Oil rises as draw in US crude stocks signals firm demand
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Economic Times
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- Economic Times
Stocks to buy today: BHEL, CESC among 7 trading ideas for 26 June 2025
The Indian market is likely to trade higher on Thursday, tracking positive global cues. ADVERTISEMENT The Nifty future closed positively with gains of 0.71% at 25,250 levels on Wednesday. India VIX fell by nearly 5% to close at 12.97 in the previous session. On the options front, the maximum Call OI is placed at 25,300 and then towards 25,500 strikes while the maximum Put OI is placed at 25,200 and then towards 25,000 strikes. Call writing is seen at 25,250 and then towards 25,300 strikes, while Put writing is seen at 25,200 and then towards 25,150 strikes. 'Options data suggests a broader trading range in between 24,700 to 25,700 zones while an immediate range between 25,000 to 25,400 levels,' Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said. 'Nifty formed a bullish candle on the daily frame on Wednesday and has been forming higher lows from the last four sessions,' he said. ADVERTISEMENT 'Now the index has to hold above 25,150, for an up move towards 25,350 and 25,500 zones while supports can be seen at 25,100 then 24,900 zones,' recommended Taparia. ADVERTISEMENT Mphasis Ltd: Buy| Target Rs 2870| Stop Loss Rs 2675 M&M: Buy| Target Rs 3370| Stop Loss Rs 3120 ADVERTISEMENT Titan Company: Buy| Target Rs 3800| Stop Loss Rs 3530 CESC: Buy| Target Rs 182| Stop Loss Rs 166 ADVERTISEMENT BHEL: Buy| Target Rs 270| Stop Loss Rs 255 HDFC AMC: Buy| Target Rs 5200| Stop Loss Rs 5000 NYKAA: Buy| Target Rs 214| Stop Loss Rs 198 (Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
Economic Times
an hour ago
- Economic Times
Rupee rises 21 paise to 85.87 against US dollar in early trade
The rupee gained 21 paise to 85.87 against the US dollar in early trade on Thursday, mainly due to a weakened greenback in the global markets. ADVERTISEMENT However, a rise in global crude oil prices and FII outflows prevented sharp gains in the local unit, according to forex traders. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.27 per cent down at 97.41 after strengthening in the previous session. "The greenback clocked more losses on a report that US President Donald Trump is to announce the successor to Federal Reserve Chairman Jerome Powell much earlier than expected in a likely bid to undermine Powell and spur expectations for interest rate cuts," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said. At the interbank foreign exchange, the rupee opened at 85.91 against the dollar before rising further to 85.87, up 21 paise from its previous close. On Wednesday, the rupee gave up its gains to settle lower by 3 paise at 86.08 against the US dollar. ADVERTISEMENT "Yesterday, there was good USD buying at 85.80 from oil companies and FPIs who were sellers in equity, keeping the rupee lower at 86.08. However, the dollar index fell and the euro rose, giving the rupee a strong opening with the day's range expected between 85.75 and 86.25," Bhansali said. Brent crude, the global oil benchmark, rose 1.30 per cent to USD 68.01 per barrel in futures trade. ADVERTISEMENT According to Bhansali, Brent oil prices edged higher on bumper US inventory drawdown, which helped spur some optimism over strong demand, while weakness in the US dollar also kept oil prices up. "The truce between Iran and Israel seems to be holding, diminishing supply disruptions in the Middle East," he added. ADVERTISEMENT Meanwhile, in the domestic equity market, Sensex rose 163.27 points to 82,918.78 in early trade while Nifty was up 64.35 points to 25,309.10. Foreign institutional investors (FIIs) offloaded equities worth Rs 2,427.74 crore on a net basis on Wednesday, according to exchange data. (You can now subscribe to our ETMarkets WhatsApp channel)
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Business Standard
an hour ago
- Business Standard
Dalmia Bharat climbs 3% in trade; PL Capital raises target, sees 16% upside
Dalmia Bharat shares climbed 3.4 per cent in trade on Thursday, logging an intraday high at ₹2,166.9 per share on BSE. At 12:27 PM, Dalmia Bharat price was trading 3.26 per cent higher at ₹2,162.6 per share on the BSE. In comparison, the BSE Sensex was up 0.64 per cent at 83,284.9. The company's market capitalisation stood at ₹40,519.7 crore. Its 52-week high was at ₹2,186.6 per share and 52-week low was at ₹1,602 per share. In one year, Dalmia Bharat shares have gained 15 per cent as compared to Sensex's rise of 5 per cent. PL Capital has upgraded its target price on Dalmia Bharat to ₹2,273 per share from ₹2,117 with an 'Accumulate' rating. The brokerage sees 16 per cent upside in the stock from previous close at ₹2,094.35 per share, for the following reasons: Company well-positioned to benefit from cement price hikes The brokerage believes Dalmia Bharat is well-positioned to benefit from cement price increases in the south and east regions of India as it has significant capacities in both the South (17mtpa) and East (21.6mtpa) regions. The company is expected to be a key beneficiary of higher prices in these regions, particularly during the first half of FY26. The company's management is expecting demand to improve post-monsoon and the industry to grow at 7-8 per cent in FY26. Taking the overall picture into consideration, PL Capital noted that cement prices in the country's east region improved in April/May along with other regions by ₹20 per bag and got cut by ₹5 in June due to early monsoon. However, the current prices are still ₹10-15 higher than the Q4FY25 average. Even though the southern region's demand is better than the east, it is now affected by early monsoon and flood-like situations in a few regions. Prices have improved by ₹50 per bag in April/May and rolled back by ₹5-10 due to monsoon-led weakness in demand. Capacity expansion Dalmia Bharat has announced 6 mtpa expansion projects in Belgaum and Pune, which are expected to be completed by the end of FY27E, raising its capacity to 55.5mtpa. The company also has plans for two additional 6 mtpa projects via the Greenfield and Brownfield routes, set to drive future growth. Dalmia Bharat remains one of the lowest-cost cement producers, driven by its optimal mix, according to PL Capital. The company is confident in achieving cost savings of ₹150-200 per tonne by FY27E, with half of these savings expected to materialise in FY26E. Key cost-saving strategies include increasing the share of renewable energy from 36 per cent to 45-50 per cent by the end of FY26 and reducing logistics costs by improving truck utilisation and using a more dedicated fleet for loading and unloading.
