Indian equity
benchmarks closed Friday’s session near intraday lows, with Sensex and Nifty
breaching their crucial 54,350 and 16,250 levels, respectively, following
weakness in global counterparts and fear of faster policy tightening to combat
inflation.
The Nifty50 has
formed a long negative candle on the daily chart, and appears to have picked up
downside momentum with supports breaking down one after another, according to
Nagaraj Shetti, Technical Research Analyst at HDFC Securities. He expects more
of sharp weakness going forward.
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Sensex fell 1016.84 points or 1.84% to 53,303.44 and the
Nifty was down by 276.30 points or 1.68% to 16,201.80 in the previous session. Sensex
touched high and low of 54,780.78 and 54,205.99, respectively. There were 7
stocks advancing against 22 stocks declining on the index. Nifty traded in a
range of 16,324.70 and 16,172.60. There were 13 stocks advancing against 37
stocks declining on the index.
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Broader Indices
The broader indices ended in red with the BSE Mid cap
index falling 0.64%, while Small cap index was down by 0.70%. On the sectoral
front, the only gaining sector was Telecom up by 0.12%, while Oil & Gas
down by 2.09%, IT down by 2.09%, Finance down by 2.02%, Energy down by 2.01%, TECK
down by 1.87% were the top losing indices on BSE.
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India VIX Index
Nifty or India VIX, a gauge of the market’s expectation of volatility
over the near term, rose 2.27% to 19.58 on Friday.
SGX Nifty
The trends on SGX Nifty indicate a negative opening for the
index in India with a 172 points loss. The Nifty futures were trading at 15,857.20 on the Singaporean Exchange around 06:45 hours
IST.
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Support and Resistance levels
The key support
level for the Nifty is 16,141, followed by 16,081. If the index moves up, the
key resistance levels to watch out for are 16,293 and 16,385, according to pivot
charts.
The S&P 500 fell 116.96 points, or 2.9%, to 3,900.86.
The Dow Jones Industrial Average fell 880 points, or 2.7%, to 31,392.79.
The Nasdaq fell 414.20 points, or 3.5%, to 11,340.02.
The Russell 2000 index of smaller companies fell 50.57 points, or 2.7%, to 1,800.28.
Asian Markets
Asian markets ended mostly lower on Friday. The Nikkei 225 fell 1.49%, the Hang Seng fell 0.29% while the Shanghai Composite rose 1.42%.
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European Markets
European markets ended lower on Friday, Germany’s DAX was down by 3.08%, France’s CAC 40 was down by 2.69% and London’s FTSE 100 was down by 2.12%.
Major News Headlines
Vedanta
starts iron ore mining in Liberia a decade after the Ebola epidemic disrupted
plans
Billionaire Anil Agarwal-owned Vedanta Limited has
started iron ore mining operations in Liberia over a decade after it acquired
the necessary rights as the Ebola epidemic disrupted its plans. Western Cluster
(WCL), a step-down subsidiary of Vedanta, had signed an agreement with the
Liberian government for three iron ore mines namely Bomi, Bea and Mano in 2011.
The company has its groundbreaking ceremony at the Bomi mine on Wednesday, as
per a regulatory filing by Vedanta.
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RBI
appoints former IOV chief Subramaniakumar as RBL Bank CEO
The Reserve Bank of India (RBI) has approved R
Subramaniakumar’s appointment as the MD & CEO of RBL Bank, the private
lender told exchanges. Subramaniakumar is the former managing director and
chief executive director of state-run Indian Overseas Bank, retiring on June
30, 2019. He was appointed the administrator of Dewan Housing Finance Co
Limited after the mortgage financier’s board was superseded. Subramaniakumar
has been appointed at RBL for three years from the date of taking charge.
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VIVEK KUMAR BHAUKA
bought 2,10,000 shares in Fidel
Softech Limited at Rs 59.10 per share on the NSE.
VENKATESHWARA
INDUSTRIAL PROMOTION CO LIMITED sold 1,10,000 shares in Giriraj Civil Devp Limited at Rs 116.95 per share on the NSE.
RIKHAV SECURITIES
LIMITED sold 90,000 shares in Goldstar Power Limited at Rs 25.90 per share as per NSE.
JYOTHI KAILASH
KABRA sold 1,48,000 shares in Globesecure
Techno Limited at Rs 49.20 per share as per NSE.
CDC GROUP PLC sold 91,93,312 shares in IIFL Finance Limited at Rs 325.10 per share as per NSE.
NEXPACT LIMITED sold 3,41,690 shares in Moksh Ornaments Limited at Rs 13.93 per share as per NSE.
DHARMESH MALDEVBHAI
GODHANIA bought 1,00,000 shares in Rachana Infra Limited at Rs 138.00 per share
as per NSE.
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Foreign institutional investors (FIIs) sold shares worth a net Rs 3,973.95 crore, while domestic institutional investors
(DIIs) bought shares worth a
net Rs 2,831.07 crore in the Indian
equity market on June 10, as per provisional
data available on the NSE.
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Delta Corp remains under the
F&O ban for June 13. Securities in the ban period under the F&O segment include
companies in which the security has crossed 95% of the market-wide position
limit.
