Markets are expected to remain jittery amid elevated price pressures and fears that monetary tightening in a number of countries will portend further losses. On the open, Sensex was up 136.56 points at 51,496.98, while the wider Nifty was up 32.80 points at 15,326.30.
Top winners/losers on Sensex so far
Metal, real estate, banking indices under pressure
Nifty opens above 15,300
Sensex opens higher, rises over 150 points at the open
Sensex apartment in pre-opening
Beautiful apartment in pre-opening
Vedanta invites EoI for its copper foundry Tuticorin
Vedanta has invited expressions of interest (EoI) for its Tuticorin-based smelter, Sterlite Copper, which has been closed since mid-2018, following an order from the Tamil Nadu government. The last day to submit EoIs is July 4th.
Production units, including oxygen production facilities as well as residential houses, are also part of the sales offer. The plant has faced closures for alleged violation of environmental standards.
Sterlite Copper accounted for 40% of India’s copper production, before it was forced to close.
Astute View: Lead Analyst – Technical and Derivatives, Angel One
The Nifty is exactly placed at the previous breakout point of May 2021, which is around 15400 – 15300. In addition, the “RSI-smoothed” oscillator on the daily chart shows a “positive divergence”, i.e. i.e. lower lows in recent prices and higher lows. in the oscillator. This condition usually occurs at the end of any downtrend. Therefore, looking at the charts, we are clearly split at this point. In our view, although we failed to catch up with the recent bearish movement, it is better not to get carried away by the difficult times. As for the supports, 15200 – 15000 should be considered as an immediate support and a break of it, would definitely create some sort of panic situation in our markets.
Markets would only regain strength after breaking above the key levels of 15700 – 15800 on a closing basis. Until then, it is not advisable to wear aggressive longs overnight. Traders are advised to take one step at a time over the coming week and should ideally look to lighten their positions during the day only. Since we reflect global trends, the markets can surprise us at any time in either direction. There is a famous saying in the market that you should avoid catching a falling knife (market). This is true for dynamic traders, but with a slightly broader perspective, we believe that no one should definitely start accumulating quality proposals in a staggered fashion.
A major overhaul awaits at the Banks Board Office
The Treasury is working to expand and revive the Banks Board Bureau (BBB) by bringing in more representatives from the insurance industry, two people with knowledge of the matter said. This decision aims to legally empower the body to recommend candidates for public sector insurers and to accelerate high-level recruitment in all public financial institutions. (Read here)
Air India is preparing one of the biggest aircraft contracts in history: Bloomberg
Air India Ltd. plans to order up to 300 narrow-body jets, according to people familiar with the matter, in what could be one of the biggest orders in commercial aviation history, as the former airline public airline is looking to overhaul its fleet under new ownership. .
The carrier may order A320neo family jets from Airbus SE or 737 Max models from Boeing Co., or a mix of the two, the sources said, asking not to be identified because the discussions are confidential. A deal for 300,737 Max-10s could be worth $40.5 billion at the list price, though discounts are common for such large purchases.
Winning a narrow-body order in India would be a coup for Boeing as rival Airbus dominates the skies of the country, the world’s fastest-growing aviation market before the Covid pandemic. IndiGo, operated by InterGlobe Aviation Ltd., is the world’s largest customer of the European manufacturer’s best-selling narrow-body aircraft, ordering more than 700, and others including Vistara, Go Airlines India Ltd. and AirAsia India Ltd. fly planes of the same family.
SGX Nifty tick lower
Astute futures on the Singapore Stock Exchange fell 70.50 points, or 0.46%, to 15,245 in early trades on Monday, hinting at a weak start for Indian earnings.
On Friday, the BSE Sensex fell 135 points to 51,360, while the Nifty50 fell 67 points to 15,293.
Asia starts on a low note; monetary tightening weighs
Asian stocks fell on Monday and US stock futures erased a rise as tighter monetary policy kept sentiment in check.
MSCI Inc.’s Asia-Pacific stock gauge hit its lowest level since June 2020 amid declines in Japan and Hong Kong and mixed performance in China, where banks kept key lending rates unchanged.
S&P 500 contracts fell, while Nadsaq 100 contracts reversed a gain of more than 1%.
Markets are expected to remain jittery amid elevated price pressures and fears that monetary tightening in a number of countries will portend further losses.
In the Fed’s latest commentary, Governor Christopher Waller said he would back another 75 basis point rate hike at the July central bank meeting if economic data comes in as expected.
S&P 500 futures fell 0.1%, while Nasdaq 100 futures rose 0.1%. Euro Stoxx 50 futures fell 0.4%
Japan’s Topix index fell 1.1%, Australia’s S&P/ASX 200 fell 0.6%, South Korea’s Kospi fell 2.3%, the Hang Seng fell 0.4% and the Shanghai Composite was little changed.
Wall Street stocks ended a turbulent week on Friday, mostly up but down for the week, amid deepening recession fears as the U.S. central bank takes aggressive action against inflation.
The broad-based S&P 500, which entered a bear market week, added 0.2% to end at 3,674.84, while the tech-heavy Nasdaq Composite Index gained 1.4% to 10,798.35. The Dow Jones Industrial Average slipped 0.% to 29,888.78, after closing below 30,000 on Thursday for the first time since January 2021.
The S&P lost 5.8% on the week, its worst performance since 2020, while the Dow Jones and Nasdaq fell 4.8%.
Stocks on Wall Street took a beating amid moves to raise interest rates to combat runaway inflation.
Download the app to get 14 days of unlimited access to Mint Premium absolutely free!