Trade Financial News

Domestic benchmark index NSE Nifty ended 65.91 points down at 23501.1, while the BSE Sensex closed 269.03 points down at 77209.9.

Adani Ports shares entered the S&P BSE Sensex on Friday while Wipro made an exit from the 30-stock index as part of the semi-annual rejig. The adjustment happened after the market hours and the stock will start trading as a Sensex constituent from Monday. With the inclusion of Adani Ports Special Economic Zone (APSEZ), passive inflows of $259 million is expected along with the addition of 14.9 million shares, according to Nuvama’s estimates.

The NSE Nifty index ended the session 65.91 points down at 23501.1, while BSE Sensex fell 269.03 points to 77209.9.

Shares of Apollo Tyres Ltd.(up 1.62 per cent), Samvardhana Motherson International Ltd.(up 1.24 per cent), Bosch Ltd.(up 1.1 per cent), Maruti Suzuki India Ltd.(up 0.43 per cent) and TVS Motor Company Ltd.(up 0.31 per cent) ended the day as top gainers in the pack.

Benchmark NSE Nifty closed 65.91 points down at 23501.1 amid selling in frontline bluechip counters.

Mukesh Ambani endorsing a company called 'Rajiv Sharma Trade Group' and promoting its BCF Investment Academy for high returns. Dr. K K H Patil became a victim between May 28 and June 10, transferring Rs 7.1 lakh to 16 different bank accounts. The scam attracted her with the promise of high returns and a seemingly legitimate endorsement by Ambani. When Patil tried to withdraw the Rs 30 lakh shown as her profit on the trading website, she realized she had been duped.

India joint venture has privately warned trade officials in New Delhi that a plan to curb imports of a key raw material for steelmaking overlooks the implications of the Red Sea crisis, a letter showed. The curbs planned by the world's second-biggest producer of crude steel could hit output, as they cap imports of a steelmaking fuel, low ash metallurgical coke, also known as met coke, at 2.85 million metric tons for a year. The April proposal, which came after growing shipments caused «serious injury» to domestic producers, also recommended setting quotas on met coke for exporting nations.

Nikkei share average closed slightly lower on Friday as losses in technology shares overshadowed gains in value stocks amid a weak yen and higher yields. The Nikkei slipped 0.09% to 38,596.47 after three straight sessions of gains. However, it fell 0.49% for the week.

Colgate-Palmolive (India) Ltd. fell 0.63 per cent to Rs 2836.8 in Friday's session as of 12:52PM (IST) even as the equity benchmark Sensex traded 408.0 points lower at 77070.93. Earlier in the day, the stock witnessed a gap up start to the session. The stock quoted a 52-week high price of Rs 3068.95 and a 52-week low of Rs 1625.0 on NSE. Around 1794 shares changed hands on the counter till 12:52PM (IST).

Crompton Greaves Consumer Electricals Ltd. traded 0.52 per cent higher in Friday's session at 12:47PM (IST). The stock opened at Rs 425.75 and has touched an intraday high and low of Rs 436.6 and Rs 423.1, respectively, during the session so far. The stock quoted a 52-week high of Rs 436.6 and a 52-week low of 262.1. About 50,747 shares changed hands on the counter so far.

Bitcoin was trading 1.3% lower at $64,592 as of 11:56 a.m. IST, while Ethereum was below the $3,550 level.

₹1,672.85 against its previous close of ₹1,669.35 but soon fell about 1.5 per cent to the level of ₹1,644.85 on profit booking.Market benchmark Nifty 50 also erased all gains and declined by 0.3 per cent after hitting a fresh record high of 23,667.10.The HDFC Bank share price has gained nearly 7 per cent in the last seven sessions. However, the stock's last one-year performance has been quite sombre.

NMDC, the country's largest iron ore producer, with a one-year target price of ₹319 apiece, as the brokerage believes that the company is in the sweet spot amid rising pellet export demand coming from China. The company's shares have been on a roll over the last 12 months, climbing from ₹104 apiece to the current level of ₹273, resulting in a multibagger gain of 162%. Also Read: Gold climbs 1% to two-week high on increased Fed rate cut expectationsThe brokerage highlighted several key factors impacting the steel and pellet markets.

Ketan Mehta is a patient man. After establishing a business for buying and selling life insurance policies in 2002, the chartered accountant (CA) spent a decade (2005-2015) embroiled in litigation. LIC, India’s largest insurance company, opposed the idea of a 'secondary market' in insurance and did not cooperate with Mehta. 

Rahul Shah, V-P, Equity Advisory, MOFSL, says PSU banks are a top idea. Shah feels PSU banks will continue to do well this year and they are very overweight on it versus the private banks, so that is one basket. Secondly, in the PSU basket itself, OMCs have done well again in the last six months but here onwards, stocks like HP, BP, IOC can still compound another 20% from here. So, PSU banks and OMCs are one trades where risk versus reward could be quite favourable. Banks are coming back in favour and we can see that the FII participation as well is picking up. In fact, yesterday it was the FIIs which overtook DIIs. Is this going to be an elongated patch of FII money flowing in and thereby banks doing well? Rahul Shah: We have seen continuous selloff by FIIs for quite some time and their participation versus the retail versus the DIIs has been fantastic and the markets have given robust returns. Whenever they return, there are two-three sectors which are their favourites and one of them is financials. I think that in the last four-five days we are seeing that action in the entire financial space.

Benchmark NSE Nifty index fell 33.05 points to 23533.95 amid selling in frontline bluechip stocks.

China's yuan dipped to a fresh seven-month low against the dollar on Friday, hurt by portfolio outflows from mainland financial markets and speculation the central bank is gradually allowing the currency to weaken. By 0245 GMT, the yuan was just off a November low of 7.2613, having fallen from 7.2575 earlier in the day. At the lows, it was a mere 7 pips away from the weak side of the band in which the People's Bank of China manages the currency.

Accenture had a few positive elements such as strong bookings growth and acceleration in growth rates. Shares of Persistent Systems was the top gainer as it rallied over 4% to day's high of Rs 4,065 on BSE. Other IT stocks like Coforge, LTIMindtree, Infosys, TCS and LTTS were also trading around 2% higher during the day. As a result, the Nifty IT index was also trading around 2% higher.

ICICI Lombard General Insurance Company Ltd. traded 0.87 per cent up at Rs 1763.0 at around 11:05AM (IST) on Friday. The stock had closed at Rs 1747.65 in the previous session. Equity benchmark Sensex traded 297.44 points lower at 77181.49 around the same time.

Lupin Ltd. gained 0.63 per cent to Rs 1565.05 at 11:11AM (IST) in Friday's trade. The counter hit a high of Rs 1578.35 and low of Rs 1531.15 so far during the session. The stock had closed at Rs 1555.1 in the previous session. The counter had a total traded volume of 11:11AM shares so far with a turnover of Rs 1.14 crore on BSE. The stock traded at a price-to-earnings multiple of 37.09 and a price-to-book ratio of 5.16.

Bajaj Finance, Cholamandalam, and M&M Finance from 'Neutral' to 'Underperform' among NBFCs, citing expectations of lower growth, declining ROEs, and a delayed rate cut cycle.In the insurance sector, while remaining cautious, the brokerage has upgraded SBI Life from 'Neutral' to 'Outperform', believing IRDA regulations less impact it. It expects SBI Life to achieve sector-leading VNB (value of new business) growth of 15 percent and considers its valuations reasonable in this context.As per the brokerage, private sector banks are a steady power of compounding story.