Handy futures on the Singapore Exchange traded 25 points, or 0.16 percent, higher at 15,334.50, indicating Dalal Street was off to a positive start on Friday. After the US Fed announced a 75 basis point hike, the domestic stock 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 its last session. Sensex finished more than 1,000 points lower. Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said Thursday’s sharp weakness below critical support (15,600) points to a significant downside breakout in the market. “You can expect the Nifty to slide to the next lows of about 15,000-14,800 in the near term. Any upward bounce from here could be a selling opportunity.”
Results today
Supreme Infrastructure India, Aroma Enterprises and JR Foods are among the companies to announce their quarterly results today.
Telecom Stocks
The telecoms division made an announcement on Thursday to hold the 5G spectrum auction-related pre-bid conference on June 20. The pre-bid conference is the first major event in the detailed auction schedule listed in the bidding document.
Tata Motors
Amid a fluid near-term outlook with multiple challenges, Tata Motors is taking the right actions to navigate them, while taking coordinated actions to be future-ready and create a virtuous cycle of growth, said company president N Chandrasekaran.
dr. Reddys Labs
LIC has its stake in pharmaceutical giant Dr. Reddy’s Laboratories increased to more than 5 percent through open market share purchases in September 2021 to June this year, at an estimated cost of Rs 1,556 crore.
Grasim Industries
The Aditya Birla Group company announced the appointment of Pavan Jain as its next Chief Financial Officer effective August 15, 2022. His appointment follows incumbent Ashish Adukia’s plan to pursue career opportunities outside the Aditya Birla Group.
RITES
The railway consultancy said it had won a contract worth Rs 364.56 crore from Container Corporation of India. The contract concerns the operation and maintenance of shunting locomotives for a period of 10 years.
anal housing
The country’s largest mortgage lender, HDFC, said it has called on 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 construction and development of residential townships and commercial complexes.
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