Market Highlights: Sensex ends above 53,000, Nifty still below 15,900; Tata Steel, Bajaj Finserv top gainers

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Updated: July 7, 2021 4:18:16 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Broader markets ended in the green as midcap and smallcap indices outperformed benchmarks on Wednesday. Bank Nifty closed with gains.

Share Market Today, Share Market LiveIndia VIX was moving higher. (Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Bulls took control during the final minutes of trade on Dalal Street today and forced the benchmark indices higher. S&P BSE Sensex ended above 53,000, gaining 193 points while Nifty 50 closed at 15,879. Tata Steel, Bajaj Finserv, and HDFC were the top gainers on Sensex. Titan, Maruti Suzuki India, and Reliance Industries were the top laggards. Broader markets closed in the green on Wednesday as midcap and smallcap indices outperformed benchmark gauges. India VIX, the volatility gauge, closed 0.50% lower at 12.21. Bank Nifty jumped 192 points.

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Highlights

    16:16 (IST)07 Jul 2021
    Bulls force Sensex, Nifty higher during final hour of trade; Rally may gain pace above 15,900

    Final hour rally on Dalal Street saw bulls push domestic indices higher on Wednesday. S&P BSE Sensex ended above 53,000, gaining 193 points while Nifty 50 closed at 15,879. Tata Steel, Bajaj Finserv, and HDFC were the top gainers on Sensex. Titan, Maruti Suzuki India, and Reliance Industries were the top laggards. Broader markets closed in the green on Wednesday as midcap and smallcap indices outperformed benchmark gauges. India VIX, the volatility index, closed 0.50% lower at 12.21. Bank Nifty jumped 192 points. Among other sectoral indices, Nifty Auto and Nifty Media ended in red.

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    15:32 (IST)07 Jul 2021
    CLOSING BELL

    Bulls took control during the dying hours of trade as broader markets ended in the green. Midcap and smallcap indices outperformed benchmarks on Wednesday. Bank Nifty closed with gains. 

    15:21 (IST)07 Jul 2021
    Nifty closes in on 15,900

    Nifty 50 was nearing 15,900 with minutes left before the closing bell and bulls helped propel the benchmark indices higher.  

    15:14 (IST)07 Jul 2021
    Top Sensex gainers

    Tata Steel was up more than 4% ahead of the closing bell as the top Sensex gainer, followed by Bajaj Finserv and HDFC. 

    15:12 (IST)07 Jul 2021
    Bank Nifty gains

    Bank Nifty was up 0.58% or 207 points ahead of the closing bell. RBL Bank and IndusInd Bank were among the top gainers. 

    15:11 (IST)07 Jul 2021
    Sensex up 200 points

    Benchmark indices added to gains ahead of the closing bell. S&P BSE Sensex was up 200 points while the Nifty 50 was nearing the 15,900 mark. 

    15:02 (IST)07 Jul 2021
    Sensex nears 53,000 ahead of closing bell

    Sensex was just shy of 53,000 ahead of the closing bell. Nifty 50 index was above 15,850 but well below the 15,900 mark. 

    14:57 (IST)07 Jul 2021
    Largecap US stocks regain momentum, Russell 1000 surges; tech stocks rally

    Largecap stocks on Wall Street seem to be getting back in the groove, catching up smallcap peers as US stock markets reach record highs. “The Russell 1000 has been regaining ground from the Russell 2000 since mid-March, coinciding with easing in the long-term US Treasury yield from peak of 1.75% to around 1.5% by June end, and the flattening in the US yield curve,” said Mark Barnes, head of investment research (Americas) and Christine Haggerty, equity research, FTSE Russell. The Russell 1000 and Russell 2000 are up 14.9% and 17.4%, respectively, so far this year. 

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    14:25 (IST)07 Jul 2021
    Midcap gainers

    Edelweiss Financial Services and Motilal Oswal Financial Services were the top BSE Midcap gainers at this hour. These were followed by SAIL and Bharat Forge.

    14:22 (IST)07 Jul 2021
    Govt brings Dept of Public Enterprises under Finance Ministry

    The government has brought Department of Public Enterprises (DPE) under the Finance Ministry in a bid facilitate its ambitious disinvestment programme. Earlier, DPE was part of Ministry of Heavy Industries and Public Enterprises.

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    14:03 (IST)07 Jul 2021
    Should you subscribe to Clean Science and Technology IPO?

    Clean Science and Technology has reported a steady growth in revenues, even as the bottomline has seen robust expansion (since FY19).  The company has also reported healthy margins and return ratios. At the higher end of the price band, Clean Science IPO is reasonably priced at a P/E ratio of 48.2 times FY21 EPS (fully diluted on post-issue). This is lower as compared to peers such as Fine Organics (76 times), and Vinati Organics (68 times). The global chemicals market was valued at $ 4,738 billion in 2019 with China accounting for 40% of the market share. The global chemicals market is expected to grow at a CAGR of 6.2% from 2019 to 2025 and will be $ 6,785 in 2025. This gives a very good growth visibility for Clean Science and Technology. Given factors such as strong growth in bottomline, healthy margins, robust return ratios, good growth visibility, diversified business, and reasonable valuations, we remain positive on the prospects of this issue, INDmoney said in a report

    14:00 (IST)07 Jul 2021
    Rakesh Jhunjhunwala favorite stock top Sensex loser today, Titan share price falls 2.6% on Q1 biz update

    Titan Company share price fell as low as 2.6 per cent to Rs 1,717.55 apiece in intraday on BSE, after the watch-to-jewellery maker released a business update for the first quarter of FY22. The company’s sales were hit amid the second COVID-19 wave, which led to temporary closures of stores in key states. Rakesh Jhunjhunwala’s favorite stock was top BSE Sensex loser in intraday deals. 

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    13:02 (IST)07 Jul 2021
    Top index gainers

    Bajaj Finserv, IndusInd Bank, and HDFC are the top Sense gainers at this hour. These are followed by Bharti Airtel, Nestle India, and Sun Pharma.

    12:45 (IST)07 Jul 2021
    Is midcap, smallcap dream run coming to a close? Risk-reward no longer lucrative after mega rally

    Midcap and smallcap indices have been under the firm control of bulls since domestic markets started rallying last year. Outperforming the benchmark indices, midcap and smallcaps have narrowed the valuation gap to large caps significantly, but with this sharp rise, the risk-reward does not remain lucrative anymore, said brokerage and research firm Motilal Oswal. While the Nifty 50 index has soared 43% in the last one year, the Nifty Midcap 50 has galloped 73%. Similarly, the Nifty Smallcap 250 index has zoomed 107% in the last one year. 

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    11:57 (IST)07 Jul 2021
    Sobha Limited shares jump 4%

    "Sobha Limited reported overall pre-sales growth of 40% YoY. The company reported pre-sales of Rs 682.9 Crores as against Rs 487.7 crores in Q1FY21. Total average price realization at Rs 7626 per square feet was up by 1.7% as against Rs 7498 per square feet in Q1FY21 on account of price hikes taken by the company in FY21. Overall, the company reported a good set of numbers in Q1FY22 but was not able to achieve the 1msf quarterly sales target due to state-wise lockdown in various cities. We expect the company to perform well in Q2FY22 with easing of lockdown by various states. We have a Neutral view on Sobha Limited," said Yash Gupta Equity Research Associate, Angel Broking.

    11:41 (IST)07 Jul 2021
    Broader markets outperform

    Broader markets were outperforming benchmark indices on Wednesday. India VIX was also inching higher.

    11:22 (IST)07 Jul 2021
    TCS, Infosys, HCL Tech, IT sector Q1FY22 results preview: Strong revenue growth, lower margins, wage hike

    Three of the top Indian IT companies — TCS, Infosys, and HCL Technologies — are expected to post a healthy set of numbers in the first quarter of FY22 earnings. Analysts see the IT sector continuing reporting strong momentum with accelerated hiring, faster revenue/earnings growth, and higher cash flow conversion. “IT companies will report further acceleration in on-year revenue growth trajectory with Infosys expected to lead the charge amongst the Tier I techs in terms of sequential revenue growth,” said analysts at JM Financial Institutional Securities.

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    10:52 (IST)07 Jul 2021
    Bulls might regroup if Nifty falls to 15,740

    "Nifty had dropped enough bearish hint on Monday, and it was hence not surprising to see 15900 presenting yet another stiff challenge, forcing Nifty lower. However, we are inclined to believe that dips to 740 vicinity could allow bulls to regroup and at least slow down the slide, if not attempt an upswing again. Towards this end, we will wait for a slippage past 15740 for playing the 15600 move. Meanwhile, upside breakout chances remain conditional on 15900 giving away. Being in a declining VIX environment, the expectation of break out moves on either side remains subdued," said Geojit Financial Services.

    10:46 (IST)07 Jul 2021
    Radhakishan Damani’s DMart, Naukri.com’s Info Edge may soon join Nifty 50; these stocks could exit

    Radhakishan Damani’s Avenue Supermarts (DMart) or Naukri.com’s parent company Info Edge could become part of the Nifty 50 pack in the upcoming semi-annual index review. Both the stocks have performed strongly over the last six months, outperforming the benchmark index. While DMart does have a higher market capitalization than that of Info Edge, the former is not included in Futures & Options which could hurt DMart’s chances of entering Nifty 50. For semi-annual index rebalancing, eligible contenders are picked on the basis of their average market capitalization in the previous six months among other factors. 

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    10:27 (IST)07 Jul 2021
    Stick to stock centric approach

    "15750 - 15700 is to be seen as a key support zone and on the higher side, 15900 remains a sturdy wall. Since last few days, individual themes have again started to perform well and hence, traders are advised to stick to stock centric approach; but at the same time, avoid being complacent," said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking.

    09:57 (IST)07 Jul 2021
    Gold Price Today, 7 July 2021: Yellow metal trades higher even as global rates slip from 3-week highs

    Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading firm in India on Wednesday, even as yellow metal in international markets slipped from a three-week peak. On Multi Commodity Exchange, gold August futures were trading Rs 72 up at Rs 47,756 per 10 grams, as against the previous close of Rs 47,684. Silver September futures were trading marginally up at Rs 69,541 per kg.

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    09:39 (IST)07 Jul 2021
    IT stocks may remain resilient in spite lofty valuations

    "A surprising but important development in the US market yesterday was the 7.2 bp crash in the US 10-year bond yield to 1.34%. This is a market indication that the growth recovery may be weaker than expected and, therefore, the Fed would continue to be dovish. This will calm equity markets and may further embolden equity bulls even though valuations are almost in bubble territory. FIIs continue to sell in cash markets, but the intensity of selling (Rs 540 cr yesterday) has come down. Bank Nifty is showing strength and has further room to go up. IT stocks are likely to be in focus since TCS is all set to report Q1 results on July 8th. IT stocks may remain resilient in spite of lofty valuations since there is good earnings visibility and improving prospects for growth," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 

    09:25 (IST)07 Jul 2021
    Benchmarks turn positive

    Sensex and Nifty surged higher from the lows and turned positive for the day. Sensex was up 50 points while Nifty was above 15,800.

    09:17 (IST)07 Jul 2021
    OPENING BELL

    Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic benchmark indices started the day’s trade in the negative with marginal losses. Broader markets mirrored the fall. India VIX was up 2%.

    09:08 (IST)07 Jul 2021
    Sensex, Nifty flat

    Sensex was up 50 points while Nifty 50 was up marginally just ahead of the opening bell. 

    09:04 (IST)07 Jul 2021
    Immediate support for Nifty 50 at 15,600

    "Benchmark Indices are expected to open on a negative note as trends on SGX nifty indicates a gap down opening with 60 points loss. Asian Markets were mixed on Wednesday morning following losses on wall street with the S&P 500 ending its seven day winning streak. The Dow and S&P 500 fell on Tuesday, with financials and other groups closely tied to economic growth leading declines, while the Nasdaq edged higher to another closing record. Oil prices slipped on Tuesday driven by profit taking in response to multi-year highs reached after OPEC+ producers clashed over plans to raise supply to meet rising global demand. Bond yields shoot up amid hardening crude prices, transition to new benchmark. Immediate support and resistance for Nifty 50 are 15,600 and 15,900 respectively," said Mohit Jain,  Head,  PMS - Hem Securities.

    09:03 (IST)07 Jul 2021
    Sensex gives up 53,000, still in green

    Sensex gave up 53,000 but remained in the green while Nifty regained 15,800 during the pre-open session. 

    09:02 (IST)07 Jul 2021
    Sensex gains, Nifty slips

    Sensex regained 53,000 while Nifty 50 slipped below 15,800 during the pre-open session on Wednesday morning. 

    08:58 (IST)07 Jul 2021
    If Nifty trades above 15,870, it may rally up to 16,150; ICICI Bank, SBI Life among 4 technical stocks to buy

    The current week start was positive, post gap up opening Nifty 50/BSE Sensex quickly surpassed the 15750/ 52600 resistance mark and rallied over 190/ 400 points. In the daily time frame, the index has formed a strong reversal formation and the texture of the pattern suggests an uptrend wave likely to continue in the medium term.

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    08:57 (IST)07 Jul 2021
    Stocks in focus: Titan, Kotak Mahindra Bank, Bajaj Finance, Sobha, Paytm in news today

    Nifty futures were trading 54.50 points or 0.34 per cent down at 15,786.50 on Singaporean Exchange, suggesting a negative start for BSE Sensex and Nifty 50 on Wednesday. In the previous session, the 30-share index reached a fresh all-time high of 53,129 but failed to hold gains at close and ended flat. NSE Nifty 50 index lower at 15,818. Analysts see high volatility in markets one day ahead of weekly options expiry. “On daily charts Nifty made a bearish inverted hammer like pattern.

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    08:56 (IST)07 Jul 2021
    SGX Nifty falls, Sensex, Nifty set to start in red; 5 things to know before market opens

    Trends on SGX Nifty suggest a negative opening for BSE Sensex and Nifty 50 on Wednesday. Nifty futures were trading 78.50 points or half a per cent lower at 15,762.50 on Singaporean Exchange. Factors such as stock-specific development, oil prices, rupee movement against US dollar and other global cues will guide the markets today. Global peers were trading in red in early trade.

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    08:51 (IST)07 Jul 2021
    Selling pressure emerging

    Nifty corrected mildly after a two-day rise. This happened with higher volumes. Nifty also made a double top at 15914 levels. On daily charts it has made a bearish inverted hammer like pattern. Hence at 15850+ levels, a lot of selling pressure seems to be emerging from investors. 15738 is the support for the Nifty in the near term while 15915 continues to be resistance.

    ~ HDFC Securities

    08:46 (IST)07 Jul 2021
    SGX Nifty dives further

    SGX Nifty was down 74 points ahead of the pre-open session on Wednesday morning. 

    08:45 (IST)07 Jul 2021
    DA hikes: Consumption boost of Rs 1 lakh crore in store; Monthly pay of govt staff to go up by up to Rs 30,000

    In a potential boost to consumption ahead of the festival season, the Union government’s employees and pensioners will likely see their emoluments rise effective July 1, thanks to a likely big hike in dearness allowance (DA) and dearness relief (DR). The move is seen to enhance their monthly pay by Rs 3,000 to Rs 30,000, depending on the pay scales.

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    08:40 (IST)07 Jul 2021
    Petrol and diesel price today 7 July 2021: Rates cross Rs 100 mark in Delhi; check prices in other cities here

    The price of Petrol was hiked once again by oil marketing companies today. With the latest hike Petrol price in Delhi has breached the Rs 100 mark. Petrol in the national capital costs Rs 100.21 per litre, up 35 paise since yesterday, while Diesel in the capital city is retailing at Rs 89.53 per litre today, up 17 paise. Fuel prices have increased 35 times since May 4 and four times this month. The price of petrol in Delhi has increased by Rs 9.52, while diesel price has surged Rs 9.65 per litre since the rates started increasing. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices on a daily basis in line with benchmark international price and foreign exchange rates.

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    08:22 (IST)07 Jul 2021
    Nifty needs macro reason to jump

    "US Markets closed mixed yet again with the NASDAQ and S&P 500 closing flat while Dow Jones and Russell Index closed lower. This has dragged Asia lower this morning with the SGX Nifty suggesting a lower opening. Private Banks outperformed yesterday while auto stocks played spoilsport. Nifty Put writers were on the back foot while Call writing was witnessed at 15,900. Bank Nifty witnessed heavy addition in 35,500 Puts. Nifty meeds a macro reason for this big breakout to happen. Support at 15,740 and 15,690. Bank Nifty remains strong," said Rahul Sharma, Director & Head of Research, JM Financial.

    08:12 (IST)07 Jul 2021
    SGX Nifty down with losses

    SGX Nifty was down in the red on Wednesday morning, signalling a weak start for domestic markets. SGX Nifty was down 70 points during the early hours of trade. 

    08:11 (IST)07 Jul 2021
    Bulls in control but remain cautious

    "We are of the view that the bulls are still in total control but the intraday chart indicating traders may prefer to take a cautious stance near the 15925 resistance level. Technically, the short-term structure of the market is still on the bullish side . However, on the daily chart, Nifty has formed Gravestone Doji candlestick kind of pattern which indicates short-term weakness. In the near future, 15870 should be the key level to watch out for, below the same correction wave likely to continue up to 15775-15720. On the flip side, if the market succeeds to trade above 15870 we can expect the continuation of the uptrend wave till 15925-15965," said Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities.

    08:06 (IST)07 Jul 2021
    GR Infra IPO: Attractive valuations, strong fundamentals; grey market premium up 42%, should you subscribe?

    GR Infraprojects’ Rs 963-crore IPO will open for subscription on Wednesday, July 7, 2021, in a price band of Rs 828-837 per share of face value of Rs 5, each. The public issue will be entirely an offer-for-sale (OFS) of up to 1.15 crore equity shares by existing promoters and shareholders. In the grey market on Monday, GR Infraprojects shares were trading at a premium of Rs 355 over the IPO price. The shares were trading at Rs 1,192 apiece, implying a premium of 42 per cent over the IPO price, according to the people who deal in shares of unlisted companies. Equity shares are proposed to be listed on BSE and NSE.

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    08:05 (IST)07 Jul 2021
    Clean Science and Technology IPO opens tomorrow; grey market premium strong, should you subscribe?

    Clean Science and Technology’s Rs 1,546 crore initial public offering (IPO) opens for subscription on July 7. Investors can bid for the IPO in the price band of Rs 880-900 per equity share of face value Rs 1. Clean Sciences’ issue is entirely an offer for sale (OFS) by existing investors, including promoters of the company and does not involve a fresh issue. Post IPO, promoter and promoter group shareholding will drop to 78.51% from 94.65%. On the other hand, public shareholding in the firm will increase to 21.49% from the current 5.35%. The subscription window for Investors will remain open from today till the end of the week.

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