Stock Market Highlights: Indian equity indices, Sensex and Nifty ended higher Thursday led by broad-based buying in financials, metals and pharma stocks. Smallcap and midcap indices closed over 1.5 percent higher each. Gains were seen across sectors led by PSU banks, metals, pharma, IT and realty indices.
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Ruchit Jain, Senior Analyst - Technical and Derivatives, Angel Broking
The support for Nifty is placed in the 15,600-15,550 range while resistance is seen around the 15,800 mark. A breakout above 15800 would then result into a continuation of the uptrend towards 16000 and beyond while a breach below the mentioned support would apply brakes to the optimism. Thus, it would be interesting to see how the weekly close pans out tomorrow. Although, a lot of stock specific activity could be seen and hence, traders should look to focus on potential outperforming stocks from a near term perspective.
Sumeet Bagadia, Executive Director, Choice Broking
Technically, the Index has formed a Bullish Harami Candlestick on a daily time frame, which suggests strength in the index. Moreover, the index has taken support from 50-EHMA and closed above the same, which suggests a positive move for upcoming days. A momentum indicator MACD is also trading with a positive crossover as well as above the zero lines. At present, the Nifty seems to have resistance at around 15,850 levels while immediate support shifted up to 15,600 levels.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
The short term uptrend status of Nifty remains intact and the recent weakness is expected to be overtaken in the short term. A sustainable move above 15,800 is expected to open another 200-300 points upside for the market ahead. Crucial support is placed at 15,600.
Ajit Mishra, VP - Research, Religare Broking
Markets made a smart comeback after yesterday's slide and gained over half a percent. After the initial uptick, the benchmark gradually inched higher as the day progressed and settled around the day’s high. Markets are keenly eyeing the domestic developments viz. unlocking by states and progress of vaccination programs for cues. Going ahead, we feel the update on the monsoon will also be closely watched by the participants. Major global indices are currently seeing consolidation which may continue to trigger volatility in our markets too. Amid all this, we reiterate our bullish view and suggest using dips or further consolidation to accumulate quality stocks.
Mohit Nigam, Head, PMS, Hem Securities
Nifty 50 gave closing above an important level of 15,700 and trading above 15,700 is positive from a short term perspective. Strong buying interest is seen in financial, pharma, metal and realty stocks while some selling pressure is witnessed in selected auto and consumer durable stocks. Bajaj Finance and Bajaj Finserv were the top gainers while ITC and Bajaj Auto were the top losers in Nifty 50 today. Immediate resistance levels for Nifty50 are 15,850 and 16,000 while key support levels for Nifty50 are 15,500 and 15,300.
Manish Shah Founder Niftytriggrs.com
Nifty is seeing a contraction of the daily range and this adds to the uncertainty as to the direction of the market. Inside days are trend continuation pattern and in this case, also we have clear boundaries. A break above 15,800 should propel Nifty to 16,200 levels. On the other hand, a break below 15,550 will trigger a decline to 15,380. The next two days will be crucial for the market.
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments
The markets have reclaimed the 15,700 level which is a positive sign. Yesterday we bounced from the 15,600 support which was a crucial move by the index. This reconfirms that the trend is positive. The Nifty should be headed to 15,900-16,000 and 15,600 continues to be the important level of support. Any intraday dip or correction can be utilized to go long on the markets.
Rupee At Close | The Indian rupee ended lower by 9 paise at 73.06 per dollar, amid buying in the domestic equity market. The local currency opened flat at 72.95 per dollar against Wednesday's close of 72.97 and traded in the range of 72.94-73.12.
Market At Close | Market breadth favours adavnces with advance-decline ratio at 4:1.
Market At Close | Bajaj Twins (Bajaj Fin & Bajaj Finserv) back at record highs after a recent fall.
Market At Close | Sensex rises 359points to 52,300 & Nifty 102 points to 15,738.
Market At Close | Market ends near record closing high, led by financials.
Market At Close | Here are the highlights of today’s trading session
- Market Ends Near Record Closing High, Led By Financials
- Midcaps Outperform Frontliners; Midcap Index At Record Close
- Sensex Rises 359 Points To 52,300 & Nifty 102 Points To 15,738
- Nifty Bank Gains 331 Pts & Midcap Index 421 Pts To 27,268
- Bajaj Twins (Bajaj Fin & Bajaj Finserv) Back At Record Highs After A Recent Fall
- Autos Underperform In A Strong Session; Bajaj Auto & Eicher Slip 1% Each
- DLF Gains Over 5% Ahead Of Quarterly Earnings; SAIL Up Over 3%
- Bata Surges 5% On Better-than-expected Q4 & Unlock Theme
- PSU Banks Continue The Gaining Momentum; PNB Up 5%, BoB Over 3%
- Dr Lal, Ujjivan, Indiabulls Hsg, NCC Amongst Top Midcap Gainers
- Media Group Stocks Post Healthy Gains; Den, Hathway Up Over 10% Each
-Market Breadth Favours Adavnces With Advance-Decline Ratio At 4:1
Closing Bell | The Indian equity market ended higher Thursday led by broad-based buying across sectors. The Sensex jumped 358.83 points or 0.69 percent to 52,300.47; while the Nifty ended 102.40 points, or 0.65 percent higher at 15,737.75. Broader markets outperformed the benchmarks as the Nifty Smallcap100 and Nifty Midcap100 indices closed 1.6 percent higher each.
Barring Nifty Auto, gains were seen across sectors led by PSU banks, metals, pharma, IT and realty indices. On the Nifty50 index, Bajaj Finance, Bajaj Finserv, SBI, Divi’s Laboratories and IndusInd Bank were the top gainers while Bajaj Auto, Eicher Motors, UPL, Adani Ports & SEZ and Shree Cement led the losses.
Market Watch: Deven Choksey, KRChoksey
On Bajaj Finance | In my viewpoint, the company, which is basically systematically integrating the tech, would be probably the winner of tomorrow. That is why the market is more excited about Bajaj Finance.
On Kotak Mahindra Bank | Those banks which are technologically advancing would be in preference for investors. ICICI Bank is already ahead in the race. Kotak is silently working and probably is much more capable from the technology side. In my viewpoint, they are the next one to be looked at. One also cannot neglect HDFC Bank. Today if the likes of Kotak Mahindra Bank or HDFC Bank are available at a slightly discounted or neglected valuation, I may probably want to take a contra bet – any fall or any correction, keep buying these particular stocks in the portfolio.
Reliance Industries’ partly paid shares relist on NSE
Reliance Industries Ltd's (RIL) partly paid shares were relisted on the National Stock Exchange (NSE) on Thursday at Rs 1,572 per share. The stock jumped more than 3 percent intraday after listing. In an exchange filing, RIL said it received Rs 13,150.7 crore as the first call on partly paid-up equity shares. The company had fixed May 12, 2021, as the record date for the purpose of determining the holders of the partly paid-up equity shares (eligible shareholders) who shall be liable to pay the money on the first call. Read here.
Berkshire Hathaway leads $750 million Nubank funding round, values it at $30 billion
Warren Buffett’s Berkshire Hathaway invested USD 500 million in Brazil’s Nubank, giving the fast-growing fintech a big vote of confidence as it seeks to widen its footprint across Latin America. Nubank, best known as a credit card issuer, also said it raised an additional USD 250 million from a series of other investors. The new investments give Nubank a USD 30 billion valuation, up from USD 25 billion at the time of its previous fundraising round, according to a source familiar with the situation. That would make the upstart bank worth just slightly less than Banco Santander Brasil SA, Brazil’s No. 3 bank, which has more than 2,000 branches. Read here.
This Jhunjhunwala-owned stock tripled investor wealth in just 1 year
Water treatment firm Ion Exchange (India) has proved to be a stellar investment with the stock tripling in the last 1 year. The Rakesh Jhunjhunwala-owned stock soared a little over 200 percent in the last 1 year from around Rs 670 to Rs 2,036 currently. It has jumped around 130 percent in 2021 till date. Further, it has already rallied 42 percent in the month of June on the back of phenomenal performance in the March quarter. In Q4, the company's net profit surged around 144 percent to Rs 70.15 crore as against Rs 28.10 crore during the year-ago quarter. Sales also jumped 26.79 percent to Rs 445.15 crore in the quarter under review versus Rs 351.09 crore during the corresponding quarter of the previous fiscal. Read here.
Anand Rathi on Suven Pharmaceutical
We expect strong, 16.4%/18.5%, CAGRs in revenue/ profit over FY21-23, driven by commercial supplies for two specialty-chemical products, one in the pharmaceutical division, and the launch of 3-5 formulation products a year. We cut our FY22e/ FY23e PAT estimates by 3.4%/5.7% to factor near term cost escalations. We retain our Buy recommendation, with a lower target of Rs 560 (earlier Rs 594).
Mazagon Dock Shipbuilders Q4FY21 | The company's net profit jumped to Rs 259.1 crore from Rs 74.7 crore, while revenue rose 5.9 percent to Rs 1,105.1 crore from Rs 1,043.3 crore, YoY. EBITDA was at Rs 42.9 crore against EBITDA loss of Rs 27.3 crore, YoY. Other income at Rs 273.4 crore against Rs 133 crore, YoY.
Playing a mix of defensives & cyclicals to balance the portfolio, says Prasun Gajri of HDFC Life
Prasun Gajri of HDFC Life said that he is currently cautious on the markets. In an interview with CNBC-TV18 said, “It is not that we are bearish per se, but just a little bit cautious. We are kind of balancing out our views on the market in a sense that we are exposed to some cyclicals sectors at the same time we are taking some defensive bets in the portfolio.” Gajri believe that at these valuations any kind of a headwind would be detrimental to the market. In the markets, he continues to be bullish on pharma and IT. “We continue to be overweight on the pharma and even IT. At the same time, we remain positive on sectors like cement, parts of the auto, parts of banking, parts of capital good so it is more of a balanced approach.” Watch here.
Yash Gupta Equity Research Associate, Angel Broking
We had seen a very good healthy consolidation in the Pharma & Healthcare sector since the last month and now the sector is again in action. Results for the last quarter Q4FY21, was not up to the mark of market expectation, as companies reported flat growth in export market and single digit growth in domestic market whereas companies reported better than expected EBITDA margins for the quarter.
As COVID cases are coming down, we expect gradual opening up of the economy and removal of travelling restrictions across India. We expect the Pharma & Healthcare sector to give some good returns in upcoming months. We have a buy call on Apollo Hospitals with a target price of Rs 3,700.
US inflation pressure yet to build up; labour market tightening a worry: Morgan Stanley’s Chetan Ahya
There is some time for inflation pressure to build up in the US, said Chetan Ahya, chief economist & global head-economics at Morgan Stanley, on Thursday. Speaking in an interview with CNBC-TV18, he said, “We think the Fed and therefore the bond market is going to be a bit calmer. What you have to think about is that underlying inflation when it is driven by tightening of the labour market and pick up in wage growth – that’s the inflation that will be concerning the market and we think there is some time for that inflation to build up.” Read here.
#4QwithCNBCTV18 | Cera Sanitary declares results
Alkem Laboratories | The company has launched Perampanel Tablets in India under the brand name “Perampil”, an affordable anti-epileptic drug for the treatment of Epilepsy.
Market Watch: Himanshu Gupta, Globe Capital
- Apollo Tyres is a good long opportunity from the current levels. One can initiate longs for a target price of Rs 252 and a stop loss below Rs 236 can be placed for Apollo Tyres.
- Cadila Healthcare can be bought around current levels with a stop below Rs 645 for target of Rs 675.
- Mangalore Chemical and Fertilisers can be bought around current levels of Rs 88 for a target price of Rs 96 and Rs 100 and stop loss below Rs 85 can be placed here.