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Stock Market Highlights: Sensex, Nifty end with minor cuts; pharma, auto stocks rally; midcaps outperform

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Stock Market Highlights: Indian equity indices Sensex and Nifty erased day's gains to Friday's volatile session end flat dragged by selling in metal and financial stocks amid weak global cues. Broader markets outperformed the headline indices, with the midcap and smallcap indices gaining over 1 percent and 0.4 percent respectively. Among sectors, buying was seen in pharma, auto, IT and realty indices, while metals and banks closed in the red.

Stock Market Highlights: Sensex, Nifty end with minor cuts; pharma, auto stocks rally; midcaps outperform
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  • Joseph Thomas, Head Of Research, Emkay Wealth Management

    The equity market ended the last trading session of the week closing at more or less flat levels, with quite a bit of volatility during the day as also in the preceding days, which stalled the markets from making any rapid strides. But the most notable performance came from pharma and healthcare which has gone up by more than 2% today. There has been incessant selling by overseas investors, but the line-up of IPOs, which were received quite well by the markets, helped the markets sustain the positivity.

    The factors that have been at the core of market activity locally as well as globally have been the recent rise in the pandemic numbers indicating a probable revival in the near future, the Fed stance on monetary policy turning more foggy with higher inflation numbers and better growth numbers, but the Fed till looking for better employment data, and the enhancement of Chinese regulatory oversight mainly on tech, and edutech companies, while a political and military stance against China is gaining ground gradually elsewhere.

    The relatively more important factor to reckon with would be the Chinese ban on exports of certain commodities by Chinese firms including fertilizers may push up the cost of these products for the rest of the world, and may have consequences for trade and commerce in the near term. Some of these factors may continue to dominate the discussions in the coming weeks too, as the markets reopen for business next week.

  • Nagaraj Shetti, Technical Research Analyst, HDFC Securities

    The short term trend of Nifty is choppy. Present lack of strength to sustain the highs could open another round of small weakness in the early part of next week, before showing a sustainable upside bounce from the lows. The crucial lower supports are to be watched at 15.600 levels.

  • Ajit Mishra, VP - Research, Religare Broking

    Markets remained volatile and settled almost unchanged amid mixed cues. The benchmark opened on a flat note and traded lackluster in the first half however sharp decline in the last hour trimmed all the gains. The diverging trend of the Nifty and banking index is keeping the participants guessing over the next directional move. However, rotational participation from the index majors from other sectors is helping the index to sustain at the higher levels. Considering the scenario, it’s prudent to maintain focus on themes that are playing out well and select the stocks accordingly.

  • Nirali Shah, Head of equity research, Samco Securities

    Nifty50 index continues to trade in a tight consolidation range. Support and resistances are now placed at 15,600 and 15,900 levels. Even though Nifty has not broken the support, but it is trading below the trendline drawn from April 2021 lows, which is also bearish. Traders are advised to maintain a neutral bias as long as Nifty does not break below 15,550. A break below the support is likely to trigger a short-term correction.

    The RBI’s MPC meeting is scheduled for the coming week however the expectation is that the RBI too, just like the Fed, will not hamper the repo rates so as to continue supporting impacted sectors with cheaper credit. The Governor's comments on inflation will also throw some light onto our economy and any future actions our central bank might take. Auto sales numbers, PMI figures along with the result season will continue to drive stock-specific movements on D-Street. Investors can continue investing in the markets in a SIP format to accumulate quality stocks.

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

    The week has been volatile for the traders, as benchmark indices corrected sharply after a muted opening. However, once again the Nifty witnessed support near 15,500 levels and reversed quickly. Among sectors, the metal index outperformed during the week and rallied over nine per cent, whereas profit booking was seen in private banks and energy stocks. Technically, on daily and intraday charts, the Nifty has formed lower top formation which is broadly negative, but at the same time the Nifty is hovering near 20 and 50 day SMA with modest volume activity. 

    We are of the view that the broader texture of the market is still in the bullish zone, but due to non-directional activity indices may consolidate in the range of 15,600-15,900 levels. In the near future, the 15,720 levels could act as a strong support level for traders and below the same correction, the wave is likely to continue up to 15,600 on the Nifty. On the flip side, the 15,900 levels should be the sacrosanct level for the bulls,  above the same uptrend formation could continue up to 15,960-16,050 levels. On the sectoral front, the texture suggests metal stocks would continue to outperform in the near term. Any short-term corrections would be used to add quality metal stocks with the medium-term time horizon.

  • Here are key stocks that moved the most on July 30
    Indian equity indices Sensex and Nifty erased day's gains to Friday's volatile session end flat dragged by selling in metal and financial stocks amid weak global cues. The Sensex fell 66.23 points, or…
    Stock Market Highlights: Sensex, Nifty end with minor cuts; pharma, auto stocks rally; midcaps outperform
  • Deepak Jasani, Head of Retail Research, HDFC Securities.

    Nifty has repeatedly run into resistance in the 15,862-15,899 band over the past 6 sessions. It closed lower for the second consecutive week, though by a small percent. However, the lower shadows (area between the lows and close) are growing over the past three weeks, suggesting sharp recovery post higher selling pressure. How long such recoveries will continue is a moot point. Nifty could remain in the 15,578-15,899 band in the coming week.

  • Market This Week | Hindalco, Tata Steel, Sun Pharma, Bajaj Finserv, Tech Mahindra top Nifty gainers

  • Manish Shah, Founder, Niftytriggers.com

    Nifty50 ended flat in July 2021 and was the lowest in the last 19 months. On the monthly time frame, Nifty50 has made a Doji candle which is a sign of uncertainty. Since the last six weeks, Nifty has gone in a range between 15,500-15,950 and it is a testing time for the participants. Nifty drops to around 15,500 is a buying area and reach around 15,900, it is a selling area. On Friday, the last trading for the month of July 2021, the gap area within 15,830-15,880 acted as a barrier to rising. Nifty will remain in a range till the time there the participants are not convinced about the direction. The range in Nifty is relatively narrow at around three per cent. The probability of Nifty acting as a continuation pattern is higher as compared to it being a reversal pattern. Most probably Nifty should see a breakout on the upside as and when it happens.

  • Rupee At Close | The Indian rupee ended 13 paise lower at 74.41 per dollar, amid volatility in the domestic equity market. The local currency opened marginally lower at 74.32 per dollar against the previous close of 74.28 and traded in the range of 74.27-74.43.

  • Mohit Nigam, Head, PMS - Hem Securities

    Indian Benchmark saw a sudden sell-off and erased the day’s gains during the latter part of the day. Nasdaq 100 contracts slid more than 1% as Amazon.com Inc. tumbled in extended trading after its sales outlook missed expectations. Immediate support and resistance for Nifty50 are 15,600 and 15,900 respectively.

  • Sumeet Bagadia, Executive Director, Choice Broking

    On the technical front, the Nifty index has formed a bearish marabozu candle on an hourly time frame which points out a weakness for the next trading day. Furthermore, the index has given closing below 50-HMA, which points out a weakness for the upcoming session. The MACD indicator is also showing a negative crossover on a daily chart which points out a correction in the counter. At present, the Nifty has support at the 15,500 level while resistance comes at 15,900 levels.

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

    The index is getting nervous at higher levels and today was no different. Every time it goes closer to the 15,900 level, it is facing bouts of selling pressures as a result of which it takes a U-turn and collapses. Short term and medium-term supports lie at 15,600 and 15,400 respectively and as long as these are holding on a closing basis, the propensity of the market continues to be on the upside.

  • Market At Close | Senses & Nifty fail to hold gains, close with a minor cut, Midcaps outperform

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

    - Market Slips For 2nd Straight Week, Sensex & Nifty Slip 0.6% Each

    - Nifty Bank Falls 3% In Last 2 Weeks, The Biggest 2-week Fall In Nearly 4 Mths

    - Midcap Index Regains Last Week Losses, Up Nearly 1% This Week

    - Metal Gains The Most Amongst Indices, Up 8%, Led By Hindalco & Tata Steel

    - Hindalco, Tata Steel, Sun Pharma, Bajaj Finserv, Tech Mash Top Nifty Gainers

    - DRL, Axis Bank, Maruti, Asian Paints, Kotak Bank Top Nifty Losers

    - Nalco, Vedanta, SAIL, SRF, Sun TV Top Midap Gainers

    - Alembic Pharma, LIC Hsg, Navin Fluorine, BHEL, Glenmark, USL Top Midcap Losers

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

    - Senses & Nifty Fail To Hold Gains, Close With A Minor Cut, Midcaps Outperform

    - Nifty Bank Closes In The Red With SBI & ICICI Bank Being Top Losers

    - Sensex Slips 59 Points To 52,594 & nifty 15 points to 15,763

    - Nifty Bank Falls 107 Points To 34,584 While Midcap Index Rises 303 Points To 27,815

    - Bajaj Fin & Bajaj Finserv Top Nifty Lsoers With Both Stocks Falling Over 2% Each

    - Steel Companies Slip As Madras HC Orders Probe For Alleged Cartelisation

    - Sun Pharma Rises 10% & Tech Mahindra 7% After Better-than-expected Q1 Earnings

    - Dr Lal Reverses Its Earnings Gains To Close 4% Lower; Metropolis Slips Too

    - Marico Rises Over 3% One Co’s Positive Outlook

    - Ashok Leyland Surges 6% After Co’s Ev Arm Announces Strategic Agreement

    - SRF, Deepak Nitrite, Sun TV, Mah Gas, Vedanta Top Midcap Gainers

    - Market Breadth Favours Advances; Advance-Decline Ratio At 5:4

  • Closing Bell | Indian equity indices Sensex and Nifty erased day's gains to Friday's volatile session end flat dragged by selling in metal and financial stocks amid weak global cues. The Sensex fell 66.23 points, or 0.13 percent, to close at 52,586.84, while the Nifty ended 15.40 points, or 0.10 percent, lower at 15,763.05.  Broader markets outperformed the headline indices, with the midcap and smallcap indices gaining over 1 percent and 0.4 percent respectively.

    Among sectors, Nifty Pharma rallied the most over 3 percent followed by Nifty Auto, Nifty IT and Nifty Realty indices, while metals and banks closed in the red. Sun Pharmaceuticals, Tech Mahindra, Cipla, Shree Cements and Adani Ports & SEZ were the top Nifty50 gainers, while Bajaj Finserv, Bajaj Finance, Hindalco, SBI and UPL were the top losers.

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

    The market witnessed some positive movements and an attempt to hold the support level around the Nifty50 Index level of 15,800. The market is going to be crucial for the short-term market scenario to sustain above the 15,800 Nifty50 Index level. Sustaining above 15,800, the market expects to gain momentum, leading to an upside projection till 15,900-15,950 level. Technical indicators suggest, a volatile movement in the market in a small range.

  • Hindustan Zinc to invest USD 1 billion to replace diesel vehicles with battery EVs

    Mining major Hindustan Zinc Ltd will be investing about USD 1 billion (around Rs 7,440 crore) to replace diesel-run vehicles and equipment with battery electric vehicles across its eight mines in the next five years, company CEO Arun Misra said on Friday. The company, which has signed an agreement with Finnish technology firm Normet Group Oy to introduce front line battery-powered service equipment in underground mining, will deploy three of Normet SmartDrive EVs a 'Spraymec', an 'Agitator', and a 'Charmec' - in their underground mines, in the first phase. Read here.

  • Metal pack extends gains to 7th straight day. What's driving the rally?
    The Nifty Metal index -- which includes Tata Steel, Vedanta and Hindalco -- jumped as much as 1.02 percent on Friday, a day after it clocked its biggest one-day jump in four months.
    Stock Market Highlights: Sensex, Nifty end with minor cuts; pharma, auto stocks rally; midcaps outperform
  • Sun Pharma shares locked in upper circuit at 52-week high 

    Sun Pharmaceutical Industries shares surged 10 percent to hit the upper circuit at a 52-week high of Rs 773.55 apiece on BSE. The stock kept the downside in check for both S&P BSE Sensex and NSE Nifty50 in late afternoon deals. The Sensex index was down 90.27 points or 0.17 percent at 52,562.80 while the broader Nifty benchmark was at 15,762.90, down 15.55 points or 0.10 percent from its previous close.  

    Stock Market Highlights: Sensex, Nifty end with minor cuts; pharma, auto stocks rally; midcaps outperform
  • Sun Pharma shares locked in upper circuit at 52-week high 

    Sun Pharmaceutical Industries shares surged 10 percent to hit the upper circuit at a 52-week high of Rs 773.55 apiece on BSE. The stock kept the downside in check for both S&P BSE Sensex and NSE Nifty50 in late afternoon deals. The Sensex index was down 90.27 points or 0.17 percent at 52,562.80 while the broader Nifty benchmark was at 15,762.90, down 15.55 points or 0.10 percent from its previous close.  

    Stock Market Highlights: Sensex, Nifty end with minor cuts; pharma, auto stocks rally; midcaps outperform
  • Taper tantrum: Market correction may be short-lived this time, says Valentis Advisors 

    Valentis Advisors highlighted three points:

    1. The markets were actually up over one year though the Fed tapered its balance sheet from December 2013, around seven months after the announcement. Similarly, the market correction this time too may be short-lived.

    2. Given the lessons from 2013, we think the Fed will prepare the market a bit more this time resulting in a slower fall.

    3. EMs are arguably in a better shape now and hence the impact may be less pronounced (for example, India's current account deficit was 0.9% of GDP and a current account surplus of 0.9% in FY21 against a current account deficit of 4.8% in FY13). Similarly, India's forex reserves have more than doubled from $294 billion in May 2013, when tapering was announced, to $613 billion currently.

  • How big a risk is taper tantrum? 
    In May 2013, Ben Bernanke indicated that the Fed was looking to taper its quantitative easing programme. The markets reacted negatively to this with emerging markets falling 12.9 percent in 3 months. The Indian market fell 13.3% and the US 3.2%. The worst hit were the 'fragile five' emerging markets -- Turkey, Brazil, India, South Africa and Indonesia -- where high current account deficits were a risk. 

    Valentis Advisors expects a similar trend this time with a possible correction likely on fears of Fed tapering. 

    Stock Market Highlights: Sensex, Nifty end with minor cuts; pharma, auto stocks rally; midcaps outperform
  • Devyani International's Rs 1,838-crore IPO to open on August 4; price band fixed at Rs 86-90/share
     
    Devyani International, the largest franchisee of Pizza Hut, KFC and Costa Coffee in India, on Friday fixed a price band of Rs 86-90 a share for its Rs 1,838-crore initial public offering (IPO), which will open for subscription on August 4 and conclude on August 6. The IPO consists of fresh issuance of equity shares worth Rs 440 crore and an offer for sale (IPO) worth up to 155,333,330 equity shares by promoter and existing shareholders.
     
    Under the offer-for-sale, Dunearn Investments (Mauritius) Pte Ltd, a wholly-owned subsidiary of Temasek Holdings, will offload 6,53,33,330 shares and promoter RJ Corp will sell 9 crore shares. The offer includes a reservation of up to 5.50 lakh equity shares for the company's employees.
  • Sun Pharma reports Rs 1,444 crore profit in Q1; shares jump 9%

    Sun Pharma reported a net profit of Rs 1,444.1 crore for the quarter ended June 30, missing analysts' estimates. Analysts in a CNBC-TV18 poll had expected a net profit of Rs 1,567.6 crore. Shares surged as much as 9 percent to Rs 766.35 apiece on BSE after the earnings announcement.

    At 2:23 pm, the Sun Pharma stock traded 8.58 percent higher at Rs 763.60 apiece on the bourse, sharply outperforming the benchmark Sensex index, which was up 0.46 percent at 52,894.89. 

  • GR Infra, Tatva Chintan double investor money on listing day; here are top debutants so far in 2021
    D-Street has seen a slew of blockbuster listings so far this year. GR Infraprojects, Clean Science and Tatva Chintan doubled investors’ money on their listing days.
    Stock Market Highlights: Sensex, Nifty end with minor cuts; pharma, auto stocks rally; midcaps outperform
  • World stocks eye sixth month of gains, dollar near 1-mth low

    Global shares tracked Asia lower on Friday but remain on course for their sixth straight month of gains as solid corporate earnings and central bank largesse keep sentiment intact, while the dollar held near a 1-month low. MSCI's World index was down 0.3% in early European trading, leaving it broadly flat on the week, but up 1% for the month, just shy of a record high. Markets remain in a tussle, though, as a Chinese crackdown on its technology sector and surging cases of the Delta variant of coronoavirus in Asia and elsewhere range against still-Dovish monetary policy and punchy earnings from a range of companies. In Europe, UniCredit, BNP Paribas and Eni all saw profits rise on Friday, although underwhelming numbers overnight from Amazon, as some developed market economies begin to reopen after lockdown, proved it wasn't all one-way traffic.

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Stock Market Highlights: Indian equity indices Sensex and Nifty erased day's gains to Friday's volatile session end flat dragged by selling in metal and financial stocks amid weak global cues. Broader markets outperformed the headline indices, with the midcap and smallcap indices gaining over 1 percent and 0.4 percent respectively. Among sectors, buying was seen in pharma, auto, IT and realty indices, while metals and banks closed in the red.