Thank you, readers! That's all from CNBCTV18.com's live market coverage on June 29, 2022. Stay tuned for other updates on our website: CNBCTV18.com.
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Positive on large private banks: HSBC Global Asset Management's Neelotpal Sahai
Neelotpal Sahai, Head-Equities and Fund Manager at HSBC Global Asset Management, tells CNBC-TV18 that he has a positive view on the financial sector, especially large private banks. "The reason for that is more structural in nature. We have seen a structural improvement in the profit profile of these banks; there has been a credit cost normalisation," he says.
"The most important point is that this is a period they have also used to invest in digital infrastructure and that is why they have been able to manage their houses well in the face of the competition from the new arrays of banks as well. And that is the region that we prefer," he adds.
Market At Close | Sensex and Nifty50 recover much of the day's losses
Here are some highlights:
--Reliance supports the market — lifts Nifty by 40 pts
--FMCG stocks under pressure on concerns with respect to GST rate hike on some items
--ONGC and Oil India rise on deregulation for domestically produced oil
--AU Small Finance Bank shares fall four percent after Credit Suisse initiates coverage with a target of Rs 510
--HDFC Life, HUL, Apollo Hospitals, Tata Consumer, Bajaj Finserv top Nifty losers
--ONGC, NTPC, Reliance, Coal India, Sun Pharma top Nifty gainers
--Max Finance, Escorts, RBL Bank, Escorts, Indiabulls Housing, Gujarat Gas top midcap losers
--Market breadth favours declines — advance-decline ratio at 2:3
--Rupee ends at record closing low of 78.97 vs US dollar
SBI is definitely a hold and buy: Vaishali Parekh
Vaishali Parekh of Prabhudas Lilladher said, "SBI is definitely a hold and buy also at these levels because once the banking sector picks up, this will see a lot of upside potential and I am looking at least for a short term target also of around Rs 485 to 500 level. So I would definitely recommend a buy."
Energy costs are at an all-time high, trying to pass it to consumers: IOL Chemicals & Pharmaceuticals
“Energy costs are at pretty much an all-time high and that has had an impact on our total input costs. We are trying to pass those along to consumers. The result is mixed. In certain products, we are able to do that successfully but in pure commodity-type products, it takes a little bit longer to pass along that cost increase and we are partially able to pass that along,” Sanjay Chaturvedi, CEO, IOL Chemicals & Pharmaceuticals told CNBC-TV18.