29/06/26, Intraday Market News

Stock benchmarks Sensex and Nifty declined from day's high to trade in the red on June 29 due to various reasons, including fall in auto, IT shares. Sensex fell 600 points from day's high while Nifty was trading below the psychologically important 24,000-mark.

At 12:42 pm, the Sensex was down 449.86 points or 0.58% at 76,650.61, and the Nifty was down 119.25 points or 0.5% at 23,936.75. About 1,435 shares advanced, 2,402 shares declined, and 178 shares were unchanged.

Sectoral indices showed a mixed performance, with the Nifty Pharma and Nifty Healthcare gaining the most, up almost 2% each. On the other hand, Nifty Auto was the biggest laggard, down 1%. The Nifty IT and Nifty Media logged losses of around 1% each.

Dr. Reddy's Laboratories continued to be the top gainer in the 50-stock index, up over 4%. Cipla and Sun Pharmaceutical Industries were up 2–3%. Healthcare stocks Max Healthcare Institute and Apollo Hospitals Enterprise gained 1.2–2.5%. Torrent Pharmaceuticals and Glenmark Pharmaceuticals rose nearly 3% each in the Nifty 200 index. Zydus Wellness was up nearly 6% in the Nifty 500 index.

Key reasons behind market decline

1) Profit booking

Analysts said while easing geopolitical tensions and stable crude prices supported sentiment, the recent rally left little room for fresh gains.

Nine of the 16 major sectors logged losses. The broader small-caps and mid-caps shed 0.3% and 0.1%, respectively.

The equity benchmarks logged a third straight weekly gain on Thursday, their longest winning streak in seven months, as crude oil prices fell to pre-Iran-war levels and recent measures to support the rupee and attract overseas inflows lifted sentiment.

2) Fall in IT, auto shares

Select information technology and automobile stocks were major drags on the Nifty 50 index. Eicher Motors, Mahindra & Mahindra, Tata Motors Passenger Vehicles, and Bajaj Auto fell 1.1–1.8%. IT stocks Tata Consultancy Services and Infosys were down nearly 1% each.

IT index fell over 1, dragged by a 10% slide in Persistent Systems after it announced a voluntary public takeover offer to acquire Munich-headquartered digital engineering firm Nagarro SE.

Multiple brokerages flagged rich valuations, debt-funded leverage, integration risks and growth uncertainty around the deal.

3) Technical reason

Analysts said Nifty has to decisively cross 24,100 for markets to trade higher.

"For bulls to regain control, the index needs to decisively close above Thursday's high of 24,262, which could pave the way for a move toward the upper Bollinger Band near 24,365. On the downside, 24,000 and 23,800 remain crucial support levels, and holding above these zones is essential to maintain the positive undertone," said Axis Securities.

4) VIX rises 6%

India VIX, the volatility gauge, rose over 6% to trade at 13.88. Rise in VIX suggests short-term volatility is possible in the markets.

Report by J. Jagannath, Network18

29/06/26, Mahindra&Mahindra Finance

 

29/06/26, BIZnews

 ·       India: Cabinet reshuffle likely soon (details awaited)

·       Trump says Iran violated ceasefire with drone attacks on Strait of Hormuz ships

·       Oil falls below $70/bl - lowest level since before Iran war

·       Dollar Index falls post USA inflation data; Gold & Silver move higher

 

*Stocks To Watch*

1.      IIFL Finance gets new CFO from Bajaj Finance, Bajaj Housing Finance, Hinduja Leyland Finance, and PwC + enabling resolution to raise upto Rs 10,000 crore

2.      Haitong India initiate coverage on Northern ARC with TP of Rs 385 (implying 1.2x FY28 P/BV), 34% upside from CMP

3.      All big names enter Tanfac QIP: Ashish Kacholia, Motilal Oswal MF, Niveshay, Malabar India Fund

4.      Adani Energy: Board to consider fundraising via equity on July 1

5.      HDFC Bank update: No evidence supporting former chairman Atanu Chakraborty’s allegations

6.      Kotak Bank CEO Vaswani to step down for personal reasons

7.      Auto Stocks will be focus ahead of monthly sales data

 

*TURN-TURN-TURN-INDIA’S TURN IS COMING SOON*

 

 Everyone around the world is obsessed with Korean/ Taiwan and stocks like Hynix, Samsung Electronics, Micron & Kioxia. No doubt, this is a super cycle going for some of these names – evident from Apple increasing prices by 15-25% for the first time ever. This is a never-seen-commodity-bull-cycle for memory tech hardware businesses. But do remember the craze: Micron is officially the most traded stock in the US. Daily turnover in Micron stock surpassed $70 billion (wowowowow) for the first time, making it the most traded stock in the US. It is crazy that the entire world wants to ride & trade only 4-5 stocks. Crazy.

 

Retail chases momentum & news. Since April, US gold and Bitcoin ETFs have posted -$12 billion in cumulative outflows. Over the same period, US semiconductor ETFs have attracted +$20 billion in cumulative inflows. Saw the same earlier with Bitcoin & many tech stocks in USA.

 

It is all about cycles and mean reversion. Google is up 6%, NVIDIA Corp stock is up 2%, Palantir Tech down 40%, Oracle down 24%, Tesla down 20%, Microsoft Corp is down 23% during the last 6-months. They all were darlings 1 year back. And now no one wants them at all.

 

But at the same time – we cannot forget what’s happening in India especially post-free crude oil fall. Just imagine: India’s banks credit growth in India is back above 18% at 10- YEAR-HIGH. This is not a small sign but an indication of growth to come across sectors. Some financials stocks & NBFCs will show 25-30% growth in top line and still trade less than 1.5x PB.

 

Brokers are coming back & now noticing India. Goldman has raised India’s CY26 growth forecast by 0.3pp to 6.8% yoy & lowered headline inflation forecast for CY26 and FY27 by 0.2pp and 0.3pp to 4.4% yoy and 4.9% yoy. Also, Citi has also raised FY27 GDP at 6.9% vs 6.6% earlier & lowered FY27 CPI at 4.7% vs 4.9% earlier. Also, Citi says no rate hikes in FY27!

 

  Extremely bullish on individual stocks in India and searching for strong names with reasonable valuations.

 

 RBL Bank which is a re-rating candidate as RoA orbits from 0.5% to 1.5%. This kind of pedigree stock can trade at 2x as well with ROA closer to 2% in next 2-3 years.

 

FIIs will have to come back to India with macro stabilizing and turning with every passing day.  cannot believe that trillion of dollars will chase ONLY 4-5 stocks worldwide and ignore 7% GDP growth in India and cos with 25-35% growth with 1-1.5x PB.

29/06/26, PreMarket information

 Developments on the geopolitical front, particularly the latest military exchanges involving the US and Iran, their impact on crude oil prices, and key domestic macroeconomic data releases are expected to drive stock market sentiment this week.

Besides, trading activity of foreign investors and the progress of the southwest monsoon will also remain in focus.

Here are the 10 key factors to watch

1) US-Iran tensions: Iran launched drone and missile attacks targeting Bahrain and Kuwait in response to US airstrikes on the Islamic Republic and warned that negotiations to end the conflict could come to a "complete halt" if Washington continues its attacks. . Efforts to. reopen the Strait of Hormuz without Iran's direct oversight have intensified tensions in the region.  In recent days, Tehran has twice attacked vessels using a route on theOmani side of the strait backed by a United Nations agency.

Indian benchmark indices are likely to open on a muted note on June 29, mirroring a largely flat trend in GIFT Nifty, which was trading around 24,094.50 in early trade.

Indian benchmark indices extended the winning streak on the second consecutive

 day with Nifty reclaiming 24,250, hitting

 more than a one-month high aided by easing

 crude oil prices and buying seen in the auto,

 FMCG, realty stocks. However, selling in

 metal, IT, oil & gas names limit the gains.

At close, the Sensex was up 109.25 points or 0.14 percent at 77,100.47, and the Nifty was up 34.35 points or 0.14 percent at 24,056.

Here is how financial markets across the globe fared overnight:

GIFT Nifty (Flat)

GIFT Nifty is trading flat at around 24,094.50, indicating a flat opening for the domestic benchmark indices.

Asian Equities (Mixed)

MSCI's Asia Pacific share benchmark, however, retreated 0.5% with technology stocks remaining under pressure.

South Korea's Kospi index, the world's best-performing major stocks gauge this year, fell 1% ahead of Monday's planned unveiling of a sweeping growth strategy.

US equities (Down)

The S&P 500 ended marginally lower on Friday, with a steep drop in AI-related chip stocks and sharp gains ​in Moderna and other healthcare stocks.

The S&P 500 declined 0.05% to end the session at 7,353.95 points. The Nasdaq declined 0.24% to 25,297.62 points, while the Dow Jones Industrial Average declined 0.09% to 51,876.11 points.

Dollar Index (Flat)

The dollar was little changed against its major peers in the early trade on Monday.

US Bond Yield (Up)

The yield on 10-year Treasuries gained more than one basis point to 4.38%, while yield on 2-year Treasuries was up 1 basis point at 4.10%.

Asian Currencies (Mixed)

Asian currencies traded mixed against the US dollar, reflecting cautious sentiment across regional markets. The Malaysian Ringgit emerged as the top performer, appreciating 0.289%, followed by the Indonesian Rupiah, which gained 0.117%. The Taiwan Dollar and Philippine Peso also posted modest gains of 0.038% and 0.026%, respectively.

On the other hand, the South Korean Won was the weakest currency in the region, declining 0.338% from the previous close. The Thai Baht also weakened by 0.126%, while the Chinese Renminbi, Singapore Dollar, and Japanese Yen recorded marginal losses of 0.044%, 0.039%, and 0.019%, respectively.

Crude (Down)

Oil pared early gains after the US and Iran agreed to stop attacking each other, following flare-ups over the weekend that saw an oil supertanker hit near the Strait of Hormuz.

Gold (Slips)

Gold declined to near $4,000 an ounce after the US and Iran traded attacks in the Persian Gulf, straining a ceasefire that had last week seen energy prices fall to pre-war levels and tempered expectations for an interest-rate hike.

Fund Flow Action

On June 25, Foreign Institutional Investors (FIIs) bought equities worth Rs 383 crore, while Domestic Institutional Investors (DIIs) purchased shares worth Rs 5,747 crore.

Hope you're all set for today's trade. We wish you a profitable day ahead.

Source:Moneycontrol, Network18 

Disclaimer: The views and investment tips expressed by investment experts are their own and not those of us. We advise readers to check with certified experts before taking any investment decisions.