company continued their upward journey, hitting a new high of Rs 674.80 after they advanced 6 per cent on the BSE in intra-day trade on Thursday. In the past four weeks, the stock of the integrated oil and gas firm has rallied 32 per cent after the company reported a strong set of numbers for the quarter ended March (Q4FY21). In comparison, the S&P BSE Sensex is up 5.6 per cent during the same period. READ MORE

Gold stages slight rebound on bargain hunting after Fed's hawkish tone

Gold prices rose on Thursday as investors took advantage of a sharp fall in the previous session to buy the metal after the U.S. Federal Reserve signalled it might raise interest rates sooner than expected. Spot gold was up 0.6% at $1,822.36 per ounce, as of 0235 GMT. U.S. gold futures were down 2% at $1,824.70 per ounce. READ MORE

Commodity Heatmap :: Silver tumbles nearly 2%

JP Morgan, Goldman, two other banks hired by Paytm for proposed $3 bn IPO

Paytm, India’s digital payments startup, has hired four banks including JPMorgan Chase & Co. and Goldman Sachs Group Inc. for its proposed initial public offering, people with knowledge of the matter said. The board of the startup, formally called One97 Communications, also approved Morgan Stanley and ICICI Securities Ltd. to help with the sale, the people said, asking not to be identified as the matter is private.READ MORE

Rupee opening

Rupee opens lower at 73.65/$ vs previous close of 73.32 against the US dollar

Somany Ceramics surges 12%, hits 52-week high on strong Q4 results

Shares of Somany Ceramics rallied 12 per cent to hit a 52-week high of Rs 550 on the BSE in intra-day trade on Thursday after the company reported a strong set of numbers for the March quarter (Q4FY21), with the profit after tax of Rs 30.3 crore as against a loss of Rs 9 crore in Q4FY20. The revenues during the quarter under review grew 58.8 per cent year-on-year (YoY) to Rs 562 crore from Rs 354 crore on the back of strong volumes. Tiles sales volumes were up 52 per cent YoY at 16.9 MSM with realisations up 4 per cent YoY at Rs 293/SCM. Tiles revenues were up 57.8 per cent YoY at Rs 491.1 crore. READ MORE

SECTOR WATCH:: Nifty Metal index under pressure, but off day's low

Most active stocks by volume

Company PRICE(rs) CHG(%) VOLUME
Vodafone Idea 9.47 -0.73 6372050
Advanced Enzyme 408.55 -1.42 2183597
Future Consumer 9.67 -5.84 1562198
Tata Power Co. 126.05 0.08 1081507
Suzlon Energy 7.15 0.70 909418
» More on Most Active Volume

Market Check :: Sensex off day's low, still down 180 points

Federal Bank gains over 1%

The private lender said its board has approved issuing equity shares to World Bank arm International Finance Corporation and associates for over Rs 916.25 crore. The decision was taken by the board of directors at its meeting held on June 16, 2021.

Adani Group stocks under pressure for 4th day

BLOCK DEAL :: 2.7% equity of Advanced Enzymes exchanges hands

IDFC First Bank wipes earlier losses, turns positive

The lender has approved the re-appointment of V Vaidyanathan as the MD & CEO for a further period of three years, with effect from December 19, 2021.

Earnings Impact :: Welspun Enterprises slips 4% post Q4 numbers

>> The construction & engineering company said its consolidated net profit fell 54 per cent YoY to Rs 40.94 crore during the quarter ended March 31. The company had clocked a consolidated net profit of Rs 89.08 crore in the corresponding quarter a year ago.

ISGEC Heavy Engineering gains over 3% on order win

> The company has received an order for the fabrication of above-ground piping spools from Tata Projects.

Result Impact :: CESC hits fresh 52-week high

The utility distributor posted over 13 per cent YoY jump in its consolidated net profit to Rs 429 crore in the March 2021 quarter, mainly due to higher revenues. The company's consolidated net profit had stood at Rs 378 crore in the quarter ended March 31, 2020.

BSE Smallcap index outperforms benchmark Sensex

> Index down 0.28% as against a fall of 0.50% in Sensex

BSE Midcap index sheds 1%

> Top gainers & losers from the index at opening tick

Sector Watch

>> Nifty IT index defies market selloff, trades in the green

Sensex Heatmap | Only 6 stocks trade in the green

>> Tech stocks maintain lead even as index falls

>> Banking & financial shares worst hit

OPENING BELL :: Nifty nears 15,650

OPENING BELL :: Sensex slides 300 points

Pre-open trade: Sensex gains ground

MUST READ :: Market breadth turns sharply positive

The market breadth has turned sharply positive since May on hopes that a decline in covid-19 infections will lead to a revival in the economy. The advance-decline ratio (ADR) for May was the best since June 2020 at 3.8. So far this month, the ratio has continued to remain above three. In simple words, for every one declining stock there were nearly four advancing stocks in May and three this month. FULL STORY HERE

Economy watch

In the coming months, domestic inflation trends are likely to raise anxiety levels in the RBI and the MPC. Driven by several global and domestic factors, inflation may remain elevated in the coming months. Specifically, the faster than anticipated and robust recovery in some of the advanced countries is likely to exert upward pressure on international commodity prices, including oil. The latter being an intermediate good in leading EMEs, it would generate cost push inflation.

We expect a status-quo in August. We believe RBI would still try to find a marriage of convenience of regulatory and developmental measures and monetary policy in August policy. The die has been cast, but the RBI can still hold out with a firm message of ratcheting up of inflationary pressures in August policy statement. -- SBI Ecowrap report

Nomura on LIC Housing Finance

Heat Map (Sensex)

How Sensex stocks performed on Wednesday

Edelweiss on Infosys

Infosys has good demand visibility combined with robust deal wins of $14.1bn in FY21 which will support its revenue growth. The company has outperformed peers in the past 7-8 quarters and has improved margin every quarter since the low point of FY20 led by higher offshoring. Management believes cloud migration and integration are start of a multiyear tech cycle and once the migration gets completed, it will open up new opportunities.
The company believes there is huge potential in cloud and digital transformation. It is expected to deliver strong double digit revenue growth on the back of robust deal wins and strong pipeline. The stock trades at 25x FY22E. We maintain ‘BUY/SO’ with target price of Rs 2,124 (36x Q2FY23E).


Stocks to watch in trade today

SBI: The company Board is slated to meet on June 21 to consider a fundraising plan for FY22.
ISGEC Heavy Engineering: The company has received an order for the fabrication of above-ground piping spools from Tata Projects.
IDFC First Bank: The lender has approved the re-appointment of V Vaidyanathan as the MD & CEO for a further period of three years, with effect from December 19, 2021.



Goldman Sachs on Tata Consumer

Anand Rathi on Deccan Cements

On more demand and better pricing, Deccan Cements’ Q4 performance improved. The southern region manufacturer’s B/S was net debt free and profitability improved. By FY24, the 2.2m-ton expansion is expected to be complete, and the WHRS would contain power costs. We retain our Buy on the stock, at a higher target of Rs752 (earlier Rs596).

IPO watch

Shyam Metalics IPO gets healthy response, subscribed 121 times on Day 3
The initial public offering of Shyam Metalics and Energy garnered 121 times subscription on Wednesday, the final day of the bidding. It generated bids of over Rs 78,000 crore. The qualified institutional buyer (QIB) portion of the issue was subscribed 153 times, the high net-worth individual portion was subscribed 340 times and the retail portion was bought nearly 12 times. Shyam Metalics’ IPO size was Rs 909 crore — of which Rs 657 crore was fresh fundraise to help retire debt. READ MORE HERE 

US economy well on way to robust post-Covid recovery: Janet Yellen

Treasury Secretary Janet Yellen (pictured) said the US is “well on the way” to a strong recovery from the Covid-19 pandemic, and urged lawmakers to turn to addressing long-run problems ailing the economy. Yellen said in testimony she’s scheduled to deliver before the Senate Finance Committee Wednesday that she came into her job in January hoping to help Americans “make it to the other side of the crisis.” READ MORE HERE

US Treasury Secretary Janet Yellen

Commodity watch: Crude oil

We expect Brent to test levels of $78 and in MCX, prices may even come till 5,500. This is not a market for taking short positions and periodic profit booking should be done when market makes new high. -- Bhavik Patel, Senior Commodity/Currency Research Analyst at TradeBulls Securities

Bulk deals on BSE on Wednesday

Bulk deals on NSE on Wednesday

FIIs, DIIs both turned net sellers on Wednesday

SGX Nifty signals gap-down start

> Nifty futures on the Singapore Exchange traded 109 points down at 15,666 around 8.30 am

Crude oil prices drop, pressured by stronger U.S. dollar

Crude oil prices fell on Thursday pressured by a stronger U.S. dollar, but losses were limited by a big drop in crude oil inventories in the United States, the world’s top oil consumer. 
Brent crude oil futures dropped by 74 cents, or 1%, to $73.65 a barrel after reaching its highest since April 2019 in the previous session. US crude oil futures fell by 69 cents, or 1%, to $71.46 a barrel, after reaching its highest since October 2018 the previous day.

(Source: Reuters)

Asia stocks, US futures slip as traders mull Fed

Asian stocks and U.S. futures declined Thursday after Federal Reserve officials sped up their expected pace of policy tightening.
  • S&P 500 futures fell 0.4% 
  • Nasdaq 100 fell 0.3%
  • Topix index fell 0.8%
  • Australia’s S&P/ASX 200 Index lost 0.3%
  • Kospi index retreated 0.6%
  • Hang Seng Index was little changed
  • Shanghai Composite Index rose 0.2%
  • Euro Stoxx 50 futures fell 0.5%
(Source: Bloomberg)

US MARKET UPDATE :: Wall Street closes lower

The three main Wall Street indexes all closed down on Wednesday, as U.S. Federal Reserve officials unnerved investors with indications that the central bank could begin rising interest rates in 2023, a year earlier than expected. The Dow Jones Industrial Average fell 265.66 points, or 0.77%, to 34,033.67, the S&P 500 lost 22.89 points, or 0.54%, to 4,223.7 and the Nasdaq Composite dropped 33.17 points, or 0.24%, to 14,039.68. 
(Source: Reuters)

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