Indian equity
benchmarks ended in red on Wednesday due to profit booking in FMCG, IT, and
banking shares following weak global trends and persistent foreign capital
outflows. Markets made gap-down opening as continued selling in FIIs weighted
on market sentiments. However, key indexes trimmed most of their losses in late
afternoon deals as inflation and recession fears continued to hurt sentiment.
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The Nifty50 has
formed a long bull candle on the daily chart after a gap-down start, a second
straight day of such a pattern, according to Nagaraj Shetti, Technical Research
Analyst at HDFC Securities.
He believes the pause
in the 50-scrip index could be a positive indication for the bulls to make a
comeback. “Normally, such range movements from close to important
resistance levels eventually result in sharp bounces from the lows,” he
said.
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Sensex fell 150.48 points or 0.28% to 53,026.97 and the
Nifty was down by 51.10 points or 0.32 % to 15,799.10 in the previous session. Sensex
touched high and low of 53,244.84 and 52,612.68, respectively. There were 10
stocks advancing against 20 stock declining on the index. Nifty traded in a
range of 15,861.60 and 15,687.80. There were 16 stocks advancing against 34
stocks declining on the index.
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Broader Indices
The broader indices ended in red with the BSE Mid cap index
down 0.70%, while Small cap index was down by 0.18%. On the sectoral front, Power
was up by 1.63%, Utilities was up by 1.54%, Energy was up by 0.87%, Oil &
Gas was up by 0.57%, Auto was up by 0.34%, while Bankex down by 1.20%, IT down
by 1.02%, FMCG down by 1.01%, Finance down by 1.00%, TECK down by 0.83% 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 2.10%
to 21.90 on Wednesday.
SGX Nifty
The trends on SGX Nifty indicate
a positive opening for the index in India with a 43 points gain. The Nifty futures were trading
at 15,821.00 on the Singaporean Exchange
around 06:40 hours IST.
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Support and
Resistance levels
The
key support level for the Nifty is placed at 15,704, followed by 15,609. If the
index moves up, the key resistance levels to watch out for are 15,878 and
15,957, according to pivot charts.
The S&P 500 fell 2.72 points, or 0.1%, to 3,818.83.
The Dow Jones Industrial Average rose 82.32 points, or 0.3%, to 31,029.31.
The Nasdaq fell 3.65 points, or less than 0.1%, to 11,177.89.
The Russell 2000 index of smaller companies fell 19.47 points, or 1.1%, to 1,719.37.
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Asian Markets
Asian markets ended
mostly lower on Wednesday. The Nikkei 225 fell 0.91%, the Hang Seng fell 1.88%
and the Shanghai Composite fell 1.40%.
European Markets
European markets
ended lower on Wednesday, Germany’s DAX was down by 1.73%, London’s FTSE 100
was down by 0.15% and France’s CAC 40 was down by 0.90%.
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Major News Headlines
Mukesh Ambani’s daughter Isha to
be named chair of Reliance Retail: Report
Isha Ambani is expected to be made
chairman of the Reliance conglomerate’s retail unit, indicating that her
father, billionaire Mukesh Ambani, is moving ahead with a succession plan in
one of Asia’s richest families. Isha Ambani’s appointment follows that of her
twin brother, Akash Ambani, who was named chairman of Reliance Jio Infocomm Ltd
on Tuesday. Mukesh Ambani resigned from the board of directors, the company
stated in an exchange statement, while staying chair of the holding company.
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Biocon to acquire 26% stake in
AMPYR Renewable Energy Resources Eleven
Biocon Limited said it will
acquire a 26% stake in AMPYR Renewable Energy Resources Eleven Pvt Ltd
(AREREPL) on a fully diluted basis in one or more tranches for Rs 7.5 crore.
AREREPL was incorporated on April 13, 2021. It is a special purpose vehicle formed
for the generation and supply of solar power. It will develop a 30 MWac solar
power plant at Benkanhai village in Karnataka.
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JSW Steel reserves Rs 10,000
crore to reduce carbon emissions
The company said it has reserved
Rs 10,000 crore to reduce carbon emissions through various initiatives. JSW
Steel aims to reduce carbon emissions intensity by 42% by 2020, group chairman
Sajjan Jindal said in an annual report. The company has contracted for about 1
GW of renewable energy, of which 225 MW became operational in April 2022, and
the balance will come on stream in phases, he added.
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HDFC raises Rs 4,000 crore through
21-month paper
HDFC, which is slated to merge
with HDFC Bank, raised Rs 4,000 crore through a paper having 21 months’
maturity at 7.28%. It received bids in excess of Rs 70,000 crore. Usually, HDFC
raises funds through long-term papers (5-10 years) but issued a short-term
paper after a long time.
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FINE ESTATES PRIVATE LIMITED
bought 2,17,165 shares in Crest Ventures Limited at Rs 178.75 per share on the
NSE.
AJAY HARKISHANDAS MEHTA sold
5,50,000 shares in Compuage Infocom Limited at Rs 22.07 per share on the NSE.
MARK CORPORATE ADVISORS PRIVATE
LIMITED sold 12,74,991 shares in Godha Cabcon Insulation Limited at Rs 8.37 per
share as per NSE.
SMALLCAP WORLD FUND INC sold
25,00,000 shares in Hikal Limited at Rs 249.02 per share on the NSE.
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RESONANCE OPPORTUNITIES FUND
bought 7,50,000 shares in Lancer Container Line Limited at Rs 200.00 per share
on the NSE.
L7 HITECH PRIVATE LIMITED bought
4,00,000 shares in Moksh Ornaments Limited at Rs 19.63 per share as per NSE.
AEGIS INVESTMENT FUND PCC bought
1,89,376 shares in Roto Pumps Limited at Rs 499.15 per share on the NSE.
SAWARNBHUMI VANIJYA PRIVATE
LIMITED bought 2,65,600 shares in Sarveshwar Foods Limited at Rs 50.01 per
share on the NSE.
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LAVJIBHAI VALJIBHAI SAVALIYA sold
1,82,401 shares in Shree Ram Proteins Limited at Rs 92.95 per share as per NSE.
NIRMALKUMAR MANGALCHAND MITTAL
bought 1,50,000 shares in United Polyfab Guj. Limited at Rs 50.00 per share as
per NSE.
Foreign institutional
investors (FIIs) sold shares worth a net Rs 851.06 crore, while domestic
institutional investors (DIIs) bought shares worth a net Rs 847.46 crore in the
Indian equity market on June 29, as per provisional data available on the NSE.
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Sun TV Network is
under the F&O ban for June 30. 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.
