Nifty futures on the Singapore Exchange traded 25 points, or 0.16 per cent, higher at 15,334.50, signaling that Dalal Street was headed for a positive start on Friday. After the US Fed announced a 75 basis point hike, the domestic equity market fell for the fifth consecutive day today. Nifty hit a 52-week low of 15,335.10, while the Sensex also hit a low of 51,425.48 during the last session. Sensex ended lower by over 1,000 points. Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said the sharp weakness of Thursday below the crucial support (15,600) indicates a significant downside breakout in the market. “One may expect the Nifty to slide down to the next lows of around 15,000-14,800 in the near term. Any upside bounce from here could be a sell-on-rise opportunity.”
Results Today
Supreme Infrastructure India, Aroma Enterprises and JR Foods are among companies which will announce their quarterly earnings today.
Telecom Stocks
The telecom department on Thursday issued a notice for holding the 5G spectrum auction-related pre-bid conference on June 20. The pre-bid conference is the first major event in the detailed auction timetable that is mentioned in the bid document.
Tata Motors
Amid a fluid outlook for the near-term with multiple challenges, Tata Motors is taking the right actions to navigate them while taking concerted actions to be future ready and create a virtuous cycle of growth, according to company Chairman N Chandrasekaran.
Dr Reddys Labs
LIC has raised its stake in pharma major Dr Reddy’s Laboratories to over 5 per cent by way of open market stock purchases during September 2021 to June this year, at an estimated cost of Rs 1,556 crore.
Grasim Industries
The Aditya Birla group firm announced the appointment of Pavan Jain as its next Chief Financial Officer with effect from August 15, 2022. His appointment comes in the wake of incumbent Ashish Adukia’s plan to pursue career opportunities outside the Aditya Birla Group.
RITES
The railway consultancy firm said it has bagged a contract worth Rs 364.56 crore from Container Corporation of India. The order pertains to operation and maintenance of shunting locomotives for 10 years.
Ansal Housing
The country’s largest mortgage lender HDFC said it has invoked 50 lakh pledged shares of Ansal Housing as part of a recovery of its outstanding dues from the developer. Ansal Housing is engaged in the business of construction and development of residential townships and commercial complexes.
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