Thank you, readers! That's all from CNBCTV18.com's live market coverage on June 30, 2022. Stay tuned for other updates on our website: CNBCTV18.com.
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Market might have factored in most of negatives: HDFC AMC's Gopal Agrawal
Gopal Agrawal, Senior Fund Manager at HDFC AMC, tells CNBC-TV 18 that the market might have factored in most of the negatives in his view.
"The market is definitely at a balance and what we are seeing certainly, inflation might have peaked or like we are seeing some normalisation into the bond yield globally... Definitely the earnings will be a major driver from here on," he says.
Market At Close | Sensex and Nifty50 fall 10% in April-June — biggest Q2 fall since 2008
Here are some highlights:
--Reliance and banking stocks support the market
--IT and auto stocks drag the market
--Auto stocks under pressure ahead of monthly sales data
--Metal stocks reverse Wednesday's gains — Tata Steel, JSW Steel and Hindalco fall two percent
--MCX rises three percent on SEBI’s nod for FPI in commodity derivatives
--Insurance basket rises — HDFC, SBI Life and ICICI Pru rise one percent
--Delta Corp falls eight percent as GoM gets two weeks to submit report on casino GST
--Birlasoft, IRCTC, Strides, JSPL, CONCOR, Bank of Baroda, Vedanta top midcap losers
--Shriram Transport, REC, Indus Towers, HDFC AMC, MCX, USL top midcap gainers
--Market breadth favours the bears — advance-decline ratio at 1:2
Rupee might depreciate towards 80.5/81 vs US dollar by year-end: Anand Rathi Shares' Jigar Trivedi
Jigar Trivedi, Research Analyst-Commodities and Currencies Fundamental at Anand Rathi Shares & Stock Brokers, is of the view that the rupee might depreciate towards 80.5/81 levels by the end of the year owing to the widening of twin deficits.
"Rising crude oil prices might continue to weigh down on the net importer’s trade deficit, after rising to a record high deficit of $24.29 billion in May. Meanwhile, narrowing interest rate differentials amid hawkish central banks across the horizon, with the Fed ready to hike the rate by 75 bps in July, might amplify the capital outflows, adding pressure on capital account. Though the RBI might intervene in the forex markets to curb the losses, it's unlikely to draw a line in the sand, as fundamentals remain weak," he says.
Central banks are less important than people think: Kenneth Fisher of Fisher Investments
According to Fisher central banks are less important than people think they are. "Central banks are more reactive, not the cause as they are seen to be. Time is what will get us out of this fall." He added that the central banks are prone to doing ‘stupid stuff’. "I am usually more fearful of central banks vs being hopeful," he said.
Buy Shriram Transport, Eveready, sell Indiabulls: Ashish Kyal
Here are some recommendations by Ashish Kyal of Waves Strategy Advisors:
-- Buy Shriram Transport Finance for a target of Rs 1,350 with a stop loss at Rs 1,205
-- Sell Indiabulls Housing Finance for a target of Rs 87 with a stop loss at Rs 97.50
-- Buy Eveready Industries for a target of Rs 350 with a stop loss at Rs 310
This global fall has been longer than just a correction: Kenneth Fisher of Fisher Investments
Fisher said that the global fall has been longer than just a correction and that people are confusing it with a bear market. "Global economic health is not as bad as it is being made out to be," he added.