NIFTY Financial News

Sikko Industries(up 2.99%), Mangalore Chemicals & Fertilizers(up 2.93%), Rama Phosphates(up 2.41%), Fertilizers & Chemicals Tranvancore(up 1.91%), Madhya Bharat Agro Products(up 0.82%), ZUARIAGRO(up 0.74%), KRISHANA(up 0.62%), Deepak Fertilizers & Petrochemicals(up 0.62%), Nagarjuna Fertilizers & Chem(up 0.52%) and Aries Agro(up 0.36%) were among the top gainers. Paradeep Phosphates(down 1.03%), Madras Fertlizers(down 0.21%), Rashtriya Chemicals & Fertilizers(down 0.14%), Agro Phos(down 0.14%), Gujarat Narmada Valley Fertilizers (down 0.10%), Southern Petrochemicals Industries(down 0.08%) and Coromandel International(down 0.01%) were among the top losers.

Havells India Ltd. gained 2.76 per cent to Rs 1317.85 in Monday's trade as of 10:00AM (IST). The stock hit a high price of Rs 1333.55 and low of Rs 1287.05 during the session.

Orissa Minerals Development Company(up 3.33%), NMDC Ltd(up 2.25%), MOIL(up 2.19%), Lexus Granito(up 1.60%), Ashapura Minechem(up 1.26%), 20 Microns(up 0.74%), Pokarna(up 0.45%), KIOCL(up 0.39%) and Gujarat Mineral Dvpt Corporation(up 0.06%) were among the top gainers. Coal India(down 0.30%) were among the top losers.

Ashok Leyland Ltd. rose 1.76 per cent to Rs 170.3 in Monday's trade. It hit an intraday high of Rs 173.85 and low of Rs 168.9, respectively, during the day.

The BSE Sensex was trading 316 points or 0.49% higher at 65,034 while Nifty50 was trading at 19,274, up 85 points or 0.45% at around 9.21 am. From the Sensex pack, UltraTech Cement and M&M were the top gainers, rising over 2% each. HDFC, HDFC Bank, Tata Motors, SBI, Wipro and Tata Steel also opened higher.

Volatility was lower from Friday's closing as India VIX was at 10.80, down 0.80%. «Domestic equities continued their northbound journey on Friday after a day’s break, supported by positive global data, healthy FII buying, and strong progress in monsoon. The broader market too participated in the rally with the Nifty midcap 100 at a fresh record high.

Indiabulls Housing Finance again entered the F&O ban for trade on Monday, July 3, 2023. However, the stock will be available for trading in the cash market. The future & options contracts of any stock enter the ban period when the open interest (OI) on it crosses 95% of the market-wide positions limits or MWPL.

Monday will mark the beginning of trading in GIFT Nifty, the new avatar of SGX Nifty — the globally popular derivatives contract on NSE's Nifty index that till Friday was traded on the Singapore exchange (SGX). From Monday, these same derivatives contracts of SGX will start trading on the NSE's international exchange at Gujarat's International Financial Services Centre (IFSC). This shift of the bourse from Singapore to India

«So now, markets will always surprise you by either doing this earlier or later but I think pretty much if you look at our earnings multiple number and it is really not something very difficult,» says Nitin Raheja, Julius Baer.Is20,000 on the cards?If you look at a long term history in terms of how markets have traded historically related to nominal GDP growth and the PE multiplier, if you took a one year forward view that yes, 20,000 is where you should be, especially after the kind of consolidation that we had seen over the last two years. So now, markets will always surprise you by either doing this earlier or later but I think pretty much if you look at our earnings multiple number and it is really not something very difficult.

Here's how analysts read the market pulse:“The market's upward momentum was further supported by strong inflows from FIIs, the merger update of HDFC, and a narrowing current account deficit. Globally, investor confidence was uplifted by favourable revisions in US Q1 GDP, a decline in jobless claims, and positive outcomes from the US bank stress test conducted by the Fed,” Vinod Nair, Head of Research at Geojit Financial Services, said.

Sensex and Nifty have hit record peak levels, some investors are still having FOMO because the stocks in their portfolios have not yet performed well enough. Sumeet Bagadia, Executive Director, of Choice Broking, says that there are opportunities in IT and pharma stocks which have yet to perform.

During that period, the domestic market underwent an 11% correction, driven by concerns about a global recession that could potentially result in a local slowdown. However, on the contrary, the global economy has demonstrated resilience and fared out from the crisis. Now it is projected that the US economy is well poised and will avoid the deep correction to a hard landing in CY2023.

SGX Nifty, the Singapore Exchange Ltd.-traded futures on India’s key equity NSE Nifty 50 Index, will be known as GIFT Nifty from July 3, and all outstanding orders will be transferred to the GIFT City, the new financial hub in the western Indian state of Gujarat. The switch from SGX to the NSE International Exchange at GIFT or Gujarat International Finance Tech-City also highlights partial success of the Prime Minister Narendra Modi-led administration’s attempts to attract India-centric trading that had moved to global financial centers such as Dubai, Mauritius and Singapore to its shores.

The Sensex and Nifty gained nearly 3% each in the week gone by, and market experts see room for more upside in the week ahead. “If global markets support further, we may see Nifty entering the next cluster of around 19250-19500,” said Sameet Chavan, head — technical and derivatives research, Angel One. On Friday, Nifty 50 and Sensex ended at record closing highs of 19189.05 points and 64718.56 points, respectively.

«We believe that furthermore upside momentum is going to continue in the coming week and possibly Nifty can scale up to the level of 19,350 to 19,400 in the continuation of this uptrend as most of the underperforming sectors are now contributing and market breadth has improved quite significantly,» said Rajesh Palviya of Axis Securities. Edited excerpts:Nifty crossed 19,200 on Friday session while Bank Nifty touched its all-time high level. So as per you what is the next stop?We have seen a very strong rally in the market.

«General outsourcing, and general contracting work is under pressure and that will remain under pressure. Amongst the biggies, we have seen some of the companies have started winning big orders now from different geographies. And probably we are seeing the beginning of the recovery phase as far as earnings are concerned for many of the large IT companies,» Sudip Bandyopadhyay of Inditrade Capital told ET NOW.

The trading range got wider as Nifty moved in a 555-point range. The financial space continued to relatively underperform the frontline Nifty. The headling index closed on a strong note with a net gain of 523.55 points (+2.80%) on a weekly basis.

"Nifty is displaying strength on the charts with the bias in favour of the bulls. It is all set to rally towards its immediate target of 19,450. However, investors should be prepared to deal with greater volatility in the coming weeks, as generally, when markets trade at record highs, investor emotions tend to stay elevated.

NBFCs barring the giant HDFC have generated returns greater than 20%. NBFC Stocks which underperformed the banks in FY2023 have started to outperform them now. So what has changed in this short span of time? What has led to this increased optimism in NBFC Stocks? A significant reason has been the anticipation of interest rates peaking out and potential cuts in the near future.

Reliance Startegic Investments, part of Mukesh Ambani's Reliance Group, ₹7 lakh for alleged manipulation of trades done in long dated Nifty options in 2017. The crux of Sebi's allegation against Reliance Strategic Investments is that Reliance along with Morgan Stanley France had knowingly traded in the puts of strike price 11400 PE at a discount of 15%, 35% and 37% to the intrinsic value of the put options on July 31, August 8 & 10, 2017, respectively.

Nifty closed above 19,000 and the Sensex settled above 64,000 for the first time, led by financials, automobiles and IT shares. The gauge of top 50 Indian companies hit a high of 19,201.70 before closing at 19,189.05, up 216.95 points or 1.14% from the previous close. The Sensex closed at 64,718.56, up 803.14 points or 1.26% from Wednesday's close, the biggest single-day gain since March 31.