Stock Market LIVE Updates: Gift Nifty indicates Indian markets may open flat; Asian indices trade mixed

The broader market witnessed volatility, underscoringcaution on account of Q4 earnings and general election uncertainties, which led investors to stay on the sidelines. We expect the trend to continue in the short term as the market slid below the physiological level of 22,000. The global indices are trading with mixed cues ahead of the BOE policy meeting later today and US inflation figures due next week.

Today, the benchmark indices witnessed a sharp selloff, the Nifty ends 345 points lower while the Sensex was down by 1062 points. Among Sectors, almost all the major sectoral indices witnessed profit booking at higher levels but Energy and Metal indices lost the most sheddingnearly 3 percent. Technically, after a muted opening market breached 22200/73200 support level and post breakdown the selling pressure intensified.

On daily charts, the index has formed long bearish candle, which supports further weakness from the current levels. We are of the view that, the short-term market texture is weak but due to temporary oversold conditions, we could see a one technical pullback rally from the current levels. For the traders now, 22000/72550 would act as key level to watch out. Above 22000/72550, the market could bounce back till 22100-22150/72300-72500. On the flip side, below 22000/72550 the weak sentiment is likely to continue. Below which the market could slip till 21850-21800/72100-72000.

India’s benchmark indices took a hit, with NSE Nifty 50 dropping below 22,000 and BSE Sensex plunging over 1,000 points, both marking over a 1 percent intraday fall. Sensex closed down 1,062 points at 72,404, and Nifty 50 down 335 points at 21,967. This marks the fifth consecutive day of decline, attributed to factors like ongoing elections, weak Q4 results, and rising crude prices.

V.P. Nandakumar, Managing Director & CEO of Manappuram Finance Ltd, said that the RBI’s advisory reiterating the limit of Rs 20,000 for disbursing cash loans would not hamper the company’s business. “Our highly popular product — Online Gold Loan, that forms 50% of our gold loan book, follows a fully paperless process of application and disbursement,” he said.

“Even for the loans originating at branches, most of our customers prefer direct transfers. Moreover, our employees are trained to convince customers about the same as it promotes smooth operations. We believe that the RBI has issued the said advisory to promote transparency and prevent potential disputes, and we support the same. We have always followed fully-compliant processes and will continue to do so. We don’t see the concerned advisory dissuading customers from obtaining gold loans.”

#1 Net Profit up 30.5% at Rs242 cr Vs Rs185.5 cr (YoY)

#2 Revenue down 4.6% at Rs2,082.5 cr Vs Rs2,183 cr (YoY)

#3 EBITDA up 12.8% at Rs266 cr Vs Rs236 cr (YoY)

#4 Margin at 12.7% Vs 10.8% (YoY)

#1 Net Profit up 99% at Rs29.5 cr Vs Rs14.8 cr (YoY)

#2 Revenue at Rs231.8 cr Vs Rs114.2 cr (YoY)

#3 EBITDA at Rs66.2 cr Vs Rs31 cr (YoY)

#4 Margin at 29% Vs 27% (YoY)

Domestically, gold prices have increased 13% since the last Akshaya Tritiya, leaving a trail of bullish growth patterns in terms of both price and demand. We will see the momentum inflate twofold during Akshaya Tritiya and this uptick in trend will be driven by the sentimental value attached towards the yellow metal along with one of the most auspicious moments to invest in safe-haven like gold. Having said that, there is a behavioural shift observed among the young buyers who are investing largely in gold for adornment purposes and this trend too, has developed a robust market share of its own.

Silver on the other hand too, has grown 11% y-o-y and as per findings from a recent report by Motilal Oswal, will outgrow gold in the near term. The fan base for silver has witnessed significant growth in the past few years and we foresee a 10%-15% rise in demand on this auspicious occasion. Overall, both gold and silver have emerged as dependable asset classes and with the projection of their prices touching 75,000 and 1,00,000 during the year, we will see a strong demand influx during the festive buying throughout the year.

#1 Revenue Rs 1.21 trln, up 6% YoY

#2 Total Cost Rs 1.19 trln, up 7.2% YoY

#3 Dividend per share Rs 16.50 a share

#4 Hindustan Petroleum to Give 1 Free Share for 2 Shares Held

#5 Hindustan Petroleum Bonus Issue Record Date June 21

#6 Average GRM during FY24 was $9.08 per barrel compared with $12.09 year ago

#1 Buyer AICA Kogyo plans to acquire 14% in Stylam from promoters

#2 Transaction may trigger open offer, AICA Kogyo plans to take up stake to 40%

#3 Share buy from promoters via a Share Purchase Agreement

#1 Provisions Rs 768 crore, up 10% QoQ

#2 Gross NPA 3.1% vs 3.9% QoQ

#3 Other income Rs 2480 crore, up 73% YoY