Kunal Shah, Senior Technical & Derivative analyst at LKP Securities:
The Bank Nifty index is currently experiencing a struggle between the bulls and bears, resulting in a consolidation phase. There is a visible support level at 44800, and if the index breaks below this level, it could trigger further downside movements towards 44600.
On the upside, a resistance level is apparent at 45150. If the index successfully breaks above this resistance level, it may pave the way for a clearer upward move towards levels around 45400-45500.
Osho Krishan, Sr. Analyst, Technical & Derivative Research, Angel One
The Indian equity market had a subdued start tracking the mixed global cues, wherein the benchmark index stayed in a slender range with some choppy moves. The index has snapped its two days of winning streak and concluded the choppy session in negative terrain, with a mere loss of 0.13 percent at 19571 level.
Technically, there has been no significant change in the technical structure of the benchmark index as it keeps hovering near the 20 SMA from the past couple of trading sessions with no assertive moves. The broader markets kept the trader’s fraternity busy while the indices remained tentative. On the technical front, the resistance of the bullish gap withholds the sturdy hurdle and till we do not surpass it in a decisive manner, we are likely to experience some selling pressure at higher levels. On the downside, 19500 - 19440 - 19380 are to be treated as immediate supports.
Going forward, we would advocate traders to stay fussy with stock selection and keep a close tab on the mentioned levels. Also, global and domestic data are in the pipeline for the week and one needs to stay abreast with the developments, which are most likely to dictate the near-term trend in the market.
Rupak De, Senior Technical analyst at LKP Securities:
The Nifty index displayed volatility but managed to close above the significant 21EMA moving average and maintained support above 19500. A positive trend is anticipated as long as the index holds above 19500, with resistance at 19700 and potential for a rally towards 20000.
Shrikant Chouhan, Head of Research (Retail), Kotak Securities
Caution prevailed in the market ahead of the RBI's monetary policy announcement, while weak European and Asian cues saw the local benchmarks linger in negative territory for the majority of the trading session.
Listless trading could be seen till the MPC meeting outcome and global cues will continue to dictate trends in the local market. Technically, after a reversal formation, the market has been witnessing a range bound activity near the 20 day SMA (Simple Moving Average).
For bulls, a fresh uptrend rally is possible only after the dismissal of 19635, and above the same the index could move till 19700-19735. On the flip side, below 19525 the selling pressure is likely to accelerate and could retest the level of 19480-19450.
Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty snapped a two-day gain and ended marginally in the negative on Aug 08. At close Nifty was down 0.13% or 26.5 points at 19570.9. Smallcap index ended in the positive even as the advance decline ratio remained firm at 0.97:1.
Global stocks mostly ticked lower on Tuesday as investors assessed the latest weak economic data out of China and looked ahead to a key inflation reading from the U.S. on Thursday. China's imports contracted by 12.4% in July, far more than forecasts for a 5% drop. Exports fell by 14.5%, compared with a fall of 12.5% tipped by economists. Italian banks came under pressure after the cabinet approved a 40% windfall tax on lenders. Moody's cut the credit ratings of several small and mid-sized U.S. lenders.
Nifty formed a bearish Engulfing pattern on Aug 08, however a fall below 19524 could result in faster down move. 19634-19678 could be the resistance band for the Nifty in the near term.
Vinod Nair, Head of Research at Geojit Financial Services
On the global front, investors are adopting a cautious approach even amidst declining bond yields as they await the release of crucial economic data. The significant drop in Chinese exports has also contributed to concerns within the global market.
FIIs remain in a selling mode in the domestic market, yet active buying from DIIs is mitigating downside risks. Among sectors, PSU banks and pharma stocks inched up, while mid- and small-cap stocks have continued to outperform the benchmark, showcasing their resilience.
Aditya Gaggar Director of Progressive Shares
Throughout the day, Nifty50 oscillated in a well-defined range and finally ended the session at 19,570.85 with a minor loss of 26.45 points. With hidden bullish divergence in RSI, the PSU Banking sector regained its momentum and ended up being a top performer of the day.
The aggressive move extended for the defensive pharma sector; while on the flip, Metal sector was the major laggard. The broader markets outperformed Nifty50 as mid and smallcap indices managed to end the day in the green.
On the daily chart, Nifty50 has made a bearish engulfing candlestick pattern and almost tested its 20DMA which indicates that the higher side is capped around 19,650 while for the time being downside is protected at 19,450.
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
The Nifty opened on a positive note however could not capitalize on the gains. It slipped during the day and closed in the negative. On the daily charts, we can observe that the Nifty has witnessed a counter-trend pullback in the past three trading sessions. It has faced resistance around the 20-day moving average (19645) and the 61.82% Fibonacci retracement level (19605) of the fall from 19795 – 19296. The rise of the past three trading sessions is overlapping and thus we are of the opinion that the Index is undergoing a complex correction and the pullback was an “X” wave pullback.
The hourly momentum indicator has a negative crossover which is a sell signal and with the daily momentum indicator already in the sell mode further supports our bearish outlook on the index. Overall, we still shall continue to maintain our negative stance on the Nifty, and we expect levels of 19100 from a short-term perspective.
Bank Nifty traded closed in the positive however it could not surpass the 40-hour moving average indicating selling pressure. It traded within the range of the penultimate trading session (44520 – 45120). Until the extreme of the range are not breached on either side, we can expect the consolidation to continue. The daily momentum indicator has a negative crossover which is a sell signal. Thus, this pullback should be used as a selling opportunity. On the downside, we expect 44000 from a short-term perspective.
Rupee Close:
Indian rupee ended lower at 82.84 per dollar versus previous close of 82.74.
Manaksia Steel Q1:
The company reported profit of Rs 10.1 crore in the quarter ended June 2023 versus Rs 0.6 crore and revenue up 12.2% at Rs 218.2 crore versus Rs 194.4 crore, YoY.
Hikal Q1 Results:
Net profit at Rs 6.9 crore against loss of Rs 8.9 crore and revenue up 2.4% at Rs 388.1 crore versus Rs 378.9 crore, YoY.
Market Close:
Benchmark indices ended marginally lower in the volatile session on August 8.
At close, the Sensex was down 106.98 points or 0.16 percent at 65,846.50, and the Nifty was down 26.50 points or 0.14 percent at 19,570.80. About 1788 shares advanced, 1713 shares declined, and 141 shares unchanged.
Top losers on the Nifty included Adani Enterprises, Power Grid Corporation, Hindalco Industries, M&M and Divis Labs, while gainers were Hero MotoCorp, SBI Life Insurance, Cipla, Tech Mahindra and Wipro.
Except PSU Bank and pharma, all other sectoral indices ended in the red.
BSE midcap and smallcap indices ended with marginal gains.
Sensex Today | Shrey Jain, Founder and CEO, SAS Online
Residential real estate especially in the mid and low-income level category will get a breather as this segment is quite sensitive to interest rates. Not only do higher interest rates discourage home buyers they also lead to increased borrowing costs for developers thus impacting project costs. Having said that, luxury real estate market has been seeing robust demand, especially with the Government capping deduction of capital gains arising out of the sale of long-term assets to Rs 10 crore.
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Sobha | 579.90 | -3.68 | 52.35k |
| Indiabulls Real | 68.16 | -1.84 | 310.09k |
| Macrotech Dev | 718.10 | -1.24 | 17.14k |
| Brigade Ent | 586.00 | -0.53 | 3.43k |
| Mahindra Life | 509.00 | -0.31 | 3.13k |
| DLF | 487.90 | -0.22 | 50.19k |
| Godrej Prop | 1,560.00 | -0.16 | 15.40k |
| Phoenix Mills | 1,698.25 | -0.11 | 18.89k |
Stock Market LIVE Updates | Morgan Stanley View On Manappuram Finance
-Overweight rating, target at Rs 160 per share
-Asirvad MFI, reported PAT 25 percent above estimates
-Beat is 5 percent of current consolidated PAT forecast for company
-This could be potential upside risk to Q1 PAT of Rs 427 crore for the company
Sensex Today | Srikanth Subramanian, CEO at Kotak Cherry:
We believe RBI will maintain a pause in repo rate. What will be important to take note of is the Governors tone on the rising inflation. Crude prices have moved up for the sixth consecutive week on the back of tight supply and improving demand outlook. This coupled with rising vegetable prices will impose pressure on the CPI numbers for July.
RBI is expected to remain data dependent going forward, though the increase in inflation prints in June and what we expect in July, the chances of interest rate cut in 2023 looks lower.
Overall, we expect to remain in a ‘Higher for longer’ interest rate regime with the withdrawal of accommodation stance to continue in the August policy meet.
Stock Market LIVE Updates | Jefferies View On Ramco Cements
-Underperform rating, target at Rs 720 per share
-EBITDA was a miss as realisations was sharply below estimate & underperforming peers
-Comapny recorded a robust 29 percent YoY growth on volumes led by new capacities stabilising
-Volume push has depressed realisations
-For Q1, net debt increased marginally driven by capex
Stock Market LIVE Updates | HSBC View On Alembic Pharmaceuticals
-Hold rating, target at Rs 715 per share
-EBITDA margin saw impact of higher operating costs, US sales outlook yet to improve
-Focus remains on cost efficiencies to offset impact of pricing woes
-Pick-up in US sales is key for EBITDA margin recovery
Stock Market LIVE Updates | Hind Rectifiers Q1 Results:
Net profit at 1.9 crore versus loss of Rs 2.3 crore and revenue up 34.4% at Rs 97.6 crore versus Rs 72.6 crore, YoY.
Stock Market LIVE Updates | Lloyds Metals and Energy
Q1 Results:
Net profit at Rs 403.3 crore against loss of Rs 930.3 crore and revenue at Rs 1,965.5 crore versus Rs 842.7 crore, YoY.
Stock Market LIVE Updates | Morgan Stanley View On PB Fintech
-Overweight rating, target at Rs 810 per share
-Beats on revenue, contribution & adjusted EBITDA reflect much stronger core business
-Core revenue, contribution & adjusted EBITDA expanded QoQ despite Q1 being seasonally weak
-Protection new premiums were up 40 percent YoY
Sensex Today | Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas:
Indian Rupee depreciated on Tuesday on a positive Dollar and a weak tone in domestic markets. FII outflows also weighed on Rupee. However, weak crude oil prices cushioned the downside. US Dollar gained on safe-haven demand on risk aversion in global markets and hawkish Fedspeak. US Federal Reserve official Michele Bowman said additional rate hikes will likely be needed to bring inflation to its target of 2%.
We expect Rupee to trade with a negative bias on strong US dollars and risk aversion in global markets. Selling pressure by foreign investors may also weigh on the rupee. Traders may remain cautious ahead of RBI’s monetary policy and US inflation data Thursday. RBI is expected to keep its monetary policy unchanged. Traders may also watch out for US trade balance data. We expect the USDINR spot to trade in the range of 82.40 to 83.30 in the near term.
Sensex Today | Ranen Banerjee, Partner, Economic Advisory Services, PwC India:
While the inflationary pressures are upwards owing to primarily vegetables and some other food items, given that the inflation print is going to be below 6%, the MPC can afford to continue with a pause. The yield differential between US and India is almost similar to what it was two months back and the reserves have become stronger crossing USD 600 billion. Thus, there is no immediate pressure or concern emerging from that front too.
The demand continues to be weak at the lower value end of the spectrum and hence the Indian inflation continues to be a supply side driven one. Thus, there is no immediate trigger for a rate increase. The commentary will continue to be hawkish with emphasis on data dependent actions on the back of impacts seen from the rate increases by BoE, ECB and the US Fed.
Stock Market LIVE Updates | Nomura View On Godrej Consumer Products
-Buy rating, target at Rs 1,225 per share
-Q1FY24 results in-line, better-than-peers performance to continue
-Higher-than-peers investments & new initiatives continue to yield positive results
-Devaluation of Naira to impact overall sales growth by 200 bps
-Cut FY24/25 EPS estimate by -4 percent/-2 percent to factor in the Naira impact
Sensex Today | Market at 3 PM
The Sensex was down 126.78 points or 0.19 percent at 65,826.70, and the Nifty was down 29.10 points or 0.15 percent at 19,568.20. About 1592 shares advanced, 1558 shares declined, and 119 shares unchanged.
| Company | Bid Qty | CMP Chg(%) | Today Vol 20D Avg Vol |
|---|---|---|---|
| Gland | 41758.00 | 1612.60 20 | 643685 69648.00 |
| Banco Products | 84735.00 | 401.25 19.99 | 240407 31828.20 |
| OnMobile Global | 260203.00 | 95.02 19.99 | 677050 64709.90 |
| Hisar Metal | 37495.00 | 212.80 19.99 | 150053 11301.15 |
| 63 Moons Tech | 2938.00 | 254.15 10 | 151972 31861.60 |
| Zen Tech | 23605.00 | 742.20 10 | 234666 197629.80 |
| Nagarjuna Fert | 143302.00 | 9.92 9.98 | 570528 141473.95 |
| Indo Borax | 26951.00 | 188.55 9.97 | 64703 36209.85 |
| Peninsula Land | 74889.00 | 36.17 9.97 | 1283581 163435.35 |
| WPIL | 1999.00 | 3527.90 5 | 7887 10389.20 |
| Company | Offer Qty | CMP Chg(%) | Today Vol 20D Avg Vol |
|---|---|---|---|
| Reliance Home F | 1253306.00 | 2.27 -9.92 | 4794874 3791450.45 |
| Refex Ind | 43364.00 | 706.60 -4.99 | 101935 63774.10 |
Sensex Today | Mahesh Agarwal, National Head- Wealth at AUM Capital
We expect the RBI to maintain a cautious and hawkish stance in its upcoming monetary policy meeting. The rise in inflation is also causing a rise in food prices, specifically in the price of vegetables in July. In June, the Consumer Price Index (CPI) showed an inflation rate of 4.81%. Similarly, core inflation in June was lower at 5.1% than 5.2% in May.
As a result, CPI is likely to accelerate in the next few months because the erratic effects of monsoon have affected the farmers. Floods in the northwest and insufficient precipitation in the South and East have slowed harvesting. The market for cereals is actually on the rise, both domestically and internationally. In particular, the latter category is impacted by geopolitical developments such as the Black Sea grain trade agreement.
Furthermore, El Nino-related weather uncertainties exist, elevating the possibility of a delayed start to the policy easing cycle. Subsequently, the surprise surge in retail inflation for June has pushed the rate cut possibilities to the next financial year. Hence, we expect RBI to keep the policy rates and stance unchanged in the forthcoming policy.
Stock Market LIVE Updates | Bernstein View On Gland Pharma
-Outperform rating, target at Rs 1,742 per share
-Q1 points towards early signs of revival in base business
-Revenue grew as company consolidated 2 months of Cenexi revenues in quarter
-Ex-Cenexi, growth returned with support from Europe, RoW & India
-US and other core markets dragged
-US business saw some positives with rise in volume for key products like Esmolol, Caspofungin
Stock Market LIVE Updates | Ircon International Q1 Results:
Net profit up 29.6% at Rs 187.4 crore against Rs 144.6 crore and revenue up 35.7% at Rs 2,712.2 crore versus Rs 2,001.9 crore, YoY.
Stock Market LIVE Updates | Nomura View On Britannia Industries
-Buy rating, target at Rs 5,500 per share
-Revenue was in-line, margin was a miss
-H2FY24 to cycle high base but is largely built in to the numbers demand still challenging
-Pricing-led growth to fade away from Q2FY24
| Company | CMP | High Low | Gain from Day's Low |
|---|---|---|---|
| Gland | 1,612.60 | 1,612.60 1,425.00 | 13.16% |
| Caplin Labs | 1,001.00 | 1,008.55 896.00 | 11.72% |
| Indian Bank | 380.05 | 381.90 343.05 | 10.79% |
| Angel One | 1,661.60 | 1,665.00 1,525.00 | 8.96% |
| Bank of Mah | 36.08 | 36.29 33.74 | 6.94% |
| Housing & Urban | 69.65 | 70.30 65.24 | 6.76% |
| Emami | 494.35 | 502.95 463.10 | 6.75% |
| Lloyds Metals | 668.60 | 674.60 630.00 | 6.13% |
| Sunteck Realty | 389.75 | 394.80 367.85 | 5.95% |
| Shyam Metalics | 425.20 | 430.50 402.15 | 5.73% |
Sensex Today | Santosh Meena, Head of Research, Swastika Investmart
The Reserve Bank of India (RBI) is scheduled to announce its monetary policy on August 10, 2023. Ahead of the policy, rate-sensitive sectors such as banking, NBFCs, real estate, auto, and infrastructure are likely to remain in focus.
While the market is expecting a status quo in the repo rate, it will be keen to hear the RBI's assessment of the inflation trajectory and the outlook for growth.
Any hint of a hawkish stance from the RBI could weigh on sentiment in these sectors. Stocks like DLF, Godrej Properties, and M&M Finance may remain volatile on policy day.
Stock Market LIVE Updates |
Tata Power signs MoU with Maharashtra Government for development of 2,800 MW pumped hydro storage projects
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Caplin Labs | 994.10 | 10.95 | 2.08m |
| Indian Bank | 377.65 | 8.8 | 5.35m |
| VIP Industries | 663.10 | 6.25 | 3.62m |
| Sunteck Realty | 392.75 | 6.06 | 1.86m |
| Tanla Platforms | 1,171.00 | 3.57 | 529.28k |
| Rallis India | 222.75 | 3.53 | 1.64m |
| Radico Khaitan | 1,385.40 | 3.43 | 207.48k |
| Sequent Scienti | 102.55 | 3.32 | 7.89m |
| Engineers India | 153.70 | 2.67 | 6.25m |
| KEI Industries | 2,437.10 | 2.64 | 340.13k |
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Indian Bank | 378.00 | 8.9 | 5.06m |
| Emami | 495.05 | 7.69 | 4.33m |
| Dixon Technolog | 4,864.85 | 3.72 | 2.17m |
| Poonawalla Fin | 450.00 | 3.41 | 3.32m |
| Clean Science | 1,380.00 | 3.32 | 470.82k |
| Union Bank | 89.00 | 3.13 | 7.46m |
| Canara Bank | 338.75 | 3.07 | 6.50m |
| PNB | 62.25 | 3.06 | 48.96m |
| Bank of India | 85.70 | 2.94 | 9.24m |
| BHEL | 99.15 | 2.64 | 23.33m |
Stock Market LIVE Updates | AdaniPorts reports Q1 earnings
--Net profit up 82.6% at Rs2,114.7 cr vs Rs1,158.3 cr (YoY)
--Revenue up 23.5% at Rs6,247.6 cr vs Rs5,058.1 cr (YoY)
--EBITDA up 80.2% at Rs3,766 cr vs Rs2,089.3 cr (YoY)
--EBITDA margin at 60.3% vs 41.3% (YoY)
Stock Market LIVE Updates |
Infibeam reports Q1 earnings
- Net profit up 9.7% at Rs26 cr vs Rs23.7 cr (YoY)
- Revenue up 77.5% at Rs742.4 cr vs Rs418.3 cr (YoY)
- EBITDA up 15.1% at Rs48.9 cr vs Rs42.5 cr (YoY)
- Margin At 6.6% Vs 10.2% (YoY)
Stock Market LIVE Updates | National Fertilizers Q1 Earnings:
Loss of Rs 168.9 crore versus profit of Rs 164 crore and revenue down 21.7% at Rs 5,051.2 crore versus Rs 6,454.7 crore, YoY.
Stock Market LIVE Updates | Navkar Corporation Q1 results:
Net profit down 84.4 percent at Rs 3.7 crore versus Rs 23.7 crore and revenue down 18.4 percent at Rs 105.5 crore versus Rs 129.3 crore, YoY.
Stock Market LIVE Updates | Borosil Renewables Q1 Results:
Net loss at Rs 8.3 crore versus profit of Rs 30.1 crore and revenue at Rs 354.5 crore versus Rs 170 crore, YoY.
Stock Market LIVE Updates | SMS Pharma Q1 results:
Net profit at Rs 8.8 crore versus loss of Rs 10.2 crore and revenue at Rs 135.3 crore versus Rs 64.4 crore, YoY.
Stock Market LIVE Updates | HSBC View On Interglobe Aviation
-Buy rating, target at Rs 3,230 per share
-Net profit better than estimate, RASK up 9 percent and unit cost down 18 percent YoY
-Soft yield outlook reflects seasonal weakness, should remain strong to offset cost pressure
-Strong balancesheet could open path for dividend payments
Stock Market LIVE Updates | Morgan Stanley View On Tata Chemicals
-Equal-weight rating, target at Rs 916 per share
-Reported highest ever EBITDA as margin surprised positively offsetting lower volume
-India and US led the beat
-Commentary on pricing & cost management will be key to watch in call
Stock Market LIVE Updates | Sensex Today
The Sensex was down 75.72 points or 0.11 percent at 65,877.76, and the Nifty was down 21.80 points or 0.11 percent at 19,575.50. About 1624 shares advanced, 1505 shares declined, and 111 shares unchanged.
| Company | 52-Week High | Day’s High | CMP |
|---|---|---|---|
| Indian Bank | 379.55 | 379.55 | 377.00 |
| Caplin Labs | 1001.00 | 1001.00 | 973.45 |
| HUDCO | 70.30 | 70.30 | 69.00 |
| Shyam Metalics | 428.95 | 428.95 | 428.60 |
| Cera Sanitary | 8460.55 | 8460.55 | 8,390.00 |
| Manappuram Fin | 144.20 | 144.20 | 143.95 |
| Dixon Technolog | 4925.00 | 4925.00 | 4,891.35 |
| Praj Industries | 464.40 | 464.40 | 463.00 |
| SBI Life Insura | 1354.15 | 1354.15 | 1,354.00 |
| NLC India | 125.45 | 125.45 | 124.05 |
Stock Market LIVE Updates | Nomura View On Ramco Cements
-Reduce rating, target at Rs 850 per share
-Weaker realisation remains a drags amid strong volume growth in Q1FY24
-Expansion projects remain on track, fast ramp-up of completed projects
-EBITDA/t missed estimate by 14 percent largely on account of weaker-than-expected realisation
Stock Market LIVE Updates | Jefferies View On Torrent Pharma
-Hold rating, target at Rs 1,950 per share
-Q1FY24 revenue/EBITDA were largely in line
-India revenue up 15 percent YoY & Brazil up 3 percent YoY due to part sales spill over to Q2
-Branded market & recovery in Germany remain key revenue growth drivers
-Steady EBITDA margin expansion of 60-100 bps per annum a key revenue growth driver
Stock Market LIVE Updates | CLSA View On PB Fintech
-Outperform rating, target at Rs 890 per share
-Strong core performance aided by strong credit disbursals & protection growth
-Healthy core insurance revenue growth a key positive
-Core EBITDA positive for second consecutive quarter
-Contribution margin expanded and expenses outside contribution inched up
Stock Market LIVE Updates | Windlas Biotech Q1 results:
Net profit up 22.4% at Rs 12 crore versus Rs 9.8 crore and revenue up 20.7% at Rs 144.7 crore versus Rs 119.9 crore, YoY.
Stock Market LIVE Updates | Dilip Buildcon declares lowest bidder for project worth Rs 270 crore
Dilip Buildcon has declared as L-1 bidder for the tender floated by the Public Works Department, Government of Goa on DBFOT mode in the state of Goa. The project cost is Rs 270.07 crore.
