Sensex ends 174 pts up, Nifty near 15,800; IT, pharma indices hit new peaks

Backed by firm global cues, the frontline S&P BSE Sensex hit an all-time-high of 52,641.5 while the broader Nifty50 index claimed 15,835.5-mark in morning deals

1:49 PM

ED sends notice to crypto exchange WazirX for Rs 2,791-cr transactions

Enforcement Directorate (ED) on Friday issued show-cause notice to WazirX under the Foreign Exchange Management Act (FEMA), 1999 for transactions involving cryptocurrencies worth Rs 2790.74 crore. WazirX is an Indian crypto exchange that acts as a platform for trading various digital currencies. READ MORE

1:39 PM

India's sugar exports touch 4.25 mn tonnes so far this year: AISTA

Sugar mills in India have exported 4.25 million tonnes of the sweetener so far in the ongoing 2020-21 marketing year ending September, with maximum shipments to Indonesia, trade body AISTA said on Friday. Mills have contracted to export 5.85 million tonnes of sugar so far, as against the 6 million tonnes quota assigned by the food ministry in January this year, All India Sugar Trade Association (AISTA) said in a statement. READ MORE

1:31 PM

Don't go by history alone while picking hybrid fund, say analysts

Aggressive hybrid funds (AHFs) are currently outperforming dynamic asset allocation or balanced advantage funds (DAA/BAFs) across investment horizons. This has sparked a debate on whether it is better to invest in a category where the asset allocation remains static, or one where it keeps changing.

 

Higher equity allocation drove performance The equity markets have done well over the past year (the Sensex is up 54 per cent). READ MORE

1:16 PM

SpiceJet, IndiGo ready for new war zone as cargo biz booms amd pandemic

There’s been a change in the SpiceJet pecking order since last year. Former head of Coca-Cola India Sanjiv Gupta, who leads SpiceJet’s logistics business, is now considered a key man by promoter Ajay Singh. There’s reason.

 

SpiceExpress--the logistics arm of the airline--has virtually kept the company afloat during the pandemic as the passenger business suffered record losses. In May alone, the airline earned Rs 200 crore from cargo operations and has now 5 per cent market share of the outbound cargo from India. READ MORE

1:05 PM

Oil rally has more room, Brent expected to hit $80 per barrel: Goldman

US investment bank Goldman Sachs expects Brent crude prices to reach $80 per barrel this summer, betting that a recent oil market rally will continue as vaccination rollouts boost global economic activity and demand for the commodity. Brent prices hit $72.93 per barrel this week, their highest level in over two years, fuelled by expectations of stronger demand. Brent futures were trading at $72.21 a barrel on Friday, while U.S. West Texas Intermediate (WTI) crude was around $70 a barrel. READ MORE

12:55 PM

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

In morning trades, Indian equities indexes remained in the green, reflecting gains in their Asian counterparts. Sentiments remained positive as the progressive unlocking process across India is expected to restore nearly two-thirds of the 25 million non-farm employment lost following the lockdown in May, according to the Centre for Monitoring Indian Economy (CMIE) in its research. The Reserve Bank of India (RBI) has said that it would be buying bonds maturing between 2026 and 2035 which restores the confidence of the investors in the economic recovery. As economic statistics appeared to confirm the Federal Reserve's contention that the current wave of heightened inflation will be temporary, Wall Street equities closed higher on Thursday, with the S&P 500 500 closing above its previous record high. Asian markets followed the global peers and are trading in green.

 

The Indian market has been positive in the first half and has sustained an important level of 15800. Our research suggest that 15870-15900 will act as a resistance zone. 

12:54 PM

State-run banks' shares outperform private peers on recovery bets

Shares of India’s state-owned banks are outperforming their private peers after 12 straight years of underperformance, with gains fueled by capital raising and optimism over potential stake sales by the government in some banks.

 

A gauge of public sector lenders has surged 39 per cent so far in 2021, as a broad improvement in the sector’s asset quality and India’s plans to transfer soured loans to a proposed bad bank boosts their growth outlook. READ MORE

12:45 PM

MARKET UPDATE:: S&P BSE MidCap index slips into red

12:35 PM

Asia stocks up, US bond yields dip to 3-month low as inflation fears ease

US bond yields dipped to three-month lows and a broad gauge of Asian shares rose on Friday as investors looked past rising U.S. consumer prices and focused on one off-factors which suggested higher inflation could be short-lived. Some economists say the rise in the U.S. consumer price index reflected short-term adjustments related to the reopening of the economy, and many investors appear confident that the Federal Reserve is deftly handling a rebound in economic growth - even as questions remain about how it defines "transitory". READ MORE
 

12:31 PM

Investors lap up Bajaj Finance despite NPA warning; stock up 10% in 2 days

The stock of Bajaj Finance had corrected 6 per cent in the four days prior to Thursday as it slipped from its previous high of Rs 6,009 on June 4, 2021, to Rs 5,674 on June 9, after the consumer financier voiced concerns over asset quality issues due to localised lockdowns following the second wave of Covid-19. After reporting a healthy performance in Q4FY21, management of Bajaj Finance in a mid-quarter update indicated some adverse impact of Covid-19-related fresh lockdowns on business during the April-June quarter (Q1FY22). The company indicated that its B2B and auto finance businesses were most affected due to strict lockdowns in the majority of states. READ MORE

12:24 PM

NEWS ALERT :: China suspends frozen seafood import from 6 Indian firms

12:21 PM

EClerx Services, Alok Ind: Trading strategies for buzzing stocks of the day

eClerx Services Limited (ECLERX)

Likely target: Rs 1,800 and Rs 2,000

Upside potential: 11% and 23%

On Friday, June 11, the stock was locked in 20 per cent upper circuit, inevitably crossing the resistance range of Rs 1,400 to Rs 1,300 levels. This move has opened doors for further upside towards Rs 1,800 and Rs 2,000 mark, as per the daily chart. The stock has shown optimism even in the overbought category of the Relative Strength Index (RSI) and continues to do so. The immediate support comes at Rs 1,500 levels. READ MORE

12:13 PM

Gold breaches $1,900 mark as dollar, yields dip after US inflation data

 Gold prices edged above $1,900 an ounce level on Friday, supported by a pullback in the dollar and lower bond yields, after data showing a rise in U.S. inflation was viewed inadequate to alter the Federal Reserve's easy monetary policy. Spot gold was up 0.1 per cent at $1,900.10 per ounce, as of 0518 GMT. Prices have risen more than 0.5 per cent this week. READ MORE

12:12 PM

MARKET VIEW | Amar Ambani, Senior President & Head of Research – Institutional Equities, YES Sec

The stock market is solely focused on the future. Hopes of a quick economic  revival post unlock and expectation of large number of adult population vaccinated in 2021, are keeping markets excited. Q4 FY21 earnings have been encouraging, even after adjusting for the low base of March 2020. The broader market is very healthy. It is very likely that the top 10 heavyweights of the Sensex, which have been dormant for some time, will begin to participate. Already RIL has resumed its up move after a six month lull. This will add to the strength of Indian equities. Our target for Sensex is 60,000 by December 2021.

12:00 PM

Omni channel expansion to support Bata India's growth recovery

Despite the muted show in the March quarter, the Bata India stock gained about 5 per cent in trade on growth expectations led by distribution expansion, omnichannel strategy and new launches. This could mark a reversal for the stock which has been lagging its peers since the start of the year on the back of weaker revenue growth and sub-par cost reduction efforts for 9MFY21. READ MORE