Closing Bell: Nifty ends above 11K, Sensex up 636 pts on possible roll-back of higher tax on FPIs

Technical View: Nifty reclaims 11K to form strong bullish candle, next target seen at 11,100

Mazhar Mohammad advised that traders with higher degree of confidence level can initiate fresh longs now and on dips aroud 10,900 level, and look for initial target of 11,250.... Read More

Nifty index managed to hold its previous day lows and consolidated in first half of the session but witnessed sharp movement towards 11,050 zoneat latter part of the day. It formed a bullish candle on daily scale as sharp buying interest was seen and it gained 177 points to closeabove 11,000 zones after five trading sessions.

"Now till it holds above 10,950 zoneit could extend its gains towards 11,111 then 11,150 zones while on the downside supports are seen at 10,950 then 10,880 levels,"Chandan Taparia,Associate Vice President| Analyst-Derivatives atMotilal Oswal Financial Services said.

Evening Walk Down D-St: Nifty back above 11K, posts biggest 1-day gain in 3-months

Sectorally, the S&P BSE Auto index rose 2.7 percent, the S&P BSE Energy index gained 3.1 percent, and the S&P BSE IT index closed 1.9 percent higher.... Read More

Index opened marginally higher in today session and managed to hold streak whole day, after making low at 10843 index managed to close near day high with strong gains of 1.6 percent. Index managed to give closing above 11k mark hinting we may see some more short covering in coming session which in result can push index towards 11,100-11,200 zone, support for index is coming near 10,960-10,850 zone.

Nifty bank has given closing at 28,110 with gains of nearly 1.50 percent, immediate support for nifty bank is coming near 27,850-27,600 zone and resistance is coming near 28,350-28,500 zone.

Net profit was down 11.1 percent at Rs 110.6 crore against Rs 124.4 crore, revenue was up 2.4 percent at Rs 835 crore against Rs 815.3 crore, YoY.

Market gets a breather towards the close and reclaimed 11000 level due to the expectation that the government is likely to be lenient on higher surcharge on FPIs which influenced bears to cover their short positions. Additionally, prospects of lower interest rate going forward and strength in rupee will ease liquidity crunch situation.

Emami to strengthen healthcare sales, expects consumer sentiment to improve in Q2FY20

FMCG company Emami expects the consumer sentiments to pick up in the second half of FY20, driven by a young aspirant population, growing rural incomes, normal monsoon, and increased government impetus.... Read More

Total net equity inflows up 6.7 percent at Rs 8,092 crore against Rs 7,585 crore and balanced funds inflows at Rs 674 crore against outflows of Rs 1910 crore, MoM.
The liquid fund inflow at Rs 45,441 crore versus outflow of Rs 1.52 lakh crore and credit risk outflow at Rs 3,411 crore against outflow of Rs 2,695 crore, MoM.

Indian markets staged a short-covering rally in the last one hour of the trade on Thursday, August 8, after buzz that the government is likely to roll-back recently imposed higher tax on foreign portfolio investors (FPIs), as reported by Reuters quoting a government official.

Consolidated net profit up 32.9 percent at Rs 165.6 crore versus Rs 124.6 crore and revenue was up 2.6 percent at Rs 1,909.2 crore against Rs 1,860.4 crore, YoY.

EBITDA was up 25.8 percent at Rs 341.4 crore versus Rs 271.4 crore and EBITDA margin was at 17.9 percent against 14.6 percent.

The Indian rupee erased all its intraday losses and trading higherby 24paiseat70.65per dollar against previous close 70.89.

After remained volatile in the first half on August 8, the bulls took the charge in the second half and help Nifty to close above 11,000 after media reports suggested that the government is likely to roll-back recently impose a higher tax on foreign portfolio investors (FPIs).

At close, the Sensex was up 636.86 points at 37,327.36, and the Nifty was up 177 points at 11,032.50. About 1379 shares have advanced, 1020 shares declined, and 149 shares are unchanged.

HCL Technologies, Tata Motors, JSW Steel, Reliance Industries and M&M were among major gainers on the indices, while losers were Tata Steel, Cipla, UltraTech Cement, Indiabulls Housing and IndusInd Bank.

All the sectoral indices ended higher led by the IT, auto, bank energy, FMCG, metal, pharma and infra.

The company posted net loss at Rs 601.4 crore against loss of Rs 634 crore, while net interest income (NII) was up 8.7 percent at Rs 1,335 crore against Rs 1,228 crore, YoY.

The gross NPA was at 24.85 percent versus 25 percent and net NPA was at 8.98 percent against 9.72 percent, QoQ.

D-Street Buzz: RIL, Tata Motors jump 3% each; HDFC Bank gains, Tata Steel drags

935 stocks advanced and 800 declined while 361 remained unchanged on the NSE. On the BSE, 1177 stocks advanced, 1168 declined and 130 remained unchanged.... Read More