Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic benchmark indices moved lower for the second day running on Tuesday. S&P BSE Sensex dived 497 points or 0.89% to settle at 55,268 while the NSE Nifty 50 index was 147 points lower at 16,483. Bank Nifty ended at Highlights, down 0.87% while India VIX rise 2.77% to breach 18 levels. Infosys was the worst performing stock on Sensex, down 3.45%, accompanied by Hindustan Unilever, and Axis Bank. Zomato dived another 12.5% on Tuesday. Bajaj Finserv zoomed 5.58%, along with Power Grid and Bharti Airtel.
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Bears continued to dictate the momentum on Dalal Street on Tuesday with domestic benchmark indices falling for the second day running. S&P BSE Sensex dived 497 points or 0.89% to settle at 55,268 while the NSE Nifty 50 index was 147 points lower at 16,483. Infosys was the worst performing stock on Sensex, down 3.45%, accompanied by Hindustan Unilever, and Axis Bank. Zomato dived another 12.5% on Tuesday. Bajaj Finserv zoomed 5.58%, along with Power Grid and Bharti Airtel. Bank Nifty ended at 36,408, down 0.87% while India VIX rise 2.77% to breach 18 levels.
Sensex dives 497 points or 0.89% to settle at 55268 points while the NSE Nifty 50 index gave up 16500 to end at 16483. Bank Nifty ended 0.87% lower at 36408.
Infosys was the worst performing Sensex stock on Tuesday, down 3.45%, followed by Axis Bank, 2.95%.
The US Federal Reserve is widely expected to raise interest rates by 75 basis points or 0.75% at its July policy meeting this week to a range of 2.25% to 2.50%, according to economists. Fed governor Christopher Waller has in the past few weeks signalled that the central bank will deliver the same size interest rate increase as last month, following an inflation report showing that consumer prices in June rose to fresh 40-year highs of 9.1% in the US. “I support another 75-basis point increase” at the next FOMC meeting, Waller said at an event. Market participants world over will be focused on the FOMC statement on inflation, growth outlook and guidance for the monetary policy direction in the near term.
Indian rupee may further depreciate to 82 to a dollar in the near term due to strength in the US greenback, widening of trade deficit, and aggressive rate hike by the US Fed to tame record high inflation. Central bank policies will be one of the important factors to watch out apart from the move in commodity prices to gauge rupee movement, said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services in an interview with Harshita Tyagi of FinancialExpress.com. RBI’s move to allow overseas investors to buy short-term corporate debt, opening of more government securities under fully accessible route and allowing international trade settlements in rupees could have a positive impact on the rupee in the long term but impact in the short term could be limited, Somaiya added.
Sensex and Nifty were down deep in red with less than an hour left before the closing bell. Nifty 50 gave up 16500 while Sensex was down 450 points.
We are currently living in a market condition where both equity and debt markets have been volatile and have been creating havoc on investors’ portfolios. Inflation has become a big headache for central banks across the globe than managing growth which led to quick and successive interest rate hikes. This tumbled both the debt and equity market with heightened volatility.
“On the technical front, 16400 and 16800 are immediate support and resistance in Nifty 50. For Bank Nifty 36400 and 37000 are immediate support and resistance respectively,” said Mohit Nigam, Head – PMS, Hem Securities.
Bajaj Finserv was up 6% on Tuesday as the top Sensex gainer, followed by Bajaj Finance, up 1.45%.
With Sensex and Nifty down with losses, India VIX was seen soaring higher. The volatility index was up 2% on Tuesday, regaining 18 levels.
Nonetheless, gold is stuck in a tight range as investors refrained from taking big positions ahead a possible U.S. interest rate hike. The dollar fell for a fourth straight session, down 0.1% against a basket of major currencies, as investors weighed the implications of a rate hike by the Federal Reserve in an economy that may be on the verge of a recession. MCX Gold August may rise to Rs. 50,700 per 10 gram. Jigar Trivedi, Anand Rathi Shares and Stock Brokers
Currently, the markets expect a 75bps hike from the US Fed this week and post that a 50 bps hike in Sept followed by a 25bps hike in November and December to take the Feds Fund rate to 3.25-2.5% by the year-end. These rate hikes are already priced in by the market and any incremental increase this year, apart from the ones mentioned, might be taken negatively by the markets. If the US economy slows down significantly or if commodity prices fall further, there is a possibility that these planned interest rate hikes might not materialize, especially the ones in November and December. Naveen Kulkarni, Chief Investment Officer, Axis Securities
Indian stock market benchmarks BSE Sensex and NSE Nifty 50 were ruling more than 0.5 per cent down on Tuesday, dragged by losses in index heavyweights. Stocks of Infosys, Axis Bank, Hindustan Unilever Ltd (HUL), Tata Consultancy Services (TCS), and Kotak Mahindra Bank contributed the most to the indices’ fall. On S&P BSE Sensex, 21 stocks out of 30 stocks, were trading in the red. While no stock hit a fresh 52-week high or 52-week low on S&P BSE Sensex so far in the day. Read full story
FEDERALBNK has taken a pause after the consolidation range breakout and looks upbeat to continue the prevailing trend. The overall buoyancy in the banking space is added positive. We thus suggest traders to use this buying opportunity and initiate fresh longs as per the levels.
Target: Rs 119 | Stop loss: Rs 101 per share.
The current 10% rally is longer in magnitude compared to intermediate rallies off April high of 18114. The elongation of rallies supported by across-sector participation signifies inherent strength that makes us confident to revise target to the psychological mark of 17000 for the coming weeks as it is 61.8% retracement of the April-June decline (18114- 15183).
~ ICICI Direct
Tata Steel share price gained more than 1 per cent to Rs 974 apiece on BSE on Tuesday, as the company’s consolidated EBITDA surprised on the back of strong Tata Steel Europe (TSE) EBITDA. Tata Steel’s European business delivered a sharp improvement in performance as long-term contracts and product mix helped drive a strong increase in realisations. At least two brokerage firms have reduced ratings on the stock, as Tata Steel reported a 21.03 per cent on-year fall in consolidated net profit at Rs 7,714 crore in the first quarter despite beating earnings street estimates. Read full story
Zomato stock could now be an attractive entry point for long-term investors, according to analysts at global brokerage and research firm Jefferies. “Following the sharp correction in Zomato share price, the stock now trades at 0.9x 1Y forward EV/GMV and 3.5x EV/Revenue. While this is at a premium to global & regional peers, this is justified in the context of long growth run-way along with higher explicit medium-term forecasts on GMV,” a report by Jefferies said. The brokerage has pinned a target price of Rs 100 apiece. Zomato share price tanked 13% on Monday and another 7% on Tuesday to hit an all-time low of Rs 44.10.
Axis Bank share price fell 2% on Tuesday morning, a day after the private sector lender reported a massive 91% jump in Net Profit in the April-June quarter. Axis Bank's share price hit an intraday low of Rs 713 per share, down from Monday’s closing price of Rs 728 apiece.
Sensex and Nifty started Tuesday's trading session with losses. Sensex was down more than 150 points or 0.35% while Nifty 50 dropped 66 points or 0.40% and slipped below 16600.
“The dark cloud on the global economic horizon is the threat of an imminent US recession impacting global economic growth. The jury is still out on whether the US slips into a recession or not. But a global growth slowdown appears inevitable. Wall Mart's profit warning issued yesterday is an indication of the difficult days ahead for corporate earnings. Europe is the weakest geographical space in the world and China is struggling. Even though the Indian economy is resilient now, global growth slowdown will impact India too. This means, from the fundamental perspective, there is a limit to market upside. The 1400 point rally in Nifty from its June lows has again stretched market valuations. Therefore, FIIs might again turn sellers to rallies,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Sensex was up 150 points as the pre-open session began, nearing 56000 while Nifty 50 sat with losses, just shy of 15600.
Institutional investors rejected two resolutions of Orchid Pharma with 100% votes and two of multiplex operator PVR with 51.51% of the total votes cast, while a total of 59 resolutions were favoured with 100% votes. A total of four motions — based on the total votes including that of promoters and other shareholders — were rejected.
The Indian rupee is likely to appreciate on Tuesday amid declining crude oil prices, retreat in US dollar and FII selling slowdown. However, gains may be capped by risk aversion in global markets ahead of the US Fed meeting later this week. USDINR spot price is expected to trade in a range of Rs 79.20 to Rs 80.80 in next couple of sessions, according to analysts. In the previous session, rupee inched higher against US dollar tracking a modest rise in its Asian peers as the Reserve Bank of India has vowed to do what it takes to defend the rupee from “jerky movements.” The gains in the domestic currency were limited by losses in domestic stock markets ahead of the Federal Reserve meeting this week and on global economic activity risks. The local unit gained 16 paise to close provisionally at 79.74 against the greenback.
“Short if Nifty breaks 16565for downside target of 16485 and 16360. Long only if we cross 16700. Bank Nifty is relatively stronger with supports placed at 36470, 36300, and 36750,” said Rahul Sharma, Director & Head – Research, JM Financial.
“The short-term uptrend of Nifty seems to have reversed down from near the important resistance of 16800 levels. The overall chart pattern indicate further weakness down to 16350-16300 levels in the next few sessions. Intraday resistance to be watched at 16700 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The prices of petrol and diesel on Tuesday, July 26, 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.
Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 were likely to see a muted start on Tuesday, suggested by trends in early trade. SGX Nifty 50 Index Futures for July were 33 points or 0.2 per cent down at 16,585.50 on Singaporean Exchange. In the previous session, S&P BSE Sensex fell 306 points or 0.55% to settle at 55,766 while the NSE Nifty 50 index ended at 16,631, down 0.53%. Read full story
Tata Steel: The steel giant has reported nearly 13% on-year decline in consolidated profit at Rs 7,765 crore for the quarter ended June 2022, impacted by higher input cost and tax expenses. Revenue during the quarter increased by 18.6% on-year to Rs 63,430 crore during the quarter.
Tech Mahindra: The IT major reported a 24.8% sequential decline in profit at 1,132 crore for the quarter ended June 2022 due to pressure in margin performance amid wage hikes and increase in travel and visa costs.
Sun Pharma: Life Insurance Corporation said that it has reduced shareholding in Sun Pharmaceuticals by selling 2% stake in the company.
Nifty after the decent rise in the last week witnessed a halt near 16700 zone with some profit booking seen in some of the major frontline stocks and would anticipate for some consolidation or a short correction phase in the coming days. Bank Nifty similarly showed resistance near the 37000 zone but maintained above the significant 200DMA level of 36400 zone which would be important support as of now. The overall bias and sentiment are maintained cautiously positive as of now with volatility expected and select midcap stocks picking up momentum. The support for the day is seen at 55400/16500 while the resistance is seen at 56200/16750. BankNifty would have a daily range of 36300- 37200 levels.
~ Prabhudas Lilladher
Prime Minister Narendra Modi will lay the foundation stone of the headquarters of the International Financial Services Centres Authority (IFSCA) on Friday at Gujarat International Finance Tec-City (GIFT City), India’s only International Financial Services Centre (IFSC).
SGX Nifty was trading with losses on Tuesday morning. SGX Nifty was down 32 points ahead of the opening bell on Dalal Street.
The Centre will float an expression of interest (EoI) for the strategic disinvestment of IDBI Bank next month with an aim to conclude the transaction by March 2023, a senior official told FE. The decision follows regulatory leeway offered by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (Sebi) regarding the glide path to reduce promoter stake in the bank post transaction.