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Share Market Highlights: Sensex closes 89 pts higher at 58387, Nifty closes just shy of 17400

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Sensex and Nifty danced between gains and losses for most of the trading session.

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India VIX closed with losses on Friday. (Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices saw a volatile trading session on Friday. S&P BSE Sensex danced between gains and losses for most of the day before closing 89 points or 0.15% higher at 58,387. NSE Nifty 50 index added 15.5 points or 0.09% to settle at 17,397. Indi VIX closed 1.77% lower at 18.92. Mahindra & Mahindra was the top laggard on Sensex, down 2%, followed by Reliance Industries, Maruti Suzuki India, and IndusInd Bank. Ultratech Cement added 2.31%, accompanied by ICICI Bank, Airtel.

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15:33 (IST) 5 Aug 2022
CLOSING BELL

Sensex ended 89 points or 0.15% higher at 58,387 points while the NSE Nifty 50 index added 15 points or 0.09% to end at 17,937, just shy of the 17,400 mark. Bank Nifty ended at 37,920.

15:13 (IST) 5 Aug 2022
Equity markets may not get much impacted

“Move of a hike of 50bps highlights the urgency to move closer to the neutral policy rate especially when the external environment remains uncertain. Recent depreciation in rupee coupled with elevated crude oil prices (though now on falling trend); might have weighed on members’ decision in favour of larger rate hike, addressing external sector imbalance and reducing the interest rate differential. Even though inflation seems to have reached its peak, it still warrants caution given the uncertain global environment. Inflation projection of 5% for Q1FY24 by RBI provides some comfort indicating modest pace of rate hikes going forward. Bond yields and equity markets may not get much impacted by the announcement and will get driven by changes in global risk appetite and direction of global flows,” said Dhiraj Relli, MD & CEO, HDFC Securities.

14:37 (IST) 5 Aug 2022
M&M result review

M&M recorded mediocre performance in 1QFY23 as its EBIDTA margins stood at 11.9% vs our estimate of 12.2% while its Adj PAT exceeded our estimate by 2.7%, due to lower tax rate. Whilst M&M is expected to face some volume pressure owing to semiconductor issue over near term, we believe new products and stronger order book with record high bookings for new XUV700 and new Scorpio would drive its overall volume and profitability. Despite near term challenges due to component supply issue, we expect domestic PV industry to recover in FY23E with strong bounce back in 2HFY23E, which would support MM’s business. Moreover, we expect tractor industry to keep cushioning overall profitability and industry would recover in FY24E. At present we have a BUY rating on MM. We would revisit our estimates post management's call and come out with a detailed note.

~ Mitul Shah, Head of Research at Reliance Securities.

14:32 (IST) 5 Aug 2022
In the red

Sensex was trading flat with negative bias with an hour left before the closing bell. Nifty was shy fo 17400.

14:27 (IST) 5 Aug 2022
Bulls refuse to give up

Sensex was trimmed gains on Friday afternoon but bulls refused to give up and emerged one again from the lows. Nifty turned red only to bounce back in minutes.

14:19 (IST) 5 Aug 2022
Mahindra, Adani Ent, Tata Elxsi at new 52-week highs on BSE; Future Retail, Alembic Pharma at fresh lows

BSE Sensex and NSE Nifty 50 were trading flat to positive on Friday, after RBI MPC raised repo rate by 50 bps. Stocks of index heavyweights such as ICICI Bank, Infosys, State Bank of India, Bharti Airtel, and UltraTech Cement, among others helped the indices to stay in green. So far in the day, BSE Sensex rose to 58,649.19, and fell to a day’s low of 58,326.70. NSE Nifty touched a day’s high of 17,474.40, and a day’s low of  17,381.40 apiece. On S&P BSE Sensex, Mahindra & Mahindra (M&M) hit a fresh 52-week high of Rs 1,279 apiece, crossing the previous high of Rs 1,265 apiece. While no stock hit a new 52-week low on S&P BSE Sensex.

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13:38 (IST) 5 Aug 2022
RBI to go soft from now?

“The Central Bank raised the interest rate for the 3rd consecutive month since May’22 by cumulatively 140 bps in its effort to contain inflation. Despite this sharp hike, RBI expects inflation to remain above its comfort zone and has retained its CPI inflation forecast at 6.7% for FY23. RBI expects India’s GDP growth to remain strong at 7.2% in FY23. We believe, the commodity prices have cooled off including crude oil, the inflation may be peaking out. We expect RBI may not be very aggressive in its subsequent policy meets and being more data driven based on inflation numbers,” said Motilal Oswal, MD & CEO, Motilal Oswal Financial Services Ltd.

13:19 (IST) 5 Aug 2022
Price hike: IGL increases piped cooking gas price by this much in Delhi NCR; 2nd hike in less than 2-weeks

The price of cooking gas piped to household kitchens in the national capital and adjoining cities was hiked by Rs 2.63 per unit on Friday, the second increase in rates in less than two weeks. Piped cooking gas in Delhi will now cost Rs 50.59 per standard cubic meter, as against Rs 47.96 previously, according to Indraprastha Gas Ltd – the firm that retails CNG to automobiles and piped cooking gas to households in the national capital and adjoining towns. The increase is to “partially offset the increase in input gas cost,” IGL said in a tweet. This is the second hike in prices in less than two weeks. Rates were last revised on July 26, by Rs 2.1 per scm.

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12:56 (IST) 5 Aug 2022
Sensex, Nifty trim gains

Sensex and Nifty were seen trimming gains but were still in the green on Friday. Nifty 50 was above 17400 while Sensex was above 58,400.

12:34 (IST) 5 Aug 2022
Liquidity withdrawal step in the right direction

“On the liquidity front, the continuation of gradual withdrawal indicated by RBI is a step in the right direction to bring about normalization and ease pressure on price rise. The assurance by the RBI governor to provide the requisite backing for ensuring stability in Indian Rupee is also a welcome announcement. On the whole, the 'whatever it takes approach by RBI augurs well for the growth and stability of the Indian economy, while putting an immediate check on inflation,” said Jyoti Prakash Gadia, Managing Director, Resurgent India.

12:20 (IST) 5 Aug 2022
Only six Sensex stocks in red

Led by Maruti Suzuki India (down 1.18%) only six Sensex stocks were in the red on Friday. Reliance Industries, Nestle India, Sun Pharma, HDFC, and Power Grid were the stocks trading with losses.

12:04 (IST) 5 Aug 2022
Futures & Options expiry outlook: Nifty in overbought zone, support at 17200, resistance at 17500

After posting a smart rally in the July series, Nifty started the August series on a positive note and it reclaimed the 17000 mark at the start of the series. The index kept its momentum intact and almost tested the 17500 mark on the first weekly expiry day of the month. We witnessed some volatility on the expiry day but the index recovered from its intraday lows to end a tad below 17400. The indices (Nifty and Bank Nifty) have rallied this week on the back of long formations at the start of the series. But the Bank Nifty index has seen some long prior to the RBI Policy on Friday. This indicates profit booking ahead of the event as the indices have already rallied significantly in the last few weeks and are now trading in an overbought zone.

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11:23 (IST) 5 Aug 2022
Paytm share price rallies 15% in 5 days; coverage initiated by Axis Capital with ‘Buy’ rating, check target

Paytm (One 97 Communications) stock price has soared 15% so far this month to now trade at Rs 807 per share. Although the share price is still down massively from its IPO price of Rs 2,150 apiece, analysts at Axis Capital have now initiated the coverage with a ‘Buy’ rating and projected another 16% upside from Friday’s lows. “Paytm’s wide distribution network allows it to acquire customers and merchants efficiently with low incremental cost of acquisition, retain them via increasing payments and commerce use cases, and monetize via cross-selling and up-selling,” Axis said. The brokerage firm has pinned a target price of Rs 940 on Paytm.

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10:59 (IST) 5 Aug 2022
Positive economic outlook cheers D-Street

“The 50 bp repo rate hike came 15 bp higher than the majority expectation of a 35bp hike. It is evident that the MPC is frontloading the rate hikes since it feels that CPI inflation is above comfort levels. The MPC has been emboldened to go for this 50 bp hike since 'the economic activity is resilient' and 'withdrawal of accommodation stance is necessary to anchor inflation expectations'. The RBI governor went so far as to say that 'the Indian economy is holding steady in an ocean of turbulence.' The capacity utilization in industry at 75% is higher than the long-term average. This positive view on the economy has been well received by the stock market in spite of the higher at hand expected repo rate hike,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

10:27 (IST) 5 Aug 2022
India Forex reserve 4th largest globally

RBI Governor Das said that India's foreign exchange reserve still strong, and are the 4th highest globally.

10:22 (IST) 5 Aug 2022
Pulling out liquidity

RBI Governor Shatikanta Das said that liquidity has been trimmed in recent months from Rs 6.7 lakh crore in April-May to RS 3.8 lakh crore in June-July.

10:20 (IST) 5 Aug 2022
Withdrawing liquidity

MPC rate hikes have contributed to the withdrawal of accommodation from the financial markets by 130 basis points, RBI Governor Das said.

10:19 (IST) 5 Aug 2022
Inflation projections

RBI sees inflation to be at 6.7% this fiscal year with 7.1% in Q2; 6.4% in Q3; and 5.8% in the last quarter. CPI inflation is seen at 5% in the first quarter of next fiscal year. n

10:15 (IST) 5 Aug 2022
FY23 GDP growth projections retained

RBI Governor Shaktikanta Das said that the RBI has retained real GDP growth projections for FY23 at 7.2%. RBI sees Q1 growth at 16.2; Q2 at 6.2%; Q3 at 4.1%; and 4% in Q4 with risks broadly balanced.

10:12 (IST) 5 Aug 2022
Bank Nifty above 38000

Bank Nifty index breached 38,000 on Friday morning after the MPC decided to hike policy rate by 50 basis points.

10:10 (IST) 5 Aug 2022
Inflation could hurt growth

RBI Governor Das said that with inflation is expected to remain above the tolerance band in Q2 and Q3 of this fiscal year. He added that MPC agreed that inflation could harm growth in the medium term and hence the MPC members decided that it is warranted to withdraw the accommodative stance.

10:07 (IST) 5 Aug 2022
Focus on withdrawal of accommodation

MPC said that it is focused on the withdrawal of accommodation stance, sid RBI Governor Das.

10:07 (IST) 5 Aug 2022
MPC hike interest rate by 50 bps

RBI Governor Shaktikanta Das today announced that the MPC has decided unanimously to hike rates by 50 basis points to 5.4%.

09:36 (IST) 5 Aug 2022
Sensex above 58500

Sensex extended gains to cross 58,500 on Friday, rising more than 200 points. Nifty 50 was inching closer to 17,500.

09:26 (IST) 5 Aug 2022
30-35 bps rate hike already known and discounted by market

“RBI rate action today is unlikely to impact markets. The most likely scenario of a 30 to 35 bp rate hike is already known and discounted by the market. Market will be looking forward to the RBI's commentary on inflation, GDP growth for FY 23 and other macros like CAD. The momentum in the market now is influenced by global cues and strong FII buying which has crossed Rs 5300 cr so far in August. The decline in Brent crude to $94 is positive for India's macros and the dip in dollar index to below 106 again augur well for capital flows to India. FII buying happening in sectors like capital goods, FMCG, construction and power is likely to impart resilience to these segments,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

09:18 (IST) 5 Aug 2022
OPENING BELL

Sensex opened 150 points or 0.23% higher, crossing 58,400 while the Nifty 50 index was above 17,400. India VIX dropped but was still above 19 levels.

09:08 (IST) 5 Aug 2022
Bulls in control?

Sensex rose 100 points in pre-open session while Nifty 50 regained 17400 levels.

09:04 (IST) 5 Aug 2022
Pre-open

Sensex was trading flat with marginal losses on Friday morning during the pre-open session. Nifty was holding 17300.

08:54 (IST) 5 Aug 2022
17491-17530 could be the resistance band for Nifty

Nifty closed almost flat on Aug 04 after seeing wild moves on either side on the weekly F&O expiry day. At close, Nifty was down 0.04%% or 6.2 points at 17382. Nifty again showed hesitation in staying low as traders came in to do dip buying, although higher levels attracted some profit taking. 17491-17530 could be the resistance band for the Nifty in the near term while a breach of 17155 could result in acceleration of downtrend.

~ Deepak Jasani, Head of Retail Research, HDFC securities

08:44 (IST) 5 Aug 2022
Traders should be very specific in stock picking

“Friday’s price action post the RBI Policy will be of utmost importance as that will lead to the short term directional move for the market. Since the momentum readings on the daily chart are in an overbought zone, traders should look to lighten up long positions. A break of low of 17160 will then confirm the change of trend. Also in last couple of sessions, the up move has been concentrated to fewer stocks and sectors which is a sign of divergence. So traders should be very specific in stock picking at current levels and trade with proper risk management. The immediate supports for Nifty are placed around 17160 and 17000 while resistances are seen around 17500 and 17600,” said Ruchit Jain, Lead Research, 5paisa.com.

08:33 (IST) 5 Aug 2022
Nykaa, Reliance, Adani Ports, M&M, Britannia, Paytm, GAIL, Adani Enterprises, Pfizer stocks in focus

Indian equity markets are likely to open higher on week’s last trading day. Ahead of Friday’s session, SGX Nifty was up with gains, suggesting a positive opening for benchmark indices BSE Sensex, NSE Nifty 50. Global cues were mixed after Dow Jones and S&P 500 closed with losses while the tech-heavy NASDAQ gained in the US. Asian stock markets were moving higher in morning trade. “Markets will be closely eyeing the outcome of MPC’s monetary policy meet on Friday. Before that, the performance of the global indices amid the fresh developments on China-Taiwan tension would dictate the trend in early trades,” said Ajit Mishra, VP – Research, Religare Broking.

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08:32 (IST) 5 Aug 2022
Bearish below 17250

“Bearish zone below 17250 and bullish zone above 17500. Neutral zone between 17250 and 17500. Bank Nifty range is seen at 37500 to 38200,” said Rahul Sharma, Director & Head – Research, JM Financial.

08:29 (IST) 5 Aug 2022
Petrol and diesel price August 5: No change in fuel cost; Check prices in Delhi, Mumbai, other cities here

The prices of petrol and diesel on August 4, were left untouched by OMCs once again. Prices have held steady for 72 days now across the country, except in Maharashtra. Pieces were cut in Maharashtra when the state government announced a cut in value-added tax (VAT) on petrol by Rs 5 a litre and by Rs 3 a litre for diesel earlier last month — a move that will cost the state exchequer Rs 6,000 crore on an annual basis. For the rest of the country, prices have been steady since May 21 when Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre, and Rs 6 per litre on diesel. 

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08:04 (IST) 5 Aug 2022
What do the charts say

“Intraday volatility has been the hallmark in the last two trading sessions and bulls are not even giving an inch of their territory. Nifty made an even bigger hanging man candle which is bearish while Bank Nifty formed a bearish engulfing candle,” said Rahul Sharma, Director & Head – Research, JM Financial.

07:55 (IST) 5 Aug 2022
SGX Nifty in green

SGX Nifty was trading 50 points higher on Friday morning. Nifty futures trading higher suggest a positive start to the day's trade.

07:53 (IST) 5 Aug 2022
The fight with inflation and RBI’s rate hikes

07:49 (IST) 5 Aug 2022
RBI Monetary policy: MPC to increase repo rate by 50bps, may tone down more hike fears to offset hawkish move

The RBI MPC in its upcoming August meeting could continue with frontloading of rate hikes to at least above its pre-covid level of 5.15% to keep a check on inflation. Elevated inflation prints have compelled central banks globally to speed-up monetary policy tightening to limit impact of high energy and food prices. The US Fed reserve in its July meeting raised rates by 75 bps to 2.25-2.5%, in line with its guidance and street expectations. The European Central Bank raised the key benchmark rate for the first time in 11 years by 50 bps. From its last policy meeting, the environment has changed – domestic inflation saw moderation, global market fear of recession has ebbed and the liquidity has tightened.

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07:48 (IST) 5 Aug 2022
Nifty offers limited upside

“After the sharp run up in the last few days, Nifty now trades at 20x FY23 PE, which is above its 10-year average, thus offering limited upside in the near term. RBI’s policy outcome on Friday would be the key event that the market would track. Going forward, it could be a tug of war between domestic and global factors which would determine the market direction,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.