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July 07, 2021 / 04:25 PM IST

Closing Bell: Sensex, Nifty at record closing high led by metal, financial stocks

On the sectoral front, Realty and Metal indices rose 2 percent each, while selling was seen in the auto and oil & gas stocks. BSE midcap and smallcap indices ended marginally in the green.

  • IndexPricesChangeChange%
    Sensex60,923.50-336.46 -0.55%
    Nifty 5018,178.10-88.50 -0.48%
    Nifty Bank40,030.20512.00 +1.30%
    Nifty 50 18,178.10 -88.50 (-0.48%)
    Thu, Oct 21, 2021
    Biggest GainerPricesChangeChange%
    Kotak Mahindra2,143.75128.30 +6.37%
    Biggest LoserPricesChangeChange%
    Asian Paints3,002.00-167.60 -5.29%
    Best SectorPricesChangeChange%
    Nifty PSU Bank2836.6075.45 +2.73%
    Worst SectorPricesChangeChange%
    Nifty IT35913.60-933.20 -2.53%

  • July 07, 2021 / 04:25 PM IST

    Ajit Mishra, VP - Research, Religare Broking:
    In the near term, Q1FY22 earning is likely to provide some direction to the markets, in absence of any major triggers. So, we remain cautiously optimistic and believe any correction at this juncture should be considered healthy as investors will get the opportunity to invest in quality counters on dips. Meanwhile, investors will keep a close watch on global cues.

  • July 07, 2021 / 04:13 PM IST

    Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities:

    We are of the view that the larger market structure is still positive and likely to continue in the near future if the market succeeds to trade above 15850/52900. Technically, the 20-day SMA or 15750/52500 should be the sacrosanct level for the market. Above the same, the uptrend texture is likely to continue up to 15930-16065/ 53300-53550. On the other side, the uptrend would be vulnerable if indices close below 15750/ 52500 or below 20 day SMA.

  • July 07, 2021 / 04:00 PM IST

    Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    The markets managed to close in the green but were unable to cross 15,900 on a closing basis. If we can manage to do that, we should be heading to 16,100. A good support lies at 15,400 and as long as that holds, we are in bullish territory and corrective waves can be strategically utilized to buy this market.

  • July 07, 2021 / 03:55 PM IST

    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 15800. The market shows that the expected levels are likely to be in the range of 15800 and 15950, and it is going to be crucial for the short-term market scenario to sustain above the 15800 Nifty50 Index level. 

    The momentum indicators like RSI and MACD have recovered from their respective oversold zone and support the upside move and indicating potential upside from the current market level.

  • July 07, 2021 / 03:42 PM IST

    Rupee Close: 

    Indian rupee erased intraday losses but ended marginally lower at 74.61 per dollar, amid buying saw seen in the domestic equity market.

    It opened marginally lower at 74.60 per dollar against Tuesday's close of 74.55 and traded in the range of 74.58-74.79.

  • July 07, 2021 / 03:35 PM IST

    Market Close: Benchmark indices ended higher in the volatile session on July 7 with Nifty above 15,850.

    At close, the Sensex was up 193.58 points or 0.37% at 53054.76, and the Nifty was up 61.40 points or 0.39% at 15879.70. About 1737 shares have advanced, 1372 shares declined, and 136 shares are unchanged.

    Tata Steel, JSW Steel, Bajaj Finserv, Hindalco and UPL were among the top gainers on the Nifty. Top losers were Titan Company, ONGC, Maruti Suzuki, SBI Life Insurance and Shree Cements.

    On the sectoral front, Realty and Metal indices rose 2 percent each, while selling was seen in the auto and oil & gas stocks. BSE midcap and smallcap indices ended in the green.

  • July 07, 2021 / 03:26 PM IST

    Abhishek Bansal, Founder Chairman, Abans Group

    Gold august future contract prices fell back after registering a high of $1815.7 yesterday. Currently trading near $1804. However, the recent drop in US 10 year bond yield is likely to keep supported gold prices.  

    The US 10 year bond yield is currently trading near 1.356 which is the lowest level since March 2021 and sharply lower from the recent high of 1.776  registered on March 30th.

    Gold prices are likely to find support near $1780-$1767 while it is likely to face stiff resistance near $1811-$1829

  • July 07, 2021 / 03:24 PM IST

    Tata Steel share price gains 4%

    Tata Steel share price added over 4 percent on July 7 after global broking house CLSA maintained its buy rating on the stock and raised the target price to Rs 1,450 per share.

    The company reiterated its focus on capacity expansion in India. The deleveraging remains crucial, while comfortable with 2x net debt-to-EBITDA. The risk-reward is attractive at the current levels, while current market prices imply a sharp correction in prices, which looks unlikely, it added.

    The share price rose over 250 percent in the last year.

  • July 07, 2021 / 03:18 PM IST

    Amarjeet Maurya - AVP - Mid Caps, Angel Broking:

    Titan Company (TCL) recorded revenue growth of ~117% (excluding bullion sales) in Q1’22, with revenue contribution of approx. 50%, 10% and 40% coming from April, May and June months respectively. Currently,the company’s ~90% of stores are opened in the jewellery segment. Other businesses are also showing recovery. 

    The company is targeting to gain market share in the Jewellery segment due to strong focus on wedding segment, huge scope for store expansion (40-50 stores every year), and gold harvest & gold exchange schemes. Further, the shift from unorganized (currently 70%) to organized (currently 30%) in the Jewellery segment will benefit branded players like Titan due to strong brand positioning and superior quality. Thus, we are positive on stock. 

  • July 07, 2021 / 03:15 PM IST

    Fitch cuts India growth forecast to 10%

    Fitch Ratings on Wednesday cut India's growth forecast to 10 percent for the current fiscal, from 12.8 percent estimated earlier, due to slowing recovery post second wave of COVID-19, and said rapid vaccination could support a sustainable revival in business and consumer confidence.

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