Sensex ends choppy trade 77 pts higher; Adani Group cos sink up to 9%

In the broader markets, the BSE MidCap index ended the day in the red, down 0.7 per cent, amid steep losses in Adani Group stocks and BHEL

1:45 PM

Shyam Metalics IPO: Growth outlook outweighs valuation concern, say experts

Shyam Metalics and Energy Ltd (SMEL), an integrated metal producing company with focus on long steel products and ferro alloys, has opened its Rs 909 crore initial public offer (IPO) at a time when the domestic steel firms are eyeing price hikes and investments worth Rs 76,500 crore. As domestic steel demand appears robust at 5-6 per cent CAGR through FY25, as per rating agency Crisil, most of the analysts recommend investors subscribe to the issue. READ MORE

1:40 PM

Q&A | Broader market will be fairly directionless and sideways: Mark Matthews

The world stock market has doubled in value from its low in March last year, and we think it now reflects 90 per cent of the post-pandemic economic recovery. At the same time, there is no reason to expect a recession. This makes us believe the broader market will be fairly directionless and sideways. Developed and emerging markets have had the same returns since the beginning of last year and there is no reason to think that should change for the remainder of this year. If there is a correction, our first port of call in deploying more cash would be in the structural stories we like in Asia. READ FULL INTERVIEW HERE

1:28 PM

Market Check :: Sensex wipes off morning losses, turns flat

1:23 PM

IPO Update :: Shyam Metalics issue subscribed 50% so far on Day 1

1:10 PM

BUZZING :: Bajaj Finance rebounds from day's low to hit new high

1:04 PM

Mid-market view | Gaurav Garg, Head of Research at CapitalVia Global Research

In the morning session, Indian equity benchmarks remained in the red, owing to significant selling in prominent blue-chip stocks. Sentiments in the traders turned a little sceptical as former RBI Governor D Subbarao raised concerns about the country's economic recovery being " very uneven" and "sharpening inequities" between upper- and lower-income people. US stocks ended the last week marginally higher, with few market-moving triggers and ongoing concerns over whether current inflation increases will sustain, prompting the US Federal Reserve to tighten its dovish policies sooner than expected. Asian markets followed the global peers and are trading in green. The Indian Market has been negative in the first half and has made an attempt to sustain near the level of 15600.15500 will be an important level from a short-term perspective. Technical factors indicate a consolidated movement between 15500-15900 in the weeks to follow.

12:58 PM

Tide Water, Easy Trip, Prozone Intu, RCom zoom over 100% in a month

Shares of Tide Water Oil (India), Prozone Intu Properties, Easy Trip Planners and Reliance Communications (RCom) are among few stocks that have seen their market price more than double in the past one month on the back of positive corporate announcements. Among individual stocks, Tide Water Oil was locked in the upper circuit for the second straight day, up 5 per cent at Rs 12,030.80 after the company announced a 1:1 bonus issue, dividend of Rs 200 per share, and a stock split from Rs 5 to Rs 2. The stock had hit a record high of Rs 12,991 on June 7, 2021, after the company, on May 26, announced the stock split and bonus issue plans. READ MORE

12:48 PM

India's, Brazil's Q1 GDP data suggest strong post-pandemic rebound: Moody's

India's and Brazil's first-quarter 2021 real GDP data show a strong rebound in both economies following a contraction last year of 4.4 per cent in Brazil and 7.1 per cent in India, Moody's Investors Service said on Monday. Brazil's first-quarter GDP expanded 1.2 per cent from the previous quarter and 2.3 per cent from first-quarter 2020. India's first-quarter GDP rose 1.5 per cent quarter on quarter and year on year. READ MORE

12:38 PM

GLOBAL MARKET CHECK

12:28 PM

Top Sensex drags at this hour :: HDFC twins, ICICI Bank

12:15 PM

Zydus Cadila gets USFDA tentative nod for epilepsy treatment drug

Zydus Cadila on Monday said it has received tentative approval from the US health regulator to market epilepsy treatment drug Brivaracetam tablets. Zydus Cadila has received tentative approval from the US Food and Drug Administration (USFDA) to market Brivaracetam tablets, in the strengths of 10 mg, 25 mg, 50 mg, 75 mg, and 100 mg, Cadila Healthcare said in a regulatory filing. Zydus Cadila is a part of the Cadila group. READ MORE

12:03 PM

NEWS ALERT :: WPI inflation comes in at 12.94% in May

>> It was 10.49% in April

11:53 AM

EXPERT TAKE :: Yash Gupta, Equity Research Associate at Angel Broking on Adani Group stocks

Adani group stocks have plummeted with, ADANIENT down by 20%, ADANIPORTS down by 15%, ADANI POWER down by 5% and Adani Total Gas Ltd down by 5%.

 

As per the different market news some of the mutual funds are holding very large quantities of Adani groups stocks and some complaints have been filed with SEBI also. From today four Adani group stocks have been shifted to T2T (Trade 2 Trade) which  means that intraday trading will not be permitted and investors need to take/give holding for any trade. We suggest investors be cautious on Adani group stocks, trading at very high valuations compared to peers. Buy on dips or averaging the buy position should be avoided for the time being

11:46 AM

Is the bull run in Adani Group stocks over? Here's what charts suggest

All six listed Adani Group companies were either locked in or were trading close to their lower circuit bands on the bourses on Monday, after National Securities Depository Ltd (NSDL) froze accounts of three foreign funds that own stake in four of these group companies. READ MORE

11:37 AM

eClerx Services rallies 45% in 3 days, hits new high post Q4 results

Shares of eClerx Services continued their upward movement and hit a new high of Rs 1,875 after rallying 16 per cent on the BSE in intra-day trade on Monday, on the back of heavy volumes, in an otherwise subdued market. In the past three days, the stock has zoomed 45 per cent after the company reported healthy March quarter numbers (Q4FY21) with revenues up 19.3 per cent quarter on quarter (QoQ) in constant currency terms and 19.7 per cent QoQ in reported terms. READ MORE