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Home / Markets / Live Blog /  Banks, metals lift indices; Sensex gains 427 points; Nifty settles above 16,100

Banks, metals lift indices; Sensex gains 427 points; Nifty settles above 16,100

Indices may trade firm. (REUTERS)Premium
Indices may trade firm. (REUTERS)

  • Share Market Close: Sensex, Nifty ended 0.8% higher each on Wednesday as weak crude helped ease inflation worries. Titan was the best gainer post its business update. All sectoral indices barring FMCG closed in green

Sensex and Nifty ended with robust gains for the second day on Thursday amid firm global cues. Equities rose globally Thursday after a recent sharp drop, though recession fears continue to cast a shadow over market. Finance minister Nirmala Sitharaman is going to hold a review meeting with the heads of public sector lenders later on Thursday.

07 Jul 2022, 03:37:33 PM IST

Sensex, Nifty end firm led by metals, banks

Benchmark share indices ended higher for the second day in a row on Thursday as cooling crude prices eased inflationary concerns. Sensex jumped 427.5 points to end at 54,178.5, while the Nifty50 ended at 16,133, up 0.89%. 

Titan reigned as the top stock on the indices through the day and ended with around 6% gains after reporting robust business growth in the June quarter. Tata Steel, L&T and IndusInd Bank were the best gainers among 21 of the 30 Sensex constituents. Dr Reddy's, Bharti Airtel, Nestle India, and Reliance Industries  were among the laggards today. 

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07 Jul 2022, 03:24:47 PM IST

Nifty Metal jumps nearly 4%; Hindalco, Vedanta, Nalco surge 6% each

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07 Jul 2022, 03:16:21 PM IST

Defence ministry approves HDFC Bank, ICICI Bank and Axis Bank to provide financial services in overseas procurement

07 Jul 2022, 03:11:19 PM IST

CBI arrests Power Grid exec director, Tata Projects executive VP among 6 in bribery case

The CBI has arrested executive director of Power Grid Corporation of India B S Jha and five officials of Tata Projects, including its executive VP Deshraj Pathak and assistant VP R N Singh, in connection with alleged bribery to favour the private company, officials said on Thursday.

The probe agency had conducted searches on Wednesday in Ghaziabad, Noida, Gurugram, among other places, during which 93 lakh cash was recovered from the Gurugram premises of Jha.

07 Jul 2022, 03:01:00 PM IST

IndiGo says no smoke was detected on Raipur-Indore flight on Tuesday, shares up 1.8%

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07 Jul 2022, 02:49:29 PM IST

View on RBI measures to stem rupee fall: Suvodeep Rakshit, Senior Economist, Kotak Institutional Equities

"The RBI’s measures comes on the back of substantial dollar shortage and aimed at shoring up the capital flows into India. While it is difficult to ascertain the quantum of flows, the measures are attractive the for banks and FPIs. While India’s macro situation is better than in the 2013 period, these measures would alleviate and preempt the adverse impact on the external sector balance. The RBI is clearly aiming at softening the depreciation bias and capping the speculative moves against the INR."

07 Jul 2022, 02:36:50 PM IST

NCLAT asks IL&FS to distribute ₹1,925 cr to financial creditors: PTI

The National Company Law Appellate Tribunal (NCLAT) has directed IL&FS to distribute 1,925 crore to its financial creditors from the payments received in connection with the Gurgaon metro project.

The appellate tribunal also made it clear that the distribution of the amount to the lenders will also be subject to the final resolution of the IL&FS companies concerned.

The amount is part of the termination compensation received from two IL&FS subsidiaries and Special Purpose Vehicles (SPVs) -- Rapid Metro Rail Gurgaon Limited (RMGL) and Rapid Metro Rail Gurgaon South Limited (RMGSL) -- from Haryana Shehari Vikas Pradhikaran (HSVP).

07 Jul 2022, 02:26:42 PM IST

BNP Paribas India on telecom sector : Positive on Bharti Airtel and RIL

· We expect the Indian telecom industry’s revenue to rise c22% y-y and 3.4% q-q in 1QFY23 on the residual impact of tariff hike, an extra day during the quarter and 4G upgrades

· In 1QFY23, we expect Bharti Airtel’s India mobile revenue to rise 4.5% q-q on the residual impact of the November 2021 tariff hike, with 4% q-q rise in ARPU to INR185 from INR178 in 4QFY22. We expect muted 4G subscriber addition at c3m

· We expect Airtel’s India non-mobile business, including broadband and enterprise, to maintain a strong growth trajectory, with the telco gaining revenue market share across divisions. We expect Airtel’s consolidated revenue and EBITDA to increase c22% and 28% y-y

· For Reliance Jio, we forecast revenue to rise 4% q-q, led by c5% q-q increase in ARPU, with a modest q-q increase in the subscriber base, while data volume growth q-q should continue to moderate. We expect y-y EBITDA growth of c35%, c29% and 21% for Airtel (India mobile), Jio and VIL, respectively

· We continue to like Airtel and RIL. We think Airtel seems well-positioned to report strong revenue growth and improvement in profitability, led by higher tariffs and market share gains

07 Jul 2022, 02:16:31 PM IST

Global markets rise but recession fears linger

Equities rose Thursday following a recent sharp drop, though recession fears continue to cast a shadow over markets with the euro stuck around 20-year lows and crude struggling to bounce back from this week's hefty selling.

Nikkei 225 closed 1.5% up, Hang Seng Index: rose 0.3%. Shanghai - Composite up 0.3%. London - FTSE 100 rose 1.1%.

07 Jul 2022, 02:06:42 PM IST

Boris Johnson to resign as UK PM, will stay as caretaker until October: Bloomberg

07 Jul 2022, 02:02:30 PM IST

Sensex contributors: ICICI Bank, HDFC Bank, TCS and Titan

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07 Jul 2022, 01:53:47 PM IST

Power Grid up 1.4%; board approved two proposals to raise up to ₹11,000 crore through issuance of bonds and term loans

The board approved a proposal to raise funds up to 6,000 crore from the domestic market through issue of secured/unsecured, non-convertible, non-cumulative/cumulative, redeemable, taxable/tax-free debentures/bonds under private placement during FY2023-24 in up to 20 tranches.

07 Jul 2022, 01:45:04 PM IST

Inflation pushed 71 million people into poverty since Ukraine war: UNDP

A staggering 71 million more people around the world are experiencing poverty as a result of soaring food and energy prices that climbed in the weeks following Russia's invasion of Ukraine, the United Nations Development Programme said in a report Thursday.

The UNDP estimates that 51.6 million more people fell into poverty in the first three months after the war, living off $1.90 a day or less.

07 Jul 2022, 01:32:49 PM IST

Robust performance in Q1FY23 bodes well for Phoenix Mills stock

The stock of Phoenix Mills Ltd rose around 2% intraday on the NSE on Thursday after the company reported a strong operational performance in 1QFY23 across segments.

In the retail vertical, total consumption in Q1 FY23 was Rs2,159 crore, 121% of Q1FY20. Excluding Palassio’s contribution, which opened in July 2020; Q1 FY23 consumption was 109% of Q1 FY20. (Full report)

07 Jul 2022, 01:22:47 PM IST

Prabhudas Lilladher on NBFCs' Apr-Jun earnings preview 

NBFCs are expected to report robust loan growth, led by revival of both rural and urban demand. We expect NBFCs under our coverage universe to report avg of 5.18% QoQ AUM growth, despite Q4 is the best quarter in the year for many companies. Despite margin pressures, there will be slight uptick in NIMs on QoQ basis (10.45% vs 10.20%) considering likely reduction of excess liquidity leading to higher loan growth v/s borrowing growth. Going forward, in the year with further REPO rate hikes (90bps rise already announced in May-June’22) margin pressures may come into play. NBFCs are expected to reduce excess liquidity and increase proportion of short term borrowings to mitigate impact of high borrowing cost. For eg. A company like Shriram Transport with 80% of its borrowing being fixed in nature, will be able to mitigate rising interest rate scenario better. Additionally, we expect better asset quality as there has been pick-up in collections across board with collection efficiencies reaching 100% for most companies. Credit costs should also be flattish on QoQ basis without any negative surprises.

With strong rural and urban demand, we expect vehicle financiers like SHTF and CIFC to maintain the momentum they showed in Q4. Gold financiers should recover after a very weak Q4’22 and valuation of gold financiers have become very attractive especially Manappuram Finance. We draw comfort in players with strong parentage, market leadership, healthy capital and provision buffers. Accordingly, we rate Shriram Transport (SHTF), Cholamandalam Investment & Finance Corporation (CIF) and Manappuram Finance Ltd (MGFL) as top picks in NBFC space.

-Vehicle Financiers to have a strong quarter on back of robust CV demand

-Gold Financiers Performance to Improve after a very rough Q4’22

-Loans to record 5.18% QoQ AUM Growth

-Improvement in NIM, NII across our coverage companies. Resultantly, we expect aggregate NIMs to show 22/25bps improvement on YoY/QoQ basis respectively. BAF followed by SHTF should witness highest sequential NIM expansion.

-Credit costs to remain stable; NPA’s to reduce-

07 Jul 2022, 01:11:08 PM IST

Nifty PSU Bank surges 3%; Canara Bank, Bank of Baroda zoom 6%

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07 Jul 2022, 01:01:24 PM IST

FM to meet heads of banks on Thursday; to review performance, governance reforms in regional rural banks

07 Jul 2022, 12:52:39 PM IST

BHEL commissions India’s largest floating Solar PV plant rated at 100 MW at NTPC Ramagundam in Telangana; shares up 2%

07 Jul 2022, 12:45:47 PM IST

Prabhudas Lilladher retains ‘buy’ on Titan

We are increasing FY23/24 EPS estimates by 16.6% and 13.4% following strong performance by TTAN in 1Q23, first normal 1Q after FY20. TTAN growth strategy is playing out in Jewellery with 1) aggressive store expansion (19 in 1Q) 2) Increased focus on wedding segment 3) focus on lighter Jewellery and 4) designs and campaigns to cater to regional tastes and preferences. Eyewear business is gaining scale and growth prospects in this large but highly organized segment look encouraging. Watches and wearables growth will be led by significant revamp of WOT distribution and emerging wearables segment.

We believe new businesses like Wearables, Taneria (Distribution and product range led), Carat lane will continue to gain traction. We estimate 1Q sales and PAT growth of 166% and 1137% although these numbers can’t be extrapolated. We estimate 34.4% PAT CAGR over FY22-24 and arrive at a DCF based target price of Rs2520 (Rs2701 earlier, impacted by higher Risk free rate). Although structural story remains intact, expect back ended returns given rich valuations of 59.8xFY24 EPS. Retain Buy

07 Jul 2022, 12:35:29 PM IST

Lodha's stellar pre-sales momentum continues; futher debt reduction key

Macrotech Developers Ltd. (Lodha) announced its operational update of the first quarter of fiscal 2023 (Q1FY23) on Wednesday.

On a sequential basis, Lodha's sales booking in Q1FY23 declined 19%. Even so, it was the best ever sales booking for any April-June quarter for the company. "This healthy performance came despite Q1 being seasonably weak due to the vacation period and onset of monsoon, and in spite of the stamp duty increasing by 1% w.e.f. April 1, 2022," said analysts at Edelweiss Securities Ltd.

07 Jul 2022, 12:24:31 PM IST

These stocks have rallied 3,000% in 2022 already

A number of stocks have produced positive returns and have ignored the choppy market conditions. How big gains are we talking? Over 3,000%! These stocks have turned out to be the best multibagger stocks in 2022 so far.

Here's a list of companies that managed to give handsome returns to their investors in 2022.

07 Jul 2022, 12:21:04 PM IST

Govt puts in place new approval framework for wheat flour exports

After banning wheat exports in May, the government has decided to put in place a new approval framework for outbound shipments of wheat flour.

Exporters of wheat flour would now need approval of the inter-ministerial committee for shipments of atta. The new requirement will be applicable from July 12.

07 Jul 2022, 12:09:51 PM IST

Nifty Gainers and Losers at this hour

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07 Jul 2022, 12:03:10 PM IST

Sensex at noon: Rises 400 points; Titan, M&M, IndusInd Bank lead the pack; Bajaj Finserv and Reliance top laggard

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07 Jul 2022, 11:57:17 AM IST

Titan begins FY23 on a strong note with jewellery shining bright in Q1

Titan Co. Ltd has started this financial year (FY23) with a bang. In its quarterly update for the three months ended June (Q1FY23), the company said that its jewellery business excluding bullion sales clocked 207% year-on-year (y-o-y) growth, a better-than-expected show. True, this was also helped by a lower base. Nevertheless, growth on a three-year compound annual growth rate (CAGR) basis is healthy. (Read more)

07 Jul 2022, 11:52:02 AM IST

Equitas Small Finance Bank surges 5% post Q1 FY23 business update

The lender said its gross advances grew by 22% from a year ago to 21,699 crore as of June 30. The bank's disbursements during Q1 FY23 rose by 156% to 3,238 crore as against 1,265 crore. Total deposits increased by 19% year-on-year to 20,386 crore.

07 Jul 2022, 11:42:26 AM IST

For Dabur, margin is back to normal but rural demand is yet to pick up

While Dabur India Ltd is relatively better placed in terms of margin pressures when compared to its fast-moving consumer goods (FMCG) peers, its sizeable presence in the rural markets is a snag. The company in its business update for the June quarter (Q1FY23) indicated that elevated levels of inflation weighed on the wallet share for consumer staples and this was seen across both the urban and rural markets. (Full report)

07 Jul 2022, 11:33:06 AM IST

Gujarat Alkalies and Chemicals up 2.7%

NTPC RE Ltd and Gujarat Alkalies and Chemicalshave inked a pact to collaborate for renewable energy and synthesising green chemicals.

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07 Jul 2022, 11:22:32 AM IST

Covid update: India reports 18,930 fresh cases, 35 deaths in 24 hours

India reported 18,930 fresh cases and 35 deaths in the last 24 hours, the Health Ministry data revealed, according to the Union Health Ministry updated data. The country's active cases stood at 1,19,457 on Thursday and the daily positivity rate at 4.32%.

07 Jul 2022, 11:13:52 AM IST

Nifty Auto rises 1.2%; Balkrishna Industries, MRF, Tata Motors gain over 1% each

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07 Jul 2022, 11:02:55 AM IST

Nykaa shares jump 4%; co launches underwear and athleisure brand for men

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07 Jul 2022, 10:52:06 AM IST

BSE SmallCap up 1.2%; Centrum jumps 11%

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07 Jul 2022, 10:42:09 AM IST

Nifty Bank jumps 1%; barring Axis Bank, all players in the green; Bank of Baroda leads with 3.5% gain

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07 Jul 2022, 10:32:28 AM IST

Brent bounces above $101/bbl as focus returns to supplies

Oil prices regained a footing on Thursday from steep falls in the previous two sessions, as investors returned their focus to tight supplies even as fears persisted over the demand outlook amid risks of a global recession.

Brent crude futures rose 67 cents, or 0.7%, to $101.36 a barrel by 0402 GMT after tumbling more than $2 to a session low of $98.50 earlier. WTI crude futures climbed 59 cents, or 0.6%, to $99.12 a barrel, bouncing from an intraday low of $96.57.

07 Jul 2022, 10:25:52 AM IST

US FDA allows pharmacists to prescribe Pfizer's Covid-19 pill

The U.S. Food and Drug Administration said on Wednesday it had authorized state-licensed pharmacists to prescribe Pfizer Inc's COVID-19 pill to eligible patients to help improve access to the treatment.

The antiviral drug, Paxlovid, has been cleared for use and available for free in the United States since December, but fewer than half of the nearly 4 million courses distributed to pharmacies by the government so far have been administered.

07 Jul 2022, 10:17:50 AM IST

Angel One's Top Picks for July

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07 Jul 2022, 10:08:10 AM IST

Titan surges as much as 7%; Q1FY23 business update gets a thumbs-up

Tata group firm Titan on Wednesday said its sales in the April-June quarter were up nearly three-fold on a year-on-year basis, helped by a low base of the Covid-19 impacted quarter in the last year.

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07 Jul 2022, 09:58:17 AM IST

Indian rupee gains 0.5% to 78.90 per dollar as RBI eases rules to boost foreign inflows

The Reserve Bank of India announced a series of steps to boost foreign exchange inflows to arrest the rupee’s slide against the dollar.

The measures include doubling the annual overseas borrowing limits for companies to $1.5 billion and temporarily abolishing interest-rate caps for banks to attract deposits from non-resident Indians.

07 Jul 2022, 09:48:41 AM IST

Market view: Sameet Chavan, chief analyst-Technical and Derivatives, Angel One

With yesterday’s robust close, 15700 has once again become a sacrosanct support. Before this 15900 followed by 15800 are likely to provide cushion on the weekly expiry day. In case of any dip towards the mentioned supports, one can certainly look to add bullish bets. We are now knocking on the doors of 16000 and if the global market supports, we are finally likely to traverse through this sturdy wall. This will certainly bolster the overall sentiments and in the process, 16125 – 16200 levels can be tested in the forthcoming session itself. This development will open up the new gamut for the bulls, which augurs well considering recent cheerless action. Since we are not completely out of the woods yet, global development remains a caveat for the above mentioned view.

There have been contributions across the board, wherein the significant benefactors that boosted the bullish sentiments were from the FMCG and Auto space. Looking at the recent development, the undertone is likely to remain upbeat, and traders are advised to identify apt themes in order to find better trading opportunities.

07 Jul 2022, 09:40:56 AM IST

All sectoral indices trade in the green; Nifty bank, auto, IT around 1% higher

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07 Jul 2022, 09:35:39 AM IST

Nifty near 16,100 in opening deal: Titan, PowerGrid lead while Reliance, Britannia drag

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07 Jul 2022, 09:26:13 AM IST

Sensex up 300 points in early deals: Titan, PowerGrid, M&M top gainers; Bajaj Finserv, HUL prominent laggards

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07 Jul 2022, 09:17:37 AM IST

Sensex and Nifty open higher; Titan, M&M top gainers

07 Jul 2022, 09:13:00 AM IST

Govt asks companies to cut edible oil price by up to ₹10 per litre

Amid a fall in global prices, the government directed edible oil manufacturers to further cut the maximum retail price of imported cooking oils by up to 10 per litre within a week, and maintain a uniform MRP of the same brand of oil across the country. As India imports more than 60% of its edible oil requirement, retail prices came under pressure

07 Jul 2022, 09:06:52 AM IST

Sensex up 230 points at pre-open; Titan, PowerGrid top charts

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07 Jul 2022, 09:03:51 AM IST

Sensex, Nifty firm in pre-opening trade

07 Jul 2022, 08:58:03 AM IST

Govt eyes battery swapping infra on highways in EV push

India is preparing a broad roadmap to develop the required battery swapping and charging infrastructure along its highways as part of the efforts to propel a shift towards mass adoption of electric vehicles (EVs).

The ministry of road transport and highways (MoRTH) has identified about 700 sites along the Golden Quadrilateral Highway, east-west and north-south corridors and greenfield expressways, to develop wayside centres equipped with various types of charging points for EVs.

07 Jul 2022, 08:47:37 AM IST

India may be better placed as world braces for a recession

India may be better placed than many other economies to navigate a recession in the US and Europe as it would cool red-hot oil and commodity prices and help avert further interest rate hikes, fund managers and analysts said.

Recession fears, which have hammered equities earlier, have begun eroding commodities as well: prices of base metals such as copper, aluminium and zinc that shot to record levels after the outbreak of the Russia-Ukraine conflict have dropped significantly

07 Jul 2022, 08:37:09 AM IST

RBI eases forex rules to defend currency

The Reserve Bank of India announced a series of steps to boost foreign exchange inflows to arrest the rupee’s slide against the dollar.

The measures include doubling the annual overseas borrowing limits for companies to $1.5 billion and temporarily abolishing interest-rate caps for banks to attract deposits from non-resident Indians. (Full report)

07 Jul 2022, 08:27:47 AM IST

Geo political challenges posing asymmetric working capital utilization across sectors: SBI Reasearch

Global economy continues to be characterized by significant volatility. On an average, Energy, Base Metals, Precious Metals and Agricultural prices are now down 25% from 52 week highs as markets are anticipating a global slowdown morphing into a full blown global recession. However, it is not clear whether such decline is the result of synchronized global rate actions or genuine fears of a recession looming large.

In India, such global developments could have a direct bearing on the inflation trajectory in the second half of the current fiscal. The RBI has been on course in normalizing liquidity and net LAF is now close to the 1.5% threshold non-inflationary level of liquidity. However, the problem is unspent Government cash balances that has now jumped to 3.1 trillion. This effectively implies that core liquidity is still at 6.2 trillion as against 8.3 trillion in beginning of April. Additionally, RBI has also announced a slew of measures to augment capital inflows by making NRI deposits more attractive.

The cumulative impact of all these measures will be beneficial for the external sector given the fact that total NRI deposits exhibited an inflow of $3.2 billion in FY22 as against the inflows of $7.4 billion in FY21. The FCNR (B) swap scheme in 2013 was extremely successful helping raise around $34billion of inflows, though the RBI had taken up the foreign exchange risk at that time to make the scheme successful. The RBI should make conscious effort to internationalize the rupee. The Russia-Ukraine war and the disruptions to payments caused by it, is a good opportunity to insist on export settlement in rupee, beginning with some of the smaller export partners.

Credit growth expanded at 2.6 lakh crores far outstripping bank deposit growth at 1.04 lakh crore in current year. The continued growth in bank credit is a matter of comfort and indicates that Indian economy is still navigating through the turmoil rather well. There are several aspects of this credit growth.

We expect sectors such as Infrastructure including Power, Renewable Energy, Petroleum, Mining Road, NBFCs, Cement, Aviation, Electric Vehicles, Electronics, Commercial Real Estate, Food Processing etc. will drive credit growth in coming quarters. RBI’s recent measures on ECB/FPI inflows in debt segment are a welcome step in widening the market.

07 Jul 2022, 08:23:29 AM IST

Top 10 stocks that will be in news today

Titan, Bharti Airtel, Reliance, Equitas SFB, Power Grid are among stocks that will be in focus today.

07 Jul 2022, 08:19:13 AM IST

Telcos may see slower revenue growth in Q1

The April-June quarter will see slower mobile revenue growth for the telecom sector due to subscriber decline for Bharti Airtel and Vodafone Idea, fewer 4G net additions due to lower smartphone sales and diminishing benefit of the November 2021 tariff hike, analysts said. (Read more)

07 Jul 2022, 08:17:50 AM IST

Oil extends loss as recessionary concerns persist

Oil extended its retreat as recessionary concerns swept through global commodity markets and US industry estimates showed rising stockpiles.

West Texas Intermediate fell below $98 a barrel and has shed about 10% so far this week. Brent crude futures fell 71 cents to $99.98 a barrel. Escalating concern that a looming slowdown will hurt energy consumption has driven prices lower even as the market continues to show signs that crude supplies remain tight at present.

07 Jul 2022, 08:03:15 AM IST

Market view: Osho Krishan, senior analyst, Technical & Derivative Research, Angel One

The Indian equity space has showcased a muted opening despite the weakness in the Asian bourses and endured volatility in the initial trading hour. Soon after, the benchmark index gained some stability and gradually marched upwards toward the 16000 sub-zone. The across-board buying has uplifted the overall sentiments, resulting in a positive closure to our market. The Nifty50 concluded the day a tad below the psychological mark of 16000 with gains of over 1.12%.

The technical structure provided encouragement for the bulls on the D-Street as Nifty showed an authoritative closure in the unfilled gap after three weeks of struggle. With today’s robust close, 15700 has once again become sacrosanct support. Before this, 15900 followed by 15800 are likely to provide a cushion on the weekly expiry day. In case of any dip towards the mentioned supports, one can certainly look to add bullish bets. We are now knocking on the doors of 16000, and if the global market supports us, we are finally likely to traverse through this sturdy wall. This will certainly bolster the overall sentiments and in the process, 16125 – 16200 levels can be tested in the forthcoming session itself. This development will open up a new gamut for the bulls, which augurs well considering recent cheerful action. Since we are not entirely out of the woods yet, global development remains a caveat for the above mentioned view.

There have been contributions across the board, wherein the significant benefactors that boosted the bullish sentiments were from the FMCG and Auto space. Looking at the recent development, the undertone is likely to remain upbeat, and traders are advised to identify apt themes in order to find better trading opportunities.

07 Jul 2022, 07:54:57 AM IST

IMF chief says 'cannot rule out' possible global recession

IMF Managing Director Kristalina Georgieva on Wednesday said the outlook for the global economy had "darkened significantly" since April and she could not rule out a possible global recession next year given the elevated risks.

Georgieva told Reuters the fund would downgrade in coming weeks its 2022 forecast for 3.6% global economic growth for the third time this year, adding that IMF economists were still finalizing the new numbers.

07 Jul 2022, 07:50:24 AM IST

Asian shares trade mixed

Asian markets are trading rangebound in early trade as investors weighed the Federal Reserve’s determination to tackle inflation even at the expense of slower economic growth. Japan's Nikkei rose 0.69%. China’s Shanghai Composite index dropped 0.5%, while Hong Kong’s Hang Seng index retreated 1.5%.

07 Jul 2022, 07:37:23 AM IST

Wall Street gains overnight

US stocks rose for the third straight day as investors parsed economic data that hinted at slightly slower growth, prompting some to brush off the hawkish stance that the Federal Reserve reiterated in its June meeting minutes as outdated. Dow Jones ended 0.23% higher, tech-heavy Nasdaq surged 0.35% while S&P 500 rose 0.36%.

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