Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 ended marginally up on Thursday, a day of weekly F&O expiry. BSE Sensex ended 38 points or 0.06 per cent at 60,298, while NSE Nifty rose 12.25 points or 0.07 per cent to settle at 17,956. Stocks of Kotak Mahindra Bank, L&T, Bharti Airtel, UltraTech Cements, Power Grid Corporation of India, IndusInd Bank, State Bank of India (SBI), ITC, Asian Paints, Tech Mahindra were among top Sensex gainers. On the flip side, Dr Reddy’s Laboratories, Wipro, Infosys, Mahindra & Mahindra. Axis Bank, TCS, Titan Company were among top index losers. Bank Nifty gained half a per cent to settle at 39,656 levels
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Mukesh Ambani’s Reliance Industries has scheduled its Annual General Meeting for August 29, and many expect announcements about share market listing of either Reliance Jio, Retail or O2C businesses along with the launch of 5G services. This year’s annual general meeting will be the 45th AGM of Reliance since its IPO (Initial Public Offering). Reliance Industries AGM is a much-awaited event with Mukesh Ambani often revealing what the oil-to-telecom conglomerate would do next to drive growth. Last year at the 44th AGM of Reliance had made a slew of announcements related to the solar and new energy business, along with the launch of the JioPhone Next.
When there were fears around inflation, recession, China-Taiwan escalations, not so long ago, Nifty made a 52 week low around 15200 in the month of June and since then markets have not looked back. We have witnessed one of the sharpest rallies since then. During this period, Nifty 50 has rallied a phenomenal ~2700 points in 43 trading sessions making it an average gain of ~63 points per trading session. A larger trend in the market remains buy on dips and one should avoid short selling unless there are clear signs of reversal. Ashish Gupta, Volatility Trader and Derivatives Expert
BSE Sensex ended 38 points or 0.06 per cent at 60,298, while NSE Nifty rose 12.25 points or 0.07 per cent to settle at 17,956
We believe the current management has potential to scale up the business, given that each of the three CEOs of Happiest Minds three business segments has spent ~1-2 decades in IT services industry, and held leadership roles at larger peers. With succession plan and organisational structure in place, we do not expect major disruption during future management transitions.
Brent is closer to the US$ 94 mark, with US$ 106- US$ 107 being critical levels to watch out for. It may be noted here that this level was breached thrice in the last four weeks and Brent has moved lower. This was in response to two specific factors. First, the US Dollar was becoming stronger and naturally the Dollar strength needed to get reflected in the oil price. Second factor is that the demand for oil from the two major consumers that is China and India has been gradually coming down. Emkay Wealth Management
BSE Sensex pared most of losses, and was just 41 points down, to trade at 60,219, while NSE Nifty 50 crossed 17950
Key expectations from the AGM are around any updates on: a) timeline for potential listing of its three key businesses – Jio, Digital and O2C; b) potential strategic stake sale in O2C, Retail and New Energy business; and c) likely 5G roll-out and monetisation plans. We maintain BUY (TP of INR 2,950) given RIL’s industry leading capabilities across businesses and expectation of strong 14-15% EPS CAGR over the next 3-5 years. JM Financial Services
We cut our FY23 and FY24 margins 180bps each. The healthy revenue growth momentum and margin tailwinds are comforting. Also its lean balance sheet and higher return ratios lead to the stock commanding a premium to its peers. We maintain our Buy on it with a higher TP of Rs2,605(earlier Rs2,560) based on 62.5x (unchanged) FY24e earnings. Faucets and sanitaryware, when factored in, would increase the potential. Anand Rathi Equity Research
Volatility was down 1% on Thursday as the India VIX index fell. The fear gauge is sitting below 18 levels.
Dreamfolks Services IPO will open for subscription on Wednesday, 24 Aug and close on 26 Aug. The anchor portion for the public issue will open on 23 Aug. The issue is entirely an offer-for-sale (OFS), offering up to 1.7 crore equity shares by the existing promoters and the selling shareholders. Promoters — Mukesh Yadav and Dinesh Nagpal will sell upto 65.31 lakh shares each, and Liberatha Peter Kallat will offload up to 41.8 lakh shares through OFS. The equity shares of Dreamfolks Services are likely to be listed on BSE and NSE. Read full story
Syrma SGS Technology IPO subscribed 7.95 times so far on the last day of bidding. Overall – 7.95 times, QIB 11.87 times, NII 11.20 times and Retail 4.17 times
Reliance Jio added 42.2 lakh new mobile customers in the month of June, consolidating its past month gains. In contrast, Bharti Airtel only added 7.9 lakh customers. Meanwhile Vodafone Idea continued its losing streak as it lost 18 lakh users, according to the data released by Telecom Regulatory Authority of India (TRAI). With the gains in the month, Jio’s total wireless subscriber count as on 30 June 2022 stood at 41.3 crore, while Airtel and Vodafone Idea had 36.2 crore and 25.6 crore users respectively. Bharti Airtel share price jumped 3%, while Vodafone-Idea shares fell half a per cent on NSE intraday. Read full story
BSE Sensex and NSE Nifty 50 have soared higher in recent days, helped by positive flows from foreign institutional investors, softening inflation, and expectations of less hawkish global central banks. However, after the sharp up-move charted by benchmark indices, analysts are not ruling out a short-term correction on Dalal Street. Amid such a scenario, analysts recommend going stock-specific with your portfolio. HDFC Securities has picked two stocks that they believe could help investors pocket as much as 19% returns in the next two to three quarters.
The key highlight of 1QFY23 was resilient volume growth trends across staples and discretionary pack notwithstanding incessant price hikes and broad-based inflationary pressure. Easing commodity prices augur well for margin recovery and some pickup in volume growth starting 2HFY23. Most stocks in our coverage are finely priced and offer modest upside in the near term. Our preferred picks are GCPL, HUVR, TTAN, JUBI, VBL and Sapphire Foods. Kotak Institutional Equities
Syrma SGS Technology IPO subscribed 2.90 times so far on day 4. Overall – 2.90 times, QIB 0.74 times, NII 5.16 times and Retail 3.25 times
BSE Sensex and NSE Nifty 50 were trading weak on Thursday, a day of weekly F&O expiry. Index heavyweights such as Infosys, Reliance Industries (RIL), Tata Consultancy Services (TCS), HDFC Bank, and Dr Reddy’s Laboratories contributed the most to the indices’ fall. So far in the day, BSE Sensex rose to 60,287 as day’s high, and a low of 59,969. NSE Nifty 50 hit a day’s high of 17,954.65, and a low of 17,852.05. So far in the trade, only ICICI Bank stocks hit a new 52 week high of Rs 886 apiece, crossing the previous high of Rs 885.60 apiece on S&P BSE Sensex. While no stock hit a fresh 52-week low on S&P BSE Sensex. Read full story
Bharti Airtel added 7.93 lakh subscribers in the month of June 2022 and its total subscriber based stood at 36.29 crore. Bharti Airtel stock up 3%
Reliance Jio added 42.23 lakh subscribers in the month of June 2022 and its total subscriber based stood at 41.30 crore. Reliance Industries (RIL), which controls Reliance Jio, was down 0.63%. RIL share was down 0.6%
Sona BLW share price tanked 6 per cent on Thursday to hit an intraday low of Rs 507 on NSE. The share price drop comes after it was reported that Blackstone Inc. is looking to raise as much as Rs 3,180 crore through the sale of shares in the automotive component maker Sona Comstar. According to a Bloomberg report, an affiliate of the US firm is offering the shares in Sona BLW Precision Forgings Ltd., as it is formally known, at Rs 500 each, a 7.2% discount to Wednesday’s closing price. If there’s enough investor demand, Blackstone could reportedly also increase the deal size to Rs 39.7 billion, according to the terms.
Indian retail companies reported a strong earnings in the quarter ended June 2022. Q1FY23 was impressive with 3 per cent and 11 per cent sales and EBITDA outperformance respectively. Most companies comfortably topped pre-covid trends. According to analysts at Edelweiss Securities, business outlook provided by retail companies and the trends, at large, are positive, indicating it was not a one-off surge. “Sustenance or gradual stabilisation is key to elevated valuations holding up,” it said. While Tata group stocks Trent and Titan, and Falguni Nayar’s Nykaa remain Edelweiss’ top picks from the industry, DMart operator Avenue Supermarts has been downgraded along with Vedant Fashions.
Gold prices in India were trading in the positive territory on Thursday, following the release of the US Fed minutes. On the Multi Commodity Exchange, gold October futures were up Rs 135 or 0.3 per cent to Rs 51,678 per 10 gram, as against the previous close of Rs 51,543. Silver September futures were ruling at Rs 56,751 per kg, down Rs 164 or 0.3 per cent. Globally, yellow metal prices rose on Thursday, as the dollar and Treasury yields pulled back slightly after U.S. Federal Reserve minutes hinted policymakers may be less aggressive on future rate hikes. Read full story
On the Nifty daily chart, we can observe that after recently touching a low of 15183, the 50-stock index has been consistently rising and making higher tops and higher bottoms over the last few weeks. And this week, the Nifty broke out of a downward sloping trend line that held down the highs of 2021 and 2022. Technical indicators too are giving positive signals as rising 20-day SMA is above the rising 50-day SMA.
Syrma SGS Technology IPO entered the final day of bidding today after having already been oversubscribed by investors. The Rs 840 crore public issue opened for subscription last week after having garnered decent interest from anchor investors. Syrma SGS public issue has seen all investor categories oversubscribe their portions except Qualified Institutional Buyers (QIB). In the unlisted space, the premium for Syrma SGS Technology shares has fallen to Rs 30-35 per share. The grey market premium at the start of the week stood at just Rs 15 per share but was at Rs 40 apiece yesterday.
“NYMEX crude trades mixed near $88/bbl as support from weekly inventory report which noted a sharp decline in US crude oil and gasoline stocks and higher natural gas and power prices in Europe and Asia is countered by demand concerns amid mixed economic data and virus concerns and prospect of higher supply from Iran amid progress in Iran’s nuclear talks. US weekly inventory report has helped crude recover from recent 6-month lows and we may see some extended gains amid tightness in US market however overall bias is still on the downside due to demand worries.”
~Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities
“COMEX gold trades marginally higher near $1780/oz amid choppiness in US dollar index and bond yields as FOMC minutes failed to give much clarity about Fed’s monetary tightening stance. FOMC minutes showed that the central bank wants to continue with rate hikes to control inflation but is also wary about overtightening and its impact on economic growth. Fed’s indecisiveness means that market players may look at economic numbers and central bank comments to determine Fed’s next move. Gold may remain volatile as support from global growth worries, geopolitical issues and inflation concerns is countered by weaker investor interest and concerns about consumer demand. However, with Fed expected to continue with rate hikes, US dollar may remain supported and this may pressurize gold.”
~Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities
Nifty Bank index fell marginally to 39,435.25, while Nifty Pharma index was down 1.2 per cent
On the flip side, Dr Reddy's Laboratories, Sun Pharma, Wipro, Infosys, TCS, HCL Tech were among the top BSE Sensex losers.
Stocks of Bajaj Finserv, Power Grid Corporation of India, Bharti Airtel, State Bank of India, UltraTech Cements, Asian Paints, Kotak Mahindra Bank among top index gainers
BSE Sensex falls 185 points to 60,074, while NSE Nifty 50 slipped below 17900 on weekly F&O expiry
“Rupee consolidated in a narrow range ahead of the important FOMC meeting minutes that was released last evening. In the meeting minutes, U.S. central bank policymakers committed to raising rates as high as necessary to tame inflation. Yet despite that arch tone on inflation as their top concern, the minutes also flagged what will be an important dimension of the Fed's debate in coming months – when to slow down the pace of rate increases, and how to know if rate hikes have gone past the point needed to beat rising prices.”
“On the other hand, U.S. retail sales were unexpectedly unchanged in July as falling gasoline prices weighed on receipts at service stations, but consumer spending appeared to pick up at the start of the third quarter, further assuaging fears the economy was in a recession. Today, focus will be on the EZ CPI number and from the US market participants will be keeping an eye on the Philly Fed manufacturing index to gauge a view for the dollar. We expect the USDINR(Spot) to trade sideways and quote in the range of 79.20 and 79.80.”
~Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services
USD-INR the pair is expected to trade in a wide range of 78.50 to 80.00 over the short term before triggering a breakout on the higher side. Amit Pabari, MD, CR Forex Advisors
Indian Rupee opened at 79.60/$ versus Wednesday’s close of 79.45 per US Dollar
BSE Sensex falls 185 points to 60,074, while NSE Nifty 50 declined 111 points or 0.6 per cent to 17833 in pre-open after Fed minutes suggest less aggressive action in Sep
Easing inflationary pressures in between the Fed’s meeting and the Minutes’ release has pushed speculative interest into dropping chances of another 75 bps hike. US monthly Retail Sales came in worse than anticipated but yearly it did beat estimates. For USDINR, 79.20 acts as a support while 79.65 a resistance. Kunal Sodhani, VP, Global Trading Center, Shinhan Bank
“Trading with a stock-specific approach could be a better strategy for the near now as the risk-reward in index trades is not favorable now. One should look for sectors that are witnessing buying interest in the initial couple of hours of the session and look to stocks that are taking leadership within the sector,” said Ruchit Jain, Lead Research, 5paisa.com.
The price of petrol and diesel has been left unchanged for the 89th day by OMCs on August 18. The most recent price reduction had come 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. The cut in VAT is likely to cost Maharashtra’s 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.
Nifty 50 index opened positive on Wednesday and kept up with the bulls at higher zones and went on to touch 17965 zones. It sustained at higher zones with slight consolidation and closed with gains of 120 points. It formed a Bullish candle on the daily scale and gave the highest daily close of the last ninety-one trading sessions. It has been forming higher highs from the last six sessions and now needs to cross the psychological 18000 marks for the momentum to continue.
Bulls remain in control on Dalal Street so far, pushing Sensex and Nifty higher. On Wednesday, S&P BSE Sensex added 417 points or 0.70% to regain the 60,000 mark after four months while the broader NSE Nifty 50 index closed at 17,944 levels. Bank Nifty crossed 39,400 while India VIX, the volatility gauge, dropped marginally. Entering Thursday’s trade, the weekly futures & options expiry session, SGX Nifty was trading in the red hinting at a flat to a negative start to the day’s trade. Global cues were weak after Wall Street ended in the red.
SGX Nifty was sitting 19 points lower on Thursday morning, suggesting a flat to negative start to the day's trade.
Indian government bonds may be added to a global index next year, triggering passive inflows of about $30 billion that will help the country to finance its current account and fiscal deficits, according to Goldman Sachs Group Inc. The nation’s sovereign bonds may be added to JPMorgan’s GBI-EM Global Diversified bond index with an initial 10% weightage, analysts Danny Suwanapruti and Santanu Sengupta wrote in a note to clients. India’s $1 trillion sovereign bond market is one of the biggest emerging markets not to be part of any global index.