Indian equity benchmarks were
positive for second consecutive day and ended Tuesday’s session with gains of
around two percent, led by a strong rebound across all sectors amid positive
cues from the global markets.
The
Nifty50 has formed a long bull candle on the daily chart in a positive sign,
confirming a short term bottom reversal, according to Nagaraj Shetti, Technical
Research Analyst at HDFC Securities.
The
50-scrip index faces crucial resistance around 15,700-15,800 levels, where
weakness may emerge, he said.
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Sensex rose 934.23 points or 1.81% to 52,532.07 and the Nifty
was up by 288.65 points or 1.88% to 15,638.80 in the previous session. Sensex
touched high and low of 52,799.40 and 51,808.76, respectively. There were 29
stocks advancing against 1 stock declining on the index. Nifty traded in a
range of 15,707.25 and 15,419.85. There were 48 stocks advancing against 2
stocks declining on the index.
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Broader Indices
The broader indices ended in green; the BSE Mid cap index
rose 2.42%, while Small cap index was up by 2.99%. On the sectoral front, Oil
& Gas was up by 5.96%, Energy was up by 4.95%, Consumer Durables was up by
3.93%, Metal was up by 3.90% and Realty was up by 3.79%, while there were no
losing sectoral indices on the 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, fell 5.67%
to 21.14 on Tuesday.
Support and
Resistance levels
The
key support level for the Nifty is placed at 15,470, followed by 15,301. If the
index moves up, the key resistance levels to watch out for are 15,757 and
15,876, according to pivot charts.
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The S&P 500 rose
89.95 points, or 2.45%, to 3,764.79.
The Dow Jones
Industrial Average fell 641.47 points, or 2.15%, to 30,530.25.
The Nasdaq rose 270.95
points, or 2.51%, to 11,069.30.
The Russell 2000
index of smaller companies rose 28.34 points, or 1.70%, to 1,694.03.
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Asian Markets
Asian markets ended
mostly higher on Tuesday. The Nikkei 225 rose 1.84%, the Hang Seng rose 1.87%
while the Shanghai Composite fell 0.26%.
European Markets
European markets
ended higher on Tuesday, Germany’s DAX was up by 0.20%, France’s CAC 40 was up
by 0.75% and London’s FTSE 100 was up by 0.42%.
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Major News Headlines
Adani Enterprises among 11 bidders in race for coal import
tenders of Coal India
Adani Enterprises, Chettinad Logistics, and Mohit Minerals
are among the 11 coal importers to have shown interest in the bidding for the
first-ever tended issued by national miner Coal India (CIL). Recently,
state-owned NTPC awarded 6.25 million tonnes (mt) of imported coal tender worth
Rs 8,300 crore to Adani Enterprises. CIL issued a tender for purchasing
imported coal for power-generating companies (gencos) after the Centre directed
it to meet the shortfall in the domestic coal supply chain. CIL has called for
bids to supply 2.4 mt of coal to be delivered for the July to September 2022
period. The estimated value of the contract is Rs 3,100 crore, CIL said in the
tender document.
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Jain Irrigation to merge international irrigation business
with Temasek’s Rivulis
In a move to cut consolidated debt, Jain Irrigation Systems
Ltd (JISL) will merge its International Irrigation Business (IIB) with
Temasek-owned Rivulis Pte Ltd. The cash proceeds will be used to pay off Rs
2,700 crore of overseas debt. IIB’s enterprise value is fixed at Rs 4,200
crore. After the transaction, Jain irrigation will hold 22% (valued at Rs 1,300
crore) in Rivulis. Around Rs 2,700 crore will be used to pay off overseas debt
and Rs 200 crore will be used to settle receivables, said Anil Jain, Managing
Director of Jain Irrigation.
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Hindustan Motors to sell Contessa brand to SG Corporate
Mobility
CK Birla Group firm, Hindustan Motors Ltd said it has
agreed to sell its ‘Contessa’ brand to SG Corporate Mobility Pvt Ltd for an
undisclosed amount. The company has executed a brand transfer agreement with SG
Corporate Mobility on June 16, 2022, for the transfer of the Contessa brand,
including the trademarks having application numbers and certain related rights
of the brand, the company said in a regulatory filing.
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Hero MotoCorp launches Euro-5 compliant variants in Turkiye
The two-wheeler manufacturer launched Euro-5 compliant
variants of its three globally popular products (Xpulse 200 4V motorcycle and
Dash 110 & Dash 125 scooters), in Turkiye. Hero MotoCorp has been operating
in Turkiye since 2014 and caters to its customers through a network of more
than 100 touchpoints, which provide sales, service, and spares.
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HOUSING DEVELOPMENT
FINANCE COPORATION LIMITED sold 4,35,796 shares in Ansal Housing and
Construction at Rs 7.04 per share on the NSE.
SAPAN
ANIL SHAH sold 1,86,000 shares in Rachna Infra Limited at Rs 160.70 per share on
the NSE.
LUHARUKA MEDIA &
INFRA LIMITED sold 5,51,627 shares in Vivimed Labs Limited at Rs 7.66 per share
as per NSE.
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Foreign institutional
investors (FIIs) sold shares worth a net Rs 2,701.21 crore, while domestic
institutional investors (DIIs) bought shares worth a net Rs 3,066.41 crore in
the Indian equity market on June 21, as per provisional data available on the
NSE.
Indiabulls Housing
Finance and RBL Bank remained under the F&O ban for June 22. 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.
