Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Bulls staged a roaring comeback today after Monday’s rout as benchmark indices clocked their biggest intra-day gain since May 20 amid broad-based buying across sectors. The S&P BSE Sensex clocked a rally of 1,564 points, or 2.7% to end at 59,537, and the Nifty50, too, surged 446 points, or 2.58%, to close at 17,759. All the 50 constituents of the Nifty50 index settled higher with Bajaj twins, IndusInd Bank, ICICI Bank, Tech M, Tata Motors, Kotak Bank, HDFC, HUL, Tata Steel, Axis Bank, HDFC Bank, and SBI jumping between 3 and 5.4%. While the broader markets underperformed the frontline indices, they managed to end over 1% higher each. The BSE MidCap index added about 2%, while the BSE SmallCap index gained 1.3%. Sectorally, Nifty Financial Services index (up 3.5%), the Nifty Realty index (3.4%), the Nifty Bank index (3.3%), and the Nifty IT and Auto indices (2.6% each).
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While the broader markets underperformed the frontline indices, they managed to end over 1% higher each. The BSE MidCap index added about 2%, while the BSE SmallCap index gained 1.3%. Sectorally, Nifty Financial Services index (up 3.5%), the Nifty Realty index (3.4%), the Nifty Bank index (3.3%), and the Nifty IT and Auto indices (2.6% each).
All the 50 constituents of the Nifty 50 index settled higher with Bajaj twins, IndusInd Bank, ICICI Bank, Tech M, Tata Motors, Kotak Bank, HDFC, HUL, Tata Steel, Axis Bank, HDFC Bank, and SBI jumping between 3 and 5.4%.
Bulls staged a roaring comeback today after Monday's rout as benchmark indices clocked their biggest intra-day gain since May 20 amid broad-based buying across sectors. The S&P BSE Sensex clocked a rally of 1,564 points, or 2.7% to end at 59,537, and the Nifty50, too, surged 446 points, or 2.58%, to close at 17,759.
“The Indian market performance showed resilience in the last two months, with the Nifty 50 recovering by 15% from the bottom (since 17th Jun’22) till Friday. The Mid and Small Cap indices, too, recovered by 20%/16% for the same period. The recovery was on account of positive FII flows and a robust earning season. Additionally, a normal monsoon, cool-off in commodity prices, and healthy wage growth (especially in the Services sector) have boosted confidence in the robust festival demand. The current level of India's VIX is below the long-term average, indicating the market is in a neutral zone (Not in a panic or exuberance zone). The current setup is a ‘buy on dips’ market, and today investors have well capitalized on the opportunity given after yesterday’s correction, providing a good entry point. Investors should use such dips in a phased manner to build a position with a view of 12-18 months in quality companies, where the earnings visibility is very high.”
Neeraj Chadawar, Head – Quantitative Equity Research, Axis Securities
Life Insurance Corporation of India (LIC) has lost its spot among the top 10 most valued Indian companies by market capitalisation. The insurance behemoth is currently the 11th most valued listed Indian company. The state-run insurance firm, which made its debut on bourses earlier this year, is replaced by leading NBFC Bajaj Finance and Adani Group's Adani Transmission.
Benchmark indices continue to climb higher. Sensex is up 1,429.29 points or 2.47% at 59401.91, and the Nifty added 413.30 points or 2.39% at 17726.20.
Bank Nifty up 3% at 39487
Nifty Financial Services rallies 3.26% at 18207
Nifty Realty soars 3.5% to 463
The dollar index, which tracks the greenback against a basket of six major world currencies, was hovering near 108.70 after hitting a 20-year high in the previous session, thanks to the strengthening euro. Dollar and equity share an inverse relationship. The Indian rupee was trading higher against the dollar, helped by foreign equity inflows and a pullback of the dollar index. The domestic currency stood at 79.81 per dollar.
Oil prices dipped on Tuesday, paring some gains from the previous session, as the market feared that more aggressive interest rates hikes from central banks may lead to a global economic slowdown and soften fuel demand, Reuters ported. Brent crude futures for October settlement dropped 56 cents, or 0.5 per cent, to $104.53 a barrel, after climbing 4.1 per cent on Monday, the biggest increase in more than a month.
After a steep fall in US stocks in the last two sessions, S&P500 futures were trading marginally higher, suggesting a flat to a positive start for US stocks later in the day. In his speech on Friday, Powell sent a short and direct message that there won’t be a Fed pivot anytime soon, which has markets positioned for further equity weakness, said analysts.
While Tuesday's rise in key indices was broad-based, a few BFSI stocks namely HDFC Bank, ICICI Bank, Bajaj Finance, HDFC and SBI contributed over 250 points positively to the index rise. Other BFSI stocks also gained. Bajaj Finserv was trading 3.98 per cent higher at Rs 16,730. IndusInd Bank, Bajaj Finance and SBI gained 3 per cent each and were among the top five gainers on the index. Axis Bank, Kotak Mahindra Bank, HDFC Bank and ICICI Bank rose up to 1.6 per cent.
The government is likely to invite preliminary bids for selling a stake in IDBI Bank next month and the discussions with the RBI are at the final stages, an official said. “There are still some pending issues that need to be discussed with the Reserve Bank of India and Securities and Exchange Board of India. We are hopeful of issuing the EoI by September,” an official told PTI.
“The immediate resistance level for Nifty50 was 17,350–17,400, which it easily breached in Tuesday's trade. The index has stabilized and is vying for its 20-day SMA, which as of Monday was 17,549. We urge traders to avoid going long at this time because the 20-day SMA provided some support to the index in the most recent decline. Even one can short around 17800 with a stop loss of 18050 and an immediate target price of 17400,”
~Rahul Goud, Research Analyst – Equity Research.
“On Tuesday, domestic stocks completely erased their losses from the day before, while US futures gained some ground. Banking and financial companies were the key drivers of the gainers. Benchmark The Nifty is up 1.99 percent, or 346 points, while the Sensex is up 2.04 percent, or 1180 points. The US futures market's short covering move along with the European markets', falling oil prices, both contribute to the current surge. Brent crude futures for October settlement fell by 56 cents, or 0.5%, to $104.53 per barrel after rising by 4.1% on Monday.
~Rahul Goud, Research Analyst – Equity Research, CapitalVia Research
Benchmark indices are off day's high. Sensex is up 1,195.35 points or 2.06% at 59167.97, and the Nifty zoomed 349.10 points or 2.02% at 17662.
BSE Sensex and NSE Nifty 50 were trading nearly 2 per cent higher on Tuesday, on the back of buying in HDFC Bank, ICICI Bank, Reliance Industries (RIL), Infosys, and Housing Development Finance Corporation (HDFC). In the afternoon deals, BSE Sensex was ruling 2 per cent or 1,123 points higher at 59,128.88. NSE Nifty 50 surged to 17,647.85, gaining 1.9 per cent or 327 points. So far in the trade, Mahindra & Mahindra (M&M) hit a new 52-week high of Rs 1,314.80 crossing its previous high of Rs 1,299 on S&P BSE Sensex. While no stock touched a fresh 52-week low on S&P BSE Sensex. Read full story
“Sensex and Nifty are witnessing short coverings from lower levels, taking cues from the bounce back in international markets. The recovery in rupee has also strengthened the market sentiments, and pushed the index higher. Sensex and Nifty may continue this pull back, and touch the levels of 59400 and 17750 respectively in coming trading sessions.”
~Ravi Singh VP Head of research ShareIndia Securities
Nifty Realty index gains 2.40 per cent driven by DLF ( up 4.24%), Oberoi Realty (3.03%) and Godrej Properties (3.02%)
Sensex surges over 1,100 points to day's high. Nifty soars 300 points to test 17650
“We expect GDP to grow by 14.0%-14.5% on-year in Q1 FY23 backed by low base and strong domestic demand. A broad based pickup was observed across consumption, services industry and investment. We expect the private final consumption expenditure, a measure of demand and gross fixed capital formation, a measure of investment, to grow by 16% and 14%, respectively. However, net exports will be a drag due to high average crude price during Q1.”
~Ritika Chhabra- Economist and Quant Analyst, Prabhudas Lilladher
Sensex is up 1,050.3 points or 1.81% at 59,022.93, and the Nifty is trading higher by 304.45 points or 1.76% at 17617.35. Of the 3,461 stocks traded on the BSE, 2402 stocks have advanced, 919 stocks witnessed a decline while 140 stocks remained unchanged.
Nifty Auto index gains 2.41 percent propelled by TI India, Maruti and Ashok Leyland
Tamilnad Mercantile Bank’s IPO will open for subscription on 5th September, at a price band of Rs 500-525 apiece. The public issue will close on 7th September. The IPO is entirely a fresh issue of up to 1.58 crore shares with a face value of Rs 10 each, aggregating to Rs 831.6 crore, according to RHP. The lead managers to the issue include Axis Capital, Motilal Oswal, and SBI Capital Markets. Link Intime India is the registrar to the issue. Upon successful listing, Tamilnad Mercantile Bank will join the likes of City Union Bank, CSB Bank, DCB Bank, Federal Bank, Karur Vysya Bank, Karnataka Bank, RBL Bank, and South Indian Bank. Read full story
Nifty Realty gains over 2% led by DLF, Oberoi Realty, IB Realty
Bank Nifty jumped over 600 points or 1.6 per cent to 38,927.
Mumbai-based speciality chemicals company Prasol Chemicals received the SEBI nod for its initial public offering (IPO). The initial share sale with a face value of Rs 2 per equity share comprises a fresh issue of equity shares aggregating up to Rs 250 crore and an offer-for-sale (OFS) of up to 90 lakh equity shares by existing shareholders. The Offer is being made through the Book Building Process, wherein not more than 50 percent of the Offer shall be available for allocation to Qualified Institutional Buyers, not less than 15 percent of the Offer shall be available for allocation to Non-Institutional Bidders and not less than 35 percent of the Offer shall be available for allocation to Retail Individual Bidders
“RIL is our top pick and we expect continued strong earnings traction in its consumer-centric business – Jio (likely further telecom tariff hike and ramp-up of home broadband) and retail (high growth in retail, led by market share gain and new commerce). Further, potential value unlocking in digital and retail (with a likely IPO for consumer business) would add value to shareholders’ return over the coming years. Hence, we maintain buy on RIL with an unchanged SoTP-based price target of Rs 3,050.”
Rupee appreciates 7 paise to 79.84 against US dollar in early trade
Adani Transmission on Tuesday entered the top 10 list of most valuable companies. Gautam Adani-led power transmission firm became the 8th most valued firm by market capitalisation. Adani Transmission’s market cap stood at Rs 4.4 lakh crore today morning at about 10.30 am, BSE data showed. Adani Transmission m-cap surpassed that of Housing Development Finance Corporation (HDFC) (Rs 4.31 lakh crore), LIC (Life Insurance Corporation of India) (Rs 4.27 lakh crore), Bajaj Finance (Rs 4.33 lakh crore), and Bharti Airtel (Rs 4.12 lakh crore). In the past one week, Adani Transmission share price has rallied over 10%, as compared to 0.19 per cent decline in the NSE Nifty 50.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading lower in India on Tuesday, even as yellow metal gained globally. On Multi Commodity Exchange, gold October futures were down Rs 188 or 0.4 per cent to Rs 51,062 per 10 gram, as against the previous close of Rs 51,250. Silver December fell Rs 347 or 0.6 per cent to Rs 54,893 per kg. Globally, yellow metal prices inched up as the dollar eased off a 20-year high, offsetting pressure from expectations of the US Federal Reserve keeping interest rates higher for longer to combat inflation. Read full story
Adani Transmission surpassed the valuation of housing finance company – Housing Development Finance Corporation (HDFC), which has a market cap of Rs 4.31 lakh crore. The company also surpassed insurance giant, Life Insurance Corporation of India (LIC) (Rs 4.27 lakh crore), non-banking finance company Bajaj Finance (Rs 4.33 lakh crore) and telecom services provider Bharti Airtel (Rs 4.12 lakh crore), data shows.
“A close tab should be held on the global and domestic macro developments. The overall sentiments are likely to remain upbeat in the near term, wherein any minor dip could be utilized as an opportunity for the bulls to add long positions. We might also witness significant traction outside the indices in the broader market. Hence, it’s advisable to keep focusing on such potential movers, which are likely to provide better trading opportunities.”
~Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One
Dollar sags below 20-year peak as euro reinvigorated by ECB bets
All the sectoral indices are trading higher with auto, bank, metal, oil & gas, power and realty up 1-2 percent.
Ashok Leyland gained 1 per cent after the automaker announced 6 new models for their LCV range.
Benchmark indices were trading near the day's high with Nifty above 17400. The Sensex was up 497.22 points or 0.86% at 58469.84, and the Nifty was up 160.40 points or 0.93% at 17473.30.
David W. Crane, Independent Director of Tata Steel has conveyed his intention to step down from the board of the company with effect from September 5, 2022. Tata Steel shares were quoting at Rs 107, up 2%.
Sensex firmly extends gains, up 500 pts, Nifty holds above 17,470
Nifty Auto index rose 1 per cent supported by the Tube Investments, Tata Motors, Eicher Motors
“We expect consolidated revenue/EBITDA to clock 13%/15% CAGR over FY22-24, which does not factor any incremental growth from 5G capex, new energy, and other segments. Retail, Telecom, and new energy can be the next growth engines over the next two-to-three years, given the large technological advancements and ambitious growth targets. However, the same can dent its existing single-digit return ratios in the near term. We reiterate our buy rating with a Target Price of Rs 2,880.”
“Gold and silver prices recovered from their morning lows on Monday, as the dollar retreated from a 20-year peak, although hawkish signals from the Federal Reserve still weighed on the market. Slight weakness in the greenback helped bullion prices gain on Monday. The dollar retreated against the euro on expectations that the European Central Bank will tighten the monetary policy more aggressively than initially thought. But the outlook for the yellow metal is severely depressed by the prospect of higher U.S. interest rates.”
“Metal markets are now looking at the upcoming U.S. payrolls data this week. Strength in the jobs market is likely to give the Fed much more room to hike interest rates aggressively. Gold has support at $1738-1726, while resistance is at $1756-1770. Silver has support at $18.55-18.40, while resistance is at $19.05-19.22. In INR terms gold has support at Rs 50,850–51,040, while resistance is at Rs51,520–51,740. Silver has support at Rs 53,850-53,440, while resistance is at Rs 54,880–55,310.”
~Rahul Kalantri, VP Commodities, Mehta Equities
BSE Power index rose 2 per cent supported by JSW Energy, Adani Green, Adani Power
“Compared to the sell-off in US markets last Friday, the correction in the Indian market yesterday was relatively mild. This is a reflection of the resilience of the Indian market. However, it is important to appreciate the fact that valuations in India are high. Nifty is trading around 20 times forward earnings. MSCI India is trading at 100% premium to emerging market rivals. This calls for some caution. There is a possibility of further correction in the market in the near-term. Financials, capital goods, autos, telecom and FMCG are strong segments attracting investment,”
~ VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Oil might be very volatile for the week and is expected to stay elevated, as supply concerns might outweigh recession fears. The black gold might rally on speculation that the OPEC cartel might curb output in the coming meeting on 5th September amid recent volatility in prices. Meanwhile, Iran said exchanges with the US over a European Union proposal to revive a nuclear deal will drag on into next month, undercutting speculation that an agreement paving the way for increased oil flows was imminent. Read full story
“The downsides lost momentum on tests of the 17160 region triggering upside attempts on anticipated lines. This ideally aims for the 17800-520 region, but expect bears to resurface on approach to 17500-520. Downside marker may be placed at 17250, but it is the performance in the 17450-520 region that will set the mood today.”
~Anand James – Chief Market Strategist at Geojit Financial Services
Indian benchmark indices opened on a positive note with Nifty above 17400. The Sensex rose 411.68 points or 0.71% to 58384.30, and the Nifty was up 134.90 points or 0.78% at 17447.80. Bajaj Finserv, ONGC, Eicher Motors, Hindalco Industries and Tata Steel were among major gainers on the Nifty, while losers were Bharti Airtel, Reliance Industries and Asian Paints.
The price of petrol and diesel has been kept steady on Tuesday, 30 August 2022, keeping costs steady for more than three months now. The last country-wide change in price came on 21 May 2022, when Union Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre, and Rs 6 per litre on diesel. 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. Since then, Maharashtra is the only state to have cut rates. Read full story
Benchmark indices are trading firm in the pre-opening session. The Sensex was up 90.14 points or 0.16% at 58062.76, and the Nifty was up 36.20 points or 0.21% at 17349.10.
“Markets are likely to shrug off overnight slump in the US markets and mirror the gains seen in most of the Asian pack. While domestic equities may start on a positive note, the market remains obsessed with the hawkish Fed rhetoric. With the Fed and other central banks across the globe trying to rein on inflation desperately, it’s going to be a tough call to take bullish bets on any excessive strength from hereon. Technically, Nifty has the biggest make-or-break support at 17161 mark. However, the first signs of an interim top will be seen if Nifty slips below 17161 mark. Confirmation of strength on Nifty is above the 17757 mark.”
~Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities
WildWorks Acquisition Sub, Inc. has entered into Agreement and Plan of Merger with WildWorks, Inc. and WildWorks Holdco, Inc. on August 29, 2022 for the purpose of acquisition of 100% share capital of WildWorks, Inc. from its existing stockholders by way of merger of WildWorks Acquisition Sub, Inc. with WildWorks, Inc. The aggregate cost for the proposed acquisition is USD 10.40 million, which is being paid in cash to the creditors of the WildWorks, Inc. at closing. The present stockholders of the WildWorks, Inc. will not be receiving any consideration for the proposed acquisition.