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Stock Market Highlights: Sensex gains 226 points, Nifty ends near 16,500 led by IT stocks; smallcaps underperform

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Stock Market Highlights: Indian equity benchmarks Sensex and Nifty ended higher Monday led by gains in IT stocks. Broader markets underperformed the headline indices as the midcap and smallcap indices closed lower each. Among sectors, Nifty IT and Nifty Financial Services ended in the green, while selling pressure was witnessed in automobile, media, metal and PSU Bank indices.

Stock Market Highlights: Sensex gains 226 points, Nifty ends near 16,500 led by IT stocks; smallcaps underperform
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  • Ajit Mishra, VP - Research, Religare Broking

    Markets are currently dancing to global tunes and we expect this trend to continue in absence of any major domestic event. Besides, the upcoming derivatives expiry of August month contracts and continuous fall in the broader markets would keep the participants on the edge. Amid all, we reiterate our cautious view and suggest keeping positions on both sides. Investors, on the other hand, can consider accumulating stocks that are now available at good bargains.

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

    After two days of sharp correction, the market witnessed a relief rally due to strong global market performance. From the day's highest level, the Nifty shed nearly 200 points before recouping some lost ground. However, one more time it took support near the 10 day SMA and reversed sharply. Technically, on intraday charts the index has formed a double bottom formation. We are of the view that the 10 day SMA or 16,450 would be the immediate support for the bulls. As long as it is trading above the same, an upside could lift the index up to 16,550. On the other hand, trading below 16,450 could possibly open one more leg of correction up to 16,350-16,300 levels.

  • Rupee At Close | The Indian rupee gained 17 paise to close at 74.22 against the US dollar. The local unit opened strong at 74.27 against the greenback and moved in a range of 74.22 to 74.30 in the day trade.

  • Deepak Jasani, Head of Retail Research, HDFC Securities

    Nifty filled the downgap made on Friday by opening higher but closed below it as it gave away a large part of intraday gains. However, the fact that it recovered from the intraday low and did not make a new low compared to the previous day is encouraging. The advance-decline ratio improved marginally compared to the previous day but is still much below 1:1. 16,376-16,396 is the important support band now for the Nifty, while a close above 16,569 would result in the return of some confidence in the markets.

  • Here are key stocks that moved the most on August 23
    The Sensex rose 226.47 points, or 0.41 percent, to end at 55,555.79, while the Nifty closed 45.95 points, or 0.28 percent, higher at 16,496.45.
    Stock Market Highlights: Sensex gains 226 points, Nifty ends near 16,500 led by IT stocks; smallcaps underperform
  • Rahul Sharma, Co-Founder, Equity99

    The market is expected to remain volatile with weakness seen in Midcaps and Smallcaps. Investors are advised to remain cautious. On the technical front, 16,450 will act as crucial support for Nifty, breaking which we might see 16,400 to 16,375 levels. On the upper side, 16,560 will act as resistance and once these levels are crossed we might see 16,610 to 16,650 levels.

    Bank Nifty is underperforming compared to broader markets. 34,900 acts as strong support, breaking which we might see 34,750 to 34,600 levels. On the upper side 35,400 is strong resistance, breaking which we might see 35,650 levels.

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

    The Nifty index continued to face resistance at the 16,600 level. We need to get past this to scale higher to 16,800-16,850 which should be the next target for the Nifty. On the downside, there is good support around 16,350-16,400. Until we do not break this, traders can accumulate long positions for higher targets.

  • Palak Kothari, Research Associate, Choice Broking

    Nifty has formed a hammer candlestick on four hourly charts which points out strength for upcoming sessions. Moreover, the Index has taken support from 89-HMA and has been trading above 21&50 DMA, which suggest strength for the upside. Momentum Indicator MACD is also showing positive crossover on a daily time frame which further adds strength to the index. At present, the nifty index has immediate resistance at 16,600 levels while downside support shifted up to 16,350 levels.

  • Manish Shah, Founder, Niftytriggers.com

    Nifty is showing signs of a strong trend and this is evident if we consider that ADX has started to slope positively and the Nifty has bounced of the support zone. MACD is in a buy mode. Nifty is in a strong uptrend and when we see a confluence of various support levels, this gives us confidence that the Nifty is poised higher. As long as support at 16,350 holds assume the trend to be up and running.

    Once Nifty breaks above 16,580 expect the markets to rally towards 16,780-16,800 towards the expiry. As the line of least resistance is bullish, this expiry could be in favour of the bulls. Support for Nifty is at 16,350 and a break below 16,350 and there could be a drop to16,180. Overall, the conditions favor buying, either on a break or at support.

  • Market At Close | Here are today's top gainers and losers from the midcap space.

  • Market At Close | Sensex & Nifty close in the green, but off opening highs. Market breadth favours declines; advance-decline ratio 2:9.

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

    -Sensex & Nifty Close In The Green, But Off Opening Highs

    -IT Stocks Along With HDFC Bank & Reliance Support Market

    -Sensex Rises 273 points To 55,602 & Nifty 46 Points To 16,496

    -Nifty Bank Gains 91 Pts To 35,124 While Midcap Index Slips 232 Pts To 26,893

    -Reliance Jio Adding Maximum Subscribers For 3rd Straight Mths Helps The Stock Gain

    -Bharti Airtel Moves Higher As Well; Co Added Subscribers In June After Losing In May

    -Adani Ent Under Pressure On SEBI Putting Adani Wilmar IPO On Hold

    -HCL Tech Top Nifty Gainer Following CLSA’s Upgrade, Stock Up 4% To Hit Record High

    -8 Nifty Stocks Including HCL, Nestle, Bajaj Twins Hit Record Highs Today

    -Auto Stocks Slip On Chip Shortage Issue, M&M, Eicher & Bajaj Auto Top Losers

    -Biocon, Bandhan, Jubilant Food, Bharat Forge, Piramal Ent Top Midcap Losers

    -Mindtree, Escorts, L&T Infotech, Nalco, Cadila Health & Nalco Top Midcap Gainers

    -Aurobindo Fails To Hold Gains On Termination Of Cronus Acqn, Down 7% From Highs

    -Market Breadth Favours Declines; Advance-Decline Ratio 2:9

  • Closing Bell | The Indian equity benchmark indices ended higher Monday led by gains in IT stocks. The Sensex rose 226.47 points, or 0.41 percent, to end at 55,555.79, while the Nifty closed 45.95 points, or 0.28 percent, higher at 16,496.45. Broader markets underperformed the headline indices as the midcap and smallcap indices ended lower. 

    Among sectors, Nifty IT and Nifty Financial Services ended in the green, while selling pressure was witnessed in automobile, media, metal, PSU Bank and realty indices. HCL Technologies, TCS, Nestle India, Bajaj Finserv and ONGC were the top Nifty50 gainers, while Grasim Industries, Adani Ports & SEZ, M&M, Eicher Motors and Bajaj Auto were the top index losers.

  • Ashis Biswas, Head of Technical Research at CapitalVia Global Research

    The market witnessed trading in fine fettle with nifty crossing 16,500 levels in the afternoon session. The market is going to be crucial for the short-term market scenario to sustain above the 16,500 Nifty50 Index level. If the market is able to sustain the level of 16,500, the market can witness higher levels of 16,700 as the momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook.

  • Zomato shares fall over 6% as anchor lock-in period ends; ICICI Securities sets target at Rs 220

    Zomato share price declined over six percent on Monday as the lock-in period for the company's anchor investors ended, leading to high share sales volume on stock exchanges. ICICI Securities initiated coverage on Zomato with a 'buy' rating and a target price of Rs 220 per share.

    The brokerage firm expects 46 percent/ 33 percent revenue CAGR over the next 5/10 years on the back of strong demand tailwinds. It believes unlock should not have a noticeable decelerating effect like in the case of global tech companies such as Amazon and DoorDash. It is of the view that Zomato is one of the least vulnerable internet companies across the world for a regulatory tech lash. Read here.

  • JUST IN | Infosys meeting with Finance Minister ends

    The meeting between Infosys MD & CEO Salil Parekh and Finance Minister Nirmala Sitharaman has ended, sources said. Infosys team is now having a follow-up meeting with the Revenue Secretary and CBDT officials.

    FM Sitharaman had summoned Infosys MD & CEO to explain tech glitches in the new income tax e-filing portal developed by the company.

  • HDFC Bank's $1 billion AT-1 bond at 3.7% tightly priced: Ashish Parthasarthy

    Private sector lender, HDFC Bank, on Wednesday, August 18, fixed the coupon rate of its USD 1 billion Additional Tier- 1 (AT-1) bonds at 3.70 percent per annum. It saw a lot of appetite from overseas investors for the issue, Ashish Parthasarthy, treasurer, told CNBC-TV18.

    “We have not gone to the dollar market since 2013 - that was the last public issue of our dollar bonds, and there is a lot of appetites, we could see, from overseas investors for this fund. So, it's been good; at one go if you can raise USD 1 billion, it’s extremely good. I don't think in one issue it's possible to raise the equivalent of $1 billion from the domestic market,” Parthasarthy said. Read here.

  • Explained: Why are global markets worried and is this merely a mini wobble?
    The MSCI Asia Pacific ex-Japan index is down 10 percent from the start of July. India too got a bit of a wobble last week. The worry can be due to multiple factors -- it could be tightening of China’s…
    Stock Market Highlights: Sensex gains 226 points, Nifty ends near 16,500 led by IT stocks; smallcaps underperform
  • Here’s why copper, nickel can be bought on dips

    Copper prices and nickel declined by nearly 6 percent. Tin, which had been hitting all-time highs for the most part of last fortnight also declined by nearly 11 percent and aluminium and zinc fell by 2 to 3 percent as well. When you look at the month of August, it is perhaps going to end in the negative. The previous week actually saw a very sharp decline for many of the base metal prices. Copper prices and nickel declined by nearly 6 percent. Tin, which had been hitting all-time highs for most part of last fortnight also declined by nearly 11 percent and aluminium and zinc fell by 2 to 3 percent as well.

    Markets did see a decline as the US Dollar Index traded at close to nine months high. The economic data from US and China continued to lag in the last couple of weeks and worries about rising COVID cases have been plaguing as well. The inventories for many of these metals have been on the rise in Shanghai and on LME. Again, July and August usually are weak seasonal periods, so almost everything worked against many of these metal prices. Today, we have seen some opportunity buying but after a 6 to 8 percent of the decline in the previous week, there are a couple of metals which have seen 0.50-2.50 percent gains, and these are clearly, copper and nickel. Continue reading.

  • Gold ETFs log Rs 61 crore outflow in July as investors prefer equity, debt funds

    After seven straight months of net inflows, gold exchange-traded funds witnessed a pullout of over Rs 61 crore in July as investors diverted their money to equity and debt funds that generated attractive returns. Despite the negative flows in the category, the number of folios went up to 19.13 lakh in July from 18.32 lakh in the preceding month, data with the Association of Mutual Funds in India (Amfi) showed.

    Barring February 2020, November 2020 and July 2021, investments into ETFs that track the yellow metal have been witnessing a steady uptick since August 2019. The gold ETFs category, which has seen continuous inflows since December 2020, witnessed an outflow of Rs 61.5 crore in July this year. This was starkly different as compared to the inflows of Rs 360 crore in June and Rs 288 crore in May. Read full report here.

  • Backstory: Satyam storm and the fall of Ramalinga Raju
    With that startling confession in a letter dated January 7, 2009, Raju blew the lid on the country’s largest corporate fraud at the time. Satyam was then the country’s fourth largest IT firm, an…
    Stock Market Highlights: Sensex gains 226 points, Nifty ends near 16,500 led by IT stocks; smallcaps underperform
  • Motilal Oswal on Maruti Suzuki

    While the underlying demand is strong, the near term outlook is uncertain, hit by semiconductor shortages as well as the residual impact of commodity cost inflation reflecting in 2QFY22. After a gap of two years, we expect new product launches to resume, with a mix of complete product upgrades (five within 2-3 years) and new model launches (three within two years). This should drive volume, market share, and margin recovery. Profitability is near the trough, and margin improvement is expected from the lows of 1HFY22.

    We see scope for further improvement in dividend payouts and a resultant re-rating. The stock trades at 36.4x/22.5x FY22E/FY23E consolidated EPS. We value the company at 27x Mar’23E consolidated EPS. We maintain our Buy rating, with a TP of Rs 8,200 per share.

  • Inflation numbers unlikely to inch lower, says SBI’s Soumya Kanti Ghosh

    The Reserve Bank of India’s MPC meeting minutes struck a more hawkish tone than the policy with governor Shaktikanta Das, underlining the need for continued monetary policy support for an economy that was been struggling to regain the momentum gathered in the second half of FY21.

    Speaking to CNBC-TV18’s Latha Venkatesh, Soumya Kanti Ghosh, Group CEA of State Bank of India, said, “Call rates have moved from today morning, but if you look into the broader rates, the one-year rates and the other rates, I think the 10-year yields have moved up just by one basis point and other yields have not moved up significantly. So, I am not sure whether MPC is having a palpable impact on the market at the short end.” Watch full interview here.

  • Motilal Oswal on Deepak Nitrite

    Deepak Nitrite has the most lucrative profile in the entire specialty chemicals space. The management said it would facilitate import substitution, with further integration in current processes. The commissioning of IPA expansion and the captive power plant are expected by the end of 1HFY22. The captive power plant would increase DPL’s competitiveness in this segment. A recovery in demand in OBA and DASDA (i.e. Performance Chemicals) is expected over FY22, while demand for agrochemical and personal care products continue to remain robust.

    Despite a capex plan of Rs 18 billion over the next three years, it is expected to turn net cash positive by FY23E, with an FCF generation of Rs 17.4 billion over FY22-24E. We maintain our buy rating, with one of the best RoE profiles in our coverage universe.

  • Emkay Global cuts target price for Ujjivan SFB, downgrades Ujjivan Financial Services

    The bank's early-stage faltered strategy to mobilize deposits from MFI customers, lack of credible leadership to manage the liability business, and higher dependence on the vulnerable MFI business have led to its current status as a troubled small finance bank, according to Emkay Securities. "The Covid-induced disruption aggravated its asset-quality problems. We believe the bank will take time to emerge from these issues and will also make its aspired transition into a Universal Bank difficult," the brokerage said. 

    Emkay has retained its 'sell' rating on Ujjivan SFB, and cut its target price from Rs 23 to Rs 17, citing management-related uncertainty, weak liability profile, persistent asset-quality issues and sub-par return ratios. It has downgraded Ujjivan Financial Services to 'sell' from 'hold', reducing the target price to Rs 160 from Rs 217.

  • Nifty50 may correct to 15,900 in 2-3 weeks; like Bharti Airtel, FMCG: JM Financial

    The Nifty50 index is expected to correct to 15,900 from its current levels in the next 2-3 weeks, Rahul Sharma, Head of Technicals and Derivatives Research at JM Financial Services, told CNBC-TV18 in the channel's new segment, Charting Trends. “Technically speaking, a pause or intra-quarter correction or a small healthy correction will only make the overall market more attractive and the set up slightly more palpable for fresh investors, fresh money to come in,” he said. (Read more on what Rahul Sharma said)

  • HCL Tech signs pact with Germany's Munich Re; shares hit 52-week high

    HCL Technologies said it had signed an agreement with Germany's Munich Re to transform digital workplace services in 40 countries. HCL Tech shares jumped as much as 4.90 percent to a 52-week high of Rs 1,171.90 apiece on BSE. 

    At 2:15 pm, the stock traded 4.63 percent higher at Rs 1,168.90 apiece on the bourse, outperforming the headline Sensex, which was up 0.52 percent. 

    Brokerage CLSA raised its target price on HCL Technologies to Rs 1,320 from Rs 1,180 while retaining a 'buy' call. The company indicates a healthy near-term revenue growth outlook with hopes of improved order bookings, which makes it confident it would narrow the gap on organic revenue growth versus its larger peers in FY23-24, the brokerage said.

    Stock Market Highlights: Sensex gains 226 points, Nifty ends near 16,500 led by IT stocks; smallcaps underperform
  • Adani Enterprises drops after Sebi stays Rs 4,500-crore Adani Wilmar IPO

    Adani Enterprises shares fell nearly 5 percent after market regulator Sebi put on hold a proposed initial public offer (IPO) of its group company Adani Wilmar.

    On BSE, the Adani Enterprises stock dropped as much as 4.57 percent to Rs 1,362.20 apiece before recovering most of those losses. At 2:00 pm, the stock was down 0.75 percent at Rs 1,416.75 apiece on the bourse, underperforming the headline Sensex index, which was up 0.55 percent. (Read more on Sebi's move on Adani Wilmar here)

Stock Market Highlights: Indian equity benchmarks Sensex and Nifty ended higher Monday led by gains in IT stocks. Broader markets underperformed the headline indices as the midcap and smallcap indices closed lower each. Among sectors, Nifty IT and Nifty Financial Services ended in the green, while selling pressure was witnessed in automobile, media, metal and PSU Bank indices.