Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices traded in the green for most of the day but in the dying minutes trimmed gains to close flat with a positive bias. S&P BSE Sensex added 59.1 points or 0.10% to settle at 58,833. NSE Nifty 50 fared a tad bit better, gaining 36 points or 0.21% to end at 17,558. Bank Nifty ended 0.09% higher at 38,987 while India VIX fell 6.9% to close at 18.22 levels. On a weekly basis, Sensex and Nifty were in the red. NTPC was the top Sensex gainer, up 2.86%, followed by Titan, Kotak Mahindra Bank, and Power Grid. IndusInd Bank was the worst performing stock on Sensex, falling 1.66%. Bharti Airtel, HDFC, Asian Paints were the other laggards.
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Dalal Street trimmed gains in the dying hour of trade on Friday but managed to close in the positive territory. S&P BSE Sensex added 59.1 points or 0.10% to settle at 58,833. NSE Nifty 50 fared a tad bit better, gaining 36 points or 0.21% to end at 17,558. Bank Nifty ended 0.09% higher at 38,987 while India VIX fell 6.9% to close at 18.22 levels. On a weekly basis, Sensex and Nifty were in the red, ending the gaining streak. NTPC was the top Sensex gainer, up 2.86%, followed by Titan, Kotak Mahindra Bank, and Power Grid. IndusInd Bank was the worst performing stock on Sensex, falling 1.66%. Bharti Airtel, HDFC, Asian Paints were the other laggards.
Sensex closed 59 points higher at 58,833 on Friday after giving up most gains in the dying hour of trade. Nifty 50 was at 17,558 on closing.
India VIX was down 5% on Friday, sitting around 18.5 levels just ahead of the closing bell.
Sensex and Nifty are dancing between gains and losses on Friday ahead of the closing bell.
Sensex and Nifty were down in the red on Friday just minutes ahead of the closing bell. Sensex was down nearly 50 points while Nifty was a point in the green.
Sensex is up 150 points or 0.25% while sitting just above 58,900 while the Nifty 50 index was sitting above 17,550.
Affle share price has zoomed 45% since the middle of June to now trade at Rs 1,351 per share, but the rally might not be over yet, according to analysts at Goldman Sachs. Initiating the coverage of the stock, analysts at Goldman Sachs have given a ‘buy’ call with a target price of Rs 1,495 apiece, suggesting another 10% up-move. “Affle operates in a global large TAM which is expected by eMarketer to grow at 30% over 2021-25 driven by secular drivers of rising internet/ smartphone/e-commerce penetration, more data traffic across EMs and more time spent by digital consumers on mobile,” Goldman Sachs said in a report.
Gold’s next trigger would come after the Kansas City Federal Reserve hosts one of the most important economic symposium in Jackson Hole and today’s keynote speech by Chairman Jerome Powell will garner the most attention. Compared to the last 3-4 years, this year’s symposium occurs at a critical time as the Federal Reserve began an aggressive tightening of its monetary policy. Market is confused right now which way Powell will drift, hawkish or dovish. Chairman Powell will continue to walk an extremely thin tightrope between the current economic contraction and the current level of inflation. Read full story
BSE Sensex and NSE Nifty 50 have a 5 per cent potential upside on cards, but then may correct by as much as 15% in the next few months, investment advisor Sandip Sabharwal said. On Friday, S&P BSE Sensex was ruling nearly one per cent up at 59,322, while NSE Nifty was trading firm at 17,685.85. In an interview with Surbhi Jain of FinancialExpress.com, Sandip Sabharwal said that technical indicators show relatively overbought conditions in NSE Nifty 50 and Bank Nifty. For a long-term investment horizon, Sabharwal suggested adding ICICI Bank stock. Read full interview
One of Hina Nagarajan’s first moves at the helm of liquor giant Diageo Plc’s Indian arm is a standoff with government officials over price caps that have already cost the company almost $9 million in sales, and some say might backfire. United Spirits Ltd. has halted whiskey sales in a number of states yet to budge on price caps despite rising inflation. The move to stop sales rather than see margins continue to erode is a risky bet, analysts at Mumbai-based Dolat Capital wrote last month, that could complicate the firm’s pivot to premium products. Read full story
Adani Group launched Rs 31,000-crore open offer on Friday to acquire 26 per cent additional stakes from the public shareholders of ACC and Ambuja Cements, closely following its acquisition of Swiss firm Holcim’s stakes in the two cement firms. Adani group has offered to buy 26 per cent of Ambuja Cements stake for Rs 385 per share and the same stake for Rs 2,300 per share of ACC. Capital markets regulator Securities and Exchange Board of India (SEBI) gave approval to the open offer last week. The open offer is estimated at over Rs 31,000 crore if fully subscribed. Read full story
We initiate coverage on Poonawalla Fincorp (PFL) with a BUY rating and a target price of INR 400. Poonawalla Fincorp (erstwhile Magma Fincorp) has undergone a metamorphosis of sorts after significant capital infusion by the Poonawalla group (~62% stake) in early-CY21. We believe with its strong growth runway (size 1/6th-1/10th of relevant NBFC peers) and strong liabilities advantage, PFL will trade at premium valuations. We value the stock at 4x Sep’24e P/BV to arrive at our TP of INR 400 (38% upside).
~ JM Financial
Jio with its acquisition of pan-India 700MHz spectrum is planning to create standalone (SA) 5G architecture, which has long-term advantages like superior quality ultra-low latency 5G experience, and differentiated and wider range of applications particularly for the key enterprise segment. Hence, this might give Jio an opportunity to attract some of the high-ARPU customers from its competitors in the medium to long term. However, Bharti plans to launch 5G services based on non-standalone (NSA) architecture, essentially using the same infrastructure used in 4G and adding a 5G layer on top of it. This reduces capex significantly for Bharti as it saves on the expensive 700 MHz spectrum, reduces investment on related hardware upgrades for SA architecture, enables faster 5G deployments, and also cuts opex. Hence, Bharti might not be at a disadvantage vs. Jio’s SA 5G architecture in the near to medium term as 5G penetration is low and 5G use cases are still being developed. However, in the longer run, SA architecture is a superior quality network with lot more capabilities that can be developed. Hence, Jio might have an edge in the long run as it would have already a well-functioning 5G SA infrastructure in place with superior quality 5G experience.
Despite the fear of Wall Street-correlated correction, Chris Wood, Jefferies global equity strategist, will not change his India long-only equity portfolio or adjust India’s weight in his Asia ex-Japan long-only portfolio. “Still GREED & fear is going to stick with the structural story in terms of the Indian portfolio exposures since these are long-term portfolios not tactical benchmark tracking exercises. Affordability measures for Indian homebuyers are also much better than for most countries,” Chris Wood said in his weekly Greed & Fear newsletter. Although Wood had, at the start of the year, pegged India to be an underperformer, he said domestic markets have surprised everyone.
India VIX was down 7% on Friday, giving up 19 levels and hovering just above 18.
Syrma SGS Technology shares listed on the stock exchanges today at a premium to the IPO price amid the positive market momentum. Shares of the company began trading on the NSE at Rs 260 per share, up 18.18% from the IPO price of Rs 209-220 apiece per share and on the BSE the stock debuted at Rs 262 apiece, rising 19.09 per cent. The Rs 840-crore IPO was subscribed by investors earlier this month and was fully subscribed by all categories. The company had a market capitalisation of Rs 4,617.20 crore on its market debut. This was the first company in over two months to hit the market with an IPO. Read full story
Though the approach to 17730 exposed vulnerability on anticipated lines, upside prospects remain alive as long as above 17550 on a closing basis. The day’s positive bias could be lost though if below 17640. A repeat breach of17500 could call for 17000.~ Anand James – Chief Market Strategist at Geojit Financial Services
Sensex and Nifty opened above 59,100 gaining 400 points on Friday morning. nifty 50 regained 17,600 while Bank Nifty was above 39,200. India VIX tanked 6%.
Sensex breached 59000 mark in the pre-open session while Nifty 50 was above 17550.
Sensex begins pre-open session with marginal gains, Nifty 50 trades flat with negative bias.
“Even though markets are focused on what the Fed chief Jerome Powel will say at Jackson Hole today, his comments are unlikely to trigger a market trend. Market knows, and has discounted, a hawkish Fed. More important will be the trends in the economy like the employment numbers. On this front there is optimism like the latest US unemployment claims which have come lower than expectations. This indicates a tight labor market and strong economy. In brief, the possibility of a soft landing for the US economy is increasing. This is good news for the market. Back home in India yesterday's 200 point correction from the peak in Nifty is due to expiry issues. This remains a 'buy on dips' market for the near term. Bank Nifty appears to be the strongest segment.”
~ V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
'Nifty has formed a bearish engulfing top on daily charts and seems to have formed a lower high on a short term basis. Unless the high of 17727 is breached, Nifty could witness declines/sell on rallies. A downward breach of 17345 could lead to acceleration in the fall,” said Deepak Jasani, Head of Retail Research, HDFC securities.
The price of petrol and diesel has been left unchanged on August 26, keeping costs steady for more than three months now. The last country-wide change in price came on May 21, when Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre, and Rs 6 per litre on diesel. Since then, Maharashtra is the only state to have cut rates. Maharashtra government had announced a cut in value-added tax (VAT) on petrol by Rs 5 a litre and by Rs 3 a litre for diesel earlier last month. The cut in VAT is likely to cost Maharashtra’s state exchequer Rs 6,000 crore on an annual basis.
“Breakdown levels: 17500 and 38650 | Breakout levels: 17725 and 39500
FII short positions and high retail longs in index futures is a cause of worry. India VIX if sustains above 20, is a cause of worry.”
~ Rahul Sharma, Directors & Head – Research, JM Financial.
Nifty futures were trading positive on Friday morning. SGX Nifty was up more than 90 points, suggesting a positive start to the day's trade.
Domestic stock markets witnessed a sharp rally in the August Futures & Options series and posted gains of over 10 per cent to end above 17500. If we glance at recent historical data after a sharp sell-off in May and June series markets have witnessed some pullback move in the July series which was mainly due to short covering while long formations led to sharp surge in the August series.
“Market saw long liquidations and weak rollover on the monthly F&O expiry as there is nervousness ahead of US Fed Jackson Hole meeting wherein the hawkish tone is likely to continue. Nifty seems to be stuck in a range and is consolidating near 17500-17800 zones for the last few sessions. Volatility Index too has been inching higher and needs to cool down below 18 zones for market up-move. In the absence of any domestic trigger, focus remained on global cues. Strong dollar index along with Brent crude above $100/bbl has added to overall concerns, while FII buying is providing some support on the downside to the market,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Markets globally are keeping a close watch on US Federal Reserve Chairman Jerome Powell’s remarks during the upcoming Jackson Hole Economic Policy Symposium 2022. The Federal Reserve Bank of Kansas City will convene the annual event in Wyoming during 25-27 August. The event, which marks the Symposium’s 45th year, will focus on the theme “Reassessing Constraints on the Economy and Policy”.