F&O expiry: IT, banks lift Sensex 393 pts up; RIL slips 2.4% post 44th AGM

The Nifty sectoral indices were mixed, with the Nifty IT index, up 2.79 per cent, leading the gainers, while the Nifty PSU Bank index, down 1.4 per cent, bled the most

11:59 AM

NEWS ALERT :: Zydus Cadila receives tentative approval from USFDA for Fingolimod Capsules

11:55 AM

US Federal Reserve's mixed messages on inflation unsettle investors

Investors have been struggling to interpret signals from the Federal Reserve about how hot it is willing to let inflation run before it begins unwinding pandemic-era monetary stimulus. Measures of markets' U.S. inflation expectations hit multi-year highs in mid-May, but fell after comments from some Fed speakers and minutes from the committee's April meeting sounded more hawkish. READ MORE

11:48 AM

Bull run will last for 'very, very long time', says Rakesh Jhunjhunwala

Annual equity returns from Indian stocks will be about five percentage points on top of the economic growth of 7%-10% in coming years, according to billionaire investor Rakesh Jhunjhunwala.

 

Known locally as India’s Warren Buffett due to his penchant for equity investing, Jhunjhunwala is counting on the nation’s potential for long-term growth and political stability to fuel further gains in the $3 trillion stock market that’s already been hitting record after record this year. READ MORE

11:38 AM

Infosys hits new high as buyback via open route commences on Friday

In the past one month, Infosys has outperformed the market by surging 14 per cent, as compared to 4 per cent rise in the S&P BSE Sensex. A sharp run-up in stock price has seen Infosys' market capitalisation cross Rs 6.5 trillion. At 11.00 am, the market-capitalisation of Infosys stood at Rs 6.56 trillion on the BSE, the exchange data shows. READ MORE

11:29 AM

MARKET CHECK :: Sensex at day's high

11:21 AM

Top gainers on BSE at this hour

Company	PRICE(rs)	CHG(%)
Greaves Cotton	181.85	8.37
KRBL	254.00	5.35
Godfrey Phillips	998.70	5.25
Grindwell Norton	1211.25	4.87
Esab India	1963.80	4.75

11:12 AM

Orchid Pharma freezes at 10% down circuit as promoter begins stake sale

Dhanuka Laboratories, one of the promoters of Orchid Pharma, proposed to sell in aggregate up to 3.28 million equity shares, representing 8.04 per cent of the total equity share capital of the Company. The issue opened today for non-retail investors, and will open for retail investors on Friday. READ MORE

11:00 AM

Cyclical currencies lead after dust settles on US Federal Reserve

The dollar jumped and stocks swooned last week after the Fed surprised markets by signalling much earlier rate hikes than investors previously expected.

 

But policymakers have since softened their stance, sending the greenback to its lowest in nearly a week, with both Powell and New York Fed President John Williams saying the economic recovery required more time before any tapering of stimulus and higher borrowing costs are appropriate. READ MORE

10:52 AM

Gold prices on back foot as dollar firms; traders await US Fed data

Gold was subdued on Thursday, as a stronger dollar made bullion more expensive for holders of other currencies, while investors digested mixed signals from Federal Reserve officials on rate hike and awaited more U.S. data to gauge inflationary pressures. Spot gold was down 0.2% at $1,774.96 per ounce, as of 0251 GMT. U.S. gold futures fell 0.4% to $1,776.10. READ MORE

10:40 AM

Sona BLW makes a tepid debut; lists at 4% premium over issue price

Sona BLW Precision Forgings (Sona Comstar) made a quiet debut on the bourses, with the stock getting listed at Rs 302.40 -- a 4 per cent premium over its issue price of Rs 291 per share on the BSE on Thursday. On the other hand, on the National Stock Exchange, it opened at Rs 301. However, post listing, the stock hit a low of Rs 295 on the BSE and NSE. READ MORE

10:29 AM

Shyam Metalics makes strong debut, lists at 24% premium over issue price

At 10:03 am, SMEL was trading at Rs 394, a 29 per cent premium on the NSE and BSE. A combined 7.7 million shares have changed hands on both the exchanges, so far.

 

The Rs 909 crore initial public offering (IPO) had witnessed robust demand from investors as the issue was subscribed 121.4 times. The metal producer has fixed the price band of Rs 303-306 for the IPO. READ MORE

10:19 AM

On the radar: Analysts expand coverage amid sharp stock market rally

Brokerages are expanding the universe of stocks they cover amid a boom in the market. Several stocks in the mid-cap universe are now tracked by more analysts than they were a year ago.

 

For instance, SBI Cards and Payment Services is now tracked by 17 brokerages, compared to just four a year ago. Similarly, companies like V-Mart Retail, Ujjivan Small Finance Bank, Indian Energy Exchange, and Birla Corporation are tracked by 7-8 more analysts. READ MORE

10:08 AM

Rupee opening

Rupee opens at 74.22 per US dollar vs Wednesday's close of 74.28/$

10:07 AM

NEW LISTING | Shyam Metalics lists at 24% premium to IPO price

10:02 AM

MARKET STRATEGY :: IT, metals & pharma have favourable tailwinds

The fundamental support to the highly valued markets comes from the ongoing economic recovery and the expected sharp rebound in earnings. US, China & parts of Europe are staging a smart economic rebound.

In India, even though unemployment is high and consequently aggregate demand is a concern, the organised sector is doing well supported by market share gain at the expense of the unorganised sector, lower corporate tax, cost-cutting and lower interest cost.

Segments like IT, metals & pharma have favourable tailwinds. Since valuations are high investors should moderate their return expectations and extend their investment time horizon. Even in these highly valued markets, there are pockets of value in leading financials, pharma and top telecom stocks.

Views by: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.