Domestic stock indices broke their 6-day losing streak Monday as BSE Sensex and NSE Nifty soared 50 higher. BSE Sensex closed 237 points, or 0.46 percent, higher at 51,598 and the NSE Nifty 50 closed at 15,530, up 57 points, or 0.37 percent. On Tuesday, however, trends on SGX Nifty suggested Dalal Street could see a tepid start. Handy futures rose just 12 points or 0.08 percent at 15,374 on the Singapore exchange. Global signals were positive, with Asian equities trading mostly well. After a holiday on Monday, U.S. stock markets will return to trading on Tuesday. Analysts say it is just a pause after the sharp drop and participants should look for shorting opportunities in case Nifty sees a rebound towards the 15,550-15,700 zone. “We continue to monitor the performance of global indices and the rough movement for clues,” said Ajit Mishra, VP – Research, Religare Broking.
Stocks to watch on June 21, 2022
Reliance Industries Ltd: The Securities and Exchange Board of India (SEBI) on Monday fined Rs 30 lakhs on RIL and its two compliance officers for allegedly violating the rules of the Prohibition of Insider Trading (PIT).
Vodafone idea: The Vodafone Idea (VIL) board will meet on June 22 to consider a proposal to raise Rs 500 crore from one of the Vodafone Group entities. The promoters of VIL (Vodafone Group and Aditya Birla Group) had injected Rs 4,500 crore into the company in March.
Life Insurance Company of India: JP Morgan launched coverage on LIC with an overweight rating and a target price of Rs 840. It believes the market is misjudging the newly listed Life Insurance Corporation of India’s shares, which have fallen more than 30 percent from the IPO price .
Bank of India: The state-owned Bank of India (BoI) is considering raising up to Rs 2,500 crore in new equity as it is necessary to increase the public stake in the bank to 25 percent to meet regulatory standards. Currently, the public shareholding in Bank of India stands at 18.59 percent.
Happiest Spirits: Morgan Stanley sold more than 13 lakh shares of midcap IT firm Happiest Minds Technologies on Monday. BSE data shows that Morgan Stanley Investment Funds Emerging Leaders Equity Fund has sold 13.14 lakh shares of Happiest Minds for Rs 800 per share. On the other hand, Plutus Wealth Management bought 19.39 lakh shares at Rs 800.02 each.
Adani Power: Adani Power completed the acquisition of 100 percent shares in SPPL and EREPL for about Rs 609 crore. On June 7, 2022, Adani Power had signed a share purchase agreement to acquire 100 percent shares of two companies – Support Properties (SPPL) and Eternus Real Estate (EREPL) from their respective shareholders.