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Stock Market Highlights: Sensex falls 135 points, Nifty ends below 15,750 dragged by financials

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Stock Market Highlights: Indian equity benchmarks Sensex and Nifty ended lower Wednesday dragged by selling in banking and financials stocks amid weak global cues. Broader markets also reeled under pressure, with midcap and smallcap indices falling half a percent each. Among sectoral indices, Nifty PSU Bank fell the most followed by Nifty Financial Services, Nifty Auto, Nifty Pharma and Nifty Private Bank, while metal and IT indices closed in the green.

Stock Market Highlights: Sensex falls 135 points, Nifty ends below 15,750 dragged by financials
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  • Nagaraj Shetti, Technical Research Analyst, HDFC Securities

    The short term trend of Nifty continues to be negative. But, the formation of hammer type pattern at crucial support and sharp intraday upside recovery from a lower range are pointing towards an upside bounce in the market in the next 1-2 sessions. The expected upside is likely to test the upper resistance of 15,860-15,900 levels in the near term.

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

    While both bulls and bears slug it out in the first half of the trading session, the former cut long positions and in the latter part of the trading session bears covered short-sell positions. However, based on the recovery of the market, we feel that Nifty has completed a corrective pattern at 15,500. Significant gains in telecom, metals, technology and select private banks helped the market to close above the levels of 15,700. On Thursday, Nifty could remain in the trading range of 15,800 and 15,600. As the market has re-entered the trading range, the levels of 15,600 would act as major support and 15,800 would be a major obstacle.

  • Here are key stocks that moved the most on July 28
    Among sectoral indices, Nifty PSU Bank fell the most followed by Nifty Financial Services, Nifty Auto, Nifty Pharma and Nifty Private Bank, while metal and IT indices closed in the green.
    Stock Market Highlights: Sensex falls 135 points, Nifty ends below 15,750 dragged by financials
  • Manish Shah, Founder, Niftytriggers.com

    Nifty is showing tremendous resilience against the odds. The collapse in the Asian markets has not dented the confidence of investors. Nifty will continue to trade in a band for a prolonged period and when will the breakout manifest is anybody’s guess. Till the time breakout above 15,950 manifests Nifty could remain in a range for a prolonged period. We are in a well-established range that points out a simple strategy buy around 15,500 and sell around 15,950.

  • Deepak Jasani, Head of Retail Research, HDFC Securities

    Nifty broke the 15,635 support but bounced back to close marginally in the negative for the day. The selling in the markets got arrested once the Hongkong and Chinese markets reversed their weak trend this morning showing signs of stability after three days of sharp weakness. Global markets show some stability ahead of US Fed meet. Broad market however shows weakness as per the weak advance-decline ratio. Nifty can now stay in the 15,635-15,797 band for the next 1-2 sessions.

  • Sumeet Bagadia, Executive Director, Choice Broking

    On the technical front, the Nifty index has been trading in higher high and lower low formation and tested the support from lower formation, suggesting a bounce back in the upcoming session. On the Four-hourly Chart, the Index has formed a Bullish Marabozu Candle, which points out strength for the next day. Hourly Momentum indicator RSI has also bounced from the oversold zone, which points to upside movement for the next trading day. At present, the Nifty has support at 15,500 level while resistance comes at 15,850 levels.

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

    The market slipped below the crucial 15,600 level but was swift to recover from there and managed to close above 15,700. This is an indication that the market is still range bound and is continuing to trade within the 15,400-15,900 band. Until we do not get past either level convincingly, the index will not see a significant move in either direction.

  • Rupee At Close | The Indian rupee ended higher by 9 paise at 74.37 per dollar amid selling in the domestic equity market. The local currency opened marginally higher at 74.43 per dollar against the previous close of 74.46 and traded in the range of 74.31-74.49.

  • Market At Close | Market ends in the red but off lows; Market breadth favours declines; advance-decline ratio at 2:3.

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

    The market witnessed the continuation of the bearish movement after a failed attempt to hold the support level around the Nifty50 Index level of 15,700. If the market sustains below 15,700 and can see the continuation in the correction till the next support level near 15,420-15,450. The traders are advised to refrain from building a new buying position until further improvement is seen in the market breadth.

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

    - Market Ends In The Red But Off Lows

    - Sensex Recovers 641 Points & Nifty 196 Points From Lows

    - Nifty Bank Gains More Than 400 Points From Lows, Led By ICICI

    - Market Breadth Favours Declines; Advance-Decline Ratio At 2:3

    - Sensex Closes 276 Points Lower At 52,302 & Nifty 37 Points Lower At 15,709

    - Nifty Bank Slips 265 Points To 34,533 & Midcap Index 140 Points To 27,315

    - Bharti Airtel Top Nifty Gainer After Co’s Tariff Hike In Entry-level Prepaid Plan

    - Metal Stocks See A Sharp Recovery From Lows Led By Tata Steel

    - Maruti Ends With A Cut Of Over 1% After A Weak Set Of Earnings For Q1

    - SBI Life Continues The Gaining Momentum Seen post Earnings, Up 8% This Week

    - IndusInd Bank Rises Nearly 2% After Reporting In-line Q1 Earnings

    - SRF & Coforge Close With Minor Gains Following Better-than-expected Earnings

    - Torrent Pharma & Granules Rise While Alembic & DRL Continue To Fall

    - Indus Towers, BEL, SAIL, Nippon Life, Balkrishna Amongst Top Midcap Gainers

    - Navin Fluorine, Canara, M&M Fin, Cadila Top Midcap Losers

  • Closing Bell | Indian equity benchmark indices ended lower Wednesday dragged by selling in banking and financials stocks amid weak global cues. The Sensex fell 135.05 points, or 0.26 percent, to close at 52,443.71, while the Nifty ended 37.05 points, or 0.24 percent, lower at 15,709.40. Broader markets also reeled under pressure, with midcap and smallcap indices falling half a percent each.

    Among sectoral indices, Nifty PSU Bank fell the most followed by Nifty Financial Services, Nifty Auto, Nifty Pharma and Nifty Private Bank, while metal and IT indices closed in the green. Dr Reddy’s Laboratories, Kotak Mahindra Bank, Tata Motors, M&M and Cipla were the top Nifty50 losers, while Bharti Airtel, Tata Steel, SBI Life Insurance, Divi’s Laboratories and IndusInd Bank were the top index gainers.

  • Automakers considering another price hike, say sources

    Automakers are considering a fresh round of price hikes across passenger and commercial vehicles, sources said on July 28. CNBC-TV18 has learned that automakers may have to contend with high raw material costs for the foreseeable future as well as the stress seems to be far from over for now. Since the prices of steel and specialty metals that go into manufacturing auto parts are likely to stay elevated in the medium term, automakers may consider a fresh round of price hikes across passenger and commercial vehicles, sources said. The price hike will add to sticker prices that have already been raised at least once this financial year by most automakers. In fact, automakers are working to mitigate cost pressures by reducing steel consumption in the manufacturing process as they believe costs have become too high too quickly. According to the Auto Components Manufacturers Association, input costs per vehicle are up 10 to 15 percent in FY21 from FY20 levels and not all of these costs have been passed on to the customers yet. Watch here.

  • Yes Bank and Indiabulls Housing Finance enter into a strategic co-lending partnership

    Yes Bank and Indiabulls Housing Finance have entered into a strategic co-lending agreement to offer home loans to homebuyers at competitive interest rates. The partnership aims at synergizing capabilities to provide an efficient and seamless experience to retail home loan customers.

  • Amarjeet Maurya - AVP - Mid Caps, Angel Broking

    Today Bharti Airtel (BAL) stock is up around 5 percent. Bharti Airtel is getting positive momentum in stock due to the company increasing tariffs rate for the postpaid subscriber. The company is increasing the tariffs rate for the enterprise segment (which account for around 60% of the company’s postpaid users) which would boost the overall average ARPU for BAL. Going forward, we expect BAL to report healthy top-line & Bottom-line growth on the back of a strong brand, growth in customer additions, and improvement in ARPU. Hence, we are positive on the stock.

  • Pfizer posts 61% rise in Q1 profit; shares down 2% 

    Pfizer shares traded 1.65 percent lower at Rs 5,907.85 apiece on BSE after the company reported its Q1 earnings. The company posted a net profit of Rs 199.9 crore over revenue of Rs 749.2 crore for the first quarter of the current financial year. 

  • "There is a mild risk-off sentiment in equity markets globally as reflected in the rising dollar (the dollar index is at 92.80 now). The selloff in Chinese tech stocks on Beijing's regulatory crackdown has triggered concerns whether this sell-off will spread to other segments. China is too big now. It can cause flutters in global markets.This space needs to be watched cautiously," said VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services. 

    The Nifty50 range of 15,600-15,900 has become strong with sustained FII selling around 15,900, and strong retail and DII buying around 15,600. This range is likely to hold for some time, he added. 

  • Pfizer posts 61% rise in Q1 profit; shares down 2% 

    Pfizer shares traded 1.65 percent lower at Rs 5,907.85 apiece on BSE after the company reported its Q1 earnings. The company posted a net profit of Rs 199.9 crore over revenue of Rs 749.2 crore for the first quarter of the current financial year. 

  • Intellect Design, CCL, Orient Electric, Suzlon top laggards in BSE500 universe
    Intellect Design, CCL Products, Aarti Drugs, Suzlon, Orient Electric and Dalmia Bharat -- trading between 4.28 percent and 7.60 per cent lower -- were the worst hit among some 340 laggards in the broadest index on BSE. On the other hand, Phillips Carbon Black, Tata Communications, Uflex, GHCL and Trident, up 4.74-7.52 percent each, were among the top gainers. 

  • Century Textiles shares jump after company posts profit in Q1

    Century Textiles shares traded 4.28 percent higher at Rs 712.15 apiece on BSE after the company reported its earnings for the quarter ended June 30. The firm posted a net profit of Rs 21.60 crore for the first quarter of FY22 as against a net loss of Rs 40.01 crore for the corresponding period a year ago. 

    #1QWithCNBCTV18 | Century Textiles
    ▶️Net Profit at Rs 21.6 cr Vs loss of Rs 40 cr
    ▶️Revenue at Rs 841 cr Vs Rs 400 cr
    ▶️EBITDA at Rs 106.1 cr Vs Rs 20.4 cr
    ▶️Margin at 12.6% Vs 5.1% pic.twitter.com/wEzh44Ju10

    — CNBC-TV18 (@CNBCTV18Live) July 28, 2021
  • Bharti Airtel ups entry-level prepaid plan to Rs 79
    Telecom operator Bharti Airtel announced the revision to its prepaid plans and a price hike for its entry-level plans on July 28.The company has discontinued the Rs 49 entry-level prepaid recharge and…
    Stock Market Highlights: Sensex falls 135 points, Nifty ends below 15,750 dragged by financials
  • Coriander futures rise on spot demand

    Coriander prices on Wednesday rose Rs 18 to Rs 6,806 per quintal in futures trade as speculators widened their holdings tracking firm trend at the spot market. On the National Commodity and Derivatives Exchange, coriander for August delivery went up Rs 18, or 0.27 per cent, to Rs 6,806 per quintal with an open interest of 5,975 lots. A firm trend in spot market and restricted supplies from producing regions pushed up coriander prices here, market analysts said.

  • Gold gains on weaker dollar, stocks ahead of Fed verdict

    Gold prices firmed on Wednesday, drawing support from weaker equities and a subdued dollar, though gains were limited as markets cautiously awaited fresh insight into the U.S. Federal Reserve's views on inflation and economic growth. Spot gold was up 0.3 percent at $1,804.69 per ounce, as of 0707 GMT. US gold futures rose 0.2 percent to $1,803.40 per ounce.

  • SEBI Chairman said the market regulator is working with exchanges to examine if the free float of companies is also 25% and not just minimum shareholding

  • Positive on cement; be cautious on pharma in near-term: Nepean Capital

    Gautam Trivedi, co-founder and managing partner of Nepean Capital, expects the Indian market to consolidate as money is moving towards the initial public offering (IPO) market. Speaking in an interview with CNBC-TV18, he said, “There will be consolidation led by the absolute amount of money that is going into the IPO market; so that money which otherwise would have gone into secondary market is finding its way in the primary market and as a result, there is a consolidation.” In sectors, he likes cement stocks as Q1 of FY22 results have been phenomenal and according to him, Vardhman Textiles, Indo Count Industries and KPR Mill from the textile space look good. Trivedi further said that Asian Paints’ results continue to surprise on the upside and therefore, would advise not to sell the stock if someone owns it. On midcap IT, he said he would not allocate money to midcap IT companies at current levels. Trivedi also mentioned being cautious about pharma in the near term.

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  • Bharti Airtel extends gains following a hike in the entry-level prepaid tariff plan

  • Should investors buy, sell, or hold Torrent Pharma after Q1 results? Here's what brokerages say

    Drug firm Torrent Pharmaceuticals has reported a near three percent rise in consolidated net profit to Rs 330 crore for the quarter ended June 30. It had reported a net profit of Rs 321 crore in the previous year. Its consolidated revenue from operations rose four percent to Rs 2,134 crore from Rs 2,056 crore a year ago. Its Indian operations also grew by 18 percent at Rs 1,093 crore in Q1 FY22. The company earnings before interest, tax, depreciation, and amortisation (EBITDA) margin rose 200 basis points to 34 percent, YoY. Credit Suisse has an 'underperform' call on the stock with a target price of Rs 2,655 per share. According to the brokerage, Torrent Pharma reported a miss in the first quarter with the revenue/EBITDA/PAT coming lower by 8/6/14 percent as compared to its estimates. It further said that the current financial year will create a high base for India and cut our FY23 growth rates marginally. The brokerage has cut the EPS for FY22/23 by 8/10 percent on higher tax rates.

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Stock Market Highlights: Indian equity benchmarks Sensex and Nifty ended lower Wednesday dragged by selling in banking and financials stocks amid weak global cues. Broader markets also reeled under pressure, with midcap and smallcap indices falling half a percent each. Among sectoral indices, Nifty PSU Bank fell the most followed by Nifty Financial Services, Nifty Auto, Nifty Pharma and Nifty Private Bank, while metal and IT indices closed in the green.