June 18, 2021

Morning Update for 18 June 2021

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Indices at previous closing

Nifty50: 15,691 ▼-76 (-0.4%)
Sensex: 52,323 ▼-178 (-0.3%)
Nifty Bank: 34,605 ▼-398 (-1.1%)

In the news

Showtime soon for multiplexes

After a pandemic-hit 2020, multiplexes are expecting a fast recovery in the months ahead as a slew of bollywood movies are expected to be released. Bollywood’s first big release of the year will hit the cinema halls in July 2021.
According to reports, around 15 big-banner Bollywood movies are expected to hit theatres this year, along with 35-40 medium-budget films. The demand revival could be on cards for multiplexes as the vaccination drive picks up pace. Shares of Inox Leisure and PVR have risen by 10% and 16%, respectively during this fiscal.

PharmEasy to buy stake in Thyrocare

According to reports, PharmEasy is in talks to buy a stake in diagnostics services provider Thyrocare. PharmEasy became India’s largest medicine delivery platform after its acquisition of its peer Medlife.
PharmEasy, which is valued at $1.8 billion, is reportedly preparing to launch its IPO. Shares of Thyrocare have risen over 23% so far in June. They closed 2.4% higher today, in contrast to the fall seen in peers like Dr Lal PathLabs (-0.1%) and Metropolis (-1.2%).

Gold loses shine as dollar rises

Gold prices fell by more than 3% on Thursday amid rising US dollar index. This comes after the Federal Reserve on Wednesday said that it could take at least two interest rate hikes by 2023.
What is further adding pressure on gold prices is the weak consumer demand due to lockdowns.Gold prices were trading at their six-week low. In this calendar year, the gold prices have fallen by around 5% to ₹49,265 per 10 gram in Mumbai in this calendar year.

Sectoral indices (17 June)

Global markets (at 8:00 am)