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Business News/ Markets / Live Blog/  Sensex rises 443 pts, Nifty ends above 15,550; Maruti, M&M shine, RIL sinks

Sensex rises 443 pts, Nifty ends above 15,550; Maruti, M&M shine, RIL sinks

Market Closing: Indian indices on Thursday closed higher as they registered gains, led by market heavyweights Maruti, M&M, Asian Paints, among others.

Market Closing: Indian indices on Thursday rebounded from previous session's loss as the indices ended around 0.9% higher amid mixed global cues. Photo: Hemant Mishra/Mint (Hemant Mishra/Mint)Premium
Market Closing: Indian indices on Thursday rebounded from previous session's loss as the indices ended around 0.9% higher amid mixed global cues. Photo: Hemant Mishra/Mint (Hemant Mishra/Mint)

Indian indices on Thursday bounced back after slipping into the red for a brief while in noon trade, ending the session 0.9% higher. A fall in crude oil prices alleviated inflation concerns as investors scooped up auto stocks after recent declines. European stocks opened lower on Thursday while Asian markets gained after the Federal Reserve chairman said a recession is possible as the US central bank raises interest rates to cool surging inflation. Shares rose in Japan, Australia, Hong Kong, and Shanghai, while it fell in South Korea.

23 Jun 2022, 03:40:49 PM IST

Sensex jumps 443 pts, Nifty ends above 15,550; Auto, realty, IT stocks shine

Indian indices on Thursday closed higher, led by IT and auto stocks, while a fall in oil prices boosted domestic sentiment.

The Sensex gained 443.19 points, or 0.86%, to close at 52,265.72, while Nifty50 rose 143.35 points to end at 15,556.65. Sectorally, realty, IT, auto, and telecom were the top performers, while energy and oil & gas dragged.

On the 30-stock index, Maruti, M&M, Airtel, and Asian Paints were the top performers, while Reliance, PowerGrid, NTPC were the biggest losers.

On the Nifty50 index, Maruti, Hero MotoCorp, M&M and Eicher Motors registered the biggest gains, while Reliance, PowerGrid, and Coal India were the biggest laggards.

Sensex at close
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Sensex at close
23 Jun 2022, 03:19:08 PM IST

Fall in onshore forward premiums could push India rupee even lower

A shortage of cash dollars and forward market intervention by the Reserve Bank of India which has pushed onshore 1-year forward premiums to their lowest levels in more than a decade could pressure the rupee to new lows, traders and analysts said.

The one-year annualised forward premium stood at 2.91% at 0830 GMT, compared to its close of 2.82% on Wednesday. It had touched a low of 2.80% in the previous session, its lowest level since Nov. 25, 2011.

23 Jun 2022, 03:12:30 PM IST

Bombay HC dismisses Dish TV plea on Yes Bank’s voting rights

A division bench of the Bombay High Court on Thursday rejected a petition by World Crest Advisors LLP, Dish TV India Ltd’s promoter group firm, asking the court to restrain Yes Bank Ltd from voting at the company’s extraordinary general meeting (EGM) on 24 June.

23 Jun 2022, 02:56:19 PM IST

Prabhudas Lilladher sees big upside as mid-cap stock rebounds from 52-week low

PI Industries shares have bounced back strong after hitting fresh 52-week low of 2,333.55 apiece on NSE in May 2022. PI Industries share price today is around 2530 per share levels that means the stock has delivered around 9 per cent upside swing after hitting its 52-week low. Prabhudas Lilladher is expecting more rise in the counter as its research report claims that the counter may go up to 3340 apiece levels in long term. As the scrip is trading around 2530 levels, brokerage is expecting near 30 per cent upside in the counter in long term time horizon.

23 Jun 2022, 02:37:36 PM IST

Multibagger stock: Small-cap share hits upper circuit on 13th straight session

Multibagger stock in 2022: United Polyfab Gujarat Ltd is a small-cap textile company listed at NSE SME exchange. It is one of the multibagger stocks in 2022 as the stock has surged from 18.20 to 50.25 apiece levels in YTD time, recording around 175 per cent rise this year. This multibagger textile stock has been hitting upper circuit since 7th June 2022. United Polyfab Gujarat Ltd share price today opened around 5 per cent upside hitting upper circuit for 13th successive session.

23 Jun 2022, 02:24:41 PM IST

Nexon EV fire incident: Tata Motors says detailed investigation underway

Tata Motors on Thursday said it is investigating the incident of a Nexon electric vehicle catching fire in Mumbai.

Responding to the incident that has been widely shared on social media, Tata Motors in a statement said, "A detailed investigation is currently being conducted to ascertain the facts of the recent isolated thermal incident that is doing the rounds on social media."

Further, it said, "We will share a detailed response after our complete investigation. We remain committed to the safety of our vehicles and their users."

The company asserted, "This is a first incident after more than 30,000 EVs have cumulatively covered over 100 million km across the country in nearly 4 years."

23 Jun 2022, 02:24:19 PM IST

Domestic tourism to be key growth driver for hospitality industry: Report

The hospitality sector is well poised to put the pandemic’s destruction behind it with the demand outlook improving and amid the large-scale infrastructure push by the government, found a new report.

23 Jun 2022, 02:18:15 PM IST

Midcap pharma stock falls on record date of bonus shares issue

Shares of Ajanta Pharma plunged about 2% to 1,197 apiece on the BSE in Thursday's trading session on the record date of its bonus shares issue. The pharma stock started trading ex-bonus on Wednesday, June 22.

23 Jun 2022, 02:07:51 PM IST

Corporate profit to GDP ratio at decade high in 2022: Motilal Oswal

The corporate profit to Gross Domestic Product (GDP) ratio rebounded to a decade high of 4.3 per cent and 4.5 per cent for the Nifty-500 universe and listed India companies, respectively, brokerage house Motilal Oswal Financial Services said in a report.

The recovery was driven by the expansion in the economy, after a Covid-led contraction in 2021, while corporate profit rose at a faster rate of 48 per cent year-on-year for the Nifty 500 companies.

"The growth in profit, however, was hardly broad-based and driven only by three sectors: BFSI, oil and gas (O&G), and metals. More than half of the incremental growth was steered by BFSI, underpinned by a modest revival in credit growth and improvement in asset quality trends," it said.

Notably, India's corporate profit, listed and unlisted companies combined, to GDP ratio fell to 2.2 per cent from 7.8 per cent during 2008-20 period, the report said.

23 Jun 2022, 02:06:41 PM IST

Sensex bounces back, trades over 400 points higher; Maruti, Asian Paints, Airtel lead rally, RIL drags

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23 Jun 2022, 01:57:22 PM IST

Tokyo stocks close flat

Tokyo stocks closed flat on Thursday as investors eyed signs of growing economic activity in Japan after the easing of pandemic restrictions.

The benchmark Nikkei 225 index ended up 0.08 percent, or 21.70 points, at 26,171.25, while the broader Topix index was down 0.05 percent, or 0.91 points, at 1,851.74.

Although the Tokyo market started with gains led by blue-chip exporters, market sentiment "lacked the appetite for further active buying", said Mamiko Katayama, a Daiwa Securities strategist.

23 Jun 2022, 01:52:07 PM IST

Markets fluctuate, oil falls again as recession warnings build

Asian markets mostly rose Thursday on bargain buying after the previous day's battering, though oil extended losses after US Federal Reserve boss Jerome Powell admitted the economy could tip into recession as the bank hikes interest rates to fight runaway inflation.

Soaring prices and the battle by central banks to rein them in have sent a chill through global trading floors this year, while investors are also having to deal with the uncertainty wrought by the Ukraine war and patchy pandemic recovery.

Commentators have warned for some time that the world economy could be heading for another contraction owing to the sharp increase in borrowing costs and rampant inflation, which is at decades highs in several countries.

23 Jun 2022, 01:37:54 PM IST

Oil falls as investors eye recession risks

Oil prices continued to retreat on Thursday as investors reassessed the risks of recession and the impact of interest rate hikes in major economies on fuel demand.

U.S. West Texas Intermediate (WTI) crude futures fell $1.4, or 1.3%, to $104.78 a barrel by 0643 GMT. Brent crude futures fell $1.3, or 1.2%, to $110.40.

Both benchmarks tumbled by as much as $3 a barrel in early morning Asian trade, after plunging around 3% in the previous session. They are at their lowest levels since mid-May.

23 Jun 2022, 01:37:36 PM IST

Australian shares end higher as banks, tech gain

Australian shares ended higher on Thursday as gains in financial and technology stocks outweighed losses in mining and energy sectors, while investors assessed the risk of a global recession amid a string of rates hikes to stamp out inflation.

The S&P/ASX 200 index ended 0.31% higher at 6,528.4.

23 Jun 2022, 01:36:56 PM IST

Prabhudas Lilladher on P.I. Industries

Rating: BUY | CMP: Rs2,485 | TP: Rs3,340

We interacted with senior management of PI Industries (PI) to take an update on the business and outlook ahead. Key highlights: (a) The company remains confident on achieving growth guidance of 18-20% YoY for FY23 in both exports and domestic segment (supported by lower base of last year); (b) remunerative commodity prices bode well for domestic market; (c) delayed monsoons have an impact on placements; however, remains hopeful of monsoon revival; (d) to launch 5-6 products in domestic market in FY23; (e) CSM business continues to be the shop stopper with mix changing to 80:20 for Agri and non-agri, going forward; (f) Pharma acquisition still in evaluation stages; likely to be done in next couple of quarters.

Going forward, PI remains confident on the core business and its growth guidance with margins likely to improve from current levels, primarily led by strong enquiries in CSM business and new launches in domestic segment. We believe, the stock has corrected ~35% from its recent highs, thus providing a good entry point with strong earnings visibility in its core business. We broadly maintain FY23/FY24 EPS. We expect PI to report revenue/PAT CAGR of 18%/ 23% (FY11-22, 20%/26%) over FY22-24E. Maintain ‘BUY’ with unchanged TP of INR3,340 based on 40xFY24 EPS.

23 Jun 2022, 01:34:39 PM IST

India aims to keep FY2023 fiscal deficit at last year's level - sources

India's government will not be able to cut its budget deficit this fiscal year as previously projected, officials said, but will seek to cap the shortfall at last year's level to prevent a major deterioration in public finances.

Efforts to maintain some fiscal discipline reflect New Delhi's concern around risks to its sovereign credit rating but will likely limit the government's firepower to contain inflation and provide relief to households and businesses.

In February, Prime Minister Narendra Modi's government set a fiscal deficit target of 6.4% of gross domestic output (GDP) for the year that started on April 1, compared with a deficit of 6.7% last year.

The sources said that while increased spending to provide relief from inflation meant the government would miss this year's target, policymakers would seek to limit the deviation to 30 basis points.

23 Jun 2022, 01:22:52 PM IST

European stocks fall as oil, metal prices extend losses

European shares fell on Thursday, dragged down by energy and mining stocks due to sliding commodity prices on worries about slowing economic growth, with several broker calls also spurring big moves in stocks.

The continent-wide STOXX 600 index dropped 1.1% by 0724 GMT, with oil & gas stocks slipping 1.8% as crude prices fell almost 2%.

Miners shed 2.2% as copper and other metals extended recent declines on growing fears about a recession.

23 Jun 2022, 01:21:29 PM IST

Gold dips after US Fed chief pledges to keep up inflation fight

Gold prices eased on Thursday, pressured by expectations of aggressive interest rate increases after the U.S. Federal Reserve chief doubled down on the central bank's fight against inflation.

Spot gold fell 0.2% to $1,834.33 per ounce by 0733 GMT. U.S. gold futures eased 0.1% to $1,835.60.

23 Jun 2022, 01:20:04 PM IST

Cryptocurrency Polygon's price rallies 27% in 24 hours. Here's why

Cryptocurrency Polygon (Matic) price today rallied over 27% to $0.50 in the last 24 hours, as per CoinGecko, with the digital token up 15% in the past seven days. Polygon, which had hit an all time high of $2.92 on Dec 27, 2021, has fallen about 80% in 2022 (YTD) so far.

23 Jun 2022, 01:02:07 PM IST

Sectoral indices at 1:00 pm: Auto, pharma rally, oil & gas, metals, banks drag

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23 Jun 2022, 12:57:30 PM IST

Sensex gives up nearly 700 points, trades marginally in the red; PowerGrid, Reliance, Bajaj Finance drag

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23 Jun 2022, 12:43:22 PM IST

GST Council to consider rate change on only a handful of items in meet next week

The GST Council, which is scheduled to meet next week, will take up changes in tax rates on only a handful of items where the fitment panel has recommended a revision, as per the agenda document reviewed by Mint.

23 Jun 2022, 12:31:30 PM IST

Edelweiss sees 30% upside in this healthcare stock. Should you buy?

Max Healthcare shares have been under sell-off heat for near 6 months. After climbing to 52-week high in December 2021, Max Healthcare share price has remained a bears' favourite 'sell on rise' stock. In YTD time, this healthcare stock has shed near 15 per cent. However, in last one week, this healthcare stock has shown some upside swing that has attracted attention of Dalal Street observers.

23 Jun 2022, 12:28:31 PM IST

Rakesh Jhunjhunwala stock retraces 35% from 52-week high. Should you buy?

Rakesh Jhunjhunwala portfolio: Canara Bank share price has been under sell-off heat throughout this month. The state-owned banking stock is currently quoting around 180 per share, which is 92.50 down from its 52-week high of 272.80 levels. So, Canara Bank share price today is available at around 35 per cent discount that may attract positional investors looking for quality stocks available at discounted price.

23 Jun 2022, 12:19:35 PM IST

Day trading guide for Thursday

7 stocks to buy or sell today — 23rd June

23 Jun 2022, 12:17:45 PM IST

BSE auto index rises over 3%; Hero MotoCorp, Eicher Motor surge

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23 Jun 2022, 12:07:54 PM IST

Bajaj Auto to consider share buyback proposal again after deferring decision

Homegrown motorcycles and three-wheeler manufacturer Bajaj Auto informed that its board will meet next week on Monday, June 27, 2022 to further deliberate on the proposal for buyback of fully paid-up equity shares of the company.

23 Jun 2022, 11:58:15 AM IST

Uber is said to have explored a sale of Indian ride-hailing arm

Uber Technologies Inc. explored options for its Indian ride-hailing business, including a sale, but suspended discussions after tech startup valuations cratered, people familiar with the matter said.

The US company began weighing alternatives and reached out to several interested parties after recognizing it had limited potential for profitable expansion in the country, the people said, asking not to be named as the information is not public. It pondered a stock swap with local companies or even a pullout, before a global equity market rout upended plans, the people added. A stock deal was favored in exploratory talks as that would allow Uber to retain a foothold in India, the people said.

23 Jun 2022, 11:54:14 AM IST

Macrotech Developers enters Bengaluru; eyes ₹1,200 cr sales from 1st housing project

Realty major Macrotech Developers Ltd on Thursday announced its entry in the Bengaluru market and has formed a joint venture to develop its first housing project with an estimated sales bookings value of 1,200 crore.

In a regulatory filing, Macrotech Developers said it will acquire 100 per cent equity of G Corp Homes to make foray into the Bengaluru market.

Macrotech Developers, which markets its properties under Lodha brand, has a significant presence in Mumbai Metropolitan Region and Pune.

23 Jun 2022, 11:45:26 AM IST

Tata Steel plans low CO2 steel-making technologies in UK, Netherlands

Tata Steel is working on a plan for transition to low carbon technologies for making steel in the UK and the Netherlands in line with company's goal to produce CO2-neutral steel by 2050 in Europe.

23 Jun 2022, 11:39:39 AM IST

Vodafone Idea defers ₹8,837 cr AGR dues payment, gets option to pay interest via equity

Debt-ridden telecom operator Vodafone Idea has decided to defer payment of additional adjusted gross revenues of 8,837 crore dues by a period of four years.

The company in a late night filing on June 22, said that the DoT on June 15, has raised adjusted gross revenue (AGR) demand for additional two financial years beyond 2016-17, which were not covered under the Supreme court order on the statutory dues.

Vodafone Idea (VIL) in the filing said that its board of directors "has approved the exercise of the option of deferment of the AGR related dues by a period of four years with immediate effect, in accordance with the said DoT Letter. The amount of the AGR related dues as stated in the said DoT Letter is 8,837 crores which is subject to revision on account of disposal of various representations".

23 Jun 2022, 11:38:07 AM IST

Indian shares rebound as inflation worries ease, auto stocks gain

Indian shares rose 1% on Thursday, as a fall in crude oil prices alleviated concerns about imported inflation, and investors scooped up auto stocks after recent declines.

The NSE Nifty 50 index rose 1% to 15,576.1 by 0515 GMT, while the S&P BSE Sensex also climbed 1% to 52,340.81. Both indexes had fallen 1.4% on Wednesday.

23 Jun 2022, 11:32:25 AM IST

Irdai mulling to extend testing period under regulatory sandbox mechanism to 3 yrs

Insurance Regulatory and Development Authority of India (Irdai) is mulling to extend testing of products under the regulatory sandbox mechanism to up to three years.

The Irdai Chairman said all these initiatives will help in furthering the goal of insurance penetration and reaching out to more and more people.

A sandbox is an environment used in the financial services sector, which provides testing ground for new business models, processes and applications that may not necessarily be covered fully by or are not fully compliant with existing regulations.

23 Jun 2022, 11:19:59 AM IST

Happiest Minds shares turn ex-dividend today. Details here

Dividend paying stock: Happiest Minds shares are going to turn ex-dividend stock today as the board of directors of the mid-cap IT company has fixed 24th June 2022 as record date for dividend payment. The IT major has announced 100 per cent final dividend for its shareholders for the financial year 2021-22. This final dividend is subject to the approval of the members at the ensuing Annual General Meeting of the Company (AGM).

23 Jun 2022, 11:11:03 AM IST

Gujarat Gas shares hit 52-week low today. Motilal Oswal says 'Buy', sees strong upside

Shares of Gujarat Gas plunged to 52-week low level of 403 apiece on the BSE in Thursday's early deals. Domestic brokerage and research firm Motilal Oswal is bullish on Gujarat Gas shares while retaining the stock as its top pick in the sector.

23 Jun 2022, 11:02:13 AM IST

Multibagger Ashish Kacholia stock rises 3200% in two years. ₹1 lakh turns to ₹33 lakh

Multibagger stock: Despite global economy reeling under pressure for more than last two years, Xpro shares have delivered staggering return to its shareholders in last two years. Such shareholders of the company includes 'Big Whale' Ashish Kacholia as well. The market magnet holds 4,21,616 Xpro India shares or 3.57 per cent stake in the company. In last two years, Xpro India share price has surged from around 31 to 1030 apiece levels, recording around 3200 per cent rise in this period. It is one of the multibagger stocks that Indian stock market has produced in last one year as it has delivered more than 450 per cent return in last one year.

23 Jun 2022, 10:49:50 AM IST

Nifty50: Bank index rises over 1.5%; IDFC First, AU Bank, ICICI Bank top performers

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23 Jun 2022, 10:45:01 AM IST

Nifty50 in early trade: Auto stocks lead rally, PowerGrid slumps

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23 Jun 2022, 10:38:16 AM IST

Sectoral indices: Nifty50 rises over 1.7% in early trade

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23 Jun 2022, 10:27:52 AM IST

Current account slips into deficit, at 1.2% in FY22 on wider trade gap

Wider trade deficit driven by higher imports of goods led to India's current account slipping into deficit, at 1.2% of GDP for FY22 against a surplus of 0.9% of GDP in FY21.

In absolute terms, the deficit for FY22 came at $38.7 billion as against a surplus of $24 billion in the year-ago period, data released by the RBI showed.

Current account balances are generally taken as a key representative of a country's external strength, and a widening in the past had led to rupee depreciation and also actions by rating agencies on the sovereign rating.

23 Jun 2022, 10:26:40 AM IST

RIL share price correction a buying opportunity: Jefferies

Shares of Reliance Industries have corrected about 12% from its recent high. Multi year-low inventories, declining Russian exports, muted Chinese exports, lower diesel production in Europe and delays in commissioning of ME refineries are, in global brokerage Jefferies' view, tailwinds to refining margins in CY22.

23 Jun 2022, 10:15:07 AM IST

Rupee recovers from record low, inches higher by 9 paise against US dollar in early trade

Recovering from its record low, the rupee inched higher by 9 paise to 78.23 against the US dollar in early morning trade on Thursday.

At the interbank foreign exchange, the rupee opened at 78.26 against the American dollar, then inched higher to quote at 78.23, registering a rise of 9 paise from the previous close.

On Wednesday, the rupee declined by 19 paise to settle at an all-time low of 78.32 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 per cent lower at 104.14.

23 Jun 2022, 10:12:39 AM IST

Markets bounce back in opening session after sharp fall in previous trade

Equity indices made a firm opening on Thursday after falling sharply in the previous trade, with BSE Sensex climbing 504.94 points amid mixed trends from global markets.

The 30-share BSE Sensex was trading with a gain of 504.94 points at 52,327.47. The NSE Nifty went up by 163.70 points to 15,577.

From the Sensex pack, Bharti Airtel, Wipro, Maruti, TCS, Larsen & Toubro and IndusInd Bank were the major gainers in early trade.

23 Jun 2022, 10:07:03 AM IST

BSE indices in early trade: All in the green, Sensex gains close to 500 points 

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23 Jun 2022, 09:59:44 AM IST

BSE index contribution in early trade

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23 Jun 2022, 09:53:52 AM IST

Gold dips after Fed chief reaffirms inflation fight

Gold prices inched lower on Thursday, pressured by expectations of aggressive interest rate hikes after the U.S. Federal Reserve chief doubled down on the central bank's fight against inflation.

Spot gold was down 0.2% at $1,832.91 per ounce by 0239 GMT. U.S. gold futures fell 0.2% to $1,834.30.

23 Jun 2022, 09:52:07 AM IST

All the BSE Sensex stocks in the green; Maruti, Airtel, ICICI Bank rise over 2% each

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23 Jun 2022, 09:46:54 AM IST

Bitcoin lingers around $20,000 again as risk-off mood remains

Bitcoin traded once again around the $20,000 level, underperforming stocks amid lingering concerns of a greater shakeout in the crypto market.

The largest cryptocurrency declined as much as 4.8% to $19,832, before settling in around $20,000 as of 3:11 p.m. in New York. Ether fell by a maximum 6.1% to $1,053. Solana, Cardano, Polkadot and Dogecoin all declined.

23 Jun 2022, 09:45:30 AM IST

Stocks waver in Asia, oil slides on growth worries

Asian stocks wavered Thursday, Treasuries held a rally and oil sank as investors parsed the economic outlook after Federal Reserve Chair Jerome Powell acknowledged the risk of a recession.

An Asian share index was steady, with a report that Hong Kong’s incoming leader John Lee is working on a strategy to reopen the city’s borders helping sentiment. US and European futures were in the red.

Treasuries were little changed after jumping in the Wall Street session, leaving policy-sensitive two-year yields at about 3.06%. Bonds jumped in Australia and New Zealand. The dollar and the yen inched higher.

In commodities, oil dropped 3% to under $103 a barrel, sapped by fears over the demand outlook. A raw-materials index is at the lowest since March.

23 Jun 2022, 09:40:52 AM IST

RBI looks to have boosted forwards intervention in Rupee fight

India’s central bank appears to have ramped up intervention in the forwards market to slow the rupee’s decline and preserve its hard-earned reserves.

The Reserve Bank of India has run down its forward-dollar book by $12 billion to $15 billion from about $64 billion at the end of April, according to estimates by DBS Bank Ltd. Standard Chartered Plc. said the authority has significantly intervened through forwards.

The move shows the central bank is pulling out all the stops to curb losses in the currency, which set a series of record lows this month and threatens to further accelerate inflation. The RBI’s intervention strategy has caused dollar-rupee one-year annualized forward premiums to fall below 3% for the first time in a decade, according to Standard Chartered.

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