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Stock Market Highlights: Sensex gains 175 points, Nifty ends above 16,700 led by metals, pharma stocks; mid, smallcaps outperform

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Stock Market Highlights: Indian equity benchmarks Sensex and Nifty ended at record closing high Friday led by across the board gains amid mixed global cues. Broader markets, midcap and smallcap indices outperformed the benchmarks. All the sectoral indices ended in the green with metals, pharma, IT, PSU banks and realty indices gaining the most.

Stock Market Highlights: Sensex gains 175 points, Nifty ends above 16,700 led by metals, pharma stocks; mid, smallcaps outperform
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  • Joseph Thomas, Head of Research, Emkay Wealth Management

    The domestic equity markets remained buoyant during the whole week, with advances seen in the frontline as well as the sectoral indexes. The progress which the markets have made so far is based on the expected performance of the economy, and therefore, of the corporates, mainly against the background of low-interest rates and liquidity which is aplenty. FIIs have been sellers all the days while the mop up through IPOs stands at close to $2.50 billion so far this month.

    There have been some selling in the midcaps and small caps which stems from the fact that both the indexes have become relatively more expensive, and the large caps looked a shade better. While the threat of the pandemic in a third wave still remains a potent disruptor, the intensity with which it can now strike is in doubt with the advance elaborate preparations already undertaken by most governments.

    The global markets are looking forward to the Jackson Hole Speech by the US Fed Chairman, for more specific hints on the tapering that is likely to be set in motion, may be later this year, or early next year. The sense that Fed Chairman’s speech makes, in the context of the details of the US economic performance, may have some impact on the thinking of the markets in the coming weeks.

  • Ajit Mishra, VP - Research, Religare Broking

    Markets are largely mirroring the global counterparts and now all eyes are on the US Fed Chair statements for any signal on tapering and way forward. Though the trend is positive, we’re not seeing decisiveness as participation is slightly restricted. We thus suggest avoiding aggressive bets and preferring index majors over others.

  • Nagaraj Shetti, Technical Research  Analyst, HDFC Securities

    The lack of strong selling enthusiasm at the new highs has resulted in a range-bound action and a small upside breakout of the said range movement. This is a positive indication and there is a possibility of further upside in the short term. The next upside levels to be watched are around 16,900 by next week. immediate support is placed at 16,550 levels.

  • Nish Bhatt, Founder & CEO, Millwood Kane International

    The Indian rupee gained in trade today, it gained past the 74/$ mark to touch a 2-month high level. At the highest point, it was trading at 73.64/$. The gains were on back on fund flows that helps the equity market scale fresh highs, outperforming its global peers. The weakness in the USD also helped gains for the INR. The USD has been trading weak on concerns of the Fed's move on tapering, uncertainty surrounding the spread of the Delta variant.

    The crackdown by the Chinese government on the tech and real estate companies will lead to higher fund flows to India helping the INR further. US Fed chair's comments from the Jackson Hole Symposium on the likely tapering by Fed will guide global currencies next week.

  • Here are key stocks that moved most on August 27
    The Sensex gained 175.62 points, or 0.31 percent, to end at 56,124.72, while the Nifty ended 68.30 points, or 0.41 percent, higher at 16,705.20. For the week, both the benchmarks rose over 1 percent,…
    Stock Market Highlights: Sensex gains 175 points, Nifty ends above 16,700 led by metals, pharma stocks; mid, smallcaps outperform
  • Palak Kothari, Research Associate, Choice Broking

    The Nifty index has made a bullish candle on the weekly chart which suggests further upside movement in the counter. Moreover, the Index has been trading above 21&50 DMA, which suggests strength for the upside. Momentum Indicator MACD is also showing positive crossover on daily time frame which further adds strength in the index. At present, the nifty index has immediate resistance at 16,730 levels while downside support shifted up to 16,500 levels.

  • Deepak Jasani, Head of Retail Research, HDFC Securities

    Nifty closed the day and week almost at the day/week’s high. On a weekly basis, it gained 1.55% with Metals, IT, Pharma and Banks leading the gains. Nifty also closed at the highest ever on daily and weekly basis. Even among the largecaps, advances were seen in many bluechips which is heartening. The advance-decline ratio has improved over the past two days, bringing some relief to participants. If Nifty opens above 16,722 and remains high for the first hour of trade on Monday we could see further improvement in the Nifty as well as the broader markets. 16,543 on the downside could be a crucial support.

  • Mohit Nigam, Head - PMS, Hem Securities

    Markets around the globe will closely track the Jackson Hole symposium which will be held later this evening and the Fed Chairman's speech is expected to cover bond purchase tapering plan and US economic outlook. On the domestic front, broader markets outperformed the larger basket and all sectors closed higher with metals, pharma and capital goods. On technical front, 16,500 and 16,750 are immediate support and resistance in Nifty50.

  • Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities

    After over a month of being caught in a narrow range between 74.10 and 74.60, the rupee/dollar broke down. Lumpy corporate dollar flows, rising FPI inflows, and strong sentiments in the equity market caused the sharp slide. The central bank was less aggressive in defending the 74.00 level and that caused stop-loss related selling from option writers. Tonight Jackson Hole symposium will be an event to watch but it may be not enough to turn the tide for the US Dollar. Over the next week, the rupee could trade in a range of 73.50-74.10 on spot.

  • Manish Shah, Founder, Niftytriggers.com

    Nifty closed the week at the top end of the range. This is a bullish development. MACD on the weekly has turned into a buy mode in the last two weeks. MACD getting bullish on the weekly time frame could mean several weeks of the rally. Of course, the trend could change in between but there is a huge change of Nifty remaining bullish over the next couple of weeks. On the daily Nifty is also in a strong and sustained trend. The candle for the was narrow range candle which closed at the top end of the day.

    Nifty should break and hold above 16,700. Nifty is emerging out of a three-day range. This is a pause with a strong trend. On the daily chart, MACD is in a buy mode. Note that the MACD is also in a buy mode on the weekly time frame. The momentum and the direction are aligned on the weekly and daily time frame. If Nifty holds above 16,700 there should be an upside towards 16,800-16,850 over the next couple of days. Support for Nifty is at 16,580. Expect a sharp rally on trade above 16,700 over the next couple of days.

  • Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities

    Markets underwent volatility as seen in the past few sessions, but finally logged impressive gains thanks to gains in IT, Metal & Energy stocks. Technically,  post the short-term correction Nifty has maintained higher high and higher low series formation and after a strong pullback rally, the index is currently trading near the breakout level. The texture of the chart suggests that the 10 day SMA or 16,550 would be the sacrosanct level for the breakout. If the index crosses the level, the uptrend could continue up to 16,825-16,950 levels. On the flip side, dismissal of 16,550 may trigger temporary weakness till 16,375-16,300 levels. Meanwhile, the Bank Nifty index has been consistently taking support near the 50 day SMA, and 35,200 would be the key support level for the index and above the same the index is likely to outperform in the near future.

  • Rahul Sharma, Co-Founder, Equity99

    Nifty today made a new high and this time it is supported by gains in midcaps. We expect the rally to sustain and market making new highs in the coming days.

    On the technical front, 16,650 will act as immediate support on breaking which we might see 16,575 to 16,500 levels on upper side 16,780 will act as hurdle once these levels are breached we might see 16,840 to 16,900 levels.

  • Jitendra Gohil, Head of India Equity Research at Credit Suisse Wealth Management

    Market is now coming to a level where low hanging fruits are already plucked, we are looking at Fed is going to now start tapering sooner or later. We have also seen that the Indian markets are trading at a slightly higher premium valuation. So I feel now from here onwards, the upside to the market is limited. However, we are not recommending to create cash, we are completely fully invested in the equity markets, we believe that market may see slightly kind of range bound movement from here onward over the next couple of months or so.

    Once we completely open up our economy, one more leg up, we can experience in the later part of the year. So we are fully invested, we have recommended to trim some exposure to some of the mid-caps which have done extremely well and the valuations are looking extremely stretched, and we are rotating that money towards private banks are to some extent FMCGS, which did not participate that much.

    We are cutting beta in our portfolio, we think that this is not the time to add on more risk. That is why we are cutting exposure to very high volatile stocks. So it is kind of a neutral to slightly positive view on equity as of now. From an asset allocation perspective also, we are fully invested in equities.

  • Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

    We closed well above the 16,600 level which is a good start to the new series! We should be heading to 16,850-16,900 which is the next level of resistance for the index. For now, the stop loss level for the Nifty stands at 16,400 but the same shall be updated on Monday.

  • Market At Close | Sensex & Nifty end at record closing highs; Midcaps outperform front-liners.

  • Market This Week | Here's how the market performed this week

    - Sensex & Nifty Regain Losses Of Last Week, Indices Up Over 1% Each

    -Midcap Index Rises Nearly 3%, The Biggest Weekly Gain In 2 Months

    -Nifty Bank Moves 2% Higher, Led By ICICI Bank & HDFC Bank

    -IT & Metal Gain The Most Amongst Indices While Auto & Media Slip

    -35 Nifty Stocks Give Positive Returns This Week; Hindalco, Bajaj Finserv Top Gainers

  • Market At Close | Here are the highlights of today's trading session

    -Sensex & Nifty End At Record Closing Highs, Nifty Above 16,700 For The 1st Time

    -Midcaps Outperform Frontliners With The Midcap Index Surging Nearly 300 Points

    -Sensex Rises 176 Points To 56,125 & Nifty 68 Points To 16,705

    -Nifty Bank Gains 10 Points To35,627 & Midcap 290 Points To 27,706

    -Hindalco & NALCO Rise On +ve Dvpts From China & Kotak Upgrading Both Stocks

    -Cement Stocks Surge On Improved Real Estate Demand, UltraTech Top Nifty Gainer

    -Sharp Fall In Last Minute Of Trade Leads To A Flat Close For Bharti Airtel

    -Autos Close Mixed After HC’s Order Of Bumper-to-bumper Insurance Policy

    -IndusInd Bank, M&M, Infosys, Tata Cons Top Nifty Losers

    -Au Small Fin Top Midcap Loser After A Sharp Fall In Last Minute Of Trade

    -NALCO, HAL, Navin Fluorine, ICICI Lombard, Mphasis Top Midcap Gainers

  • Closing Bell | Indian equity benchmarks Sensex and Nifty ended at record closing high Friday led by across the board gains amid mixed global cues. The Sensex gained 175.62 points, or 0.31 percent, to end at 56,124.72, while the Nifty ended 68.30 points, or 0.41 percent, higher at 16,705.20. For the week, both the benchmarks rose over 1 percent, recouping the losses of previous week.

    Broader markets outperformed the frontliners as the Nifty Smallcap100 index gained 0.77 percent and the Nifty Midcap100 index ended 1.06 percent higher.

    All the sectoral indices ended in the green with metals, pharma, IT, PSU banks and realty indices gaining the most. On the Nifty50, UltraTech Cement, Hindalco Industries, SBI Life, Larsen & Tubro and Dr Reddy's Laboratories were the top gainers, while Infosys, IndusInd Bank, Tata Consumer Products, M&M and Tech Mahindra were the top losers.

  • Laxmi Organic Industries shares surge 10%

    Laxmi Organic Industries shares were locked in the upper circuit at 10 percent in late afternoon deals. On BSE, the stock was locked at Rs 420.55 apiece -- the upper circuit of 10 percent. The headline Sensex index was up 0.38 percent. 

    Laxmi Organic was in high demand, as a total of 11.98 lakh shares had changed hands so far on Friday, as against a daily average of 6.10 lakh recorded in the past two weeks, exchange data showed. 

    Good bet for long term?

    Rahul Sharma, Co-Founder of Equity99, suggests buying Laxmi Organics shares on dips for long-term returns. He has assigned a target of Rs 600 on the stock for the next 6-9 months, and recommends a stop loss at Rs 325.

    "Laxmi Organic has given a 2.6-times return in five months... The rally started after the company reported superb Q1 numbers. Also, the company`s order books are completely full compared to its capacity for the next 1-1.5 years, which means it will continue to deliver good numbers. The company is fundamentally very strong with an RoE of 17.4 percent and an RoCE of 20.2 percent," Sharma said.

    "The company is almost debt-free with a DE ratio of 0.14. So we consider Laxmi Organics a good bet for the long term, however, we don`t recommend buying at current levels as the stock has rallied almost 52 percent in 12 sessions," he said. 

    Stock Market Highlights: Sensex gains 175 points, Nifty ends above 16,700 led by metals, pharma stocks; mid, smallcaps outperform
  • Nifty to hit 17,200 next month; buying on dips to continue: ICICI Direct

    The benchmark Nifty has rallied almost eight percent in the last four weeks and scaled a fresh all-time high of 16,712 in tandem with global peers. The rally was mostly led by large-caps which are likely to continue to outperform and lift Nifty towards 17,000-17,200 in the coming month, domestic brokerage house ICICI Direct said.

    Over the past 15 months, the “buy on drop” strategy has worked well and the brokerage advocates sticking to the same strategy. It is of the view that a temporary breather after the recent rally would present an incremental buying opportunity to build a quality portfolio from a medium-term perspective.

    “The Nifty has rallied eight percent over past four weeks that hauled weekly stochastic in overbought territory. Thus, any cool off from here on should be capitalised on as incremental buying opportunity to ride the next leg of an up move towards 17,000-17,200 in coming months as it is price parity of past two rallies seen during CY21,” ICICI Direct said in a report. Read here.

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    Stock Market Highlights: Sensex gains 175 points, Nifty ends above 16,700 led by metals, pharma stocks; mid, smallcaps outperform
  • Ashis Biswas, Head of Technical Research at CapitalVia Global Research

    The market witnessed a swift recovery after the initial fall in the market. The market suggests 16,500 will be an important support level in the short-term perspective. If the market breaches the level of 16,720-16,740 and is able to sustain above this level, the market expects to gain momentum, leading to an upside projection of 16,950-17,000 levels. The momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening the short-term bullish outlook.

  • Rahul Sharma, Co-Founder, Equity99 on Laxmi Organics

    Laxmi Organic has given 2.6 times returns in 5 months’ time. The company is a leading manufacturer of acetyl intermediates and specialty intermediates where it holds a 30 percent market share. The rally in stock started after the company reported superb Q1FY22 numbers wherein it reported Rs 102 crore in profit which is just Rs 25 crore less than profits for the entire FY21. Also, the company’s order books are completely full compared to its capacity for the next 1 to 1.5 years, which means the company will continue delivering good numbers.

    The company is fundamentally very strong with an ROE of 17.4% & ROCE of 20.2%. The company is almost debt-free with a DE ratio of 0.14. So we consider Laxmi Organics a good bet for the Long term, however, we don`t recommend buying at current levels as the stock has rallied almost 52% in 12 sessions. We suggested Buy on dips strategy on this counter for good long-term returns. Our target for the next 6 to 9 months is Rs 600 and Stoploss is Rs 325.

  • Volatility index VIX eases 2% as Sensex, Nifty50 near all-time highs

    NSE's India VIX index -- which gauges the expectation of volatility in the near term -- traded 1.64 percent lower at 13.32 in late afternoon deals, having cooled off as much as 4.43 percent earlier on Friday. 
     
  • Nifty50 hits all-time high 

    The 50-scrip benchmark surpassed 16,712.45 but barely to hit a fresh all-time high of 16,713.60 in late afternoon deals. L&T, TCS, Kotak Mahindra Bank, UltraTech, HDFC and Bharti Airtel were the top movers for Nifty50. On the other hand, weakness in stocks such as Infosys and ICICI Bank kept the upside in check. 

    Stock Market Highlights: Sensex gains 175 points, Nifty ends above 16,700 led by metals, pharma stocks; mid, smallcaps outperform
  • Commodities Today | Gold, silver, crude oil, natural gas gain; agri basket lags
     
    India's commodity markets saw sharp activity in the energy and metals pack. While natural gas and crude oil futures were in high demand, most agri commodities were under selling pressure, with guar gum plunging 6 percent. Among precious metals, gold and silver rose. And in the oil market, crude prices gained over 1 percent. (Catch all the action in commodity markets here)
    Stock Market Highlights: Sensex gains 175 points, Nifty ends above 16,700 led by metals, pharma stocks; mid, smallcaps outperform
  • Rupee hits two-month high against dollar

    The rupee strengthened to hit a two-month high against the greenback. With that, the rupee returned below the 74 mark against the US currency for the first time since June 18.

    Stock Market Highlights: Sensex gains 175 points, Nifty ends above 16,700 led by metals, pharma stocks; mid, smallcaps outperform
  • Phillips Carbon board approves raising of up to Rs 500 cr via securities 

    Phillips Carbon Black shares recovered most of their intraday losses in afternoon deals. The stock was down 0.31 percent at Rs 240.85 apiece on BSE, having declined as much as 2.13 percent earlier on Friday. The headline Sensex index was up 0.33 percent. 239.65 

Stock Market Highlights: Indian equity benchmarks Sensex and Nifty ended at record closing high Friday led by across the board gains amid mixed global cues. Broader markets, midcap and smallcap indices outperformed the benchmarks. All the sectoral indices ended in the green with metals, pharma, IT, PSU banks and realty indices gaining the most.