Market HIGHLIGHTS- Sensex ends 652 pts down, Nifty at 17758 on weak global cues; Reliance, ICICI Bank fall
Market HIGHLIGHTS: Sensex ends 652 pts down, Nifty at 17758 on weak global cues; Reliance, ICICI Bank fall Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: BSE Sensex and NSE Nifty 50 ended more than 1 per cent lower on Friday, on the back of weak global cues. BSE Sensex tanked 652 points or 1.08% to end at 59,646.15, while NSE Nifty 50 points ended at 17758, down 198 pts or 1.10%. Stocks of IndusInd Bank, Bajaj Finserv, Tata Steel, State Bank of India, Maruti Suzuki India, M&M, Reliance Industries Ltd (RIL), NTPC were among top losers. On the flip side, L&T, Infosys, and TCS were the only gainers.Live Updates Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates BSE Sensex tanked 652 points to end below 60,000, while NSE Nifty 50 points ended at 17758, down 198 pts or 1.10% The worst in terms of Foreign Institutional Investor (FII) selling and inflation outlook seems to be over now, said Sachin Shah, Fund Manager, Emkay Investment Managers in an interview with Kshitij Bhargava of FinancialExpress.com. Further, Sachin Shah believes that the earnings season barring the oil & gas sector was not too bad. He does foresee some risks ahead but largely remains optimistic about the trajectory that stock markets are charting. Here are the edited excerpts. Read full story Nifty 50 is likely to scale fresh all-time highs of 19,425 in the next twelve months, said analysts at ICICI Direct. Although the April-June quarter earnings were muted for Dalal Street, the recent southward march undertaken by commodity prices is seen to be providing comfort going forward. “The recent cool off in key commodity prices viz. metals, crude among others comes as a breather for global equity markets, which are currently wary of ongoing geopolitical issues and interest rate hikes by central banks to control inflation,” ICICI Direct said. On Friday, NSE Nifty 50 was down 150 points or 0.88% to sit near 17,800. Read full story Adani Power share price soared 5 per cent to a new 52-week high of Rs 419 apiece on Friday, taking its rally so far in 2022 to 307 per cent. With today’s gain, Gautam Adani group firm has overtaken state-run NTPC in market capitalisation. Technical analysts say that Adani Power stock now remains steeply overextended on charts. Read full story Benchmark Index had been maintaining its upward journey with NSE Cash turnover witnessing a sharp improvement as monthly average now crossed Rs.59000 crore compared to that of July at Rs. 44000 crore, indicating broad based participation. Foreign portfolio investors (FPI’s) have invested Rs.22452 crore in August so far amid softening crude oil prices and receding fears of inflation. Present momentum in the Index over the last few weeks has pulled about 248 stocks i.e. nearly 50% of the Nifty 500 constituents to trade above the 200dma indicating broad based rally suggesting room for more upside amidst intermittent correction. Hence constructive development reiterate a positive stance in Nifty and thus one can expect the Index to head further higher towards 18350 in near term. Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking The Reserve Bank of India (RBI) earlier this week released a discussion paper on charges across various payment systems. With the move, the central bank is seeking feedback from stakeholders, after which the RBI would look to streamline the framework of charges for different instruments. The same is unlikely to have a major impact on Paytm, according to Goldman Sachs. “Based on our reading of the paper, since Paytm (One 97 Communications) is an intermediary and not a bank, we estimate the net impact (revenue less payment processing cost) of any potential changes to likely be minimal on the company,” they said. The global brokerage firm has reiterated its ‘Buy’ call on the scrip. Read full story Overall monsoon is progressing well (~9.5% above normal, cumulatively), with some spatial weakness in Eastern India. While sowing progress has been relatively weak which may impact crop output, India’s food stocks remain healthy which in turn will help keep food inflation in check. On the other hand, recently concluded earnings season saw healthy sales growth, with some pressure on profitability arising from high energy prices. Owing to recent correction in crude prices, pressure on margins should ease off over next couple of quarters. Going forward, all eyes will remain on domestic recovery. Upcoming festive season demand is something markets will watch out for. The festival season demand is expected to be buoyant as this is the first normal festival season post COVID-19 and rural segment may see buoyancy on back of strong monsoon. Hemant Kanawala, Senior Executive Vice President & Head Equity, Kotak Mahindra Life Insurance Globally as well as domestically, markets are witnessed a sell-off in today’s trading session, with broad-based selling across sectors on the back of valuation concerns, with rate-sensitive stocks leading the correction. Nifty continues to be strongly supported around the 17400-17500 zone, whereas resistance is seen around the 18000-18100 mark. Investors are well advised to adopt a cautious approach at current market levels. Aamar Deo Singh, Head Advisory, Angel One After the one-way rally, today's markets have witnessed sharp profit booking from higher levels. There is a broad-based decline today. Nifty broke its last two days' lows and slipped more than 250 points intraday from the high of 17992 to make a low of 17728. Except Nifty IT, which is held in green, all other major sectorial indices saw profit booking. The Bank Nifty index saw the biggest decline as it corrected more than 900 points, or 2.5%, from the intraday highs. India Vix is up 0.8 basis points owing to volatility. Ashish Gupta, Volatility Trader and Derivatives Expert Syrma SGS Technology’s Rs 840-crore IPO, which got subscribed 32.61 times on the final day of bidding, is likely to finalise the basis of allotment on Tuesday, 23 August. This was the first company in over two months to hit the market with an IPO. The portion reserved for qualified institutional buyers was subscribed 87.56 times and that for non-institutional investors was subscribed 17.5 times. The retail investors portion was subscribed 5.53 times. The IPO shares were sold at a price band of Rs 209-220. The equity shares are expected to list on BSE and NSE on 26 August 2022. Read full story We remain constructive on the overall markets and believe the present market offers an attractive risk-reward play to build a long term portfolio of quality companies, which have lean balance sheets, are capital efficient in nature and have growth longevity. ICICI Direct The recent cool off in key commodity prices viz. metals, crude among others comes as a breather for global equity markets, which are currently wary of ongoing geopolitical issues and interest rate hikes by central banks to control inflation. Management commentary is upbeat on demand prospects and recovery in margin profile amid muted corporate earnings for Q1FY23, which witnessed low single digit QoQ growth in topline and double digit bottomline decline with pressure on gross margins. Nifty EPS for Q1FY23 came in at ~Rs 177/share, down 14% QoQ. Major disappointment came in from the oil & gas sector wherein marketing margins came in lower than estimated. However, capital goods, metals & mining and pharma space surprised on the positive side. Domestically, with a capex cycle revival on the anvil (public + private) coupled with strong consumer demand across most categories (passenger vehicles, retail, etc). ICICI Direct Reliance Industries, ICICI Bank, HDFC Bank, Bajaj Finance, SBI contributed the most to the indices' fall Market has seen a vertical rally in 2-3 weeks, so some sort of profit booking around the psychological mark of 18000 was evident. We even advised to stay light at higher levels. Sameet Chavan, Chief Analyst-Technical and Derivatives at Angel One The benchmark indices are witnessing profit booking after continuous rally since last few weeks. Sectors like Banking, Auto and Power are majorly contributing towards the fall. We may see some more correction of around 3 – 5 percent in the said sectors. Nifty may touch the levels of 17700 in this momentum. Ravi Singh, VP & Head of Research, Share India Securities Indian benchmark indices erased opening gains and edged lower on Friday amid weak global cues. While NSE Nifty 50 dropped over 150 points to trade below 17,800 levels, the S&P BSE Sensex index fell over 500 points to slip below 60,000. Broader markets inched lower as well as Nifty Midcap 100 and Nifty Smallcap 100 declined up to 1 per cent. Sectorally, Nifty Media and Nifty IT bucked the trend to trade in positive territory. Nifty Pharma, Nifty Bank, Nifty FMCG, however, were the losers among the pack. Adani Enterprises, SBI Life, Eicher Motors were among the 122 stocks that hit 52-week high on BSE, while 9 scrips touched new lows intraday. Read full story L&T, Infosys, Tech Mahindra, Wipro, HCL Tech and TCS were the only gainers on S&P BSE Sensex Nifty support now seen at 17800 and 17720, while resistance is placed at 18000. Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services IndusInd Bank, Bajaj Finserv, Bajaj Finance, Power Grid Corporation of India, SBI, Maruti Suzuki, ICICI Bank were among top Sensex draggers NSE Nifty 50 index was not only overbought but was over extended in nature from the pattern analysis point of view. What we are seeing now is just the much needed corrective retracement which would be healthy for the markets. Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services BSE Sensex tanked 522 points or 0.9 per cent at 59,776, while NSE Nifty 50 gave up 17800 levels Barring pockets of deficiency across the Indo-gangetic plains, precipitation levels across the rest of the country remain strong. A likely reduction in paddy yields and output are unlikely to have major inflationary implications, in our view. Monsoon rains remain strong, with the cumulative rainfall surplus staying at a healthy 9% above normal. However, the spatial distribution remains concerning, as five key sub-divisions located in the states of Uttar Pradesh, Bihar , Jharkhand and West Bengal continue to receive deficient rainfall. Barclays Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading lower in India on Friday, on the back of weak global cues. On Multi Commodity Exchange, gold October futures were down Rs 136 or 0.3 per cent, at Rs 51,467 per 10 gram, against the previous close of Rs 51603, Silver September futures were down Rs 541 or 1 per cent at Rs 55,902 per kg. Globally, yellow metal prices slipped to a three-week low and were heading for their first weekly decline in five, as a stronger dollar and prospects of more rate hikes by the U.S. Federal Reserve dented bullion’s appeal. Read full story High-frequency indicators for the month of July suggest that India’s economic activity is losing steam, with most showing a decline on-month basis, Bank of America (BofA) said. “High-frequency indicators faltered in July vs June. For most activity indicators sequential performance was below median,” the report said. Economists at BofA have also highlighted that the covid-19 cases in the country have been hovering at 15,000 levels while daily deaths are below 50. On-year growth continued to do well in July, but sequential growth for most indicators fell short of the median month-on-month typical of July. Read full story With no reversal signs on the horizon, Nifty could rise towards 18115 over the next few sessions. On the other hand, a breach of 17833 could mean faster downsides. Deepak Jasani, Head of Retail Research, HDFC securities Indian equity market benchmark indices were trading flat with some positive bias on Friday. BSE Sensex was up 53 points or 0.1 per cent at 60,351, while NSE Nifty 50 held above 17,950. Analysts at ICICIDirect maintain a positive stance and expect the Nifty to head towards their revised target to CY22 high of 18,350 in coming weeks. However, the move towards 18350 would be in a zigzag manner, and secondary correction is a norm in a bull market. Any temporary breather should be capitalised on as an incremental buying opportunity, the brokerage said. Analysts have picked BHEL and Bajaj Electricals as short-term stock picks, seeing up to 10 per cent upside in two weeks. Read full story The undertone is expected to remain upbeat till it sustains above the 17500 odd zone, but some tentativeness could be sensed as the index approached near the psychological mark of 18000. On the technical front, 18000-18150 is seen as the immediate hurdle for the bulls, while 17830-17765 is the immediate support. Looking at the technical setup, the market is likely to trade within the mentioned range until a decisive breakout is not seen on either side in the near period. Read full story Nifty Bank index fell 0.2 per cent to 39,572.55 in morning deals On the flip side, IndusInd Bank, Power Grid Corporation of India, State Bank of India, Reliance Industries, NTPC, ITC, HDFC Bank, and Nestle India were top Sensex laggards. Stocks of Tech Mahindra, UltraTech Cements, Kotak Mahindra Bank, Wipro, Tata Consultancy Services (TCS), Infosys, Titan Company, Asian Paints were among BSE Sensex gainers. BSE Sensex gained 53 points or 0.1 per cent at 60,351, while NSE Nifty held above 17950 on Friday BSE Sensex gained 53 points or 0.1 per cent at 60,351, while NSE Nifty held above 17950 in pre-open Favoured view continues to expect Nifty heading into the 18100-18200 region before any major attempt to reverse. Towards this end, we had pinned hopes on 17835/45 region holding intraday volatility, and with Nifty reversing from 17852 after a couple of downside attempts, the day is likely to open with a positive bias. However, we would prefer to push the downside marker higher to the 17900 vicinity, once Nifty pushes towards18070. Anand James – Chief Market Strategist at Geojit Financial Services Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel has been kept steady for the 90th day by OMCs on Friday, 19 August 2022. Petrol price in Delhi today stands at Rs 96.72 a litre as against Rs 105.41 a litre prior to the cut in excise duty, while diesel will cost Rs 89.62 a litre as opposed to Rs 96.67. The most recent price reduction had come in Maharashtra when the state government announced a cut in value-added tax (VAT) on petrol by Rs 5 a litre and by Rs 3 a litre for diesel earlier last month. The cut in VAT is likely to cost Maharashtra’s state exchequer Rs 6,000 crore on an annual basis. Read full story After ending the last weekly expiry around 17600, the Nifty continued its momentum during this week to rally further and is now a tad away from reclaiming the 18000 mark. The indices continued to attract long positions which provided an impetus to the up-move. The relentless run-up continues for the market as the Nifty has almost reclaimed the 18000 mark within a short period post the recent swing lows. Read full story Domestic equities are likely to start the trading session Friday on a weak note tracking a fall in SGX Nifty even as Asian markets are displaying a mixed trend. Trading session could be muted today on account of Janmashtami. Although, Nifty bounced back to erase its losses to end positive in yesterday's trade, caution could prevail as the market is clearly in an overbought zone and may, hence, see some consolidation going ahead. The Nifty is already around a four-and-a-half-month high and, most importantly, is up around 17% from mid-June lows. Also, FIIs for the first time in August were net sellers of local equities on Thursday to the tune of Rs 1,706 crore after the US Fed minutes indicated that policymakers could go for more rate hikes. Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities On the weekly futures & options expiry session Dalal Street struggled but closed with gains and continued its up-move. S&P BSE Sensex ended 37.87 points or 0.06% higher at 60,298 while the NSE Nifty 50 added 12.25 points or 0.07% to close at 17,956. The volatility index fell 1.85% on the day to settle at 17.35 levels while the Bank Nifty index closed nearly half a per cent higher. Ahead of the final trading session of the week, SGX Nifty was in the red, suggesting a flat to negative start, however, global cues were largely positive. Read full story “(Thursday) was a weekly OPEX day and although the benchmark index Nifty 50 traded in a narrow range of 100 odd points, there were volatility spikes in between. Nifty opened at ~17900 and ATM straddle opened at 92 which continued to decline through the first half and traded at 40 around 2PM and closed at 56 due to last one hour rally. Bank Nifty was rather volatile and it gained 300 points in first half an hour only to give away all of that in next 2 hours. In the second half, it again rallied and gained about 400 points from the lows to close at 39656. For weekly expiry option sellers, trading in Nifty was relatively easier as there was a lot of zig-zag move in BankNifty,” Ashish Gupta, Volatility Trader and Derivatives Expert. Inflation has flattened and is soon expected to fall, first into the monetary policy committee’s (MPC) tolerance band of 2-6% and then to the target of 4%, said an article by a group of RBI researchers, including deputy governor Michael Patra. Read full story “Recent gains in Indian indices have been helped by a combination of factors including encouraging macro data, fall in commodity prices, slowing inflation that may lead to central banks globally softening their monetary policy stance earlier than expected etc. Return of buying by FPIs has also helped. The steepness of the rally from the lows of June 2022 without any major correction on the way has been beyond expectations of most investors. This also reflects the relative strength of the Indian markets amidst the global turmoil. Confidence of retail investors has been reinforced. While some stocks are still much below their recent highs, this is a normal phenomenon with sectors and stocks taking turns to perform. Investors now eagerly await Nifty touching all time highs, while some skeptical investors feel that this may be a bear market rally. The investor may take appropriate action to review their portfolio and take some profit off the table in the coming few weeks. Some skeptical investors feel that this may be a bear market rally. The investors may take appropriate action to review their portfolio and take some profit off the table in the coming few weeks,” said Dhiraj Relli, MD & CEO, HDFC Securities. SGX Nifty was trading with marginal losses on Friday morning. Nifty futures were down 30 points suggesting a muted opening for Dalal Street. The government on Thursday hiked the windfall profit tax on the export of diesel to Rs 7 per litre and brought back a tax on jet fuel exports, but slashed the levy on domestically produced crude oil in line with softening rates.At the third fortnightly review, the government raised the windfall profit tax on the export of diesel to Rs 7 per litre from Rs 5 a litre and brought a Rs 2 a litre tax on ATF exports, a finance ministry notification showed. Read full story
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