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The markets are expected to consolidate in the near-term until the Union Budget, according to UTI Asset Management Company’s Executive Vice President and Fund Manager V Srivatsa.
“The markets are waiting for the announcement of allocation of funds which is set to be announced during the Budget speech,” Srivatsa told BloombergQuint in an interaction.
“Going forward, in the next two-to-three quarters, it will be the earnings that will dictating the movement of the markets. We expect earnings to grow about 20 percent in the current financial year,” he said.
“The Nifty was witnessing a strong support 11,600-11,650, which was being tested in the past seven trading sessions. Today’s Nifty reversal from the intraday low is a very good indication that the index can move up to 11,900-11910,” Tradebulls’ Sacchitanand Uttekar told BloombergQuint in an interaction.
Uttekar suggests a stop-loss of around 11,730 on a closing basis form a trading perspective.
Indian equity benchmarks are set to halt a two-day fall.
The S&P BSE Sensex rose nearly 350 points as of 3 p.m. to 39,474 and the NSE Nifty 50 traded above 11,800, up 0.95 percent.
The gains in the benchmark indices were led by Reliance Industries ltd. and HDFC Twins. On the flipside, IndusInd Bank and Asian Paints were the top losers.
Shares of HDFC AMC extended gains for the fourth consecutive trading session. The stock rose as much as 1.9 percent to hit an all-time high at Rs 1,972.
The Relative Strength index was above 70, indicating that the stock may be overbought, according to Bloomberg data. Of the shares traded, 55 percent were at the ask price and 28 percent were at the bid.
Dr. Reddy’s Laboratories today launched Tobramycin Inhalation in the U.S. market, used for infection in lungs, according to its stock exchange notification.
Shares of the pharmaceutical company rose as much as 1.5 percent to Rs 2,552.45. The stock fell 1.7 percent in the past five days and declined 4.4 percent in the past 30 days, Bloomberg data showed.
Shares of Igarashi Motors surged for the second consecutive trading session. The stock hit an upper circuit of 20 percent at Rs 242.70.
The scrip ended 10 percent higher yesterday after surging 18 percent during intraday. Trading volume was 20 times its 20-day average, Bloomberg data showed. Of the shares traded, 41 percent were at the ask price and 39 percent were at the bid.
Indian markets are currently recovering from the losses it made in the last two days, IDBI Capital’s AK Prabhakar told BloombergQuint over the phone. “Most of the gains today are led by the rally in PSUs, the stocks, that have went unnoticed in the past few months.”
“The PSUs have strengthened further after the Modi-led BJP was re-elected to power and we are positive on those stocks,” Prabhakar said, adding that he also prefers certain quality mid-cap stocks.
Shares of Torrent Power rose as much as 10.7 percent, the most since Oct. 31, to Rs 268.
Trading volume was more than 13 times its 20-day average, Bloomberg data showed. The stock has risen in seven trading sessions this month. The scrip returned 1.95 percent so far this year and gained 14.4 percent in the past 12 months.
Shares of ICICI Lombard fell as much as 6.4 percent, the most in over a month, to Rs 1,100
About 2.85 percent equity of the company changed hands in 16 block deals in the range of Rs 1,100-1,104.5, Bloomberg data showed. Buyers and sellers were not known immediately.
Trading volume was double its 20-day average, Bloomberg data showed. Of the shares traded, 25 percent were at the ask price and 38 percent were at the bid.
Indian equity benchmarks were trading at day’s high, led by the gains in Reliance Industries Ltd. and ITC Ltd.
The S&P BSE Sensex rose as much as 118 points or 0.3 percent to 39,240 and the NSE Nifty 50 rose as much as 0.32 percent to 11,737. The broader market index represented by the NSE Nifty 500 Index rose as much as 0.27 percent.
Eight out of 11 sectoral gauges compiled by NSE advanced, led by the NSE Nifty Metal Index’s 0.83 percent gain. On the flipside, the NSE Nifty Media Index was the top sectoral loser, down 0.6 percent.
About 20 lakh shares of ITC changed hands in a block deal, Bloomberg data showed. Buyers and sellers were not known immediately.
Indian equity benchmarks traded higher, after fluctuating between gains and losses in the past two hours.
The S&P BSE Sensex rose 52 points to 39,175.79 as of noon and the NSE Nifty 50 traded above 11,700. The broader market index represented by the NSE Nifty 500 Index rose 0.1 percent.
Tyremakers were in focus as they rallied after India imposes duty on China radial tires.
Besides, Emami was also in focus after the stock halted a 10-day fall and advanced 7 percent.
Shares of the Tyremakers rallied in today’s trade
This after India imposed a countervailing duty on radial tires from China, one of the biggest competitors for local companies, according to a Bloomberg report.
Shares of MRF rose over 2.6 percent, while shares of BalKrishna Industries, Apollo Tyres and Ceat rose 3.1 percent, 1.1 percent and 3 percent respectively. Meanwhile, shares of JK Tyre & Industries rose over 4 percent.
Indian equity benchmarks continued to fluctuate between gains and losses.
The S&P BSE Sensex traded 29 points lower at 39,122.96 as of 11 a.m. and the NSE Nifty 50 hovered around its 50-day moving average of 11,689.56.
The mid-cap index represented by the NSE Nifty Midcap 100 outperformed the Nifty after it rose 0.27 percent, led by the gains in Torrent Power and Manappuram Finance.
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Nifty’s 11,700 call option contract was among the most active Nifty option contracts on National Stock Exchange.
Premium on the contract fell 22.39 percent to Rs 55.80. Over 10.62 lakh shares were added to the open interest which stood at over 27.14 lakh shares.
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Indian equity benchmarks fluctuated between gains and losses, after the gains in Reliance Industries Ltd. and ONGC were offset by the losses in HDFC Bank Ltd. and Tata Consultancy Services Ltd.
The S&P BSE Sensex and the NSE Nifty 50 traded little changed at 39,129 as of 10 a.m. and 11,703 respectively. The broader market index represented by the NSE Nifty 500 Index also staged a U-turn to trade a little changed.
SBI Life was in focus during today’s trade as the stock fell over 5 percent after BNP Paribas Cardif plans to sell up to 2.5 crore equity shares at Rs 650 per share, discount of 8.5 percent from Monday’s close.
Besides, Oil marketing companies witnessed a rally after the Brent crude extended declines for the second consecutive trading session and fell 0.85 percent to $64.31 a barrel.
Shares of Welspun Corp fell as much as close to 3.5 percent, the most in three weeks, to Rs 135.
The company’s board fixed July 5 as the record date for the buyback of about 2.89 crore equity shares, according to its exchange notification. the buyback price was also fixed at Rs 135 apiece, a discount of nearly 4 percent compared to the previous close.
The stock advanced 13 percent in the past 12 months compared to a 10 percent gain in the Sensex.
Shares of SBI Life Insurance fell as much as 5.4 percent to Rs 672.35.
The company’s foreign partner BNP Paribas Cardif plans to sell up to 2.5 crore equity shares at Rs 650 per share, discount of 8.5 percent from Monday’s close. The offer shall take place over two trading days on June 25 and June 26.
Trading volume was more than 30 times its 20-day average, Bloomberg data showed. The stock declined 4.1 percent in the past five days and 1.6 percent in the past 30 days.
Indian equity benchmarks are set for a mixed open.
The S&P BSE Sensex was 100 points higher during the pre-market trade while the NSE Nifty 50 traded at 11,689.30, down 0.1 percent.
In the currency market, The Indian rupee opened higher against the U.S. dollar. The home currency appreciated as much as 0.1 percent to 69.28 against the greenback.
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