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Business News/ Markets / Live Blog/  Sensex rises 433 pts, Nifty ends above 15,800; TechM, HCL gain, metals shine
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Sensex rises 433 pts, Nifty ends above 15,800; TechM, HCL gain, metals shine

Market Closing: Indian indices on Monday closed higher, led by market heavyweights TechM, HCL, L&T, Asian Paints, among others.

Market Closing: Indian indices on Monday extended gains for the third straight session as they ended around 0.85% higher amid positive global cues. (MINT_PRINT)Premium
Market Closing: Indian indices on Monday extended gains for the third straight session as they ended around 0.85% higher amid positive global cues. (MINT_PRINT)

Indian indices extended their gains from the previous week and ended higher on Monday, tracking strong cues from the US and potential value buying at lower levels. Globally, shares extended their bounce on Monday, building on Friday's strong Wall Street close as off-peak oil prices helped sentiment improve and temper fears of prolonged inflation. In Asia, shares rose in Japan, Australia, Hong Kong, Shanghai, and South Korea.

27 Jun 2022, 03:45:00 PM IST

Sensex jumps 433 pts, Nifty ends above 15,800; IT, metal stocks shine

Indian indices on Friday closed higher, posting gains for the third straight day, with technology and metal stocks leading the gains, as easing oil prices tempered inflation fears.

The Sensex gained 457 points, or 0.82%, to close at 53,161.28, while Nifty50 jumped 132.80 points to end at 15,832.05. Sectorally, all the sectors ended in the green, with IT, metals, capital goods, telecom rising the most.

On the 30-stock index, L&T, TechM, HCL, and Infosys were the top performers, while Reliance and Kotak Bank were the top losers.

On the Nifty50 index, ONGC, Coal India, and L&T registered the biggest gains, while Eicher Motors and Apollo Hospitals were the biggest laggards.

Sensex at close
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Sensex at close
27 Jun 2022, 03:28:04 PM IST

Nifty IT index surges 2% 

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27 Jun 2022, 03:25:53 PM IST

Nifty50 rises 0.87%; Coal India, ONGC, L&T top gainers

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27 Jun 2022, 02:57:11 PM IST

Bajaj Auto announces ₹2,500 crore share buyback. Key details to know

Homegrown motorcycles and three-wheeler manufacturer's board on Monday have approved share buyback of up to 2,500 crore at a price not exceeding 4,600 per share, via open market. Bajaj Auto shares were trading 0.7% higher at 3,840 apiece on the BSE in Monday's afternoon deals.

27 Jun 2022, 02:42:48 PM IST

Over a fourth of MSMEs lost more than 3% market share last fiscal: Crisil

More than a quarter of India’s micro, small and medium enterprises (MSMEs) lost over 3% market share due to the covid pandemic, while half of them saw their earnings before interest, tax, depreciation and amortisation (Ebitda) margins contract because of a sharp rise in commodity prices last fiscal compared with pre-pandemic (fiscal 2020) levels, a CRISIL Research’s SME Report 2022 said.

27 Jun 2022, 02:18:29 PM IST

As US recession fears grow, what Indian IT employees, shareholders need to know?

Global brokerage and research firm JPMorgan's recent CIOs survey, conducted by its US Tech team, indicated that IT budgets are expected to contract 1-2% in ‘real terms’ growing 5/6% in nominal terms over CY22/23 vs inflation of 6-8%.

27 Jun 2022, 02:12:12 PM IST

Zomato shares tumble after it announces Blinkit acquisition

Shares of food aggregator Zomato tumbled sharply on Monday after the company's Board of Directors approved a proposal to acquire a cash-strapped quick commerce company Blinkit for 4,447 crore.

The proposed acquisition will be an all-stock deal.

Last year, Zomato extended $50 million loans to Grofers India Private Limited, which has now been renamed as Blink Commerce.

27 Jun 2022, 02:09:34 PM IST

Bajaj Auto approves share buyback at the price of ₹4,600/share

27 Jun 2022, 02:02:06 PM IST

Sectoral indices at 2:00 pm: IT, metals, PSU Banks shine

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NSE
27 Jun 2022, 02:00:30 PM IST

Broad market indices: Nifty50 gains over 1.2%

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27 Jun 2022, 01:45:45 PM IST

Nifty50 at 13:45 pm: Trades close to 15,900; Hindalco, HCL, UPL top gainers, Kotak Bank top loser

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NSE
27 Jun 2022, 01:37:55 PM IST

BSE IT index surges above 2.5%

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27 Jun 2022, 01:28:12 PM IST

Specialty chemicals stocks to buy, hold: Here are ICICI Securities' top picks

Domestic brokerage and research firm ICICI Securities has Hold ratings on Navin Fluorine, Galaxy Surfactants, and Rossari Biotech shares whereas it has Buy tags on specialty chemical stocks Sudarshan Chemical, EPL, Chemplast Sanmar, Gujarat Fluorochemicals, Tatva Chintan Pharma Chem and PCBL.

27 Jun 2022, 01:24:11 PM IST

Recession in Advanced Economies May Cool Prices in India

Recessions in advanced economies may benefit India in a “perverse way" as a moderation in global commodities prices will help cool domestic inflation, according to Citigroup Inc.’s head of economics for the country.

“India being a net importer of commodities should benefit on the inflation front," Samiran Chakraborty, managing director and chief economist for India at Citigroup, said in an interview with Bloomberg Television on Monday. He added that India would still face face pressures from a global slowdown as it will crimp exports and economic growth.

“Since, at this moment, policy making is entirely focused on inflation control, it appears to be that in a perverse way this can benefit India to some extent," Chakraborty said.

The Reserve Bank of India has raised its benchmark interest rate by 90 basis points since May and is poised to hike further to bring down inflation that has remained above its mandate since the beginning of the year.

27 Jun 2022, 01:21:18 PM IST

Tokyo shares rise after Wall Street rallies

Tokyo stocks marked three straight winning sessions on Monday, extending strong rallies on Wall Street, where the weakening economic outlook moderated expectations for central bank monetary tightening.

The benchmark Nikkei 225 index closed up 1.43 percent, or 379.30 points, at 26,871.27, while the broader Topix index added 1.11 percent, or 20.70 points, at 1,887.42.

The dollar stood at 134.95 yen, off slightly from 135.17 yen in New York late Friday.

Fresh, weak US data fuelled speculation that inflation might have peaked or was nearing it.

27 Jun 2022, 01:10:09 PM IST

Hindustan Copper board to consider proposal to raise ₹500 cr via debentures this week

State-owned Hindustan Copper Ltd's board will meet this week to consider a proposal to raise up to 500 crore by issuing debentures.

"A meeting of the board of directors of Hindustan Copper Ltd (HCL) will be held on 30th June 2022 to inter alia, consider and recommend resolutions seeking approval of the shareholders of the company to authorise the board of directors...to offer, issue and allot secured or unsecured non-convertible debentures or bonds on a private placement basis up to 500 crore," the PSU said in a BSE filing.

27 Jun 2022, 01:07:52 PM IST

Tokyo shares rise after Wall Street rallies

Tokyo stocks marked three straight winning sessions on Monday, extending strong rallies on Wall Street, where the weakening economic outlook moderated expectations for central bank monetary tightening.

The benchmark Nikkei 225 index closed up 1.43 percent, or 379.30 points, at 26,871.27, while the broader Topix index added 1.11 percent, or 20.70 points, at 1,887.42.

The dollar stood at 134.95 yen, off slightly from 135.17 yen in New York late Friday.

Fresh, weak US data fuelled speculation that inflation might have peaked or was nearing it.

27 Jun 2022, 01:03:32 PM IST

Icra reaffirms Edelweiss Financial Services' NCD rating to A+

Rating agency Icra has re-affirmed the credit rating of Edelweiss Financial Services Limited's retail NCD programme to A+, and upgraded its outlook from negative to stable.

27 Jun 2022, 01:01:28 PM IST

Australian shares end higher, enjoy best day in nearly 5 months

Australian shares closed higher on Monday, recording their best day in nearly five months, as firm commodity prices powered mining stocks and investors bought stocks that witnessed a selloff recently.

The S&P/ASX 200 closed 1.9% higher at 6,706.00 points — its biggest one-day gain since Jan. 28. The benchmark also rose for a third straight day.

27 Jun 2022, 12:43:58 PM IST

Dollar finds support as investors put safety first

The dollar and Japanese yen both found support in a choppy Asia session on Monday, benefiting from a bid for safety as investors worried rising interest rates and softening economic data could signal a global recession is on the horizon.

While stocks followed Wall Street higher, currency traders were wary of extending Friday's dollar selling too much because the dollar typically rises in times of uncertainty. [MKTS/GLOB]

The risk-sensitive Australian dollar was shaky along with commodity prices through the Asia session, and was last down 0.1% at $0.6935.

The euro was pinned at $1.0564. The beaten-down yen steadied at 134.81 per dollar. The U.S. dollar index was steady at 104.000, after reaching a 20-year peak of 105.79 earlier in the month.

27 Jun 2022, 12:32:09 PM IST

RBI approves Axis Bank Deputy MD's reappointment

Axis Bank on Friday said the Reserve Bank has approved the reappointment of Rajiv Anand as the Deputy MD for a period of three years until August 2025.

In January this year, the private sector lender had re-appointed Anand as the Deputy Managing Director for a further period of three years, from August 4, 2022, to August 3, 2025 (both days inclusive).

It was subject to the approval of the Reserve Bank of India (RBI).

27 Jun 2022, 12:31:31 PM IST

Deftly negotiating through tough times: Prabhudas Lilladher on Gujarat Gas

Rating: BUY | CMP: Rs421 | TP: Rs553

GGAS has underperformed the broader index by ~50% over last four months, as geopolitical tensions keep spot LNG prices at elevated levels of >USD30/mmbtu. Reports of ceramic units in Morbi switching to propane usage (competing fuel) have also impacted the stock performance. At CMP stock trades closer to -1 standard deviation consensus PER of last three years of 17.6x. We believe GGAS is very well placed to navigate this situation and has tied spot LNG purchase till Feb 2023 at ~USD28/mmbtu, when winter gas demand from EU will be highest. In the near term, we do not expect GGAS to compete with propane as prices are seasonally weak in Q2 and will increase in H2 (prices are higher in H2 for last five years except in FY19 due to pandemic). Further, sustained high spot LNG prices due to geopolitical tension will lead to more users setting up LPG plants which could put GGAS margins under pressure.

In a high gas cost environment, we expect GGAS to prioritize margins over volumes (like in Q4FY22) and limit spot purchase to contracted amount. We lower our FY23/24E volumes by ~6%, but factor in higher margins and our earnings change is ~6% for FY23E. We factor in ~9% volume growth and ~18% CAGR earnings growth over FY22-24E. We also reduce medium term volumes, even as we maintain margins of ~Rs6/scm and increase risk free rate to 7.4% (6.5% earlier) Accordingly, our revised DCF based PT stands at Rs553 (Rs650). Reiterate ‘BUY’.

27 Jun 2022, 12:26:49 PM IST

Gaining market share via innovation: ICICI Securities on Orient Electric

Orient Electric’s aggressive investments in R&D and ad-spend have helped it build competitive advantages in consumer electricals. With distribution expansion, it has gained market share across segments (fans, consumer durables) over the past decade. We believe the company has the potential to grow higher than the industry growth of ~15% due to (1) differentiated launches, (2) distribution expansion and (3) steady expansion of product portfolio. We model the company’s EBITDA margin to correct 30bps in FY24E due to prevailing input material inflation. We model 15.2% and 17.2% CAGRs in revenue and PAT over FY22-24E. We initiate coverage on the stock with an ADD rating and a DCF-based target price of Rs285 (implying 35x FY24E EPS). Key risks: Potentially higher competitive intensity and delay in distribution expansion.

27 Jun 2022, 12:13:18 PM IST

Stocks gain as risk sentiment improves, oil steadies

Shares rose broadly across Asia on Monday, building on morning gains and a Friday Wall Street rebound as sentiment improved and oil prices steadied, tempering fears of prolonged inflation.

Treasury yields remained subdued and the dollar hovered near the lowest in more than a week as investors continued to assess the outlook for U.S. rate hikes, and the potential for a recession.

Japan's Nikkei rallied 1.51%, while Australia's benchmark jumped 2.03% and looked set for its best day in more than six weeks.

Chinese blue chips rose 1.17% and Hong Kong's Hang Seng advanced 2.39%.

South Korea's KOSPI gained 1.83%.

MSCI's broadest index of Asia-Pacific shares rose 1.81%.

U.S. stock futures are up slightly by 0.8% after falling earlier in the day. On Friday, the S&P 500 surged more than 3%, adding to an almost 1% gain on Thursday.

FTSE futures and EUROSTOXX 50 futures both rose 0.45% ahead of the start of European market trading.

27 Jun 2022, 12:08:22 PM IST

China said to ask banks to prepare for longer yuan trading hours

China plans to extend the yuan’s trading hours as it seeks to increase global investor participation in onshore currency trading as part of its internationalization push.

Regulators led by the People’s Bank of China have told some banks to prepare for an extension of onshore yuan trading hours, according to people familiar with the matter, who asked not to be identified discussing private information. The trading will close at 3 a.m. the next day, instead of the 11:30 p.m. local time, the people said. It’s not known when the change would be effective.

The PBOC had pledged to extend currency trading hours and vowed to further open up the financial market in May after the International Monetary Fund lifted yuan’s weighting in the Special Drawing Rights currency basket. China last tweaked yuan trading hours in 2016 when extended trading by seven hours.

27 Jun 2022, 12:01:43 PM IST

NINL handover to Tata firm to be complete by mid-July

The handover of Odisha-based Neelachal Ispat Nigam Ltd (NINL) to a Tata group firm is likely to be completed by mid of July, an official said.

Tata Steel Long Products (TSLP) had in January emerged as the winning bidder, putting in bids worth 12,100 crore for loss-making NINL, which is a joint venture of 4 CPSEs -- MMTC, NMDC, BHEL, MECON and 2 Odisha government PSUs -- OMC and IPICOL.

Following that, in March TSLP signed a share purchase agreement with NINL.

27 Jun 2022, 11:57:02 AM IST

In search of normalised profitability: ICICI Securities on Mahindra Logistics

We visited the multi-tenanted BTS facility of Mahindra Logistics (MLL) in Luhari, Haryana. Two blocks have come up (FC + DC for three clients and a FC for Amazon) with one more block under construction. Three blocks put together have an area of 1.4mn sqft. The entire 1.4mn sqft has been contracted out to customers. Bajaj Electricals contributed ~70% of the volumes in the first block of ~0.5mn sqft, which we visited. With Luhari, MLL's BTS portfolio has reached 2.4mn sqft, which the management intends to take up to 6mn sqft in medium term. MLL expects significant improvement in gross margins in end-to-end solutions contract with maturity (12-18 months); reiterated FY26 revenue target of Rs100bn and a significant improvement in profitability concurrently. We maintain ADD on MLL with a revised target price of Rs465 (earlier: Rs550/share).

27 Jun 2022, 11:44:33 AM IST

Gold rises as G7 nations plan to ban bullion imports from Russia

Gold prices gained on Monday, as news of some Western nations planning to officially ban imports of the metal from Russia for its invasion of Ukraine sparked some interest in bullion.

Spot gold rose 0.5% to $1,835.75 per ounce by 0520 GMT. U.S. gold futures were up 0.4% at $1,837.30.

"The G7 import ban on Russian gold seems to be providing some short-term support in early Asia (trading)," OANDA senior analyst Jeffrey Halley said.

"However, it is mostly a rubber stamp exercise in reality for the grouping, and I do not expect this to mark a structural change in the supply/demand outlook that will underpin prices."

27 Jun 2022, 11:33:14 AM IST

BSE Metal index shines, gains over 2.6%; Hindalco, Vedanta top gainers

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27 Jun 2022, 11:27:27 AM IST

BSE index contribution: Infosys, L&T, ICICI Bank lead

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27 Jun 2022, 11:26:04 AM IST

Maruti Suzuki bets on hybrids over electric vehicles in clean shift

Maruti Suzuki India Ltd., the automaker that sells every other car on the nation’s roads, believes electric vehicles aren’t the answer to reducing carbon emissions in the world’s third-biggest releaser of greenhouse gases -- at least not in the immediate future.

27 Jun 2022, 11:24:39 AM IST

This auto stock's record date for ₹140 dividend this week, Details inside

While announcing its earnings for fourth quarter ended March 31, 2022, Bajaj Auto had said its board also recommended a dividend of 140 per share of 10 each (1,400 per cent) subject to approval of shareholders.

27 Jun 2022, 11:11:54 AM IST

The 4 craziest predictions about cryptos

An investment like a Bitcoin should not be where you park your maximum savings. They should be the high risk-high return part of your overall corpus.

27 Jun 2022, 10:56:42 AM IST

Oil extends gains ahead of G7 discussions on Russian exports

Oil prices extended gains on Monday as investors stood on guard for any moves against Russian oil and gas exports that might come out of a meeting of leaders of the Group of Seven (G7) nations meeting in Germany.

The prospect of more supply tightness loomed over the market as western governments sought ways to cut Russia's ability to fund its war in Ukraine, even though G7 leaders were also expected discuss a revival of the Iran nuclear deal - which might lead to more Iranian oil exports.

Producer nations in OPEC+, which includes Russia, will likely stick to a plan for accelerated oil output increases in August when they meet on Thursday, sources said.

But, for now, the pressing supply worries outweighed growing concerns over the potential for a global recession following a string of downbeat U.S. economic data.

Brent crude futures edged up 22 cents, or 0.2%, to $113.34 a barrel by 0342 GMT after rebounding 2.8% on Friday. U.S. West Texas Intermediate crude was at $107.73 a barrel, up 11 cents, or 0.1%, following a 3.2% gain in the previous session.

27 Jun 2022, 10:56:17 AM IST

London copper gains as China's easing COVID curbs lift demand hopes

London copper prices gained on Monday as the easing of COVID-19 restrictions in top metals consumer China raised hopes of a revival in demand, although fears of a global economic slowdown due to rapid interest rate hikes limited gains. Three-month copper on the London Metal Exchange was up 0.5% at $8,420 a tonne, as of 0441 GMT, after dropping to its lowest since February 2021 at $8,122.50 in the previous session.

27 Jun 2022, 10:40:55 AM IST

Top Sensex gainers in early trade

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27 Jun 2022, 10:31:33 AM IST

Goldman Sees Emerging-Asia Currencies Coming Under More Pressure

High-yielding emerging-Asia currencies may continue to reel amid deteriorating external finances and risk-off sentiment spurred by Federal Reserve tightening, according to strategists at Goldman Sachs Group Inc.

“Along with the broader emerging market currency complex, high-yielding currencies like the Philippine peso, Indian rupee and Indonesian rupiah have been under pressure in June," strategists including Zach Pandl and Danny Suwanapruti wrote in a research note. “In coming weeks, we expect this pressure to continue versus the dollar, in some cases potentially posing upside risks to our dollar-cross forecasts."

Emerging-Asia currencies are facing the heat as the Fed’s campaign to curb inflation boosts the dollar while central banks in much of Asia adopt a more patient stance. India’s rupee declined to an all-time low last week, while the Philippine peso slumped to its weakest level in more than 16 years.

Goldman’s views on India rupee

The rupee, which tested a series of record lows in recent weeks, may continue to remain under pressure against the dollar amid expectations of a $40 billion balance of payments deficit this year, compared with a surplus of $55 billion in 2021. The rupee typically depreciates when faced with balance of payments deficits, and therefore Goldman expects that upward pressure on dollar-rupee may persist in coming months.

27 Jun 2022, 10:20:36 AM IST

What Zomato's acquisition of Blinkit means for the stock? Should you buy?

Online food delivery platform Zomato Ltd announced that it has agreed to acquire Blink Commerce Pvt Ltd (formerly known as Grofers), where it already owns an 8-9% stake, for 4,447 crore in a share swap deal as part of its strategy of investing in quick commerce business.

27 Jun 2022, 10:09:24 AM IST

Rupee gains 6 paise against US dollar in early trade

The rupee appreciated 6 paise to 78.27 against the US dollar in opening trade on Monday as heavy buying in domestic equities and weakness in the greenback strengthened investor sentiment.

However, elevated crude prices and persistent foreign fund outflows restricted the rupee's gain, forex dealers said.

At the interbank foreign exchange, the rupee opened sharply up at 78.24 against the US dollar, then inched lower to quote 78.27, registering a gain of 6 paise over the last close.

In the previous session, the rupee had closed at its all-time low of 78.33 against the US dollar.

27 Jun 2022, 10:06:09 AM IST

Markets maintain winning run to 3rd day amid firm trends in global markets

Equity benchmark indices continued to gain for the third day running on Monday, with the BSE Sensex climbing 781 points in early trade, amid firm global market trends.

The 30-share BSE Sensex was trading with a jump of 781.52 points to 53,509.50. The NSE Nifty also gained 228.2 points to 15,927.45.

All the Sensex pack of firms were trading in the green in early trade, with Tech Mahindra, HCL Technologies, Wipro, Infosys, Bajaj Finance and Larsen & Toubro emerging as the biggest gainers.

Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong were trading with gains in mid-session deals.

The US markets had ended with sharp gains on Friday.

27 Jun 2022, 09:54:41 AM IST

Bajaj Auto's share buyback decision to be taken in board meet today

Homegrown Bajaj Auto's board will meet on Monday, June 27, 2022 to further deliberate on the proposal for buyback of fully paid-up equity shares of the company. The auto major's board earlier this month had deferred a decision on its proposed share buyback, after informing the stock exchanges on June 9 that its board would consider a proposal for buyback of fully paid-up equity shares at a meeting to be held on Tuesday, June 14.

27 Jun 2022, 09:45:10 AM IST

BSE indices trade in the green in early trade 

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27 Jun 2022, 09:41:01 AM IST

PVR among 4 weekly stock picks from Axis Securities, with potential upside of 12%

Eicher Motors Limited, Sunteck Realty Limited, Shriram Transport Finance Company and PVR Limited are the top technical stock picks on a weekly basis from Axis Securities. Eicher Motors Limited has a buy at range 2850 - 2794, Sunteck Realty Limited has a buy at range 480 - 472, Shriram Transport Finance Company Limited has a buy at range 1235 - 1211 and PVR Limited has a buy at range 1840 - 1804, Axis Securities said in a report. The brokerage suggests a holding period or 3 to 4 weeks for these four stocks.

27 Jun 2022, 09:35:41 AM IST

Bitcoin, ether, other cryptocurrency prices today fall; dogecoin surges 10%

Cryptocurrency prices today plunged after ether and Bitcoin reached their highest levels in 10 days on Sunday as the market showed some signs of stabilization. The world's largest and most popular cryptocurrency plunged a per cent and was trading at $21,115. The global cryptocurrency market cap today was below the $1 trillion, and was down over a per cent in the last 24 hours to $993 billion, as per CoinGecko.

27 Jun 2022, 09:27:47 AM IST

Nifty50 rises above 15,850; TechM, Wipro, Tata Motors top gainers

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27 Jun 2022, 09:22:05 AM IST

Sensex opens around 600 points higher amid positive Asian trends

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27 Jun 2022, 09:13:05 AM IST

Nifty50 at pre-open: Trades above 15,900; Hindalco, ICICI Bank top gainers

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27 Jun 2022, 09:10:59 AM IST

Sensex at pre-open: Gains close to 750 points; All 30 stocks in the green

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27 Jun 2022, 08:54:27 AM IST

FPIs' exodus continues; pull out ₹46,000 cr from Indian equities in June so far

Foreign investors continue to desert Indian equity markets and pulled out close to 46,000 crore so far this month following monetary policy tightening by the Reserve Bank and US Federal Reserve, high oil prices and volatile rupee.

The net outflow by foreign portfolio investors (FPIs) from equities reached 2.13 lakh crore unitll now in 2022, data with depositories showed.

Given the policy normalisation narrative by the US Fed and other major central banks, coupled with high oil prices and volatile Rupee, FPIs are likely to stay away from emerging market assets, Hitesh Jain, Lead Analyst - Institutional Equities, Yes Securities, said.

FPIs inflow will only resume once there is visibility on the peak of bond yields in the US and an end to Fed rate hikes, he added.

Moreover, FPIs are likely to sell more if the current trend of rising dollar and bond yields persists, said VK Vijayakumar, Cheif Investment Strategist at Geojit Financial Services.

27 Jun 2022, 08:45:08 AM IST

Day trading guide for Monday

6 stocks to buy today — 27th June

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