Share Market News Today | Sensex, Nifty, Share Prices Highlights: Bulls dominated Dalal Street once again as benchmark indices closed with gains on Friday. Sensex skyrocketed 712 points or 1.25% to settle at 57,570 while the NSE Nifty 50 ended at 17,158, jumping 1.35%. Tata Steel was the top Sensex gainer, soaring 7.4%, followed by Sun Pharma and HDFC. Dr Reddy’s dropped 3.9% to end as the worst performing Sensex stock, accompanied by Kotak Mahindra Bank, State Bank of India. and Axis Bank.
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Bulls dominated Dalal Street once again as benchmark indices closed with gains on Friday. Sensex skyrocketed 712 points or 1.25% to settle at 57,570 while the NSE Nifty 50 ended at 17,158, jumping 1.35%. Headline indices have soared higher for three consecutive days now. Tata Steel was the top Sensex gainer, soaring 7.4%, followed by Sun Pharma and HDFC. Dr Reddy's dropped 3.9% to end as the worst performing Sensex stock, accompanied by Kotak Mahindra Bank, State Bank of India, and Axis Bank. India VIX closed with losses, giving up 17 levels while Bank Nifty was up 0.30%.
Sensex skyrocketed 712 points or 1.25% to settle at 57,570 while the NSE Nifty 50 ended at 17,158, jumping 1.35%. Tata Steel soared 7.4% to end as the top Sensex gainer.
Bulls were in control on Dalal Street as minutes before the closing bell Sensex rallied more than 700 points to breach 57,600. Nifty 50 was inching closer to 17,200.
Housing Development Finance Corporation (HDFC) shares were trading 0.90% higher on Friday after the company announced ita quarter results. Ealrier in the day the stock was up more than 1%.
Housing Development Finance Corporation (HDFC) reported a standalone net profit of Rs 3,669 crore in the April-June quarter, rising 22% on-year basis, missing analyst expectations.
Dr Reddy's was the worst performing Sensex stock on Friday, down 3.8%, followed by SBI, Kotak Mahindra Bank, HUL, ITC, and Axis Bank.
“Nifty opened gap up and has taken support at lower levels near 17000 and moving higher. On the daily scale the index is making higher highs which indicates that the trend is intact to positive. India VIX has cooled off and is at 17 levels which is providing comfort to the market to scale higher. Now as long as the index is above 16988 we can expect higher levels of 17250 and 17350 whereas on the lower side we can expect support at 16888 and 16750. Market breadth is positive which is indicating that there is buying interest at lower levels,” said Chandan Taparia, Vice President, Equity Derivatives and Technical, Broking & Distribution, Motilal Oswal Financial Services.
BSE Sensex and NSE Nifty 50 were ruling nearly one per cent higher on Friday, on the back of gains in index heavyweights such as Infosys, Reliance Industries (RIL), Housing Development Finance Corporation (HDFC), Tata Steel, and HDFC Bank, among others. On S&P BSE Sensex, 21 stocks were ruling in the green while 9 were in the red. No stock hit fresh 52-week high or 52-week low on S&P BSE Sensex so far in the day. Read full story
After having slumped into negative territory, Bank Nifty was again trading with gains on Friday. The index was up 0.32%.
McDonald’s master franchise for western and southern India, Westlife Development plans to add 35-40 restaurants by the end of this financial year, and 200 new stores over the next 3-4 years. The company will invest around Rs 800- Rs 1000 crore for the planned expansion, Amit Jatia, Vice-Chairman of Westlife Development Limited, told FinancialExpress.com. “In terms of kinds of outlets, we have our real estate portfolios which means that we are not over-leveraged on one particular kind of outlet. So we have a very strong portfolio of drive thrus, high streets, malls and food courts. Because the portfolio is very balanced, our risk was very well managed during the Covid,” he said.
Technology giant Apple, which recorded 83 billion dollars in revenue for the third quarter ended June 2022, has reported a “near doubling” of revenue in India. Announcing financial results for its fiscal 2022 third quarter ended June 25, Apple on Thursday said it has achieved a revenue record of USD 83 billion, up 2 per cent year-over-year.
Nifty futures have rolled around 76% vs 75% compared to the last month. The Open Interest for the new contract is lower by around 23lkh w.r.t to the last month contract. Nifty futures in the last three day of expiry has seen good long rollovers at a weighted average price of around 16600.
~ Manojh Vayalar, VP- Equity Derivatives, Religare Broking Limited.
Bank Nifty was trading with losses on Friday morning as headline indices trimmed gains. Bank Nifty was down 0.38%, holding above 37,200.
Domestic stock markets have seen a sharp up-move in recent days after the US Federal Reserve hiked interest rates in expected lines and corporate earnings on Dalal Street. Analysts at ICICI Direct said that over the past one month, they have observed that rallies are now getting bigger along with shallow correction, indicating structural improvement that makes analysts confident to upgrade their Nifty target from 16600 to 17500 in the month of August. Meanwhile, 16500 is seen as a support for the Index. The brokerage firm has also filtered out some stocks that they believe are growing stronger on the charts. These include Container Corporation of India, Cipla, and Deepak Nitrite, among others.
Dr Reddy’s share price fell over 4 per cent to hit an intraday low of Rs 4,055 on NSE despite that company reporting a 108 per cent on-year growth in its consolidated net profit at Rs 1,188 crore for the first quarter of FY23 as against a profit of Rs 571 crore registered in the year-ago period. Consolidated revenues for the pharmaceutical major rose 6 per cent on-year to Rs 5,215 crore as compared to a revenue of Rs 4,919 crore registered in the year-ago quarter. So far this year, Dr Reddy’s share price has tumbled more than 15 per cent, underperforming benchmark indices. However, analysts remain bullish and see some potential rally in the stock going forward.
“The 17500 objective discussed yesterday, appears to be in quick progression. Bullish exhaustion may set in on the first test of 17245, but a trend reversal is unlikely as long as the 16800/750 region holds. That being the broad levels, opening burst is likely to have continuity as long as 17080-16960 region holds downsides,” said Anand James – Chief Market Strategist at Geojit Financial Services
“On the technical front, 16800 and 17200 are immediate support and resistance in Nifty 50. For Bank Nifty 37000 and 38000 are immediate support and resistance respectively,” said Mohit Nigam, Head – PMS, Hem Securities.
Sensex rallied 500 points on opening bell, regaining 57,300 while NSE Nifty 50 closed in on 17,100; Tata Steel was the top gainer on Sensex.
Sensex rises in pre-open session, nears 57,000 mark while Nifty 50 crossed 17,000.
“In India the big positive for the market is the FIIs reducing their selling substantially and even turning buyers for 8 days this month. The expected outperformance of financials has played out well. Q1 results indicate improving prospects for this segment. The short covering bounce in IT may continue in the near-term. If the ongoing market rally continues for some more time there is the danger of the market moving into overbought territory with the risk of vulnerability to correction,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
“Nifty has formed a third back-to-back up-gap since July 15. None of the earlier two up-gaps have been filled so far suggesting the strength of the upward thrust. The large move up suggests that FPIs have now again started to come back into India in a big way as the uncertainty over rate hikes is behind us for the time being. 17092-17132 band is the next resistance for the Nifty while 16752 remains support for the near term,” said Deepak Jasani, Head of Retail Research, HDFC securities.
“Fortunately, India is more domestically focused than externally impacted. Demand drivers are mixed. Pockets of discretionary demand are doing very well (mobility, personal consumption), whereas some pockets like electronics seem to have stalled. In this environment we may well have some sideways movement for the next few quarters while the markets find a base level. Our expectation is that at the current level, risks are evenly balanced. Over the next three years, equity markets have more upside than downside. Once again, more money has been lost in timing the markets than in actual market falls. So, we advise clients to follow their asset allocation framework during these tumultuous times. Stay invested – it is never as bad as it looks.”
~Vineet Bagri, Managing Partner- TrustPlutus Wealth India
“US Stocks rallied post the rate hike decision taken by the US central bank. There was an apparent disconnect between what the central banker said and how markets responded. The rate hike was on expected lines and the talk in some corners of a 1% hike, which did not materialize, led to this relief rally. The US economy is on the brink of a recession as inflation slows consumer purchases and business activity. Although we have witnessed a strong rally today in our markets too, one needs to be watchful of the second quarter GDP reading released in the US. We also need to see the FPI flows over the next few weeks given the 75bps rate hike announced by the US Fed. In a major relief, July has seen minimal FPI outflows, the trajectory of which could change over the next few weeks.”
~Vineet Bagri, Managing Partner- TrustPlutus Wealth India
The Indian Rupee is likely to appreciate on Friday on the back of weak dollar, declining crude prices, positive domestic and equity markets. USDINR is in the correction zone and could head towards 79.30 while on the higher side, crossing 79.95 becomes challenging, according to analysts. Today, focus will be on the preliminary inflation number from the Euro zone and the core PCE index number from the US. In the previous session, rupee appreciated 26 paise to close at 79.65 (provisional) against the US dollar, tracking a firm trend in the domestic equities. The dollar index, which measures the greenback’s strength against a basket of six currencies, was up 0.12 per cent at 106.58.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The prices of petrol and diesel on July 29, were left untouched by OMCs yet again. Prices have held steady for 68 days now across the country, except in Maharashtra. The most recent change in prices came for Maharashtra when the new state government announced a cut in value-added tax (VAT) on petrol by Rs 5 a litre and by Rs 3 a litre for diesel earlier this month — a move that will cost the state exchequer Rs 6,000 crore on an annual basis. For the rest of the country, prices have been steady since 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.
The US economy contracted for a second consecutive quarter, signaling a technical recession. Fed funds futures pull back rate hike expectations. DXY and 10Y UST yields shed some ground while stocks and oil advanced. For USDINR, as per charts 79.35/40 zone acts as a support while 79.80 is a resistance.
~Kunal Sodhani, AVP, Global Trading Center, Shinhan Bank
Bulls are likely to dominate Dalal Street on Friday as SGX Nifty skyrocketed nearly 200 points during the early hours of trade signalling that Indian benchmark indices are headed for a positive start on the week’s last trading day. In the previous session, S&P BSE Sensex zoomed 1,041 points or 1.87% to settle at 56,857 while the NSE Nifty 50 soared 287 points or 1.73% to end at 16,929. “Earnings announcements would continue to trigger stock-specific volatility. As Nifty has surpassed the critical hurdle at 16,800, we’re now eyeing 17,400. Participants should continue with a positive bias and use any intermediate pause/dip to add quality names,” said Ajit Mishra, VP – Research, Religare Broking.
Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 may trade tepid on Friday, as suggested by trends SGX Nifty. SGX Nifty 50 Index Futures for July were trading flat with negative bias at 16,929.50 on Singaporean Exchange. In the previous session, S&P BSE Sensex rallied 1,041 points or 1.87% to settle at 56,857 while the NSE Nifty 50 zoomed 287 points or 1.73% to end at 16,929. Analysts say positive cues from global markets following the Fed policy outcome, as well as domestic large caps’ upbeat earnings, drove the market rally. Read full story
Post three back-to-back negative expiries from April to June, the July series started amidst a pullback move around 15700. The market sentiment was negative as the stronger hands had short positions and the pullback from the lows did not witness broad market participation. However, the index recovered gradually and as the series progressed, the indices witnessed short covering and fresh buying interest as well which lifted the market higher and the Nifty ended the July series above 16900 with gains of over 7 per cent.
The short-term trend of Nifty has turned sharply on the upside. As per the theories of upside breakout of crucial resistance, unfilled opening gaps and the positive chart pattern like higher tops and bottoms are all indicating more upside ahead for the market. Next upside target to be watched around 17500 levels. Immediate support is placed at 16800-16750 levels.
~ Nagaraj Shetti, Technical Research Analyst, HDFC Securities
SGX Nifty was up 200 points on Friday morning, suggesting bulls may continue to pull Dalal Street higher.
The drumbeat of recession grew louder after the US economy shrank for a second straight quarter, as decades-high inflation undercut consumer spending and Federal Reserve interest-rate hikes stymied businesses and housing. Gross domestic product fell at a 0.9% annualized rate after a 1.6% decline in the first three months of the year, the Commerce Department’s preliminary estimate showed Thursday. Personal consumption, the biggest part of the economy, rose at a 1% pace, a deceleration from the prior period.
US stocks rallied for a second day on Thursday as data showing a contraction in the U.S. economy for the second straight quarter raised investor speculation the Federal Reserve may not need to be as aggressive with interest rate hikes as some had thought. Most S&P 500 sectors gained, with utilities up the most, while the yield on benchmark 10-year Treasury notes retreated. The decline in yields may suggest “that markets think the Fed will have to pivot and move rates lower at some point, maybe in the next 12-month period,” said Mona Mahajan, senior investment strategist at Edward Jones. “It does imply the pace of tightening will become more gradual going forward.”