Taking Stock: Nifty Recaptures 15,700 Amid Profit-booking; Metal Stocks Shine
BSE midcap index ended flat, while smallcap index fell 0.4 percent.... Read More
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 80,752.08 | 484.46 | +0.60% |
| Nifty 50 | 24,753.25 | 142.15 | +0.58% |
| Nifty Bank | 55,216.65 | 580.80 | +1.06% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Tata Motors | 712.15 | 31.95 | +4.70% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Bajaj Finance | 986.95 | -11.95 | -1.20% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Bank | 55217.80 | 582.00 | +1.07% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty PSU Bank | 7475.45 | -51.30 | -0.68% |
The USDINR spot touched a low of 74.31 on the back of lumpy corporate and IPO related dollar inflows, the lowest levels since early July. However, alleged intervention from the central bank pulled the pair near 74.38 by the close of day.
Tonight's US FOMC meeting will be a key driver of volatility. A hawkish or dovish turn will determine the next volatility in USDINR. A broad range of 74.00 to 74.60 is expected over the near term.
Markets remained volatile today but interesting thing to note is that despite acute turmoil in Chinese stock markets, we stood our ground well. This shows huge buying interest from investors waiting on the sidelines for a correction. PSU banks are delivering good results refereeing Canara Bank and UCO Bank numbers. Looking at overall IPO markets, especially the forthcoming ones, I think a huge correction is unlikely in the medium term.
The market witnessed the continuation of the bearish movement after a failed attempt to hold the support level around the Nifty 50 Index level of 15700. If the market sustains below 15700, and can see the continuation in the correction till the next support level near 15420-15450. The traders are advised to refrain from building a new buying position until further improvement is seen in the market breadth.
Indian rupee ended higher by9 paise at 74.37 per dollar, amid selling saw in the domestic equity market.
It opened marginally higher at 74.43 per dollar against previous close of 74.46 and traded in the range of 74.31-74.49.
Benchmark indices erased most of the intraday losses but ended lower in the volatile session on July 28.
At close, the Sensex was down 135.05 points or 0.26% at 52,443.71, and the Nifty was down 37.10 points or 0.24% at 15,709.40. About 1299 shares have advanced, 1682 shares declined, and 90 shares are unchanged.
Among sectors, except metal index added over 1 percent and IT index rose 0.2 percent, however, selling was seen in the auto, bank, energy and pharma sectors.
BSE midcap index ended flat, while smallcap index fell 0.4 percent.
Dr Reddy’s Labs, Kotak Mahindra Bank, Tata Motors, Cipla and M&M were the top Nifty losers. Bharti Airtel, Tata Steel, SBI Life Insurance, Divis Labs and IndusInd Bank were among the top gainers.
Torrent Pharmaceuticals share price added over 2 percent on July 28 after the company declared its June quarter results.
The pharma company on July 27 reported a 2.8 percent year-on-year (YoY) rise in Q1FY22 net profit at Rs 330 crore, helped by India formulation, despite steep fall in US revenues.
The Ahmedabad-based drug maker reported Rs 321 crore net profit in the corresponding period of previous year. Total revenues rose 4 percent YoY to Rs 2,134 crore in Q1FY19, compared to previous year's Rs 2,056 crore. The earnings before interest, tax, depreciation and ammortisation (EBITDA) margins rose 200 basis points YoY to 34 percent in Q1FY22.
G R Infraprojects has been emerged as L-1 bidder for 'Development of 6-lane Amritsar-Bathinda Greenfield section of NH-754A from village Tiba on NE-5A to junction with Moga Jalandhar road (NH-703) near Dharamkot as a part of Amritsar-Jamnagar Economic Corridor in the state of Punjab under Bharatmala Pariyojana Phase-I (Package-1) on Hybrid Annuity Mode Project.
G R Infraprojects was quoting at Rs 1,734.95, up Rs 8.50, or 0.49 percent on the BSE.
Mahindra Lifespace Q1 consolidated net loss was at Rs 14 crore versus loss of Rs 20 crore and revenue was at Rs 148.2 crore versus Rs 14.3 crore, YoY.
Mahindra Lifespace Developers touched a 52-week high of Rs 796.90 and was quoting at Rs 776.10, up Rs 34.20, or 4.61 percent.
Oil rose towards USD 75 a barrel on Wednesday ahead of an industry report expected to show US crude inventories dropped more than expected, bringing the focus back to a tight supply and demand balance rather than rising coronavirus infections.
Gold prices held steady near the key $1,800-per-ounce level on Wednesday as investors held back from making large bets ahead of a U.S. Federal Reserve policy decision due later in the day.
With a focus on improving realisation, Airtel on Wednesday announced revisions to its prepaid plans, raising its entry-level pricing by nearly 60 percent.
The telecom operator said it has discontinued its Rs 49 entry level prepaid recharge. The company's prepaid packs would now start from the Rs 79 smart recharge and offer up to four times more outgoing minutes of usage to customers along with double data, Airtel said in a statement.
