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Stock Market Highlights: Sensex rises 145 points, Nifty ends above 16,550 led by metals; smallcaps underperform

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Stock Market Highlights: The Indian equity indices, Sensex and Nifty ended higher Monday led by gains in metals and FMCG stocks. Broader markets underperformed the frontliners as the midcap and smallcap indices closed lower. Among sectors, selling was seen in PSU Bank, auto, IT, media and pharma indices, while Nifty Metals, Nifty FMCG and Nifty Financial Services ended in the green.

Stock Market Highlights: Sensex rises 145 points, Nifty ends above 16,550 led by metals; smallcaps underperform
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  • Nagaraj Shetti, Technical Research Analyst, HDFC Securities

    The short term trend has shifted again into choppy, post upside breakout of the small narrow range movement. There is a possibility of Nifty showing consolidation or minor weakness in the next 1-2 sessions, before showing further upside in the near term. The next upside target remains intact at 16,800 levels and immediate support is placed at 16,480 levels.

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

    Despite weak global market conditions, Indian markets maintained bullish momentum amid sharp intraday volatility. On daily charts, benchmark index Nifty has formed a breakout continuation formation. The texture of the chart suggests the 16,450-16,400 level would act as a key support level for the day traders. As long as the index is trading above the same, the uptrend texture is likely to continue up to 16,600-16,640 levels. In the near future, the market may consolidate near the 16,600 resistance levels.

  • Ajit Mishra, VP - Research, Religare Broking

    Markets traded lacklustre and ended marginally higher, in absence of any major trigger. The tone was muted in the beginning however healthy buying in select heavyweights like Reliance combined with stocks from the metal and financials space aided the index to inch higher as the session progressed. The broader market indices continued their underperformance and ended lower in a range of 0.3-0.8%.

    As the results season is largely behind us, domestic factors viz. updates on further unlocking and pace of vaccination will remain in focus. Meanwhile, the performance of the global indices may induce further volatility. Since we’re seeing limited participation, traders should focus on sectors that are trading in sync with the benchmark and wisely choose the stocks.

  • Here are key stocks that moved the most on August 16
    The Sensex gained 145.29 points, or 0.26 points, to end at 55,582.58, while the Nifty closed 33.95 points, or 0.21 percent, higher at 16,563.05.
    Stock Market Highlights: Sensex rises 145 points, Nifty ends above 16,550 led by metals; smallcaps underperform
  • Deepak Jasani, Head of Retail Research, HDFC Securities

    Advance decline ratio continued to be weak. This along with lower-than-recent-average volumes on Aug 16 suggests that action is concentrated in a few scrips. Nifty could continue its gradual grind upwards, while the broader market continues to see rotational profit booking.

  • Rahul Sharma, Co-Founder, Equity99

    Nifty has once more formed a bullish candle at closing, with gaining intraday 33.95 points it managed to close at new record high levels, now going ahead 15,500 will act as a psychological level for immediate support followed by 15,475 -16,425-16,375 levels. Similarly on the upper side 16,600 will act as resistance followed by 16,675 levels.

    Nifty Bank which underperformed Nifty50 which lost 74.85 points and closed at 36,094.50 has immediate support at 35,900 & if it breaks this level then 35,700----35,550 will be the next support. On the upside 36,300 will be the hurdle above which 36,550-36,700 will act as the resistance level.

  • Palak Kothari, Research Associate, Choice Broking

    Technically, the Nifty Index has been trading higher high, higher low formation from the last few days which suggest strength for upside movement. Furthermore, the Index has been trading with a positive crossover of 21*50 HMA, which points out the potential for upward direction. Momentum Indicator MACD & RSI are also showing positive crossover on daily time frames 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.

  • Mohit Nigam, Head - PMS, Hem Securities

    The market is moving in the consolidation zone and any correction is a good opportunity to invest in quality stocks. The Nifty50 is seen with the support of 16,200 and resistance of 16,700 for the near term.

  • Santosh Meena, Head of Research, Swastika Investmart

    Indian Markets outperformed as most of the global markets are trading on a weak note where Nifty & Sensex hit fresh all-time highs of 16,588 and 55,680 respectively. Midcap and Small-cap stocks underperformed where the market breadth was in favor of decline. Metal stocks shine in the leadership of Tata Steel after strong management commentary and multiple upgrades by FII broking firms. Reliance led the gain in headline indices amid news of positive development on a deal with Saudi Aramco.

    Technically, Bullish momentum is continued in Nifty where 16,650 is an immediate target while 16,900 is the next target level. On the downside, 16,500-16,450 is an immediate demand zone whereas 16,350 will be critical support at any correction.

    BankNifty is still consolidating in the 35,800-36,200 zone while 36,500 is the next critical hurdle; above this, we can expect a rally towards the 37,200-37,700 zone. On the downside, 35,500 will be immediate support while 35,200-35,000 will be critical support zone.

  • Market At Close | Sensex & Nifty end at record closing highs led by Reliance Industries. Market breadth favours declines.

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

    - Sensex & Nifty End At Record Closing Highs Led By Reliance

    - Broader Markets Underperform Benchmarks; Market Breadth Favours Declines

    - Sensex Rises 145 Points To 55,583 & Nifty 34 Points To 16,563

    - Nifty Bank Slips 75 Points To 36,094 & Midcap Index 93 Points To 27,507

    - Reliance Gains Over 1% On Reports Of Aramco’s Deal Up To $25 Billion

    - Tata Steel Continues The Gaining Momentum On Strong Mgmt Comments Post Earnings

    - Bajaj Twins Gain In Trade As Well, Bajaj Fin Rises Over 3%, Bajaj Finserv Over 1%

    - Info Edge Recovers Over 2% From Lows On Better-than-expected Q1 Results

    - Apollo Hospitals Moves 7% Higher After A Strong Set Of Q1 Earnings

    - IGL Rises Nearly 1% While Amara Raja Slips Despite A Healthy Set Of Earnings

    - Vodafone Idea Slips Over 5% Following Weak Q1 Results

    - Cadila, Aurobindo, Page, BHEL, TVS Motor Top Midcap Losers

  • Closing Bell | The Indian equity benchmark indices ended higher Monday led by gains in metals and FMCG stocks. The Sensex gained 145.29 points, or 0.26 points, to end at 55,582.58, while the Nifty closed 33.95 points, or 0.21 percent, higher at 16,563.05. Broader markets underperformed the frontliners as the midcap and smallcap indices closed lower.

    Among sectors, selling was seen in PSU Bank, auto, IT, media and pharma indices, while Nifty Metals, Nifty FMCG and Nifty Financial Services ended in the green. Tata Steel, Bajaj Finance, M&M, Britannia Industries and IOC were the top Nifty50 gainers, while Maruti Suzuki, Shree Cements, Eicher Motors, Power Grid Corp and Bajaj Auto were the top index losers. Read here.

  • Monsoon likely to be deficient in month of August, says IMD

    It has been a quite patchy monsoon until now. While the month of June was good with nearly 10-13 percent of excess rainfall, July was in negative and August until now is negative as well. Out of the 4 geographical distributions, it is only the South peninsula that has seen positive rainfall, the rest 3 have seen deficiency. In an interview to Manisha Gupta, RK Jenamani of IMD said, "We have weak monsoon prevailing since last 7 days. We have not had much rainfall except in Andhra Pradesh and Telangana. In Maharashtra, we have not had high rainfall since 28 of July." Watch full interview here. 

  • Expect 30% earnings growth for FY22; must have QSR stocks for long term: Gautam Duggad of Motilal Oswal

    The June quarter corporate earnings saw a marginal beat on Nifty earnings on a year-on-year basis, despite low base. Gautam Duggad, Motilal Oswal Financial Services expects 30 percent growth in earnings for FY22 and said equity valuations will turn to FY23 post H2FY22. Speaking to CNBC-TV18, Duggad said, “We are still expecting 30 per cent-plus earnings growth for FY22. For our broader universal Motilal Oswal coverage of 208 stocks, we have seen an earnings growth of 117 percent, which is broadly in line. This performance led by commodities and cyclicals – metals and oil marketing companies (OMCs) – ex of those two sectors numbers is marginally ahead of estimates.” 

    Duggad added that he had not seen any change in EPS estimate of Nifty. He has a positive view on QSR sector and believes it is an exciting space for long term investment. "QSR is a space, which is very exciting and we have been positive on this space. We have recently upgraded Jubilant Foodworks also somewhere about Rs 3,000. If somebody has a long-term view, one must definitely have some exposure to QSR space,” he said. He believes the backdrop for liquidity and interest rates still remains very conducive for equity valuations.

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

    The market witnessed some lackluster movement and an attempt to hold the support level around the Nifty 50 Index level of 16,500. The market shows that it is going to be crucial for the short-term market scenario to sustain above the 16,500 Nifty50 Index level. The deviation in Nifty50, Nifty mid-cap and Nifty small-cap hence market advise the traders to refrain from building a new buying position until further improvement is seen in the market breadth.

  • EaseMyTrip Q1FY22: Consolidated net profit jumps six-fold to Rs 15 crore

    Online travel firm EaseMyTrip on Monday reported an over six-fold jump in consolidated net profit to Rs 15.42 crore for the quarter ended June 30, 2021 mainly on account of robust performance in the air passage segment. The company had posted a net profit of Rs 2.49 crore for the corresponding period of the previous fiscal year, EaseMyTrip said in a regulatory filing.

    “Despite the challenges posed by the second wave of the pandemic, EaseMyTrip has delivered robust growth in one of the most disruptive periods for the travel and tourism industry. This was possible due to the increase in operational efficiencies and our model of working on lean cost of operations," EaseMyTrip Co-founder and CEO Nishant Pitti said. Read here.

  • HDFC Securities on Ashok Leyland

    Ashok Leyland reported a Q1 loss of Rs 2.80 bilion due to the adverse impact of the COVID second wave. The management expects a recovery in H2FY22, which will be driven by tippers and ICVs (which account for 28/25% of industry sales). In the medium term, the implementation of the voluntary scrappage scheme will aid demand. However, the current recovery in the CV cycle will coincide with the commissioning of the Dedicated Freight Corridor (Rewari to Mundra route to be operational this quarter). We maintain REDUCE with a target price of Rs 115 (we value at 11x EV/EBITDA Jun-23E).

  • Should you buy, sell or hold Grasim shares after Q1 earnings? Here's what brokerages say
    On Friday, Grasim Industries had reported a standalone net profit of Rs 481.6 crore for the quarter ended June 30, beating Street estimates.
    Stock Market Highlights: Sensex rises 145 points, Nifty ends above 16,550 led by metals; smallcaps underperform
  • JB Chemicals expects Rantac price increase to aid EBITDA margin

    According to Nikhil Chopra, CEO and whole-time director, JB Chemicals and Pharmaceuticals, India Business could deliver growth of 39 percent this quarter, mainly due to uptick in big franchises, such as Rantac and Metrogyl. He also added that going ahead, as things normalise, the company would continue to deliver market-beating growth with Rantac, Metrogyl and also with some of the new offerings that they have put in the market in terms of paediatrics, respiratory and nephrology segments. Read here.

  • Olectra Greentech | Olectra Greentech and Evey Trans Pvt Ltd have received a Letter of Award from one of the State Transport Authorities for 50 electric buses under FAME-II scheme of the Government of India for Rs 70 crore. The buses shall be delivered over a period of 12 months. The maintenance of these buses shall also be undertaken by the Olectra during the Contract Period of 10 years.

  • Cummins India bets on data centre market; says green hydrogen promising segment

    Cummins India’s endeavour is to drive growth every quarter, Ajay Patil, chief financial officer (CFO), told CNBC-TV18. Patil also said that green hydrogen is the next exciting segment to watch.

    Engines and related parts maker Cummins India has reported more than a three-fold increase in its standalone profit after tax (PAT) at Rs 66.76 crore in three months to June, driven by higher domestic and exports sales. The Pune-based company had posted a standalone PAT of Rs 17.89 crore in the June quarter of FY21, according to a regulatory filing. Read here.

  • Market Watch: Ruchit Jain of Angel Broking

    - Buy Hindustan Unilever with a stop loss of Rs 2,385 and a target of Rs 2,495

    - Buy BPCL with a stop loss of Rs 454 and a target of Rs 482

  • Private equity, venture capital investments touch all-time high in July: Report

    Investments by private equity and venture capital funds doubled to a record high of USD 9.5 billion in July mainly driven by higher investor interest in the e-commerce sector, a report said on Monday. Private equity (PE) and venture capital (VC) investments stood at USD 4.1 billion in the year-ago period.

    The activity was higher by 77 percent when compared to June's USD 5.4 billion, the report on monthly PE/VC investment activity by industry lobby IVCA and consultancy firm EY said. The month recorded 19 large deals of over USD 100 million aggregating to USD 8.2 billion, compared to 10 large deals worth USD 3.1 billion in the year-ago period and 12 worth USD 3.6 billion in June 2021. Continue reading.

  • Info Edge expects Naukri to benefit from increase in tech hiring

    The tech sector is seeing high attrition levels, said Chintan Thakkar, CFO, Info Edge. He further said that the company is seeing a sharp increase in tech hiring and could go ahead with more pricing power. When asked if naukri.com was pure volume play or meant higher pricing as well, Thakkar told CNBC-TV18 that it was both. He explained, “The trends on the recruitment side, particularly when it comes to the tech space, the attrition rates are very high. So we are seeing a sharp increase in that particular business. So, that would mean we can probably go ahead with a little bit more pricing power and increase in volume as well.” Read here.

  • Ravi Kant Jaipuriya of Devyani International expects the company to reach near-normalcy levels by the August end to early September. He believes the company will be profitable in FY22 if there’s no third Covid wave.

  • Growth strong even excluding COVID-19; online pharmacy business growing: Apollo Hospitals

    Apollo Hospitals’ revenue and adjusted profit came in above Street estimates while the margin was in line for the June-ended quarter. Suneeta Reddy, Managing Director of Apollo Hospitals Group, discussed with CNBC-TV18 the numbers, which were were aided by the consolidation of Apollo Gleneagles, the contribution from COVID 2.0, and came on a low base.

    Reddy said the 24/7 availability feature is something that is needed to grow Apollo Hospitals, not only for the services it provides currently but also to increase consumer base, which is now at 10 million active consumers. “But, most importantly the pharmacy online is growing. The growth in pharmacy was 28 percent,” she added. Watch full interview here.

Stock Market Highlights: The Indian equity indices, Sensex and Nifty ended higher Monday led by gains in metals and FMCG stocks. Broader markets underperformed the frontliners as the midcap and smallcap indices closed lower. Among sectors, selling was seen in PSU Bank, auto, IT, media and pharma indices, while Nifty Metals, Nifty FMCG and Nifty Financial Services ended in the green.