Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: BSE Sensex and NSE Nifty 50 gave up all the gains made in morning deals, and turned negative, falling more than 0.5% each on Wednesday, a day before weekly F&O expiry. BSE Sensex ended 373 points or 0.7 per cent down at 53,514, while NSE Nifty 50 plunged 0.6 per cent or 92 points to settle at 15,966. IndusInd bank was the top BSE Sensex loser, followed by Housing Development Finance Corporation (HDFC), Bharti Airtel, HDFC Bank, Reliance Industries, among others. On the flip side, Hindustan Unilever (HUL), Asian Paints, Sun Pharma, Kotak Mahindra Bank, NTPC, Nestle India, Power Grid Corporation of India, Infosys, ITC, and others capped the index’ losses.
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BSE Sensex ended 373 points or 0.7 per cent down at 53,514, while NSE Nifty 50 plunged 0.6 per cent or 92 points to settle at 15,966.
In an effort to make your portfolio dodge the double-edged sword of recession and inflation, it is important to have both fixed income assets and gold on one side, and equities on the other, said Gurmeet Chadha, CEO of Complete Circle Consultants. At FinancialExpress.com Manage Your Money panel discussion, Gurmeet Chadha and market veteran Sanjiv Bhasin, Director, IIFL Securities, helped guide investors to build a well-diversified portfolio that could tackle the threat of inflation and recession, looming large on Dalal Street and stock markets across the globe.
Real estate assets could rise in value, owing to the strong sales reported by the developers and robust outlook of the sector, said Sanjiv Bhasin, Director, IIFL Securities. To ride this expected growth, he favours buying real estate stocks as of now. “DLF and Godrej Properties are giving me the opportunity of the last two years,” Sanjiv Bhasin said on FinancialExpress.com Manage Your Money. Seconding his view, his co-panellist at the event Gurmeet Chadha, CEO of Complete Circle Consultants, said that Real Estate has done quite well in the last two years, considering the trajectory charted by the sector in years prior.
Bank Nifty opened gap up and moved lower towards 34900 zones. It is facing resistance at higher levels with some weakness in Private banking space. Now it has to cross and hold above 35000 zones for an up move towards 35250 and 35500 zones whereas supports are placed at 34750 and 34500 zones. Chandan Taparia, Vice President, Equity Derivatives and Technical, Broking & Distribution, Motilal Oswal Financial Services
The Indian rupee hit a new lifetime low for a third straight session on Wednesday as foreign investors continued to dump riskier assets ahead of US inflation data that could determine the pace of tightening by the US Fed. The domestic currency was changing hands at 79.66 against the greenback, down from its previous close of 79.59. The local unit touched a fresh record low of 79.67 against the greenback intraday. Currencies in Asia have come under immense pressure in recent months, with expectations that the US Fed will hike rates faster and further than its peers contributing significantly to the dollar’s surge. Read full story
Domestic markets held their early gains on Wednesday as investors digested the June retail inflation data, which eased marginally to 7.01%. The BSE Sensex rose 250 points to 54,147, and the NSE Nifty 50 advanced 60 points to 16,116. Going forward, markets movement will be guided by fundamental factors of inflation and interest rates globally, economic growth, currency moves, corporate performance and technical factors like FPI fundflows. Volatility continues to be persistent and experts suggest focusing on themes that will give outperforming opportunities. Read full story
Signature Global India has filed draft initial public offering (IPO) papers with capital markets regulator SEBI. The affordable housing company is looking to raise up to Rs 1,000 crore through the public issue, which will be a mix of a fresh issue of equity shares and an offer for sale (OFS) by existing shareholders of the company, including promoters Sarvpriya Securities. HDFC Capital and International Finance Corporation are among the investors of the company. Signature Global is a Delhi-NCR-based real estate company focused on affordable and mid-segment housing.
“We expect index to trade with a positive bias and gradually head towards 16600 in coming weeks. In the process, extended breather should not be construed as negative instead dip towards 15800-15700 should be used as incremental buying opportunity as strong support for the Nifty is placed at July low of 15500.”
Retail inflation eased to 7.01% in June, from 7.04% in May and a 95-month high of 7.79% in April, but it still breached the upper band of the RBI’s medium-term target of 2-6 per cent for a fifth straight month. Finance Minister Nirmala Sitharaman said the timely government assistance in the form of free ration and cash transfer amid the covid pandemic helped India minimise inflationary shocks to the poor and the vulnerable. Read full story
Barring a major surprise, the CPI data could coalesce investors' expectations for a 75-basis-point interest rate hike by the Fed later this month, as the U.S. central bank seeks to rein in inflation. There is about a 90% probability of a 75bps rate hike in July meeting, according to CME fed watch tool. Overall sentiment is also getting a hit as we are witnessing an outflow from SPDR holdings this month. With U.S. CPI focus today will also be on the UK GDP and comments from fed officials. Broader trend on COMEX could be in range of $1710-1740 and on domestic front prices could hover in range of Rs 50,200-51,100. Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading muted in India on Wednesday as yellow metal fell on strength in the dollar globally. On Multi Commodity Exchange, gold August futures were ruling at Rs 50,499 per 10 gram, up Rs 42 or 0.08 per cent. Silver September futures were down Rs 57 to Rs 56,409 per kg. Globally, yellow metal prices hovered near a more than nine-month low with the dollar continuing to hurt bullion demand, while investors awaited monthly U.S. inflation data for cues on the road ahead for the Federal Reserve’s monetary policy. Read full story
HCL Technologies share price opened more than 2% lower on Wednesday morning, hitting a fresh 52-week low, after the company’s April-June financial results missed street expectations. HCL Tech posted an 8.6% sequential drop in net profit to Rs 3,283 crore for Q1FY23. The tech firm declared an interim dividend of Rs 10 per equity share of Rs 2 each of the company for the current financial year. HCL Tech share price has fallen 21% so far this year, underperforming the headline domestic stock indices. On Wednesday morning HCL stock was trading at Rs 905, down 2.47%.
The market direction will be set by the US market move today which, in turn, will be determined by the CPI inflation data for June to be released today. June CPI inflation is expected to touch 8.8 % YoY. If the actual numbers and indications are below expectations, markets will stage a rebound. Conversely, if the actuals are higher than expectations, there can be a further sell-off impacting markets globally. So, watch out for the US inflation numbers. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Bank Nifty was up 0.4 per cent to trade 35,280 levels
Bajaj Finserv, Asian Paints, L&T, Bajaj Finance, Hindustan Unilever (HUL), UltraTech Cements, State Bank of India were among top index gainers
Stocks of HCL Technologies, HDFC Bank, Reliance Industries, Tech Mahindra, Titan Company were among top BSE Sensex losers
BSE Sensex jumped 260 points or 0.5 per cent to 54,147, while NSE Nifty 50 gained 53 points or 0.3 per cent to trade at 16111
BSE Sensex jumps 323 points or 0.6 per cent to 54,210, while NSE Nifty 50 gained 70 points or 0.4 per cent to trade at 16128 in pre-open
Nifty is in the process of correcting the latest up move from the lows of 15511. Nifty could take support at 16011-16026 band while 16115-16158 band could offer resistance in the near term. Deepak Jasani, Head of Retail Research, HDFC Securities
Technically, on daily charts the index has formed a small bearish candle and it also formed a lower high formation on intraday charts which supports further weakness from the current levels. For the traders now, below 16150/54200 levels, the short term texture is weak. Below which, the Nifty/Sensex could retest the level of 16000-15950/53700-53500. On the flip side, if indices succeed to trade above 16150/54200 then it could touch the level of 16225-16250/54500-54600. Read full story
Finance minister Nirmala Sitharaman on Tuesday asserted that the “pointed attack” on inflation will need to continue, and that she has been monitoring price pressure “item by item”, as elevated inflation ultimately crimps growth. “As the RBI has estimated, till the start of the second half of the year, both the central bank and the government will have to be mindful. We will have to be mindful and watchful of how the price movement is. I will keep monitoring item by item to rein in prices for anything that goes haywire. This pointed attack on inflation will need to continue,” Sitharaman told a group of reporters here. Read full story
The prices of petrol and diesel on Wednesday, July 13, were left untouched as OMCs continue to sell fuel at unchanged prices for nearly two months 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.
SGX Nifty 50 Index futures were ruling 53 points or 0.3 per cent up at 16,113 on Singaporean Exchange.
Domestic benchmark indices continued their downward trend on Tuesday as bears dominated market momentum. S&P BSE Sensex dived 508 points or 0.94% to settle at 53,886 while the NSE Nifty 50 index ended at 16,058, falling 0.97%. Broader markets followed the move charted by headline indices. India VIX, the volatility gauge, was up 0.97% on Tuesday, but still remains below 19 levels. Ahead of Wednesday’s trading session, SGX Nifty was up in the green, suggesting a gap-up start to the day’s trade. Global cues were mixed on Wednesday morning. Read full story
Retail inflation eased to 7.01% in June from 7.04% in the previous month and from a 95-month high of 7.79% in April, as price pressure in the core and food segments decelerated. Inflation based on the consumer price index (CPI) still remained above the upper band of the central bank’s medium-term target (2-6%) for a sixth straight month. However, at 7.3%, retail inflation in the June quarter remained lower than the central bank’s forecast (7.5%). Read full story