Indian equity benchmarks
gave up intra-day gains to close marginally lower on Tuesday on emergence of
fag-end selling in IT, TECK and Banking stocks and weak opening in European stock
markets.
The Nifty50 has
formed a reasonable negative candle on the daily chart with a long upper
shadow, confirming crucial resistance in the 15,850-15,950 zone, according to
Nagaraj Shetti, Technical Research Analyst at HDFC Securities. “One may
expect further weakness in the short term as such false breakouts in the past
have resulted in minor downward corrections amid rangebound moves,” he
said.
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Sensex fell 100.42 points or 0.19% to 53,134.35 and the
Nifty was up by 24.50 points or 0.15% to 15,810.85 in the previous session. Sensex
touched high and low of 53,865.93 and 52,054.30, respectively. There were 11
stocks advancing against 19 stock declining on the index. Nifty traded in a
range of 16,025.75 and 15,785.45. There were 22 stocks advancing against 26
stocks declining, while 2 stocks remain unchanged on the index.
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Broader Indices
The broader indices ended mixed as the BSE Mid cap index fell
0.35% and the Small cap index was up by 0.20%. On the sectoral front, Power was
up by 0.64%, Utilities was up by 0.59%, Metal was up by 0.47%, Healthcare was
up by 0.23% and Energy was up by 0.16%, while IT down by 0.59%, TECK down by
0.57%, Bankex down by 0.37%, Auto down by 0.32% and Realty down by 0.29% 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 0.80%
to 20.79 on Tuesday.
SGX Nifty
The trends on SGX Nifty indicate
a positive opening for the index in India with a 96 points gain. The Nifty futures were trading
at 15,862.50 on the Singaporean Exchange
around 07:15 hours IST.
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Support and
Resistance levels
The
key support level for the Nifty is placed at 15,722, followed by 15,634. If the
index moves up, the key resistance levels to watch out for are 15,963 and
16,114, according to pivot charts.
The S&P 500 rose 6.06 points, or 0.2%, to 3,831.39.
The Dow Jones Industrial Average fell 129.44 points, or 0.4%, to 30,967.82.
The Nasdaq rose 194.39 points, or 1.7%, to 11,322.24.
The Russell 2000 index of smaller companies rose 13.57 points, or 0.8%, to 1,741.33.
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Asian Markets
Asian markets ended
mostly higher on Tuesday. The Nikkei 225 rose 1.03%, the Heng Seng rose 0.10%,
the KOSPI Composite rose 1.80% while the Shanghai Composite fell 0.04%.
European Markets
European markets
ended mostly lower on Tuesday, London’s FTSE 100 was down by 2.86%, France’s
CAC 40 was down by 2.68% and Germany’s DAX was down by 2.91%.
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Major News Headlines
Adani Power seek shareholders’ nod for Rs 5,000-crore project
Adani Power would seek the approval of shareholders for the
proposed related-party transaction worth up to Rs 5,000 crore with Adani ConneX
during its annual general meeting (AGM), to be held on July 27. The proposed
transaction will involve the sale by Adani Power of its special purpose vehicles
or subsidiaries to AdaniConneX. These subsidiaries have ownership or leasehold
rights in land and land parcels, Adani said in its AGM notice.
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TCS secures deal from Outokumpu to transform its IT, cloud business
IT giant TCS has been selected by Finnish stainless steel company
Outokumpu to transform its ITC landscape with an agile and secure cloud-based
digital core to reduce its carbon footprint and support its strategic
aspirations. Outokumpu is based in Finland and operates in more than 30
countries with around 9,000 employees. It aims to strengthen its industry
leadership and competitive differentiation and has therefore signed a
multi-year deal with TCS to build a hybrid cloud platform.
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Biocon gets EU GMP certification from Ireland’s HPRA
Subsidiary Biocon Biologics has received an EU GMP certificate from
the Health Products Regulatory Authority (HPRA), Ireland, for its new
monoclonal antibodies (mAbs) drug substance manufacturing facility (B3) at
Biocon Park, Bengaluru. This follows a good manufacturing practice (GMP)
inspection conducted in April 2022 by the authority.
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Britannia Industries’ shareholders reject Rs 5,000 crore investment
proposal
The company shareholders have voted against a resolution to
authorize the board to make investments, give loans and provide guarantees of
up to Rs 5,000 crore in the AGM concluded last week. The special resolution for
approval to increase limits for making investments, loans, Special guarantees,
and security “not Passed with requisite majority,” said a regulatory
filing from Britannia Industries on June 29, 2022.
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SHASHANK PRAVINCHANDRA DOSHI sold 78,000 shares in AAA Technologies
Limited at Rs 77.55 per share as per NSE.
GRETEX CORPORATE SERVICES PRIVATE LIMITED sold 86,400 shares in
Bodhi Tree Multimedia Limited at Rs 107.90 per share on the NSE.
RUN CONSULTANTS LLP bought 9,891 shares in Dymic Pro Ltd Rs.5 ppd
up at Rs 185.05 per share on the NSE.
KARTIKBHAI J PATEL HUF sold 90,000 shares in GSS Infotech Limited
at Rs 213.13 per share as per NSE.
CHINMAYAKUMARSWAIN sold 1,14,000 shares in Innovative Tyres &
Tubes Limited at Rs 2.22 per share on the NSE.
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Foreign institutional
investors (FIIs) bought shares worth a net Rs 1,295.84 crore, while domestic
institutional investors (DIIs) sold shares worth a net Rs 257.59 crore in the
Indian equity market on July 5, as per provisional data available on the NSE.
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No stock is under the
F&O ban for July 6. 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.
