The Nifty appeared to have unleashed a fresh leg of an upswing, which could initially lead the indices towards its 200-day EMA whose value was around 11,271 level.
A blockbuster Thursday for D-Street! Last hour rally pushed Sensex beyond 37000 while Nifty50 also managed to climb 11000 levels on closing basis.
Indian market witnessed buying in the last one hour of the trade on August 8 after media reports suggested that the government was likely to exempt foreign portfolio investors (FPIs) from a higher tax surcharge that was introduced in the budget.
The short-covering rally pushed the S&P BSE Sensex higher by more than 600 points, while the Nifty50 saw a rally of over 170 points. The index posted its biggest one-day gain in three months.
The final tally on D-Street: the S&P BSE Sensex up 636 points, or 1.74 percent, and the Nifty50 176 points higher at 11,032.
The rupee rose as much as 18 paise - or 0.25 per cent - against the US dollar on Thursday, regaining some ground from a fresh five-month low of 71.35 touched on Wednesday.
On the institutional front, FPIs were net sellers in Indian markets for Rs 437 cr while the DIIs were net buyers to the tune of Rs 291 cr, provisional data showed.
As many as 250 companies will report their results for the quarter ended June which include names like BHEL, BPCL, Cadila Healthcare, GAIL India, Hindalco, MRF, NCC Ltd, Natco Pharma, NHPC, Oil India, Pfizer, SAIL, SpiceJet, Sun TV, etc. among others.
BHEL: PAT is likely to grow 1.3% YoY
GAIL India: PAT likely to grow 3% YoY
Hindalco: PAT likely to fall 49% YoY
(All the estimates are from Motilal Oswal)
Nifty forms a strong bullish candle on daily charts
It reclaimed its crucial level of 11000 on a closing basis but it is still trading below 200-DMA
The index saw biggest gains in absolute terms since May 24 and formed strong bullish candle, which indicates that the sentiment-driven rally may have a further fresh leg of an upswing, if it decisively holds five-day exponential moving average (EMA), experts say.
The Nifty appeared to have unleashed a fresh leg of an upswing, which could initially lead the indices towards its 200-day EMA whose value was around 11,271 level
Three levels: 10842, 11058, 11163
Max Call OI: 11500, 11300
Max Put OI: 11000, 10700
Stocks in news:
Dewan Housing Finance Corporation (DHFL) that is currently facing a liquidity crisis, has notified exchanges that it has submitted a draft resolution plan to creditors and will not be able to meet immediate payment obligations.
Despite a decline in its revenues, Godrej Properties on August 8 reported a nearly two-fold increase in consolidated net profit for the quarter ended June 30 at Rs 89.87 crore mainly on the back of a decline in total expenses.
Adani Enterprises on August 8 reported over a sevenfold jump in consolidated net profit to Rs 570.14 crore for the quarter ended June 30, 2019, on the back of higher income.
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