Sensex falls 664pts from day's high, ends 49pts down; RIL up 2%, autos dip

CLOSING BELL: The Nifty IT index was the only gainer, up 0.45 per cent

11:45 AM

Indian mills waiting to export 1.5 MT sugar after selling 8.5 MT: Report

India has exported around 8.5 million tonnes of sugar since the current season began on Oct 1, with exporters likely to contract another 1.5 million tonnes for overseas sales in the next five months. READ HERE

11:45 AM

CRYPTO TECH VIEW: Next resistance for Bitocin at $40K

Bitcoin continued its consolidation around the $30K level after a brief recovery that saw it edging over $32K.

The 4-hourly trend for Bitcoin has formed an ascending channel pattern. The market sentiment, however, dropped down to ‘10’ on  the Fear & Greed index, falling further into the “Extreme Fear” zone.

The next resistance for BTC is expected at $40,000 and an immediate support is expected at $26,800.

 

Ethereum against Bitcoin dropped by 1.2% last day as Bitcoin’s dominance index climbed upto to nearly 47%, the highest in over 7 months.

The daily chart for ETH-BTC is traversing within a descending channel pattern. The next  support for ETH-BTC is expected at 0.055 level.

The long awaited Ethereum merge seems to be just around the corner as the ETH’s largest Testnet, Ropsten begins execution of its pilot phase.
 

Source: WazirX Trade Desk

11:36 AM

Nifty IT gains nearly 2% led by Infosys, Mindtree

11:26 AM

Adani Group stocks inch lower in a firm market

11:13 AM

Top crypto exchange Coinbase freezes hiring, revokes accepted offers

"After assessing our business priorities, current headcount, and open roles, we have decided to pause hiring for as long as this macro environment requires," LJ Brock, Chief People Officer at Coinbase, said in a statement. READ MORE

11:06 AM

Reliance Industries rallies 7% in two days; stock nears record high

Long term prospects and dominant standing of RIL in each of its product & service portfolio provides comfort for long term value creation, analysts said. READ HERE

11:01 AM

NEWS ALERT :: M&M Financial disburses loans worth Rs 2,973 crores in May

>> In May 2022, the business of the Company continued its momentum with a disbursement of approximately Rs. 2,973 Crores delivering a 272% Y-o-Y growth. The YTD disbursements at approximately Rs. 5,686 Crores, registered a Y-o-Y growth of 169%.

>> The collection efficiency was at 95% for May 2022 in comparison to a subdued CE of 67% for May 2021 which was affected due to Covid related lockdowns. The CE is in line with pre-Covid levels.

>> With momentum in collections witnessed so far, we expect a lower volatility on Stage 3 assets during Q1FY2023.

>> The Company continued to hold adequate liquidity buffer of approximately Rs. 8,775 crores as on 31st May 2022 which covers ~3 months funds requirement
 

10:55 AM

RIL gains 3% on likely plan to bid for global drugstore Boots

Mukesh Ambani's Reliance Industries and US-based Apollo Global Management are teaming to bid for Boots — the international chemist and drugstore unit of Walsgreen Boots Alliance Inc — according to a report in the Economic Times. Read here

10:41 AM

Aether Industries locked at upper circuit after listing at 10% premium

The stock moved higher to Rs 776.75, 21 per cent higher against the issue price of Rs 642 per share. READ HERE

10:36 AM

Dollar wobbles as traders await update on US jobs data, cues on Fed hike

Markets have locked in consecutive 50-basis-point Fed hikes in June and July but the dollar has been pushed around this week by uncertainty about what happens after that. READ HERE

10:36 AM

NEWS ALERT :: Services PMI rises to 11-year high of 58.9 in May

>> Services PMI was 57.9 in April

>> Composite PMI stands at 58.3 vs 57.6

10:30 AM

Expert call on Aether: Suggest investors to hold stock

Aether has debuted at Rs. 704 i.e. 10% above its issue price. The company’s good listing can be attributed to a recovery in market sentiments, outstanding growth prospects of the company, and a good response from the investors.

The company is one of the fastest-growing specialty chemical companies in India, having a high focus on R&D, relying on differentiated chemistry & technological core competencies, and a robust product selection process.

The Indian chemical industry is witnessing a structural change due to the shift of manufacturing activities from China to India and the focus on green chemistry.

The issue was priced at a P/E of 72.30 based on annualized FY22 numbers. However, we believe that the company deserves this premium multiple due to its phenomenal growth prospects.

Those who applied for listing gains can maintain a stop loss of Rs. 675. New investors can buy for the long term and existing investors are recommended to stay invested in the company.

Views by Santosh Meena, Head of Research, Swastika Investmart.

10:20 AM

Reliance, Apollo Global close in on Boots buyout; bid may come in today

Walsgreen put up the business for sale in December last year and has been seeking a valuation of about 7 billion pounds. READ HERE

10:15 AM

Market view: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Is the ongoing pull back in markets, globally, a bear market rally or the beginning of another bull phase? We will know the answer to this question only later. Meanwhile investors can look at stocks leading the rally now and try to anticipate segments that will  join the rally if this uptrend sustains.

The sharp upmove in Nasdaq is likely to have a rub on effect on Indian IT stocks too. This beaten down segment, depressed by shorts and sustained FPI selling, is staging a comeback supported by strong fundamentals. Export  segments like textiles are staging a comeback. Financials have strong fundamentals and, therefore, can be expected to join the rally soon.

10:10 AM

Cement stocks under pressure as UltraTech announces Rs 12,866 cr capex plan

Shares of cement companies like UltraTech Cement, Dalmia Bharat, JK Cement, The Ramco Cements and Shree Cement were down in the range of 2 per cent to 6 per cent. Read here