Market Bizzz

For the coming week, the markets may find resistance at 16,400 and 16,665 levels. On the lower side, supports exist at 16,000 and 15,840 levels.

On the sectoral front, S&P BSE Bankex dropped 2.3 pent, while BSE IT index slumped 2.8 per cent. BSE Metal index lost 2.7 per cent while the realty index shed 1.6 per cent. BSE Oil and Gas index, however, notched up gains of 0.6 per cent for the week, likely buoyed by a sharp rise in global crude oil prices.

Topline growth at the Nifty level excluding financials was at 9.8 per cent quarter-on-quarter and 24 per cent on a yearly basis, ICICI Securities said in a recent note. The bottom line grew at a healthy 14 per cent year-on-year, the brokerage said.

We may need one more round of discussion with RBI on IDBI strategic sale. The expression of interest (EoI) may be invited by July-end,” the official said. The government holds 45.48 per cent stake in the bank, while LIC owns 49.24 per cent.

The fintech firm’s secured, rated, listed and redeemable Non-Convertible Debentures (NCDs) had a total value of Rs 600 crore, including the greenshoe option of Rs 300 crore.

Tech giants listed in Hong Kong were hit hard, with their sub-index opening 2.9% lower. Hong Kong shares of Alibaba fell 3.3% after affiliate Ant Group said it had no plan to initiate an initial public offering. This was a response to media reports that Beijing had approved relaunching the IPO.

Oil prices fell on Friday but still hovered near three-month highs, with fears over new COVID-19 lockdown measures in Shanghai outweighing solid demand for fuels in the world’s top consumer United States. Brent crude futures for August was down $1.01, or 0.8%, at $122.06 a barrel as of 0141 GMT after a 0.4% decline the previous day.

Shares of Sadhna Broadcast will go ex-split today. The company had announced the splitting of shares into face value of Re 1 from the face value of Rs 10.