Share Market News Today | Sensex, Nifty, Share Prices Highlights: Sensex and Nifty saw bulls return to Dalal Street on Wednesday. S&P BSE Sensex opened in the green and closed 616 points or 1.16% higher at 53,750 while the NSE Nifty 50 index closed 178 points or 1.13% higher at 15,989. Bank Nifty zoomed 1.5% to settle at 34,324. India VIX, the volatility gauge, slipped 2.5% but still trades above 20 levels. Bajaj Finserv was the top gainer on Sensex, up 4.54%, followed by Bajaj Finance, Hindustan Unilever, and Maruti Suzuki India. Power Grid was the top laggard, down 1.14%. NTPC, Reliance Industries, L&T, and Tata Steel were the other drags.
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Bulls were in control on Dalal Street on Wednesday as headline indices soared higher. S&P BSE Sensex opened in the green and closed 616 points or 1.16% higher at 53,750 while the NSE Nifty 50 index closed 178 points or 1.13% higher at 15,989. Bajaj Finserv was the top gainer on Sensex, up 4.54%, followed by Bajaj Finance, Hindustan Unilever, and Maruti Suzuki India. Power Grid was the top laggard, down 1.14%. NTPC, Reliance Industries, L&T, and Tata Steel were the other drags. Bank Nifty zoomed 1.5% to settle at 34,324. India VIX, the volatility gauge, slipped 2.5% but still trades above 20 levels.
Sensex zoomed 616 points or 1.16% on Wednesday to close at 53,750 while NSE Nifty 50 index ended at 15,989, rising 178 points or 1.13%.
There is some strength visible in the entire banking and financial service space which will support the price s to inch towards higher levels. Bank nifty has taken support at the 20 DEMA and is showing strength in the index. Now it has to hold above 34000 zones for a move towards 34500 and 35000 zones whereas supports are placed at 34000 and 33750 zones.
~ Chandan Taparia, Vice President, Equity Derivatives and Technical, Broking & Distribution, Motilal Oswal Financial Services
Kotak Mahindra Bank stock has been upgraded by analysts at Goldman Sachs to a ‘Buy’ rating from the ‘Neutral’ tag earlier. In a report, Goldman Sachs said that Kotak Mahindra Bank is geared for the next transformation phase as the brokerage firm increased the target price pinned on the stock. “We believe Kotak Mahindra Bank is well-positioned this cycle to put capital to work, and successful execution of its retail asset strategy to drive the MCap to $100 billion by FY27E,” analysts said. Kotak Mahindra Bank stock is down 6% so far this year to trade at Rs 1,711 per share.
Paytm Money, one of India’s largest direct mutual funds (MF) selling platforms, has decided to discontinue selling mutual funds directly on its platform, and instead move investors to its broking business with demat accounts. Paytm Money asked customers to comply with additional KYC (Know Your Customer) norms as part of the platform’s shift to the services of BSE StAR, a MF transaction platform. This shift entails users getting a unique client code (UCC) and a demat account. Users need to complete the additional KYC steps to migrate by 25 July, or their future investments in MFs including SIPs (systematic investment plans), and redemptions will be stopped, the company said.
We estimate Fx MTM loss of Rs14.7bn in Q1FY23 (Rs6.1bn loss in Q4FY22) led by 4.3% depreciation of INR against the USD. On reported basis, we expect IndiGo’s EBITDAR at Rs11.3bn and net loss at Rs7.9bn. Adjusted for fx MTM loss we expect EBITDAR/PAT of Rs26bn/Rs6.9bn for IndiGo. Maintain BUY.
“Nifty opened flat and has been inching to higher levels but has been trading in a range. The index has surpassed the 20 DEMA and is sustaining at higher levels which indicates strength. Any dip towards lower levels of 15735 can be utilized as a buying opportunity. India VIX is has cool off a bit and is at 20 level. However it needs to cool down below 18 level for stability and a directional move in the market. Now till it holds below 15735 zone we can expect move towards 16000 and 16161 whereas support at placed 15735 and 15650. Market breadth is positive which indicates that there support based buying at lower levels,” said Chandan Taparia, Vice President, Equity Derivatives and Technical, Broking & Distribution, Motilal Oswal Financial Services.
Sensex was nearing 53,600 as the index zoomed 450 points, Nifty 50 was above 15,900.
BSE Sensex and NSE Nifty 50 continue their volatile journey with bulls and bears fighting among themselves on Dalal Street. On Wednesday, S&P BSE Sensex was above 53,400 levels while the NSE Nifty 50 index touched 15,900. However, volatility still remains high with quick reversals from the top not ruled out. Amid this, analysts at ICICI Direct have picked Tata Power and Torrent Pharma as their quant picks, based on technical and derivative data. The brokerage firm is projecting as much as 18% upside potential within the next three months.
“With the selling pressure easing on approach to the 15780 region, marked as the critical level for yesterday, the16200 trajectory is expected to remain in play. However, oscillators look accommodative for some more slippage, before a stronger upswing evolves. Towards this end, we look forward to seeing dips being arrested near 15735. Slippage past the same could render the trend weak, exposing 15500 initially,” said Anand James – Chief Market Strategist at Geojit Financial Services.
Amidst elevated volatility, we expect buying dips strategy would continue to fare well as we believe strong support for the Nifty is placed at 15200. Thus, extended breather from hereon should be used to accumulate quality stocks to ride next leg of up move.
“In first hour of today’s trade, setup is Bullish. If we manage to close above 15,850 spot today we should see another attempt to cross 16,000 possibly by Friday or in next week,” said Rahul Sharma, Director & Head – Research, JM Financial.
Tata Steel was the top Sensex laggard, down 2.2%, followed by NTPC, and Power Grid.
“We reiterate our positive stance on the market and expect Nifty to gradually head towards 16200. However, the move towards 16200 will not be in a linear manner as bouts of volatility owing to volatile global cues can not be ruled out,” said ICICI Direct.
India VIX, the volatility gauge, was down 1.9% on Wednesday morning. The index was, however, still above 20 levels.
Reliance Industries' share price was down in the red on Wednesday morning. The stock was down 0.39% along with 4 other stocks among the Sensex constituents. These included Infosys, Power Grid, NTPC, and Tata Steel.
“Nifty may spend more time in the band of 15500 to 15890 before making any further attempt to change its track. The silver lining is the fall in oil prices and slight positive action by FIIs For the day, bearish if we sustain below 15,800,” Rahul Sharma, Director & head – Research, JM Financial.
Sensex was up 250 points or 0.45% at 53,400 on Wednesday morning. Nifty 50 index gained 50 points or 0.35% to sit comfortably above 15,800 mark.
“Following the dramatic decline in crude oil prices, which plunged 8% to drift below $100 a barrel for the first time since May, Indian markets are poised to make an upbeat start. A sudden reversal in banking and IT equities caused Indian markets to give up intraday gains of more than 1% in the final hour of trading and end negative on Tuesday. After a tumultuous session, the US markets closed mainly higher on Tuesday. Data from the Labor Department revealed that close orders for manufactured goods grew 1.6 percent month over month in May after increasing by a month earlier that had been upwardly revised by 0.7 percent. According to preliminary data made public on the NSE, foreign institutional investors (FIIs) became net purchasers on July 5 for the first time since May 30, purchasing shares worth Rs 1,295.84 crore. The food ministry has convened a meeting with edible oil industry bodies and manufacturers to discuss lowering the retail pricing of cooking oils in light of falling worldwide prices, so there will be some reaction in the stocks of the edible oil business,” said Mohit Nigam, Head – PMS, Hem Securities.
Sensex and Nifty were down in the red in pre-open session. Sensex was down 90 points while Nifty 50 was just above 15700.
Sensex and Nifty were down in the red in pre-open session. Sensex was down 90 points while Nifty 50 was just above 15700.
Sensex started trading with gains in the pre-open session while Nifty 50 was down in red.
“There are lots of signals from markets: Brent crude crashed to near $100 a barrel, dollar index rose above 106, rupee again depreciated to an all-time low, euro is at 20-year low to the dollar and, perhaps most importantly from Indian market perspective, FIIs turned buyers after a long gap. While crude crash along with corrections in other commodities like metals is a bearish signal indicating increasing possibility of recession in the US, commodity crash is positive for the Indian economy and FIIs turning buyers is a bullish signal for Indian equity market. It is important to watch whether these signals are one offs or will they sustain. With valuations reaching fair levels, investors can buy high-quality stocks in a calibrated manner. Stocks that FPIs sell like financials and IT are good segments to bet now,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Nifty gave up morning gains on July 05 and ended in the negative. At close Nifty was down 0.15% or 24.5 points at 15810.9. Expectedly, Nifty ran into resistance at higher levels. As long as it stays above 15704, there is a hope of an upward move till 16173.
~ Deepak Jasani, Head of Retail Research, HDFC securities
For the bulls now, 20 day SMA (Simple Moving Average) or 15750/53000 would be the key support levels. On the higher side, 16000/53800 would be the key resistance levels to watch out for. Below 15750/53000 support level, the indices could slip 15700-15650/52800-52700. Read full story
The prices of petrol and diesel on Wednesday, July 6 were left untouched as OMCs continue to sell fuel at unchanged prices for more than a month now. Prices have remained steady 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. Petrol price in Delhi today stands at Rs 96.72 a litre as against Rs 105.41 a litre prior to the cut in excise duty, while diesel will cost Rs 89.62 a litre as opposed to Rs 96.67. In Mumbai, one litre of petrol costs Rs 111.35 while diesel retails at Rs 97.28 per litre.
Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 were likely to see gap-up opening on Wednesday, a day ahead of weekly F&O expiry. Nifty futures were up 41.50 points or 0.3 per cent at 15,807.50 on Singaporean Exchange. In the previous session, S&P BSE Sensex shed 100.42 points or 0.19% to settle at 53,134 while the NSE Nifty 50 index was down 24.5 points or 0.15% to close at 15,810. Analysts say that nervousness ahead of the US Fed meeting minutes as well as expectation of weakness in the upcoming results season made investors to book out from the intraday gains. Even Indian rupee touched a new record low adding to the overall weakness in the market. Read full story
“As far as levels are concerned, we have hit an important hurdle of 16000 and Nifty needs a close above the same now for any further strength. On the flipside, the rising trendline support of the recent pullback move is placed in the range of 15650-15600. Traders are advised to avoid aggressive positions and watch out for further signs for short term trend,” said Ruchit Jain, Lead Research, 5paisa.com.
SGX Nifty was up 40 points on Wednesday morning, suggesting a positive start for Dalal Street. Global cues were, however, mixed.
Oil plummeted by about $10 a barrel on Tuesday as concerns of a global recession curtailing demand overshadowed a strike by Norwegian oil and gas workers that could cut exports and exacerbate supply shortages. Global benchmark Brent crude was down $10.65, or 9.4%, at $102.85 a barrel by 12:46 p.m. EDT (1645 GMT). U.S. West Texas Intermediate (WTI) crude fell $9.36, or 8.6%, to $99.07 a barrel from Friday’s close. There was no WTI settlement on Monday because of a U.S. holiday.