Home Business Market Live: Sensex, Nifty trade higher; Varroc Engineering lists with 5% premium

Market Live: Sensex, Nifty trade higher; Varroc Engineering lists with 5% premium

20 min read



Jul 06, 10:14 AM (IST)


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Crude Update: Oil markets opened cautiously lower on Friday ahead of a raft of import tariffs set to be imposed later in the day by the world's two biggest economies, the United States and China.

International Brent crude oil futures were at $77.18 per barrel at 0043 GMT, down 21 cents, or 0.3 percent, from their last close.

US West Texas Intermediate (WTI) crude futures were down 6 cents, or 0.1 percent, at $72.88 per barrel.

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Crude Update: Oil markets opened cautiously lower on Friday ahead of a raft of import tariffs set to be imposed later in the day by the world's two biggest economies, the United States and China.

International Brent crude oil futures were at $77.18 per barrel at 0043 GMT, down 21 cents, or 0.3 percent, from their last close.

US West Texas Intermediate (WTI) crude futures were down 6 cents, or 0.1 percent, at $72.88 per barrel.



Jul 06, 10:07 AM (IST)


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Varroc Engineering shares list with 5% permium: Auto component maker Varroc Engineering started off trade at Rs 1015 on the first day Friday. The stock price gained 5 percent against the issue price of Rs 967.

At 10:03  hours IST, it was trading at Rs 1012.95, up  4.75 percent on the NSE.

The Rs 1,955-crore initial public offering was oversubscribed 3.59 times during June 26-28, driven by strong interest from institutional investors.

The price band for the issue, which consisted of an offer-for-sale of 2,02,21,730 equity shares by promoter Tarang Jain and existing investors which are Tata Group companies – Tata Capital Financial Services and Omega TC Holdings, was Rs 965-967 per share.

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Varroc Engineering shares list with 5% permium: Auto component maker Varroc Engineering started off trade at Rs 1015 on the first day Friday. The stock price gained 5 percent against the issue price of Rs 967.

At 10:03  hours IST, it was trading at Rs 1012.95, up  4.75 percent on the NSE.

The Rs 1,955-crore initial public offering was oversubscribed 3.59 times during June 26-28, driven by strong interest from institutional investors.

The price band for the issue, which consisted of an offer-for-sale of 2,02,21,730 equity shares by promoter Tarang Jain and existing investors which are Tata Group companies – Tata Capital Financial Services and Omega TC Holdings, was Rs 965-967 per share.



Jul 06, 09:43 AM (IST)


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Gold Update: Gold prices nudged lower amid a steady dollar on Friday, with investors bracing for any impact on global markets from a deepening trade conflict between the United States and China.

The United States is due to begin collecting tariffs on USD 34 billion in Chinese goods. US jobs data later in the day was in focus as well.

Spot gold had fallen 0.3 percent to USD 1,253.11 an ounce. US gold futures for August delivery were 0.4-percent lower at USD 1,254.10 an ounce.

Gold prices were being weighed down by a steady dollar, said Helen Lau, analyst at Argonaut Securities.

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Gold Update: Gold prices nudged lower amid a steady dollar on Friday, with investors bracing for any impact on global markets from a deepening trade conflict between the United States and China.

The United States is due to begin collecting tariffs on USD 34 billion in Chinese goods. US jobs data later in the day was in focus as well.

Spot gold had fallen 0.3 percent to USD 1,253.11 an ounce. US gold futures for August delivery were 0.4-percent lower at USD 1,254.10 an ounce.

Gold prices were being weighed down by a steady dollar, said Helen Lau, analyst at Argonaut Securities.



Jul 06, 09:35 AM (IST)


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Market check: After a flat opening benchmark indices gain some momentum with Nifty holding above 10,750 mark and Sensex is up 60 points.

Reliance Industries, Kotak Mahindra Bank, Infosys, TCS and L&T are the positive contributors to the Sensex. 

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Market check: After a flat opening benchmark indices gain some momentum with Nifty holding above 10,750 mark and Sensex is up 60 points.

Reliance Industries, Kotak Mahindra Bank, Infosys, TCS and L&T are the positive contributors to the Sensex. 



Jul 06, 09:23 AM (IST)


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Market Opening: The benchmark indices are marginally lower in the opening trade amid weak Asian markets.

The Sensex is up 24.01 points or 0.07% at 35598.56, and the Nifty up 1.70 points or 0.02% at 10751.50. About 371 shares have advanced, 517 shares declined, and 55 shares are unchanged. 

Vedanta, Titan, Hindalco, Tata Steel, UntraTech Cement, ONGC, IndusInd Bank, Maruti Suzuki and HDFC are the major loser in the market. 

Infosys, HCL Tech, IOC, TCS, RIL, are the gainers in the market

Sobha gained 3 percent after reporting better sales numbers.

Delta corp, HEG, Graphte India are trading higher with 1-3 percent gain.

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Market Opening: The benchmark indices are marginally lower in the opening trade amid weak Asian markets.

The Sensex is up 24.01 points or 0.07% at 35598.56, and the Nifty up 1.70 points or 0.02% at 10751.50. About 371 shares have advanced, 517 shares declined, and 55 shares are unchanged. 

Vedanta, Titan, Hindalco, Tata Steel, UntraTech Cement, ONGC, IndusInd Bank, Maruti Suzuki and HDFC are the major loser in the market. 

Infosys, HCL Tech, IOC, TCS, RIL, are the gainers in the market

Sobha gained 3 percent after reporting better sales numbers.

Delta corp, HEG, Graphte India are trading higher with 1-3 percent gain.



Jul 06, 09:08 AM (IST)


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Market Pre-Opening: Benchmark indices are lower in pre-opening trade amid weakness in Asian peers.

The 30-share BSE Sensex fell 31.53 points to 35,543.02 and the 50-share NSE Nifty gained 5.6 points at 10,744.20.

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Market Pre-Opening: Benchmark indices are lower in pre-opening trade amid weakness in Asian peers.

The 30-share BSE Sensex fell 31.53 points to 35,543.02 and the 50-share NSE Nifty gained 5.6 points at 10,744.20.



Jul 06, 09:02 AM (IST)


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Rupee Update: The Indian rupee opened higher by 7 paise at 68.88 per dollar on Friday versus previous close 68.95.

Rupee closed at record lows in yesterday’s trading session as traders turn cautious of China and US tariff implementation and is expected to open flat against the dollar amid weakness before US tariffs on China take effect and decline in crude oil prices, said Motilal Oswal.

The Trump administration has imposed tariffs on a range of imported goods, including steel and aluminum, to protect domestic industries from what it says is unfair competition from foreign manufacturers. The 25% duty will apply to USD 34 billion worth of Chinese goods, ranging from aircraft to chicken incubators.

The FOMC minutes stated that further gradual increases in the target range for the federal funds rate will be consistent with sustained expansion of economic activity, strong labour market conditions, and inflation near the Committee's symmetric 2% objective over the medium term.

Today, USD-INR pair is expected to trade sideways within narrow range of 68.55-69.20.

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Rupee Update: The Indian rupee opened higher by 7 paise at 68.88 per dollar on Friday versus previous close 68.95.

Rupee closed at record lows in yesterday’s trading session as traders turn cautious of China and US tariff implementation and is expected to open flat against the dollar amid weakness before US tariffs on China take effect and decline in crude oil prices, said Motilal Oswal.

The Trump administration has imposed tariffs on a range of imported goods, including steel and aluminum, to protect domestic industries from what it says is unfair competition from foreign manufacturers. The 25% duty will apply to USD 34 billion worth of Chinese goods, ranging from aircraft to chicken incubators.

The FOMC minutes stated that further gradual increases in the target range for the federal funds rate will be consistent with sustained expansion of economic activity, strong labour market conditions, and inflation near the Committee's symmetric 2% objective over the medium term.

Today, USD-INR pair is expected to trade sideways within narrow range of 68.55-69.20.



Jul 06, 08:55 AM (IST)



Jul 06, 08:49 AM (IST)


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Here are stocks that are in the news today:

Apollo Hospitals buys 50% stake in Medics International Lifesciences

Glenmark Pharma gets exclusive licensing agreement with Seqirus

India Infoline Finance raising Rs 325 crore from CDC Group (A UK Govt-owned development finance institution) via rupee denominated Tier II bonds.

Umang Dairies: ICRA has reaffirmed the long term rating of BBB- assigned earlier to the Rs 34 crore line of credit of the company and has also assigned a long-term rating of BBB- to the additional limit of Rs 17 crore. The outlook on the long term rating is stable.

Talwalkars Better Value Fitness: Company made investment in company in India – Zorba Renaissance Private Limited, which is registered with the Registrar of Companies, Chennai.

Varroc Engineering to make stock market debut on July 06

Goldcrest Corporation: Company has fixed July 17 as record date to determine the equity shareholder(s)/eligible equity shareholder(s) of the company who shall be eligible to participate in the buy-back offer.

Berger Paints: Company has signed a shareholders' agreement with Rock Paint Co for the purpose of setting up of a joint venture company in India by the name of 'Berger Rock Paints Private Limited' or any other name as may be approved by the Registrar of Companies. The joint venture company shall be engaged in developing, producing and selling superior automotive refinish paints in India and Nepal.

Phoenix Mills: Island Star Mall Developers (ISMDPL), a strategic investment alliance owned by the company and Canada Pension Plan Investment Board (CPPIB) has now further acquired an additional adjoining land parcel in Wakad, Pune for a consideration of Rs 1.36 crore on July 4.

Ind-Swift Laboratories: There is a minor fire incident at research and development centre of the company located at Mohali, Punjab. There is no loss of life.

Muthoot Finance: Muthoot Money has obtained the mandatory approval from the Reserve Bank of India for change in management/control through acquisition of shares /capital infusion by Muthoot Finance (MFIN) vide Reserve Bank of India letter dated July 3. Board of Directors of MFIN has agreed in principle to acquire shares as well as subscribe to equity shares of MMPL which will result in the change of management / control of MMPL. This was with the intention of further diversifying its business activities.

Capital First: Debenture Committee, on July 10, to consider and approve the private placement of rated, listed, secured / unsecured / subordinate / perpetual, redeemable non-convertible securities in the nature of debentures to be listed on the Debt Market segment of National Stock Exchange of India.

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Here are stocks that are in the news today:

Apollo Hospitals buys 50% stake in Medics International Lifesciences

Glenmark Pharma gets exclusive licensing agreement with Seqirus

India Infoline Finance raising Rs 325 crore from CDC Group (A UK Govt-owned development finance institution) via rupee denominated Tier II bonds.

Umang Dairies: ICRA has reaffirmed the long term rating of BBB- assigned earlier to the Rs 34 crore line of credit of the company and has also assigned a long-term rating of BBB- to the additional limit of Rs 17 crore. The outlook on the long term rating is stable.

Talwalkars Better Value Fitness: Company made investment in company in India – Zorba Renaissance Private Limited, which is registered with the Registrar of Companies, Chennai.

Varroc Engineering to make stock market debut on July 06

Goldcrest Corporation: Company has fixed July 17 as record date to determine the equity shareholder(s)/eligible equity shareholder(s) of the company who shall be eligible to participate in the buy-back offer.

Berger Paints: Company has signed a shareholders' agreement with Rock Paint Co for the purpose of setting up of a joint venture company in India by the name of 'Berger Rock Paints Private Limited' or any other name as may be approved by the Registrar of Companies. The joint venture company shall be engaged in developing, producing and selling superior automotive refinish paints in India and Nepal.

Phoenix Mills: Island Star Mall Developers (ISMDPL), a strategic investment alliance owned by the company and Canada Pension Plan Investment Board (CPPIB) has now further acquired an additional adjoining land parcel in Wakad, Pune for a consideration of Rs 1.36 crore on July 4.

Ind-Swift Laboratories: There is a minor fire incident at research and development centre of the company located at Mohali, Punjab. There is no loss of life.

Muthoot Finance: Muthoot Money has obtained the mandatory approval from the Reserve Bank of India for change in management/control through acquisition of shares /capital infusion by Muthoot Finance (MFIN) vide Reserve Bank of India letter dated July 3. Board of Directors of MFIN has agreed in principle to acquire shares as well as subscribe to equity shares of MMPL which will result in the change of management / control of MMPL. This was with the intention of further diversifying its business activities.

Capital First: Debenture Committee, on July 10, to consider and approve the private placement of rated, listed, secured / unsecured / subordinate / perpetual, redeemable non-convertible securities in the nature of debentures to be listed on the Debt Market segment of National Stock Exchange of India.



Jul 06, 08:31 AM (IST)


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The Nifty50 is likely to open lower on Friday tracking muted trend seen in other Asian markets. The index closed 20 points lower at 10,749 on Thursday.

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 26.5 points or 0.25 percent. Nifty futures were trading around 10,731-level on the Singaporean Exchange.

Wall Street’s major indexes rose on Thursday as reports that the United States and the European Union may agree to withdraw auto tariffs fostered optimism on international trade relations among investors, said a Reuters report.

Asian share markets were set for a bumpy ride on Friday just hours ahead of a US deadline to impose tariffs on Chinese imports, which has rattled financial markets in recent weeks as investors feared it could trigger a full-blown global trade war, it said.

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The Nifty50 is likely to open lower on Friday tracking muted trend seen in other Asian markets. The index closed 20 points lower at 10,749 on Thursday.

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 26.5 points or 0.25 percent. Nifty futures were trading around 10,731-level on the Singaporean Exchange.

Wall Street’s major indexes rose on Thursday as reports that the United States and the European Union may agree to withdraw auto tariffs fostered optimism on international trade relations among investors, said a Reuters report.

Asian share markets were set for a bumpy ride on Friday just hours ahead of a US deadline to impose tariffs on Chinese imports, which has rattled financial markets in recent weeks as investors feared it could trigger a full-blown global trade war, it said.

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