Share Market News Today | Sensex, Nifty, Share Prices Highlights: Bulls were in full control on Dalal Street on the monthly Futures & Options expiry 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. Bank Nifty soared 1.62% and Indi VIX was down 6.18% to settle at 17 levels. Bajaj Finance and Bajaj Finserv were the top gainers on Sensex both up more than 10% each, followed by Tata Steel and Kotak Mahindra Bank. Bharti Airtel was the top laggard, accompanied by Ultratech Cement, and Dr Reddy’s.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates
Bulls came back out on Dalal Street on the monthly futures & options expiry session and in a show of dominance, pushed the headline indices higher. 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. Bajaj Finance and Bajaj Finserv were the top gainers on Sensex both up more than 10% each, followed by Tata Steel and Kotak Mahindra Bank. Bharti Airtel was the top laggard, accompanied by Ultratech Cement, and Dr Reddy's. Bank Nifty soared 1.62% and Indi VIX was down 6.18% to settle at 17 levels.
Housing Development Finance Corporation (HDFC), the biggest mortgage lender in the country, will announce its April-June quarter results tomorrow. Analysts on Dalal Street expect HDFC to post healthy growth in net profit and overall business led by improving traction in real estate sales. While eyes will be on any update from the management on the merger with HDFC Bank, analysts said they would also closely watch for outlook on margins, home loan demand and asset quality in the non-individual segment. HDFC share price is down 11% so far in 2022 to now trade at Rs 2,339 per share.
Sensex skyrockets 1,041 pts on closing to end at 56,857, Nifty ends above 16,900; Bajaj twins up 10% each.
List of Bank Holidays For August 2022: Banks in India are likely to be shut for up to 19 days in August 2022, including second and fourth Saturdays, and Sundays. According to the list released by the Reserve Bank of India (RBI), banks will be closed for 13 days, apart from weekends in August this year. Banks across the country will observe a holiday on 15 August 2022, to celebrate the occasion of Independence Day. Banks will remain shut in different states or cities on account of different holidays. Read full story
Bulls raged on Dalal Street on Thursday as benchmark indices jumped more than 1.5%, tracking positive global markets after FOMC raised interest rates by 75 bps on expected lines taking its benchmark rate to a range of 2.25% to 2.5%. Sensex was up 1,051.61 points or 1.88% at 56,867.93, and the Nifty 50 surged 283.90 points or 1.71% at 16,925.70. So far in the month of July, both indices have surged nearly 5% each, their biggest gain in 11 months, led by a buying in banking, auto and consumer sectors with the hope of global central banks going slow on rate hikes. Softening of commodity prices along with slowdown of FII selling has also helped improve the investor sentiment.
“With global sentiment positive, the Nifty could attempt a rally towards the 17000-17030 zone, which is an important resistance area to keep an eye on as it marks the confluence point of the 200-day moving average and the 61.8% Fibonacci retracement of the April to June decline. Support for the index is now placed at 16800 levels,” said Abhishek Chinchalkar, Head of Education, FYERS.
Bajaj Finserv share price rallied on Thursday as investors reacted to the company’s Board approving a stock split as well as a bonus issue of equity shares. The stock was up 9.59% to hit an intraday high of Rs 14,579 per share. Along with the issue of bonus equity shares and splitting the stock, the company also announced its quarterly results for the April-June quarter. Consolidated revenue of the financial services firm soared 57% on-year basis but was down when compared to the previous quarter. Despite the sharp upmove, Bajaj Finserv's stock price is down 14.36% so far this year, underperforming the benchmark indices. Bajaj Finance shares also rallied on Thursday, soaring more than 10% to touch Rs 7,047 per share.
Maruti Suzuki share price jumped 1.3 per cent to Rs 8,770.85 apiece on BSE on Thursday, after the company reported a 130 per cent on-year surge in net profit at Rs 1,012.80 crore in the June quarter. The company posted a profit of Rs 440.80 crore in the same quarter last year. The stock had hit a 52-week low of Rs 6,540, since then the stock has risen more than 34 per cent in nearly 5 months. The revenue for the quarter jumped 51 per cent on-year to Rs 25,286.30 crore compared with Rs 16,798.70 crore in the corresponding quarter last year. At least four research and brokerage firms have recommended to buy the stock and see up to 24 per cent upside potential. Read full story
“US Fed announced a 75 Bps rate hike yesterday which was in line with the market expectations. We believe that the Indian markets have already priced in the hike and the impact is going to be minimal. However, the market expects the rates to stabilize around the ~3% levels by the year-end and any negative surprise could be perilous for the global as well as Indian economy. FED through its commentary has made markets believe that this interest rate upcycle may not last long contrary to what was estimated before. This may have positive implications for equities globally.”
~Parth Nyati, Founder, Tradingo
“The FOMC policy statement and press conference had enough for both – the pessimists and optimists. They did point out that inflation remains elevated and that finally that price stability is paramount. At the same time, there was also a clear acknowledgement and indeed an implied promise that there is one eye on growth risks. In essence, markets can expect a “central bank put” at an appropriate time. We think the relief rally may continue and remain data dependant till the next policy meet in September. However volatility will remain elevated due to our belief that the fight against inflation remains a long and arduous one. We continue to pick stocks on relative value (low vs high PE) and long-term thematics (financial inclusion and the government’s focus on manufacturing and industrials).”
~Unmesh Sharma, Head- Institutional Equities, HDFC Securities
On the National Stock Exchange, a total of 41 securities were at 52-week highs intraday, while 17 scrips touched fresh lows. Akshar Spintex, Adani Total Gas, Campus Activewear, Bhagiradha Chemicals & Industries, Hindustan Aeronautics, ITC, Kirloskar Electric Company, Madhya Bharat Agro Products, Navin Fluorine International, Paradeep Phosphates, PVR, Sree Rayalaseema Hi-Strength Hypo, International Constructions, Vinyl Chemicals were among the stocks that hit 52-week high. Cosmo First Limited, DRC Systems India, GlaxoSmithKline Pharmaceuticals, ICICI Prudential Nifty 5 Yr Benchmark G-SEC ETF, ICICI Prudential Mutual Fund – ICICI Prudential Silver ETF, Kshitij Polyline, Panacea Biotec, Spicejet, Zensar Technologies were the scrips at new lows.
Bajaj Finserv Board has approved a stock split of each existing equity share of face value of Rs 5 into Five equity shares of face value of Rs 1 fully paid- up. To add to this, the board has also approved the issue of One bonus equity shares of face value of Re 1 for every 1 fully paid-up equity share of Re 1.
Sensex was up 933 points or 1.69% to sit near 56,750 on Thursday while the NSE Nifty 50 breached 16,900, rising more than 250 points or 1.55%.
Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 were trading over 1 per cent higher on monthly F&O expiry day. Today’s jump in the market came after the US Fed chair Jerome Powell dismissed chances of a recession, and went on with a 75 bps interest rate hike. NSE Nifty 50 soared 1.2 per cent or 200 points to a day’s high of 16,856.30. Analysts at ICICI direct Research said during the past one month, equity benchmarks have staged a strong comeback, fueled by weakening of momentum in crude oil and fall in industrial commodities. Analysts have upgraded their Nifty target of 16600 to 17500 for the coming months, maintaining the strong support at 16000. Read full story
An investment portfolio of different asset classes to dodge volatile market phases could earn healthy returns without investors facing the challenge of predicting an uncertain future, said Kalpen Parekh, MD & CEO, DSP Mutual Fund and Aashish Somaiyaa, CEO, White Oak Capital Management at FinancialExpress.com’s Manage Your Money. Both Kalpen Parekh and Aashish Somaiyaa were discussing billionaire investor Ray Dalio’s famous All Weather Portfolio, which has delivered steady returns over the last few decades. Both Parekh and Somaiyaa lauded Ray Dalio for the investment strategy popularised by the founder of Bridgewater Associates, which is now the world’s largest hedge fund.
“Tata Steel has started trading EX Split starting from today. We have a neutral view on the company from a short to medium-term perspective as the normalization of profitability has commenced due to the steel prices witnessing a cool-off, the subdued global demand because of the rate hike regime by the global central banks, and the export duty imposed by the GOI which will create a supply glut in the domestic markets. However, long-term investors with moderate to high-risk appetite can accumulate the stock on dips as the demand outlook remains positive in the long term and Indian steel makers are expected to gain due to curtailment of steel production by China and their competitive advantage in terms of low iron ore and labor costs”.
~Punit Patni, Equity Research Analyst, Swastika Investmart
Tata Steel shares started trading ex split in today's deals, a day ahead of its record date for the stock split it had announced in the ratio of 1:10, which has been fixed on Friday, 29 July 2022 for the purpose of determining the eligibility of shareholders for the purpose of sub-division of its equity shares or stock split. Tata Steel share price surged over 3% to Rs 99 apiece on the BSE in opening deals.
Bajaj Finserv said its board will today consider either the sub-division of equity shares of the Company of face value of Rs 5, and/or Issue of fully-paid bonus equity shares to the members of the Company. The stock has rallied more than 8%.
Zomato stock may still be overvalued despite its sharp fall in share price, according to valuation guru Aswath Damodaran. A year after pinning Zomato’s stock price at Rs 41 per share, Ashwath Damodaran has now valued Zomato stock at just Rs 35.32 apiece. “The value per share has dropped from Rs 40.79 to Rs 35.32 per share, with much of the value change from last year coming from macroeconomic developments, manifested in a higher cost of capital,” Aswath Damodaran, Professor of Finance, Stern School of Business, NYU, wrote in a post. Zomato stock has plummeted 69% so far this year; it closed at Rs 43.95 per share on Wednesday. However, he said that if the stock falls to his base case of Rs 35 he may buy it as a part of a diversified portfolio.
Bajaj Finance share price surged 5% to Rs 6,739 on NSE after the company reported 155% on-year rise in consolidated net profit at Rs 2,533.40 crore from Apr-June quarter, beating street estimates. Bajaj Finance reported Rs 993.85 crore profit in the same quarter of the previous year. Net interest income (NII) increased by 48% on-year to Rs 6,638 crore. The company also recorded the highest ever quarterly increase in its customer franchise of 2.73 million in the quarter under review. So far this year, Bajaj Finance stock has tumbled over 7%, underperforming benchmark Nifty 50. Analysts have a mixed view on the stock despite strong growth momentum.
Sensex rallied more than 500 points or 0.92% on the opening bell to hit 56,358 while NSE Nifty 50 jumped to 16,788. Bank Nifty was up 1%.
“The July rally in the domestic market which has taken the Nifty up around 1500 points from the June lows seems to be intact for the very short-term. IT stocks after the recent correction may rebound taking cues from the Nasdaq rally and the continuing strength of the US economy. Financials will continue to be resilient,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Sensex rose past 56,100 in the pre-open session while Nifty 50 breached 16,700.
Implied Volatility of Nifty ATM options for the current series is at 18.96% in contrast to 16.76% of last week, indicating Low-to-narrow movement on either side in the expiry session. Nifty Put options OI distribution shows that 16,500 has highest OI concentration followed by 16,300 & 16,400 which may act as support for current expiry and on the Call front 16,900 followed by 16,700 & 16,800 witnessed significant OI concentration and may act as resistance for current expiry. Read full story
NSE Nifty 50 index opened flattish on Wednesday and witnessed buying interest from the first hour of the session. It took support near 16442 levels and headed towards 16650 zones then finally closed with gains of around 160 points. It formed a Bullish Engulfing candle or an Outside Bar on daily scale and negated its lower highs of the last two sessions.
BSE Sensex and NSE Nifty 50 were likely to start in green on Thursday, a day of monthly F&O expiry, as suggested by trends SGX Nifty. SGX Nifty 50 Index Futures for July were ruling at 16,761.50, up 99.50 points or 0.6 per cent on Singaporean Exchange. Analysts say that India has been in a rally during the last one and half months assuming that much is factored in the price. “The market has not factored in a recession as valuation continues to trade marginally above the long-term trend. Value buying should be the essence of investment till the risk of a recession subsides,” Vinod Nair, Head of Research at Geojit Financial Services, said. Read full story
After showing weakness with range-bound action in the last couple of sessions, the NSE Nifty 50 shifted into a sharp upside bounce on Wednesday and closed the day higher by 157 points. After opening on a negative note, the market slipped into further weakness soon after the initial hours of trade. It later shifted into a sustainable upside recovery from the day's low of 16438 levels. The upside momentum continued for rest of the session and Nifty finally closed near the highs.
Indian equity markets are likely to open higher on Thursday, monthly F&O expiry, amid strong global cues, hinted early SGX Nifty trends. Nifty futures were trading 99 points, or 0.59% higher at 16,782.50 on the Singapore Exchange, signaling that Dalal Street was headed for a positive start. “Markets will react to the outcome of the US Fed meet in early trades. Besides, the scheduled expiry of the July month derivatives contract and earnings announcements would keep the participants busy,” said Ajit Mishra, VP – Research, Religare Broking. Globally, Tokyo stocks opened higher, extending rallies on Wall Street after the US Federal Reserve announced another 75 bps interest rate hike.
India’s mom-and-pop investors are facing testing times. During a pandemic-era surge in the stock market, millions poured their savings into equities, drawing on advice from unauthorized financial advisers and social media “gurus” to help identify the next big ticket. But a recent slide in stock values has laid bare the dangers of India’s lax capital market regulations. Many amateur retail investors, especially the young, sought to make a quick buck by consulting informal groups on platforms like WhatsApp and Telegram. Recourse for investments gone awry is limited: In India, fines for everything from insider trading to wire fraud are a fraction of those imposed in some western nations.
“Nifty is expected to test its previous high of 16752 and momentum can take us to 16800 in today’s expiry. Bank Nifty can witness further short covering above 37000,” said Rahul Sharma, Director & Head – Research, JM Financial.
SGX Nifty was in the green on Thursday morning. Nifty futures soared nearly 100 points ahead of the opening bell, suggesting a positive start for Dalal Street.
Federal Reserve officials raised interest rates by 75 basis points for the second straight month and Chair Jerome Powell said a similar move was possible again, rejecting speculation that the US economy is in recession. Policy makers, facing the hottest cost pressures in 40 years, lifted the target for the federal funds rate on Wednesday to a range of 2.25% to 2.5%. That takes the cumulative June-July increase to 150 basis points — the steepest since the price-fighting era of Paul Volcker in the early 1980s.
Stocks extended a rally Thursday, bonds rose and the dollar held losses as the prospect of a slower pace of Federal Reserve monetary tightening filtered across global markets. Shares climbed in Japan, Australia and South Korea, though the gains were more modest than in the US, where the S&P 500 rose 2.6% and the tech-heavy Nasdaq 100 had its best day since 2020. US equity futures dipped. The Fed raised rates by 75 basis points for a second month, said such a move is possible again and reiterated its commitment to fighting inflation. But Chair Jerome Powell added the pace of hikes will slow at some point and the Fed will set policy meeting-by-meeting, avoiding explicit guidance on hike increments.