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July 04, 2022 / 03:56 PM IST

Closing Bell: Nifty ends above 15,800, Sensex gains 300 pts; FMCG gains, metals drag

Among sectors, FMCG, bank and capital goods indices rose 1-2 percent, while Metal index shed 1.5 percent.

  • July 04, 2022 / 04:29 PM IST

    Ajit Mishra, VP - Research, Religare Broking:

    Markets gained over half a percent amid volatility and settled closer to the day’s high. The beginning was subdued however healthy buying in sectors such as FMCG, financials and banking helped the index to inch gradually higher as the day progressed. Consequently, the Nifty closed at 15,835.35 levels; up by 0.5%. The broader indices also traded in tandem with the benchmark and ended higher.

    Indications are in favor of a further rebound in the index, thanks to fresh buoyancy in the banking and financial pack. However, supportive global cues would continue to play a critical role in any sustained up move. We reiterate our cautious stance and suggest continuing with sector-specific trading approach.

  • July 04, 2022 / 04:26 PM IST

    Rupak De, Senior Technical Analyst at LKP Securities:

    Nifty remained volatile before closing above the crucial resistance of 15800. The index moved above the very short-term moving average indicating rising bullishness. 

    The daily RSI is in the bullish crossover. Over the short term, the index may move towards 16000/16200. On the lower end, support is visible at 15700/15500.

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  • July 04, 2022 / 04:21 PM IST

    Prashanth Tapse, Vice President (Research), Mehta Equities

    Markets snapped its three-day losing streak helped by the backdrop of constructive ‘Morning Star’ pattern on Nifty’s daily technical landscape followed by Friday’s ‘Hammer Candle”. 

    It appears investors are looking forward to a recovery, and the bullish takeaway is that probably Nifty could shoot to the psychological 16000 mark with an interweek perspective. 

    Technically, for Tuesday’s trade, Nifty’s biggest support is seen at 15711. Below the interweek support at 15457, expect a waterfall of selling. Nifty’s major hurdle is seen at 15927 and then all eyes on the 16181 mark.

  • July 04, 2022 / 04:19 PM IST

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

    Nifty opened lower and remained range bound for most part of the session. However, it gained strength in the last hour to close with gains of 83 points (+0.5%) at 15,835 levels. Broader market too ended inline – up 0.7%. Sector-wise it was mixed bag. FMCG, Banking, Financial Services, Consumer Durables, Realty and Media were positive. While Metals, IT, Oil & Gas, Auto and Pharma were laggards.

    European and Asian markets saw some respite after last week’s fall, while US market are closed today on account of Independence Day. As per media reports US President might ease Chinese tariffs which can bring some relief to the global economy.

    Strong June auto sales number, improved GST collection, record property registration in Mumbai, hope of good monsoon and soft commodity price have supported domestic indices despite volatile and uncertain global environment. Going forward, during the week markets will take cues from US Fed minutes of meeting (Wednesday). The June quarter earnings season will kick-start with TCS reporting its numbers on 8th July - Friday followed by Avenue Supermart on 9th (Saturday).

  • July 04, 2022 / 04:07 PM IST

    Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities:
     
    Bulls rebounded sharply in the late session after firm European market sentiment coupled with a fall in crude oil prices and decline in the rupee cheered investors. 

    Despite the recovery, bearish-to-volatile sentiment will continue to prevail as FII outflows have remained buoyant, which is creating nervousness amongst the investors. 

    Technically, after a long time, the Nifty closed above the 20-day SMA and has also formed a long bullish candle on daily charts. As long as the index is trading above 15700, the uptrend wave is likely to continue. Above which, the index could move up to 15950-16000 levels. Below 15700, the uptrend would be vulnerable and could slip till 15650-15600.

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  • July 04, 2022 / 03:57 PM IST

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

    Post a negative start on July 04, the Nifty witnessed a brief consolidation in the range of 15650-15800. Towards the end of the session, the bulls managed to cross the hurdle of 15800. 

    The hourly chart shows that the index is trading near a falling trendline beyond which the upside momentum will pick up further. 
    Structurally, the Nifty is inching towards 15900-16000 on the upside. The level of 16000, however, is a key barrier where the index can stumble again. On the other hand, 15650 & 15500 are the short term supports to provide cushion on the 

  • July 04, 2022 / 03:46 PM IST

    Rupee Close

    Indian rupee ended higher at 78.95 per share against Friday’s close of 79.04.

  • July 04, 2022 / 03:37 PM IST

    Vinod Nair, Head of Research at Geojit Financial Services:

    With support from banking stocks, the domestic market recouped its opening gains as provisional business data for Q1 indicated a strong credit growth. 

    Changing investor preference from growth to value stocks is clearly visible, resulting in selling across sectors like IT. 

    As we step towards the new earnings season, the prime focus of the market will turn towards quarterly numbers and updated guidance for the new financial year.

  • July 04, 2022 / 03:34 PM IST

    Market Close: Indian benchmark indices ended higher in the highly volatile session on July 4 with Nifty closing above 15,800

    At close, the Sensex was up 326.84 points or 0.62% at 53,234.77, and the Nifty was up 83.40 points or 0.53% at 15,835.40. About 1976 shares have advanced, 1330 shares declined, and 171 shares are unchanged.

    HUL, Britannia Industries, IndusInd Bank, ITC and ICICI Bank were among the top Nifty gainers. JSW Steel, ONGC, TCS, Tata Steel and Cipla were among the losers on the index.

    Among sectors, FMCG, bank and capital goods indices rose 1-2 percent, while Metal index shed 1.5 percent.

    BSE midcap index added 0.8 percent and smallcap index rose 0.6 percent.

  • July 04, 2022 / 03:24 PM IST

    Morgan Stanley View On IndusInd Bank

    Morgan Stanley has maintained overweight rating on IndusInd Bank with a target at Rs 1,300 per share.

    The loan growth has improved to 18% YoY, while on a sequential basis, growth was 4%.

    The CASA ratio continues to improve, reported CNBC-TV18.

     Morgan Stanley View On IndusInd Bank  

 Morgan Stanley has maintained overweight rating on IndusInd Bank with a target at Rs 1,300 per share. 

 The loan growth has improved to 18% YoY, while on a sequential basis, growth was 4%. 

 The CASA ratio continues to improve, reported CNBC-TV18.
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  • July 04, 2022 / 03:19 PM IST

    Morgan Stanley View On Federal Bank

    Morgan Stanley has kept overweight rating on Federal Bank with a target at Rs 130 per share.

    The gross loan growth strong sequentially at 4.6%, while on a YoY basis, gross loan growth accelerated to 16%.

    The loan to deposit ratio has improved, reported CNBC-TV18.

    Federal Bank was quoting at Rs 95.25, up Rs 1.65, or 1.76 percent on the BSE.

  • July 04, 2022 / 03:13 PM IST

    Goldman Sachs View On ONGC:

    Goldman Sachs has maintained buy rating on ONGC and cut target price to Rs 210 from Rs 285 per share.

    The windfall tax was a surprise but the risk-reward remains favourable.

    Goldman Sachs lower FY23/24 EBITDA estimates by 23%/23% and still see 21% FCF & 11% dividend yield in FY24, reported CNBC-TV18.

     Goldman Sachs View On ONGC:  

 Goldman Sachs has maintained buy rating on ONGC and cut target price to Rs 210 from Rs 285 per share. 

 The windfall tax was a surprise but the risk-reward remains favourable. 

 Goldman Sachs lower FY23/24 EBITDA estimates by 23%/23% and still see 21% FCF & 11% dividend yield in FY24, reported CNBC-TV18.