Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities:
On the monthly F&O expiry day, the market witnessed a smart pullback rally, although the July series has been volatile with a momentum of nearly 450 points. While the sectoral performance in the current month series was mixed with Realty and Metal indices gaining over 13 percent, Auto and Energy indices lost ground and shed nearly 6 percent.
Technically, for the bulls 20 day SMA or 15820/ 52700 would be the key resistance level for the market, while on the flip side, 50 day SMA or 15650/ 52200 could be the strong support zone. The texture of the chart suggests that trading below 20 day would increase further weakness, while on the other side uptrend wave could continue up to 15900/53200 if indices succeed to trade above 15820/ 52700 levels.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research:
The market witnessed a swift recovery after yesterday’s fall. The market suggests 15,800 will be an important support level in the short-term perspective. If the market sustains above the level of 15,800, expects to gain momentum, leading to an upside projection of 15,950 levels.
The momentum indicators like RSI and MACD recovered from their respective oversold zone and support the upside move and indicating potential upside from the current market level.
Rupee Close:
Indian rupee ended higher by9 paise at 74.28 per dollar, amid buying saw in the domestic equity market.It opened marginally higher at 74.32 per dollar against previous close of 74.37 and trade in the range of 74.22-74.33.
Market Close:
Market broke the three-day losing streak and ended higher with Nifty above 15,750 supported by the IT, metal, financial stocks.
At close, the Sensex was up 209.36 points or 0.40% at 52653.07, and the Nifty was up 69.10 points or 0.44% at 15778.50. About 1781 shares have advanced, 1170 shares declined, and 109 shares are unchanged.
Among sectors, the metal index gained 5, while IT, PSU Bank and realty indices rose 1-3 percent. However, FMCG index was down 1 percent. BSE midcap and smallcap indices rose 0.4-0.9 percent.
Hindalco, Tata Steel, Bajaj Finserv, SBI and JSW Steel were the top Nifty losers. Maruti Suzuki, Power Grid Corp, Bajaj Auto, ITC and Coal India were among the top losers.
Rolex Rings IPO subscribed 7.33 times on second day of bidding:
The IPO of Rolex Rings, the manufacturer of hot rolled forged bearing rings and automotive components, has subscribed 7.33 times so far on July 29, the second day of bidding. The issue closes on July 30.
The offer, so far, has received bids for 4.16 crore equity shares against an initial public offering size of 56.85 lakh equity shares, the subscription data available on the exchanges showed.
Retail investors remained at the forefront as the portion set aside for them was subscribed 13.11 times and that of non-institutional investors 3.60 times.
Qualified institutional buyers have put in bids for 52,768 equity shares against their reserved portion of 16.24 lakh equity shares.
Glenmark Life Sciences IPO subscribed 27.10 times on final day:
The initial public offering of Glenmark Life Sciences, a subsidiary of Glenmark Pharmaceuticals, was subscribed 27.10 times, getting bids for 40.69 crore equity shares against the IPO size of 1.5 crore shares on July 29, the last day of the offer, subscription data available on exchanges showed.
Retail investors have put in bids 13.19 times their reserved portion and that of non-institutional investors 76.40 times. The portion set aside for qualified institutional investors was subscribed 14.26 times.
KRChoksey on Granules India
Granules India is facing challenges owing to supply disruption in API segment, that we believe is likely to cause higher loss in profitability than in revenue over FY22-FY23. In the wake of likely margin headwinds to be faced in FY22, we downgrade our Revenue/EBITDA growth estimates over FY21E-FY23E to 18% and 10% CAGR, respectively,
We apply a P/E multiple of 16.4x on FY23E EPS of Rs 28.0 (earlier 16x on FY23E EPS of INR 28.4) and maintain our target price of Rs 459/ share as we believe the company is facing temporary headwinds due to supply constraints and can revive its financials from H2FY22 onwards. As the target price gives an upside of 23.4% over the CMP of Rs 372, we reiterate our buy rating on the shares of Granules India.
Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers:
Indian markets started on a positive note following upbeat Asian market peers with reports that the Chinese Securities regulator has stepped-in to assuage investor concerns over tech crackdown supported sentiment and favourable outcome of Federal Open Committee which ended its two-day meeting by keeping interest rates in a target range between zero and 0.25%.
During the afternoon session markets continued their firm trade. Investors’ remain energized as Chief Economic Adviser (CEA) stated that India is expected to hit a growth rate of 6.5-7% in 2022-23 and accelerate further to 8% in the subsequent years on the back of reforms undertaken by the government.
Forecasts for gross domestic product were raised to a 9.2% expansion in the fiscal year ending March 2022, from the previous 9%, while the gross value added outlook edged down slightly to 9%. On sectoral front, Metals outshined all others sector and was trading with gains higher than 4% followed by Realty, IT, PSU Banks while FMCG and Auto traded in red.
Welspun Corp Q1 results:
The company's consolidated net profit jumped 87.8% at Rs 97.5 crore against Rs 51.9 crore and revenue was down 37.2% at Rs 1,300 crore versus Rs 2,069 crore, YoY.
Welspun Corp was quoting at Rs 142.55, down Rs 5.25, or 3.55 percent on the BSE.
Market at 3 PM
Benchmark indices erased some of intraday gains but still trading higher with Nifty around 15800.
The Sensex was up 253.59 points or 0.48% at 52697.30, and the Nifty was up 80.50 points or 0.51% at 15789.90. About 1806 shares have advanced, 1131 shares declined, and 115 shares are unchanged.
PVR Q1 earnings:
The company has reported net loss at Rs 219.4 crore versus loss of Rs 225.7 crore and revenue was at Rs 59.4 crore versus Rs 12.7 crore, YoY.
PVR was quoting at Rs 1,355.75, up Rs 19.75, or 1.48 percent on the BSE.
Nifty FMCG index shed nearly 1 percent dragged by the Colagte Palmolive. United Breweries, Emami:
Rupee Updates:
Indian rupee is trading higher by 11 paise at 74.26 per dollar, amid buying seen in the domestic equity market.It opened marginally higher at 74.32 per dollar against previous close of 74.37.
European markets are trading in the green with FTSE and CAC up half a percent each
May telecom data
Bharti Airtel loses 43.16 lakh users against addition of 5.17 lakh users (MoM). Reliance Jio adds 35.5 lakh users against 47.56 lakh users (MoM). Vodafone Idea loses 42.8 lakh users against loss of 18.11 lakh users (MoM).
Glenmark Life Sciences IPO:
The initial public offering of Glenmark Life Sciences, a subsidiary of Glenmark Pharmaceuticals, was subscribed 24.05 times, getting bids for 36.11 crore equity shares against the IPO size of 1.5 crore shares by the morning of July 29, the last day of the offer, subscription data available on exchanges showed.
Retail investors have put in bids 12.89 times their reserved portion and that of non-institutional investors 67.49 times. The portion set aside for qualified institutional investors was subscribed 10.80 times.
Punjab & Sind Bank Q1:
Net profit at Rs 173.8 crore against loss of Rs 117 crore (YoY). NII grew 7.8 percent at Rs 579 crore against Rs 537.2 crore (YoY). Gross NPA at 13.33 percent against 13.76 percent (QoQ) while net NPA at 3.61 percent against 4.04 percent (QoQ).
Tapan Patel- Senior Analyst (Commodities), HDFC Securities:
Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices rallied by 1.19% to $73.25 per barrel for the day. MCX Crude oil August futures were trading 0.78% up at Rs. 5445 by noon.
Crude oil prices are expected to trade sideways to up for the day with resistance at $75 and support at $72 per barrel. MCX Crude oil August has support at Rs. 5360 and resistance at Rs.5510.
Hong Kong stocks surge in afternoon trade
Hong Kong stocks rose three percent in the afternoon session Thursday, clawing back some of the hefty losses suffered earlier in the week, after Chinese officials sought to soothe concerns about Beijing's recent crackdown on a range of industries.
The Hang Seng Index rose 3.00 percent, or 764.02 points, to 26,237.90. Mainland shares also rallied, with the benchmark Shanghai Composite Index closing up 1.49 percent, or 50.13 points, at 3,411.72, while the Shenzhen Composite Index on China's second exchange jumped 3.07 percent, or 70.97 points, to 2,384.17.
Market update at 2 PM
: Sensex is up 325.61 points or 0.62% at 52769.32, and the Nifty added 105.70 points or 0.67% at 15815.10. Tata Steel, Bajaj Finserv and SBI are the top gainers while Tata Steel, Hindalco Industries and SAIL are the most active stocks.
Among the sectors, the metal index surged over 5 percent while FMCG is under pressure.
Great Eastern Shipping Company Q1 earnings:
The company has posted net profit at Rs 12 crore in the quarter ended June 2021 against Rs 467.7 crore and revenue was down 28% at Rs 769.2 crore versus Rs 1,068.4 crore, YoY.
Great Eastern Shipping Company was quoting at Rs 341.50, down Rs 17.90, or 4.98 percent on the BSE.
Global gold demand flat in April-June quarter at 955.1 tonne: WGC
Even as there was a strong recovery in consumer demand, global gold demand was flat with a 1 per cent dip during the April-June quarter at 955.1 tonne compared to the same period in 2020, following modest inflows into ETFs, the World Gold Council (WGC) said in a report.
Overall gold demand stood at 960.5 tonne during April-June quarter in 2020, according to the WGC's "Gold Demand Trends Q2 2021" report.
Rupee Updates:
Indian rupee is trading higher by 11 paise at 74.26 per dollar, amid buying seen in the domestic equity market.It opened marginally higher at 74.32 per dollar against previous close of 74.37.
Nifty PSU Bank index rose 1 percent led by the Union Bank of India, SBI, Canara Bank:
Rolex Rings IPO subscribed 6.28 times:
The IPO of Rolex Rings, the manufacturer of hot rolled forged bearing rings and automotive components, had been subscribed 6.28 times on the morning of July 29, the second day of bidding. The issue closes on July 30.
The offer, so far, has received bids for 3.57 crore equity shares against an initial public offering size of 56.85 lakh equity shares, the subscription data available on the exchanges showed.
Retail investors remained at the forefront as the portion set aside for them was subscribed 11.38 times and that of non-institutional investors 2.76 times.
Gaurav Garg, Head of Research, CapitalVia Global Research:
Indian markets traded with mixed cues from across the globe. India is expected to grow with 6.5 to 7 percent in the next financial year and more than 8 percent in the further years to follow. We witnessed a reversal in the market and a swift recovery from the support level near 15500.
We expect the market to breach the level of 15800 and trade in a small range between 15800-15950 in this week. The global sentiment remains positive, and we can expect the market to reach the higher levels of 16100-16200 in the weeks to follow.
Market at 1 PM
Benchmark indices extended the gains and trading at day's high level.
The Sensex was up 279.07 points or 0.53% at 52722.78, and the Nifty was up 93.80 points or 0.60% at 15803.20. About 1864 shares have advanced, 1007 shares declined, and 127 shares are unchanged.
Glenmark Life Sciences IPO subscribed 7.77 times on final day
The initial public offering of Glenmark Life Sciences, a subsidiary of Glenmark Pharmaceuticals, was subscribed 7.77 times, getting bids for 11.67 crore equity shares against the IPO size of 1.5 crore shares by the morning of July 29, the last day of the offer, subscription data available on exchanges showed.
Retail investors have put in bids 11.26 times their reserved portion and that of non-institutional investors 7.4 times. The portion set aside for qualified institutional investors was subscribed 1.87 times.
Tech Mahindra gains ahead of Q1 results:
Tech Mahindra share price added a percent on July 29 ahead of June quarter results.
The IT firm may see its dollar revenue grow 2.4 percent QoQ at $1,362 million with 30 bps of cross-currency gains, says experts. Revenue growth is likely to be led by 1 percent contribution from acquisitions and by ramp-up of deals in the previous quarters.
The company may see its profit after tax (PAT) rise by 8 percent QoQ due to lower tax and higher other income.
Balrampur Chini to consider share buyback on August 9:
A meeting of the board of directors of the company will be held on August 9, 2021, to consider standalone and consolidated unaudited financial results of the company for the quarter ended June 30, 2021.
The board will also consider buyback of equity shares of the company and matters related/ incidental thereto.
Balrampur Chini Mills touched a 52-week high of Rs 376.75 and was quoting at Rs 371.50, up Rs 23.90, or 6.88 percent on the BSE.
USFDA issues no Form 483 for Taloja unit of Alkem Labs:
USFDA had conducted a remote and virtual Bio-Analytical inspection of the Alkem Laboratories’ Bioequivalence Center located at Taloja, Maharashtra from July 26, 2021 to July 28, 2021.
Alkem Laboratories was quoting at Rs 3,355.00, down Rs 17.10, or 0.51 percent on the BSE.
Abhishek Bansal, Founder Chairman, Abans Group:
Following the Fed meeting announcements, gold is trading near $1815, up significantly from its previous close. The Federal Reserve of the United States has indicated that it is not in a hurry to reduce stimulus.
Despite lingering concerns about Covid-19, the Federal Reserve decided to keep rates unchanged and stated that the US economy is recovering.
Gold prices are expected to remain solid while trading above a major support level of $1790-$1772, while modest resistance might be found near $1827-$1842.
Firstsource Solutions Q1 earnings:
Firstsource Solutions has reported net profit of Rs 134.5 crore in the quarter ended June 2021 against Rs 46.6 crore in the quarter ended March 2021.
Revenue was up 2% at Rs 1,478 crore versus Rs 1,449.6 crore, QoQ.
Firstsource Solutions was quoting at Rs 210.30, up Rs 6.10, or 2.99 percent on the BSE.
Market at 12 PM
Benchmark indices were holding on the early gains with Nifty trading around 15800 level.
The Sensex was up 227.76 points or 0.43% at 52671.47, and the Nifty was up 78.10 points or 0.50% at 15787.50. About 1847 shares have advanced, 1017 shares declined, and 90 shares are unchanged.
Hindalco, Tata Steel, JSW Steel, Tata Motors and Bajaj Finserv were among major gainers on the Nifty, while losers included Maruti Suzuki, Cipla, Power Grid Corp, NTPC and Nestle.
Colgate Palmolive Q1 earnings
Colgate Palmolive has posted 17.7 percent jump in its Q1 net profit at Rs 233.2 crore against Rs 198.2 crore and revenue was up 12 percent at Rs 1,166 crore versus Rs 1,041 crore, YoY.
Colgate Palmolive (India) was quoting at Rs 1,759.50, down Rs 32.70, or 1.82 percent on the BSE.
Glenmark Life Sciences IPO subscribed 6.48 times on final day:
The initial public offering of Glenmark Life Sciences, a subsidiary of Glenmark Pharmaceuticals, was subscribed 6.48 times, getting bids for 9.73 crore equity shares against the IPO size of 1.5 crore shares by the morning of July 29, the last day of the offer, subscription data available on exchanges showed.
Retail investors have put in bids 10.27 times their reserved portion and that of non-institutional investors 4.3 times. The portion set aside for qualified institutional investors was subscribed 1.4 times.
Rupee Updates:
Indian rupee is trading higher at 74.24 per dollar, amid buying seen in the domestic equity market.
It opened marginally higher at 74.32 per dollar against previous close of 74.37.
BSE Realty index added 1 percent led by the Sobha, Indiabulls Real Estate, Brigade Enterprises:
Robinhood IPO priced at $38 pegging valuation at $32 billion
Brokerage trading app Robinhood is all set for its big opening on the Wall Street targeting a $2 billion raise. It priced its 60.5 million shares of its stock at $38 per share on the lower end of the initial public offering (IPO) of its expected range of $38 to $42 per share, indicating tepid investor interest.
The popular online brokerage is taking the unusual step of allowing users of its trading app to buy up to a third of its IPO shares before they begin trading on the Nasdaq Thursday under the HOOD ticker symbol. Typically, only institutional investors and company insiders can buy shares in companies before they go public.
Robinhood’s revenue soared 245 percent to $959 million in 2020. It then hit $522 million in the first three months of 2021 alone, more than quadrupling from the year-ago level.
Prism Johnson Q1:
Consolidated net loss at Rs 4.2 crore against loss of Rs 91.8 crore (YoY). Consolidated revenue was up 52.4 percent at Rs 1,312 crore against Rs 861 crore (YoY). Consolidated EBITDA came in at Rs 120.3 crore against Rs 22.6 crore (YoY). Consolidated EBITDA margin at 9.2 percent against 2.6 percent (YoY).
ArcelorMittal Q2:
Sales at USD 19.34 billion against USD 10.97 billion (YoY). EBITDA at USD 5.05 billion against USD 0.7 billion (YoY). EBITDA per tonne at USD 314 against USD 48 (YoY). ArcelorMittal has upgraded 2021 Global Apparent Steel Consumption forecast. Apparent Steel Consumption growth seen at 7.5-8.5 percent against 4.5-5.5 percent earlier.
Market update at 11 AM
Sensex is up 258.46 points or 0.49% at 52702.17, and the Nifty added 81.70 points or 0.52% at 15791.10. Tata Steel, Hindalco Industries and Tata Motors are the top gainers while Emami, Tatva Chintan and SAIL are the most active stocks.
Among the sectors, the metal index jumped over 3 percent while FMCG and power stocks are under pressure.
ICICI Direct view on USDINR:
The USDINR faced a hurdle at higher levels as new contract started, OTM Call writing are increasing. We feel a leg towards 74.2 levels should be seen in coming days.
The dollar-rupee August contract on the NSE was at Rs 74.62 in the last session. The open interest rose almost 34% for the August series.
Macquarie on Mahanagar Gas:
Macquarie has kept outperform rating with a target at Rs 1,400 per share.
The Q1 was a beat on better margins & volumes. Its unit EBITDA improved sequentially (+15% QoQ) to Rs 13.90/scm for Q1.
Macquarie believe that there is ample scope for further margin expansion and it is a top pick in city gas space.
Mahanagar Gas was quoting at Rs 1,137.45, up Rs 18.25, or 1.63 percent on the BSE.
Biocon Biologics, Viatris Inc. gets approval for first Interchangeable Biosimilar Semglee
Biocon Biologics and Viatris Inc today announced that the US Food and Drug Administration (FDA) has approved Semglee (insulin glargine-yfgn injection) as the first interchangeable biosimilar product under the 351(k) regulatory pathway.
Biocon was quoting at Rs 385.60, up Rs 3.90, or 1.02 percent on the BSE.
Gold Updates:
Gold climbed to a more than one-week high on Thursday after US Federal Reserve Chairman Jerome Powell struck a dovish tone, indicating much remains to be done before policy tightening begins, while a softer dollar lent further support to the metal.
Rupee Updates:
Indian rupee opened marginally higher at 74.32 per dollar on Thursday against previous close of 74.37, amid buying seen in the domestic equity market.
On July 28, domestic unit ended higher by 9 paise at 74.37 per dollar against Tuesday's close of 74.46.
BSE Metal index rose 1 percent supported by the JSW Steel, Hindalco, NALCO
Market at 10 AM
Benchmark indices were trading higher with Nifty above 15750.
The Sensex was up 186.49 points or 0.36% at 52630.20, and the Nifty was up 56.90 points or 0.36% at 15766.30. About 1806 shares have advanced, 843 shares declined, and 84 shares are unchanged.
