Share Market News Today | Sensex, Nifty, Share Prices Highlights: Dalal Street headline indices snapped their losing streak to close with gains on Wednesday. S&P BSE Sensex rose 547 points or 0.99% to settle at 55,816 while NSE Nifty 50 index rose 157 points or 0.96% to end at 16,641. Bank Nifty jumped 1.03% to close the day’s trade at 36,783. Indi VIX, after having risen earlier in the day, closed 0.22% lower but was still above 18 levels. Sun Pharma was up 3.3% on closing bell as the best performing Sensex stock, followed by State Bank of India, and Larsen & Toubro. In the red was Bharti Airtel, falling 1.25%, accompanied by Kotak mahindra Bank, and NTPC.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates
Bulls were back on Dalal Street after a 2-day break, pushing Sensex and Nifty higher just ahead of the monthly Futures & Options expiry and the US Federal Reserve meet. S&P BSE Sensex rose 547 points or 0.99% to settle at 55,816 while NSE Nifty 50 index rose 157 points or 0.96% to end at 16,641. Sun Pharma was up 3.3% on the closing bell as the best performing Sensex stock, followed by State Bank of India, and Larsen & Toubro. In the red was Bharti Airtel, falling 1.25%, accompanied by Kotak Mahindra Bank, and NTPC. Bank Nifty jumped 1.03% to close the day's trade at 36,783. Indi VIX, after having risen earlier in the day, closed 0.22% lower but was still above 18 levels.
Bulls pushed S&P BSE Sensex 547 points higher while NSE Nifty 50 ended at 16,641; Sun Pharma, SBI were the top gainers.
With several risks ahead, an earnings cut is imminent for domestic stock markets, said global brokerage and research firm Bank of America Securities (BofA). “While global growth has clearly entered a slower lane, including rising fears of US recession, we look at several early anecdotes indicating possible worsening of domestic demand outlook,” BofA said in a note. Analysts at BofA have been voicing concerns and had recently cut their NSE Nifty 50 target to 14,500. Although BSE Sensex and NSE Nifty 50 have recently climbed higher from their June lows, massive headwinds are seen to be blocking the runway for bulls.
“View changed to Bullish as we have navigated 16,565 decisively. Same with BN as it is forming Bullish Engulfing candle on daily charts.”
~ Rahul Sharma, Director & Head – Research, JM Financial.
Zomato share price surged 6% on Wednesday to Rs 44.40 apiece on the NSE intraday, snapping two-days losing streak. Zomato stock has plunged around 70% so far this year, and analysts have cautioned that the company’s share price may face further sell-off pressure. Concerns around Zomato have been anchored on its lack of profitability. “Worries of Fed tightening are weighing on the profitless Internet names globally. The entire sector has been going through a period of readjustment as the focus is shifting from growth to cash flow,” Jefferies said in a report. The brokerage has pinned a target price of Rs 100 apiece on the stock.
Tata Power share price tanked 4% on Wednesday despite the company reporting a 103.2% rise in its consolidated net profit at Rs 794.60 crore in the April-June 2022 quarter, beating street estimates by a wide margin. The Tata Group firm’s revenue from operations increased 43% to Rs 14,495.48 crore. The strong performance was mainly driven by high profits from Coal JV. So far this year, Tata Power share price has fallen 3.2% and analysts see limited upside on the stock despite a second consecutive quarter of strong growth. The stock was quoting at Rs 216 on NSE, down 4% from previous close.
Shoppers Stop share price soared 11.7 per cent to hit a new 52-week high of Rs 605.15 apiece after the company posted a net profit of Rs 22.79 crore for April-June quarter against the net loss of Rs 118 crore for the same period last year. The company has nearly tripled investors’ wealth in little less than one year, rising 168 per cent. Analysts believe that an increase in the footfall, improvement in consumer sentiments and revival of the retail segment has benefited the company’s earnings growth. Read full story
Rakesh Jhunjhunwala portfolio stock Metro Brands share price may rally 18 per cent to Rs 683 apiece in six months, HDFC Securities said in a report, initiating coverage on the stock. The brokerage firm has advised to buy the stock in the range of Rs 571-583, and add more on dips at Rs 506-516 band. On Wednesday, Metro Brands stock price was ruling at Rs 575.80 apiece, down 0.4 per cent. From its all-time high of Rs 673. So far this year, Metro Brands share price has rallied 28%, outperforming benchmark Nifty 50 by a margin. Read full story
India VIX, the volatility index, was still above 18 levels but down from the intraday high. Inda VIX was at 18.3 levels, marginally down from 18.6.
Analysts at Prabudas Lilladher have put a 'Buy' call on Asian Paints, something that is opposite to what other major brokerage firms on Dlala Street have done. “We believe long term structural levers remain intact led by 1) market share gains in decorative paints in an industry growing at double digits 2) increased distribution (addition of 5k retail touch points in 1Q23) 3) innovations & focus on high growth waterproofing/wood finishes segment 4) scalability plans in home décor from 4% to 10% by FY26 by both organic and inorganic means. We expect APNT to sustain premium valuations given strong growth visibility. We maintain our BUY rating with a TP of Rs 3363 (Rs 3018 earlier),” they said.
“After what seems like an interminable wait, we are finally at FOMC day, and the last one I shall be covering as the voice of reason in this missive. Markets have baked another 75 basis points into their loaves of bread, but it's going to be all about what the Fed and Jerome Powell say and not what they do. The IMF downgraded world growth forecasts last night, and there are plenty of recessionary signs around the world. What we’re not yet seeing, is easing commodity prices and supply chain pressures flowing through to lower prices,” said Jeffrey Halley, Senior Market Analyst, Asia Pacific, OANDA.
Better-than-expected results at Microsoft and Google helped soothe a nervous mood in stock markets on Wednesday, while a cut in Russian gas flow dragged on the euro and a Federal Reserve meeting due later in the day kept bonds and the dollar on edge. Nasdaq 100 futures bounced 1.4% and S&P 500 futures were up 0.8% in Asia after Microsoft forecast steep revenue growth and Google parent Alphabet posted strong search engine ad sales. Alphabet shares rose 5% after hours and Microsoft shares rose 4% to cut through some of the gloom cast over Tuesday by a profit warning at retailer Walmart and some soft U.S economic data. Read full story
The Coca Cola Company said its India business recorded best ever volume growth in April-June quarter, leading the company’s overall growth in emerging markets along with Brazil. “Our India business delivered 1 billion incremental transactions in the quarter led by portable single-use packs. The company gained shares in sparkling, soft drinks, and juices. We continue to invest in marketplace availability and execution to capture growth,” said James Quincey, Chairman and CEO, The Coca-Cola Company. India is Coca Cola’s fifth largest market. Read full story
Sensex and Nifty were seen moving higher on Wednesday, after having opened flat with a negative bias. S&P BSE Sensex rose more than 200 points or 0.40% to touch 55,500 while the NSE Nifty 50 index was up 55 points and above 16,500. Bank Nifty breached 36,600 during the initial hours of trade. As bulls seemed to attempt a return to Dalal Steet, 77 stocks on the BSE were up at their fresh 52-week highs and another 19 stocks touched fresh lows. Setting fresh highs were marquee names such as Adani Enterprises.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading flat to negative on Wednesday, ahead of the US Federal meeting. On Multi Commodity Exchange, gold August futures were ruling Rs 57 or 0.1 per cent down at Rs 50,527 per 10 gram. Silver September futures were trading Rs 107 or 0.2 per cent down at Rs 54,608 per kg. Globally, yellow metal inched up as the dollar weakened slightly, while investors waited for a key decision on interest rates from the U.S. Federal Reserve which could influence the outlook for bullion, amid growing worries over the state of the economy, according to Reuters. Spot gold firmed 0.1% to $1,718.97 per ounce, while U.S. gold futures dipped 0.1% to $1,716.70. Read full story
“The Fed announcement on interest rates expected late tonight is unlikely to impact equity markets in a big way since the most likely outcome of 75 bp rate hike has been discounted by the markets. The market, which continues to be volatile, is swinging between fears of an imminent US recession on one side and hopes of the US avoiding a sharp economic slowdown on the other. Only time will tell which of the two scenarios will play out,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
If one looks at the data for the past twenty years, the current year is the first instance which posted five negative monthly returns in its first six months for Nifty 50. So the markets have cut significant slack in terms of valuations, also the growth momentum looks durable from top line basis although there is some pressure visible in margins front which is also improving as overall inflationary environment recedes in second half of the year, further giving strength to earnings. Read full story
Larsen and Toubro (L&T) share price jumped over 2% in early trade, a day after company reported 45% on-year growth in consolidated net profit at Rs 1,702 crore for the first quarter of FY23. On a sequential basis, the profit declined 53%. Consolidated revenues rose 22.2% on-year to Rs 35,853 crore and met the expectations. On a sequential basis, the revenue went down 32.2%. L&T share were quoting at Rs 1,794 apiece on NSE intraday, up 2.4% from previous close. So far this year, the stock has plunged over 6%. However, analysts remain bullish and see up to 34% upside.
A large part of the current inflation is supply sided. Spike in commodity prices due to the war in Europe, geopolitical uncertainties, lingering impact of the pandemic on the global supply chain, logistic problems and shortage of microchips are resulting in flare inflation in most countries. Yet, while developed countries in North America and Europe are facing their respective 2 to 7 decade high inflation, inflation in most emerging market countries are below respective decadal highs. Read full story
Asian Paints share price rose 1.5% on Wednesday morning, a day after the company reported its April-June quarter earnings. Asian paints reported a massive 80.4% rise in consolidated net profit of Rs 1,036 crore in the quarter under review. However, analysts are not too keen on buying the stock and are bearish in their outlook.
For the traders now, 16600/55600 would act as an immediate resistance level. Below the same, the correction wave is likely to continue till 16400-16350/55000-54800. On the flip side, a fresh uptrend rally is possible only after the 16600/55600 breakout. Above which, the index could retest the level of 16700-16735/55900-56000. Contra traders can take a long bet near 16350/54800 with strict 16300/64650 support stop loss. Read full story
Asian Paints stock price was up 1.43% on Wednesday among the top gainers on Sensex. The stock rose a day after the company posted strong quarterly results, however, analysts want investors to sell the stock and head out.
Sensex and Nifty started the day's trade flat, moving between gains and losses. Volatility was inching higher.
Sensex and Nifty were both down in the red at the start of Wednesday's pre-open session.
Larsen & Toubro (L&T): The engineering and infrastructure major posted consolidated net profit of Rs 1,702 crore, a robust 45% growth over the year-ago period.
Wipro: The IT major announced a new five-year strategic engagement with Nokia, a multinational, networking, telecommunications and consumer electronics company.
Tata Power: Tata Power posted a nearly 90% jump in its consolidated net profit to Rs 883.54 crore for the April-June quarter of the current fiscal driven by higher income.
The Indian Rupee is likely to remain steady ahead of the US Federal Reserve meeting later tonight. A hawkish meet will lead to a sharp jump in the Dollar Index, whereas a dovish and data dependant kind of a signal will lead to a fall. If they remain in line with what the market is discounting currently, then index will remain in a range of 106 to 107 zone. The judgment will surely impact EM currencies and so Indian Rupee, according to the analysts. In the previous session, rupee pared its initial gains to settle flat against the US dollar amid muted domestic equities, firming crude oil prices and concerns over the hawkish US Fed. The local unit opened at 79.73 at the interbank forex market and finally settled at 79.78 per dollar, unchanged from its previous close.
“The immediate support for Nifty is placed in the range of 16400-16350. Looking at the structure, one should avoid any shorts now as the momentum readings have cooled-off from the overbought zone and any positive reaction to the FED outcome can lead to a resumption of the positive momentum. However, the intraday volatility could remain high due to uncertainty and hence traders are advised to trade with a proper risk management.”
~Ruchit Jain, Lead Research, 5paisa.com
“Bias remains bearish below 16565 for a downside target of 16360/16000. Bank Nifty could also extend its weakness down to 36000/35850,” said Rahul Sharma, Director & Head – Research, JM Financial.
The prices of petrol and diesel on July 27, were left untouched by OMCs yet again. Prices have held steady for more than two months now. The most recent change in prices came for Maharashtra when the new 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 this 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.
SGX Nifty was down with marginal losses on Wednesday morning. Nifty futures were down 5 points.
“We expect volatility to remain high in the following sessions due to scheduled derivatives expiry and upcoming global events. As we are seeing profit taking across the board, the focus should be on identifying quality stocks and accumulating them on dips,” said Ajit Mishra, VP – Research, Religare Broking.
The International Monetary Fund (IMF) on Tuesday slashed its global growth projections for 2022 and 2023, and warned of a possible worldwide recession next year. IMF’s forecasts come at a time when the US economy has already shrunk by 1.5% in the March quarter and many fear that growth may have slipped into the negative zone in the June quarter as well. Chances are that the US Federal Reserve rate hikes to check runaway inflation will cause a deeper recession in the world’s largest economy by the end of the year or early next year.