Share Market News Today | Sensex, Nifty, Share Prices Highlights: Dalal Street benchmark indices witnessed a volatile trading session that saw bulls and bears engage in a tug-of-war for most of the day. S&P BSE Sensex added 214 points or 0.37% to settle at 58,350 while the NSE Nifty 50 index gained 42 points to end at 17,388. Bank Nifty ended in the red While Nifty zoomed more than 1%. India VIX gave up gains in the dying minutes of trade to end 0.43% lower but continues to sit above 18 levels. Tech Mahindra was the top gainer, up 2.28%, followed by Infosys and TCS. Maruti Suzuki India was the top laggard, accompanied by Sun pharma — both down more than 2%.
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Dalal Street headline indices witnessed a volatile trading session where bulls and bears engaged in a tug-of-war for most of the day only to see bulls emerge victorious at the closing bell. S&P BSE Sensex added 214 points or 0.37% to settle at 58,350 while the NSE Nifty 50 index gained 42 points to end at 17,388. Bank Nifty ended in the red While Nifty zoomed more than 1%. India VIX gave up gains in the dying minutes of trade to end 0.43% lower but continues to sit above 18 levels. Tech Mahindra was the top gainer, up 2.28%, followed by Infosys and TCS. Maruti Suzuki India was the top laggard, accompanied by Sun pharma — both down more than 2%.
BSE Sensex extended its rally as the index closed 214 points higher at 58,350 while NSE Nifty 50 ended at 17,388. Bank Nifty ended in the red.
In the dying minutes of trade, NSE Nifty 50 index has touched 17400 levels on Wedneday. Sensex and Nifty recovered all losses and were sitting in the green ahead of the closing bell.
New-age discount brokerage firms are not likely to face any description even as traditional firms adapt their business model and attempt to gain market share with their deep pockets, said Tejas Khoday, Co-founder and CEO, FYERS in an interview with Kshitij Bhargava of FinancialExpress.com. Tejas Koday believes investors are now looking at services rather than the price that a brokerage offers. The CEO of Bengaluru-based FYRES shed light on the recent trends in Demat account opening and shares his views on where stock markets are headed. Here are the edited excerpts.
Indian IT companies management has pronounced a healthy demand environment in the near term and good deal pipeline. Interestingly, Mid-tier companies continue to outperform Tier 1 IT on revenue growth by a large margin in Q1FY23. We believe margins have bottomed out for the sector and will improve hereon. The sector has been hit by a perfect storm of supply shortage and high attrition, fresher hiring cost which shows up in lower utilization, higher subcontractor costs and increase in discretionary costs such as travel. Given macro conditions, we scout for companies that offers attractive risk-reward with balancing of growth potential, vulnerability to slowdown and valuations. Out top pick is Infosys and in Mid-cap one can look at Mphasis and Coforge. Sumit Pokharna, Research Analyst , Vice President Kotak Securities
Paytm (One 97 Communications) is expected to report that its revenue doubled year-on-year in the April-June quarter, when the fintech behemoth reports its fiscal first quarter results later this week. Paytm is among the unicorns that recently entered Dalal Street, and are yet to turn profitable. However, with the earnings expected to remain strong, analysts believe Paytm remains on its path to profitability and could achieve EBITDA profitability by end of FY24. Paytm stock price has been a major talk point on Dalal Street since its listing. Paytm shares are down 60% from the IPO price to now trade at Rs 756 apiece.
Nifty IT was the only NSE sectoral index to be trading with gains on Wednesday. The IT index was up 1.19% as Tech Mahindra, HCL Tech, Infosys, and other IT stocks rallied.
We expect CPI inflation of 6.65% y/y in July, as declines in some food prices, coupled with the lagged effect of fuel-tax cuts, feed through. Core inflation should stay broadly steady. There is more evidence that inflation in India has peaked for now, and it is likely to slow faster than RBI’s published trajectory, coming into the target band by October, according to our latest tracking estimates. The RBI is likely to take some comfort in the fact that the over the next two to three months, sequential momentum of inflation will moderate materially, as the lagged effect of falling prices for cooking oil, cooking gas, base metals and several foods have all moderated, which may pave the way for the first undershoot of its inflation forecasts in several quarters.
~ Rahul Bajoria, MD & Chief India Economist
Sensex and Nifty were trading flat on Wednesday afternoon, trimming losses registered earlier in the day. Sensex regained 58,000 while Nifty 50 was above 17,300.
“After a strong rally over the last few sessions, the Nifty formed a Spinning Top candle yesterday. Today, the index failed to cross yesterday's high and is now approaching yesterday's low of 17215. With oscillators showing overbought conditions on the daily and intraday time frames, a minor cool-off can be expected if the Nifty sustains below 17200. Below this level, immediate support is seen at 17010, which is where the 200-DMA is currently placed. On the upside, 17400 is the immediate resistance for the Nifty,” said Abhishek Chinchalkar, Head of Education, FYERS.
Rice could emerge as the next challenge for global food supply as a shortage of rain in parts of India, by far the world’s biggest exporter, has caused planting area to shrink to the smallest in about three years. The threat to India’s rice production comes at a time when countries are grappling with soaring food costs and rampant inflation. Total rice planted area has declined 13% so far this season due to a lack of rainfall in some areas, including West Bengal and Uttar Pradesh, which account for a quarter of India’s output.
Posting 55.5 in July, the seasonally adjusted S&P Global India Services PMI® Business Activity Index pointed to a sharp rate of expansion. That said, falling from 59.2 in June — the highest figure in over 11 years — the latest reading indicated the slowest rate of growth in four months. Companies that signalled higher business activity mentioned ongoing improvements in sales, the offering of new services and workers taking on overtime. The rise was reportedly curbed by price pressures and US dollar strength.
~ S&P Global
“Nifty halted after 4 days of sharp rise and formed a small positive candle on the daily chart with upper and lower shadows, indicating of minor correction or consolidation is in the making. On the oscillator front there is still no signs of exhaustion, or any reversal signal are being unfolded. On the contrary Weekly RSI clocked breakout from 6 months falling trend line indicating long term positive bias. The psychological level of 17000 which further coincides with the 200dma would be the immediate short term trend deciding level for the market. On the upside the elevated target level for Nifty is around 17500 (being 80% retracement of two-month decline (18100-15183). Hence, though index is likely to open on a subdued note today, intraday support around the levels of 17150 is likely to provide cushion for the Index,” said Tirthankar Das, Head of Technical Research, Ashika Group.
Zomato stock price was down 2.8% on Wednesday after having initially dropped 10%.
“FIIs turning buyers, short covering by the bears and active retail participation have led to 14 % recovery in Nifty from the June lows. This has pushed the market to overbought territory but continuation of FII buying may impart resilience to the market. However, investors should exercise caution since global growth slowdown is serious and this has the potential to impact exports from emerging markets like India. This is already visible in the July trade data. Additionally, the new tensions arising from Nancy Pelosis's visit to Taiwan and China's sharp reaction to that has emerged as an irritant. So, investors have to be cautious. After the deserved run up in financials, segments like automobiles, particularly the PV and CV space, capital goods and segments in FMCG are now attracting informed buying due to their improving prospects,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Rakesh Jhunjhunwala-owned Federal Bank stock could be gearing up for a 13% rally in just three months, analysts at ICICI Direct said in a report. The brokerage firm has picked the banking sector stock as their quant pick, backed by derivative and quantitative data. Federal Bank's share price is up 26% so far this year to now trade at Rs 110 per share, outperforming the benchmark indices. Analysts expect the stock to surge to a target of Rs 124 per share. The stock is part of Big Bull Rakesh Jhunjhunwala’s portfolio, owning 7.57 crore equity shares of Federal Bank along with his wife Rekha Jhunjhunwala.
Sensex dropped below 58,000 mark on Wednesday while NSE Nifty 50 index was below 17,300.
Sensex opened flat and dropped into negative territory but minutes into the day's trade, Sensex was seen trading above 58,200 adding 100 points while NSE Nifty 50 index was above 17,300. Bank Nifty was hovering around 38,000.
Sensex began the pre-open session with gains while NSE Nifty 50 index was trading with marginal losses.
The higher bottom formation on intraday charts indicating continuation of uptrend in the near future. We are of the view that, as long as the indices are trading above 17200/57700 the uptrend texture is likely to continue. Above the same, the index could move up to 17400-17450/58300-58500. On the other side, below 17200/57700, traders may prefer to exit out from the trading long positions. Below 17200/57700, the index would slip till 17150-17100/57500-57300. Read full story
Stocks stabilized in Asia on Wednesday, helped by a rebound in Hong Kong, as some of the investor anxiety over fraught US-China ties eased. Nifty swung between gains and losses on August 02, but closed with marginal gains, extending the winning streak for the fifth day. At close Nifty was up 0.03% or 5.4 points at 17345.5. Nifty seemed to have halted after 4 days of sharp rise. It may now consolidate/correct minorly before embarking on the next move. 17173-17390 could be the band for the Nifty in the near term.
~ Deepak Jasani, Head of Retail Research, HDFC securities
“Keep an eye on Indi VIX for navigating the next couple of sessions. Support at 17200 and 16950. Resistance at 17390 and 17445,” said Rahul Sharma, Director & Head – Research, JM Financial.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The prices of petrol and diesel on August 3, were left untouched by OMCs once again. Prices have held steady for 70 days now across the country, except in Maharashtra. Pieces were cut in Maharashtra when the 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 last 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.
Zomato: Uber Technologies is likely to exit food delivery aggregator Zomato through a block deal on Wednesday.
Reliance Industries: Reliance Jio will have a competitive edge over Bharti Airtel on 5G network coverage. Read full story
“Nifty is trading around the crucial hurdle of 61.8% retracement of the entire corrective phase of last few months. Usually, when such divergences in overbought zone coincide around crucial resistance, it should lead to either a time-wise or a price-wise correction in the index in the short term. Hence, traders should look to book profits on long positions and look for some correction in the next few days. The immediate support for Nifty is placed around 17200 below which the index could test 17000 level. On the flipside, 17350-17400 is the immediate resistance zone,” said Ruchit Jain, Lead Research, 5paisa.com.
SGX Nifty was trading in the green on Wednesday morning. Nifty futures were up 49 points during the early hours of trade.
Auto fuel exporters like Reliance Industries will gain as the government limited the windfall tax on such shipments to just a Rs 5/litre levy on diesel in its second review of these taxes introduced on July 1, taking into consideration the fall in their refining spreads. However, it raised the new additional excise duty (cess) on petroleum crude marginally from Rs 17,000 to Rs 17,750 per tonne, as the trade parity prices followed by domestic oil producers like ONGC and OIL rose marginally since mid-July, in line with the global crude prices.