Share Market News Today | Sensex, Nifty, Share Prices Highlights: Indian benchmark indices ended higher for the sixth day in a row with Nifty closing above 16700 and Sensex above 56000. At close, the Sensex was up 390.28 points or 0.70% at 56,072.23, and the Nifty was up 114.20 points or 0.69% at 16,719.50. Sectorally, the Nifty Bank added 1.6%, followed by the Nifty PSU Bank index. The Nifty IT fell 0.6%. In the broader market, indices ended mixed. The BSE MidCap index fell 0.2%, but the BSE SmallCap index added 0.2%. Ultratech Cement, Grasim, UPL, HDFC, HDFC Bank, Eicher Motors, and ICICI Bank were the top gainers, ralling over 2% each. Infosys, Tata Consumer Products, NTPC, and Power Grid, on the other hand, shed over 1%.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates 22 July Friday
Benchmark indices ended higher for the sixth day in a row with Nifty closing above 16700 and Sensex above 56000. At close, the Sensex was up 390.28 points or 0.70% at 56,072.23, and the Nifty was up 114.20 points or 0.69% at 16,719.50.
“Indian rupee remained flat today. Surge in domestic markets, FII inflows and softening crude oil prices supported Rupee. However, positive Dollar capped sharp gains. Dollar gained today on improved safe haven appeal amid concerns over recession and disappointing PMI data from Europe. We expect Rupee to trade on a mixed to negative note on strong Dollar and concerns over inflation and rising twin deficits. Dollar is also expected to recover from lower levels ahead of FOMC meeting next week wherein, the Fed is expected to hike rates aggressively. However, softening of crude oil price and surge in domestic markets may support Rupee at lower levels. Markets may also take cues from PMI data from US later today which is expected weaker than previous month. USDINR spot price is expected to trade in a range of Rs 79.20 to Rs 80.80 in next couple of sessions.”
~Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas
“Equities witnessed strong rally this week with benchmark indices like BSE-30 and Nifty-50 index posting returns of ~4%. Market rally was broad based with positive returns seen in BSE Midcap, BSE Smallcap and majority of sectoral indices. BSE Metal, BSE IT and BSE Capital Goods indices moved higher by more than 5% this week. Equity markets seems to have received support from hope of peaking inflation amid decline in commodity prices and slowdown in FII selling. In fact, FII’s have been buyers for some days so far in July 2022. US 10 year bond yield is now below 3% and crude oil prices continues to hover around $100 / barrel mark. In the near term, markets will be tracking the upcoming Fed Reserve meet, currency movement and quarterly results.”
~Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities
Benchmark indices were trading higher in the final hour of the trading, extended the gains on the sixth consecutive session. The Sensex was up 392.03 points or 0.70% at 56073.98, and the Nifty was up 115.50 points or 0.70% at 16720.80.
ICICI Bank is likely to continue witnessing strong growth in loans as well as net profit as the private sector lender witnesses a bounce back in business. However, provisions of the lender are projected to grow in the April-June quarter, over the previous one nudged by lower recoveries, analysts noted. ICICI Bank will report its fiscal first quarter results on July 23. So far this year, ICICI Bank’s stock price has soared 4.6% to now trade at Rs 799 per share. The share price is up nearly 18% since the middle of last month.
The volatility index India (VIX) continued to trade below 17 levels, making bulls more comfortable. The index fell by 0.14% to 16.83 levels.
HDFC Asset Management Company’s Chief Investment Officer Prashant Jain has tendered his resignation after 19 years of service, the firm informed investors in a stock exchange filing on Friday. Known for his value investment philosophy, Prashant Jain joined HDFC AMC in June of 2003. “Prashant Jain, Chief Investment Officer of the Company after 19 years, has decided to move on and has tendered his resignation to the Company,” HDFC AMC said in an exchange filing. HDFC AMC’s share price hit an intraday low of Rs 1,872 per share on Friday after news broke, down 2.7%.
UltraTech Cement Q1 net profit at Rs 1,584 crore and revenue at Rs 15,164 crore.. UltraTech Cement shares were quoting at Rs 6,225, up Rs 96.00, or 1.57 per cent on the BSE.
Benchmark indices extended the gains and trading at day's high level with Nifty above 16700 and Sensex above 56000 The Sensex was up 338.99 points or 0.61% at 56020.94, and the Nifty was up 97.00 points or 0.58% at 16702.30.
PVR share price rose 2.8 per cent to Rs 1,967 apiece on BSE on Friday, after the company reported a consolidated net profit of Rs 53.38 crore for the June quarter. Leading multiplex chain operator company had posted a net loss of Rs 219.44 crore in the April-June quarter a year ago. At least two research and brokerage firms have buy ratings to the stock and see up to 24 per cent upside potential. Read full story
Hindalco Industries shares rose after the Aditya Birla Group company entered into a strategic pact with Aequs for long-term collaboration and joint business development in the commercial aerospace sector. The move will strengthen the commercial aerospace business of Aequs Pvt Ltd.
RBL slipped over 5 per cent each and was the major loser among the BSE 500 stocks so far. It was followed by Hitachi Energy, PCBL, Syngene International and Indiamart Intermesh.
GSFC has zoomed over 14 per cent and was the top gainer among the BSE 500 stocks so far on Friday. MOIL, Sheela Foam, Balaji Amines and Gujarat State Petronet were few of the other major gainers
Coforge posted 21.1 per cent increase in consolidated profit after tax at Rs 149.7 crore in the first quarter ended June 30, 2022. The company had registered a profit of Rs 123.6 crore in the same period a year ago. The gross revenue of Coforge increased by 25.2 per cent to Rs 1,829.4 crore during the reported quarter, from Rs 1,461.6 crore in the June quarter last year.
Shares of IndiaMart NSE -4.36 % dropped 4.5 per cent in Friday's trade after the company posted a 48.8 per cent on-year decline in consolidated net profit to Rs 46.69 crore in the June 2022 quarter. The company had registered a net profit of Rs 87.9 crore in the corresponding period last fiscal.
Bank Nifty was up more than 400 points or 1.2%, led by gains in HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank
The rupee depreciated 7 paise to 79.92 against the US dollar in opening trade on Friday tracking the strength of the dollar in the overseas market and firm crude oil prices.
A forecast of the future path of interest rates, or a dot plot, could create unnecessary expectations, Reserve Bank of India (RBI) Governor Shaktikanta Das said. The central banker said the Monetary Policy Committee (MPC) already provides some forward guidance, with members providing further clues on what they think in the minutes of MPC meetings. “The situation today, and it's been earlier also, is extremely volatile and extremely uncertain. In such uncertain times, giving a dot plot may create unnecessary expectations on either side. It will create expectations which you may or may not be able to fulfill going forward through your actions,” Das said.
Shares of HDFC Asset Management Company (AMC) declined nearly 3 per cent after reports emerged that Prashant Jain has stepped down as the chief investment officer of the company. Jain has tendered his resignation, after staying as CIO with the asset management company for 19 years. The stock was down 2.61 per cent at Rs 1,875. The counter is down 24 percent in the current calendar year, amid broader selling in the market. The fall has come at a time when mutual fund flows have been strong.
Hindustan Foods hit a new high post 1:5 stock split. The stock has zoomed 37% in two days. The company had fixed July 22, 2022 as the record date for the purpose of sub-division of every 1 equity share of the face value of Rs 10 each into 5 equity shares of the face value of Rs 2 each.
Benchmark indices extended the gains and trading near the day's high with Nifty around 16700. The Sensex was up 306.06 points or 0.55% at 55988.01, and the Nifty was up 86.90 points or 0.52% at 16692.20.
“Defending the rupee is only reducing the war chest of Central bank. The USD-Re rate is almost at Rs 80. and expect INR to touch INR 85 in next 12 months. Till the time FII flows turn positive, the depreciation of currency will continue. Current account deficit is also getting revised estimates to 3%-3.5% is the expected range and if global inflation does not ease the MPC will have to take real tough stance of hiking rates by 100bps in next 6 months. Of course, the reversal. The reversal is possible if Big Ticket PSU sale of Equity shares is not initiated. Can collect few billion USD’s thru this strategy. But obviously it requires political WILL.”
~Sharad Chandra Shukla, Director of Mehta Equities
“The Reserve Bank has already raised the key policy rate by 90 basis points in May and June to 4.9 per cent to tame high inflation, mainly due to supply disruptions on account of the ongoing Russia-Ukraine war. But with international crude prices easing, RBI's actions will be more moderate than the rest of the world, as inflation is expected to fall below 6 per cent. We expect at least another 50 bps hike in the repo rate hike, if not 75 bps in the August policy and by another 100 bps in the next six months in case the current economic situation does not improve”
~Sharad Chandra Shukla, Director of Mehta Equities
Sensex near day's high, up 300 points
Nifty reclaims 16,700
The guidelines to govern lending through digital platforms will be out in a few weeks, said Reserve Bank of India (RBI) Governor Shaktikanta Das. The regulator expects licensed entities to operate within the permitted territory. “It has taken more time than we had initially presumed, but the situation is so complex. you know, we are being very careful and very cautious. On one hand, we have to support innovation, on the other we have to maintain financial stability,” Das said at an event today.
Shares of Eicher Motors, manufacturer of motorcycle iconic brand Royal Enfield, hit an over four-year high of Rs 3,179.15, as the stock gained 3 per cent in intra-day trade on healthy demand outlook. The stock has been gaining momentum on expectation of a strong pick-up in demand amid new launches during upcoming festive season. Eicher Motors shares were trading at their highest level since April 2018. The stock was near its record high level of Rs 3,348, hit on September 8, 2017. In the past one month, Eicher Motors has outperformed the market by surging nearly 20 per cent, as compared to 7.8 per cent rise in the S&P BSE Sensex.
Quick Heal Technologies approved the proposal to buyback up to 50,00,000 Equity Shares of the company, being 8.6% of the total paid up equity share capital of the company, for an aggregate amount not exceeding Rs 150 crore, which is 24.71% and 24.66% of the aggregate of the fully paid-up Equity Share capital and free reserves as per the latest audited standalone and consolidated financial statements of the Company as on March 31, 2022 respectively, at Rs 300 per equity share.
COMEX gold trades mixed near $1715/oz recovering from March 2021 lows set yesterday. Gold recovered as US dollar index turned choppy and US bond yields eased back below 3% mark following ECB’s sharp 50 basis points rate hike and spate of disappointing economic data. Gold’s sharp slide in last few days has made it vulnerable to short covering and we may see extended gains as US dollar struggles however the general upbeat outlook for US dollar remains unaffected to we may not see much upside in the metal. Ravindra Rao, VP- Head Commodity Research at
RBL Bank has reported a profit at Rs 201 crore for the quarter ended June 2022, against loss of Rs 459 crore in same period last year, aided by 82% decline in provisions. Net interest income grew by 6% YoY to Rs 1,028 crore, but other income fell 6% to Rs 614 crore for the quarter. Advances grew by 7% and deposits registered a 6% growth YoY.
Cyient clocked a 0.9% year-on-year growth in profit at Rs 116.1 crore for the quarter ended June 2022, while group revenue at Rs 1,250.1 crore grew by 5.8% QoQ and 18.1% YoY. Constant currency revenue growth stood at 4.4% QoQ and 15.8% YoY. Group and services order intake grew by 18% YoY.
Benchmark indices were trading firm in the afternoon session. The Sensex was up 198.95 points or 0.36% at 55880.90, and the Nifty was up 63.30 points or 0.38% at 16668.60.
BSE Sensex and NSE Nifty 50 were ruling flat with some positive bias on Friday. Gains in stocks of index heavyweights such as HDFC Bank, Reliance Industries, ICICI Bank, Kotak Mahindra Bank, and Housing Development Finance Corporation (HDFC) helped the index to stay in green. S&P BSE Sensex reclaimed 56000 level at opening, but soon slipped from day’s high of 56,006.22. NSE Nifty 50 rose to day’s high 16,704.80. So far in the trade, no stock hit new 52-week high or new 52-week lows on S&P BSE Sensex. Read full story
Reserve Bank of India (RBI) Governor Shaktikanta Das said the Indian economy is relatively better placed amid a turbulent global economic scenario, drawing strength from its strong macroeconomic fundamentals. Addressing an event in Mumbai, Das noted that the Indian banking system is well capitalised, asset quality has improved and banks have returned to profitability, Das said the RBI remains watchful to ensure price stability. The rate-setting panel hiked interest rates by a cumulative 90 basis points in recent months to fight a high inflation that has stayed above the 6 percent mark for six months in a row.
Technical chart still points to a bearish trend as gold is making lower high and lower low price action. Prices are also trading below its 20 and 50-day moving average. Gold had taken support at its 200-day moving average of 49700 and that would be the immediate support. We don’t expect any significant bounce back as gold has headwinds in the form of next week’s US FOMC meet. Read full story
India’s power sector is set to witness strong growth over the next decade, analysts at global brokerage and research firm Jefferies said. In a report, analysts said that increasing renewable energy capacity, revival in thermal capital expenditure, and transmission capex CAGR of 15% are some of the triggers that will aid growth for the sector. Stocks such as NPTC, Power Grid Corporation, Adani Transmission, and JSW Energy are seen as key beneficiaries of this trade.
Technically, the impeccable move in the entire week has placed our market above all the major exponential moving averages on the daily time frame. Though from the past two consecutive sessions, the index is showcasing some lackluster moves that might attract some profit booking in the near period. However, the undertone is set in favor of the bulls, and any minor correction could be seen as an opportunity to go long in the index. As far as levels are concerned, the previous swing high of 16800 odd zone is expected to act as an immediate hurdle for the index. On the contrary, the recent unfilled gap of 16360-16490 is expected to provide a cushion for any minor correction. Read full story
Benchmark indices erased some of the opening gains but still trading marginally higher. The Sensex was up 83.08 points or 0.15% at 55765.03, and the Nifty was up 28.20 points or 0.17% at 16633.50.
Bharti Airtel has fixed Tuesday, August 2, 2022 as the 'Record Date' for determining entitlement of members to final dividend for the financial year ended March 31, 2022 (Final Dividend). The final dividend of Rs 3 per fully paid-up equity share of face value Rs 5 each and Rs 0. 75 per partly paidup equity share of face value Rs each (paid-up value Rs. 1.25 per share) as recommended by the Board, if approved at the AGM, to be held on 12 August, will be paid (subject to deduction of tax at source) to the members within 30 days from the date of approval to those members/ beneficial owners whose names appear in the Register of members/ depository records as at close of business hours on Tuesday, August 2, 2022.
Infosys, Apollo Hospitals, ONGC were among the top Nifty 50 laggards.
Nifty Bank index gained nearly 1 per cent, led by the Kotak Mahindra Bank, HDFC Bank, Bank of Baroda
“NYMEX crude trades over 1% higher near $97.5/bbl supported by choppiness in US dollar, relative stability in equity market and persisting supply risks relating to Russia with no easy replacements. However, weighing on price are demand concerns amid disappointing US economic data and persisting virus concerns relating to China. The sharp rise in US gasoline stocks also reflected weaker demand. Crude oil rallied sharply in last few days but lost momentum close to $100/bbl and amid lack of any positive surprise from inventory report. We may see mixed trade continuing however with increasing growth concerns, prices may remain under pressure.”
~Ravindra Rao, VP- Head Commodity Research at Kotak Securities
“COMEX gold trades mixed near $1715/oz recovering from March 2021 lows set yesterday. Gold recovered as US dollar index turned choppy and US bond yields eased back below 3% mark following ECB’s sharp 50 basis points rate hike and spate of disappointing economic data. Gold’s sharp slide in last few days has made it vulnerable to short covering and we may see extended gains as US dollar struggles however the general upbeat outlook for US dollar remains unaffected to we may not see much upside in the metal.”
~Ravindra Rao, VP- Head Commodity Research at Kotak Securities
“The biggest positive for the bulls now is the complete reversal of FII action from relentless selling till July to sustained buying now, though only for 4 days in a row. This means the June low of 15813 is unlikely to be broken any time soon. The smart recovery in the Nifty Midcap by 12.73% in the last one month is an indication that this recovery in the market is widespread and, therefore, strong. At least, for the short run, the domestic investors who bought when the FIIs sold, have emerged smarter. Market action in the near-term will be in response to the results of the big boys RIL, ICICI Bank, Infosys and Kotak Bank to be released soon. Results are likely to be positive for markets.”
~V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
UPL, Kotak Mahindra Bank, Nestle India, Hindalco Industries, M&M were among major gainers on the Nifty, while losers were Infosys, ONGC, L&T and Apollo Hospitals.
Reliance Industries (RIL) share price gained nearly a per cent to Rs 2,508 apiece on BSE ahead of its fiscal first-quarter results scheduled to be released later in the day. On a year to date basis, RIL stock price has gained 4.12 per cent, and 18 per cent in the last one year. Brokerage firms expect Mukesh Ambani's company's robust growth in the April-June quarter of the current fiscal on stronger refining profitability, better telecom ARPU, and growth in the retail segment.
Ultratech Cement, Tata Steel, Nestle, Tech M, M&M, Kotak Bank, Asian Paints, SBI and HDFC were the top gainers on the Sensex, while L&T and Infosys were the sole losers.
Indian indices opened on a positive note oy above 16650. The Sensex was up 248.37 points or 0.45% at 55930.32, and the Nifty was up 74.10 points or 0.45% at 16679.40.
Reliance Industries, UltraTech Cement, JSW Steel, HDFC Asset Management Company, Bandhan Bank, Coforge, Crompton Greaves Consumer Electricals, Finolex Industries, Andhra Cements, Atul, Bharat Gears, Gokaldas Exports, Greenpanel Industries, HFCL, Huhtamaki India, Mahindra CIE Automotive, Meghmani Organics, Sigachi Industries, Supreme Petrochem, Tinplate Company of India, Ugro Capital, and Zenotech Laboratories will report June quarter earnings today.
Indian rupee opened marginally higher at 79.88 per dollar on Friday against previous close of 79.95.
“Domestic market is likely to see a positive start Friday thanks to optimism in other world equity indices, as falling crude oil prices and easing bets on US Fed rate hike have provided investors a major relief, triggering a rally in the past few sessions. In the domestic market, FIIs have started taking exposure to local shares, with the net purchase of Rs 1,799 crore in yesterday's trade. Technically, Nifty has support at 16300. In case Nifty's major intraday support at 16471 mark collapses, the next pivot point could be found at the psychological 16300 mark. Bullish bias remains intact as long as psychological 16300 holds as support.”
~Prashanth Tapse, Vice President (Research), Mehta Equities