Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices managed to extend gains in a choppy session amid gains in PSU and select private banks, financial services, and select heavyweight stocks. The S&P BSE Sensex surged 246 points higher to close at 54,768, while the NSE Nifty 50 reclaimed 16,300-mark to end at 16,341. Axis Bank, IndusInd Bank, M&M, Tata Steel, Ultratech Cement, Bajaj Finserv, Bharti Airtel, SBI, Coal India, Eicher Motors, and ICICI Bank were the top gainers, up between 1-2.3 per cent. On the flipside, ONGC, Nestle India, HDFC Life, Sun Pharma, Tata Consumer, Cipla, Hero MotoCorp, and SBI Life were the laggards. The broader markets, however, outperformed the frontline indices. The BSE MidCap and Smallcap indices settled up to 0.8 per cent up. Meanwhile, the rupee breached the 80-mark against the dollar.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates 19 July 2022 Tuesday
Titan and Abbott Indian could be two shares that investors can add to their portfolio for gains over the next three months, said analysts at ICICI Direct. The brokerage firm has picked the two stocks as gladiator stocks, projecting a 10% upside potential as one of the stock readies for a technical breakout, meanwhile the other has provided a breakout above the falling channel, analysts say, which augurs well for an up-move. Sensex and Nifty continue to dance between gains and losses on a daily basis, faced with headwinds including inflation, rising interest rates, elevated commodity prices and much more.
Benchmark indices extended the rally with Nifty closing above 16,300. The BSE Sensex ended 246.47 points or 0.45% higher at 54,767.62, and the Nifty 50 was up 62 points or 0.38% at 16,340.50.
Shares of Delhivery surged 7 per cent to Rs 635 on the BSE in intraday trade on healthy business growth outlook. The stock of the logistics services provider was trading at its highest level since its stock exchange listing on May 24, 2022. In the past one month, the stock has zoomed 36 per cent, as compared to 6 per cent rise in the S&P BSE Sensex. At current levels, Delhivery is 30 per cent higher over its issue price of Rs 487 per share.
The Indian Rupee depreciated further on Tuesday to breach the psychological mark of 80 for the first time ever. Amid tightening monetary conditions and risk-off sentiments as well as persistent outflows witnessed from the domestic markets, the local unit fell to fresh lifetime low of 80.05 against the US dollar in early trade, down 7 paise from the previous close. Significant dollar demand from oil importers amid elevated crude oil prices as well as concerns about swelling trade deficit have also been the key catalysts behind the steep descent seen in the rupee. The domestic currency has declined by about 25 per cent since December 31, 2014, and is nearing 80 against the greenback.
Investment in the Indian capital markets through participatory notes (P-notes) declined to Rs 80,092 crore till June-end, making it the lowest level in 20 months, on aggressive rate hike by the US Federal Reserve. With the continued global uncertainty and volatility, experts believe that investment through P-notes will be volatile in the near future. With the continued global uncertainty and volatility, experts believe that investment through P-notes will be volatile in the near future.
General Electric has announced the much-awaited split of its various business units into three companies. The partition will see General Electric (GE) create separate companies over the next few years which will house its healthcare business and energy business, leaving GE with the aviation business. “Today marks a key milestone in GE’s plan to become three independent, laser-focused companies. Leveraging GE’s multi-billion-dollar global brand gives us a competitive advantage in our end markets, allowing these businesses to win in the future,” said H Lawrence Culp, Jr, Chairman and CEO, GE, and CEO, GE Aerospace. GE had announced last November that it will form three industry-leading, global public companies focused on the growth sectors of aviation, healthcare, and energy.
With the Indian Rupee depreciating over 7% against the US Dollar this year, There is an urgent need to offset the effects of a depreciating rupee and that can be achieved by investing in global markets. The cost of financial goals to be realised in the US has exponentially increased. A combination of both increases the burden on aspirational Indian investors who are aiming to send their children abroad for higher education and make remittances for their living costs and other expenses and eat into one's savings if they are only invested in Domestic markets. Future Dollar expenses are deemed to become more expensive, which is why Indian investors must begin by parking a percentage of their portfolio in the Dollar via US ETFs and Stocks.
Raj Gandhi, Co-founder, DollarBull
Sterlite Technologies bagged order worth Rs 250 crore for building Indian telecom operator’s optical network. Stock rose more than 2%
Benchmark indices were trading in the green supported by auto, metal, realty, PSU banking names. The Sensex was up 136.06 points or 0.25% at 54657.21, and the Nifty was up 31.60 points or 0.19% at 16310.10.
Shares of Great Eastern (GE) Shipping hit a 52-week high of Rs 459.20 as the stock rallied 11 per cent on the BSE in intra-day trade on the back of heavy volumes. The stock surpassed its previous high of Rs 445.50 that it had touched on May 18, 2022.
"Nifty Open Interest Put Call ratio fell to 1.36 level from 1.21 levels. Amongst the Nifty options (21-July Expiry), Put writing is seen at 16100-16200 levels,
Indicating Nifty is likely to find strong support in the vicinity of 16100 - 16200 levels. On the higher side, an immediate resistance is seen in the vicinity of
16400-16500 levels where we have seen Call writing."
~HDFC Securities
“Rupee fell as broader strengthen in the dollar continued ahead of the important FOMC policy statement that will be released next week. Expectation is that the Fed could raise rates by another 75bps and maintain a hawkish stance. On the domestic front, trade deficit continued to widen and that also is weighing on the rupee. We expect the USDINR (Spot) to trade with a positive bias and quote in the range of 79.70 and 80.20.”
~Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services
BSE Sensex and NSE Nifty 50 were trading in green on Tuesday, after rising from day’s low touched in opening deals. Index heavyweights such as HDFC Bank, Axis Bank, ICICI Bank, Housing Development Finance Corporation (HDFC), among others, capped the losses and helped the index to turn green. So far in the day, BSE Sensex hit a day’s high of 54,698, and a low of 54,233. While NSE Nifty rose to a day’s high of 16,328.65, and low of 16,187.05. No stock on S&P BSE Sensex hit a fresh 52-week high or 52-week low so far in the day. Read full story
Benchmark indices were trading flat in the highly volatile session. The Sensex was up 28.44 points or 0.05% at 54549.59, and the Nifty was up 4.30 points or 0.03% at 16282.80.
“The rupee has been depreciating against the USD for a whole host of factors. Concerns around an economic slowdown in the US, Fed hiking rates, geopolitical tension between Russia-Ukraine, and a spike in oil prices have pushed INR to an all-time low. The US Fed hiking rates aggressively led to the dollar strengthening, and subsequently, FPIs pulled out funds from the Indian equity markets. FPIs have pulled out a record Rs 2.25 lakh crores from the Indian market in 2022 (YTD). The INR depreciation is on expected lines, though it has depreciated nearly 25% since 2014 the fall has been moderate if compared to other Asian currencies. A dollar strengthening leads to a weakening of other currencies as witnessed in 2020 and 2013. In fact, some of the major currencies like GBP, Euro, and Yen have depreciated more than the INR.”
~Nish Bhatt, Founder & CEO, Millwood Kane International
"The rupee has finally breached the 80 mark, a key psychological level. The rupee is expected to further slide due to the current severe rate hike by the US Fed, relentless selling by foreign investors, and the rising demand for the USD due to its safe haven status. Nevertheless, the RBI is aware of the falling rupee quagmire and could take actions to curb the further depreciation, thus we expect further downside to 81 to 81.5 levels."
~Punit Patni, Equity Research Analyst, Swastika Investmart Ltd
PSU banks remain in demand intraday. Bank of Baroda gained over 2%
Billionaire investor Rakesh Jhunjhunwala sold 30 lakh shares of auto giant Tata Motors during the April-June quarter, the latest shareholding pattern available on the stock exchanges shows. The ace investor trimmed his stake in the company after holding steady for two quarters, prior to which he had increased his stake in the Tata group firm. Shares of Tata Motors have fallen 9.8% so far this year. During the April-June quarter, the stock fell 4.85% and now trades at Rs 450 per share. The auto giant’s stock has been trading weak since October 2021, in line with the headline indices.
NYMEX crude trades mixed near $99/bbl as market players counter demand concerns against supply risks. Global growth worries, disappointing US economic data and China’s virus concerns have dented demand outlook. Supply concerns are high as Russian supply is set to get affected by economic sanctions while US-Saudi meeting failed to result in any clear commitment on higher production. US drilling activity report however forecasts higher output next month while Libyan supply is expected to improve following a deal with protestors. Crude may remain choppy amid mixed factors and positioning for contract expiry however with weaker risk sentiment, we expect prices to remain under pressure. Ravindra Rao, VP- Head Commodity Research at Kotak Securities
COMEX gold trades marginally lower near $1707/oz as US dollar index stalled after two days of losses. The US dollar fell in last few sessions amid debate about pace of Fed’s rate hike but continues to remain supported by safe haven buying amid global growth worries and expectations that Fed may lead other central banks in monetary tightening. ETF outflows also shows lack of investor interest despite lower prices. Gold has stalled near $1700/oz level after the sharp sell-off in last few days however a sustained rise is still difficult as outlook for US dollar still remains firm. Ravindra Rao, VP- Head Commodity Research at Kotak Securities
Oberoi Realty share price rose a day after the company reported consolidated net profit at Rs 403.08 crore in Q1 FY23, up from Rs 80.63 crore in Q1 FY22. The real estate developer’s revenue from operations increased by 221.2% on-year to Rs 913.11 crore during the quarter. Oberoi Realty shares bucked the market and rose to hit an intraday high of Rs 870, up 1.5% from its previous close on NSE. So far this year, the stock has fallen around 3%, outperforming benchmark Nifty 50 which has tumbled more than 7%. Several brokerages maintain a bullish stance on Oberoi realty shares and see up to 28% upside going forward.
Domestic headline indices have started the day’s trade in the red amid weak global cues. S&P BSE Sensex slipped around 150 points on opening bell while Nifty 50 was down nearly 50 points but still above 16,200. Domestic stock markets have been witnessing a battle between bulls and bears as they navigate through multiple headwinds including inflation, elevated crude oil prices, falling rupee, and rising interest rates. Amid this tug of war between bulls and bears, a long list of companies will hand out dividends to their shareholders. These include index heavyweights such as Larsen & Toubro, Tech Mahindra and many more.
Benchmark indices erases opening losses and trading flat in the volatile session. The Sensex was down 11.77 points or 0.02% at 54509.38, and the Nifty was down 6.40 points or 0.04% at 16272.10.
"Dips can be utilised as buying opportunities with support placed at 16230 and 16070. Market breadth, derivative data, and technical setup all indicate that we should head towards 16500/16800 shortly. Trailing stop loss advised at 15950 for longs," said Rahul Sharma, Director & Head - Research, JM Financial.
IndusInd Bank share price slipped after the board approved Rs 20,000 crore fund raise. The stock was quoting at Rs 848, down 0.23% on BSE.
The Indian rupee hit a psychologically significant level of 80 for the first time against the US dollar after crude oil surged on concerns about tighter supplies globally, with the currency weakening for the eighth consecutive session. At 9.10 am, rupee was trading at 80.01 a dollar, down 0.03% from its previous close. It opened at 79.99 and touched a fresh record low of 80.02.
Tata Steel, Sun Pharma, Bharti Airtel, NTPC, Ultratech Cement, PowerGrid and Dr Reddy's were the Sensex gainers, while HCL Tech, Asian Paints, Tech M, TCS, Infy, Bajaj Finance, Wipro, L&T and HUL led losses on the index, down up to 1.5 per cent.
HCL Technologies, Asian Paints, Tata Consumer Products, TCS and Bajaj Finance were among major losers on the Nifty, while gainers were ONGC, Bharti Airtel, Sun Pharma, Tata Steel and M&M.
Sensex falls over 150 points
Nifty 50 slips below 16,250 levels
Benchmark indices are expected to open on a negative note as suggested by early trends on SGX Nifty with a 120-point loss. Some stock specific actions can be seen in HCL Technologies (signed a multi-year deal to drive the modernization of DSM’s core IT business systems and transition to a product-based IT operating model), Tata Steel (planned capex of Rs 12,000 crore during the current financial year, of which Rs 8,500 crore in India and Rs 3,500 crore on the company's operations in Europe), Jindal Stainless (set to supply 3,500 tonnes stainless steel for the Indian Railway's Udhampur-Srinagar-Baramulla Railway Link tunnel project). On the technical front, key support and resistance for Nifty 50 are 16,200 and 16,400 respectively while key support and resistance for Bank Nifty are 35,000 and 35,800 respectively.
~Mohit Nigam, Head - PMS, Hem Securities