Nifty50: 16,628 ▲ 105 (0.6%)
Sensex: 55,818 ▲ 436 (0.7%)
Salut, people!
Bears checked out of the markets early today, and guess what, one of them landed up at a hotel in Colorado. It coolly inspected the lobby, terrified the receptionist and, finally, made its way out.
Meanwhile, Sheryl Sandberg posted on Facebook that she’ll be stepping down from her COO position and leaving the company after 14 years. But she will still be a part of Meta as a board member. So, cheers to her!
- Markets recovered after a weak start to close higher. The rise was supported by heavyweights such as Reliance Industries, Infosys and TCS.
- Among the Nifty50 stocks, 29 closed in the green.
- So far this week, crude oil prices have corrected by nearly 5%, which could augur well for the markets in the near term.
Among the Nifty sectoral indices, Oil and Gas (+2.2%) and IT (+1.8%) saw the most gains, while Auto (-0.6%) and Financial Service (-0.3%) were the top losers.
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| Top gainers | Today's change |
| RIL | ▲ 3.6% |
| Bajaj Finserv | ▲ 3.4% |
| Sun Pharma | ▲ 2.6% |
| Top losers | Today's change |
| Apollo Hospital | ▼ 4.9% |
| Hero Motocorp | ▼ 3.4% |
| Eicher Motors | ▼ 1.6% |
For more updates on F&O, click here.
What’s trending
⭐ Hero Moto delays EV 2W again 😑
Hero Motocorp slipped 3.5% after the two-wheeler (2W) maker postponed the launch of its EV 2W for the second time. The delay was on account of supply constraints amid geopolitical uncertainties. The company had earlier deferred the launch of its EV 2W under the “Vida” brand from March to July this year. However, this has been pushed further to the "festive season".
⭐ United in ‘high spirits’ 🍻
United Spirits was up 3% after its management said that an import duty cut on Scotch whisky could lead to higher volumes for some of its brands. A free trade agreement between India and the UK is in the works, which could bring down the custom duty. The company is optimistic that a deal will come through. However, it remains unclear about the timing.
⭐ Auto industry to speed up capex 🚗
The auto industry has reportedly earmarked capex of ₹30,000 crore for FY23. The capex will be allocated towards setting up new factories, expansion of output at current factories, and investments on new products and technologies. Tata Motors has raised its capex to ₹6,000 crore compared to ₹3,500 crore last year.
⭐ Digital growth on SBI’s agenda 📱
India’s largest bank, SBI, is pushing to fast-track its digital growth. The management said that the bank will leverage advanced analytics for deeper insights on internal data. Further, it will also explore partnerships with fintech firms and NBFCs to increase the reach of the bank.
⭐Power cos charge up ⚡
Due to strong demand, the average annual sales of power companies have grown 21% in the last three years despite margin pressures. The net sales of 24 companies increased to ₹93,240 crore in Q4FY22. Further their net profits jumped by 32% to ₹15,593 crore during the quarter.
In Focus
Real estate back on the market
In May, real estate stocks were demolished by rising interest rates and skyrocketing cost of raw materials like cement and steel. As a result, the Nifty Realty index fell by nearly 13%, in the first half of May. However, since 25 May, the sector is seeing a quick bounceback on some positive developments. What's happening? Let's break it down.
The sector got a big boost from the government's decision to impose an export duty on certain steel products, while relaxing import duties on raw materials used to make steel. This would increase supply of steel in India, thus helping bring down its price. Meanwhile, the Finance Minister tweeted that measures were being taken to improve the availability of cement and to reduce its cost.
This is not all. The truth is that the demand for real estate remains robust. The Mumbai metropolitan area saw a 78% year-on-year jump in the new property registrations in May. Further, property prices in India are expected to increase 7.5% this year, which makes it the fastest growth in five years.
IPO corner
As the markets continue to recover, Indian companies are chalking out plans to raise money through the IPO route. Balaji Specialty Chemicals, the subsidiary of listed company Balaji Amines, has received approval from its board to launch an IPO. Further, Nashik-based wine maker Sula Vineyards is reportedly planning to file documents with the market regulator SEBI for an IPO of up to ₹1,400 crore.
Good to know
What is a free float?
The free float represents the portion of shares of a company that are in the hands of public investors (retail and institutional) as opposed to the locked-in shares held by promoters or, in the case of public sector enterprises, the government.
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