Indian equity
benchmarks recouped most of their losses to end flat with a negative bias on
Monday, amid heavy selling in TECK, IT and Capital Goods stocks and weak trend
in Asian markets. On the global front,
European markets were trading lower as the euro held above parity versus the
dollar, adding to worries that corporate profits could come under pressure.

The Nifty50 has formed
a long bull candle on the daily chart in a positive sign, signalling a lack of
selling participation key resistance in the 16,200-16,300 zone, according to
Nagaraj Shetti, Technical Research Analyst at HDFC Securities. He believes the
short-term uptrend in the Nifty remains intact.

Also Read | Indian rupee hits all-time low on stronger dollar, recession worries

Indian Indices

Sensex fell 86.61 points or 0.16% to 54,395.23 and the
Nifty was down by 4.60 points or 0.03% to 16,216.00 in the previous session. Sensex
touched high and low of 54,527.90 and 54,090.53, respectively. There were 15
stocks advancing against 15 stock declining on the index. Nifty traded in a
range of 16,248.55 and 16,115.50. There were 28 stocks advancing against 22
stocks declining on the index.

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Broader Indices

The broader indices ended in green with the BSE Mid cap
index rising 0.63%, while Small cap index was up by 1.07%. On the sectoral
front, Power was up by 4.21%, Utilities was up by 4.17%, Oil & Gas was up
by 1.97%, Energy was up by 1.84% and Metal was up by 1.68%, while TECK down by
3.08%, IT down by 2.70%, Capital Goods down by 0.38% and Telecom down by 0.06%
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, fell 0.15%
to 18.37 on Monday.

SGX Nifty

The trends on SGX Nifty indicate
a negative opening for the index in India with an 85 points loss. The Nifty futures were trading
at 16,113.00 on the Singaporean Exchange
around 06:45 hours IST.

Also Read | Oil prices drop on recession fears, China’s COVID restrictions

Support and
Resistance levels

The key support level
for the Nifty is placed at 16,138, followed by 16,060. If the index moves up,
the key resistance levels to watch out for are 16,271 and 16,326, according to
pivot charts.

US Markets

The S&P 500 fell 44.95 points, or 1.2%, to 3,854.43.

The Dow Jones Industrial Average fell 164.31 points, or 0.5%, to 31,173.84.

The Nasdaq rose 262.71 points, or 2.3%, to 11,372.60.

The Russell 2000 index of smaller companies fell 37.36 points, or 2.1%, to 1,732.01.

Also Read | Asian stocks fall as investors await US inflation data, earning reports

Asian Markets

Asian markets ended
mostly lower on Monday. The Heng Seng fell 2.77%, the KOSPI Composite fell 0.44%
and the Shanghai Composite fell 1.27% while the Nikkei 225 rose 1.11%.

European Markets

European markets
ended mostly lower on Monday, London’s FTSE 100 was up by 0.0049%, France’s CAC
40 was down by 0.62% and Germany’s DAX was down by 1.40%.

Also Read | Week ahead: Quarterly results, crude price to weigh on Sensex, Nifty

Major News Headlines

Indian rupee hits all-time low on stronger dollar, recession

The rupee got off to a disappointing start this week, falling to a
record low of about 79.40 per dollar as investors’ jitters about a global
recession and conflicting mood in the crude markets bolstered the safe-haven
greenback. The partially convertible rupee was quoted by Reuters at 79.38/39
per dollar, up from 79.25 on Friday. Last week, the currency hit a new all-time
low of 79.3750. The rupee slipped to 79.33 against the US dollar in early
trade, down 7 paise from its previous close of 79.26, according to PTI.

Also Read | Week in review: Sensex, Nifty surge as crude prices fall below $100

Spandana Sphoorty Q4 Results: Net profit falls 42% to Rs
28.6 crore

The company reported a decline of 42% in the consolidated
net profit at Rs 28.6 crore in the March quarter of 2022, on one-time
settlement fees and transition expenses. It had posted a consolidated net
profit of Rs 49.3 crore in the year-ago-period. Its consolidated total income
also fell sharply from Rs 480.3 crore in March 2021 quarter to Rs 299.1 crore
in March quarter of fiscal 2022. Its business operations were impacted in the
second after half of fiscal 2022 after Padmaja Reddy resigned from her position
as the Managing Director of the company on November 2, 2021.

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L&T Construction secures orders build data centres in Mumbai,
Navi Mumbai

The company said it has bagged significant contracts to build
data centres of capacities totalling 10.8 MW at Mumbai and Navi Mumbai. L&T
will design, build, and would be involved in supply work, among others for the
data centres and allied buildings including fitouts.

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Oil prices drop on recession fears, China’s COVID restrictions

Oil prices dipped nearly $1 in choppy trade on Monday, erasing some
gains from the prior session, as concerns about a recession and China’s
COVID-19 restrictions hitting demand outweighed ongoing supply concerns. Brent
crude futures were down 82 cents, or 0.8%, to $106.20 after rising 2.3% on
Friday. WTI crude futures in the United States fell $1.04, or 1%, to $103.75,
reversing a 2% gain on Friday. Last week, both contracts saw weekly falls as
the market was driven by concerns that rising interest rates to combat
inflation would trigger a recession and limit oil demand. On Monday, both
benchmark contracts first traded down before turning positive, then trading
lower again.  The number of COVID-19
cases in China increased over the previous day, according to data for July 10.
Concerns have been raised about the possibility of widespread lockdowns
following the discovery of a new Omicron subvariant in Shanghai. President
Vladimir Putin has warned that more sanctions might have
“catastrophic” repercussions on the global energy market, so the
market is still worried about moves by Western countries to restrict Russian
oil prices.

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Bulk Deal data

NOMURA SINGAPORE LIMITED bought 12,50,000 shares in BLS Intl Servs
Limited at Rs 214.00 per share as per NSE.

ADITYA ACHANTA sold 2,30,000 shares in Coastal Corporation Limited
at Rs 251.60 per share on the NSE.

PHOENIX TRADES bought 52,500 shares in Globe Intl Carriers Limited
at Rs 99.05 per share as per NSE.

RAJAN GUPTA bought 12,65,514 shares in Godha Cabcon Insulat Limited
at Rs 6.69 per share as per NSE.

Also Read | How to survive a market crash

AG DYNAMIC FUNDS LIMITED bought 1,00,000 shares in Hardwyn India
Limited at Rs 245.00 per share on the NSE.

NARANTAK DEALCOMM LIMITED bought 27,92,050 shares in Himadri Speciality
Chem Limited at Rs 90.84 per share as per NSE.

ANUSTUP TRADING PRIVATE LIMITED sold 34,02,795 shares in KBC Global
Limited at Rs 3.67 per share as per NSE.

SHRI BALAJI INVESTMENTS sold 24,20,265 shares in Salasar Techno
Engg. Limited at Rs 26.06 per share on the NSE.

Also Read | US inflation rate at a 40-year high | A timeline: 1930-2022

DII and FII data

Foreign institutional
investors (FIIs) sold shares worth a net Rs 170.51 crore, while domestic
institutional investors (DIIs) offloaded shares worth a net Rs 296.99 crore in
the Indian equity market on July 11, as per provisional data available on the


No stock is under the
F&O ban for July 12. 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.