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August 10, 2022 / 03:58 PM IST

Closing Bell: Sensex, Nifty end flat amid volatility; metals shine, IT stocks drag

Among sectors, Capital Good index rose 1 percent and Metal index added nearly 2 percent, while Information Technology index shed 1 percent.

  • IndexPricesChangeChange%
    Sensex58,065.471,276.66 +2.25%
    Nifty 5017,274.30386.95 +2.29%
    Nifty Bank39,110.051,080.40 +2.84%
    Nifty 50 17,274.30 386.95 (2.29%)
    Tue, Oct 04, 2022
    Biggest GainerPricesChangeChange%
    IndusInd Bank1,219.2563.00 +5.45%
    Biggest LoserPricesChangeChange%
    Power Grid Corp208.45-2.35 -1.11%
    Best SectorPricesChangeChange%
    Nifty Metal5769.30175.35 +3.13%
    Worst SectorPricesChangeChange%
    Nifty Pharma13233.45114.50 +0.87%


  • August 10, 2022 / 04:31 PM IST

    Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities:
     
    The positive takeaway from today’s trading session was that Nifty showed resilience to sellers as bulls’ stepped-in after morning wobble taking the winning streak to three. Most importantly, bulls held to the reins –  keeping weak Asian cues, inflation and recession fears at bay. 

    The technical landscape for Nifty is likely to be positive as long as the benchmark trades above its biggest support at 17121 mark with target at 17889.

  • August 10, 2022 / 04:21 PM IST

    Ajit Mishra, VP - Research, Religare Broking
     
    Markets traded lackluster and ended almost unchanged amid muted global cues. After the minor swings in early trades, the benchmark traded in a narrow range for most of the day and closed flat. 

    Consequently, the Nifty index settled at 17,544 levels. Meanwhile, sectoral indices traded mixed wherein the metal and capital goods showed traction while IT, realty and consumer durables traded under pressure.

    We reiterate our bullish view on markets and suggest continuing with the “buy on dips” approach until the Nifty holds 17,300. Meanwhile, global cues, earnings and upcoming macro data would keep the volatility high. Participants should align their positions accordingly and avoid contrarian bets.

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  • August 10, 2022 / 04:18 PM IST

    Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services:

    Global as well as domestic markets were lackluster after China’s CPI inflation accelerated 2.7% in July, its highest level in two years and ahead of release of US inflation data. Nifty opened higher and consolidated in a narrow range to finally close with marginal gains at 17,535 levels. 

    After rising more than 2000 points from June lows, Nifty is currently trading at 20x FY23 PE, which is above its 10-year average, thus offering limited upside in the near term. Market seems to be taking a pause before resuming its fresh rally. 

    Despite mixed global cues, increasing geopolitical tensions and higher volatility, Indian equities are holding out well with strong buying emerging at lower levels. 

    Going ahead, a tug-of-war between global and domestic factors would determine the market direction. Release of U.S. inflation data today (Wednesday) and domestic inflation data on Friday could provide direction to the market. While large caps have already moved up, we expect outperformance from midcaps to continue from hereon. 

  • August 10, 2022 / 04:14 PM IST

    Mohit Nigam, Head - PMS, Hem Securities:

    Benchmark Indices closed flat amid volatility. Strong buying is witnessed in Capital Good and Metal stocks while some selling is witnessed in IT stocks today. 

    On the technical front, Nifty 50 is showing bullish momentum after the recent consolidation and this momentum may continue to 17800 levels in the short term. On the downside 17200 may remain immediate support in Nifty 50. Immediate support and resistance for Bank Nifty are 37,700 and 38,750 respectively.

  • August 10, 2022 / 04:05 PM IST

    Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

    Markets traded in a narrow range with a negative bias for most part of the trading session, as traders followed global direction and exhibited caution ahead of the key US inflation data. If inflation inches higher, markets worldwide fear that the US Fed would maintain its hawkish stance and hike rates further. Also US bond yields witnessing a steep curve has been a cause of concern as markets fear it could be a sign of recession going ahead. 

    Technically, the support has shifted to 17450 from 17350. As long as the Nifty is trading above 17450, the uptrend formation is likely to continue and above which, the index could move up to 17600-17650. However, below 17450 the uptrend would be vulnerable and could retest the level of 17350-17300.

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  • August 10, 2022 / 04:00 PM IST

    Anindya Banerjee, VP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities:

    USDINR spot closed 14 paise lower at 79.52, in a day of lackluster trading. Some exporter flows and oil demand kept the pair steady. 

    Speculators were on sidelines ahead of the US inflation report, later in the evening. Over the near term, we expect USDINR to remain rangebound between 79.00 and 80.00 levels on spot.

  • August 10, 2022 / 03:55 PM IST

    Eicher Motors Q1 Results

    Eicher Motors has posted profit of Rs 610.6 crore in the quarter ended June 2022 against Rs 237.1 crore and revenue was up 72.1% at Rs 3,397.5 crore against Rs 1,974.3 crore, YoY.

  • August 10, 2022 / 03:53 PM IST

    Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas:

    The Nifty recently surpassed the 78.6% retracement of the Apr – June decline, which is near 17500. On August 10, the Nifty started on a positive note however there was no follow through buying. Consequently, the index consolidated its recent gains near 17500 throughout the day. 

    Although there is weakness in the short term momentum indicators, the price action is maintaining the upward trajectory. Minor degree dips are getting support near the 20 hour moving average. 

    As long as the index trades above the near term support zone of 17360-17300 it is expected to hold the short term positive stance. Thus, going ahead, the Nifty can test 17750-17800 in the short term.

  • August 10, 2022 / 03:47 PM IST

    Rupak De, Senior Technical Analyst at LKP Securities:

    Nifty has confirmed the resilience of the up trend by closing above the previous congestion high on the daily chart. The important moving averages are lying comfortably below the current index value confirming the uptrend again. 

    The trend may remain bullish over the short term as long as it remains above 17350. However, the rally towards 17750-17800 is likely to attract selling pressure.

  • August 10, 2022 / 03:40 PM IST

    Vinod Nair, Head of Research at Geojit Financial Services.

    Investors were in a cautious mode in anticipation of the release of US inflation statistics, which will set the tone for the next FED policy meeting. 

    The US CPI inflation during July is projected to remain high, in line with June inflation levels. This, along with strong job data, will compel the FED to keep taking a tough approach to rein in high inflation levels.

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  • August 10, 2022 / 03:36 PM IST

    Indiabulls Housing Finance Q1 Earnings:

    Indiabulls Housing Finance has posted consolidated net profit at Rs 286.6 crore against Rs 281.7 crore and revenue was down 10.6% at Rs 2,075 crore versus Rs 2,321 crore, YoY.

  • August 10, 2022 / 03:34 PM IST

    Market Close: In the volatile session, the Indian benchmark indices ended on flat note on August 10.

    At Close, the Sensex was down 35.78 points or 0.06% at 58,817.29, and the Nifty was up 9.70 points or 0.06% at 17,534.80. About 1501 shares have advanced, 1817 shares declined, and 119 shares are unchanged.

    Hindalco Industries, UPL, Apollo Hospitals, Coal India and Tata Steel were among the major Nifty gainers. The losers included Bajaj Finance, NTPC, ONGC, HCL Technologies and Adani Ports.

    Among sectors, Capital Good index rose 1 percent and Metal index added nearly 2 percent, while Information Technology index shed 1 percent.

    BSE midcap and smallcap indices ended on flat note.

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