Market Highlights: Nifty ends above 16,250 for first time ever, Sensex closes at 54,369; Bank stocks rally

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Updated: August 4, 2021 4:35:23 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices scaled fresh all-time highs on Wednesday and closed in the green. Midcap, smallcap indices underperform.

Share Market Today, Share Market LiveIndia VIX fell 3.93% on Wednesday. (Image: Reuters)

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity benchmark indices scaled fresh highs on Wednesday and closed the day’s trade in the positive territory. S&P BSE Sensex reached a fresh all-time high of 54,465 points, but closed lower at 54,369, up 1.02%. NSE Nifty 50 reached 16,290 during the day, a fresh all-time high and closed the day at 16,258, gaining 0.79%. HDFC, ICICI Bank, Kotak Mahindra Bank, SBI, Axis Bank, and HDFC Bank were the top gainers. Titan, Nestle India, and Ultratech Cement were the worst Sensex performer. Bank Nifty was up 2.33% on closing, breaching 36,000 mark. Nifty Midcap 50 was down 1.19% and Nifty Smallcap 50 dropped 1.11%.

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Highlights

    16:29 (IST)04 Aug 2021
    Sensex, Nifty scale fresh all-time highs today; for how long can bulls continue rallying?

    Bulls helped domestic equity benchmark indices scale fresh highs for the second day straight on Wednesday. S&P BSE Sensex reached a new all-time high of 54,465 points, NSE Nifty 50 reached 16,290. On the closing bell, Sensex moved down marginally and settled at 54,369, gaining 1.02% while Nifty 50 finished the trading session at 15,258 or 0.79% higher. Bank Nifty successfully closed above 36,000 mark gaining 2.33%. HDFC was the top Sensex gainer, surging 4.77%, followed by Kotak Mahindra Bank, ICICI Bank, SBI, HDFC Bank, and Axis Bank. Titan fell 2% to close as the top Sensex laggard, followed by Nestle India and Ultratech Cement. India VIX fell 3.93%.

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    15:58 (IST)04 Aug 2021
    Time to get defensive in US stocks, interest rate hike may weigh on valuations; buy these sectors

    US stock markets are now bracing for the final stage of transition, emerging out of the covid-19 induced recession, according to Morgan Stanley’s Chief Investment Officer and Chief U.S. Equity Strategist, Mike Wilson. This phase is expected to see the US Federal Reserve take centre stage, tightening monetary policy and hiking interest rates, which would weigh on equity valuations. US Federal Reserve, earlier in June, had brought forward the time frame on when it will next hike interest rates. Meanwhile in India, the Reserve Bank of India (RBI) has time and again calmed investors, saying it will continue with the accommodative stance as long as necessary to revive and sustain growth on a durable basis.

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    15:37 (IST)04 Aug 2021
    Equirus Group forays into Insurance Broking with launch of Equirus Insurance

    Equirus Group, a Mumbai-based investment bank has announced the launch of its new wing, Equirus Insurance. Under this vertical, the group will offer insurance broking services to its corporate clients. Additionally, the new wing will also provide services such as risk consulting, insurance program reviews, gap analysis, and placing the risk premium with best terms across the right underwriters which are best fitted to that particular risk program.

    15:34 (IST)04 Aug 2021
    CLOSING BELL

    Domestic benchmark indices scaled fresh all-time highs on Wednesday and closed in the green. Midcap, smallcap indices underperform. Bank Nifty closed2.33% higher at 36,028.

    15:19 (IST)04 Aug 2021
    Top Sensex gainers

    HDFC was up 4.77% as the top Sensex gainer, minutes ahead of the closing bell. It was followed by Kotak Mahindra Bank, ICICI Bank, Axis Bank, SBI, and HDFC Bank.

    15:09 (IST)04 Aug 2021
    RBI MPC August 2021: Monetary Policy meet begins; repo rate cut unlikely for 7th time in a row

    The Reserve Bank of India’s Monetary Policy Committee began its bi-monthly deliberations on Wednesday, 4 August 2021, amid expectations of keeping repo and reverse repo rates unchanged on the back of the fear of the third COVID-19 wave. The monetary policy outcome will be announced on Friday, 6 August 2021. Analysts expect MPC to retain the policy interest rates at historical lows. The inflation outlook for FY22 could also see a revision from the predicted levels of 5.1 per cent.

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    14:25 (IST)04 Aug 2021
    Bank Nifty extends gains

    Bank Nifty soared past the 36,000 mark on Wednesday as banking heavyweights pulled the index higher. SBI, ICICI Bank, Kotak Mahindra Bank, Axis Bank and HDFC Bank were all in the green.

    14:23 (IST)04 Aug 2021
    Sensex, Nifty set fresh all-time highs

    Sensex and Nifty once again reached fresh all-time highs on Wednesday. After having slipped from highs earlier, Sensex and Nifty rebounded to reach 54,443 and 16,290 -- their respective fresh highs.

    14:00 (IST)04 Aug 2021
    Should you susbscribe to Krsnaa Diagnostics IPO?

    Krsnaa Diagnostics has reported steady growth in topline (CAGR of 38%) over the last three years. The company was able to turn in a profit of Rs 185 crore in FY21, mainly due to fair value gain in the previous year. Adjusted for fair value and deferred tax, net profit for FY21 rose to Rs 31.4 crore compared with Rs 13.53 crore in the year earlier. At the higher end of the price band, Krsnaa Diagnostics IPO is aggressively priced at a P/E ratio of ~80 times FY21 EPS (on a fully diluted on post-issue basis). Krsnaa Diagnostics has a negative average P/E on the basis of the last three years. The P/E ratio is in line with Metropolis Healthcare (81 times) but cheaper than Dr Lal Path Labs (111 times). Given the company’s steady growth in topline, stable margins, good return ratios, strong runway for growth we remain “positive” on the long-term prospects of this issue. SEBI-registered investment advisor INDmoney said in a report

    13:57 (IST)04 Aug 2021
    RBI maintaining accommodative stance and excess system liquidity would comfort the markets

    As concerns grow on a higher inflation reading, reassurance from the central bank in maintaining the accommodative stance and excess system liquidity would comfort the markets. Continuance of the G-Sec Acquisition Program (G-SAP) with larger amounts would help in keeping yields at lower levels. Anand Nevatia, Fund Manager TrustMF

    13:51 (IST)04 Aug 2021
    RBI MPC most likely to maintain status quo

    The MPC meets at the cusp of a visibly sticky inflation, nudging growth phase and a fluid pandemic situation world over. The central banker is mostly likely to maintain a status quo on rates being mindful of growth and wait for more data points on inflation front. There could be some steps towards normalisation of liquidity via increased tenor and/or quantum of VRRR (variable rate reverse repo) – something which bond markets seem to be anticipating. Lakshmi Iyer, CIO (Debt) & Head Products, Kotak Mutual Fund

    13:23 (IST)04 Aug 2021
    Windlas Biotech IPO fully subscribed: Grey market premium soars; should you invest as shares offered at 65x PE

    Windlas Biotech’s Rs 401.53-crore IPO has been fully subscribed on the first day of the bidding, receiving a robust response from retail investors. So far on day one, the issue has received 1.28 times subscription. It has received bids for 78.58 lakh equity shares against the issue size of 61.36 lakh equity shares. In the grey market on Wednesday, Windlas Biotech shares were trading at Rs 590 apiece, a premium of Rs 130 or 28 per cent, over the IPO price of Rs 460 per share.

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    13:03 (IST)04 Aug 2021
    KFC operator Devyani International’s IPO fully subscribed on day one; check grey market premium

    Devyani International’s IPO was fully subscribed in three hours of bidding on the initial day of sale. Retail investors led the bidding, oversubscribing their portion of the Rs 1,838 crore IPO within the opening hour. Devyani International, the largest franchisee of Yum Brands in India, operators a chain of quick-service restaurant brands such as KFC, Pizza Hut and Taco Bell. The public issue is a mix of a fresh issue of equity shares and an offer for sale (OFS) by existing shareholders of the company. Devyani International is one of the four IPOs that opened today for subscription.

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    12:41 (IST)04 Aug 2021
    Windlas Biotech, Exxaro Tiles IPOs fully subscribed

    IPOs of Windlas Biotech and Exxaro Tiles have been fully subscribed on day one of bidding. Retail investors led the charge, bidding for most number of shares. 

    12:37 (IST)04 Aug 2021
    MPC likely continue with accommodative stance

    "The MPC would likely continue with the accommodative stance and maintain the rates unchanged as the economy is still in the recovery phase. The fear of the third wave would also force the RBI to continue with the growth-supporting measures. However, the rising inflation rate in the domestic economy is a worry. And, one needs to closely whether there will be an indication of the normalization of monetary policy," said Deepthi Mathew, Economist at Geojit Financial Services.

    12:28 (IST)04 Aug 2021
    Majority Sensex stocks in red

    Sensex is trading with gains, although down from intra-day highs. The majority of the Sensex constituents were down with losses. Sun Pharma and Titan were down more than 1% each as the top laggards. 

    11:53 (IST)04 Aug 2021
    Mid Cap, Small Cap, and Large Cap Value will be key allocation themes

    "Nifty made a record high and crossed 16,000 levels and today Sensex touched 54,000 for the first time, signifying the continuation of the bull run. The market is welcoming the sequential recovery of key high-frequency indicators like manufacturing PMI, the GST collection and the Google mobility data, all are trending higher on a month-on-month basis. With the improvement in key macro data, FIIs turned buyers in the equity market v/s the net sellers in the last month. Further, the recent spate of IPOs and their success clearly indicates the appetite for mid and small cap stocks. Overall, we remain constructive on the market and we believe Mid Cap, Small Cap, and Large Cap Value will be the key allocation themes. Any dips should be utilized to build positions in the recommended themes," said Naveen Kulkarni, Chief Investment Officer, Axis Securities.

    11:35 (IST)04 Aug 2021
    Nirma Group cement company Nuvoco Vistas IPO opens Aug 9; check price band, IPO size, bid details

    Nirma group cement company Nuvoco Vistas Corporation Ltd IPO will open for subscription on Monday, 9 August, at a price band of Rs 560-570 per share of face value of Rs 10 each. The issue will close on Wednesday, 11 August. Nine years ago Nirma shares were delisted from exchanges. The Rs 5,000 crore public issue comprises a fresh issue of shares worth Rs 1,500 crore and an offer for sale (OFS) of Rs 3,500 crore by its promoter entity Niyogi Enterprise Pvt. Ltd. 

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    11:34 (IST)04 Aug 2021
    Bank Nifty extends gains

    Bank Nifty was up 1.88% on Wednesday, trading at 35,868 points. ICICI Bank was up more than 3%, followed by Kotak Mahindra Bank, AU Small Finance Bank, HDFC Bank, and Axis Bank.

    11:15 (IST)04 Aug 2021
    How to value upcoming internet IPOs; ICICI Securities shares framework to filter quality internet cos

    With the success of Zomato’s IPO, a volley of internet companies are now looking to make their way towards stock markets. This has forced several questions into the minds of stock market investors. Which model; which vertical; Which company are currently some of the billion-dollar questions in investor’s minds. Amid this rush of internet companies, domestic brokerage and research firm ICICI Securities has shared their 5 point framework to help investors filter through the barrage of internet IPOs. Paytm is expected to enter the primary market this fiscal year and many others such as Nykaa have also begun treading on the same path. 

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    10:32 (IST)04 Aug 2021
    Service sector stuck in contraction during July

    Largely due to the COVID-19 pandemic and local restrictions, the Indian service sector remained in the red during July. Business activity, new orders and employment declined further, but in all cases rates of contraction moderated from June. Posting 45.4 in July, the seasonally adjusted India Services Business Activity Index was in contraction territory for the third month in a row. However, rising from 41.2 in June, the latest reading pointed to a slower rate of reduction. Panel members that reported lower output cited subdued demand conditions amid the COVID-19 crisis.

    ~ IHS Markit

    10:23 (IST)04 Aug 2021
    ED arrests Avantha Group promoter Gautam Thapar in money laundering case

    The Enforcement Directorate has arrested Avantha Group promoter Gautam Thapar in connection with a money laundering case, officials said on Wednesday. Thapar was arrested under provisions of the Prevention of Money Laundering Act (PMLA) on Tuesday night after the agency carried out raids against him and his linked businesses in Delhi and Mumbai, they said. He is expected to be produced before court on Wednesday where the ED will seek his custody, they added.

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    Check live price: Yes Bank;  

    10:16 (IST)04 Aug 2021
    Parliament passes Inland Vessels Bill 2021! Take a look at benefits of new Act

    The Inland Vessels Bill 2021 was passed by the Parliament recently, which aims to replace over 100-year old Inland Vessels Act of 1917 as well as usher in a new era in the inland water transport sector. The bill also aims to fulfill the Modi government’s vision to make the Legislative framework more user-friendly as well as promote ease of doing business. Union Minister of Ports, Shipping & Waterways, Sarbananda Sonowal moved the bill in Rajya Sabha recently. The Inland Vessels Bill 2021 will now be sent to the President for assent. According to the ministry, it will allow harmonized and effective inland vessels’ regulation and also their seamless and safe navigation. Take a look at some of the major benefits of the new Act:

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    10:04 (IST)04 Aug 2021
    Gold Price Today, 4 August 2021: Gold up as US dollar falls; may remain range bound; check trading strategy

    Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices edged higher in India on Wednesday, following global markets helped by a subdued dollar ahead of US jobs data. On Multi Commodity Exchange, gold October futures rose Rs 65 or 0.14 per cent to Rs 47,929 per 10 gram, as against the previous close of Rs 47,916. Silver September futures were seen ruling above Rs 68,000, rising Rs 186 or 0.27 per cent to Rs 68,100 per kg. In the previous session, silver ended at Rs 67,914 per kg. Globally, gold prices were up, but bobbled in a narrow range as investors awaited signals from U.S. jobs data on the labour market recovery. 

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    10:00 (IST)04 Aug 2021
    Nifty aiming 16,350

    "Nifty is well on its path to see the 16350 objective, which we had lined up for the last three days. Yesterday’s rise in VIX by 7.36% is counter-intuitive though, which prompts us to be cautious once in the 16200-250 vicinity. However, unless a pullback below 16090 or 16030 is seen, favoured view expects upsides to continue aiming 16350 and well beyond," said Anand James, Chief Market Strategist at Geojit Financial Services.

    09:47 (IST)04 Aug 2021
    Banking and finance stocks surge

    HDFC was the top gainer on Sensex, surging more than 3% on Wednesday morning, followed by ICICI bank. HDFC Bank, Kotak Mahindra Bank, IndusInd Bank, and Axis Bank were all in the green.

    09:29 (IST)04 Aug 2021
    Devyani International IPO opens today, anchor investors pump in Rs 824 crore, should you subscribe?

    Devyani International’s Rs 1,838 crore IPO opens today for subscription. The company is the largest franchisee of Yum Brands in India and is among the largest operators of chain quick-service restaurants operating brands such as KFC, Pizza Hut and Taco Bell. The company’s public issue is a mix of a fresh issue of equity shares and an offer for sale by existing shareholders. Ahead of the IPO, Devyani International has raised Rs 824 crore from anchor investors that include marquee foreign investors. The IPO will remain open for subscription till August 6.

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    09:19 (IST)04 Aug 2021
    Bank stocks to play catch up

    "Sometimes amateurs beat professionals. This is happening in the Indian stock market now. FIIs, often regarded as representing smart money, have been pushed back by the sheer momentum of retail investors. FIIs who have been consistently selling in July on rational hopes of a correction in the overvalued market have been forced to buy (Rs 2117 cr in cash market yesterday) on fears of losing out on the momentum. Retail investors and mutual funds flush with funds from NFOs are driving this market without much regard to valuations. Having broken the 15950 Nifty upper band decisively, sheer momentum may take the market higher. With institutional money pouring in, large caps are likely to outperform if the market continues its upward momentum. Leading banking stocks, which have been underperforming in this rally, are likely to catch up," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 

    09:18 (IST)04 Aug 2021
    Sensex, Nifty at record highs

    Sensex reached an all-time high of 54,208 on Wednesday morning, Nifty set a record high of 16,236 and Dalal Street surged under firm control of bulls.

    09:17 (IST)04 Aug 2021
    OPENING BELL

    Domestic benchmark indices started the day’s trade at fresh all-time highs on Wednesday morning. broader markets were mirroring benchmarks.

    09:07 (IST)04 Aug 2021
    Nifty nears 16,200

    Nifty was closing in on 16,200 during the pre-open session on Wednesday.

    09:03 (IST)04 Aug 2021
    Sensex, Nifty in green

    Sensex neared the 54,000 mark during the pre-open session on Wednesday. Nifty was trading in the green, jumping above 16,150.

    08:54 (IST)04 Aug 2021
    Nifty may top 16,200, higher start for D-St on cards; IPOs, RBI MPC among key factors today

    SGX Nifty surged higher in early trade on Wednesday, rising 75.50 points or 0.47 per cent to 16,240.50 on Singaporean Exchange. Indices may extend the previous session’s rally, taking the BSE Sensex above 54,000 and NSE’s Nifty 16,200 on Wednesday. Investors will focus on the Q1 results for stock-specific action, the RBI MPC meet that starts today and the macroeconomic data i.e. Markit Services and Composite PMI numbers for July. 

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    08:46 (IST)04 Aug 2021
    Nifty expected to open at 16,200

    "Yesterday Nifty gave a strong breakout from its previous range with good volumes. Nifty is expected to open at 16200, up by 70 points. Nifty may see 16250 and 16400 levels in the next few days. 16000 and 15950 will act as strong support for Nifty." said Gaurav Udani, Founder & CEO, ThincRedBlu Securities.

    08:30 (IST)04 Aug 2021
    Next upside levels to be watched around 16,300 - 16,500

    "The short term trend of Nifty seems to have turned up sharply. The much-awaited upside breakout of broader high low range at 15960 could signal more upside for the Nifty ahead. The next upside levels to be watched around 16300-16500 in the next 6-8 sessions. Important support is placed at 15960-16000 levels," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

    08:29 (IST)04 Aug 2021
    Nifty target for August 16,500

    "Stay long and stay bullish above 15,915. Targets at 16,500 in August and 16,800 by September. Bank Nifty looking good for an immediate target of 35,925," said Rahul Sharma, Director & Head - Research, JM Financial.

    08:23 (IST)04 Aug 2021
    Bharti Airtel, TCS, SBI, HPCL, Devyani, Windlas, Exxaro, Krsnaa Diagnostics IPOs, Dabur stocks in focus

    BSE-listed companies such as State Bank Of India, Hindustan Petroleum Corporation, Titan Company, Adani Green Energy, Godrej Consumer Products, Apollo Tyres, Adani Total Gas, Bosch, Chambal Fertilisers & Chemicals, Cholamandalam Financial Holdings, Cosmo Films, Gabriel India, Greenply Industries, H.G. Infra Engineering, Mayur Uniquoters, Nava Bharat Ventures, PNB Housing Finance, Solara Active Pharma Sciences, Sonata Software, Subros, Tasty Bite Eatables, Tata Communications and Thomas Cook (India) to announce results on August 4.

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    08:20 (IST)04 Aug 2021
    Further upsides likely

    "The maximum concentration among Nifty weekly put options has shifted higher to 16000 from 15800 on Tuesday, while among call options, 16200 strike from 15900. This broadly suggests they expect the Nifty to rise above 16200 and do not expect the index to fall below 16000. The market range for the ongoing weekly expiry series is shifting higher . 

    In the coming session, further upsides are likely once the immediate resistance of 16170 is taken out," said Raushan Kumar, Derivative Analyst, IIFL Securities.

    08:18 (IST)04 Aug 2021
    Positive global cues

    "US cues are positive led by Dow Jones and S&P 500. Most of Asia also trading positive. Fresh longs in Nifty (+11.3%) while Bank Nifty witnessed short-covering (-16.5%). 50% of Nifty stocks saw a spike in volumes while heavyweights witnessed short-covering. The big boys (FIIs) finally turned buyers in cash and FOMO crept in," said Rahul Sharma, Director & Head - Research, JM Financial.

    08:10 (IST)04 Aug 2021
    Petrol and diesel price today 4 August 2021: Rates unchanged for 18th day; check price in Delhi, Mumbai here

    Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: The prices of Petrol and Diesel have now been left untouched by oil marketing companies for the eighteenth consecutive day. Today, petrol in the national capital costs Rs 101.84 per litre, while Diesel in the capital city is retailing at Rs 89.87 per litre. Fuel prices have increased 41 times since May 4, now sitting at all-time highs. The price of petrol in Delhi has increased by Rs 11.15, while diesel price has surged Rs 10.80 per litre since the rates started increasing more than 2 months back. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with benchmark international price and foreign exchange rates.

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