Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic headline indices opened with gains on Friday but traded volatile during the day as bulls and bears engaged in a tug of war. At close, S&P BSE Sensex was up 344 points or 0.65% at 53,760 while NSE Nifty 50 ended at 16,049, up 0.69%. Bank Nifty ended 0.09% higher while India VIX fell 4% to settle at 17.6%. Hindustan Unilever was the top gaining stock on Sensex, up 2.86%, followed by Titan and Maruti Suzuki India. Tata Steel, Power Grid, and HCL Tech were the laggards.
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Bulls turned out victorious in Friday's battle on Dalal Street as headline indices and broader markets closed with gains. At close, S&P BSE Sensex was up 344 points or 0.65% at 53,760 while NSE Nifty 50 ended at 16,049, up 0.69%. Hindustan Unilever was the top gaining stock on Sensex, up 2.86%, followed by Titan and Maruti Suzuki India. Tata Steel, Power Grid, and HCL Tech were the laggards. Bank Nifty ended 0.09% higher while India VIX fell 4% to settle at 17.6%.
Sensex closed in the green on Friday, adding 344 pts higher to settle at 53,760 while Nifty 50 ended at 16,049. HUL and Maruti Suzuki India were the top gainers.
Bank Nifty turned positive right ahead of the closing bell. The banking index was up 0.10%.
Sensex extends gains with minutes left before the closing bell. Sensex was up more than 250 points sitting above 53,700 while Nifty 50 was above 16,000.
Bank Nifty, Nifty PSU bank, Nifty Private Bank, Nifty IT, and Nifty Metal index were down with losses while all other sectoral indices were up with gains.
Inflation and recession are real life ‘villains’ in an economy, eating into investments and wealth. Thankfully, investors can monitor inflation and economic slowdown with telltale signs all around, said Lakshmi Iyer, CIO-Debt, Kotak AMC, and Rahul Bajoria, Chief Economist-India, Barclays Investment Bank, at FinancialExpress.com Manage Your Money session titled ‘Reading the tea leaves in inflationary and recessionary economies’. Investors must watch these two demons to reallocate assets in order to prevent those from eating into their savings and investments.
Adani Enterprises, Adani Transmission, Atam Valves, Axita Cotton, Butterfly Gandhimathi Appliances, Gensol Engineering, GRP Ltd, ICICI Prudential Nifty Auto ETF, Insecticides (India), Lumax Auto Technologies, Maharshtra Seamless, Shanti Educational Initiatives, PC Jeweller were among the stocks that hit 52-week high on BSE. Meanwhile, Axis NIFTY IT ETF, Birlasoft, HCL Technologies, Mphasis, NMDC, PB Fintech, Tata Consultancy Services (TCS), Wipro were among the securities at fresh lows.
Sensex and Nifty rose higher with nearly an hour left before the closing bell. Broader markets followed.
While Sensex and Nifty were trading flat, Bank Nifty index was down 0.35% on Friday, hovering above 34,500.
Mukesh Ambani-led Reliance Industries’ share price has underperformed the benchmark indices so far this month, falling more than 8%. The fall in the stock price has largely come owing to fears emerging after the government of India decided to levy a Special Additional Export duty on exports of petrol, diesel and ATF. Analysts at HDFC Securities believe the concerns are overdone and have reiterated their ‘Add’ rating on the stock. The brokerage firm is expecting a recovery in the O2C businesses along with improvement in ARPU, subscriber addition, and new revenue streams. HDFC Securities has a target price of Rs 2,825 per share on Reliance Industries’ stock, projecting an upside of 18.5% from Friday’s low of Rs 2,383 per share.
“After bottoming out in June, Nifty has been moving higher within a rising channel. Yesterday, the intraday decline in Nifty halted right near the channel support line, before forming a bullish candle on the hourly time frame. This indicates that the index has met with support. Going forward, if 15850 holds, a recovery towards 16000-16100 could be seen. However, if the 15850-15785 region fails to hold, it would potentially signal a resumption of weakness.”
~ Abhishek Chinchalkar, Head of Education, FYERS,
Gold breached the psychological level of $1700 briefly before staging a weak bounce back yesterday. Gold market saw a crash of nearly $40 as now investors are preparing for a 100 basis point rate hike after US CPI came higher than expected. Before inflation data, the market had expected a 75 bps rate hike but now overnight sentiment has changed which saw huge inflows in the US dollar and blanket-wise selling in all sectors. The Bank of Canada surprised the markets with a 100-basis-point hike on Wednesday, warning that inflation will remain elevated for the next three months. This also helped in changing the perception of investors that the US Fed may also walk down this path.
Sensex and Nifty were trading flat on Friday morning after having opened with gains.
HDFC Bank, India’s largest private sector lender, is expected to report strong on-year growth in net profit and net interest income, when it announces April-June quarterly results tomorrow (Saturday). Analysts also expect HDFC Bank provisions to fall along with NPAs (non-performing assets). Investors will also keenly wait for management comments on HDFC Bank’s impending merger with Housing Development Finance Corporation, which was announced earlier. The merger has received a green light from the stock exchanges and the Reserve Bank of India. HDFC Bank's stock price is down 11% so far this year to now trade at Rs 1,353 per share.
“Nifty is placed near the upward sloping trendline support, adjoining the lows of 20-June and 21-July 2022. After falling by almost 400 points, Nifty is now near the support of 15800-15900 range. Immediate resistance is placed around 16100 levels, followed by 16275 levels,” said Deepak Jasani, Head of Retail Research, HDFC securities.
“On the technical front, the key resistance level for Nifty 50 is 16,100, and on the downside, 15,800 can act as strong support. The key support and resistance levels for Bank Nifty are 34,400 and 35,400 respectively.”
~ Mohit Nigam, Head – PMS, Hem Securities
Sensex and Nifty trimmed gains on Friday morning but continue to trade in the green. Nifty was again below 16,000.
“The major drag on the market continues to be the FII selling which has exceeded $30 billion, so far this year. But this month, FIIs have been buyers for 2 days including yesterday. This means some of the FIIs have started buying in segments where valuations have become attractive. An important trend in the market is the strength in FMCGs. The FMCG index is up by 8.5% this year. This segment is a good defensive play during this turbulence and a major technical advantage for the segment is that FII presence is limited and, therefore, FII selling is not happening,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Sensex rose 300 points on Friday's opening bell to regain 53,700 while the NSE Nifty 50 index was above 16,000 mark. Bank Nifty was also in the green while India VIX slipped below 18 levels.
Sensex was up with gains at the start of the pre-open session on Friday. Nifty traded with losses.
“Traders are advised to look for buying opportunities from a short-term perspective as the risk reward ratio for contra bets seems favourable here. The immediate support for Nifty is placed in the range of 15850-15800 while resistance will be seen around 16250,” said Ruchit Jain, Lead Research, 5paisa.com.
The Indian rupee is likely to depreciate further on Friday amid strong dollar and pessimistic global market sentiments. Additionally, consistent FII outflows and concerns on looming recession may hurt the local unit. “Further, investors are expected to remain vigilant ahead of crucial economic data from the US and statements from Fed officials. US$INR (July) is expected to trade in a range of 79.60-80.20,” said ICICIDirect. In the previous session, rupee briefly touched Rs 80 mark intraday on the offshore non-deliverable forward (NDF) market before it settled at a new record low of 79.90, down 18 paise from the previous close of 79.81. The fall was recorded due to a firm dollar in overseas markets and capital outflows.
Indian equity markets are likely to open higher on Friday. SGX Nifty was up with gains signalling that Dalal Street is headed for a positive start, while global cues were mixed after the NASDAQ ended with gains while S&P 500 and Dow Jones moved lower. “While most sectors are trading in tandem with the benchmark and drifting lower, defensive like FMCG and pharma are still holding strong. Participants should maintain a cautious stance and align their positions accordingly,” said Ajit Mishra, VP – Research, Religare Broking. In the previous session, benchmark index S&P BSE Sensex opened with gains but bears took over later forcing the index to closed at 53,416, down 98 points. Nifty 50 ended at 15,938.
The prices of petrol and diesel on Friday, July 15, were left untouched by OMCs for most of the country except Maharashtra. The new state government of Maharashtra announced a cut in value-added tax (VAT) on petrol by Rs 5 a litre and by Rs 3 a litre for diesel, a move that will cost the state exchequer Rs 6,000 crore on an annual basis. For the rest of the country, the prices have held steady for nearly two months. The last reduction in prices came after Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre, and Rs 6 per litre on diesel on May 21.
“The short term trend of Nifty continues to be negative. The overall chart pattern and the placement of key lower support are signaling an upside bounce from near 15800 levels in the next 1-2 sessions. The confirmation of upside reversal could unfold quantum of upside bounce in the market,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
The Indian rupee briefly touched Rs 80 mark against the US dollar before it recovered a bit to settle at a new record low of 79.90 against the greenback. The fall was recorded due to a firm US dollar in overseas markets and capital outflows. However, the decline in crude oil prices in the international markets restricted the rupee losses, according to forex dealers.
Merchandise exports rose 23.5% in June from a year before even on an unfavourable base but a steep 57.6% jump in imports on the back of elevated global commodity prices drove up trade deficit to a new monthly record of $26.2 billion.
SGX Nifty was trading 50 points higher on Friday morning, suggesting a flat to a positive start to the day's trade on Dalal Street.
In line with the partnership announced at the beginning of this calendar year, Bharti Airtel on Thursday approved allotment of 71 million shares to tech major Google at an issue price of Rs 734 per share. Google will hold 1.2% of total post-issue equity shares of the company, Bharti said in a regulatory filing.