Yet another day in the market and there has been a major change in the markets as we had a good sleep last night.
Yesterday Nifty opened with a gap down and went on to close at 15,767, down 101 points or 0.64 percent as discussed in the post-market report yesterday. Click here to read it, if you have not read it yet.
As I had informed yesterday, there was the FED monetary policy meeting in the US (Last night, Indian time) and U.S. Federal Reserve stunned investors by signaling it might raise interest rates at a much faster pace than assumed, sending yields and the dollar sharply higher. The dollar had its strongest single-day gain in 15 months as 10-year US Treasury yields jumped by the most since early March. With all this action happening in the US, Asian markets like Japan and Singapore have also fallen since morning.
The Indian stock market is expected to open in the red as trends on SGX Nifty indicate a negative opening for the index in India with a 97 points loss at around 15680-15700.
With this effect, we might see profit booking in the Indian market today, and today being the weekly expiry, expect the market to be highly volatile today. Also, Steel prices fell yesterday as the Chinese market decided to use its reserve of steel instead of importing from other countries due to rising steel prices.
Results to be announced today:
Power Grid Corporation, Natco Pharma, Jammu & Kashmir Bank, DB Corp, Basant Agro Tech, Gyscoal Alloys, Global Vectra Helicorp, HealthCare Global Enterprises, Hindustan Media Ventures, IFB Agro Industries, Indostar Capital Finance, Khadim India, Kingfa Science, Nava Bharat Ventures, Novartis India, Power Mech Projects, Royal Orchid Hotels, Siel Financial Services, and Tube Investments of India.
FII and DII data
Both FII's & DII's turned net sellers yesterday with Foreign institutional investors (FIIs) net selling shares worth Rs 870.29 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 874.20 crore in the Indian equity market.
Stock Specific News
Wipro | The company signed a partnership with Exaware to develop advanced engineering solutions that foster innovation in the networking industry, streamline 5G technology upgrades, and open the door to future 6G compatibility.
Tata Steel | Life Insurance Corporation of India sold a 2.02 percent stake in the company via open market transaction, reducing shareholding to 6.94 percent from 8.96 percent earlier.
State Bank of India | The bank’s central board will meet on June 21 to consider raising Additional Tier 1 (AT 1) capital via the public offer or private placement during FY22.
Tata Motors | The company is considering a further extension of up to a year for MD Guenter Butschek.
Punjab & Sind Bank | The bank has declared the NPA account of M/s Lanco Infratech Limited with outstanding dues of Rs 215.17 crore as fraud. The account has been fully provided for as per existing RBI norms.
Federal Bank | The bank’s board approved issuing equity shares to World Bank arm International Finance Corporation and associates for over Rs 916.25 crore.
Shriram Transport Finance Company | The company will buy back bonds issued by it in January 2019 for a limit of up to Rs 450 crore.
Welspun Enterprises | The company’s Q4FY21 consolidated net profit fell 54 percent to Rs 40.94 crore from Rs 89.08 crore, while total income rose to Rs 600.97 crore from Rs 515.70 crore, YoY.
RCom | The bankrupt Reliance Communications (RCom) has written to the telecom department to renew its telecom license for another 20 years, a move aimed to retain its rights over the spectrum and to keep its enterprise business running.
Dr. Reddy's Labs | The pharma major, which has soft-launched Russias COVID-19 vaccine Sputnik V here has expanded the pilot which is in the final leg to other cities such as Mumbai, Bangalore, and New Delhi.
Globus Spirits | Templeton Strategic Emerging Markets Fund IV LDC has been offloading shares since the last week of May. It sold another 5.63 lakh equity shares in Globus Spirits at Rs 441.7 per share, the NSE bulk deals data showed.
Kellton Tech Solutions | Lingaraju Gowda Mallikarjunappa acquired 5.35 lakh equity shares in Kellton Tech at Rs 85.24 per share, the NSE bulk deals data showed.
Ortin Laboratories | AFPL Tradelink LLP acquired 1.3 lakh equity shares in Ortin at Rs 35.97 per share, Daulatram Innani bought 80,000 equity shares at Rs 34.52, Gaurav Doshi purchased 75,000 equity shares at Rs 36.24 per share, Urmila Doshi acquired 1 lakh shares at Rs 36.3 per share, and Stock Vertex Ventures bought 50,000 shares at Rs 36.3 per share. However, investors Venkata Rama Gaddam sold 2 lakh equity shares in Ortin at Rs 34.79 per share, Venkata Ramana Gaddam offloaded 1 lakh shares at Rs 36 per share, Prabhakar Raju Alluri sold 2 lakh shares at Rs 35.35 per share, Somasubba Lakshmi Gamini sold 50,000 shares at Rs 36.3 per share, and Srinivasa Raju Alluri dumped 90,000 shares at Rs 34.62 per share, the NSE bulk deals data showed.
Suprajit Engineering | Investors Sundaram Clayton and TVS Motor Company sold almost all their stake in the company, selling 56,62,205 equity shares at Rs 280 per share and 28,09,186 shares at Rs 280.73 per share, the NSE bulk deals data showed.
United Drilling Tools | Investor Cairn Oil Solutions sold 10 lakh equity shares in the company at Rs 325.5 per share, the NSE bulk deals data showed.
ISGEC Heavy Engineering | The company received an order for the fabrication of above-ground piping spools from Tata Projects India for one of the projects of national importance.
Minda Industries | Commercial paper of Rs 50 crore issued in March 2021 with a maturity date of June 16, 2021, has been redeemed.
Nureca | The company reported consolidated profit at Rs 3.89 crore in Q4FY21 against Rs 2.38 crore in Q4FY20, revenue fell to Rs 31.84 crore from Rs 32.96 crore YoY.
LG Balakrishnan & Bros | HDFC Asset Management Company acquired a 2 percent stake in the company via an open market transaction on June 14, increasing shareholding to 7.29 percent from 5.29 percent earlier.
Greenply Industries | Mirae Asset Investment Managers (India) acquired a 0.576 percent equity stake in the company via an open market transaction on June 14, raising shareholding to 5.45 percent from 4.87 percent earlier.
CESC | The company reported consolidated profit at Rs 429 crore in Q4FY21 against Rs 378 crore in Q4FY20, revenue jumped to Rs 2,890 crore from Rs 2,621 crore YoY. The company approved a proposal for a sub-division of the existing 1 equity share of the nominal value of Rs 10 each into 10 equity shares of the nominal value of Re 1 each.
Aurobindo Pharma | Promoter Kambam Spoorthi sold 6 lakh equity shares, or 0.1 percent stake, in the company, reducing shareholding to 1.195 percent from 1.297 percent earlier.
Allcargo Logistics | The company’s board will consider raising up to Rs 1,000 crore via debt on June 23.