Market Wrap Podcast, June 23: Here’s everything that happened in the markets today

The benchmarks ended their three-day winning streak and ended down half a percent on Wednesday as earnings reservations emerged at higher levels. In addition, a drop in India’s growth forecast for CY21 by Moody’s further dampened sentiment on Street.

Moody’s Investors Service on Wednesday reduced India’s growth projection to 9.6% for calendar year 2021, from its previous estimate of 13.9%, and said faster progress on immunization will be essential to limit the economic losses in the June quarter.

With the exception of the automotive segment, all other sector indices ended the session in the red, with the Nifty Metal (1%) and IT (0.87%) indices recording the largest losses.

Overall, the S&P BSE Sensex Index closed at 52,306 levels, down 282.6 points while the Nifty50 Index finished at 15,687 levels, down 86 points.

Maruti Suzuki, Titan Company, Bajaj Finserv, M&M, Ultratech Cement, Hero MotoCorp and ONGC were the main winners in the large cap space while Adani Ports, Wipro, JSW Steel, Divis Labs, Shree Cement, L&T, Kotak Bank and TCS lagged the furthest behind.

In the mid and small cap segment, PNB Housing Finance, Central Bank of India, United Breweries, Adani Enterprises, PNB Gilts, Dhanlaxmi Bank and Indian Overseas Bank pulled the BSE MidCap and SmallCap indices by 0.26% and 0 , 43%. lower, respectively.

Individually, United Breweries shares slipped 6% from their 52-week high of Rs 1,498 reached earlier in the day, and hit an intra-day low of Rs 1,400, after several block trades on BSE.

About 39.76 million shares, representing nearly 15% of the total capital of United Breweries, changed hands on BSE earlier in the day, according to stock exchange data. The names of the buyers and sellers were not immediately determined.

On the other hand, shares of Hero MotoCorp, the world’s largest maker of scooters and motorcycles, rose 3% to Rs 2,994.55 on BSE in intraday trading on Wednesday after the company announced. that it would undertake price increases of up to Rs 3,000 / unit on its range of products depending on the model to be passed on to the increase in input costs.

Finally, shares of Bharat Electronics (BEL) hit a three-year high of Rs 170 after rallying 12.5% ​​on BSE in intraday trading following a strong set of figures for the quarter completed in March 2021 (T4FY21). In addition, the company recommended a final dividend of 1.20 rupees per share for fiscal year 21. The stock of the state defense company, which ended up 11%, reached its highest level. since February 2018.

In primary markets, India Pesticides’ initial public offering of Rs 800 crore was successful on the very first day of the issue and garnered 107 percent subscription until 4:00 p.m.

Most analysts have a subscription rating on the IPO because they believe the issue’s price is 25.3 times FY21 earnings, which looks attractive compared to the average multiple of industry 47 times.

Global markets

European stocks hovered below record highs on Wednesday as inflation concerns eclipsed data showing increased trade activity in June. The pan-European STOXX 600 lost 0.2%, the French CAC 40 fell 0.56% and the German DAX fell 0.64%.

The mood in the Asian market, however, was mixed where Japan’s Nikkei closed 0.03% lower, but South Korea’s Kospi index and Shanghai’s Chinese index gained 0.38 respectively. % and 0.25%.

As for the US market, the futures contracts of the three major Wall Street indices rose in the range of 0.06 percent to 0.13 percent.

About Alma Ackerman

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