Share Market News Today | Sensex, Nifty, Share Prices Highlights: Dalal Street benchmark indices closed higher for the third day straight. S&P BSE Sensex zoomed 303 points or 0.56% to settle at 54,481 while NSE Nifty 50 index ended at 16,220, gaining 87.70 points or 0.54%. India VIX was down 4%, giving up 19 levels while Bank Nifty ended at 35,124. L&T stock price gained 4.56% as the top Sensex gainer, followed by Power Grid, and NTPC. Tata Steel was the top laggard, down 1.6%, accompanied by Maruti Suzuki, and IndusInd Bank. TCS closed 0.61% lower ahead of its Q1 results.
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Bulls asserted control on Dalal Street on Friday, forcing the headline indices to close with gains for the third day straight. S&P BSE Sensex zoomed 303 points or 0.56% to settle at 54,481 while NSE Nifty 50 index ended at 16,220, gaining 87.70 points or 0.54%. L&T stock price gained 4.56% as the top Sensex gainer, followed by Power Grid, and NTPC. Tata Steel was the top laggard, down 1.6%, accompanied by Maruti Suzuki, and IndusInd Bank. TCS closed 0.61% lower ahead of its Q1 results. India VIX was down 4%, giving up 19 levels while Bank Nifty ended at 35,124.
Sensex zoomed 303 points higher to settle at 54,481 on Friday, Nifty ended the day at 16,220; L&T, Power Grid top gainers.
Minutes before the closing bell Sensex was up above 54,500 as bulls propelled the index higher.
Former Prime Minister Shinzo Abe, Japan’s longest-serving leader, died on Friday after being shot while campaigning for a parliamentary election, public broadcaster NHK said. A man opened fire on Abe, 67, from behind with an apparently homemade gun as he spoke at a drab traffic island in the western city of Nara, Japanese media showed earlier.
India VIX, the volatility index, was below 19 levels on Friday. The fear gauge, as it is often called, was down more than 3%.
With less than an hour left before the closing bell, Sensex and Nifty were down from the highs but still in the green.
There are a few fundamental truths about investing, and one of them is that diversification is good for your portfolio. Diversification is simply spreading your portfolio investments across multiple asset classes and strategies such that sharp negative movements in any one investment do not have an inordinately high impact on your portfolio risk and returns. Indeed, diversification helps you mitigate the overall risk in equity investing and ensures that you witness stable returns over the long-term. However, have you ever wondered how the really wealthy get so rich? It is primarily through concentrated exposure.
Real estate stocks have been rallying for the past few days. The Nifty Realty index has rallied over 4% in the last five sessions as real estate developers reported strong updates for the quarter ending June 2022. However, so far this year, the index has tanked over 16 per cent, underperforming benchmark Nifty 50 which has corrected around 7%. India’s residential real estate segment recorded a 9-year high in terms of sales volume during the first half of 2022, according to global property consultancy firm Knight Frank. Shares of Oberoi Realty and Sobha may rally 32% going forward on the back of healthy sales momentum, projected Edelweiss Securities in its recent reports.
Do you often get worried about online transactions through a credit or debit card? If yes, you can heave a sigh of relief now. Online transactions are going to be much safer now with the introduction of a new data security process, known as tokenisation, by the Reserve Bank of India (RBI).
“These trends reflect sign of maturity in the Investor's mindset. SIP contribution remaining above Rs 12,000 indicates better awareness among retail investors about long term orientation of equity investments and understanding of current volatility as a part and parcel of equity investing. Instead of reading too much into net equity inflow dipping, the heartening thing to note is that both net equity inflow and net inflow into hybrid funds remained resilient despite relentless selling by FPI’s and market correction during the year so far,” said Akhil Chaturvedi, Chief Business Officer, Motilal Oswal AMC.
BSE Sensex and NSE Nifty 50 were trading nearly half a per cent up on Friday, on the back of gains in index heavyweights such as L&T, ICICI Bank, HDFC Bank, Axis Bank, and Infosys, among others. So far in the day, the 30-share index rose 54,627.14 to day’s high, while Nifty 50 hit 16,275.50 as day’s high. On S&P BSE Sensex, ITC and Mahindra & Mahindra have hit fresh 52-week highs. ITC rose to Rs 294.45 apiece surpassing the previous high of Rs 293.45 apiece. M&M hit a new 52-week high of Rs 1,191.90 apiece, crossing the last high of Rs 1,138.80 apiece. Read full story
We expect the June CPI release scheduled for release next week to be steady at 7.0% y/y, as several factors offset each other. Imported inflation remains the key driver of higher prices, but we expect tax cuts, RBI rate hikes and signs of stabilising food prices to anchor inflation in coming months.
“Q1 is an important quarter as the true inflationary impact on Corporate India’s bottom line will be visible. Further, the Q1 is usually a seasonally weak quarter and last year’s Q1 results were impacted by the COVID wave. So rather than QoQ/ YoY comparison, keeping an eye on the management commentary about the growth outlook and inflation impact would be more important. Nevertheless, we are positive about Banking, Automobile, Capital Goods, and Infrastructure stocks. Our top picks are SBI Ltd, ICICI Bank Ltd, Tata Motors Ltd, Jamna Auto Industries Ltd, Siemens Ltd, Thermax Ltd, HG Infra Ltd, PNC Infra Ltd, and PSP Projects Ltd,” said Santosh Meena, Head of Research, Swastika Investmart.
ICICI Lombard General Insurance's share price has tumbled more than 9% so far this year, largely in line with the headline indices. The stock has de-rated with growth deceleration, rising competition, and lower ROEs, said analysts at Credit Suisse. The global brokerage firm has initiated the coverage of ICICI Lombard General Insurance and is bullish on the stock. “The stock has derated from long-term mean of 40x fwd earnings to 25x currently. While the delayed ROE recovery warrants a discount to long-term multiple, we believe execution on growth and health franchise scale-up will drive re-rating for the company,” Credit Suisse said.
The improvement in market breadth bodes well for durability of ongoing pullback. In the process, bouts of volatility owing to global development cannot be ruled out. Thus, buying dips would be the prudent strategy to adopt.
~ ICICI Direct
India’s largest IT company Tata Consultancy Services (TCS) will kick-off earnings season with its first-quarter FY23 results scheduled on Friday, 8 July 2022. Research and brokerage firms believe that in the first quarter of the current fiscal sectoral revenues might grow at 3.6-4% sequentially CC in 1QFY23, driven by continued demand momentum, strong order book win in the earlier quarter but impacted by a 200bps cross-currency hit. EBIT margins may contract sequentially due to wage hikes, visa costs and supply side pressures, partially offset by INR depreciation. Hiring and attrition may start to cool off, while travel and sales and marketing costs may rise.
In Asia, the Abe shooting wiped out the early rally by the Nikkei 225, which is now unchanged on the day. South Korea’s Kospi has also given back some gains but remains 0.85% higher. Mainland China has barely reacted to either Wall Street overnight, or the China bond issuance story. The Shanghai Composite and CSI 300 are up just 0.20%, while Hong Kong’s Hang Seng Index is just 0.40% higher.
~ Jeffrey Halley, Senior Market Analyst, Asia Pacific, OANDA
“The recovery in Nifty and Nifty Midcap by 6% and 10 % respectively from their recent lows indicates the resilience of the markets and its potential to scale newer heights under a favorable macro construct. The present rally is driven partly by expectations that given the steady decline in commodity prices inflation will start showing a declining trend enabling central banks to go a bit slow on hiking rates, and partly by short covering. It is quite probable that central banks may not tighten policy as much as the market feared earlier. If emerging data indicates the possibility of a soft landing for the US economy, the rally may gather momentum. Therefore, commodity prices have to be closely watched,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Immediate support and resistance for Nifty are 16,000 and 16,350 respectively. Immediate support and resistance for Bank Nifty are 34,700 and 35,800 respectively.
~ Mohit Nigam, Head – PMS, Hem Securities
“We expect, index to trade with a positive bias amid commodity sell-off. Hence, after a positive opening use intraday dip towards 16010-16042 for creating long position for the target of 16127,” said ICICI Direct.
Sensex rose more than 300 points on the opening bell on Friday to sit above 54,400 levels while NSE Nifty 50 moved past 16,200.
Sensex and Nifty rose in the pre-open session on Friday.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The prices of petrol and diesel on Friday, July 8 were left untouched as OMCs continue to sell fuel at unchanged prices for more than 45 days now. Prices have remained steady after Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre, and Rs 6 per litre on diesel on May 21. Petrol price in Delhi today stands at Rs 96.72 a litre as against Rs 105.41 a litre prior to the cut in excise duty, while diesel will cost Rs 89.62 a litre as opposed to Rs 96.67. In Mumbai, one litre of petrol costs Rs 111.35 while diesel retails at Rs 97.28 per litre.
Nifty built on the gains of the previous session on July 07. At close Nifty was up 0.89% or 143.1 points at 16132.9. Nifty is now close to filling the downgap of 16173. Once that is achieved sustainably, the near-term bearishness will get nullified and a move towards 16347 could begin. 16011-16025 could be a support band for the Nifty in the near term.
~ Deepak Jasani, Head of Retail Research, HDFC securities
Post last week’s expiry, we witnessed some volatility the previous Friday due to negative news flows in the Oil & Gas sector resulting in a sharp correction in the index heavyweights such as Reliance and ONGC which dragged the Nifty towards 15500. However, we did not witness any short formations in the index and infact, the Bank Nifty index relatively outperformed and lifted the markets higher. Post that recovery, stock markets gained strength gradually which was mainly due to a combination of short-covering and fresh long formations in Nifty. The Bank Nifty index witnessed fresh long formations leading to relative outperformance during the week.
TCS: The first earnings season for FY23 will kick start today and TCS will be the first major company to report its earnings for the first quarter. The company is expected to report a consolidated revenue growth of 15-16% on-year for the first quarter ended June 2022.
Tata Motors: Tata Motors-owned Jaguar Land Rover reported flat, quarter-on-quarter, Q1 sales owing to lockdowns in China. It reported a 37% decline in retail sales at 78,825 units in the quarter ended June.
Adani Ports: It announced the appointment of D Muthukumaran as the Chief Financial Officer (CFO) and Key Managerial Personnel of the company. Muthukumaran is expected to join the company on July 25.
A small positive candle was formed with a long lower shadow. Technically, this pattern indicates a continuation of up move post upside breakout of the crucial overhead resistance at 15900 levels. After the upside breakout of the hurdle at 15900 levels recently, the market is now advancing towards another hurdle of the previous opening downside gap of 13th June at 16175 levels. Hence a sustainable move above 16200 levels could open further sharp up move ahead. Immediate support is placed at 16000 levels.
~ Nagaraj Shetti, Technical Research Analyst, HDFC Securities
Prabhudas Lilladher expects healthy revenue growth of 4% sequentially CC given ramp up of strong order book won in earlier quarter. It expected lower growth of 2% sequentially in USD terms due to cross currency headwinds of 200bps. It sees 90-100bps quarter-on-quarter decline in EBIT margin due to wage hikes, higher retention costs and increase in travel costs. The brokerage firm expects investor to focus on whether there is any change in nature of demand, for example more cost focus, due to weak macro environment; presence of large and mega in deal pipeline; hiring, attrition and onsite wage inflation trends and its impact on margins ahead.
The rupee on Thursday recovered some lost ground against the dollar following the fall in crude oil prices and the Reserve Bank of India’s measures aimed at attracting dollar flows and stemming the currency’s fall.