Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities:
Indian markets languished in negative territory for the better part of the trading session and finally extended its losing streak in a trend that was more or less similar in other Asian indices.
Currently, risk-off sentiment is prevailing in the market and investors traded with caution ahead of the outcome of the FOMC meet and booked profit in select counters. Technically, the Nifty has formed a small inside body bearish candle which indicates indecisiveness between the bulls and bears.
On intraday charts, the index is holding a lower top formation that indicates further weakness from the current levels. While the market is in an oversold condition, we may see a fresh pullback rally only beyond 15800 and above the same, the index could move up to 15950-16000 levels.
On the flip side, as long as the index is trading below 15800, the correction continuation formation is likely to continue and below the same, the index could slip till 15550-15500.
Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty closed lower for the fourth consecutive session on June 15 after giving up the morning gains. At close Nifty was down 0.25% or 39.95 points at 15692.2.
Post the US Fed meet outcome this evening Indian time, Nifty could either open gap down below 15500 or gap up above 15886. A downside breakdown could result in follow through selling while an upside breakout will have to face selling pressure at highs.
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities:
The volatility continued in the Nifty index ahead of the crucial US FOMC meet outcome. The index lower-end support stands at 15,500 where fresh put writing has been observed and if fails to sustain above, it will witness further selling pressure. The upper-end resistance stands at 16,000 where the highest open interest is built up on the call side.
The Bank Nifty index witnessed a range-bound trading session and will witness sharp movement on either side post the FOMC meeting. The immediate upper-end hurdle stands at 34,000 and a breach above that will lead to fresh short covering. The lower-end support stands at the 33,000-32,500 zone which has earlier acted as the demand zone.
Ajit Mishra, VP - Research, Religare Broking:
The equity markets traded nervously ahead of the US Fed meet outcome. While strength was seen in the morning, selling pressure in the second half dragged the indices lower.
The broader markets outperformed wherein Midcap and Smallcap ended with healthy gains of 0.5% each. Amongst the sectors, Auto, Capital Goods, and Healthcare ended with gains whereas Metal, Oil & Gas and Power ended with losses.
All eyes would be on the US Fed meet outcome. The street seems to be divided over the quantum of rate hike between 50-75 bps. Apart from this, commentary from the US Fed would also be actively tracked by the investors. Meanwhile, participants should remain light and wait for clarity.
Vinod Nair, Head of Research at Geojit Financial Services:
Looming fears of stagflation and volatility ahead of the Fed meeting decision, forced the market to close flat with a negative bias. The aggressive rate hike of 50-75 bps is mostly factored by the market but updated economic and interest rate forecasts to be detailed by the central bank's will closely control the future trend.
Rupee Close:
Indian rupee ended 8 paise lower at 78.07 per dollar against Tuesday’s close of 77.99.
Market Close: Benchmark indices ended lower in yet another volatile session on June 15 with Nifty below 15,700.
At close, the Sensex was down 152.18 points or 0.29% at 52,541.39, and the Nifty was down 39.90 points or 0.25% at 15,692.20. About 1730 shares have advanced, 1484 shares declined, and 143 shares are unchanged.
Tata Steel, ONGC, NTPC, Infosys and Wipro were among the top Nifty losers, while gainers were Bajaj Finserv, Bajaj Finance, Tata Motors, Hero MotoCorp and Grasim Industries.
Among sectors, buying is seen in the auto, capital goods, pharma, while selling is seen in the power, IT, metal, oil & gas, realty and FMCG.
The BSE midcap and smallcap indices ended in the green.
Elara Captial View On BEML
We cut our EPS estimates by 3% for FY23 and by 4% for FY24 to factor in slight revenue growth in R&M due to non-finalization of Mumbai Metro Depo on Line 2A.
We decrease our target price 14% to Rs 1,500 from Rs 1,750 based on 25x (from 28x) FY24E P/E on further delay in demerger and disinvestment. Orderbook of Rs 92 bn provides revenue visibility for the next 2-3 years, led by: 1) execution of the Mumbai Metro and defence orders over FY23-25, 2) strong inflow pipeline in rail, metro & defence due to indigenization focus, and 3) incremental orders for mining equipment in the coal segment.
These bode well for growth prospects. We reiterate Buy as the stock has underperformed the BSE Sensex by 28% in the past six months.
We expect an earnings CAGR of 49% over FY21-24E versus -17% over FY18-21 and a FY22-24E ROCE of 8% versus 5% over FY19-21.
Lupin Diagnostics starts regional reference laboratory in Patna
Lupin announced today that Lupin Diagnostics has launched its first Regional Reference Laboratory in Patna, Bihar, company said in release.
The new Regional Reference Laboratory at Patna has capabilities to conduct a broad spectrum of routine and specialized tests in the fields of molecular diagnostics, cytology, microbiology, serology, haematology, immunology and routine biochemistry, it added.
Lupin was quoting at Rs 613.55, up Rs 4.80, or 0.79 percent on the BSE.
BSE Midcap index added 0.5 percent led by the AU Small Finance Bank, Indraprastha Gas, Mahindra & Mahindra Financial Services
Rakesh Jhunjhunwala sold 75 lakh shares of Delta Corp from June 1-14, reported CNBC-TV18.
Market at 3.00 PM
Indices at day's low, Sensex trading lower by around 150 points, Nifty below 15,700
The Sensex was trading at day's low, decline 132.6 points or 0.25% at 52,560.92 and the Nifty was lower by 42.7 points or 0.27% at 15,689.55. About 1872 shares have advanced, 1391 shares declined, and 138 shares are unchanged.
Source: BSE
Closing Bell: Market ends lower amid volatility; auto shines, metal, IT drag - Moneycontrol
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