sensex today: Stock Market LIVE Updates: Defensives like IT, FMCG and pharma stocks in favour. Traders avoid metals, auto and banks. Sequent Scientific up 11%

Amid weak cues from Asian markets, Sensex and Nifty started Tuesday’s session on a sluggish note and soon slipped in the red zone. Bajaj twins and Titan were the top Sensex performers. Bank stocks were under selling pressure. Cipla was the top Nifty50 gainer. On the other hand, ONGC, Hindalco and Kotak Mahindra Bank were the top laggards.

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Sun Pharma among top gainers in the pharma pack

Price as on 29 Jun, 2021 01:39 PM, Click on company names for their live prices.

Heritage Foods stock up 7% on foray into ready-to-eat segment

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JP Morgan overweight on Sun Pharma

JP Morgan has maintained its overweight rating on Sun Pharma with a target price of Rs 770/share. The brokerage believes that Sun Pharma is the best placed to transition to specialty player in US with large part of investment already in place.

Cipla may be allowed to import Moderna’s Covid-19 vaccine; stock up 1%

DCGI (Drug Controller General of India) may consider Cipla to import Moderna’s Covid-19 vaccine shortly. Decision on approval for the same is expected today itself: Sources to ANI

Nifty Midcap index trading in negative

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GIC Housing Finance rallies 18% after strong show in Q4

Shares of GIC Housing Finance soared as much as 18 per cent on Tuesday as the company reported a strong performance in the fourth quarter of FY21.

PNC Infra Nomura’s preferred stock pick in road EPC space

Foreign brokerage Nomura said PNC Infratech is its preferred pick in the road engineering, construction and procurement space due to a combination of strong execution, robust balance sheet and relatively inexpensive valuations. Retaining a buy recommendation, Nomura has lifted target price to Rs 385 from Rs 364 on stronger order inflow prospects and execution outlook.

Reliance jumps 1% on report of planning a petrochemical play in UAE

Reliance Industries and Abu Dhabi National Oil Co (Adnoc), a state-run oil company of the UAE, have finalised an agreement for a petrochemical joint venture one and a half years after signing a broad framework agreement.

Dollar hovers below two-month highs

The dollar index, which tracks the greenback against a basket of six major currencies, added 0.1% to 91.966 in Asia, slowly closing the gap to the high of 92.408 reached on June 18 after the Federal Open Market Committee shocked markets by predicting two interest rate hikes by end-2023.

Credit Suisse raises price target for Marico

Credit Suisse has maintained its outperfom stance on Marico and has increased its price target on the stock to Rs 600/share from Rs 490/share. Credit Suisse believes the Saffola Foods’ expansion can drive a rerating in Marico.

Sebi holds back GoAir, Aditya Birla MF’s IPOs

Sebi’s latest updates on the status of offer documents filed for fund-raising from the public showed that its observations on the offer document by Aditya Birla MF was ‘kept in abeyance’. Sebi gave the same reason against GoAir’s IPO.

All positive factors are already incorporated in the market, and there is no big event or positives which can help a further rally… We are seeing a bit of consolidation

– Gaurav Garg, head of research at CapitalVia Global Research

Welspun Corp gains 2% after robust Q4 numbers

Welspun Corp Ltd has reported more than 49 per cent jump in consolidated net profit at Rs 222.95 crore for the quarter ended March 31, 2021, mainly on account of lower expenses. The company had posted a net profit of Rs 149.24 crore, for the year-ago quarter from continuing operations, it said in a regulatory filing on Monday.

Nomura increases price target for SBI to Rs 580 per share

Foreign brokerage firm Nomura has raised its price target for SBI to Rs 580/share from Rs 550/share earlier. Nomura believes SBI’s balance sheet is geared to benefit from the cyclical recovery.

Rupee falls 7 paise to 74.26 against US dollar

The Indian rupee slumped 7 paise to 74.26 against the US dollar in opening trade on Tuesday as a muted trend in domestic equities and firm crude oil prices weighed on investor sentiment. At the interbank foreign exchange, the rupee opened lower at 74.26 against the dollar, registering a fall of 7 paise over its previous close.

Indian Bank falls 6%. Here’s why

Shares of Indian Bank tanked 6 per cent after listing of shares allotted under qualified institutional placement (QIP). Indian Bank had raised a total of Rs 1,650 crore in the QIP in which shares were issued at Rs 142.15 apiece. The state-owned lender said it allotted 11,60,74,569 new equity shares to eligible qualified institutional buyers (QIBs) in the issue that opened on June 21 and closed on June 24.

IT a better defensive pick; don’t go overweight on pharma: Ajay Bagga

“One cannot expect blockbuster drugs from Indian pharma companies. We see a betrayal of investor trust. I would rather go with IT as my defensive global pick and would not go overweight on pharma at all,” says market expert Ajay Bagga.

Top gainers and losers in the metals pack

Price as on 29 Jun, 2021 10:38 AM, Click on company names for their live prices.

Defensives like IT, FMCG and pharma in favour as traders avoid metals, auto and banks

Q3 results today

General Insurance Corporation of India, Indian Railway Catering and Tourism Corporation, Indian Railway Finance Corporation, Ruchi Soya Industries, NBCC (India), EID Parry, Finolex Cables, Suzlon Energy, KRBL, Angel Broking and Rail Vikas Nigam are among the companies that will announce their March quarter results today.

Rain Technologies to launch marketplace platform for equity investments this week

The proposed marketplace Rain Trader will go live from July 1, and take on the segment peers like Smallcase, Tradetron and Algobulls.

Sensex slips over 150 points; ICICI Bank HDFC Bank and Infosys top drags

Asian stock markets under pressure over Delta virus variant

Australian and Japanese shares took the brunt of early losses, with the ASX/200 index down 0.76% and the Nikkei falling 0.91%. The South Korean market was 0.39% lower, and Chinese stocks were also down 1.06%.

Top gainers and losers in the broader market

Godrej Agrovet, Laurus Labs, Bharat Forge, Graphite India, SpiceJet and Firstsource Solutions were gainers from the space while Indian Bank, PNB Housing, Future Retail, Adani Total Gas, Bombay Burmah Trading and JSW Energy were under selling pressure.

Nifty Bank down over 140 points; ICICI Bank, Kotak Mahindra Bank top drags

Block deals in Godrej Agrovet and HDFC Life shares: ET Now

Fear gauge index India VIX slips 2% to 13.1

15,900 level is a strong resistance zone for Nifty now, say analysts

The strongest headwind for the market now is the continuous FII selling (Rs 1,659 cr in the cash market yesterday) which is logical in the context of the high valuations. With strong DII buying (Rs 1,277 cr in the cash market yesterday) and over-confident retail activity, FIIs are now in a position to sell aggressively without pulling the markets down significantly

– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Profit booking seen in PSU bank stocks

Price as on 29 Jun, 2021 09:26 AM, Click on company names for their live prices.

Nifty Bank and Nifty Financial Services trading in red

How Sensex stocks are faring now

Opening Bell: Sensex adds 30 pts, Nifty50 flat; IFCI, Indian Bank drop 5% each

Pre-open session: Sensex gains 75 points, Nifty stays above 15,800

Hong Kong stocks open with small gains

Hong Kong shares opened slightly higher Tuesday morning following another record close on Wall Street but traders were moving cautiously as they monitor fresh virus flare-ups in parts of the world. The Hang Seng Index edged up 0.08 percent, or 23.59 points, to 29,291.89. The benchmark Shanghai Composite Index climbed 0.13 percent, or 4.69 points, to 3,601.68, while the Shenzhen Composite Index on China’s second exchange added 0.18 percent, or 4.34 points, to 2,468.00.

Japan retail sales rises for 3rd month

Japanese retail sales beat expectations in May as households loosened their purse strings, but underlying trends in consumption remain hostage to COVID-19-linked pressures and suggest the economic recovery will take time to gather steam. Retail sales jumped 8.2 per cent in May from a year earlier, the third straight month of growth, government data showed on Tuesday, a larger rise than the median market forecast for a 7.9 per cent gain.

SGX Nifty signals a flat start

Nifty futures on Singapore Exchange traded 0.5 points higher at 15,874.50, signaling that Dalal Street was headed for a flat start on Tuesday.

Tech View: Nifty50 bulls fail to top 15,900

Nifty50 on Monday hit an all-time high of 15,915 at open but tested the 15,800 level intraday, before closing the session near the day’s low. Analysts said the index would find immediate support in the 15,800-750 range. They believe a sustained close above 15,915 level should offer the bulls an edge.

Japan stocks open lower with eyes on US data

Tokyo stocks opened lower on Tuesday in subdued trade after a mixed close on Wall Street, with eyes shifting to key US economic indicators due later this week. The benchmark Nikkei 225 index was down 0.71 percent or 205.96 points at 28,842.06 in early trade, while the broader Topix index lost 0.82 percent or 16.04 points to 1,949.63.

US stocks settled mostly higher

Blue chip and key technology stocks on Wall Street hit record highs on Monday as investors bet on outsized US jobs gains for June. The S&P500 index raced to an all-time high of 4,292 before closing at 4,290, up 0.2 per cent on the day. The Nasdaq Composite index hit an all-time high of 14,505, before settling at 14,500, up almost 1.0 per cent. The Dow Jones Industrial Average fell on the day and finished down 0.4 per cent at 34,283.

Rupee ends flat at 74.19 per dollar

The rupee inched up 1 paisa to settle at 74.19 against the dollar on Monday amid firm crude oil prices and a lacklustre trend in domestic equities. At the interbank foreign exchange market, the rupee opened at 74.24 per dollar as against its previous close of 74.20. It hovered in a range of 74.18 to 74.27 during the day, before ending at 74.19 against the greenback.

Sensex, Nifty on Monday

Equity benchmark Sensex reversed early gains to close 189 points lower on Monday, pressured by Reliance Industries and IT stocks, as investors gave a lukewarm response to the government’s fresh stimulus measures for COVID-hit sectors. After touching a lifetime high of 53,126.73 in opening session, the 30-share BSE index ended 189.45 points or 0.36 per cent lower at 52,735.59. Similarly, the broader NSE Nifty settled 45.65 points or 0.29 per cent down at 15,814.70.

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