Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 ended nearly 1 per cent down on Tuesday, on weak global cues. BSE Sensex ended 509 points or 0.9 per cent to 53,887, while NSE Nifty 50 settled at 16,058. Stocks of Infosys, Nestle India, HCL Tech, HUL, Mahindra & Mahindra, Kotak Mahindra Bank, Asian Paints, IndusInd Bank, Titan Company were among top index drags. On the flip side, NTPC, Bharti Airtel, and Bajaj Finance were the only gainers on S&P BSE Sensex. India VIX rose 1 per cent to settle at 18.55 levels. On sectoral front, Nifty Bank index declined 0.95 per cent to finish trade at 35,132.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates
BSE Sensex ended 509 points or 0.9 per cent to 53,887, while NSE Nifty 50 settled at 16,058
Ahead of the closing bell, Sensex and Nifty 50 are deep in red. Nifty has given up the crucial 16,100 levels while Sensex is well below 54,000.
The hotels and tourism sector has gone through a lot over the last few years since covid took the world by storm. Now, after passing through various hiccups, the industry is likely to have witnessed a sharp recovery in April-June quarter aided by leisure/transient travel, wedding season and strong revival from the business segment, said ICICI Direct in a note. “Hotel booking data also suggests strong buoyancy in the demand with hotel booking for March-June crossing pre-pandemic levels led by wedding seasons, vacations and IPL matches. Hence, from a Q1FY23 perspective, we expect occupancy levels to improve to ~75% while average room rates are likely to remain higher by 10% QoQ to Rs 8300/room for the premium segment,” the brokerage firm said.
Mutual funds focused on investing in fixed-income securities witnessed a heavy outflow of Rs 92,248 crore in June on uncertain macro environment, driven by expectations around an increasing rate cycle, higher commodity prices and slowdown in growth. This comes following a net outflow of Rs 32,722 crore in May and an inflow of Rs 54,756 crore in April, data available with Association of Mutual Funds in India (Amfi) showed.
NTPC share price was up 2.22% as the top Sensex gainer on Tuesday. This was accompanied by Bajaj Finance and Bharti Airtel.
“Nifty is showing signs of weakness while Bank nifty is holding at higher levels. In Nifty we can utilize any rise for selling opportunity while in Bank nifty any dip should be utilised as a buying opportunity for higher levels. At the current juncture, we are advising to be with selective stocks and one can look for buying opportunities in M&M Fin, Eicher Motors and Pidilite.”
~ Chandan Taparia, Vice President, Equity Derivatives and Technical, Broking & Distribution, Motilal Oswal Financial Services.
“We revise up our FY23 CAD estimate to 3% of GDP (US$105bn) from 2.6% previously, on persistently high trade deficit. Continued FPI outflows warrant a re-look at capital account surplus. We now see BoP deficit of US$45bn (-1.3% of GDP) in FY23,” said BofA.
BSE Sensex and NSE Nifty 50 were ruling nearly half a per cent down on Tuesday, dragged by losses in HDFC Bank, Infosys, ICICI Bank, Housing Development Finance Corporation (HDFC), and HUL, among others. In late morning deals, BSE Sensex hit day’s low of 54,054, while NSE Nifty 50 fell to 16,103.35. So far in the trade, HCL Technologies shares fell to a fresh 52-week low of Rs 927.10 apiece, crossing its previous low of Rs 940.25 on S&P BSE Sensex. While no stock hit a new 52-week high on the 30-share index. Read full story
We expect RIL’s 1QFY23 EBITDA to jump 33% QoQ at INR 418bn led by sharp spike in refining margin (GRM) to ~USD 22/bbl; this will be partly aided by 3.4% QoQ growth in Digital EBITDA and 9.0% QoQ growth in Retail EBITDA. Upstream PSUs’ (ONGC and Oil India) earning is expected to rise strongly QoQ on the back of higher crude prices and hike in domestic gas price. Despite the strong GRMs of ~USD 21/bbl, OMCs’ are likely to report losses in 1QFY23 due to huge marketing under-recovery of INR 15-16/ltr on petrol/diesel. Moderation in spot LNG price in 1QFY23 is likely to support volume growth for GAIL, PLNG and GSPL; however spot LNG price has spiked again in last few weeks posing risk to volumes going forward. We reiterate BUY on ONGC (TP INR 210), Oil India (TP INR 280) and GAIL (TP INR 190) as they are the key beneficiaries of rising crude and gas prices. JM Financial Services
Tata Steel stock was down 1.5% on Tuesday as the worst-performing Sensex stock. Titan, Asian Paints, and HDFC were the other drags.
“Going ahead, we maintain our positive stance and expect Nifty to gradually head towards 16600 in coming weeks. However, the move towards 16600 will not be in a linear manner as bouts of volatility owing to overbought condition amid global uncertainty can not be ruled out. Thus, any dip towards 15800-15700 should be used as incremental buying opportunity as we believe strong support for the Nifty is placed at July low of 15500.”
~ ICICI Direct
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading flat in India on Tuesday, on weak global cues. On Multi Commodity Exchange, gold August futures were trading lower at Rs 50,642 per 10 gram. Silver September futures fell Rs 238 or 0.42 per cent to Rs 56,630 per kg. Globally, yellow metal prices neared a nine-month low as the U.S. dollar strengthened to its highest level in 20 years, stifling demand for greenback-priced bullion. Read full story
COMEX gold trades mixed near $1730/oz and has tested a fresh Sept.2021 low. Gold trades near 9-month low weighed down by persistent strength in the US dollar. The US dollar index has jumped to 2002 high on safe haven buying and tightening expectations. Also weighing on gold price is correction across commodities which has dented gold’s appeal as an inflation hedge. ETF outflows show weaker investor interest. Concerns are also high about consumer demand in China amid virus related restrictions. Gold is a safe haven and global growth worries are high however it has failed to benefit due to continuing strength in the US dollar and this may not change ahead of US inflation data later this week. Ravindra Rao, VP- Head Commodity Research at Kotak Securities
On the flip side, NTPC, Tata Consultancy Services (TCS), Bharti Airtel, Wipro, Axis Bank, SBI were among Sensex gainers
Stocks of Tata Steel, HCL Tech, Titan Company, Bajaj Finserv, Infosys, Dr Reddy's Laboratories, Asian Paints, Reliance Industries (RIL), HDFC Bank were among top BSE Sensex losers
BSE Sensex fell 324 points or 0.6 per cent to 54071, while NSE Nifty 50 was ruling below 16150 levels
The retail inflation touched a high of 7.79% in April and eased to 7.04% in May, showing some signs of fatigue after a five-month unbroken upward trajectory. The moderation in the prices of certain food articles helped this improvement. Food inflation came down from 8.31% to 7.97%, and components of the food basket like eggs, fruits, vegetables, and pulses were notable by their price fall.
Nifty weekly contract has highest open interest at 16600 for Calls and 16100 for Puts while monthly contracts have highest open interest at 16100 for Calls and 16100 for Puts. Highest new OI addition was seen at 16600 for Calls and 16000 for Puts in weekly and at 17000 for Calls and 15000 for Puts in monthly contracts. FIIs increased their future index long position holdings by 1.09%, increased future index shorts by 7.00% and index options by 18.36% in Call longs, 20.67% in Call short, 22.74% in Put longs and 19.45% in Put shorts. Anand James – Chief Market Strategist at Geojit Financial Services
BSE Sensex fell 175 points or 0.3 per cent to 54220, while NSE Nifty 50 was ruling at 16150 in pre-opening session on Tuesday
Crude oil might be under pressure for the week, amid demand concerns from major consumer China coupled with recession fears owing to aggressive central bank tightening, given the backdrop of the decade’s high inflation. The prospects of another round of lockdowns in China overshadow signs of a tightening market. On Sunday, Shanghai reported its first case of the highly infectious BA.5 omicron sub-variant and warned of ‘very high’ risks. Read full story
In the recent past, RBI has taken steps that could ease the pressure on the rupee viz-a-viz country’s deficit. However, so far the positive impact of the same hasn’t yet been translated into the USDINR pair given by overpowering glooms and risk-averse environment globally. Investors now await India’s June CPI release which is expected to tad bit lower than May at 7.03%. Moreover, the given fundamentals shall likely sustain its pressure on the rupee keeping the upside open well in place. As the pair breaks its crucial 79.50 levels, its little far from the next big figure 80.00 levels that could be seen in the short run. Amit Pabari, managing director, CR Forex Advisors
The Indian Rupee is likely to depreciate further on Tuesday amid strong dollar and pessimistic market sentiments. In the previous session, rupee dropped 19 paise to close at a record low against the US dollar, after settlements. At the interbank forex market, the local unit opened weak at 79.30 against the greenback and witnessed an intra-day high of 79.24 and a low of 79.49. After hitting a series of record lows in recent months, the local unit closed out Monday at its lifetime low of near 79.44 per dollar. Amid the constant pressure on Rupee due to persistent FII outflows, elevated crude prices and risk aversion in markets, the Reserve Bank of India (RBI) on July 11 said that it was putting in place a mechanism to settle international trade in rupees.
On the technical front, the key resistance level for Nifty 50 is 6,300 and on the downside, 16,000 can act as strong support. The key support and resistance levels for Bank Nifty are 35,100 and 35,600 respectively. Mohit Nigam, Head – PMS, Hem Securities
The prices of petrol and diesel on Tuesday, July 12 were left untouched as OMCs continue to sell fuel at unchanged prices for nearly two months now. Prices have remained steady after Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre, and Rs 6 per litre on diesel on May 21. 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. In Mumbai, one litre of petrol costs Rs 111.35 while diesel retails at Rs 97.28 per litre.
Caution will be the buzzword for today’s trading as overnight US benchmark indices faltered while SGX Nifty and other Asian gauges too have retreated sharply in early trades. While there seems to be no respite from FII selling, DIIs too joined the bandwagon and offloaded shares in yesterday's trades, selling to the tune of Rs 170 crores and 297 crores, respectively. Although the selling was not that aggressive but it's enough to dent bullish sentiments. The technical indicators can accelerate towards south only if Nifty slips below 16027 mark, while hurdle is seen at 16500 zone. Prashanth Tapse, Vice President (Research), Mehta Equities
TCS’s Q1FY23 revenues were slightly ahead but margins and profits missed estimates. Deal wins at $8.2 bn were steady reflecting healthy demand, but increasing reliance on subcontractors with lower net hiring suggests that TCS is also preparing for an uncertain macro. We lower our FY23-25 estimates by 1-3% to factor in the miss and expect TCS to deliver a 9% EPS CAGR in FY22-24. TCS’ premium valuations may limit upside. Maintain Hold and revise PT to Rs 3,070. Jefferies
Consumption at Phoenix Mills (PML) malls in Q1FY23 stood at Rs 21.6 bn—this is 121% of the pre-Covid Q1FY20 period (109% on a like-to-like basis). Retail collections during Q1 stood at Rs 5.3 bn (up 10.5% q-o-q). PML is also witnessing strong recovery in occupancy and ARRs in both of its hotels while traction in commercial leasing and residential sales is also on the rise. Consequently, credit ratings for many of the company’s SPVs have been upgraded. Edelweiss
Avenue Supermarts’ Q1 earnings beat estimates: (1) Dmart’s standalone sales/EBITDA/PAT grew 95/356/490% y-o-y (19.3/19.1/26.6% 3yr CAGR), respectively. Sales were already guided in Dmart’s Q1 operating statement; EBITDA/PAT beat consensus expectations by 12%/15%, respectively. (2) Gross margin jumped to 15.8% driven by better traction in the high-margin discretionary segment in a seasonally better quarter due to back to school/college season and the onset of the monsoon season. Read full story
Institutional investors dissented on nine resolutions with more than 25% votes cast, including the asset monetisation plan of Reliance Power (RPower), while they supported another 73 proposals with a 100% majority. Read full story
Days after the Reserve Bank of India (RBI) eased the buffer norms and interest rate caps on foreign currency non-resident (bank) [FCNR(B)] deposits, State Bank of India (SBI) raised rates on such deposits by up to 105 basis points (bps). Read full story
“The benchmark Nifty remained sideways during the session. On the daily timeframe, the index has sustained above its near-term moving average. The momentum oscillator RSI maintains its bullish crossover. The short-term trend is likely to remain positive as long as it holds above 16000. On the higher end, resistance is visible at 16300,” said Rupak De, Senior Technical Analyst at LKP Securities.
The Reserve Bank of India (RBI) has put in place a mechanism under which the final settlement of export and import payments by Indian traders can be made in rupee. Besides helping curb demand for foreign exchange and, thereby, support the Indian currency, the move will also facilitate unhindered trade with sanctions-hit Russia and trouble-torn Sri Lanka. Read full story
Indian equity markets are likely to extend losses on Tuesday as trends on SGX Nifty indicated a negative start for the broader index in India, with a loss of 107.50 points or 0.66%. In the previous session, benchmark indices snapped three-day gaining streak and ended flat with a negative bias.
Domestic headline indices closed with losses on Monday, kicking off the week on a sombre note. S&P BSE Sensex slipped 86 points or 0.16% to settle at 54,395 while the NSE Nifty 50 moved 4.6 points lower to end at 16,216. Broader markets, however, outperformed the benchmarks and closed with gains. Entering the second day of trade this week, SGX Nifty was down with losses, suggesting a gap-down start for Sensex and Nifty. Global cues were also weak after Wall Street equity indices closed in the red. Asian Stock markets mirrored the fall. India VIX is still below 19 levels.