Indian indices witnessed a positive start on Friday, tracking positive cues from Asian markets. Stocks in global markets rose in the overnight session as US Treasury yields fell to two-week lows, while copper was at 16-month lows as investors worried about a possible global economic slowdown. In Asia, shares rose in Japan, Hong Kong, and South Korea, while it declined marginally in Australia and Shanghai.
Dividend paying stock to consider bonus share issue. Details here
Dividend paying stock REC Ltd is going to consider issuance of bonus shares on 30th June 2022. In its meeting on 30th June 2022, board of directors of REC Limited will consider the proposal for issue of bonus shares to the equity shareholders of the company. The board is expected to decide ratio of bonus shares in this meeting as well. Bonus shares, if approved, will be another good news for shareholders as the company has already given interim dividend of ₹6 per equity share for the financial year 2022.
Top BSE losers in early trade
Top BSE gainers in early trade: Solara Active Pharma, Nava Bharat Ventures, Varroc Engineering lead
Abhishek Chinchalkar of FYERS on market movement
The selling in Nifty has shown signs of slowing down this week, with the index consolidating within a 500-point range since Monday. In doing so, Nifty is now forming an inverse Head and Shoulder pattern on the hourly chart, which is a bullish pattern. The neckline of this pattern is placed near 15630-15650 levels. If the index sustains above this zone, the recovery could extend towards 15900-16170 in the next few sessions. On the downside, 15400-15370 now becomes the immediate support zone for Nifty.
Gold prices today fall to near two-week lows, silver rates struggle
Gold and silver prices in India struggled today amid weak global cues. On MCX, gold futures declined to near two-week lows of ₹50,510 per 10 gram. Silver futures were marginally higher at ₹59,510 per kg. In global markets, gold rates were flat at $1,824.72 per ounce and remained on course for their second straight weekly decline. So far this week, gold prices have dropped about 0.9%, on worries of aggressive rate hikes by global central banks to counter runaway inflation. Among other precious metals, spot silver rose 0.4% to $21.02 per ounce but is set for weekly loss.
Cryptocurrency prices today rally as Bitcoin, ether, dogecoin gain, Polygon jumps 23%
In cryptocurrencies, Bitcoin price today rose above $21,000 mark. The world’s largest and most popular cryptocurrency rose more than 4% and was trading at $21,083. The global cryptocurrency market cap today was below the $1 trillion, and was up over 4% in the last 24 hours to $977 billion, as per CoinGecko.
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Rupee recovers from record low, opens 12 paise up at 78.20 against US dollar
Recovering from its record low, the rupee opened 12 paise up at 78.20 against the US dollar on Friday, tracking a pullback in crude oil prices.
At the interbank foreign exchange, the rupee opened at 78.20 against the American dollar. In initial trade, the local currency witnessed a high of 78.19 and a low of 78.24 against the US dollar.
The rupee on Thursday had closed at its all-time low of 78.32 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.16 per cent lower at 104.26.
Global oil benchmark Brent crude futures fell 0.21 per cent to USD 109.82 per barrel.
Indian shares rise on banking boost
Financial stocks led Indian shares higher early on Friday, setting the blue-chip indexes on course for their first week of gains in three, as a slide in commodity prices tempered inflation fears.
The NSE Nifty 50 index rose 0.85% to 15,689.65, while the S&P BSE Sensex climbed 0.77% to 52,668.26. If gains hold, the blue-chip indexes are set to post weekly gains of over 2.5% each.
The Nifty Bank index rose as much as 1.7%, led by a 3.7% jump in private-sector lender IndusInd Bank.
Oil explorer ONGC climbed up to 4.6% after it said its unit made a new oil discovery in Colombia.
Nykaa share price may rally up to 60% as Jefferies sees upside
Global brokerage Jefferies is bullish on Nykaa shares (FSN E-Commerce Ventures Ltd) as it believes the company’s outlook is strong across verticals, with focus on growth alongside financial discipline.
BSE indices in early trade: Sensex rises over 450 points
Nifty50 soars at open; trades near 15,750; IndusInd Bank, ONGC top performers in early trade
Index heatmap: All in the green
Sensex opens 500 points higher amid positive Asian trends; Banks rally
Nifty50 zooms above 15,650 in pre-open; ICICI Bank, PowerGrid, ONGC top gainers
Sensex jumps close to 400 points in pre-open
Tata Motors, Maruti Suzuki to M&M: Auto stocks in top gear. Should you buy?
Stocks to buy today: After breakout in BSE Auto index last week, most of the auto majors are ascending at a faster rate this week. In last 5 sessions, Tata Motors share price has ascended over 6 per cent whereas shares of Maruti Suzuki has surged over 8 per cent in this period. M&M share price has shot up more than 4 per cent in last 5 sessions while TVS Motor share price appreciated to the tune of near 4.50 per cent in this time horizon.
Small-cap stock to turn ex-split next week. 5 things you should know
Dividend paying small-cap company Salasar Techno Engineering Limited is going to turn ex-split stock next week. The board of directors of the company has fixed 28th June 2022 as record date for stock subdivision. The company board has already recommended stock split in 10:1 ratio after which its existing face value will change from ₹10 per equity share to Re 1 per equity share. The board of directors of the company has also approved raising of fund to the tune of ₹200 crore by way of a preferential allotment and/or through QIP, FCCB, ADRs. In May 2022, company board has recommended 10 per cent dividend for shareholders payable for financial year 2021-22.
Delta Corp added to the list of 4 stocks under F&O ban on NSE today
A list of four stocks have been put under the ban for trade on Friday, June 23, 2022 under the futures and options (F&O) segment by the National Stock Exchange (NSE). The securities have been put on ban under the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE.
Rakesh Jhunjhunwala portfolio: Tata stock jumps from 52-week low. Should you buy
Rakesh Jhunjhunwala portfolio: After hitting new 52-week low, Tata Communications shares have bounced back and sustained above ₹880 support base. Tata Communications share price today is ₹905 on NSE, which is around 5 per cent higher from its 52-week low of ₹856 apiece levels. However, the stock is still 37 per cent down in YTD time that may attract positional investors scanning quality stocks available at discounted price.
Day trading guide for Friday: 8 stocks to buy or sell today — 24th June
Day trading guide for Friday: Despite fears of rising interest rates and recession across the globe, Indian stock market recovered from the early afternoon selloff on Thursday. Volumes on the NSE were in line with the recent average. Advance decline ratio jumped up to much above 1:1. Nifty 50 index ended 143 points higher at 15,556 whereas BSE Sensex surged 443 points and closed at 52,265 levels. Nifty Bank index shot up 289 points and closed at 33,135 levels.
Crypto exchange Binance partners with Cristiano Ronaldo for NFT push
World’s biggest cryptocurrency exchange by trading volumes Binance, on Thursday said that it has signed a partnership with footballer Cristiano Ronaldo for the promotion of non-fungible tokens (NFTs).
Petrol, diesel prices today: Fuel rates remain steady. Check latest fuel rates
Petrol, diesel prices today: Petrol and diesel prices continued to remain unchanged on Friday across major cities in the country. Oil marketing companies (OMCs) have kept fuel prices unchanged for over a month now. The government had earlier announced a reduction in excise duty on petrol and diesel by ₹8 and ₹6 per liter respectively, so that the price of petrol and diesel will be at least ₹9.5 and upto ₹7 cheaper. Since then no fluctuations have occurred and oil prices have remained steady for over a month.
Gold flat, set for second weekly fall on bigger rate-hike fears
Gold prices were steady on Friday, headed for their second straight weekly decline, with worries over major central banks potentially implementing big interest rate hikes to target runaway inflation weighing on appetite for bullion. Spot gold was flat at $1,823.20 per ounce by 0113 GMT, after hitting a one-week low of $1,820.99 earlier in the session. US gold futures fell 0.3% to $1,823.80. * Gold prices have dropped about 0.9% this week.
Oil prices rise on tight supply, inventory uncertainty
Oil prices rose slightly in early Asian trade on Friday as nations seek to address global crude oil and fuel supply tightness.
Brent crude futures rose 39 cents, or 0.4%, to $110.44 a barrel at 0012 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 37 cents, or 0.4%, to $104.31 a barrel.
OPEC and allied producing countries including Russia will likely stick to a plan for accelerated output increases in August in hopes of easing crude prices and inflation as U.S. President Joe Biden plans to visit Saudi Arabia, sources said.
Recession worries weigh on euro as US stocks advance
The euro retreated against the dollar Thursday as economic data pointed to increased prospects of recession in Europe, while Wall Street stocks finished higher following another volatile session.
Tokyo’s Nikkei index rises in early trade
Tokyo’s key Nikkei index was trading higher early Friday after Wall Street rallies, as investors weighed global inflation and recession risks.
The benchmark Nikkei 225 index was up 0.36 percent, or 94.03 points, at 26,265.28 about 20 minutes after the opening bell after floating between positive and negative territory.
The broader Topix index was down less than 0.0 percent, or 0.04 points, at 1,851.70.
Hong Kong shares start on front foot
Hong Kong stocks opened with more gains Friday morning, tracking a rally on Wall Street and putting the market on course for a healthy end to a broadly positive week.
The Hang Seng Index rose 0.83 percent, or 176.81 points, to 21,450.68.
The Shanghai Composite Index edged up 0.13 percent, or 4.24 points, to 3,324.39, while the Shenzhen Composite Index on China’s second exchange added 0.15 percent, or 3.17 points, to 2,167.17.
Wall Street shakes off a midday stumble and ends higher
Stocks shook off a midday slump and ended higher Thursday, keeping the market on track for its first weekly gain after three weeks of punishing losses.
Trading was wobbly throughout the day as investors remained focused on another round of testimony before Congress by Federal Reserve Chair Jerome Powell. Speaking before a House committee, Powell again stressed that the Fed hopes to rein in the worst inflation in four decades without knocking the economy into a recession, but acknowledged “that path has gotten more and more challenging.”
The S&P 500 ended 1% higher after having been down as much as 0.4%. The Dow Jones Industrial Average rose 0.6% and the Nasdaq gained 1.6%.
Technology and health care stocks drove much of the rally, outweighing losses in energy and financial companies. Bond yields mostly fell. Oil prices also fell.
Trading has been turbulent in recent weeks as investors try to determine whether a recession is looming. The benchmark S&P 500 is currently in a bear market. That means it has dropped more than 20% from its most recent high, which was in January. The index has fallen for 10 of the last 11 weeks.
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