Market LIVE Updates: Indices trade higher ahead of expiry; banks gain, metals, realty drag – Moneycontrol

June 30, 2022 / 02:13 PM IST

June 30, 2022 / 02:12 PM IST

Ahluwalia Contracts bags order worth Rs 209 crore to build data centre in Noida:

 Ahluwalia Contracts bags order worth Rs 209 crore to build data centre in Noida :

June 30, 2022 / 02:07 PM IST

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Hareesh V, Head of Commodities at Geojit Financial Services:

SEBI’s consent for allowing foreign portfolio investors to participate in all non-agriculture commodity derivative and select non-agriculture benchmark indices likely to increase the liquidity and market dept of the exchange-traded commodity derivatives in the country. Currently, the foreign entities having actual exposure to Indian commodity markets are allowed to participate in the commodity derivatives trading. The new rule will permit any foreign investor who desires to trade through Indian commodity exchanges with or without actual exposure to the physical commodities market. FPIs with huge purchasing power are also permitted to participate based on certain risk management measures.

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Hareesh V, Head of Commodities at Geojit Financial Services:

SEBI’s consent for allowing foreign portfolio investors to participate in all non-agriculture commodity derivative and select non-agriculture benchmark indices likely to increase the liquidity and market dept of the exchange-traded commodity derivatives in the country. Currently, the foreign entities having actual exposure to Indian commodity markets are allowed to participate in the commodity derivatives trading. The new rule will permit any foreign investor who desires to trade through Indian commodity exchanges with or without actual exposure to the physical commodities market. FPIs with huge purchasing power are also permitted to participate based on certain risk management measures.

June 30, 2022 / 02:04 PM IST

Market update at 2 PM: Sensex is up 136.07 points or 0.26% at 53163.04, and the Nifty added 20.60 points or 0.13% at 15819.70.

 Market update at 2 PM: Sensex is up 136.07 points or 0.26% at 53163.04, and the Nifty added 20.60 points or 0.13% at 15819.70.

June 30, 2022 / 01:48 PM IST

European indices under pressure

 European indices under pressure

June 30, 2022 / 01:42 PM IST

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Chandan Taparia, Vice President, Equity Derivatives and Technical, Broking & Distribution, Motilal Oswal Financial Services:

Nifty opened marginally positive and inched lower thereafter. The index is seen facing some pressure at higher levels as a result of which it is unable to surpass 15900 zones but some support is visible at the lower levels which is holding the market. 

It is hovering in a broader range of 15650 to 15950. India VIX is hovering at 22 which indicates volatility likely to continue and creating discomfort for the bulls. It needs to cool down for stability and a directional move in the market. 

Now again a hold of its crucial support levels of 15700-15735 zone is very important for the move towards higher levels. Till it holds above 15735 – 15700 zone we can expect a bounce towards 15950 and 16000 whereas a hold below this could open a downside move towards 15555 and 15350 zones. Market breadth is positive which indicates support for the market at lower levels.

The index has surpassed its key level of 15735 but there is pressure at higher levels of 15888-16000. Overall we expect the index to trade in a broader range with capped upside. At current juncture, we are advising to be with selective stocks and one can look for buying opportunity in MCX, Tata Elxsi whereas selling opportunity can be LTI, Tata Power and Cipla.

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Chandan Taparia, Vice President, Equity Derivatives and Technical, Broking & Distribution, Motilal Oswal Financial Services:

Nifty opened marginally positive and inched lower thereafter. The index is seen facing some pressure at higher levels as a result of which it is unable to surpass 15900 zones but some support is visible at the lower levels which is holding the market. 

It is hovering in a broader range of 15650 to 15950. India VIX is hovering at 22 which indicates volatility likely to continue and creating discomfort for the bulls. It needs to cool down for stability and a directional move in the market. 

Now again a hold of its crucial support levels of 15700-15735 zone is very important for the move towards higher levels. Till it holds above 15735 – 15700 zone we can expect a bounce towards 15950 and 16000 whereas a hold below this could open a downside move towards 15555 and 15350 zones. Market breadth is positive which indicates support for the market at lower levels.

The index has surpassed its key level of 15735 but there is pressure at higher levels of 15888-16000. Overall we expect the index to trade in a broader range with capped upside. At current juncture, we are advising to be with selective stocks and one can look for buying opportunity in MCX, Tata Elxsi whereas selling opportunity can be LTI, Tata Power and Cipla.

June 30, 2022 / 01:38 PM IST

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Motilal Oswal View on ITC

The company’s earnings CAGR at the PBT level stood at 5% over FY17-22. We expect ITC to post 15% earnings CAGR over FY22-24.

While valuations of global Tobacco peers have been restored to their pre-pandemic levels (Jan’19), ITC still trades at a 24% discount to its Jan’19 valuation of 25.4x one-year forward EPS. 

We value ITC at 21x FY24E EPS, implying a 65% premium to its global peer average. We believe the premium multiples are justified, given its strong visibility over the medium term and the defensive nature of its business, especially in a volatile macro environment.

We maintain our buy rating on the stock with a target price of Rs 335.

ITC was quoting at Rs 273.90, down Rs 0.10, or 0.04 percent on the BSE.

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Motilal Oswal View on ITC

The company’s earnings CAGR at the PBT level stood at 5% over FY17-22. We expect ITC to post 15% earnings CAGR over FY22-24.

While valuations of global Tobacco peers have been restored to their pre-pandemic levels (Jan’19), ITC still trades at a 24% discount to its Jan’19 valuation of 25.4x one-year forward EPS. 

We value ITC at 21x FY24E EPS, implying a 65% premium to its global peer average. We believe the premium multiples are justified, given its strong visibility over the medium term and the defensive nature of its business, especially in a volatile macro environment.

We maintain our buy rating on the stock with a target price of Rs 335.

ITC was quoting at Rs 273.90, down Rs 0.10, or 0.04 percent on the BSE.

June 30, 2022 / 01:33 PM IST

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Arijit Malakar, Head of Research – Retail, Ashika Group.

The fear of recession in the US amid the aggressive rate hike by Federal reserve to tame the inflation keep the equity market on edge. If there is recession in the US as per the expectation then it could be felt in India as well. 

In stagflation where the demand is low and inflation is high, the small companies find it difficult to sustain its business momentum as they have less pricing power compared to large scale companies. 

Large cap companies are well placed to weather such economic downturn with their healthy balance sheet, strong brand proposition and better pricing power. Hence, in a turbulent market it is better to stay invested in large cap companies having strong fundamentals, good business moat and strong industry tailwind.

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Arijit Malakar, Head of Research – Retail, Ashika Group.

The fear of recession in the US amid the aggressive rate hike by Federal reserve to tame the inflation keep the equity market on edge. If there is recession in the US as per the expectation then it could be felt in India as well. 

In stagflation where the demand is low and inflation is high, the small companies find it difficult to sustain its business momentum as they have less pricing power compared to large scale companies. 

Large cap companies are well placed to weather such economic downturn with their healthy balance sheet, strong brand proposition and better pricing power. Hence, in a turbulent market it is better to stay invested in large cap companies having strong fundamentals, good business moat and strong industry tailwind.

June 30, 2022 / 01:27 PM IST

Nifty Bank index rose 0.5 percent led by the Axis Bank, SBI, Kotak Mahindra Bank

 Nifty Bank index rose 0.5 percent led by the Axis Bank, SBI, Kotak Mahindra Bank

June 30, 2022 / 01:04 PM IST

Market at 1 PM

Benchmark indices were trading flat in the highly volatile session ahead of F&O expiry.

The Sensex was up 1.71 points or 0.00% at 53028.68, and the Nifty was down 22.00 points or 0.14% at 15777.10. About 1300 shares have advanced, 1698 shares declined, and 129 shares are unchanged.

 Market at 1 PM Benchmark indices were trading flat in the highly volatile session ahead of F&O expiry. The Sensex was up 1.71 points or 0.00% at 53028.68, and the Nifty was down 22.00 points or 0.14% at 15777.10. About 1300 shares have advanced, 1698 shares declined, and 129 shares are unchanged.

June 30, 2022 / 12:52 PM IST

BSE Metal index fell 2 percent dragged by the Vedanta, Coal India, JSW Steel

 BSE Metal index fell 2 percent dragged by the Vedanta, Coal India, JSW Steel

June 30, 2022 / 12:44 PM IST

Buzzing:

Wonderla Holidays: The company has signed agreement with the Government of Odisha for leasing land about 50 acres towards development of amusement park project in Bhubaneswar, Odisha.

 Buzzing: Wonderla Holidays: The company has signed agreement with the Government of Odisha for leasing land about 50 acres towards development of amusement park project in Bhubaneswar, Odisha.

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