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Sensex, Nifty close at record highs; banks, financials top gainers

Market closing: Benchmark Indian indices closed 0.36% higher on Tuesday.Premium
Market closing: Benchmark Indian indices closed 0.36% higher on Tuesday.

  • Market closing: Benchmark Indian indices closed 0.36% higher on Tuesday. The Sensex closed at 52,773.05, up 221.52 points, or 0.42%, while the Nifty was at 15,869.25, up 57.40 points, or 0.36%. Banks, financials, and realty sectorts were top gainers. Auto, metal and pharma sectors closed in red

Benchmark Indian indices closed 0.36% higher on Tuesday. Asdian markets were mixed at close on Tuesday. All eyes aare on the US FOMC meeting due tomorrow an indication of the Fed's policy on US inflation.

15 Jun 2021, 03:50:06 PM IST

Market closing

Benchmark Indian indices closed 0.36% higher on Tuesday. The Sensex closed at 52,773.05, up 221.52 points, or+0.42%, while the Nifty was at . 15,869.25, up 57.40 points, or 0.36%. Banks, financials, and realty sectorts were top gainers. Auto, metal and pharma sectors closed in red. Broader indices outperformed with the BSE midcap and smallcap closing 0.53% and 0.40% higher. The Nifty midcap100 and smallcap100 closed 0.61% and 0.45% higher, respectively.

On the 30-share Sensex, Asian Paints, Axis Bank, ICICI Bank, and 12 other stocks closed in green, while Bajaj Finserv, Dr Reddy's, Titan, and 12 other stocks closed in red.

Sensex at close.
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Sensex at close.
15 Jun 2021, 03:24:39 PM IST

Indian equity market showing 'unbreakable nature' amid covid-19 second wave: Julius Baer

The Indian equity market is showing an "unbreakbale nature" amid the second covid-19 wave and the benchmark Sensex might well hit 58,500-level by March next year, according to global wealth management major Julius Baer.

Emphasising that India is a "very strong market", Julius Baer managing director and head (Research) Mark Matthews also said companies' earnings would ultimately drive share prices.

15 Jun 2021, 03:18:27 PM IST

Global stocks in record-setting spree as Fed meeting looms

World stocks hit yet another record high on Tuesday, with European stocks poised for their longest winning streak since 2019 as investors bet likely "transitory" inflation pressures will stay the U.S. Federal Reserve's hand from signalling a shift in policy settings.

15 Jun 2021, 03:02:46 PM IST

Salzer Electronics reports March-quarter consolidated profit after tax of ₹73.5million compared tom ₹93.6 million a year ago

15 Jun 2021, 02:43:07 PM IST

Coal India to cut manpower by 5% every year for 5-10 yrs to cut costs

World's largest mining company Coal India Ltd on Tuesday said that it will reduce 5% in manpower every year for the next 5-10 years to reduce costs.

Currently, the mining company has 2,72,445 employees since FY20, CIL stated in the earnings call a day after declaring its March quarter results.

15 Jun 2021, 02:27:24 PM IST

Spencer’s Retail gains on Q4 result

The company’s share was trading at 81.50 apiece, up 0.62% at 2:26 pm. Spencer's Retail Ltd reported a March-quarter consolidated net loss of 345.3 million, compared to a loss of 492.6 million year ago. The company’s consolidated revenue from operations for the March quarter stood at 5.92 billion, compared to 6.41 billion a year ago.

15 Jun 2021, 02:11:39 PM IST

What retail should keep in mind before jumping on IPO bandwagon

There is increased interest in IPOs from retail investors these days due to the bullish nature of the secondary markets. Economy supporting measures by global central banks, including the Reserve Bank of India (RBI), have boosted markets over the past year, with Sensex and Nifty50 trading near all-time highs.

However, experts say that retail investors should not give in to the exuberance and tread with caution. (Read here)

15 Jun 2021, 02:08:55 PM IST

NMDC OFS likely in June: report

The offer for sale for NMDC Corporation may be brought by the government in June, CNBC TV-18 reported citing people with knowledge of the matter. The DIPAM is likely to meet this week, according to the report. The OFS could be at a discount of 8-10%, and government may diluye a 7.5-10% stake, according to the report.

15 Jun 2021, 01:50:05 PM IST

Power Finance Corporation trades lower

Power Finance Corporation reported Q4FY21 consolidated net profit of 3,906 crore, compared to 694 crore a year ago. The company's revenue climbed 12.1% to 18.149 crore in Q4 from 16,193 crore a year ago.

15 Jun 2021, 01:47:54 PM IST

Inflow in Gold ETFs drops 57% to ₹288 crore in May

Gold ETFs witnessed a 57% decline in net inflow to 288 crore in May compared to the preceding month, as investors diverted money into equity markets.

Despite the drop in inflow, the assets under management (AUM) of gold ETFs rose by over 6 per cent to 16,625 crore at May-end, against 15,629 crore at April-end, data with Association of Mutual Funds in India (Amfi) showed.

According to the data, a net sum of 288 crore was pumped into gold-linked exchange-traded funds (ETFs) last month, lower than 680 crore in April.

Investors had put in 662 crore in such funds in March, 491 crore in February and 625 crore in January.

15 Jun 2021, 01:42:31 PM IST

HDFC Bank app faces glitches; bank says issue resolved

HDFC Bank today said that it is facing some glitches with its mobile banking application and has informed customers about the problem."We are experiencing some issues with the MobileBanking App. We are looking into this on priority and will update shortly. Customers are requested to please use NetBanking to complete their transaction. Regret the inconvenience caused. Thank you,", HDFC Bank News said in a tweet.

15 Jun 2021, 01:25:36 PM IST

Toyota resumes production operations at its Karnataka plant

Toyota Kirloskar Motor Ltd – unit of Toyota Motor Corp – on Tuesday, announced restarting production operations at its two factories in Karnataka. Manufacturing operations had to be suspended due to the explosive rise in cases of Covid-19 in Karnataka and other states.

“TKM confirms partial resumption of operations at its plant at Bidadi in Karnataka beginning 15th June, 2021. Operating at the prescribed workforce strength of 50%, TKM will resume its operations as well as enhance training of all employees for the “new normal", both in terms of facilities and processes. Furthermore, all such operations will be carried out in strict concurrence with all state and central government’s directives," said the company in a statement. (Read here)

15 Jun 2021, 01:05:49 PM IST

India-focussed SPAC raises $170 mn in NASDAQ-IPO

Global Consumer Acquisition Corp (GCAC), a blank cheque company backed by private equity veteran Rohan Ajila and The Manipal Group Chairman Gautham Pai raised $170 million in an initial public offering this week.

The company that listed on NASDAQ under the symbol ‘GACQU’ is a special purpose vehicle for acquiring companies in the consumer sector, with a focus on Asia, and India.

15 Jun 2021, 01:01:03 PM IST

ICICI Bank, RIL, HDFC Bank lead gains

Index contribution
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Index contribution
15 Jun 2021, 12:44:37 PM IST

Bharti AXA General Insurance reports gross written premium of ₹3,183 cr in FY21

Non-life insurer Bharti AXA General Insurance reported a nominal growth of 0.82% in its gross written premium (GWP) at 3,183 crore in the fiscal 2020-21, as against 3,157 crore in FY20. The insurer posted a profit after tax of 120 crore in FY21, a release said.

"Owing to the covid-19 pandemic, FY2021 has been a challenging year for the industry and especially for us at Bharti AXA General Insurance," Sanjeev Srinivasan, MD and CEO, said.

15 Jun 2021, 12:29:48 PM IST

Sensex heatmap

Sensex post noon
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Sensex post noon
15 Jun 2021, 12:17:39 PM IST

Public private partnership model crucial for deployment of electric vehicles: IRR

The public private partnership model for operating electric vehicles especially busses will help deploy more such zero-emission vehicles by state transport undertakings (STUs) in the coming years, according to ratings agency, India Ratings and Research. The contractual model of operating electric vehicles has been devised by the government to make it easier for STUs to procure electric vehicles which are mpore expensive than combustion engine ones.

15 Jun 2021, 12:04:22 PM IST

Spandana Sphoorty Financial's board approves ₹2.5 bn NCD issue

The board of NBFC Spandana Sphoorty has approved the issue of 25,000 non-convertible debentures totalling to 2.5 billion. The issue includes a green shoe option of NCDs worth upto 4.25 billion.

15 Jun 2021, 11:51:00 AM IST

Tiger Global may invest $100 mn in used car startup Spinny: report

Tiger Global Management is in talks to lead a $100 million round in online used-car retailer Spinny, Moneycontrol news reported citing people familiar with the matter. The round could double the startup's valuation to $800 million in two months.

Spinny's previous valuation, which was in April, was at $350 million. Tiger and Spinny are in advanced talks, according to the people cited above. The deal could be closed soon, they added. Spinny raised $43.7 million in its Series B round led by Infosys chairman Nandan Nilekani’s venture capital fund, Fundamentum Partnershipin March. (Read here)

15 Jun 2021, 11:44:05 AM IST

Sameet Chavan chief analyst-Technical and Derivatives, Angel Broking on Nifty trajectory

“Our markets started the fresh week on a flat note; however, before anyone could realize Nifty was down around 200 points within the first half an hour to test the levels of 15,600. This was followed by a bounce back and then consolidation for the major part of the first half. Subsequently, in the second half bulls again picked up momentum to erase all the morning losses and ended marginally in the green tad above 15,800 levels.

Technically, not much has changed from Friday’s close and in fact, the Nifty has been hovering around the 15,800 mark for the last one week. If we observe the intraday hourly chart, the Nifty is gyrating within a range where 15,600 is acting as strong support whereas on the higher side some tentativeness is seen around the 15,800 levels. The bulls are still adamant as one or another sector is holding the markets up and dips are getting bought. However, we continue to have a view that if the benchmark has to test the levels of 16,000 and beyond then the banking space needs to participate which has been an underperformer recently. Having said that, the Bank Nifty managed to hold on to its previous breakout levels seen at the previous swing high around 34,300 and has ended around the highest point forming a ‘Dragon Fly Doji’. For the coming sessions, if the Bank Nifty manages to break above 35,350 then we may see a bounce-back move in the banking space that can fuel the next leg of the rally for the benchmark. However, if it fails then we may continue to see lethargic moves in the Nifty.

We continue to believe that being selective and avoiding aggressive bets remains a pragmatic approach. As far as levels are concerned, 15,730 followed by 15,600 remains strong support whereas on the flip side, every 100 points should be treated as immediate resistance and now these levels come to 15,900–16,000."

15 Jun 2021, 11:38:54 AM IST

Accenture to acquire umlaut to boost data engineering capabilities

Global technology major Accenture Plc said on Tuesday it has agreed to acquire umlaut, an engineering consulting and services firm headquartered in Aachen, Germany. Financial details of the acquisition were not disclosed.

“The move will significantly scale Accenture’s deep engineering capabilities to help companies use digital technologies like cloud, artificial intelligence, and 5G to transform how they design, engineer and manufacture their products as well as embed sustainability," Accenture said in a statement. As part of the acquisition, Accenture will onboard umlaut’s more than 4,200 engineers and consultants across 17 countries to its Industry X services, and expand the company’s capabilities across industries including automotive, aerospace & defence, telecommunications, energy and utilities.

15 Jun 2021, 11:27:21 AM IST

Glenmark Pharma launches COPD treatment inhaler in UK

Drug firm Glenmark Pharma on Tuesday announced the launch of Tiotropium Bromide Dry Powder Inhaler, used in the treatment of chronic obstructive pulmonary disease (COPD), in the UK.

COPD is a long-term condition that causes inflammation in the lungs, damaged lung tissue and a narrowing of the airways, making breathing difficult.

"Glenmark Pharmaceuticals... becomes one of the first companies to launch a bioequivalent version of Tiotropium Bromide dry powder inhaler (DPI) under the brand name - Tiogiva, in the UK for the treatment of chronic obstructive pulmonary disease (COPD)," the company said in a regulatory filing.

15 Jun 2021, 11:19:51 AM IST

Rupee surges 13 paise to 73.16 against US dollar in early trade

The Indian rupee gained 13 paise to 73.16 against the US dollar in early trade on Tuesday tracking positive domestic equities.

At the interbank foreign exchange, the domestic unit opened at 73.20 against the dollar, then inched higher to 73.16, registering a gain of 13 paise over its previous close.

On Monday, the rupee had settled at 73.29 against the US dollar.

"Asian currencies have started weaker against the greenback and rising crude prices this Tuesday morning and will weigh on sentiments," Reliance Securities said in a research note.

15 Jun 2021, 11:16:40 AM IST

BHEL gains 4%

BHEL was trading at 70.10, up 4.08% at 11:15 am. The company reported a Q4FY21 consolidated net loss of 1,036.32 crore, compared to 1,532 crore a year ago, it remained loss making at the operating level. Ebitda loss stood at 126 crore in the March quarter, largely on account of higher other expenses, which surged 156% year-on-year (y-o-y).

15 Jun 2021, 11:13:17 AM IST

Top 10 smallcap stocks mutual funds bought and sold last month

Smallcap stocks have been in focus in the recent market rally as they have been witnessing strong buying action in the past few months. The BSE Smallcap index is up nearly 14% in last one month while the Nifty smallcap 100 index is up around 12% in a month.

A report by ICICI Direct sharing the mutual fund activity showed top buy/sell in smallcap across AMCs (asset management companies) that mutual funds bought/sold during May 2021. (Read here)

15 Jun 2021, 10:37:53 AM IST

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments on Nifty's trajectory

"The index continues its bullish trajectory and seems headed to 15,900-16,000. Despite multiple sessions of nervousness, the Nifty has been successful in respecting the 15,700-15,750 levels of support. As long as we do not break that on a closing basis, this trend is here to stay. The best way to ride this trend will be to accumulate long positions on dips. That would be the most prudent way of being a part of the larger trend."

15 Jun 2021, 10:30:47 AM IST

Adani Group stocks mixed after clarification on FPI accounts freeze

Adani Group stocks were in focus on Tuesday after the group and NSDL clarified on the reports of NSDL freezing accounts of three FPI accounts that own shares in the group companies. In Tuesday's early deals, shares of Adani group companies were trading mixed on the BSE.

Shares of Adani Ports, Adani Enterprises, Adani Green were trading with gains in Tuesday’s opening trade while Adani Power, Adani Gas shares declined. (Read here)

15 Jun 2021, 10:21:38 AM IST

Torrent, Divis Lab drag

Nifty Pharma index
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Nifty Pharma index
15 Jun 2021, 10:05:49 AM IST

Gold prices slide for 3rd day in a row, down ₹8,000 from record high

Gold and silver rates remained weak today in Indian market amid recent downtrend in international rates. On MCX, gold slipped to 48493 per 10 gram, extending losses to the third day, while silver fell 0.8% to 71301 per kg. In the previous session, gold had dipped 0.8% while silver had declined 0.56%. MCX gold has support at 47,350 and resistance at 49200, say analysts. (Read here)

15 Jun 2021, 10:00:59 AM IST

Sebi appoints BSE subsidiary to supervise investment advisors

The Securities and Exchange Board of India (Sebi) announced on 14th June that it has appointed BSE Administration and Supervision Ltd (BASL), a subsidiary of BSE Ltd as the body that will grant recognition to Registered Investment Advisors (RIAs) and supervise them. Currently these functions are discharged directly by Sebi. BASL shall be granted these powers for a period of three years from 1 June 2021.

All existing RIAs will have to become members of BASL, Sebi said. New applicants for RIA licenses will also have to obtain membership before applying for registration with Sebi. The existing fee structure will remain unchanged. New individual applicants for the RIA license have to pay 2,000 and corporates have to pay 1 lakh as annual membership fee. For renewal of licenses the fees are 1,800 and 99,000, respectively.

15 Jun 2021, 09:45:03 AM IST

HDFC Bank, Infy drive gains

Index contribution
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Index contribution
15 Jun 2021, 09:33:26 AM IST

Pharma trails

Nifty sectoral indices
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Nifty sectoral indices
15 Jun 2021, 09:23:50 AM IST

Market opening

Indian indices opened 0.35% higher on Tuesday. The Sensex opened at 52,718.20, up 166.67 points, or 0.32%, while the Nifty was at 15,866.95, up 55.10 points, or 0.35%. RIL, HDFC twins drive gains. On the 30-share Sensex, PowerGrid, ONGC, Nestlé India, and 22 other stocks opened in green, while SBI Bank, Bajaj Finserv, UltraTech, HUL, and NTPC opened in red.

Sensex at open
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Sensex at open
15 Jun 2021, 09:12:34 AM IST

Market pre-opening

The Sensex was at 52,751.83, up 200.3 points, or 0.38% at market pre-open while the Nifty was at 15,866.95, up 55.10 points or 0.35%.

Market pre-opening
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Market pre-opening
15 Jun 2021, 09:05:39 AM IST

Bitcoin price back above $40,000. Check ether, dogecoin, other crypto prices

In cryptocurrencies, after a volatile weekend, Bitcoin surpassed $40,000, reaching its highest level in more than two weeks after yet another weekend of price swings following tweets from Elon Musk. Bitcoin price today was up more than 3%, as per CoinDesk, trading at $40,293. Ether also witnessed a small lift but remained well within recent ranges at $2,600, up 4%. Dogecoin was trading at $0.32, up 0.7% while other cryptocurrencies like XRP, Litecoin were also trading with gains over the last 24 hours. (Read here)

15 Jun 2021, 08:50:50 AM IST

Petrol, diesel prices remain at record high levels as fuel rates unchanged today

Petrol and diesel prices were unchanged on Tuesday, remaining at record high levels, after fuel prices were hiked again on Monday by up to 29 to 31 paise. The hike — 24th in six weeks — pushed fuel prices across the country to new historic highs. A litre of petrol in Delhi is retailing at 96.4, whereas diesel costs 87.28. In Mumbai, petrol is being sold at 102.58 per litre, while diesel has reached 94.70 per litre. (Read here)

15 Jun 2021, 08:33:19 AM IST

Dodla Dairy IPO: Grey market premium today at ₹180, should you subscribe?

Dodla Dairy IPO (Initial Public Offer) is going to open on 16th June 2021. While IPO investors are looking at various fundamentals of the company, Dodla Dairy IPO GMP (Grey Market Premium) today has soared at 180. According to experts, this high GMP number of the Dodla Dairy IPO reflects that market is bullish on the public issue.

Speaking on the Dodla Dairy IPO grey market premium today Ravi Singhal, Vice Chairman at GCL Securities said, "Dodla Dairy IPO GMP today is 180 that means market is expecting Dodla IPO listing to the tune of 601 to 628, which is a good sign for the promoters of the company as the public issue is opening tomorrow on 16th June 2021." (Read here)

15 Jun 2021, 08:27:57 AM IST

Market outlook

Markets are likely to consolidate on Tuesday while trends in SGX Nifty suggest a negative opening of Indian benchmark indices. On Monday, the BSE Sensex ended at 52,551.53, up 76.77 points or 0.15% and the Nifty closed at 15,811.85, up 12.50 points or 0.08%. (Read here)

15 Jun 2021, 08:18:39 AM IST

UK FM drawn into in-law Narayana Murthy Amazon tax dispute

Cloudtail India Pvt. Ltd, the online retailing joint venture of Infosys co-founder N R Narayana Murthy's firm and, faced a £5.5 million demand, including interest and penalties, from tax authorities after it paid "meagre" taxes over the past four years, a media report said on Monday.Cloudtail's holding company, Prione is also run by a former Amazon manager, the report in the UK's The Guardian. Following the report, the office of UK Chancellor of the Exchequer Rishi Sunak, who is son-in-law of Murthy, was forced to comment.

"Reaching an international agreement on how large digital companies are taxed has been a priority for the chancellor since he took office," said a spokesperson for his UK Treasury office.

"The Chancellor's consistent position has been that it matters where tax is paid, and any agreement must ensure digital businesses pay tax in the UK that reflects their economic activities. That is what our taxpayers would expect and is the right thing," the spokesperson said. (PTI)

15 Jun 2021, 08:13:02 AM IST

Stocks to Watch

Adani Group, BHEL, Coal India, SBI Card, Tata Motors, among other stocks, may be in the news today. (Read here)

15 Jun 2021, 08:07:07 AM IST

RBI restricts investors from weak FATF compliant jurisdictions

The Reserve Bank on Monday put in place restrictions with respect to investments in payments system operators (PSOs) by new entities from jurisdictions that have weak measures to deal with money laundering and terrorist financing activities. The Financial Action Task Force (FATF) periodically identifies jurisdictions with weak measures to combat money laundering and terrorist financing activities. Jurisdictions that do not fall under 'high-risk' and 'increased monitoring' categories are considered as FATF-compliant ones.

15 Jun 2021, 07:51:21 AM IST

Coal India final dividend to enrich govt by ₹1,426 cr

The government will receive 1,426 crore as dividend from Coal India Limited (CIL) after the dry fuel miner on Monday announced an additional final dividend of 35% or 3.5 per share on equity shares of 10 each, an official said. The total dividend payout for FY'21 stood at 16 per share or 160%. The government is the largest shareholder with control of 66.1% in the CIL. Its shareholding in the company has reduced from 71% due to continuous dilution in small tranches since March 2019. However, the CIL's generous dividend policy and high capital expenditure led to a sharp drop in the free cash position of the worlds largest miner, the official said. (PTI)

15 Jun 2021, 07:42:28 AM IST

Asian stocks see mixed opening

Asian stocks traded mixed Tuesday after their US peers closed at a record and a bond rally stalled ahead of a key Federal Reserve meeting.Japanese shares gained, while Australian stocks outperformed after a holiday. Benchmarks in Hong Kong and China slipped as they too reopened after a break Monday. Investors are on the lookout for signals from the Fed about a timetable for scaling back emergency monetary stimulus.

S&P 500 futures rose 0.1% as of 10:32 am in Tokyo. The S&P 500 rose 0.2% to a record high

Nasdaq 100 futures rose 0.2%. The Nasdaq 100 rose 0.9% to a record high

Topix index rose 0.6%

Australia’s S&P/ASX 200 Index rose 1%

South Korea’s Kospi index was little changed

Hang Seng Index fell 0.1%

Shanghai Composite Index fell 0.1%

SGX Nifty rose 0.19%

15 Jun 2021, 07:27:11 AM IST

S&P 500, Nasdaq close at record highs

US stocks turned higher in the last hour of trading to close at another record, while the rally in bond markets lost steam as investors prepared for a key Federal Reserve meeting later in the week. Oil touched the highest in more than two years. The information technology and communication services sectors pushed the S&P 500 to an all-time high even as three stocks fell for every one that rose.

The S&P 500 rose 0.2% to a record high as of 4:03 pm New York time

The Nasdaq 100 rose 0.9% to a record high

The Dow Jones Industrial Average fell 0.2% to the lowest since May 26

The MSCI World index rose 0.2% to a record high

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