Sensex sinks 505 pts, Nifty gives up 19,350 amid global weakness; PSBs soar

Closing Bell on July 7, 2023: PowerGrid, IndusInd Bank, HUL, NTPC, Bajaj Finance, HCL tech, Tech M, L&T, Asian Paints, ICICI Bank, ITC, Kotak Bank, Infosys, and HDFC twins declined up to 3 per cent

9:27 AM

Titan surges 2% after it clocks 20% revenue growth in Q1 update

9:25 AM

Shares of media firm; bank, FMCG stocks decline

9:22 AM

Smallcaps outperform benchmark; India VIX in green

9:20 AM

OPENING BELL | Nifty50 slips below 19,500, down over 40 points

9:17 AM

OPENING BELL | Sensex declines over 100 points, slips below 65,700-mark

9:10 AM

PRE-OPEN: Sensex off to weak open

9:08 AM

PRE-OPEN: Nifty edges 74 pts lower

9:03 AM

CURRENCY ALERT: Rupee opens 17 paise weaker at 82.68/$

Rupee see sharp weakness.

8:59 AM

Valuations factor in bright prospects for BHEL; order book on positive side

Analysts seem to be generally pessimistic about Bharat Heavy Electricals (BHEL). Out of 15 brokerages with recommendations since May this year, two have ‘buy’ while five have ‘sell’ and eight have ‘underweight’/’reduce’/’underperform’/’hold’ recommendations. READ

8:55 AM

MARKET VIEW: Hold long positions on Nifty

Nifty rose for eight sessions on the trot on July 06 with a gain of 0.51% to close at 19497. Nifty’s nearest moving average support is seen at 5 days EMA, placed at 19329. Nifty is in uncharted territory and it is advisable to hold long positions with trailing stop loss of 19329.

Views by Deepak Jasani, Head of Retail Research, HDFC securities. 

8:49 AM

Non-life insurance companies report 14% growth in June, shows GIC data

Non-life insurance companies reported 14.01% growth in gross written premium in June to Rs 20,112.8 crore, latest data released by General Insurance Council showed. For the April-June period, these companies reported a growth of 17.5% to Rs 63,574.30 crore. READ

8:44 AM

Nippon Life India Mutual Fund restricts flows into smallcap fund

Nippon Life India Mutual Fund has decided to suspend fresh lumpsum inflows into Nippon India Small Cap Fund amid a steep surge in flow of investments into the smallcap mutual fund schemes. READ

 

8:39 AM

AI seen fueling Microsoft to $3 trillion value in Morgan Stanley model

Artificial intelligence-driven gains can propel Microsoft Corp. to join Apple Inc. in the elite category of stocks with a market capitalization of more than $3 trillion. That’s according to analysts at Morgan Stanley, whose new $415 price target for the software giant implies a valuation of around $3.1 trillion. READ

8:35 AM

Tomato price surge can throw India's inflation trajectory off balance: RBI

The surging prices of tomatoes can potentially disrupt India's inflation trajectory, a study by researchers at the Reserve Bank of India said. The report said that there is unidirectional volatility transmission from tomato prices to those of onions and potatoes. READ

8:30 AM

HDFC merger poses increased competition in deposits segment for PSBs: Govt

The finance ministry had apprised PSBs of rising competition in deposits segment from the recent merger of HDFC as the housing loan customers will be tapped by HDFC bank for retail banking.

 

The direction came during a meeting chaired by Finance Minister Nirmala Sitharaman on Thursday where the PSBs were told to take swift actions in fraud and willful defaulters cases and build a strong internal audit framework with a focus on having robust risk management practices. READ