Nifty50: 16,478 ▲ 121 (+0.7%)
Sensex: 55,320 ▲ 427 (+0.7%)
Hello, folks!
For those who're eagerly awaiting the rains, there is some good news. The IMD has predicted that monsoons will reach Maharashtra in two days. However, Delhiites will have to wait a bit longer as heatwave conditions are expected till 15 June.
Meanwhile, markets also offered some relief for our mid-week blues today. They snapped a four-day losing streak and closed in the green. More on that below.
- Markets remained subdued for most of the day, before seeing a recovery in the last hour of trade.
- In all 38 of the Nifty50 stocks closed in the green.
- The ECB kept key rates unchanged in its policy meeting on Thursday. Investors await the outcome of the US Fed meeting next week.
Among the Nifty sectoral indices, Oil and Gas (+1.9%) and Pharma (+1.2%) gained the most, while Metal (-1.3%) and PSU Bank (-0.2%) were the top losers.
Did you know?
You can now place Good-Till-Triggered (GTT) orders on the new Upstox app. To know more about GTT orders, click here.
| Top gainers | Today's change |
| Dr. Reddy's | ▲ 3.0% |
| BPCL | ▲ 2.8% |
| RIL | ▲ 2.6% |
| Top losers | Today's change |
| TATA Steel | ▼ 4.1% |
| Shree Cement | ▼ 1.9% |
| Grasim | ▼ 1.6% |
For more updates on F&O, click here.
What’s trending
⭐ Banks hike loan interest rates 💸
ICICIBANK (NSE): 732 ▲ 3.2 (+0.4%); BANKBARODA (NSE): 105 ▲ 1.6 (+1.5%)
Only a day since the RBI's decision to hike interest rates, banks have already begun to follow suit. ICICI Bank, Bank of Baroda, PNB and Bank of India have all decided to hike external benchmark linked home loan interest rates by 0.5%.
⭐ Diagnostic cos surge as Covid cases rise 😷
METROPOLIS (NSE): 1,580 ▲ 57.4 (+3.7%); THYROCARE (NSE): 685 ▲ 20.2 (+3.0%)
Stocks of diagnostic companies like Metropolis Healthcare and Thyrocare Technologies surged upto 3% intraday. The daily new Covid cases in India rose to 7,240, up over 40% for the second day in a row.
⭐ BLS International lifts off 😍
BLS (NSE): 193 ▲ 16.3 (+9.2%)
Travel services provider BLS International's shares zoomed 10% intraday after it announced the acquisition of India's largest business correspondent (BC) Zero Mass for ₹120 crore. A business correspondent is a retail agent that engages in banking services at locations other than a bank branch or ATM. Zero Mass controls 6% of bank accounts and deposits in India's BC system.
⭐ Oil on the boil 🛢
Oil prices jumped about 3% to a 13-week high. This comes against the backdrop of rising US demand for gasoline and expectations that China's oil demand will increase. Brent crude futures for August rose 0.4% to $124 a barrel on Wednesday, its highest close since 8 March.
⭐ Rupee touches fresh low 💰
The rupee touched 77.8 against the dollar intraday as investors continue to pull out from emerging markets amid increasing crude oil prices. FIIs have sold a staggering $23 billion worth of domestic equities since the start of this year. The rupee has come under pressure after the US Federal Reserve began to tighten monetary policy to fight escalating inflation.
In Focus
Clear skies ahead for the travel industry?
The travel and tourism sector in India seems to have got back into action after a dull period. The industry is showing signs of revival after two years of tepid business due to the pandemic.
Domestic travel bookings continue to recover and are expected to go above pre-pandemic levels by September 2022. Meanwhile, full recovery in international travel bookings could happen by the end of this fiscal year, as per some industry experts. Pent-up travel demand and ongoing summer holiday season are supporting the industry’s revival.
In addition, the domestic passenger air traffic has reached 98% of pre-Covid levels in the last two months, while overall passenger traffic was at 93% in May 2022, as per the latest report by credit ratings agency ICRA.
Owing to the rising demand for travel, shares of several travel and hospitality-related stocks such as Indian Hotels, Chalet Hotels, Lemon Tree Hotels and Mahindra Holidays have already jumped between 17% to 36% in 2022, highlighting positive investor sentiment.
Despite this positive picture, the industry faces some major challenges like the recent rise in Covid cases (7,240 new cases in the last 24 hours) and substantial increase in airfare due to rise in aviation fuel prices.
Will there be clear skies or turbulence ahead? Only time will tell.
IPO corner
This has been a mixed bag year for IPOs. In 2022, 16 companies have hit the stock exchanges so far. Of these, Adani Wilmar and Veranda Learning have given stellar returns of 179% and 70%, respectively. Whereas, AGS Transact Technologies and LIC have been the worst performing debutants, losing 51% and 24%, respectively.
Good to know
What is a bear trap?
A bear trap refers to a sudden downward movement on a bullish stock or index, indicating a trend reversal. Traders are tempted into short selling, thinking the prices will fall further. But they are eventually "trapped" as prices reverse back upwards, resulting in losses for the traders.
Click here to join us on Telegram for trading and investment-related videos, daily market updates, details on upcoming IPOs and more.
We'd love your thoughts on this market recap.
Haven't tried out Upstox yet? Click here to open your account now!