Sensex starts July series on strong note, jumps 386 points; rupee recovers from lifetime low
Vinod Nair, Head of Research, Geojit Financial Services
Market recovered from yesterday’s loss on account of sharp rebound in rupee while positive momentum in global market supported the domestic sentiment further. However, oil remains a key determining factor for the market direction while other multiple headwinds like inflation and fiscal path will be keenly watched by the participants.
Sanju box office collection: Even as actor Ranbir Kapoor starrer Sanju, which is a biopic based on Sanjay Dutt's life, is expected to enter the much celebrated and prestigious Rs 100 crore club, share prices of PVR, Inox Leisure and Eros International traded weak in Friday's trade. The Ranbir Kapoor starrer movie got off to a flying start at the BO with just the morning shows logging as much as 50 per cent to 55 per cent occupancy rate. Significantly, when Salman Khan starerr Race 3 released, share prices of PVR, INOX and Eros jumped up to 5 per cent.
PVR share price dipped 2.31 per cent to Rs 1357, Inox Leisure share price slipped 1.5 per cent to Rs 256.15, while Eros International dropped nearly 1 per cent to Rs 116.60 on the BSE.
Markets At Close
The Sensex and Nifty bounced back on Friday after two straight days of losses, starting July derivatives series on a strong footing led by energy and financial stocks as the rupee recovered from an all-time low and Asian peers staged a pullback. The rupee, which breached the 69 per dollar mark for the first time on Thursday, recovered tracking a rebound in Asian shares and currencies.
Ace investor Rakesh Jhunjhunwala offloaded some stake in his favourite stock, but the share price of the company still rallied over 2 per cent on the BSE on Friday. RARE Enterprises chief Jhunjhunwala, sold 1.4 per cent stake in the jewellery firm Titan Company between May 22 and June 27, according to a disclosure made to BSE.
Titan Company Investors, however, refrained from reacting negatively to the development with the stock gaining 2 per cent to Rs 855.60 on the BSE.
Nifty Outlook by Geojit Financial Services
Yesterday’s penetration of 10588 has now exposed the key moving average supports of 100 & 200. DMAs placed at 10530 and 10436 respectively. However, ability to float above 10600 earlier in the day can be taken as a sign of positivity, though feeble, aiming 10647. A direct rise above 10750, though less likely today, may help revive uptrend.
Titan Company: Ace investor Rakesh Jhunjhunwala sold 2.67 per cent stake in Titan Company between May 22 and June 28. Jhunjhunwala and eight other connected entities offloaded around 12.5 million shares for around Rs 10.8 billion, accordinmg to a disclosure made to BSE. Before selling, Jhunjhunwala & Family held 8.78 per cent in Titan, now Hold 7.37 per cent in the company.
Tata Steel (Buy)
Target: Rs 557
Stoploss: Rs 546
- Approval to merge steel business with Thyssenkrupp AG
- Thyssenkrupp Union approved the merger
- Thyssenkrupp will have 55% stake in European steel company
The Sensex and Nifty fell for a second straight day on Thursday as investors turned cautious on the expiry of derivatives contracts, while the rupee hit a record low amid intensifying global trade war. The broader NSE Nifty ended 0.77 per cent or 82 points lower at 10,589.10, while the benchmark BSE Sensex closed 0.51 per cent or 82 points lower at 35,037.64.
In the broader market, the BSE Midcap and the BSE Smallcap indices underperformed to lose 1.6 per cent and 1.5 per cent, respectively.