Market LIVE Update: Sensex up 88 pts, Nifty at 15,781; realty, pharma gain – Mint

Indian markets opened higher on Wednesday. Asian markets slipped lower on cue from Wall Street peers, as the latter saw a mixed close amid lack of market driving activity in stocks. The US Senate voted 68-32 to approve a sweeping package of legislation intended to boost the country’s ability to compete with Chinese technology.

09 Jun 2021, 12:03:48 PM IST

All sectors in green

Nifty broader indices

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Nifty broader indices
09 Jun 2021, 11:36:33 AM IST

Metal Worth More Than Gold Is Set to Get Even More Expensive

Palladium’s surge has given it the title of most-expensive of the major traded precious metals, and its gap over gold may widen as demand buoys prices.

The metal used in catalytic converters hit an all-time high of more than $3,018 an ounce in May and, even as its rally cooled over the past month, is still more than $900 more expensive than bullion. The spread between the two spiked last month to the widest since its record in February last year and may continue to expand as the global economic recovery boosts consumption.

The global palladium market is expected to be in deficit on a rebound in the auto industry, tougher pollution controls and an unexpected tightening of supply after the world’s largest producer said flooding at its Arctic mines will curb output. It’s a different prospect for gold — which is little changed this year compared with a 15% jump in palladium. (Bloomberg)

09 Jun 2021, 11:22:55 AM IST

Why Adani Power share price is skyrocketing — explained

Adani Power share price has climbed over 70% in the last four trade sessions. As per the Adani Power share price history, the Adani group stock had closed at 97.35 at NSE on 3 June 2021, which is currently trading at 166.90 (at 10:07 am) — giving over 70% return to its share holders. According to stock market experts, this sharp rise in Adani Power stock price can be attributed to the two major reasons — its investments in green energy sparking value buying and partial payments received by the Rajasthan and Maharashtra governments that was long due. Apart from this, cancellation of the Adani Power delisting has also worked in favour of Adani Power share price rally.

09 Jun 2021, 11:11:28 AM IST

Uber to hire close to 250 engineers in India to expand tech, product teams

Uber on Wednesday announced it is recruiting close to 250 engineers for its Bengaluru and Hyderabad-based teams, as the company continues to expand the scope of operations for its engineering and product work in the country. The current round of hiring will strengthen the company’srider and driver growth, delivery, eats, digital payments, risk & compliance, marketplace, customer obsession, infrastructure, adtech, data, safety and finance technology teams, a Uber statement said. These roles are currently split between the Hyderabad and Bengaluru tech centres. (PTI)

09 Jun 2021, 11:00:27 AM IST

BharatPe makes its first acquisition, acquires PAYBACK India

Merchant financial services provider, BharatPe is all set to make its first acquisition and will acquire loyalty platform PAYBACK’s India arm. The deal is expected to give a complete exit to Amercian Express and ICICI Investments Strategic Fund, as PAYBACK’s India team joins BharatPe. Through the acquisition, BharatPe will enter into loyalty segment for merchants, allowing offline kiranas roll out rewards program for their merchants.

09 Jun 2021, 10:55:12 AM IST

Nifty realty index gains 1.39%

Nifty realty index

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Nifty realty index
09 Jun 2021, 10:48:23 AM IST

HDFC twins, SBI lead gains

Index contribution

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Index contribution
09 Jun 2021, 10:44:16 AM IST

Auto stocks trail

Nifty auto index

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Nifty auto index
09 Jun 2021, 10:37:24 AM IST

Auto sector outlier

Nifty sectoral indices

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Nifty sectoral indices
09 Jun 2021, 10:26:35 AM IST

Shemaroo trades lower

Shemaroo Entetainment’s quarterly net profit stood at 22 million in Q4 FY21, while net profit margin stood at 2.80%. The company’s Ebitda stood at 111 million in March quarter 2021 compared to 31 million during the same period a year ago.

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09 Jun 2021, 10:06:40 AM IST

RBI nod for Ghosh’s re-appointment as Bandhan Bank MD & CEO for 3 yrs

“The Reserve Bank of India vide its communicated dated June 8, 2021, has granted approval for re-appointment of Chandra Shekhar Ghosh, Managing Director & Chief Executive Officer (MD&CEO) of the bank, for a period of three years, with effect from July 10, 2021,” the lender said in a regulatory filing. (PTI)

09 Jun 2021, 10:01:18 AM IST

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments on Nifty’s trajectory

“Although the markets are headed to 15,900-16,000, it is facing resistance at higher levels. The trend is bullish as long as we keep above 15,600 on a closing basis. Hence, any drop in the index can be positively utilized by entering long positions on the Nifty.”

09 Jun 2021, 09:52:34 AM IST

Prestige Estates surges on Q4 earnings

Shares of Bengaluru-based Prestige Estate Projects Ltd surged more than 8% on the NSE in Wednesday’s opening morning trade. The Street cheered the company’s March quarter earnings performance. It’s pre-sales volume at 2.76 million square feet improved 35% year-on-year (y-o-y). In value terms, sales increased by 53% y-o-y to 18,540 million. For FY21, the company saw sales in value and volumes terms rise by 20% y-o-y. Collections also remained robust during the quarter.

Strong cash flows and asset monetisation deal with the Blackstone Group helped net debt reduce by 7,150 crore to 1,314 crore with debt/equity metric improving to 0.19 times. The company’s net profit for the quarter saw a multi-fold jump due to this transaction. Investors would reckon that the company signed a definitive agreements in March with global investment firm Blackstone to sell select assets in its completed office, retail and hotel properties portfolios in the first phase of this deal worth 9,160 crore.

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09 Jun 2021, 09:43:31 AM IST

Leading crypto exchanges scout entry into India despite potential ban

Global digital currency exchanges are exploring ways to set up in India, following in the footsteps of market leader Binance, industry sources told Reuters, while the government in New Delhi dithers over introducing a law that could ban cryptocurrencies. Opponents of the potential ban say it would stifle the economic power of a tech-savvy, young nation of 1.35 billion people. There is no official data, but industry analysts reckon there are 15 million crypto investors in India holding over 100 billion rupees ($1.37 billion). According to four sources, who declined to be identified as they were not authorised to comment on private discussions, U.S.-based Kraken, Hong Kong-based Bitfinex and rival KuCoin are actively scouting the market, which analysts say would only get bigger if it was given a free rein. (Reuters)

09 Jun 2021, 09:33:56 AM IST

Covid update: At 92,596, new cases go up slightly; positivity rate below 5%

As many as 92,596 people tested positive for Covid-19 in the last 24 hours, the Union health ministry said on Wednesday. This marks a slight uptick in the new reported cases after falling to a 63-day low of 86,498 on Tuesday. The cumulative caseload now stands at 2,90,89,069. (Read here)

09 Jun 2021, 09:32:20 AM IST

Market opening

The Sensex opened at 52,401.41, up 125.84 points, or 0.24%, while the Nifty opened at 15,766.30, up 26.20 points, or 0.16% on Wednesday. ONGC, Power Grid were major gainers.

Sensex at open

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Sensex at open
09 Jun 2021, 09:11:38 AM IST

Market pre-opening

Sensex at pre-open

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Sensex at pre-open
09 Jun 2021, 08:56:36 AM IST

World Bank slashes India growth forecast in FY22 to 8.3%

The World Bank on Tuesday slashed its FY22 growth forecast for India to 8.3% from the 10.1% pace it estimated in April, as an economic rebound in the early part of this year collapsed amid a devastating resurgence of coronavirus infections in Asia’s third-largest economy. (Read here)

09 Jun 2021, 08:54:54 AM IST

Coal India asks govt for vaccines after nearly 400 covid deaths

Coal India Ltd., one of the nation’s biggest employers, has asked Prime Minister Narendra Modi’s government to help accelerate the vaccination of its work force after the deaths of almost 400 staff from covid-19. The world’s top coal miner, which employs about 259,000 people, said it has written to government officials requesting about 1 million doses be made available for staff and their family members. So far, some 64,000 employees — about a quarter of the work force — have been vaccinated, and the company is seeking to speed up the inoculation drive after unions pressed the case. (Bloomberg)

09 Jun 2021, 08:45:10 AM IST

Market outlook

Markets are likely to be ranged on Wednesday while trends in SGX Nifty suggest a marginally higher opening of Indian benchmark indices. On Tuesday, the BSE Sensex closed at 52,328.51up 228.46 points or 0.44%. The Nifty was at 15,751.65, up 81.40 points or 0.52%. (Read here)

09 Jun 2021, 08:40:45 AM IST

Mehul Choksi’s bail hearing adjourned till 11 June

The Dominica High Court has adjourned the bail hearing of fugitive diamond merchant Mehul Choksi till June 11, local media reports stated.

Choksi had approached the high court after the magistrate rejected his bail petition.

The bail hearing took place before high court judge Wynante Adrien-Roberts through video-conferencing on the plea of Choksi’s local legal team comprising Julien Prevost, Wayne Norde, Wayne Marsh and Cara Shillingford-Marsh.

The government side represented by Director of Public Prosecution (DPP) Sherma Dalrymple “strongly objected” to Choksi’s plea calling him a flight risk, Dominica News Online reported.

The judge adjourned the matter till June 11, it said.

09 Jun 2021, 08:34:50 AM IST

Petrol, diesel prices touch record highs in Delhi, Mumbai

Petrol and diesel prices were hiked again today after a day of halt, touching fresh record highs in India. Petrol and diesel prices were increased by 19 paise per litre each in Delhi, according to a price notification of oil marketing companies(OMCs). Petrol is priced at 95.56 a litre while diesel is now priced at 86.47 in Delhi. In Mumbai, petrol is being retailed at 101.76 per litre and diesel at 93.85 per litre.(Read here)

09 Jun 2021, 08:27:11 AM IST

China May PPI +9.0% y/y, CPI up 1.3%

China’s factory gate prices increased at the fastest pace since September 2008, official data showed on Wednesday, while consumer inflation also accelerated but at a slower-than-expected rate.

The producer price index (PPI) rose 9.0% from a year earlier in May, according to a statement from the National Bureau of Statistics. Analysts in a Reuters poll had expected the PPI to rise 8.5% after a 6.8% increase in April.The consumer price index (CPI) rose by 1.3% from a year earlier, the statistics bureau said. Analysts in the poll had expected the CPI to rise 1.6% after a 0.9% increase in April. (Reuters)

09 Jun 2021, 08:16:42 AM IST

Bitcoin price continues to fall; ether, dogecoin plunge over 8%

Cryptocurrencies prices continued to fall after the US Internal Revenue Service (IRS) called for lawmakers to provide authority for tighter reporting rules on crypto transfers. Bitcoin fell as much as below $32,000 mark in the last 24 hours while other digital coins like ether and dogecoin also declined.

Bitcoin was trading at around $32,600 level, down over 3% according to CoinDesk’s data. The world’s largest cryptocurrency has slumped by half since hitting a record of almost $65,000 in April. Ethereum prices dived 8% to hover below $2,500 while Dogecoin was trading at $0.31. Other cryptocurrencies like XRP, Litecoin also fell more over 4% in the last 24 hours.

09 Jun 2021, 08:06:05 AM IST

JSW Steel sues top US competitors for metal ‘conspiracy’

India-based JSW Steel Ltd. claims three of the largest American steelmakers conspired to stifle competition by refusing to sell raw metal to its U.S. pipe and plate-making operations after the Trump administration imposed imports on cheaper foreign supplies. US Steel Corp., Nucor Corp. and Cleveland-Cliffs Inc. control more than 80% of domestic steelmaking capacity and conspired to cause direct harm to JSW, according to a lawsuit filed Tuesday in Houston federal court. (Read here)

09 Jun 2021, 07:58:40 AM IST

Sona BLW Precision IPO to debut 14 June

The initial public offering (IPO) of Sona BLW Precision Ltd, or Sona Comstar, an automotive component manufacturer, backed by private equity firm Blackstone Group, will open on 14 June. Price band for the issue has been fixed at 285-291 per share. The issue will close on 16 June.

09 Jun 2021, 07:43:51 AM IST

Mixed opening for Asian markets

Most Asian stocks edged lower Wednesday after U.S. equities treaded water near a record ahead of key data on price pressures in the global economy. Benchmark 10-year U.S. Treasuries held an advance.Shares slipped in Japan and Hong Kong and fluctuated in China, where surging commodity costs drove factory-gate inflation to its highest level since 2008. U.S. equity contracts were little changed after the S&P 500 ended just shy of its May 7 record close. A slide in biotech stocks after Monday’s rally offset gains in megacap technology shares.

S&P 500 futures were flat as of 10:54 a.m. in Tokyo. The index rose less than 0.1%

Nasdaq 100 futures were little changed. The gauge climbed less than 0.1%

Japan’s Topix index fell 0.2%

Australia’s S&P/ASX 200 index rose 0.1%

South Korea’s Kospi index fell 0.2%

Hong Kong’s Hang Seng index slipped 0.1%

China’s Shanghai Composite index fell 0.1%

SGX Nifty was up 0.01%

09 Jun 2021, 07:33:13 AM IST

Wall Street sees mixed close amid lack of clear catalyst

Wall Street stocks struggled to eke out closing gains on Tuesday as a lack of clear market catalysts kept institutional investors on the sidelines, while retail traders fueled the ongoing meme stocks rally.The Dow Jones Industrial Average fell 30.42 points, or 0.09%, to 34,599.82; the S&P 500 gained 0.74 points, or 0.02%, at 4,227.26; and the Nasdaq Composite added 43.19 points, or 0.31%, at 13,924.91.

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