Breaking their four-day
losing streak, Indian equity benchmarks ended higher by over half percent, led
by gains in Telecom, Energy and Oil & Gas stocks. Indices made a weak start
and remained volatile for most part of the day, as investors were concerned
that aggressive policy tightening by central banks could stifle global economic
growth.
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The Nifty50 has
formed a long bull candle on the daily chart at the low, hinting at the a
bullish piercing line type pattern in a bullish sign, according to Nagaraj
Shetti, Technical Research Analyst at HDFC Securities.
One may expect
further upside in the short term, he said. “A lack of strength in the
slide below 16,400 eventually resulted in the market bouncing back
sharply,” he said.
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Sensex rose 427.79 points or 0.78% to 55,320.28 and Nifty was up by 121.85 points or 0.74% to 16,478.10 in the previous session.
Sensex touched a high and low of 55,366.84 and 54,507.41, respectively. There
were 20 stocks advancing against 10 stocks declining on the index. Nifty traded
in a range of 16,492.80 and 16,243.85. There were 38 stocks advancing against
12 stocks declining on the index.
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Broader Indices
The broader indices ended in green with the BSE Mid cap
index up by 0.46%, while Small cap index was up by 0.24%. On the sectoral
front, Telecom was up by 2.10%, Energy up by 2.03%, Oil & Gas up by 1.78%,
Healthcare up by 1.01% and TECK up by 0.99%, while Metal down by 1.66%, Basic
Materials down by 0.75% 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 3.52% to 19.14 on Thursday.
SGX Nifty
The trends on SGX Nifty indicate a negative opening for the
index in India with a 247 points loss. The Nifty futures were trading at 16,237.20 on the Singaporean Exchange around 07:50 hours
IST.
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Support and Resistance levels
The key support
level for the Nifty is placed at 16,317, followed by 16,156. If the index moves
up, the key resistance levels to watch out for are 16,566 and 16,654, according to pivot
charts.
The S&P 500 fell 97.95 points, or 2.4%, to 4,017.82.
The Dow Jones Industrial Average fell 638.11 points, or 1.9%, to 32,272.79.
The Nasdaq fell 332.05 points, or 2.7%, to 11,754.23.
The Russell 2000 index of smaller companies fell 40.15 points, or 2.1%, to 1,850.86.
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Asian Markets
Asian markets ended mostly lower on Thursday. The Shanghai Composite fell 0.76%, the Hang Seng fell 0.66% while the Nikkei rose 0.04%.
European Markets
European markets ended lower on Thursday, Germany’s DAX was down by 1.71%, France’s CAC 40 was down by 1.40% and London’s FTSE 100 was down by 1.54%.
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Major News Headlines
HDFC raises Retail Prime Lending Rate on housing loans by
50 bps
Housing Finance Development Corporations Limited said it
will raise the Retail Prime Lending Rate on housing loans by 50 basis points
from June 10, 2022. “HDFC increases its Retail Prime Lending Rate (RPLR)
on Housing loans, on which its Adjustable Rate Home Loans (ARHL) are
benchmarked, by 50 basis points, with effect from June 10, 2022,” the
mortgage lender said in a stock exchange filing.
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Bajaj Auto to consider share buyback, first such move
since 2000
In a BSE filing, the two-wheeler maker said that the
Board of Directors will meet on June 14 to consider a proposal for the buyback
of fully paid-up equity shares of the company. The company last went for such a move in 2000, when
shareholders approved the buyback of up to 18 million equity shares at a price
of Rs 400 each. The company has paid dividend to shareholders since
financial year 2007-08, with the amount increasing each year, from Rs 20 per
share in fiscal 2008 to Rs 140 at the end of fiscal 2022. Its aggregate
dividend payout during the same period has risen from Rs 289 crore to Rs 4,051
crore at the end of fiscal 2022, according to data from Capitaline.
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Dr Reddy’s subsidiary signs pact with US-based Olema
Pharmaceuticals
The subsidiary Aurigene Discovery Technologies has signed
an exclusive Collaboration and License Agreement with Nasdaq-listed Olema
Pharmaceuticals to discover and develop novel cancer therapies. According to
the agreement, Olema will make an upfront licensing payment of $8 million for
rights to a pre-existing Aurigene program. Aurigene will be eligible for up to
$60 million in potential clinical development and regulatory milestones and up
to $370 million in potential commercial milestones, as well as royalties
ranging from the mid-single digits to the low double digits based on annual net
sales.
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DVI Fund Mauritius sells 3.3% stake in GMR Infra for Rs
720 crore
DVI Fund Mauritius Limited, a public shareholder of GMR
Infrastructure, sold a 3.3% stake in the airport handling company for Rs 720
crore through the open market transaction. As of March 2022, DVI Fund Mauritius
Ltd held a 7.76% stake in the company, according to stock exchange data.
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LT FINANCE LIMITED
sold 6,50,000 shares in Hind Natl Glass
& Ind Ltd at Rs 15.25 per share on the NSE.
LTD FIRST OVERSEAS
CAPITAL sold 1,40,000 shares in Nidan Labs and Health Limited at Rs 41.75 per share on the NSE.
ANUSTUP TRADING
PRIVATE LIMITED sold 1,15,920 shares in SecUR Credentials Limited at Rs 63.01 per share as per NSE.
7M DEVELOPERS LLP
sold 2,00,000 shares in Salasar Techno Engg Limited at Rs 247.25 per share as per NSE.
DESHNA TRADERS LLP
bought 2,09,160 shares in SecUR Credentials Limited at Rs 62.00 per share as per
NSE.
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Foreign institutional investors (FIIs) sold shares worth a net Rs 1,512.64 crore, while domestic institutional investors
(DIIs) bought shares worth a
net Rs 1,624.90 crore in the Indian equity market on June 9, as per provisional
data available on the NSE.
Delta Corp has been put stock under the F&O ban for June 10. 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.
