Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic stock markets indices BSE Sensex and NSE Nifty 50 zoomed ahead in the first half of the day’s trade but failed to hold on to the gains and closed in the red. S&P BSE Sensex shed 100.42 points or 0.19% to settle at 53,134 while the NSE Nifty 50 index was down 24.5 points or 0.15% to close at 15,810. Bank Nifty too gave up intraday gains to end at 33,815, down 0.37%. India VIX slipped 0.86% to close at 20.97 levels. ITC was the worst performing Sensex stock, down 1.78%, followed by Axis Bank, M&M, Maruti Suzuki India, and IndusInd Bank. On the other end, Power Grid was the top gainer, up 1.54%. Other gainer included Bajaj Finserv, Hindustan Unilever, and Sun Pharma.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates
Sensex and Nifty closed with losses on Tuesday as bulls failed to hold on to gains. Sensex fell 100 points or 0.19% to close at 53,134 while NSE Nifty settled at 15,800, down 24.5 points or 0.15%.
Power Grid was the top Sensex gainer, up 1.78% on Tuesday afternoon. This was followed by Bajaj Finserv, HUL, and Sun Pharma.
Sensex and Nifty were seen trimming losses just ahead of the closing bell. Sensex was just shy of 53,200 while Nifty 50 regained 15,800.
Rejection seen again from higher levels which means breakout will take some more time. Advise to Book Profits in Nifty longs @ CMP 15,780 – Gain of 100 Points & Close BN Longs @ CMP 33,900.
~ Rahul Sharma, Directo & Head – Research, JM Financial.
The Indian rupee weakened further to touch a fresh record low against the U.S. dollar in afternoon trade on Tuesday as concerns of a wider current account deficit resurfaced the country’s June trade deficit hit a record high. Data released late on Monday showed India’s June trade deficit widened to a record $25.63 billion, pushed by a rise in crude oil and coal imports, from $9.61 billion a year ago. Rupee was trading at around 79.13 against the greenback, after hitting a fresh lifetime low of 79.17. It had touched the previous record low of 79.12 last week and had rebounded a little when it closed at 78.95 on Monday.
Index big-wigs such as ITC, TCS, and Infosys were in the red on Tuesday, pulling the index lower.
Sensex was just above 53,200 while Nifty 50 was holding above 15,800.
Sensex and Nifty turned red on Tuesday afternoon, with half an hour to go before the closing bell.
While the benchmark indices are down from intraday highs, Rahul Sharma of JM Financial said that all will be well if the 50-stock Nifty closes above 15,890. Currently the index is shy of the said levels.
Bank Nifty remains above 34,000 mark. Banking stocks Bandhan Bank was the top gainer, accompanies by Bank of Baroda, ICICI Bank, and HDFC Bank.
ITC was the top drag on Sensex, down 1.47%, followed by Wipro, Asian Paints, Maruti Suzuki India. Titan, Infosys, TCS, and HDFC were also in the red.
With little over an hour before closing bell, Sensex was down from highs but still in the green. Nifty was below 15,900.
Bulls continued to pull domestic headline indices higher on Tuesday. S&P BSE Sensex soared more than 600 points to hit an intra-day high of 53,865 while the NSE Nifty 50 index breached 16,000 mark after a month. The crucial 16,000 mark is seen as a hurdle for the index and a close above that, chartists say, could help the headline index rise higher. While bulls were in control, 71 stocks on BSE soared to fresh 52-week highs while 23 scrips were at new lows. Some of the marquee names at fresh highs include ITC, Chalet Hotels, Siemens, and many more.
Nifty opened gap up and has been inching to higher levels towards 16000 zone. The index has given a consolidation breakout on daily scale and has surpassed its 20 DEMA and is sustaining well at higher levels which indicates strength. Any dip towards 15888 can be utilized as a buying opportunity. India VIX has cooled off a bit and is at 20 levels which is giving respite to the bulls. However it needs to cool down below 18 zones for stability and a directional move in the market. Now till it holds below 15888 zone we can expect move towards 16161 and 16250 whereas supports are placed at 15888-15650 levels. Market breadth is positive which indicates that there support based buying at lower levels. Today, we are witnessing positive move in Banking and Financial service, Metals, Realty, IT, Auto, Media and Pharma whereas there is weakness seen in the FMCG space.
~ Chandan Taparia, Vice President, Equity Derivatives and Technical, Broking & Distribution, Motilal Oswal Financial Services
Key point to highlight is that, the Bank Nifty which carries 35% weightage in Nifty has resolved out of 3 weeks of consolidation (33775-32300) and closed above its 20 days EMA for the first time since early June. We believe, the revived upward momentum in Banking stocks would drive Nifty higher. In the process, strong support for the Nifty is placed around June low of 15200.
~ ICICI Direct
India’s services sector activities touched the highest mark since April 2011 amid current improvements in demand conditions, even as cost pressures in the service economy remained stubbornly high, a monthly survey said on Tuesday. The seasonally adjusted S&P Global India Services PMI Business Activity Index rose from 58.9 in May to 59.2 in June — its highest mark since April 2011.
Only three Sensex stocks were in red on Tuesday noon. ITC was the top laggard, down 1.35%, followed by Maruti Suzuki India, and IndusInd Bank.
MTAR Technologies' share price has erased nearly 50% of its value so far this year amid a bearish market sentiment. However, analysts at global brokerage and research firm Macquarie have now initiated coverage on the stock with an ‘Outperform’ rating and have projected massive upside potential. “A leading manufacturer of mission-critical precision components in precision engineering, MTAR is witnessing accelerated growth across end-markets,” Macquarie Research said in a note. The brokerage firm has initiated the coverage of MTAR Technologies with a 12-month target price of Rs 1,920 per share, which translated to an upside of 55% from today’s opening price.
“Nifty has today approached the 16k psychological level for the first time in nearly a month. The price action over the last few sessions has been encouraging, with each dip providing support to the index. Nifty now faces an immediate hurdle at 16000. If it surpasses and sustains above this, the recovery is likely to extend towards 16170, a level that marks the confluence point of 50-day moving average and a bearish gap that formed between 10th and 13th June,” said Abhishek Chinchalkar, Head of Education, FYERS.
Nifty touched 16000 on Tuesday morning as bulls remain in control on Dalal Street.
“The rejuvenation of upward momentum after witnessing slower pace of retracement and improving market breadth makes us believe index would resolve higher and gradually head towards 16200 in coming weeks.”
~ ICICI Direct
Rising from 58.9 in May to 59.2 in June, the seasonally adjusted S&P Global India Services PMI Business Activity Index was at its highest mark since April 2011 and signalled a steep rate of increase. Moreover, the acceleration in growth was broad-based across the four monitored sub-sectors. According to panellists, the upturn stemmed from ongoing improvements in demand following the retreat of pandemic restrictions, capacity expansion and a favourable economic environment.
~ S&P Global
“Re-Iterate Bullish view on Nifty. Expecting Targets of 16,200/16,400 & 16,800. Given Long Recommendation at 15,682. Ride your winning trades with Trailing Stoplosses,” Rahul Sharma, Director & Head – Research, JM Financial.
Housing Development Finance Corporation (HDFC) share price jumped 1.4 per cent to Rs 2,246.35 apiece; and HDFC Bank stock price rose nearly 1 per cent to Rs 1,368 apiece on Tuesday. These gains in stock prices came after HDFC Bank on Monday said the Reserve Bank of India (RBI) has approved its amalgamation with Housing Development Finance Corporation (HDFC). Read full story
HDFC share price rose 0.6 per cent, and HDFC Bank stock price was up 0.5 per cent after these two received RBI approval on merger
All the Nifty sectoral indices were ruling in the green. Nifty Bank index jumped 0.6 per cent, Nifty Metal was up 1.2 per cent, and Nifty IT rose 0.3 per cent
Only one stock on S&P BSE Sensex was in red. Asian Paints share price was down nearly half a per cent
Reliance Industries Ltd (RIL), Tech Mahindra, ICICI Bank, State Bank of India (SBI), Power Grid Corporation of India, HDFC, HDFC Bank were among top BSE Sensex gainers.
BSE Sensex jumped 289 points or 0.54 per cent to 53,523, while NSE Nifty 50 topped 15900 on Tuesday
Indian Rupee opens at 79.04 per US Dollar on Tuesday versus Monday’s close of 78.95 per US Dollar
The recent correction has made valuations fair but not yet attractive enough for aggressive buying. Leading financials continue to be safe buys. Moderation in commodity prices and improvement in chip availability bode well for autos. Market resilience in July indicates that a close above Nifty 16000 can lead to a near-term rally. Financials, autos and IT have the potential to drive such a probable rally. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The market lacks clear direction and this trend can be expected to continue in the context of high uncertainty in the global economy. There are no clear indicators yet on whether the US economy will slip into recession and how serious the ongoing global growth slowdown will be. Elevated crude and high inflation will continue to drag markets. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
BSE Sensex jumped 264 points or 0.5 per cent to 53,499, while NSE Nifty 50 topped 15850 in pre-opening session on Tuesday
Witnessing the behavior of USDINR, after making a fresh high, the pair trades in a narrow range for a couple of sessions, and then it is seen again moving higher. The current momentum is trapped yet again in a compressed range and shall likely be intact between 78.80-79.20 for a couple of sessions. The safe heaven USD demand could swell up again from mid-July amid key CPI releases, US FOMC meets, and domestic import demand. In the face of FII’s selling untiringly and RBI’s intervention remains less aggressive, the rupee will struggle to hold on to any dips near 78.80 levels and the same shall be short-lived if seen. The biasness of the USDINR pair remains on the upside with dark fundamentals and it can mark its move close to 79.50-79.75 levels in the short term. Amit Pabari, managing director, CR Forex Advisors
Newly listed Life Insurance Corporation of India (LIC) and Adani Wilmar stocks have been ranked as largecaps, according to the Association of Mutual Funds in India’s (AMFI) latest stock categorisation. AMFI has further moved shares of Adani Power, Cholamandalam Investment and Finance, Bank of Baroda, Hindustan Aeronautics Ltd (HAL), and Bandhan Bank from the midcap category to the largecap one. AMFI prepares a list of stocks, categorising all listed scrips into largecap, midcap, and smallcap, semi-annually. Read full story
Asian stocks rose Tuesday amid speculation the Biden administration could scrap some Trump-era tariffs on Chinese consumer goods. Nifty recovered from early morning losses to end mildly in the green on July 04. At close, Nifty was up 0.53% or 83 points at 15835.4. As expected, Nifty seems to have started its slow journey up. It can face resistance at 15927 and then at 16173. On falls, 15662 remains a support. Deepak Jasani, Head of Retail Research, HDFC securities.
Kotak Mahindra Bank: The Reserve Bank has imposed penalties of about Rs 1 crore on Kotak Mahindra Bank for deficiencies in regulatory compliance.
HDFC-HDFC Bank: HDFC Bank on Monday said the Reserve Bank of India (RBI) has approved its amalgamation with Housing Development Finance Corporation (HDFC).
Tata Steel: The Centre on Monday completed the privatisation of Neelachal Ispat Nigam (NINL) by transferring it to Tata group company Tata Steel Long Products (TSLP).
Bulk of FPI selling in Q1 was in the financials and IT sectors, whereas healthcare and automobiles saw inflows of $17.8 billion and $4 billion, respectively.
A clutch of private banks reported strong provisional loan growth numbers for the quarter ended June. HDFC Bank, Federal Bank, IndusInd Bank, CSB Bank and AU Small Finance Bank (SFB) reported double-digit loan growth in Q1FY23. Deposits grew slower than loans for most banks during the quarter.
SGX Nifty was up 19 points ahead of the pre-open session. Nifty futures were as much as 39 points earlier.
“Technical breakout is expected above 15,890 which is expected to take Nifty up to 16,200 in one up-move. Bank Nifty is much stronger and can test 35,300 on the higher side,” said Rahul Sharma, Director & Head – Research, JM Financial.
BSE Sensex and NSE Nifty 50 were staring a positive start on Tuesday, as suggested by trends on SGX Nifty in early trade. Nifty futures were ruling 64 points or 0.4 per cent up at 15,887.50 on Singaporean Exchange. In the previous session, S&P BSE Sensex gained 326 points or 0.62% higher at 53,234 while the NSE Nifty 50 index added 83 points or 0.53% to end at 15,835. Analysts say that indications are in favor of a further rebound in the index, thanks to fresh buoyancy in the banking and financial pack. Read full story
“Indications are in favor of a further rebound in the index, thanks to fresh buoyancy in the banking and financial pack. However, supportive global cues would continue to play a critical role in any sustained up move. We reiterate our cautious stance and suggest continuing with sector-specific trading approach,” said Ajit Mishra, VP – Research, Religare Broking.
“Now the Nifty is also on the verge of a breakout above its 20 DEMA resistance. This should lead to the next leg of the up move in Nifty which could take Nifty towards 16000 first and then around 16180,” said Ruchit Jain, Lead Research, 5paisa.com.
The prices of petrol and diesel on Tuesday, July 5 were left untouched as OMCs continue to sell fuel at unchanged prices for more than a month now. Prices have remained steady after Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre, and Rs 6 per litre on diesel on May 21. 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. In Mumbai, one litre of petrol costs Rs 111.35 while diesel retails at Rs 97.28 per litre.
The short-term trend of Nifty continues to be positive with range movement. The market is now showing signs of witnessing a decisive upside breakout of the important resistance of 15900 levels in the next 1-2 sessions. A sustainable upmove above 15900-15950 is expected to pull Nifty towards the next resistance of 16300 in the short term. Immediate support is placed at 15750. ~ Nagaraj Shetti, Technical Research Analyst, HDFC Securities
India’s merchandise exports in June rose by 16.78 per cent year-on-year to USD 37.94 billion while the trade deficit ballooned to a record USD 25.63 billion, according to the government’s preliminary data released on Monday. Imports expanded by 51 per cent to USD 63.58 billion in June compared to the year-ago month, the data showed.
SGX Nifty was trading with gains on Tuesday morning. SGX Nifty sitting in the green suggests a positive start for domestic stock markets.
HDFC Bank on Monday said the Reserve Bank of India (RBI) has approved its amalgamation with Housing Development Finance Corporation (HDFC). Once all approvals are in place, HDFC Bank will become a 100% publicly owned institution, with HDFC’s 21% promoter holding getting extinguished. Sashidhar Jagdishan, who became MD & CEO of HDFC Bank in October ,2020 will lead the merged entity.
