On Friday, Indian share markets ended on a weaker note, in line with weak global markets and concerns over unabated foreign capital outflows.
Benchmark indices ended on a negative note for the sixth consecutive session in choppy trade amid global central bank efforts to tame runaway inflation.
At the closing bell on Friday, the BSE Sensex declined 135 points (down 0.3%).
Meanwhile, the NSE Nifty closed lower by 67 points (down 0.4%).
Bajaj Finance, Bajaj Finserv, and Reliance Industries were among the top gainers.
Titan, Wipro, and Dr Reddy’s Laboratories, on the other hand, were among the top losers.
Titan share price has been falling consistently and is down 30% from its peak. Last week on Friday, it slumped 6%.
The broader markets ended on a negative note. The BSE MidCap index and the BSE SmallCap index ended lower by 0.7% and 0.9% respectively.
Among the sectoral indices, stocks in the auto sector, pharma sector, and IT sector witnessed most of the selling.
On the other hand, some buying was seen among stocks in the banking sector and financial services sector.
As Indian share markets have been in a downtrend, you must be wondering when will the markets fully recover.
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We also conducted a poll recently asking readers what’s their course of action in this market.
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Not surprisingly, majority of people seem to be buying the stock market dip.
At 7:50 AM today, the SGX Nifty was trading down by 58 points or 0.4% lower at 15,260 levels.
Indian share markets are headed for a negative opening today following the trend on SGX Nifty.
Gold prices for the latest contract on MCX are trading up by 0.2% at Rs 51,100 per 10 grams, at the time of Indian market closing hours on Friday.
Investors in crypto markets are not having a good night’s sleep as Bitcoin tumbled to a new 18-month low over the weekend, falling below US$20,000.
Investors shunned risky assets in the face of a global market selloff and rising interest rates.
Many crypto exchanges have paused bitcoin withdrawals which lead to a sharp fall in the entire crypto market.
As we mentioned earlier, the Indian stock market is falling which has traders and investors worried.
The one question on every investor’s mind today is whether the market correction is over?
Correlating Indian markets with the US markets, Chartist Brijesh Bhatia offers his view to answer this question, in his latest video for Fast Profits Daily.
Tune in to the below video to find out more:
Top buzzing stocks today
Cipla share price will be among the top buzzing stocks today.
Pharma major Cipla on Friday said it will acquire 21.1% stake for Rs 250 m in Achira Labs.
Bengaluru-based Achira is a medical diagnostics company that develops medical diagnostic products using microfluidic technology with an aim to bring sophisticated medical tests closer to the point of diagnosis, treatment, and management.
Cipla said the transaction is expected to be completed within 60 days from the signing of definitive agreements or such other date mutually agreed between the parties.
Reliance Industries share price will also be in focus today.
According to people in the know, Reliance Industries is considering buying the cosmetics giant, Revlon.
The report comes as Revlon filed for bankruptcy earlier this week after global supply chain disruptions drove up raw material costs and prompted vendors to demand upfront payments.
Reliance has pushed its way into the fashion and personal care space in recent months as it diversifies away from its mainstay oil business.
Deltatech Gaming IPO
The IPO will comprise a fresh issue of equity shares, for an amount aggregating up to Rs 3 bn, and an offer for sale (OFS) of the equity shares held by the company, for an amount aggregating up to Rs 2.5 bn.
The company said the IPO will be subject to market conditions, receipt of applicable approvals, and other considerations.
It also mentioned that upon completion of the offer, Deltatech Gaming will continue to be a subsidiary of Delta Corp.
Delta Corp is the only listed company engaged in the casino gaming industry in India. The company is engaged in diversified segments like casino gaming, online gaming, hospitality, and real estate.
Note that ace investor Rakesh Jhunjhunwala has decreased his stake in Delta Corp during the March 2022 quarter.
Coal India’s green mining bet
The state-run miner is exploring the feasibility of sharply ramping up its underground mining production to 100 m tonnes by fiscal 2030 from 25.6 m tonnes in fiscal 2022.
The company said land acquisition is a key hurdle in expanding coal mining operations and thus Eco-friendly technologies are a major advantage as they minimize the need for acquiring land and avoid its degradation.
In a first, Coal India aims to mine coal through punch entry in those open cast mines that have reached their ultimate pit level using a mix of technologies.
On the other hand, India’s purchases of Russian coal have spiked in recent weeks despite global sanctions on Russia over its invasion of Ukraine.
India’s foreign exchange reserve declines
India’s foreign exchange reserves declined US$ 4.6 bn to US$ 596 bn for the week ended June 10, the latest data released by the central bank showed.
The fall in total reserves was mainly because of a decline in foreign currency assets worth US$ 4.5 bn.
The central bank has been aggressively intervening in the foreign exchange market for the last few months and has been selling dollars to curb any rapid depreciation of the rupee.
Most emerging market currencies have come under pressure since the start of the war in Ukraine in late February as investors rush for safe-haven assets.
Volatility in the exchange rate is expected to continue, given the way central banks are approaching inflation.
To know what’s moving the Indian stock markets today, check out the most recent share market updates here.
For information on how to pick stocks that have the potential to deliver big returns,
Indian Share Market Update: Top Gainers and Losers
What else is happening in the markets today? Dig in…
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( With inputs from equitymaster)