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    Stock Market Highlights: Sensex surges nearly 1,600 pts in 2 days and Nifty reclaims 16,900 — rupee gains to 79.75 vs dollar

    Stock Market Highlights: Sensex surges nearly 1,600 pts in 2 days and Nifty reclaims 16,900 — rupee gains to 79.75 vs dollar

    Stock Market Highlights: Sensex surges nearly 1,600 pts in 2 days and Nifty reclaims 16,900 — rupee gains to 79.75 vs dollar
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    Summary

    Stock Market Highlights: Indian equity benchmarks BSE Sensex and NSE Nifty50 surged on Thursday, extending gains to a second straight session, as a widely expected hike in US rates and Fed Chairman Jerome Powell's remark that the US central bank may have to slow down on increases at some point boosted the sentiment globally. Buying across sectors aided the surge in the market, with financial, IT and oil & gas shares being the biggest boosts for headline indices. Broader markets mirrored the overall strength on Dalal Street. The Nifty Midcap 100 and Nifty Smallcap 100 indices jumped almost one percent each.

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    Expect rupee to move in 79-40-80 range in near term: Anindya Banerjee

    Anindya Banerjee, VP-Currency Derivatives and Interest Rate Derivatives at Kotak Securities, says the Fed's hint at a slower pace of rate hikes leading to profit taking in the US dollar and a risk-on mood in equities helped the rupee.

    He expects the rupee to move within a range of 79.40-80 in the spot market in the near term.

    Rupee ends higher at 79.75 vs dollar

    On Wednesday, it had settled at 79.90 against the greenback.

    Stock Market Highlights: Sensex surges nearly 1,600 pts in 2 days and Nifty reclaims 16,900 — rupee gains to 79.75 vs dollar

    Fed rate hike along expected lines, largely factored in by market: Siddhartha Khemka

    Siddhartha Khemka, Head-Retail Research at Motilal Oswal Financial Services, says the tone of the Fed Chairman was less hawkish this time compared to the previous statement.

    "That allayed some fears and lifted the sentiments. Going ahead, the rate hikes would be more data-driven and would be determined by inflation. The Fed Chairman ruled out the possibility of a US recession. We expect it to have a positive rub-off on the RBI. The MPC might slow down its aggression and hike rates by 25 bps in its next meeting,” he says. 

    Good set of numbers from Bajaj twins: Sudip Bandopadhyay

    Sudip Bandopadhyay, Group Chairman of Inditrade Capital, tells CNBC-TV18 that valuation is the only thing that worries him when it comes to Bajaj Finance and Bajaj Finserv, both of which posted a good set of numbers.

    "Even after correction, it has gone up and at the current level, keep watching the stock. Whenever there is a correction in the market because of multiple reasons and there is a bit of a downtrend in the stock, it will be a great opportunity for the long-term investor to buy," he adds. 

    Market At Close | Sensex and Nifty50 scale 3-month closing highs

    Here are some highlights: 

    --Bajaj Finance and Bajaj Finserv surge over 10 perent each following quarterly results

    --Most heavyweights see gains — Infosys, Reliance, Kotak Mahindra Bank top Nifty contributors

    --Shree Cement earnings miss estimates —  stock six percent off day's high

    --Nestle rises three percent following in-line earnings

    --Jubilant FoodWorks falls six percent from day's high despite better-than-expected results

    --Dr Lal four percent off day's low as non-COVID revenue rises sequentially

    --Biocon top midcap loser after weak earnings

    --Dixon Tech falls three percent as company cuts TV volume and total revenue guidance

    --Bharti Airtel slides and Reliance rises amid 5G auctions

    --Indiabulls Housing, Mindtree, L&T Infotech, HAL, Info Edge top midcap gainers

    --Market breadth favours the bulls — advance-decline ratio at 3:2

    Stock Market Highlights: Sensex surges nearly 1,600 pts in 2 days and Nifty reclaims 16,900 — rupee gains to 79.75 vs dollar
    Stock Market Highlights: Sensex surges nearly 1,600 pts in 2 days and Nifty reclaims 16,900 — rupee gains to 79.75 vs dollar

    This expert valued Zomato at current market price before listing but...

    When Zomato stock listed at Rs 74, valuation guru Aswath Damodaran had termed it "too expensive". Shares of Zomato later soared to touch a high of Rs 169 in 2021 — over four times the value Damodaran had assigned. The food delivery app's stock on Wednesday touched a new 52-week low of Rs 40.55. (Read more)

    SBI Cards at day's high after earnings announcement

    Indian Oil Corporation shares up 0.4% 

    Expect NIM to remain stable around 7.5% going ahead: Nirmal Jain

    Nirmal Jain, Founder, IIFL Group & Managing Director of IIFL Finance said, "I think margins will remain in the similar band. And given our product range and our profile of retail customers, we should be in a position to pass on the interest rate hikes, which are expected in the next three quarters." Jain added that IIFL if you doesn't face much difficulty in passing on the interest rate increases as and when it happens. "But given the product mix, I think net interest margins (NIMs) will remain stable around in the range of 7.5 percent give and take few basis points."

    The shares of IIFL Finance trading 2.4% up at Rs 353.9.

    Shree Cement falls nearly 4% after reporting Q1 earnings

    Stock Market Highlights: Sensex surges nearly 1,600 pts in 2 days and Nifty reclaims 16,900 — rupee gains to 79.75 vs dollar

    EBITDA margin for FY23 seen at 4-4.5%: Atul Lall

    Atul Lall, MD, Dixon Technologies said that the EBITDA margin for the year is seen at 4-4.5 percent. "We maintain the same target," he added. But, here's why the worst might not be over for Dixon Technologies.  

    Stock Market Highlights: Sensex surges nearly 1,600 pts in 2 days and Nifty reclaims 16,900 — rupee gains to 79.75 vs dollar

    Percentage of ownership by FIIs in India is at a decadal low: Vikash Kumar Jain

    Vikash Kumar Jain, Investment Analyst, CLSA said that ownership of FII as of Indian markets, in terms of percentage ownership, that has come down to nearly a decadal low. "FIIs percentage ownership of Indian market is the lowest in the last 10 years."

    Jubilant FoodWorks shares up 5% after earnings announcement

    Stock Market Highlights: Sensex surges nearly 1,600 pts in 2 days and Nifty reclaims 16,900 — rupee gains to 79.75 vs dollar

    HDFC shares trading 1% higher

    Bajaj Finserv at day's high

    Bajaj Auto shares gain as CLSA says 'buy' on steady results and improving volume outlook
    The stock was trading 0.1 percent up at Rs 3,882 at the time of writing. The shares of Bajaj Auto rose as much as 1.4 percent in the previous session. The automotive major had reported April-June quarter earnings on July 26. (Read more)

    Stock Market Highlights: Sensex surges nearly 1,600 pts in 2 days and Nifty reclaims 16,900 — rupee gains to 79.75 vs dollar

    Nestle shares up nearly 2% after earnings announcement

    Stock Market Highlights: Sensex surges nearly 1,600 pts in 2 days and Nifty reclaims 16,900 — rupee gains to 79.75 vs dollar

    Havells India shares fall after fire incident
    Shares of the electrical equipment company are down 0.4 percent at Rs 1,215 on the BSE. Investors fear the fire may lead to losses in crores and hit the firm that has already reported a margin hit. (Read more)

    Stock Market Highlights: Sensex surges nearly 1,600 pts in 2 days and Nifty reclaims 16,900 — rupee gains to 79.75 vs dollar

    Dixon Tech at day's low

    Buy HAL, Bajaj Finance, SBI: Chandan Taparia

    Here are some recommendations by Chandan Taparia, Derivative & Technical Analyst, Motilal Oswal Financial Services:

    -- Buy Hindustan Aeronautics Ltd (HAL) for a target of Rs 2,030 with a stop loss at Rs 1,890 

    -- Buy Bajaj Finance for a target of Rs 6,700 with a stop loss at Rs 6,250 

    -- Buy State Bank of India (SBI) for a target of Rs 545-550 with a stop loss at Rs 515 

    Financial and IT shares top boosts for headline indices

    Stock Market Highlights: Sensex surges nearly 1,600 pts in 2 days and Nifty reclaims 16,900 — rupee gains to 79.75 vs dollar

    Market At Open | Sensex gains over 450 pts and Nifty50 at 16,775

    Stock Market Highlights: Sensex surges nearly 1,600 pts in 2 days and Nifty reclaims 16,900 — rupee gains to 79.75 vs dollar

    Nestle, Vedanta, TVS Motor, PNB and SBI Cards results today

    Stock Market Highlights: Sensex surges nearly 1,600 pts in 2 days and Nifty reclaims 16,900 — rupee gains to 79.75 vs dollar

    Stocks To Watch | Maruti Suzuki, Tata Motors, Havells and IndusInd in the spotlight

    Global Cues | Brent crude crosses $107 a barrel

    Fed has made markets believe interest rate upcycle may not last long: Religare Broking's Siddarth Bhamre

    Siddarth Bhamre, Head of Research at Religare Broking, believes the Fed has convinced markets that the current interest rate cycle may not last long, in contrast to what was expected earlier. This may have positive implications on equities globally, he says. 

    "Fed Chairman Jerome Powell emphasised the significance of price stability for sustainable economic growth. He indicated that the Fed is targeting soft landing of the economy in order to bring inflation under control. A strong labour market with an unemployment rate near a 50-year low gave the Fed confidence in hiking interest rates. He also stressed that the US is not in a recession and mentioned there have been many instances when growth was negative for a few quarters but a strong job market ensured that the economy sailed through such a patch... Strong labor market would ensure underlying demand remains. The Fed is trying to control inflation by slowing down the economy without damaging the labour market significantly," he adds.

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