Arijit Malakar, Head of Research Ashika Stock Broking:
Market has given strong closing on Tuesday on the back of positive global cues and optimism over economic growth amid the easing of COVID-19 related restrictions by the states. The unlocking in the country has manifested itself in improving performance across various high frequency industrial and service sector indicators, mobility and toll collections in July 2021.
Business activity in India stayed buoyant for the second week in a row with Nomura India Business Resumption Index rising to 100.8 for the week ended August 22. Global markets also remained strong after US FDA gave the final approval of the Pfizer Inc. /BioNTech SE COVID-19 vaccine. Baring IT and FMCG index all the major indices closed in positive.
Vinod Nair, Head of Research at Geojit Financial Services:
Strong rebound in broader markets along with favourable global cues bolstered optimism in Dalal Street, led by metal, banking and realty stocks. Metal stocks led the rally as value buying was witnessed in the sector after deep sell-off during the past four trading sessions due to weak iron ore futures across the globe. The USFDA granted full approval to the covid-19 vaccine by Pfizer and BioNTech which pumped in hopes of faster inoculations.
S Ranganathan, Head of Research at LKP securities:
While the Bajaj Twins helped power the Sensex back to 56K in afternoon trade, what was more encouraging was to see savvy investors begin to accumulate stocks sold at higher levels in the broader market which speaks about the recovery in the earnings cycle during Q1 despite the adverse impact of the second wave. Buoyancy in tax collections brought back traders into metal names even as the Nifty Bank lent good support.
Market Close
: Benchmark indices ended higher with Nifty above 16,600 led by the metal, pharma, banks and power stocks.
At close, the Sensex was up 403.19 points or 0.73% at 55,958.98, and the Nifty was up 128.10 points or 0.78% at 16,624.60. About 2067 shares have advanced, 969 shares declined, and 122 shares are unchanged.
Bajaj Finserv, Adani Ports, Bajaj Finance, Tata Steel and Hindalco Industries were the top Nifty gainers. Britannia Industries, HDFC, Infosys, Asian Paints and Nestle were among the top losers.
BSE midcap and smallcap indices gained over 1 percent each. Among sectors, except IT and FMCG, all other sectoral indices ended in the green.
Gold Updates:
Gold eased on Tuesday as the dollar steadied, but speculation that a spike in coronavirus cases may prompt the U.S. Federal Reserve to defer its tapering of monetary stimulus kept bullion above the pivotal $1,800 level.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research:
The market witnessed some positive movements and an attempt to hold the support level around the Nifty 50 Index level of 16,600. It is going to be crucial for the short-term market scenario to sustain above the 16,600 level. Sustaining above 16,600, the market expects to gain momentum, leading to an upside projection till 16,700 level. Technical indicators suggest, a volatile movement in the market in a small range between 16,500-16,700.
Nifty Bank index gained 1 percent led by the AU Small Finance Bank, IDFC First Bank, RBL Bank:
Dollar Updates:
The dollar was steady on Tuesday, holding near the previous session's five-day low, as markets appeared less concerned by the spread of the Delta variant, while the New Zealand dollar picked up after hawkish comments from the central bank.
Market at 3 PM
Benchmark indices were trading at day's high level led by metal, pharma, banks and power stocks.
The Sensex was up 463.83 points or 0.83% at 56019.62, and the Nifty was up 148 points or 0.90% at 16644.50. About 1994 shares have advanced, 923 shares declined, and 101 shares are unchanged.
UCAS announces major core technology contract with Infosys:
Infosys announced the signing of a new minimum three-year contract with UCAS, the admissions service for UK higher education.
As part of the new agreement Infosys will provide a wide range of digital services that will enable UCAS to further develop the capabilities that connect learners to universities, awarding bodies, schools, and other organisations, built on a dynamic digital suite of systems able to rapidly respond to the evolving UK higher education sector.
Infosys touched a 52-week high of Rs 1,755.60 and was quoting at Rs 1,720, down Rs 19.20, or 1.10 percent on the BSE.
Nifty Pharma index rose 1 percent led by the Biocon, Cipla, Sun Pharma:
Tapan Patel- Senior Analyst (Commodities), HDFC Securities:
Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading 1.01% up near $66.30 per barrel for the day. MCX Crude oil September futures were trading 0.92% up at Rs 4932 per barrel by noon.
Crude oil prices are expected to trade sideways to up for the day with resistance at $68 and support at $65 per barrel. MCX Crude oil September has support at Rs 4860 and resistance at Rs 5010.
European markets are trading flat with FTSE and DAX up marginally in the green
Lupin launches first branded generic alternative to Fostair in UK for treating asthma and COPD
Lupin Healthcare (UK) Limited, wholly-owned subsidiary of global pharma major Lupin Limited announced that following the
Medicines and Healthcare products Regulatory Agency (MHRA) approval earlier this year, it has launched Luforbec® (beclometasone/formoterol) 100/6 dose pressurised metered dose inhaler (pMDI), making it available now to patients in the UK, with the potential to offer significant cost savings for the NHS, the company said in an exchange filing. The stock was trading at Rs 939.50, up Rs 14.75, or 1.60 percent.
Market update at 2 PM:
Sensex is up 397.83 points or 0.72% at 55953.62, and the Nifty jumped 120.80 points or 0.73% at 16617.30. Bajaj Finserv and Tata Steel are the top gainers while Tata Steel and Bajaj twins are the most active stocks.
Yash Gupta, Equity Research Analyst, Angel Broking:
Vijaya Diagnostic Center is an another South India diagnostic chain to come up with the IPO in September 2021. The company provides pathology and radiology testing services, company offers around 740 routine tests, 870 specialize pathology tests, 220 basic tests, and 320 advanced radiology tests.
Vijaya Diagnostic network consists of 80 diagnostic centers and 11 reference labs across 13 cities. Companies 96% of revenue comes from Hyderabad, company has conducted 62 lakhs pathology tests and 8.9 lakhs radiology tests in FY2021.
The company has reported a good set of numbers in FY2021, its PAT has increased by 37% from 62 crores in FY2020 to Rs 84.9 crores in FY2021 and revenue has increased by 9.7% from Rs 354 crore in FY2020 to Rs 388.5 crore in FY2021.
Tata Power renewable successfully commissions 150 MW solar PV project:
Tata Power Renewable Energy (TPREL), 100% subsidiary of Tata Power announced commissioning of 150 MW Solar Power project in Village Loharki, Rajasthan. The plant is expected to generate more than 350 million units annually, company said in the release.
Tata Power Company was quoting at Rs 124.10, down Rs 0.85, or 0.68 percent on the BSE.
BSE Realty index added 1 percent led by the Prestige Estate, Sobha, Phoenix Mills:
Market at 1 PM
Indian benchmark indices extended the gains and trading near the day's high level.
The Sensex was up 243.24 points or 0.44% at 55799.03, and the Nifty was up 74.50 points or 0.45% at 16571. About 1739 shares have advanced, 1138 shares declined, and 90 shares are unchanged.
India's GDP likely to grow at 18.5% in April-June quarter this fiscal: SBI report
The country's gross domestic product (GDP) is expected to grow at around 18.5 percent with an upward bias in the first quarter of the current financial year, according to SBI research report Ecowrap.
This estimate is lower than the Reserve Bank of India's GDP growth projection of 21.4 percent for the April-June quarter.
Asian Granito approves rights issue:
Asian Granito board approved issue of equity shares through rights issue under fast track mode.
Asian Granito India was quoting at Rs 163.60, up Rs 11.45, or 7.53 percent on the BSE.
Wonderla Kochi sets to reopen from September 1:
Wonderla Holidays is set to reopen Wonderla Kochi on September 1, 2021. As part of the reopening initiative, Wonderla Kochi is extending a limited period offer for the visitors to enjoy a fun-filled day at the park for just Rs 799 (inclusive of GST), as per company's press release.
Wonderla Holidays was quoting at Rs 234.30, up Rs 6.05, or 2.65 percent on the BSE.
RBI imposes Rs 27.5 lakh penalty on Dhanlaxmi Bank:
The Reserve Bank of India (RBI) on August 23 imposed a monetary penalty of Rs 27.50 lakh on Kerala-based private sector lender Dhanlaxmi Bank for various rule violations.
The Statutory Inspection for Supervisory Evaluation (ISE) of the bank was conducted by RBI with reference to its financial position as of March 31, 2020.
Dhanlaxmi Bank was quoting at Rs 14.45, up Rs 0.25, or 1.76 percent on the BSE.
Market at 12 PM
Benchmark indices were trading near the day's high level with Nifty around 16,550.
The Sensex was up 185.12 points or 0.33% at 55,740.91, and the Nifty was up 55.10 points or 0.33% at 16,551.60. About 1605 shares have advanced, 1232 shares declined, and 78 shares are unchanged.
Bajaj Finserv touches 52-week high on SEBI nod to set up an AMC:
Bajaj Finserv touched a 52-week high of Rs 15,974.95, rising over 4 percent after company receiving SEBI nod to set up an asset management company.
".... has received an in-principle approval from Securities and Exchange Board of India (SEBI) for sponsoring a Mutual Fund," company said in its release.
Accordingly, the company would be setting up an Asset Management Company and the Trustee Company, directly or indirectly i.e., itself or through its subsidiary in accordance with applicable SEBI Regulations and other applicable laws, it added.
Nifty PSU Bank index rose over 1 percent led by the J&K Bank, Bank of Baroda, Punjab and Sind Bank:
Santosh Meena, Head of Research, Swastika Investmart:
Zomato's share tanked more than 13% in the last two trading sessions as the lock-in period for anchor investors ends. It has been observed that some selling pressure is seen for 1-2 days in most of the counters after the lock-in period ends for their anchor investors post listing but it acts as a buying opportunity in most of the quality stocks where low made during this period acts as strong support for the next leg of rally. If we talk about Zomato then Rs 120 is strong support and we could see some buying attraction around this level.
Asian Granito's Board approves issuing equity shares via Rights Issue
The company Board approved issue of equity shares through Rights Issue under fast track mode. The stock was trading at Rs 156.75, up Rs 4.60, or 3.02 percent. It has touched an intraday high of Rs 162 and an intraday low of Rs 152.
Tata Power Renewable commissions 150 MW solar PV project at Loharki, Rajasthan
Tata Power Renewable Energy commissioned 150 MW solar power project in Loharki, Rajasthan. The plant is expected to generate more than 350 million units annually. The stock was trading at Rs 124.30, down Rs 0.65, or 0.52 percent. It has touched an intraday high of Rs 126.00 and an intraday low of Rs 123.95.
Maruti Suzuki AGM | Maruti Suzuki Chairman
: Capital expenditure for this FY is likely at Rs 4,500 crore. Will Launch EV at 'Appropriate Time' when it is possible to sell without making losses. Chip shortage is a temporary issue, will get it sorted by 2022. Will get into SUV segment by next year. The stock was trading at Rs 6,799.35, down Rs 27.40, or 0.40 percent. It has touched an intraday high of Rs 6,825 and an intraday low of Rs 6,743.
Gaurav Garg, Head of Research, CapitalVia Global Research:
Indian benchmark started with previous session’s momentum. Sentiments will get a boost as Commerce and Industry Minister said foreign direct investments into the country is on the rise. Indian’s benchmark rose with investor sentiments buoyed by a full US approval for a COVID-19 vaccine.
Research suggests that 16,350 is an important support level in the short term, if the market sustains above this level, we can expect the market to remain positive and gain momentum, leading to an upside projection till 16,700-16,750 level.
Market update at 11 AM:
Sensex is up 125.75 points or 0.23% at 55681.54, and the Nifty added 35 points or 0.21% at 16531.50. Bajaj Finserv, Tata Steel and SBI are the top gainers while Kotak Mahindra Bank, Mindtree and Bajaj Finance are the most active stocks.
Among the sectors, metals along witgh PSU banks edged higher while FMCG and pharma sectors are under pressure.
Gold Updates:
Gold prices hovered above the key psychological level of $1,800 on Tuesday, as the looming threat from the Delta coronavirus variant fanned expectations that the U.S. Federal Reserve might delay dialling back its pandemic-era stimulus.
Ashish Singhal, Co-founder & CEO of CoinSwitch Kuber, on the development:
It’s great to see Bitcoin reach USD 50,000 again. The surge in Bitcoin is indicative of retail and institutional investors being bullish on the asset for the past year. Chainalysis recently reported that India ranks second in cryptocurrency adoption. There is an increasing awareness about Bitcoin and other cryptocurrencies among Indians, with people from tier-II and tier-III cities driving adoption. This mass adoption spells a positive outlook for Bitcoin prices.
The volatility in the cryptocurrency market is characteristic of a market that is still in its nascent stages. So, it is better for investors to invest in small amounts that might garner great returns but can also bear risks. Investing a particular amount regularly and in a disciplined way for the long-term can build wealth for the investors.
Govt eyes Rs 35,100 crore from partial sale of Bharatnet network, tower infra
The government expects to realise Rs 35,100 crore from the partial sale of Bharatnet fibre assets and around 13,500 mobile towers owned by state-run telecom firms as part of its national monetisation pipeline released on Monday.
Government think tank Niti Aayog has valued over 2.86 lakh kilometre of optical fibre assets laid by BBNL and BSNL under rural broadband project Bharatnet at Rs 26,300 crore, according to the National Monetisation Pipeline (NMP) document.
According to the document, BSNL's 13,567 mobile tower assets and MTNL's 1,350 towers have been valued at Rs 8,800 crore. Both the PSUs jointly own 69,047 mobile towers.
BSE Oil & Gas index added 1 percent supported by the GAIL India, IOC, HPCL:
Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors:
Rupee has gained after market does not expect FED to taper in September or December with the PMI data not coming good bringing the dollar index down below 93. Today, the Rupee is expected to move in a range of 74.00 to 74.25 with uptics to be sold by investors.
Infosys hits USD 100 billion in market cap:
Nucleus Software’s FinnOne Neo to power South Indian Bank:
Nucleus Software will empower South Indian Bank by providing the best in class digital solution offering to revamp the bank’s current retail lending landscape, company said in the release.
Nucleus Software Exports was quoting at Rs 555.00, up Rs 30.20, or 5.75 percent on the BSE.
Rupee Opens:
Indian rupee opened 11 paise higher at 74.10 per dollar on against previous close of 74.21 amid volatile trade seen in the domestic equity market.
Nifty Metal Index rose more than 1 percent led by the NALCO, Welspun Corp, Hindalco Industries
Chemplast Sanmar shares list at a discount:
Chemplast Sanmar shares started off the first day of trade on a weak note as the stock listed at a 3 percent discount to the issue price of Rs 541 per share. It opened at Rs 525 on the BSE, and Rs 550 on the National Stock Exchange.
Market at 10 AM
Benchmark indices were trading marginally higher in the volatile session.
The Sensex was up 51.42 points or 0.09% at 55607.21, and the Nifty was up 23.20 points or 0.14% at 16519.70. About 1333 shares have advanced, 1287 shares declined, and 76 shares are unchanged.
Aptus Value Housing Finance shares list at a discount:
Aptus Value Housing Finance India shares made a weak debut as the stock listed at a 6.5 percent discount to issue price of Rs 353 per share. The stock opened at Rs 329.95 on the BSE and at Rs 333 on the National Stock Exchange.
ICICI Direct:
The US dollar declined 0.56% yesterday amid a rise in risk appetite in the global markets and soft economic data from the US. US Manufacturing and Services PMI data showed activity in both sectors slowed down.
Rupee future maturing on August 27 appreciated by 0.26% in yesterday’s trading session on a weak dollar and positive domestic markets.
The rupee may gain strength in the early trading session on weakness in dollar and rise in risk appetite in the global markets. Further, decline in number of daily Covid-19 cases in the country will be supportive for the rupee. However, in the later trading session, the rupee may give up its strength as market participants are worried that spread of highly infectious delta variant may derail the global economic recovery. Additionally, the market will remain vigilant ahead of Jackson Hole Symposium.
