Share Market News Today | Sensex, Nifty, Share Prices Highlights: Indian equity markets ended higher for fourth consecutive day amid positive global market sentiments. The S&P BSE Sensex closed at 55,397, up 630 points or 1.15%, while the Nifty50 index reclaimed the 16,500-mark to end at 16,521, up 180 points or 1.1%. Sectorally, the Nifty IT index climbed 3%, followed by the Nifty FMCG (up over 1%). On the negative side, the Nifty Realty index fell 0.29%. The broader market, however, underperformed the frontline indices today as they added up to 0.42% ONGC, Tech M, Reliance Industries, TCS, HCL Tech, SBI, and Infosys were the top gainers, up between 2% and 3.7%. HDFC Life, M&M, Eicher Motors, and Sun Pharma, on the other hand, were the losers, down up to 2%.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates 20 July Wednesday
Indian equity markets ended higher for fourth consecutive day amid positive global market sentiments. The S&P BSE Sensex closed at 55,397, up 630 points or 1.15%, while the Nifty50 index reclaimed the 16,500-mark to end at 16,521, up 180 points or 1.1%.
“The move is definitely positive for companies like RIL, ONGC and Oil India as the decline in windfall tax would mean better and more sustainable margins. These companies were clear beneficiaries of high oil prices, but the recent correction in oil prices coupled with one of the highest windfall taxes globally could have dented profitability. We believe the timing of the government to announce it just three weeks after imposing the windfall tax clearly showcases the path ahead if oil prices remain stable. Moreover, this move would also help get back investor confidence in these stocks. The announcement impacts markets on positive note,” said Rohit Khatri, AVP-Fundamental Research, Religare Broking Ltd.
Volatility gauge was down in red as Sensex, Nifty rose. India VIX was below 17 levels.
“Indian rupee traded on a flat note today. Rupee opened in the green on weak Dollar and surge in domestic equity markets. However, concerns over twin deficits capped sharp gains. Dollar fell on decline in safe haven appeal amid positive global risk sentiments and weak housing data from US. US housing starts declined by 2% to 1.559 million in June from 1.591 million in May. We expect Rupee to trade with a negative bias as rising current account deficit and trade deficit may put pressure on Rupee. Dollar may also strengthen again on expectations of an aggressive rate hike by Fed later this month. Traders may also take cues from existing home sales data from US later today which is expected to remain weak. 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
Foreign portfolio investors and mutual funds have marginally increased stake in Paytm's parent company One97 Communications, according to a regulatory filing. The shareholding pattern of One97 Communications for June quarter 2022-23 shows that the number of shareholders as foreign portfolio investors (FPIs) rose from 54 to 83, taking the number of shares held by them to 3,53,72,428 from 2,86,80,948 in the previous March quarter.
Sensex is up 779.90 points or 1.42% at 55547.52, and the Nifty jumped 221.80 points or 1.36% at 16562.30.
“The Indian markets have opened higher on positive global cues, with overnight US markets up more than 2% on the back of strong corporate earnings. Weakness in the dollar index is also helping generate a risk-on environment. Domestically, the move by the Indian government to reduce tax on windfall gains for Oil and Gas companies is helping heavyweights like RIL and ONGC to outperform. We believe that there is a definite reduction in market volatility in the last couple of weeks, but one needs to be wary of risk emanating from Europe, especially with issues relating to the resumption of gas supplies to Europe from Russia and the corresponding effect on growth rates if the gas supply is not restored. We advise investors to gradually increase allocation to equity, especially since FII selling pressure has significantly ebbed in recent times. Some sectors we like are Banks, Auto, and Capital Goods.”
~Naveen Kulkarni, Chief Investment Officer, Axis Securities
Sensex is up 830.56 points or 1.52% at 55,598.18, and the Nifty jumped 236.20 points or 1.45% at 16,576.70.
Indian equity markets surged over 1.2 per cent on Wednesday, led by gains in oil and gas firms including Reliance Industries, ONGC after the government slashed the newly-introduced windfall tax on petrol, diesel, aviation fuel, and crude oil following the easing of global oil prices after a sharp spike earlier. Benchmark BSE Sensex rose 1.3 per cent to 55,554 points while Nifty gained 1.4 percent to 16,568. The Centre has scrapped a Rs 6 per litre tax on the export of petrol completely and reduced the same on aviation turbine fuel (ATF) to Rs 4 from Rs 6 per litre. The tax on diesel has been reduced to Rs 11 from Rs 13 per litre. Tax on domestically-produced crude has been cut by 27 per cent to Rs 17,000 per tonne.
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Hindustan Zinc has slipped over 6 per cent each and was the major loser among the BSE 500 stocks so far. It was followed by Tube Investments, ICICI Lombard, Phoenix Mills and Minda Corp.
SBI shares have gained 17% in one month. The public sector lender has become the most valuable listed public sector undertaking (PSU) as the state-owned lender has surpassed insurance giant–Life Insurance Corporation of India's (LIC) market capitalisation (market-cap).
S&P BSE Sensex is hovering near the highs of the day, up over 750 points.
Laxmi Organic has zoomed over 10.5 per cent and was the top gainer among the BSE 500 stocks so far. AAVAS Financiers, Oil India, Piramal Enterprises and KPIT Technologies were few of the other major gainers
Sensex is up 639.94 points or 1.17% at 55407.56, and the Nifty jumped 187 points or 1.14% at 16527.50.
Paytm share price has been an underperformer since listing on the stock exchanges last year. Among other factors, investors have voiced concern about the company’s lack of profitability. However, the wind seems to be turning now as Dolat Capital says the path to profitability has been clearer for Paytm. “We largely subscribe to the management confidence on achieving Adjusted EBIDTA breakeven by H1FY24. Our confidence is stemming from multiple aspects in the business that indicate that would add to profit pools in the near future,” the brokerage firm said in a report. Analysts have pinned a target price of Rs 1400 per share on Paytm (One 97 Communications), implying a 90% upside from today’s levels.
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“The sharp 8% pullback in Nifty from the June lows of 15,183 is all set to continue aided by a flood of good news. First, the US markets have rebounded sharply driven by impressive corporate earnings. Second, FPI selling appears to have bottomed out. FPIs have bought 5 days this month. The dollar index declining to 106.6 from above 108 is likely to persuade FPIs to buy rather than sell. Third, the relief announced by the government for the petroleum sector through reduction in windfall tax and cuts in duties on exports will be a major boost for the sector, particularly for RIL. However, investors have to exercise some caution because selling may reemerge at higher levels. Results from the leading financials are likely to be good and the ongoing rally may continue. After the recent correction IT valuations are attractive. If the US succeeds in avoiding a recession, IT will bounce back smartly.”
~V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Shares of Vedanta rose sharply after the company announced a hefty second interim dividend on July 19 and as investors were relieved that the government slashed the special additional excise duty imposed on crude oil production. The company announced an Rs 19.5 per share second interim dividend that will result in a dividend payout of Rs 7,250 crore. The interim dividend comes of the back of an earlier dividend announced by the company that has taken its total dividend payout for 2022-23 so far to close to Rs 19,000 crore.
Benchmark indices were trading higher aided by RIL, IT and Banking stocks. Sensex is trading higher by 742.21 points or 1.36 per cent at 55,512.1, while Nifty is up 216.45 points or 1.32 per cent at 16,556.95.
UK inflation hit fresh 40-year high in the previous month. June CPI in the UK was at 9.4 per cent.
Nifty Bank index surges 390 points or 1.09% to 36,108
Nifty IT index surged 2.16 per cent today led by Tier II IT names Mphasis and L&T Technology Services with each of them gaining more than 3 per cent
A-1 Acid, Adani Enterprises, AIA Engineering, Astec Lifesciences, Adani Total Gas, Bajaj Auto, Blue Dart Express, Bhagiradha Chemicals & Industries, Cummins India, Delhivery, Eicher Motors, Ethos, Federal Bank, ICICI Prudential Nifty Auto ETF, ITC, Mahindra & Mahindra, Meghmani Finechem, Orient Bell, Rajratan Global Wire, Shanti Educational Initiatives, Steelcast, Tube Investments of India, Timken Indian, Varun Beverages were among the scrips that touched 52-week highs on BSE intraday. Meanehile, AA Plus Tradelink, Aditya Consumer Marketing, Bhatia Colour Chem, Gemstone Investments, Prime Urban Development India, Sarthak Industries, STEL Holdings, Vikas Proppant & Granite were the scips that hit fresh lows.
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Reliance Industries, ONGC, Oil India, Chennai Petroleum Corporation, and other oil refining companies share prices rallied up to 11 per cent on Wednesday, after the government slashed windfall tax on domestic crude oil production by 27 per cent to Rs 17,000/tonne. RIL share price jumped 4.3 per cent to Rs 2545.05 apiece, ONGC added 5 per cent to Rs 136.40 apiece, Indian Oil Corporation gained 1.6 per cent to Rs 73.15 apiece, and Chennai Petroleum Corporation rallied 11.4 per cent to Rs 296.40 apiece. Morgan Stanley, in its report said, while windfall taxes are not yet zero, the government action provides clarity on the path ahead. “RIL, ONGC and OIL are key beneficiaries,” it said.
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“Nifty weekly contract has highest open interest at 16600 for Calls and 16300 for Puts while monthly contracts have highest open interest at 16700 for Calls and 16300 for Puts. The highest new OI addition was seen at 16600 for Calls and 16200 for Puts in weekly and at 17000 for Calls and 16000 for Puts in monthly contracts. FIIs increased their future index long position holdings by 16.94%, increased future index shorts by 0.88% and index options by 8.38% in Call longs, 11.12% in Call short, 7.61% in Put longs and 19.30% in Put shorts,” said Anand James – Chief Market Strategist at Geojit Financial Services.
The metal index added 2 per cent, led by Vedanta, NALCO, SAIL and Jindal Steel & Power
Domestic stock markets have been inching higher in recent days as bulls assert control on Dalal Street. However, indices still face multiple headwinds and analysts are not ruling out profit booking at higher levels. Meanwhile, stock-specific action continues on Dalal Street. Amid this, ICICI Direct’s stock filtration model is flashing a ‘buy’ sign for Larsen & Toubro Infotech along with IDFC First Bank. Analysts have tracked derivatives data for the stocks and their historic volatility which leads them to believe that these two stocks could rally in the next three months.
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Benchmark indices extend gains. Sensex is up 639.94 points or 1.17% at 55407.56, and the Nifty jumped 187 points or 1.14% at 16527.50.
Shares of oil & gas companies surged up to 11% on the BSE in intra-day trade after the government slashed windfall tax on domestic crude oil production from Rs 23,250/tonne to Rs 17,000/tonne. The govt also reduced additional excise duty on exports of diesel and ATF by Rs 2/litre and additional excise duty on petrol has also been removed. Among the individual stocks, Chennai Petroleum Corporation (CPCL) rallied 11% to Rs 296.40, Oil India gained 8% to Rs 201.80, followed by Oil and Natural Gas Corporation (ONGC) up 7% at Rs 136.40. Mangalore Refinery & Petrochemicals (MRPL) was locked in the 5% upper circuit at Rs 76.30, Gail (India) rose 5% to Rs 147.30 and Reliance Industries gained 4% to Rs 2,545 on the BSE in early trade.
Hindustan Unilever (HUL) share price jumped 1% on Wednesday after the company reported an 11.06 per cent on-year jump in net profit at Rs 2,289 crore compared with Rs 2,061 crore in the same quarter last year. Company’s revenues from operations jumped 19.48 per cent on-year to Rs 14,016 crore. HUL shares were quoting at Rs 2,606, up 1.4% on NSE. So far this year, the stock has outperformed benchmark Nifty, rising around 10%. Most brokerages remain bullish on stock, seeing up to 18% potential rally going forward on the back of rising urban and out-of-home consumption.
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Rupee opened flat at 79.93 per US dollar against July 19 close of 79.94 per US dollar.