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29 June 2021, Pre Market Report: Who will lift up the market now?

Good Morning, Everyone, yesterday the market opened at its all-time high, but could not sustain as there was huge selling across sectors, especially the IT, Energy & media sectors that rallied last week.

"HDFC Life" also came under huge selling pressure after the news of its shareholder "Standard Insurance" planning to offload 3.46% of its share in the open market.

Global Markets:

The Nasdaq and S&P 500 hit all-time highs on Monday, fueled by tech stocks as investors expect a robust earnings season while interest rates remain low. Big tech companies including Facebook Inc, Netflix Inc, Twitter Inc, and Nvidia Corp were among the biggest boosts to the S&P 500 and the Nasdaq.

Asian markets fell despite gains overnight on Wall Street that saw the S&P 500 and Nasdaq Composite touching fresh record closing highs. The Nikkei 225 fell 1.03% in early trade while the Topix index shed 1.11%. South Korea’s Kospi also declined 0.17%.

Indian Market: Trends on SGX nifty hints at a flat start for the Nifty today.

The press conference by our Fin Minister Ms. Nirmala Sitharaman seems to have addressed one of the major sectors that were affected during the pandemic, that is the "Tourism" sector, and also announced some policies to support the pharma industries. Let's wait and watch the reaction in the market today, though I feel it will not bring a big change. From the sectors, banking, IT, and pharma are expected to do well from here on.

Results on June 29

Acme Resources, Cochin Minerals & Rutile, DCM, IRCTC, Omaxe, Ruchi Soya, Sintex Industries, Suzlon Energy, and Tatia Global Venture are among the companies that will announce their March quarter earnings on June 29.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 1,658.72 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 1,277.08 crore in the Indian equity market on June 28. That's it, for now, team, let's discuss more on our Discord group. If you are not on Discord yet, send a WhatsApp msg by clicking here.

Stock Specific news:

HDFC Life Insurance Company | Standard Life will sell a 3.46 percent stake in HDFC Life at a price band of Rs 658-Rs 678 per share.

Aditya Birla Capital | Sebi has kept the proposed initial share-sale of Aditya Birla Sun Life AMC in “abeyance”.

RITES Ltd | Metro Express, Mauritius has awarded additional work of consultancy services (PMC) for extension of the mainline from Rose Hill to Reduit through Ebene for an additional fee of MUR 250 million (Rs 45 crore approximately).

NALCO | The company posted a standalone profit of Rs 935.64 crore against Rs 102.76 crore and revenue was up at Rs 2,821.48 crore against Rs 1,935.86 crore, YoY.

Thomas Cook (India) | The company’s subsidiary DEI (Digiphoto Entertainment Imaging) has signed a multi-year memorandum with Shanghai Disney Resort.

Zee Media Corporation | The company’s Q4FY21 net profit declined 5.75 percent to Rs 10.50 crore from Rs 11.14 crore, while revenue rose 32.41 percent to Rs 182.93 crore from Rs 138.15 crore, YoY.

Future Lifestyle Fashions | The company posted a consolidated net loss of Rs 149 crore in Q4FY21 as against a net loss of Rs 148.65 crore, YoY. Revenue was down 42.4 percent to Rs 831.62 crore from Rs 1,442.96 crore, YoY.

Punjab & Sind Bank | The bank will seek shareholders’ approval next month to set off accumulated losses of over Rs 3,577 crore from its share premium account.

Godrej Consumer Products | ICRA upgraded its long-term rating to [ICRA] AAA (Stable) from [ICRA] AA+ (Stable) while reaffirming its short-term rating of [ICRA] A1+.

Ramco Systems | The company will provide its next-gen Enterprise Resource Planning (ERP) software to Aden Ports Development Company (APDC) at their Aden Container Terminal (ACT).

IFCI | The company’s Q4FY21 consolidated net loss widened to Rs 848.97 crore from Rs 584.19 crore, while total income plunged to Rs 15.76 crore from Rs 858.99 crore, YoY.

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