Closing Bell: Sensex, Nifty end higher amid volatility; IT shines

Sensex Today | Market ends marginally higher

Indian benchmark indices ended marginally higher in the volatile session on August 14. At close, the Sensex was up 149.85 points or 0.19 percent at 79,105.88, and the Nifty was up 4.80 points or 0.02 percent at 24,143.80.

We wrap up today's edition of the Moneycontrol live market blog, and will be back Friday morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

After showing sharp weakness on Tuesday, Nifty shifted into a narrow range movement on Wednesday and closed the day higher by 04 points. After opening with a positive note, the market shifted into a small high low range of around 96 points, that lasted for the entire session.

A small negative candle was formed on the daily chart, which is indicating a probable halt in downside momentum that triggered on Tuesday. This market action could be considered as a down trend continuation pattern. After the formation of series of bullish patterns like higher tops and bottoms on the daily chart over the last few months, Nifty seems to have formed a new lower top on Monday at 24472. Hence, further weakness from here could confirm this formation.

The immediate support of ascending trend line has been broken on the down side recently and the significant opening downside gap of 5th August remains unfilled. This is negative indication. A decisive move below 23900 could trigger near term downward correction in the market. Immediate resistance is placed at 24250-24300 levels.

Rupak De, Senior Technical Analyst, LKP Securities

Nifty remained sideways ahead of the US CPI inflation data release and the public holiday on Thursday. The overall trend is likely to remain weak, as the index continues to trade below the initial resistance level of 24,250.

Additionally, the index has been sustaining below the middle Bollinger Band, confirming a weak near-term trend.

This weakness might push the index towards 23,900/23,700. On the higher end, resistance is expected at 24,250/24,500.

Ajit Mishra – SVP, Research, Religare Broking

The markets remained lackluster and closed flat, taking a pause after Tuesday’s decline. Following a subdued start, the Nifty traded within a narrow range and ultimately ended at the 24,143 level. Sector-wise, metal and pharma stocks were the top losers, while resilience in the IT sector helped limit the overall decline for the second consecutive session. The broader indices also slipped, losing over half a percent each.

With no major domestic triggers, participants are now looking to global markets for direction. An intermediate recovery in the US markets is providing some relief, but ongoing pressure in select heavyweight stocks across sectors is limiting the recovery. In light of the uncertain outlook, we recommend maintaining a cautious stance and adopting a hedged approach until there is more clarity on the market’s next move.

Prashanth Tapse, Senior VP (Research), Mehta Equities

Markets snapped two session falls aided by positive cues from global markets. Although broader markets were subdued to weak, strong gains in IT and select auto stocks helped benchmark indices rebound. Investors maintained a cautious approach ahead of the US CPI data to be released later and refrained from taking bullish bets to avoid any risk emanating from global markets.

Vinod Nair, Head of Research, Geojit Financial Services

The domestic market traded within a narrow range; even as global markets saw a positive turnaround. Investors adopted a cautious stance due to weak domestic sentiment and the risks of earnings downgrades. Meanwhile, a decline in WPI inflation, driven by lower food prices, signals that the RBI is progressing towards its price stability target. The IT index edged up, reflecting optimism for improved US CPI data expected later today, which could increase the scope of a loose monetary policy from the Fed.

Earnings Watch | Borosil Renewables Q1 net profit up 86% at Rs 9.3 crore Vs Rs 5 crore, YoY 

Earnings Watch | Capacite Infraprojects Q1 net profit at Rs 53.4 crore Vs Rs 19.1 crore, YoY

Aditya Gaggar Director of Progressive Shares

Lacklustre trade ended marginally higher at 24,143.75. Barring IT and Auto, all other sectors ended the day in red with Metal and Media being the major laggards.

Broader markets underperformed the Frontline Index as Mid and Smallcaps ended the session with a loss of over 0.50%.

Nothing has changed i.e. the Index remained in its well-maintained range of 23,970-24,400, awaiting a breakout on either side.

Currency Check | Rupee closes higher at 83.94

Indian rupee ended higher at 83.94 per dollar on Wednesday against Tuesday's close of 83.97.

Market Close | Sensex, Nifty end higher amid volatility; IT outperforms

Indian benchmark indices ended marginally higher in the volatile session on August 14.

At close, the Sensex was up 149.85 points or 0.19 percent at 79,105.88, and the Nifty was up 4.80 points or 0.02 percent at 24,143.80. About 1247 shares advanced, 2141 shares declined, and 91 shares unchanged.

Top Nifty gainers included TCS, HCL Technologies, Infosys, Tech Mahindra and BPCL, while losers were Divis Labs, Hero MotoCorp, Coal India, ONGC and UltraTech Cement.

Among sectors, except IT (up 1.5 percent), all other sectoral indices ended in the red capital goods, healthcare, oil & gas, metal, realty, pharma, media down 0.5-1 percent.

The BSE midcap and smallcap indices down 0.5 percent each.

Brokerage Call | Morgan Stanley keeps ‘overweight’ call on Manappuram Finance, target Rs 245

#1 Q1 was a muted quarter

#2 1 percent PAT miss due to higher credit costs in standalone & MFI subsidiary

#3 Standalone NIM missed estimates owing to higher borrowings during quarter

#4 Yields were in-line with estimates even as gold loan yields fell 30 bps QoQ to 22.2 percent

#5 Management raised its guidance for gold loan growth from 12-13 percent to 15 percent for FY25

#6 Management also guided that credit costs at Asirvad Microfinance likely to remain elevated

Brokerage Call | Jefferies maintains ‘buy’ rating on Muthoot Finance, target Rs 2,220

#1 Q1 profit grew 11 percent YoY to Rs 1,080 crore (7 percent Miss) as beat in PpOP was offset by higher provisions

#2 Loan growth surprised positively, aided by higher gold prices

#3 Customer & tonnage growth improved QoQ

#4 NIMs fell QoQ, but held up better than estimates

#5 Gold gross NPA rose 70 bps QoQ

#6 Provision surprised negatively, but with LTV on gross NPA at 54 percent, loan losses should be limited

Earnings Watch | MTNL Q1 net loss down at Rs 773 crore versus Rs 783 crore, QoQ

Sensex Today | Shriram Properties appoints Ravindra Kumar Pandey as Chief Financial Officer

Brokerage Call | JPMorgan keeps ‘overweight’ rating Samvardhana Motherson, target raises to Rs 195

#1 Strong momentum across businesses; investment in growth continues

#2 Q1 broadly in-line

#3 Maintaining a healthy balance between leverage, RoCE and growth capex

#4 Management reiterated their commitment to remain <2.5x net debt/EBITDA

#5 Raise FY25-27 EPS by 9-19 percent

Stock Market LIVE Updates | Hindustan Zinc to consider second interim dividend on August 20

Spot USDINR to trade between 83.75-84.20: Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas

Indian Rupee gained on Wednesday on overnight decline in the US Dollar and elevated crude oil prices. a mixed to positive tone in the domestic markets also supported the Rupee. However, FII outflows and geopolitical tensions in the Middle East capped sharp gains. India’s WPI inflation rose 2.04% in July vs 3.36% in June and forecast of 2.39%. US Dollar fell as US PPI fell lower than expectations at 0.1% in July vs forecast of 0.2% and core PPI rose 0% in July vs forecast of 0.2%.

We expect Rupee to trade with a slight negative bias on elevated commodity prices and heightened geopolitical tension in the Middle East between Israel and Iran. However, weak Dollar and rising odds of a rate cut by Fed may support the Rupee. Positive global markets may also support the Rupee at lower levels. Traders may take cues from US CPI data today and retail sales data from. USDINR spot price is expected to trade in a range of Rs 83.75 to Rs 84.20.

Earnings watch | EID Parry Q1 net profit down 15.5% at Rs 91.3 crore Vs Rs 108 crore, YoY

Brokerage Call | Jefferies maintains ‘buy’ rating on Hindalco, target Rs 800

#1 Q1 EBITDA rose 32 percent YoY & in-line with estimates

#2 India business is delivering well with good cost control in aluminum

#3 India business is delivering better margins in copper

#4 The recent slide in aluminium price poses some headwind

#5 Novelis is benefiting from improved beverage can demand

#6 The flooding issue at Swiss plant should normalise in H2

#7 Company’s 1.2x FY25 PB is reasonable

Earnings Watch | Vascon Engineers Q1 net profit down 19.3% at Rs 9.6 crore Vs Rs 11.9 crore, YoY

Earnings Watch | Mazagon Dock Q1 net profit at Rs 696 crore Vs RS 314.3 crore, YoY

Sensex Today | Burman Family Spokesperson on ED summons issued to Mohit Burman as part of Religare Open Offer Case

Earnings Watch | Hindustan Aeronautics Q1 net profit up 77% YoY to Rs 1440 crore

#1 Revenue Rs 4350 crore, up 11% YoY

#2 Total costs Rs 3500 crore, up 8% YoY

Sensex Today | Tata Steel has 1 mln shares traded in a block: Bloomberg

Sensex Today | India’s trade deficit widened to $23.5 billion in July from $20.98 billion a month earlier

#1 Exports fell 1.5% y/y

#2 Imports rose 7.5% y/y

#3 Exports were $33.98 bln

#4 Imports were $57.48 bln

#5 Services exports was $28.43 bln

#6 Services imports was $14.55 bln

The top bureaucrat for DPIIT clarified that every investment from Beijing will still go through the required checks and that the government is not looking to ease FDI norms for nations that share a land border with India....Read More

Sensex Today | L&T to buy additional 15% stake in L&T Oman

Earnings Watch | Nectar Life Q1 net profit up 50% at Rs 3 crore Vs Rs 2 crore, YoY

Stock Market LIVE Updates | Swan Energy to sale asset of material subsidiary

The company board approved the proposal for the sale of the asset of the material subsidiary company Triumph Offshore subject to the approval of the shareholders of the company by way of postal ballot, completion of customary closing conditions under definitive documents and receipt of regulatory approvals, if any.

Earnings Watch | Ethos Q1 net profit up 26.4% at Rs 23 crore Vs Rs 18.2 crore, YoY

Brokerage Call | Macquarie keeps ‘underperform’ call Apollo Hospitals, target Rs 5,040

#1 Q1 revenue & PAT largely in-line

#2 Q1 EBITDA missed estimate by 6 percent

#3 Overall, EBITDA margin of 13.3 percent came below estimate of 14 percent

Motilal Oswal anticipate Gravita’s earnings to grow at a CAGR of around 31 percent from FY24-27....Read More

Stock Market LIVE Updates | Sun Pharmaceutical to invest in Pharmazz Inc

Sun Pharmaceutical Industries has entered into an agreement with Pharmazz Inc. Delaware US, to invest upto USD 15 million investment resulting in more than 5%holding in Pharmazz Inc.

Stock Market LIVE Updates | PSP Projects bags work orders worth Rs 653.67 crore

Stock Market LIVE Updates | SpiceJet shares fall 2% ahead of earnings

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Brokerage Call | CLSA downgrade Piramal Enterprises to ‘underperform’, target cut to Rs 860

#1 Company saw negative credit costs due to lower provisions on stage 1/3 assets

#2 Negative credit costs due to one-off gains supported otherwise weak operating profit

#3 AUM growth of 10 percent YoY was primarily driven by 43 percent YoY growth in retail book

#4 Some segments of its retail book are continuing to see a deteriorating 90+ DPD trend

#5 Believe this could put pressure on both growth and credit costs

#6 Management indicated near-term pressure on its cost of funds

Sensex Today | 1.35 million shares of Indian Hotels Company traded in block: Bloomberg

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Stock Market LIVE Updates | Hindustan Aeronautics shares fall ahead of Q1 results

Sensex Today | Mazagon Dock shares trade lower ahead of earnings

Stock Market LIVE Updates | RITES to consider bonus issue of shares on September 20

Earnings watch | Kirloskar Industries Q1 net profit down 29.8% at Rs 66 crore Vs Rs 94 crore, YoY

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Stock Market LIVE Updates | Nazara Technologies shares trade lower despite Q1 profit rises

#1 Profit increases 13.2 percent to Rs 23.6 crore Vs Rs 20.86 crore, YoY

#2 Revenue falls 1.7 percent to Rs 250.1 crore Vs Rs 254.4 crore, YoY

Stock Market LIVE Updates | GNFC shares trade flat pots Q1 earnings

#1 Profit grows 34.1 percent to Rs 118 crore Vs Rs 88 crore, YoY

#2 Revenue increases 22.3 percent to Rs 2,021 crore Vs Rs 1,652 crore, YoY

Brokerage Call | Jefferies keeps ‘buy’ rating on Hero MotoCorp, target Rs 5,650

#1 Q1 EBITDA & recurring PAT grew 19-21 percent YoY but were 6 percent below estimates due to lower-than-expected ASP & margin

#2 Volumes grew 13 percent YoY (+10 percent QoQ) but ASP declined 3 percent QoQ

#3 Gross margin contracted 130 bps QoQ

#4 EBITDA margin rose 10 bps QoQ to 14.4 percent on operating leverage benefit

#5 EBITDA/vehicle fell 3 percent QoQ

#6 Press release mentions that company has slew of launches in pipeline in both EV & ICE categories

Sensex Today | Motisons Jewellers approves to raise funds up to Rs. 170 crore by way of preferential issue

Stock Market LIVE Updates | Bartronics India to raise funds via debt, or equity, or combination of both upto Rs 200 crore

Stock Market LIVE Updates | Power Mech to consider bonus issue of shares on August 22

Brokerage Call | Nomura keeps ‘neutral’ rating on HDFC Bank, target Rs 1,720

#1 Increased priority sector lending (PSL) requirements to have marginal NIM impact

#2 NIM improvement led by better funding mix remains key RoA driver and will come at cost of loan growth

#3 Balancesheet course correction will be gradual

Stock Market LIVE Updates | Emcure Pharmaceuticals shares trade flat post Q1 results

#1 Profit increases 8.2 percent to Rs 152.6 crore Vs Rs 141 crore, YoY

#2 Revenue grows 16.6 percent to Rs 1,815.1 crore Vs Rs 1,556.2 crore, YoY

The two-wheeler segment registered a decent sales growth of 12.5% in July 2024 as compared to a year ago at 14.42 Lakh units, said SIAM. ...Read More

Brokerage Call | Morgan Stanely keeps ‘overweight’ call on Samvardhana Motherson, target raises to Rs 198

#1 Q1 EBITDA was largely in-line

#2 With all acquisitions closed, expect balancesheet to start improving

#3 Ramp-up of non-auto business & additional details on consumer electronics business is key to watch

Sensex Today | 1.07 million shares of NALCO change hands in a block trade: Bloomberg

rokerage Call | CLSA keeps ‘outperform’ call on Hindalco Industries, target Rs 760

#1 Q1 India EBITDA was ahead of estimates on lower aluminium COP & better copper profitability

#2 Spot LME was USD 210/t lower than Q1

#3 Profitability impact is likely to be cushioned by a better mix and hedging

#4 With downstream expansion near complete, focus now shifts to upstream projects

#5 Upstream projects paves way for volume growth & margin expansion

Stock Market LIVE Updates | Glenmark Pharma shares plunge 12% ahead of Q1 earnings

Stock Market LIVE Updates | NBCC shares trade higher post Q1 earnings

#1 Profit surges to 38.5 percent to Rs 107.2 crore Vs Rs 77.4 crore, YoY

#2 Revenue grows 11.3 percent to Rs 2,144.2 crore Vs Rs 1,926.1 crore, YoY

Stock Market LIVE Updates | SJVN gets board approval to dilute stake in the subsidiary

The company has received board approval for monetization through the securitization of partial future revenue/return on equity of the Nathpa Jhakri Hydro Power Station (NJHPS). The board also approved, in principle, the dilution of stake in the subsidiary, SJVN Green Energy.

Stock Market LIVE Updates | Bombay Dyeing gets Rs 537 crore from Goisu Realty

The company has executed definitive agreements with Goisu Realty (a subsidiary of Sumitomo Realty & Development Company) and received Rs 537.78 crore to complete the transaction of land sale at Worli.

Marksans Pharma delivered double-digit revenue as well as net profit growth in April-June along with an expansion in its operating margins....Read More

Stock Market LIVE Updates | GMR Airports shares fall 2% post reporting losses in Q1

#1 Loss stands at Rs 337.6 crore Vs Profit of Rs 15.5 crore, YoY

#2 Revenue jumps 19.1 percent to Rs 2,402.2 crore Vs Rs 2,017.6 crore, YoY

#3 Finance cost rises to Rs 889.42 crore Vs Rs 575.94 crore, YoY

#4 Depreciation cost spikes to Rs 466.16 crore Vs Rs 295.6 crore, YoY

Stock Market LIVE Updates | Manappuram Finance shares fall 3% post Q1 results

#1 Profit rises 11.7 percent to Rs 556.5 crore Vs Rs 498 crore, YoY

#2 Net interest income surges 18.7 percent to Rs 1,639.9 crore Vs Rs 1,381.7 crore, YoY

Stock Market LIVE Updates | FSN E-Commerce Ventures shares gains after Q1 profit jumps 151%

#1 Profit surges 151.7 percent to Rs 13.64 crore Vs Rs 5.42 crore, YoY

#2 Revenue increases 22.8 percent to Rs 1,746.1 crore Vs Rs 1,421.8 crore, YoY

#4 Company to acquire 39 percent stake in Dot & Key Wellness From promoters or existing shareholders for Rs 265.3 crore

Sensex Today | Ola Electric Mobility, Glenmark Pharma, Astron Paper, among others to announce results today

Ola Electric Mobility, Glenmark Pharmaceuticals, Astron Paper & Board Mill, Bajaj Healthcare, GMR Power and Urban Infra, Hindustan Aeronautics, Jaiprakash Associates, KNR Constructions, Lux Industries, Mazagon Dock Shipbuilders, National Fertilizers, Apeejay Surrendra Park Hotels, Sanstar, Shriram Properties, SpiceJet, Stanley Lifestyles, Sunteck Realty, and Vascon Engineers will announce their quarterly earnings scorecard on August 14.

Stock Market LIVE Updates | Apollo Hospitals shares gain as Q1 profit jumps 82%

#1 Profit spikes 82 percent to Rs 315.5 crore Vs Rs 173.4 crore, YoY

#2 Revenue grows 15.1 percent to Rs 5,085.6 crore Vs Rs 4,417.8 crore, YoY

Markets@12 | Sensex up 150 points, Nifty around 24150

The Sensex was up 131.42 points or 0.17 percent at 79,087.45, and the Nifty was up 8.20 points or 0.03 percent at 24,147.20.

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Jefferies maintained a 'buy' rating on Manappuram Finance, setting a target price of Rs 270 per share...Read More

Brokerage Call | Citi keeps ‘buy’ rating on Vodafone Idea, target at Rs 22

#1 Q1 revenues came in below estimates

#2 Subscriber losses were stable

#3 Miss on subscriber numbers was due to flat ARPU vs expectation of slight improvement

#4 Net loss narrowed QoQ, better than our estimate

#5 Narrow net loss led by higher other income (following the equity raise)

Nomura noted that despite some moderation on quarter, India's GDP growth still remained strong, driven by fixed investment, a positive contribution from net exports and the resilient industrial and services sectors. ...Read More

Stock Market LIVE Updates | NBCC subsidiary wins order worth Rs 528.21 crore

Stock Market LIVE Updates | Maruti Suzuki receives show cause notice from the Office of the Commissioner of Customs, Mumbai

Stock Market LIVE Updates | Ola Electric Mobility shares down 3% ahead of earnings

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Sensex Today | July WPI Inflation at 2.04% Vs 3.36%, MoM: CNBC-TV18 

Stock Market LIVE Updates | Mining stocks fall after Supreme Court allows states to levy tax, collect past dues

Mining stocks fell sharply after the Supreme Court affirmed legislative competence of states to levy tax and royalty on minerals, apart from Central levies. NMDC slipped more than 4 percent. A nine-judge Constitution Bench of the Supreme Court on August 14 delivered a crucial judgment on tax on mining companies, ruling that states can collect previous dues on royalty and tax on mineral bearing land from April 1, 2005. READ MORE

Stock Market LIVE Updates | Hero MotoCorp plans to launch models in premium segment in FY25

#1 Working On Recovering Market Share In 125cc Segment

#2 Electric 2-wheeler Ops Weighed On EBITDA Margin Apr-Jun

#3 To Launch Couple Of Models In Premium Segment FY25

SC's mining tax order to impact Vedanta, India Cements, Ramco: Rakesh Arora, Founder, GoIndiaStocks.com

#1 Odisha, Jharkhand & Tamil Nadu had such levies on mining

#2 All companies with mining in Odisha, Jharkhand & Tamil Nadu to be impacted

#3 Total estimate for overdue cess is about Rs 2 lakh cr

#4 For PSUs alone the impact could be about Rs 60,000 cr

#5 NMDC can be impacted because other states may come with levies

#6 States are mostly short of funds, so most will go ahead

#7 There might be some leeway given to PSUs by some states

#8 Vedanta has big exposure to Odisha, so it is likely to be impacted

#9 India Cements & Ramco could be impacted as well

News Alert | SC allows states to tax mining and related activities after April 2005

#1 Supreme Court allows states to collect past dues in form of royalty & tax from April 2005

#2 Supreme Court affirms legislative competence of states to levy tax & royalty, apart from central levies

#3 Supreme Court rejects Mineral Area Dvpt Authority's plea for prospective realisation of levy by states

#4 States asked to not levy interest on past dues

#5 Time for payment of demand for tax shall be staggered in installments

#6 Time for payment of demand will be over a period of 12 years commencing from April 1, 2026

Stock Market LIVE Updates | SpiceJet seeks shareholder approval to raise up to Rs 3,000 crore

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Stock Market LIVE Updates | Sansera Engineering to consider fund raising

The Board of Directors of the company will meet on August 20 to consider raising funds through QIP or another method.

Earnings Watch | PC Jeweller Q1 net profit at Rs 154.6 crore Vs loss of Rs 178.1 crore, YoY

Stock Market LIVE Updates | Mahindra and Mahindra's July sales up 2%

Total sales for July increased by 2.1% year-on-year to 64,929 units, but production fell by 1.2% to 69,138 units, and exports dropped by 40.4% to 1,515 units.

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