Stock Market Highlights: Indian equity benchmarks Sensex and Nifty ended higher Thursday led by broad-based gains. Broader markets outperformed the frontliners as the midcap and smallcap indices jumped 1 percent each. Among sectors, a strong rally was seen in IT, FMCG, pharma, realty and metal indices, while Nifty PSU Bank and Nifty Auto indices ended in the red.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
The short term trend of Nifty is in a strong mode and the broad market indices were also in the driver's seat. One may expect further upside in the next 1-2 sessions, before showing another round of consolidation or minor profit booking from the new highs. The next upside levels to be watched around 17,500 and immediate support is placed at 17,150.
Ruchit Jain, Senior Analyst - Technical and Derivatives, Angel Broking
As of now, there’s no sign of weakness and hence, we may see the index moving towards its next resistances of 17,270 and 17,330. The near term support zone is now placed around 17,100-17,050 for Nifty. Traders are advised to look for sectors/stocks which are in momentum on a given day and trade with the trend in such counters. Also, at higher levels, one should look to book timely profits on their trading positions.
Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty reversed the losses of the previous day and nullified the bearish signal. Advance decline ratio has improved to much above 1:1. FPIs seem to be in a mood to keep buying Indian stocks. The Nifty keeps breaching resistances one after the other in fresh territory. Nifty could now stay in the 17,340-17,154 band for the next 1-2 sessions.
Rupee At Close | The Indian rupee settled with a marginal gain of 2 paise at 73.06 against the US dollar despite a sustained rally in domestic equities. The local unit opened at 73.04 against the previous close of 73.08 and witnessed an intra-day high of 72.96 and a low of 73.13.
Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities
Markets were back in action after yesterday's small correction and benchmark Nifty found support near the 17,050 level. After a muted opening the index successfully cleared the intraday resistance of 17,150 and is comfortably trading above the same which is positive. The intraday rally indicates a further uptrend from the current levels but the market has formed a double top kind of formation. For the trend following traders, 17,150 would be the key support level, and above the same, the uptrend structure could continue up to 17,300-17,350 levels. On the flip side, if the Nifty slips below 17,150, it may trigger a quick intraday correction till 17,100-17,075 levels.
Ajit Mishra, VP - Research, Religare Broking
Markets regained momentum after a minor pause in yesterday’s session and closed higher by nearly a percent. We’re seeing buying on every dip across sectors which shows that the bulls are in control. Besides the supportive global cues, the recent positives from the domestic front viz. the pace of the vaccination drive and further reopening by the states are fuelling the momentum. We’re now eyeing 17,500 in Nifty. Amid all, we reiterate our positive yet cautious stance and suggest focusing on accumulating quality stocks on dips.
Rahul Sharma, Co-Founder, Equity99
Bulls winning streak continues and Nifty floating in Blue Sky territory. On Hourly charts a clear higher top higher bottom formation has been formed for the day indicating a very strong upside move, Now going further Nifty has strong support at 17,200 levels below to which 17,150-17,075 will act as support levels, Similarly on the upper side 17,250 will act as immediate resistance followed by 17,300-17,350 levels.
Bank Nifty which showed greater strength and made high of 36,895 & settled at 36,831 at closing which is 257 higher from previous closing levels, Now Immediate Support for Bank Nifty is placed at 36,700 levels followed by 36,550 – 36,500 levels & similarly upside hurdle is placed at 36,950-37,000- 37,150 levels.
Mohit Nigam, Head - PMS, Hem Securities
the market is witnessing a continuous positive trend and if the Nifty 50 sustains above 17,200 level, we can expect an upside till 17,400 level in the short term. MACD is also indicating a positive trend in the markets. On the downside, 16,900 remains a crucial support for Nifty 50.
Norbert Rücker, Head Economics and Next Generation Research, Julius Baer
Natural gas markets surged to new multi-year highs with the European energy complex once again showing the strongest dynamics. The sharp rebound of the global economy combined with a shift towards natural gas for environmental reasons pushed markets to capacity limits, with outages in North America and Europe adding some extra spice over the past days.
We believe that we are looking at previously underestimated and unforeseen dynamics related to the new low-carbon world, which our previous views and forecasts did not fully capture. The wild swings and the broader up move will likely continue in the near term, but the bullish mood and weather uncertainties bring downside risks in the longer term.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research
The market witnessed the continuation of a positive trend, after sustaining above the level of 17,100. If the market sustains above the level of 17,200-17,250, it is expected that the market to gain momentum, leading to an upside projection till 17,400-17,450 level. The momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook.
Market At Close | Sensex & Nifty post record close led by TCS, RIL & HDFC.
Market At Close | Here are the highlights of today's trading session
-Sensex & Nifty Post Record Close Led By TCS, RIL & HDFC
-Nifty Ends 157 Pts Higher At 17,233 After Hitting Intra-day Life High Of 17,246
-Sensex Gains 514 Points To 57,853 & Nifty Bank 257 Points To 36,831
-Midcap Index Rises 287 Points To Post A Record Close At 28,917
-Market Breadth Favours Advances With Advance-Decline Ratio At 2:1
-8 Nifty Stocks Hit Fresh Life Highs In Thursday’s Trading Session
-RIL Hits `2,300/Sh Intra-day For The 1st Time Since October 2020
-HDFC Life Closes With A Gain Of Over 5% Ahead Of Fund Raising Board Meet
-Cement Stocks Gain On Rising Real Estate Demand; Shree Cement Top Nifty Gainer
-FMCG Stocks Post Healthy Gains With Nifty FMCG Closing At Record High Of 40,292
-Autos Under Pressure On Chip Shortage Concerns, M&m Top Nifty Loser
-Voda Idea Surges 17% On Rpts Of Govt Mulling Relief Measures For The Sector
-CONCOR, IndiaMART, ABFRL, Exide, Polycab, L&T Tech, Havells Top Midcap Gainers
-Escorts, Ipca, City Union Bank, Dr Lal, Torrent Pharma Top Midcap Losers
Closing Bell | Indian equity benchmarks Sensex and Nifty ended higher Thursday led by broad-based gains. The Sensex surged 514.33 points, or 0.90 percent, to close at 57,852.54, while the Nifty ended 157.90 points, 0.92 percent, higher at 17,234.15. Broader markets outperformed the frontliners as the midcap and smallcap indices jumped 1 percent each.
Among sectors, a strong rally was seen in IT, FMCG, pharma, realty and metal indices, while Nifty PSU Bank and Nifty Auto indices ended in the red. Shree Cements, HDFC Life, Cipla, TCS and Hindustan Unilever were the top Nifty50 gainers, while M&M, ONGC, Bajaj Auto, Divis Laboratories and Tata Motors were the top index losers. Read here.
Euro near 1-mth peak versus dollar, supported by inflation shock and ECB hawks
The euro held near a one-month high versus the dollar and a six-week peak to the pound, supported by hawkish comments from ECB policymakers after data showed inflation at a decade high and amid signs the Fed is not hurrying to tighten policy.
The dollar has been on the back foot over the past couple of weeks as doubts have crept in about when the Federal Reserve will start unwinding its stimulus. Fed chair Jerome Powell said last Friday the jobs recovery would determine the timing of asset purchase tapering.
Market Watch: Vaibhav Sanghavi, Co-CEO, Avendus Capital Alternate Strategies
We continue to be bullish on financials like insurance companies, AMCs. Banking is something which we generally like but we are waiting for some amount of credit growth coming in the sector and if that happens then that’s something we can latch up to. IT sector is looking robust because business momentum is strong. It has performed over the last couple of months. We are waiting for some consolidation or correction to enter in IT.
Adani Green Energy raises $750 million via 3-year Notes
Adani Green Energy has priced its maiden ListCo senior issuance of USD 750 million through a 3 year issuance under the 144A / Reg S format, at a fixed coupon of 4.375%. The funds shall be utilised towards equity funding of the capex for underlying renewable projects under construction by AGEL. Under the structure, AGEL can draw upto USD 1,700 million over the course of time subject to the covenants of the structure.
How Nifty50 has fared so far in 2021
Conducted India’s first cloud gaming session in 5G environment: Bharti Airtel
Bharti Airtel said it had conducted the country's first Cloud gaming session in a 5G environment. The gaming session was conducted in gurugram as part of its ongoing 5G trials, the company said.
Bharti Airtel shares traded 0.33 percent higher at Rs 668.40 apiece on BSE, underperforming the headline Sensex, which was up 0.87 percent. Earlier in the day, the stock had risen as much as 1.13 percent.
Nifty crosses 17,226 to new all-time high
The 50-scrip index jumped as much as 164.3 points or 0.96 percent to scale an all-time high of 17,240.55.
Reliance Industries hits Rs 2,300 mark for first time since October 2020
RIL shares crossed the Rs 2,300 mark for the first time since October last year. In late afternoon deals, the Reliance Industries stock rose as much as 1.55 percent to Rs 2,304.90 apiece on BSE. RIL was the top mover for the Nifty50 index on Thursday.
Will the twin storm of higher rates and sluggish demand weigh on gold?
Is gold a commodity, currency or investment bet? The yellow metal is the only thing that holds all these three properties. It is mined, just like any other commodity. It is an anti-fiat currency but has purchasing power during financial turmoil and geopolitical tensions, and it also holds a tangible asset quality. In the modern world, the prices are derived based upon the risk-on/risk-off sentiment more rather than actual commodity usage. (Read more on gold here)
Residential demand strong, home loan rates at record low: Axis Bank
With the work-from-home culture driving demand for slightly larger homes and interest rates on home loans hitting a record low, property prices have stabilised and it is indeed a good time for those looking to invest in the space.
“There is a lot of activity on the home loan front. We have seen loan against property picking up again; specifically on the home loan side. Our interest rates on mortgage and home loans are at a record low, and continue to get a bit lower every month," Sumit Bali, President and Head-Retail Lending at Axis Bank, told CNBC-TV18. (Read more on Axis Bank interest rates here)
Buy BEL, Mindtree, Happiest Minds: Himanshu Gupta of Globe Capital
Here are three trading calls from Himanshu Gupta of Globe Capital:
Bharti Airtel shares rise ahead of press conference
Bharti Airtel shares traded with a gain of 0.44 percent at Rs 669.15 apiece in afternoon deals on BSE, having risen as much as 1.13 percent to touch a 52-week high of Rs 673.75 earlier on Thursday. The headline Sensex index was up 0.58 percent.
Jet Airways IBC case | PNB alleges gross irregularity in RP conduct, seeks stay of Kalrock-Jalan resolution plan
State-run PNB alleged gross irregularity in the conduct of the resolution professional (RP) while seeking a stay of Kalrock-Jalan plan in the Jet Airways Insolvency and Bankruptcy Code (IBC) case. (Read more on the Jet IBC case here)
Fairly comfortable with financial space, asset quality worries should go away as economy improves: Prasun Gajri
Prasun Gajri, Chief Investment Officer of HDFC Life, suggests taking a balanced approach with fair allocation to defensives as well as cyclicals. "As far as we are concerned on the cyclical side, we are fairly comfortable with the financials. I think the asset quality worries should wane away as the economy improves. Most large banks are well-capitalised and making decent profits, with very reasonable valuations," he told CNBC-TV18.
"On the technical side, we are very happy holding larger banks in the financial space. On the defensive side, we are quite okay with the IT sector. I think growth has been very good, and it looks like a longer-term cycle as far as growth is concerned," he said.
He said he continues to like some of the capital goods space.
Valuations clearly ahead of long-term averages: Prasun Gajri of HDFC Life
"Valuations are clearly ahead of their long-term averages, and the valuation premium to the global markets is also pretty high," Prasun Gajri, Chief Investment Officer of HDFC Life, told CNBC-TV18. "The challenge we see is not the fact that earnings are not likely to come through, I think what we believe is that we are already pricing in a fair bit of earnings growth over the next one and a half years. So, going forward, we do not anticipate any further earnings upgrades on quality expected earnings," he said.
Valuations are already on the higher side so that is a kind of a market one would want to be a little bit cautious in, he said. That is because "we are already building in a fair bit of recovery and there are some signs that it may not necessarily be as good in some of the sectors", Gajri added.