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The market is going through a time correction, said Kunal Saraogi, CEO of market research firm Equityrush. “The Nifty is likely to spend some more time in this 200-point range [which is] between 9,550 and 9,750,” he told BloombergQuint by phone.
Saraogi said investors will be focused more on commentary coming out of the FOMC meet, rather than on interest rate decision. “A 25-basis point rate hike has been factored in,” he said.
In terms of investment idea, Saraogi picks midcap private sector banks over their larger peers. He also like some of the monsoon related themes. “The tyre stocks look good right now,” he said. Moreover, he advised investors to stay away from the pharma stocks despite some of them making a comeback.
Shares of the paper maker rose 2.8 percent after it sought share nod for reclassification of share capital, according to its exchange filing.
The company is looking to allot shares to its lenders upon loan conversion. The lenders will hold 51 percent stake in the company upon allotment, the filing said.
Shares of the consumer electricals company declined for a fourth straight session, their worst performance since April.
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For a complete break-up of the WPI data, click HERE
#BQSpotted by @iYashUpadhyaya | Jindal Worldwide gains most in 2 months.https://t.co/0S1ZCO2J7b pic.twitter.com/fpva2KEo0f
— BloombergQuint (@BloombergQuint) June 14, 2017
Shares of the IT firm pared some of its losses after the company clarified to the exchanges that none of its top-20 clients terminated relationship in the past 10 years.
The stock dropped as much as 5.6 percent in early trade after a report said the company is facing revenue headwind from client Ernst & Young.
While the company said it won’t comment on contracts with individual clients, it reaffirmed its 2017 guidance for financial performance set in the beginning of year.
Buyers and sellers were not immediately known
Source: Bloomberg
Shares of debt-ridden companies dropped anywhere between 17 percent and 1.7 percent after the central bank identified large stressed accounts to be referred under India’s insolvency and bankruptcy rules.
Buyers and sellers were not immediately known
For more details on the story, click here
#BQMoney | Rupee may test 64.20, says Veracity’s Pramit Brahmbhatt.https://t.co/AMsJw9VnuY pic.twitter.com/X4oRvvAiDe
— BloombergQuint (@BloombergQuint) June 14, 2017
#BQMarketsNow | Momentum traders should be cautious of long positions: Tradebulls Securities’ Sacchitanand Uttekar.https://t.co/AMsJw9VnuY pic.twitter.com/HS56IuBM4N
— BloombergQuint (@BloombergQuint) June 14, 2017
For a more comprehensive list of stocks to watch, click here
German Finance Minister says U.K. welcome back if #Brexit was overturned.https://t.co/eR5a2mTYp4 pic.twitter.com/saf1vLAez6
— BloombergQuint (@BloombergQuint) June 14, 2017
Attorney General Jeff Sessions says idea he colluded with Russia a 'detestable lie'.@cstrohm & @StevenTDennis reporthttps://t.co/ArXUlO46SB pic.twitter.com/zWa5zM7nG3
— BloombergQuint (@BloombergQuint) June 14, 2017
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