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"Nifty 50 closes its day at above good resistance zone of 15,700 and if index holds above this mark for coming trading sessions then we may see more upward move towards 16,00-16,200 mark which are another resistance zone on the upside. Crucial support for Nifty 50 is 15,500 while Nifty may face some resistance at 16,300", Mohit Nigam, Head - PMS, Hem Securities wrote in a note.
Air India fined for denying boarding to passengers holding valid tickets.
Show cause notice to airline revealed it does not have a policy in this regard and that no compensation was paid to such passengers.
Air India has been advised to immediately put the systems in place to resolve the issue, failing which further action will be taken.
Source: Press note
The broader indices outperformed their larger peers, with MidCap index gaining 0.2% and SmallCap gauge little changed. Twelve of the 19 sectoral indices compiled by BSE rose, with Utilities, Power, Realty indices adding 1%. On the flipside, the Energy and Oil & Gas measures lost 1%.
The market breadth is skewed in the favour of bulls. About 1,738 stocks advanced, 1,466 declined and 125 remained unchanged.
WPI inflation at 15.88% in May versus 15.08% in April.
Source: Government Release
Shares of motors and pumps' maker WPIL gained 3.45% on the BSE, the most in a week.
The company has received an order from the Government of West Bengal for execution of a turnkey project, comprising of commissioning of a clear water reservoir.
The contract is valued at Rs 430.87 crore and will be completed over a period of 24 months.
Trading volume on the stock is nearly twice the 30-day average.
Source: Exchange filing, Bloomberg
Nilesh Shah Has One Advice For Investors In A Volatile Market
The multiplex is an extension of Airtel's Xstream Premium offering.
Xstream recently achieved 2 million subscriber milestone within 100 days of its launch.
Xstream multiplex will be a 20-screen platform with access to content from leading OTT partners available on the application.
It also offers immersive content experience, which allows users to interact on Partynite Metaverse.
Source: Exchange filing
Zydus Lifesciences' Chairman Pankaj R Patel has been appointe as part time non-official director in the Central Board of the Reserve Bank of India, the company said in an exchange filing.
The Appointments Committee of the Cabinet (ACC) approved the appointment for a period of four years.
Patel is already on the board of Invest India, Member of the Mission Steering Group under National Health Mission, Drug Technical Advisory Board under Ministry of Health & Family Welfare.
Source: Exchange filing
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
RBL Bank says that linking R Subramaniakumar's appointment with asset quality challenges at the bank is speculative
Reiterate that such speculation is baseless and unfounded and purely speculative in nature.
The bank is well provided and does not foresee any asset quality challenges.
Source: RBL Bank statement
Note: The header in the graph has been updated.
The S&P BSE Sensex fell 0.24% to 52,720.13. The NSE Nifty 50 declined by similar magnitude to 15,736.45. Today 28 of the Nifty 50 stocks rose, 22 fell.
The broader indices outperformed their larger peers, with S&P BSE MidCap and SmallCap gaining 0.5% each, respectively. Fourteen of the 19 sectoral indices compiled by BSE Ltd advanced with Telecom index gaining over 1.25%. On the flipside, the Information Technology gauge fell 0.5%.
The market breadth is skewed in the favour of bulls. About 1,469 stocks gained, 786 fell and 90 remained unchanged
Yield on the 10-year bond added 1bps to 7.62%, the highest since 2019.
Source: Bloomberg
Indian currency opened at 78.02 against the dollar. The rupee fell to record low 78.28 on Monday.
Source: Bloomberg
Reliance Industries: Firm wins IPL cricket streaming rights in a bidding war.
Metropolis: Says continuously exploring strategic options.
Zomato: Reinstated underperform at Macquarie.
Zydus Life: Offers to buy back Rs 750 crore of shares, stock raised to 'buy' at KR Choksey, price target set at Rs 445 apiece.
Source: Exchange filing, Bloomberg
Torrent Power: The company has completed acquisition of 50 MW Solar Power Plant in the state of Telangana with enterprise value of Rs 416 crore. Long-term power purchase agreement for the project is with Northern Power Distribution Company of Telangana for a period of 25 years at a fixed tariff of 5.35 per kWh, with remaining useful life of 20 years.
Srei Equipment Finance: RBI-appointed administrator has found instances of fraud in the company. Total loan amount involved in the fraud stood at Rs 2,512 crore, while notional loss to the company stood at Rs 513.67 crore. The administrator has filed an application with Kolkata NCLT against 14 respondents involved.
WPIL: The company has received an order from the Government of West Bengal for execution of a turnkey project, comprising of commissioning of a clear water reservoir. The contract is valued at Rs 430.87 crore and the same will be completed over a period of 24 months.
Dynamatic Technologies: The company has won the contract to manufacture the Escape Hatch Door for Airbus A220 aircraft. The contract was placed by recently established Stella Aeronautique Canada Inc., a subsidiary of Airbus Atlantic SAS.
Bajaj Finance: The company increased fixed deposit rates by 20 basis points.
Stocks extended decline on Tuesday amid a surge in bond yields due to anticipation of sharper Federal Reserve interest-rate hikes to fight inflation.
Shares shed over 1% in Japan and South Korea and tumbled more than 5% in Australia. US futures steadied in the wake of a three-day rout in the S&P 500 of nearly 9%.
The Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- fell more than 0.5% to 15,689.5 points as of 6:30 a.m.
Traders now see about 200 basis points of tightening by the Fed’s September decision and the possibility of a 75 basis-point hike. Crude oil held above $120 a barrel.
The dollar hovered around a two-year high and the yen edged up from a 24-year low against the greenback. Bitcoin slid below $23,000, in part as a digital-asset lending platform paused operations.
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