US Fed holds rate, but says it would lower interest rate if economy weakens
Podcast: Why D-Street failed to hold on to gains today?
Nifty continues to consolidate in a broad range between 11,650 and 12,000 levels with buying support at the lower end of the range. We expect a bounceback towards the 11,850-11,900 range from current levels. The health of the broader market continues to be weak and, hence, the pace of recovery is expected to remain slow. Private banking and cement stocks are expected to lead while metals and auto stocks are likely to see weakness
Sustaining above the 50-DMA on closing basis indicates that there can be a decent pullback attempts going forward, which will be confirmed on a close above 11,800 level. In that scenario, initially, a modest target of 11,920 can be expected. Traders are advised to avoid shorting the index whereas those with high-risk appetite can create a positional bet on the long side with a stop loss below 50 DMA on closing basis
Apart from a black body that occurred on the candles, no important formations were seen. We continue to expect the market to attempt more pullbacks
Nifty broke previous day’s low and surpassed the previous day’s high, but finally closed on a flat note. However, every bounce is getting sold into while every minor dips are getting bought into. The index is trying to respect its 50-day EMA for last three sessions on a closing basis. As long as it holds below 11,761 level, the upside will remain restricted. But a hold below 11,666 level could open Nifty to declines towards 11,600 and then 11,550 levels
Signs of capitulation in the Indian market are visible with across the board selling in high debt balance sheets. Today’s case is similar to traders in derivative segments wherein huge leverage hampers trading profits. Similarly, leveraged corporates are facing the same reality. No one makes money under a mountain of debt. Historically, such capitulation has signaled the end of bearish tendencies in the market. Nifty although may not reflect such a cycle, but small and mid-cap indices are revealing a clearer picture. Infact the small cap index has broken the Modi 2.0 gap area which is an ominous signal for the market
Despite global trade optimism, domestic market failed to hold the opening gains due to concern over weakening economic data, lack of liquidity and deficit in monsoon. The earnings growth is likely to be downgraded further given the deteriorating situation. Seems that market will have to wait till the final budget which could be the testimony of the new plan.
Every few years, Markets go through a cleansing process. All those who have been swimming naked end up being thrown… https://t.co/qobxygpNUA— Ravi Dharamshi (@ravidharamshi77) 1560922285000
OPEC, non-OPEC to meet next on July 1-2: OPEC website
Apple mulls shifting 15-30% output from China: Agencies
Blue Star wins order worth Rs 253 crore from Mumbai Metro Rail Corporation
Jain Irrigation, Jet Airways and Arvind among top 10 losers in afternoon session
Australian shares end at best in over 11 years
- Australian shares ended at their best since the global financial crisis on Wednesday, as investors took heart from the United States and China rekindling trade talks, expectations for lower US interest rates, and the European Central Bank's surprise dovish tilt.
- The S&P/ASX 200 index climbed 1.2 per cent to 6,648.1, its highest since December 2007. It had risen 0.6 per cent on Tuesday when Australia's central bank had pointed to further policy easing in the future.
- China is the biggest buyer of Australia's resource exports, so metals and mining stocks were the biggest gainers on the day, having added 1.6 per cent to a near 8-year best.
M&M to hike price of its range of personal vehicles by up to Rs 36,000 from July 1
Airtel Africa files application to list on Nigeria stock exchange: Agencies
Arun Thukral makes a case for investing in SIPs
SIP is an excellent way to plan for a comfortable #retirement. Make it a part of your financial plan. If you start… https://t.co/IwnYzUPjwW— Arun Thukral (@arun_thukral) 1560927032000
Nifty breaches 11,700
Federal Bank to raise up to Rs 500 cr through Basel III-compliant bonds
"The board of the bank has approved the issuance of 1,000 unsecured, listed, redeemable Basel III compliant tier II bonds having a face value of Rs 10 lakh each, with an option to retain oversubscription up to Rs 400 crore aggregating to Rs 500 crore (debentures), on a private placement basis," Federal Bank said in a BSE filing.
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We continue to like midcap cement and within it Ramco Cement. A clear disclaimer we own this stock in our funds. They are in the phase of capacity expansion close to 20 million odd tonnes. You are probably looking at a lot of capacity coming through. You are also probably expected to see the EBITDA per tonne improve. The volume-led leverage on their balance sheet can be very evident.
Pilots to join lenders in insolvency proceedings against Jet Airways
Are mid & smallcaps bottoming out?
The frustration levels of many Retail Investors holding Mid and Small Cap stocks is huge now Could be a sign that t… https://t.co/hDqzcCX0bx— sandip sabharwal (@sandipsabharwal) 1560921802000
MVL, Lloyd Steels among top 10 gainers around 11 am
- Shares of Jain Irrigation Systems cracked almost 19 per cent to hit their 52-week low at Rs 22.30 in Wednesday's session and looked on course to extend their losing streak into the fourth successive day.
- The stock has been reeling under pressure on reports of defaults followed by rating downgrades.
- India Ratings and Research downgraded the Jalgaon-based company’s long-term issuer rating to ‘IND BBB’ from ‘IND A-’ while placing it on ‘Rating Watch Negative’ (RWN).
- Jain Irrigation shares fell 73 per cent in the last one year and ended at Rs 27.40 on Tuesday, down 21.15 per cent over the previous day.
Tata Steel jumps 4%, on course to break 4-day losing streak
The stock opened at Rs 480.20 on BSE and touched intraday high and low at Rs 492 and Rs 480.20 in Wednesday's trade so far.
Global financial firm Goldman Sachs has maintained a buy recommendation on the stock with a target price of Rs 570 per share even as steel spreads are weakening on global growth concerns.
Goldman highlighted that the domestic demand for steel is resilient but spreads are unlikely to bounce back.
Exchanges should bring more stocks into futures list over time: Samir Arora
Regulators/exchanges should bring more stocks into futures list over time. Mkts can help the regulators and retail… https://t.co/1DTk7nDvLP— Samir Arora (@Iamsamirarora) 1560915825000
Maharashtra Scooters climbs 2% as Bajaj Holdings buys stake
Maharashtra Scooters (MSL) the maker of the once popular Priya brand of scooters, has become a subsidiary of Bajaj Holdings and Investment (BHIL) following the Western Maharashtra Development Corporations (WMDC) transferring its 27 per cent stake in MSL to the company after a protracted legal battle.
"WMDC has transferred its 27 per cent stake in MSL to the Bajaj Holdings and Investment Ltd (BHIL) on June 17. With this, the company now holds 51 per cent shares in MSL, thereby making it a subsidiary of Bajaj Holdings," MSL said in a BSE filing.
HCL Tech signs multi-year deal with Cricket Australia
Fed governor commentary is expected to remain dovish and that could keep the greenback under pressure. Today, USDINR pair is expected quote in the range of 69.40 and 70.05-70.20
Jain Irrigation, RPower, YES Bank among most active stocks in early trade
OPENING BELL: Sensex jumps 200 points, Nifty tops 11,750; Tata Steel gains 3%, Jet down 10%
Overall US rates to fall 100bps this year: Andrew Holland
Expect FED to re-write the script for interest rates moving lower. ECB already doing so. Overall US rates to fall 1… https://t.co/rH9uuPMQZK— Andrew Holland (@Hollaand) 1560914942000