Share Market News Today | Sensex, Nifty, Share Prices Highlights: Indian equity markets erased opening losses in a highly volatile session to end in green for fifth straight day (weekly F&O expiry) amid mixed global mood, and weak oil prices. The S&P BSE Sensex ended at 55,682, up 284 points or 0.5%, while the NSE Nifty 50 closed at 16,610, up 89 points or 0.54%. Among sectors, the Nifty PSB index rose 1.56%, while the Nifty Pharma slipped 0.4%. The broader markets outran the frontline indices with the BSE MidCap and SmallCap indices climbing up to 1.3%. IndusInd Bank, L&T, Bajaj Finance, Tata Consumer Products, UPL, L&T, Bajaj Finserv, Asian Paints, Hindalco were the top gainers, while Kotak Bank, Dr Reddy’s Labs, SBI Life, Cipla, and Reliance Industries fell the most, down up to 2 per cent.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates 21 July 2022 Thursday
Indian rupee ended marginally higher at 79.95 per dollar against previous close of 79.98.
Benchmark indices end in green for 5th straight day. Sensex rises 284 pts, Nifty settles above 16,600.
“Nifty has conquered a critical medium term level and is expected to witness increased volatility going ahead. It trades with a positive for the July series. Immediate support is seen at 16490 – breach of the same on closing basis can invite selling pressure. Infra, Banking and FMCG trade with a positive bias. Selective participation expected in the midcap space.”
~Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities
Benchmark indices were trading higher with Nifty above 16550. The Sensex was up 147.56 points or 0.27% at 55545.09, and the Nifty was up 42.60 points or 0.26% at 16563.40.
Rakesh Jhunjhunwala portfolio stock Rallis India soared 4 per cent on Thursday despite the company reporting 18.3% fall in net profit to Rs 67 crore on Tuesday. The Tata Group firm’s revenue, however, rose 16.5% to Rs 863 crore in the quarter ending 30 June 2022, driven by 11.6% price growth and 5% of volume growth. So far this year, Rallis India share price has fallen 22 per cent. Analysts’ views remain mixed on the stock amid short-term challenges including shift in cropping patterns; greater use of illegal cotton seed and less contract-manufacturing demand. Rallis India shares were quoting at Rs 214, up 4.7% on NSE intraday.
State Bank of India has approved raising of capital by way of issuance of Basel III compliant debt instrument in USD/INR and/or any other convertible currency, during FY23. The bank will raising fresh additional Tier 1 (AT1) capital of Rs 7,000 crore, and fresh Tier 2 capital of Rs 4,000 crore. State Bank of India was quoting at Rs 511.95, up Rs 3.35, or 0.66 percent on the BSE.
Delhivery's, market capitalisation (market-cap) crossed Rs 50,000 crore-mark on Thursday as the stock hit a new high of Rs 707.65, up 5 per cent on the BSE in the intra-day trade. With this, the company has joined the most-valued listed firms' club. At 01:58 om, Delhivery commanded a market-cap of Rs 50,382 crore, and ranked 45th in the overall m-cap ranking list, BSE data shows. In the past five weeks, the stock has zoomed 44 per cent as compared an 8-per cent rise in the S&P BSE Sensex.
Hindustan Zin net profit rose 55.9% at Rs 3,092 crore against Rs 1,983 crore (YoY)
Revenue rose 43.7% at Rs 9,387 crore against Rs 6,531 crore(YoY).
EBITDA gained 44.4% at Rs 5,137 crore against Rs 3,558 crore (YoY)
EBITDA margin came in at 54.7% against 54.4 % (YoY).
In our view, strong growth in IT revenues over the past few quarters has led to record hiring as well as rise in attrition rates. This has shifted the balance of power in favor of employees, who are able to bargain the terms of working conditions and accordingly push back a return to office. Kotak Institutional Equities
Gland reported a dismal Q1FY23 performance due to continued supply disruptions and elevated costs. Gland, being a B2B generic player, caters to the relatively lower end of the global injectable market, thereby aggravating the supply challenges. While these pressures will largely ease out in H2FY23, they have unveiled higher vulnerability in its CDMO model versus peers. Long-term concerns on margins stay. We cut FY23-25E EPS by 11-13% to factor in lower sales (particularly in ROW), lower profit share in the US and higher costs. We also lower our target multiple from 28X Mar-24 EPS to 25X Jun-24 EPS to account for higher vulnerability of Gland’s B2B generic model to supply disruptions compared to other CDMO peers, as evidenced over the past few months. We retain our REDUCE rating with revised FV of Rs2,325 (Rs2,800 earlier). Purvi Shah DVP (Fundamental Research) – Pharma Analyst, Kotak Securities
Shares of Adani Enterprises hit a new high of Rs 2,498.80, up 2 per cent on the National Stock Exchange (NSE) in intra-day trade on expectation of entry into the Nifty 50 index. The stock traded higher for the sixth straight day and gained 6 per cent during the period. In the past one month, it has rallied 15 per cent as compared to 6 per cent rise in the Nifty 50 index. Further, in the past six months, it surged 36 per cent as against 6 per cent decline in the benchmark index.
Shares of Tata Communications spiked over 6 percent after the company said its net profits for the quarter ended June shot up 84 percent year-on-year (YoY). The company in its release said its consolidated revenue stood at Rs 4,311 crore; increasing 5.1 percent YoY. Sequentially, growth in revenue followed upsides in the data business. Consolidated net profits stood at Rs 544 crore for the quarter, up from Rs 296 crore in the same quarter last year, registering a growth of 83.6 percent YoY.
BSE Sensex and NSE Nifty 50 were trading flat to positive on Thursday, a day of weekly F&O expiry. Stocks of index heavyweights such IndusInd Bank, Infosys, ICICI Bank, Housing Development Finance Corporation (HDFC), and Axis Bank capped the losses in S&P BSE Sensex. So far in the trade, BSE Sensex rose to day’s high of 55,626.45, while NSE Nifty hit 16,592.10 as day’s high. In today’s trade, ITC hit a fresh 52-week high, while no stock fell to a new 52-week low on S&P BSE Sensex. Read full story
BSE Midcap index gained 1 percent supported by the Tata Communications, RBL Bank, Yes Bank
AU Small Finance Bank reported a 32% on-year growth in profit at Rs 268 crore for the quarter ended June 2022, with trading losses of Rs 55 crore (MTM and realized) weighing on profitability. Disbursements (fund-based) for Q1FY23 grew by 345% YoY to Rs 8,445 crore due to low base, with assets under management growing 37% YoY to Rs 50,161 crore during the quarter.
The Asian Development Bank (ADB) on Thursday slashed its growth forecast for India to 7.2 per cent for FY23 from 7.5 per cent estimated earlier citing higher than anticipated inflation since April and subsequent monetary tightening by the central bank. The Manila-based multilateral development bank also raised its inflation forecast for India to 6.7 per cent for FY23 from 5.8 per cent projected earlier.
Benchmark indices extended the gains and were trading near the day's high level.
The Sensex was up 147.77 points or 0.27% at 55545.30, and the Nifty was up 46.20 points or 0.28% at 16567.
Cummins India share price hit an over six-year high of Rs 1,209.15, up 4 per cent on the BSE in Thursday’s intra-day trade on a healthy business outlook. In the past one month, the stock has rallied 25 per cent compared to a 6 per cent rise in the S&P BSE Sensex. It was trading close to its record high of Rs 1,247 touched on 7 August 2015. For the year ended March 31, 2022 (FY22), the company had reported record sales of Rs 6,026 crore, higher by 42 per cent compared to Rs 4,256 crore posted last year. Profit before tax and exceptional items grew 27 per cent on-year at Rs 1,027 crore.
The Indian rupee continued to weaken on Thursday and fell to a fresh record low of 80.06 against the US dollar, tracking losses in most other Asian peers; however, traders expect dollar-selling intervention by the Reserve Bank of India (RBI) to limit losses. The Indian rupee has been hitting fresh lows for the past few sessions, and fell to a low of 80 vs the USD for the first time on Tuesday. So far this year, the rupee has lost over 7% of its value. RBI is prepared to sell another $100 billion to defend the rupee from rapid falls, according to a Reuters report citing an unidentified source.
ITC share price jumped 1.4 per cent to a 3-year high at Rs 302.20 apiece on BSE on Thursday. ITC stock has rallied 48 per cent in nearly one year from its 52-week high of Rs 204.50, touched last year in August. Chairman and MD Sanjiv Puri on Wednesday said that ITC is looking to ramp up exports of its value-added FMCG products to international markets. Technical analysts say that ITC has topped Rs 300 but the upside momentum seems to be decelerating and there are very high chances that it may take some breather and slip under consolidation. Read full story
Sonata Software said that the company board on July 25 may consider proposal for issue of bonus shares. The board will also consider standalone as well as consolidated unaudited financial results of the company for Q1FY23 on the same date.
IndusInd Bank share price soared 5% in early trade on Thursday after the company reported a 60.5% on-year rise in net profit at Rs 1,631.1 crore for the quarter ended June 30, 2022, which was above analysts’ expectation. The rise in net profit was helped by a 30 per cent on-year fall in provisions as well as a 16 per cent growth in net interest income (NII). Lender’s micro slippage fell to a seven-quarter low of 8.5%. IndusInd Bank shares were quoting at Rs 925, up 5.21% on NSE. So far this year, IndusInd Bank share price has risen merely 1.32%. However, analysts remain bullish on the stock and see up to 60% potential rally going forward.
IndusInd Bank share price soared 5% in early trade Monday after the company reported a 60.5% on-year rise in net profit at Rs 1,631.1 crore for the quarter ended June 30, 2002, which was above analysts' expectation. The rise in net profit was helped by a 30 per cent on-year fall in provisions as well as a 16 per cent growth in net interest income (NII). Lender's micro slippage fell to a seven-quarter low of 8.5%. IndusInd Bank shares were quoting at Rs 925, up 5.21% on NSE.
Benchmark indices were trading with marginal gains in the volatile session.
The Sensex was up 117.63 points or 0.21% at 55515.16, and the Nifty was up 37.90 points or 0.23% at 16558.70.
Wipro Wipro share price fell around 2% on Thursday after company’s Q1 results failed to beat Street estimates. The information technology (IT) giant reported a 20.94% on-year decline in its consolidated net profit at Rs 2,563.6 crore for the quarter ended June 2022, down from Rs 3,242.6 crore reported in the same quarter last fiscal. On a sequential basis, the profit fell 16.96 per cent. The consolidated total revenue for Wipro, however, rose 15.51% on-year to Rs 22,001 crore. Wipro shares fell to an intraday low of Rs 409 on NSE, down around 2% from previous close. So far this year, Wipro stock has plunged 43%. Brokerages’ views remain mixed in the IT stock with some seeing up to 106% upside, other seeing downside of 5%.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India tanked more than half a per cent on Thursday as the yellow metal hit a one-year low globally. On Multi Commodity Exchange, gold August futures were ruling Rs 265 or 0.53 per cent down at Rs 49,960 per 10 gram, nearly 3-month low level. Silver September futures were trading Rs 506 or 0.9 per cent down at Rs 55,113 per kg. Globally, yellow metal prices fell to their lowest in nearly a year, as an elevated U.S. dollar and prospects of more interest rate hikes by major central banks to combat soaring inflation weighed on bullion’s appeal. Read full story
IndusInd Bank, Hindalco Industries, Bajaj Auto, UPL and ITC were among major gainers on the Nifty, while losers were Tech Mahindra, L&T, Kotak Mahindra Bank, Wipro and HDFC Life.
IndusInd Bank, Sun Pharma, M&M, Maruti and Bharti Airtel were the top gainers on the Sensex, while Wipro, L&T, Kotak Bank, Infosys, TCS and Asian Paints slipped up to 1.8 per cent.
Indian indices opened flat with negative bias amid mixed global cues. The Sensex was down 102.97 points or 0.19% at 55,294.56, and the Nifty was down 31.90 points or 0.19% at 16,488.90.
Benchmark indices BSE Sensex, NSE Nifty 50 were trading marginally lower in pre-open session.
Indian rupee opened marginally lower at 80.01 per dollar against previous close of 79.98.
The Indian Rupee is likely to depreciate on strong dollar, fragile risk sentiments in global markets. However, losses may be capped by falling crude prices, FII selling slowdown and positive equity markets, according to analysts. USDINR(Spot) is expected to trade with a positive bias and quote in the range of 79.70 and 80.40. In the previous session, rupee declined to close below the 80 mark for the first time against the US dollar due to strong dollar demand from importers amid high crude oil prices. At the interbank foreign exchange market, the local unit opened at 79.91 and later slid to a close at a low of 80.05 to a dollar, down 13 paise from its previous close.
The prices of petrol and diesel on Thursday, July 21, were left untouched by OMCs yet again. Petrol price in Delhi stands at Rs 96.72 a litre as against Rs 105.41 a litre prior to the cut in excise duty, while diesel now costs Rs 89.62 per litre. In Mumbai, one litre of petrol today costs Rs 106.31 while diesel retails at Rs 94.27 per litre. Fuel prices have held steady for nearly two months. 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 last week.
Nifty Put options OI distribution shows that 16,200 has highest OI concentration followed by 16,300 & 16,400 which may act as support for current expiry and on the Call front 16,600 followed by 16,700 & 16,800 witnessed significant OI concentration and may act as resistance for current expiry. Options data suggest an immediate trading range between 16,650 and 16,350 levels and 16,500 acting as pivotal levels. Read full story
“Chart pattern suggests that if Nifty would sustain 16400 levels then any dip would be a buying opportunity as it would lead the index towards 16650-16700 levels. Indicators such as RSI and MACD suggest strength in the coming days. The recovery in Nifty from their recent lows indicates the resilience of the markets and its potential to scale higher. OI Data indicates, on the call side the highest OI witnessed at 16600 followed by 16700 strike prices while on the put side, the highest OI was at 16400 strike price. Bank nifty has support around 35450 while resistance is placed at 36500. Currently riding against the trend must be avoided and one should look for blue chip stocks for long term investment.”
~Om Mehra, Technical Associate, Choice Broking
NSE Nifty 50 index opened gap up by more than 200 points and then remained consolidative within a range of 100 points throughout the day on Wednesday. The index failed to hold at higher levels and witnessed marginal profit booking to close the day with gains of 180 points. It formed a Bearish candle on the daily scale as it closed lower than its opening zones but has been forming higher lows from the last four sessions which indicates that the base of the market is shifting higher.
The Asian Development Bank cut its forecast for gross domestic product growth in developing Asia this year as China’s Covid Zero approach to containing the virus creates ripple effects on regional supply chains and economic development. The bank expects the region to grow 4.6 percent this year compared to an earlier forecast of 5.2 per cent. It slashed forecast for East Asia -including China, Hong Kong, Taiwan and South Korea -to 3.8 per cent from 4.7 per cent. Growth in China “will be weaker than earlier expected,” the bank said, projects GDP to expand 4 per cent in 2022, down from an earlier estimate of 5 per cent.
Oil slipped back below $100 a barrel as investors assessed signs of lackluster US gasoline demand and expanding stockpiles. West Texas Intermediate for September retreated again in Asian trading after ending almost 1 per cent lower on Wednesday. A US government report showed that stockpiles of the fuel rose more than expected last week, while a four-week rolling average shows high prices crimped consumption to only just above the same time two years ago, and below every other year since 2000.
IndusInd Bank reported a 60.5 per cent on-year rise in net profit at Rs 1,631.1 crore for the quarter ended June. The net profit rise was helped by a 30 per cent on-year fall in provisions as well as a 16 per cent growth in net interest income. The bank provided Rs 1,250.99 crore towards bad loans during the quarter, far lower than the Rs 1,779.33 crore made in the corresponding quarter a year ago.
“Optimism in global markets on easing fears of hawkish Fed rate hikes helped the Nifty edge higher and, most importantly, extend gains for the 4th straight session. Monsoon has progressed much faster than previously anticipated, while concerns about energy security in Europe calmed, helping markets propel further. We suspect the Nifty could trade shaky and a bit wobble in today’s trade amidst overbought conditions. On the downside, Nifty has support at 16321 mark. In case of Nifty ‘s major intraday support at 16321 mark collapses, the next pivot point could be found at psychological 16000 mark. Bullish bias remains intact as long as psychological 16000 holds as support.”
~ Prashanth Tapse, Vice President (Research), Mehta Equities
On the Nifty Daily chart, we can observe that after recently touching a low of 15183, the NSE Nifty 50 has been consistently rising and making higher tops and higher bottoms over the last few weeks. This week, the Nifty crossed the recent swing high of 16276. The Nifty also comfortably trades above the 20-day and 50-day SMA and the 14-day RSI too is in rising mode and not overbought. The Nifty could now be headed towards the previous swing highs of 16794 in the coming sessions. Short-term weakness or consolidation is however not ruled out.
“Markets witnessed buying interest over last few sessions, gaining ~5% from its recent lows on the back of signs of inflation peaking out and the earnings season progressing well so far. Q1FY23 results season has begun on a healthy note, indicating that the companies are managing the raw material inflationary pressure pretty well despite the full blown impact of high commodity prices this quarter. This has provided relief to the investors that the corporate earnings might not be impacted to the extent feared. Even FIIs have turned buyers over last two sessions as valuations turn comfortable while concerns are abating. However given the sharp rally in the last few day, we expect markets may take a pause and consolidate before resuming its upward journey. Investors would pick up cues from the ECB’s MPC on Thursday and US Fed meeting next week.”
~ Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
“The short term trend of Nifty continues to be positive. Though, tiredness in the Nifty at the highs/hurdle is visible, but still there is no firm evidence of any reversal pattern unfolding at the highs. A sustainable move above 16550-16600 levels could pull Nifty towards another hurdle of 16800 levels in the short term. Any decline from here could find support around 16300-16250 levels in the near term.”
~Nagaraj Shetti, Technical Research Analyst, HDFC Securities
“A small body of negative candle was formed on the daily chart with gap up opening, which signal reluctance of market to conquer further highs after the sharp positive opening. This market action could possibly bring further consolidation/minor downward correction for short term before moving up further. The positive sequence like higher tops and bottoms continued on the daily chart and the current chart pattern signal a probability of a new higher top formation at 16588 levels. Still there is no confirmation of any higher top reversal as of now. Nifty is currently placed at the edge of the hurdle of 200 day EMA around 16520 levels.”
~Nagaraj Shetti, Technical Research Analyst, HDFC Securities
“ECB is likely to announce 25 bps rate hike but future path of rate hikes to remain in focus. Italian politics is taking up the front pages in the financials, weighing on the euro. Eyes on Nord Stream 1 reopening. DXY holding 106.36 levels. For USDINR, 79.85 acts as a support while 80.25 a resistance.”
~Kunal Sodhani, AVP, Global Trading Center, Shinhan Bank India
Wipro Ltd reported a 20.93 per cent on-year decline in its consolidated profit after tax (PAT) at Rs 2,563.6 crore for the quarter ended June as compared to a PAT of Rs 3,242.6 crore recorded during the same period last year. On a sequential basis, the profit fell 16.96 per cent. The consolidated total revenue for the Bengaluru-based IT services company rose 15.51 per cent on-year to Rs 22,001 crore as compared to the revenue of Rs 19,045 crore registered in the year-ago quarter. On a sequential basis, the revenue is higher by 2.98 per cent.
The US Federal Reserve will opt for another 75 basis point rate hike rather than a larger move at its meeting next week to quell stubbornly-high inflation as the likelihood of a recession over the next year rises to 40 percent, a Reuters poll of economists found. Inflation hit 9.1 percent in June, another four-decade high, stoking expectations the Fed, having only just shifted gears from 50 to 75 basis points at the last meeting, would act even more forcefully and go for a 100 basis point hike. But some of the more hawkish Fed officials in public remarks have favored a 75 basis point hike, tempering those expectations in recent days. Last month's 75 bps hike was the first of that size since 1994.
Nifty and Sensex rose for the fourth day straight on Wednesday as bulls asserted control on Dalal Street and index heavyweights such as Reliance Industries surged. S&P BSE Sensex ended the day at 55,297, up 630 points or 1.15% while NSE Nifty 50 index added 180 points or 1.10% to end the day above 16,500. Entering the weekly futures & options expiry session, SGX Nifty was trading flat, suggesting a muted start for indices on Dalal Street. Global cues were mixed even though Wall Street indices closed in the green on Wednesday.
US stocks ended higher on Wednesday with the tech-heavy Nasdaq ending 1.6 per cent higher on positive earnings signals with a wary eye on inflation and more interest rate hikes by the Fed. The Dow Jones Industrial Average rose 47.79 points, or 0.15 percent, to 31,874.84, the S&P 500 gained 23.21 points, or 0.59 percent, to 3,959.9 and the Nasdaq Composite added 184.50 points, or 1.58 percent, to 11,897.65.
Trends on SGX Nifty indicate a flat start for benchmark indices in India. The Nifty futures were trading with a gain of 6 points or 0.04% at around 16,507 level on the Singaporean Exchange.