Ajit Mishra, SVP - Technical Research, Religare Broking
Markets edged higher on the weekly expiry day and gained over half a percent. After the initial dip, Nifty traded volatile in the early hours but noticeable buying in select heavyweights pushed the index closer to the new milestone of 20,000 and it eventually settled at 19,979.15 levels. Most sectors traded in tandem with the trend wherein FMCG, pharma and banking were among the top gainers. The broader indices too followed suit and ended with modest gains.
We may see some consolidation in the following session citing the psychological hurdle of a new milestone and overbought positions. However, rotational buying across sectors would keep the tone positive. Participants should align their positions accordingly and look for buying opportunities on dips.
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
The Nifty broke out of the two-day consolidation on the upside and closed with gains of ~146 points. On the daily charts, we can observe that the Nifty has resumed its upmove after a brief consolidation. On the upside we expect Nifty to target levels of 20200 from a short-term perspective.
The daily and hourly momentum indicators are having a positive crossover and are in sync with the price action. Thus, both price and momentum indicators are suggesting a continuation of the current upmove.
We shall continue to maintain a positive outlook on the index. In terms of levels, 19880 – 19850 shall act as a crucial support zone as per the principle of role reversal, and on the upside 20150 – 20200 shall act as an immediate hurdle zone and our short-term target zone.
Bank Nifty witnessed a breakout from the inside bar pattern on the upside and also witnessed follow-through buying interest. The daily and the hourly momentum indicator also have a positive crossover. Thus, both price and momentum indicators are suggesting a continuation of the upmove and expect the Bank Nifty to target levels of 46500.
Kunal Shah, Senior Technical & Derivative analyst at LKP Securities:
The index Bank Nifty is currently experiencing a strong bullish trend, with the bulls dominating the market. The index successfully surpassed the key resistance level of 46000, indicating a continuation of the upward momentum. The index is characterized by a series of "higher high and higher low formations," which is a bullish pattern that confirms the strength of the uptrend.
The support level for the index is at 45500, and as long as this level remains intact on a closing basis, the overall trend remains bullish. A break below this support level could signal a potential shift in momentum and may warrant caution for bulls.
On the upside, the next immediate hurdle is placed at the 46400-46500 zone. If the index manages to break above this resistance zone on a closing basis, it could further accelerate the upward movement, potentially opening room for higher levels.
Rupak De, Senior Technical analyst at LKP Securities:
Nifty, the headline Indian Index, recently reached a fresh all-time high, stopping just 9 points shy of the 20,000 mark. The index's value remains above the critical moving average, indicating a positive trend. Furthermore, the RSI shows a bullish crossover, suggesting potential market strength. In the short term, the index is expected to stay positive. However, if it fails to surpass the 20,000 level, investors might engage in profit-taking. There is a support level at 19,800, which could attract buying interest during potential pullbacks.
Shrikant Chouhan, Head of Research (Retail), Kotak Securities:
The market is witnessing frenzied buying support from foreign investors, and it's just a matter of time that the benchmark Nifty will top the 20K mark. Such has been the rally that some of the mild negative flows too are getting discounted in this bull run. Technically, after a muted opening the index took support near 19750 and reversed. On daily charts, it has formed a bullish candle and on intraday charts it is holding higher bottom formation, which is largely positive. However, the short-term texture of the market is overbought, hence we could see some profit booking at higher levels.
For the trend following traders, 19850 would be the key level to watch out for and above the same, the market could move up till 20100-20150. On the flip side, below 19850 traders may prefer to exit from long positions, as any further correction could see the index retest the level of 19750-17700.
S Ranganathan, Head of Research at LKP Securities
Financials, FMCG & Healthcare fired up benchmark indices today which closed just shy of the magical 20k on the Nifty. FII's have pulled off a 700 points rally in the Nifty since 3rd of this month at the start of the earnings season for the first quarter. Virtually all sectoral indices barring IT closed in the green today.
Vinod Nair, Head of Research at Geojit Financial Services
Unlocking of value by heavy weights (like RIL & ITC) is apprising the main indices. The anticipation of a good Q1 results from Banks, is providing an extra boost to drive to new highs. Mixed cues from global peers is not disturbing the mood of the domestic market as FIIs inflows stay put to the prospects of the Indian economy.
Prashanth Tapse, Sr. VP Research Analyst, Mehta Equities
We believe in Jio Financial Services' potential, but it is too early to discuss its future prospects and roadmap. Let us wait patiently for Reliance Industries' upcoming AGMs and results date to reveal their huge rollouts. Following the demerger, Jio Financial is now India's fifth-largest financier, set to fight directly with major NBFC and Fintech businesses.
As India's financial services sector grows, digitalization will be critical in growing the addressable market, particularly in merchant and retail loans. Jio Financial intends to use Reliance's technical capabilities to democratise access to financial services for 1.4 billion Indians. Jio Financial, with a predicted net worth of Rs 1,10,000 crore, is a prominent participant in the market, poised for transformation and future growth.
Rupee Close:
Indian rupee ended 10 paise higher at 81.99 per dollar versus previous close of 82.09.
Market Close:
Benchmark indices extended the gains and ended near the day's high with Nifty above 19,950.
At close, the Sensex was up 474.46 points or 0.71% at 67,571.90, and the Nifty was up 146.00 points or 0.74% at 19,979.20. About 1718 shares advanced, 1574 shares declined, and 130 shares unchanged.
Top gainers on the Nifty included ITC, Kotak Mahindra Bank, Dr Reddy’s Laboratories, ICICI Bank and Cipla, while losers were Reliance Industries, Infosys, UltraTech Cement, HCL Technologies and Bajaj Finserv.
Among sectors, FMCG, bank and pharma indices rose 1 percent each and Oil & Gas index up 0.5 percent. On the other hand, Information Technology index down 0.8 percent and power index fell 0.4 percent.
BSE Midcap and smallcap indices ended on flat note.
Stock Market LIVE Updates | Jefferies View On Newgen Software Technologies
-Buy rating, target raised to Rs 860 per share
-Q1 beat estimates with 34% revenue growth being key highlight
-Management highlighted strong growth outlook in traditional markets, particularly among banks
-Raise EPS estimates by 2-4% & expect 23% EPS CAGR over FY23-25
-Company’s strong growth visibility & consistent execution should sustain 21x PE valuation
Stock Market LIVE Updates | Morgan Stanley View On L&T Finance Holdings
-Equal-weight rating, target at Rs 105 per share
-Higher-than-expected NII & fees drove a 2% PAT beat
-Higher re/pre-payments & sell-downs drove wholesale loans down faster
-Credit cost of 2.6% was higher than estimate of 2.4%
-Stage 3 assets decreased QoQ led by wholesale
Sensex Today | Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services.
Gold is witnessing swings in a narrow range after inching higher by almost 1% at the start of this week. Along with volatility in Dollar index, weak economic data points, increase in expectations that the U.S. Federal Reserve might soon hit pause on its interest rate-hiking cycle is supporting an up-move in bullions. Dollar index hovered around the 100 mark after marking 15 months low last week; US 10Y Yield also trades steady after inching lower in the earlier session.
The Fed is expected to raise rates by 25 bps in their meeting next week, keeping them in the 5.25%-5.5% range, CME’s Fed-watch tool also shows more than 95% probability for a 25 bps rate hike in July meeting. The European Central Bank is also expected to raise rates by 25 bps next week. US housing numbers yesterday were reported weaker than expectations putting some pressure on dollar index, focus today will be on the weekly jobless claims, forecast to rise to 242,000 from a seasonally adjusted 237,000 and Phily fed manufacturing index.
Broader trend on COMEX could be in the range of $1960- 2000 and on domestic front prices could hover in the range of Rs 59,650 – 60,300 could be expected.
Stock Market LIVE Updates | South Indian Bank Q1 Results:
Company's Q1 net profit was up 75.5% at Rs 202.3 crore against Rs 115 crore and net interest income was up 53.9% at Rs 807.7 crore versus Rs 603.4 crore, YoY.
Stock Market LIVE Updates | CSB Bank Q1 Earnings
The company has posted 15.5 percent jump in its Q1 net profit at Rs 132.2 crore against Rs 115 crore and net interest income (NII) was up 17.2% at Rs 364 crore versus Rs 310.7 crore, YoY.
Stock Market LIVE Updates | Nomura On Ipca Laboratories
-Neutral rating, target at Rs 866 per share
-Near-term earnings risk to consensus estimate
-Expect improvement in EBITDA margin from low base of FY23
-Based on US FDA observations, don’t factor in resolution of regulatory issues in near term
Sensex Today | Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas
Indian Rupee gained as Nifty and Sensex hit fresh record highs and weakness in the US Dollar. However, the rebound in crude oil prices capped a sharp upside. US Dollar gained on Wednesday after Pound tanked as UK’s inflation fell short of expectations. However, the greenback lost earlier gains as housing data disappointed. US housing starts fell by ~8% MoM to 1.434 million units in June (annualised). It was the biggest decline in over a year.
We expect Rupee to trade with a slight negative bias on the underlying strength of the Dollar ahead of the FOMC meeting next week. Rising crude oil prices and weak Asian currencies may also weigh on Rupee. However, the surge in domestic equities and steady foreign inflows may support Rupee at lower levels.
Traders may take cues from weekly unemployment claims and Philly Fed manufacturing PMI data from the US. We expect the USDINR spot to trade between 81.60 to 82.50 in the near term.
Stock Market LIVE Updates | Zensar Technologies Q1:
The company's Q1 net profit was up 31% at Rs 156.2 crore versus Rs 119 crore and revenue was up 1.2% at Rs 1,227 crore versus Rs 1,212.6 crore, QoQ.
Stock Market LIVE Updates | Nelco Q1:
The company's Q1 profit was up 21.4% at Rs 5.73 crore versus Rs 4.72 crore, while revenue was down 3.5% at Rs 78.8 crore versus Rs 81.7 crore, YoY.
Stock Market LIVE Updates | Shalby Q1 results
The company's Q1 net profit was up 3.5 percent at Rs 20.8 crore versus Rs 20.1 crore and revenue was up 16.8% at Rs 235.4 crore versus Rs 201.6 crore, YoY.
Stock Market LIVE Updates | Market at 3 PM
The Sensex was up 405.90 points or 0.60% at 67,503.34, and the Nifty was up 125.30 points or 0.63% at 19,958.50. About 1607 shares advanced, 1533 shares declined, and 126 shares unchanged.
| Company | 52-Week High | Day’s High | CMP |
|---|---|---|---|
| Polycab | 4697.00 | 4697.00 | 4,667.55 |
| Mazagon Dock | 1819.85 | 1819.85 | 1,819.85 |
| Suzlon Energy | 18.73 | 18.73 | 18.73 |
| HDFC AMC | 2552.00 | 2552.00 | 2,526.95 |
| Jyothy Labs | 251.95 | 251.95 | 248.05 |
| SJVN | 50.71 | 50.71 | 50.42 |
| Kajaria Ceramic | 1489.55 | 1489.55 | 1,466.00 |
| Glenmark | 746.00 | 746.00 | 740.40 |
| ITC | 493.50 | 493.50 | 491.55 |
| Century | 990.95 | 990.95 | 968.40 |
Stock Market LIVE Updates | Morgan Stanley View On Can Fin Homes
-Equal-weight rating, target at Rs 640 per share
-PAT beat estimate by 9% led by higher NIM & lower operating costs
-Calculated NIM expanded 17 bps QoQ to 3.6%
-Gross NPA was stable YoY while provision coverage fell both YoY & QoQ
-Loans rose 18% YoY & 3% QoQ during the quarter
Stock Market LIVE Updates | Citi View On Polycab India
-Buy rating, target raised to Rs 4,800 per share
-Factoring strong demand, expect company to revise up long-term growth guidance by FY26
-Dampener in results was FMEG revenue growth, which is yet to pick up
-Exports did well & growth underlines large opportunity, scale & execution capability
Stock Market LIVE Updates | Alok Industries Q1 loss widens to Rs 226.1 crore, revenue drops 28.5% YoY
Alok Industries has posted net loss of Rs 226.1 crore for quarter ended June FY24, widening from loss of Rs 141.6 crore in corresponding period last fiscal. Revenue from operations dropped 28.5% year-on-year to Rs 1,410.3 crore in Q1FY24.
Stock Market LIVE Updates | Tata Motors launches AltrozXM and XM (S) variants in India, starting at Rs 6.90 Lakh
Tata Motors has introduced the AltrozXM and XM (S) variants in India, available at a starting price of Rs. 6.90 lakh (ex-showroom). These new variants are positioned between the XE and XM+ models and come with added features. The AltrozXM and XM (S) are offered with a petrol engine and manual transmission combination only.
| Index | CMP Chg(%) | YTD(%) 1 Week(%) | 1 Month(%) 1 Year(%) |
|---|---|---|---|
| NIFTY AUTO | 15575.10 0.4 | 23.50 0.36 | 5.34 24.49 |
| NIFTY IT | 31105.10 -0.79 | 8.68 4.98 | 7.52 10.51 |
| NIFTY PHARMA | 14284.30 1.36 | 13.39 2.94 | 7.90 12.37 |
| NIFTY FMCG | 54191.45 1.26 | 22.68 2.19 | 3.89 29.18 |
| NIFTY PSU BANK | 4558.80 0.85 | 5.56 4.66 | 11.45 67.18 |
| NIFTY METAL | 6483.10 0.13 | -3.57 1.62 | 3.79 28.46 |
| NIFTY REALTY | 536.90 0.14 | 24.34 0.62 | 4.08 23.37 |
| NIFTY ENERGY | 26011.10 0.74 | 0.55 2.67 | 5.48 1.57 |
| NIFTY INFRA | 5935.70 0.42 | 13.02 1.83 | 4.50 24.28 |
| NIFTY MEDIA | 1980.10 0.33 | -0.60 6.78 | 11.98 1.65 |
Stock Market LIVE Updates | V K Vijayakumar, analysts at Geojit Financial Services says on the Jio Financial Services demerger
The market discovered price of Rs 261.85 per share of Jio Financial Services has come much higher than most brokerages’ estimates. This high price is a reflection of the market’s assessment of Jio Financials’ potential. The wide reach of JFSL through RIL’s other business segments like Reliance Retail has the potential to grow the company at a fast pace for many years to come. The market is discounting this potential.
Sensex Today | Nifty PSU Bank index rose nearly 1 percent led by Bank of India, Union Bank of India, Indian Overseas Bank
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Bank of India | 83.25 | 3.74 | 29.34m |
| Union Bank | 87.20 | 2.53 | 21.09m |
| IOB | 26.90 | 2.48 | 17.38m |
| JK Bank | 71.10 | 1.79 | 6.01m |
| SBI | 609.60 | 1.36 | 24.16m |
| Indian Bank | 329.40 | 1.29 | 1.23m |
| UCO Bank | 28.75 | 1.05 | 14.63m |
| Punjab & Sind | 33.65 | 0.9 | 1.83m |
| Canara Bank | 339.75 | 0.38 | 9.21m |
| Central Bank | 31.05 | 0.16 | 10.71m |
Stock Market LIVE Updates | Kirloskar Pneumatic Company Q1 Results
Kirloskar Pneumatic Company has posted 9.8 percent jump in its Q1 net profit at Rs 17.9 crore versus Rs 16 crore and revenue was down 11.1% at Rs 242.2 crore versus Rs 272.3 crore, YoY.
Stock Market LIVE Updates | Nifty Bank index rose 0.7 percent supported by Kotak Mahindra Bank, ICICI Bank, SBI
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Kotak Mahindra | 1,939.60 | 1.73 | 5.27m |
| ICICI Bank | 987.20 | 1.41 | 14.24m |
| SBI | 608.55 | 1.18 | 21.13m |
| Federal Bank | 136.35 | 0.44 | 32.21m |
| AU Small Financ | 772.05 | 0.35 | 1.03m |
| IndusInd Bank | 1,423.30 | 0.26 | 2.94m |
| HDFC Bank | 1,689.05 | 0.23 | 16.82m |
JC Flowers ARC may look to sell entire stake in Dish TV via block deal window. Three players may be in race for acquiring JC Flowers’ stake, reported CNBC-TV18, quoting Source.
| Company | Price at 13:00 | Price at 13:29 | Chg(%) Hourly Vol |
|---|---|---|---|
| Peria Karamalai | 260.00 | 240.35 | -19.65 9 |
| Shigan Quantum | 89.25 | 86.40 | -2.85 16.70k |
| Osia Hyper Reta | 34.00 | 33.00 | -1.00 1.02k |
| Loyal Textiles | 700.00 | 681.15 | -18.85 102 |
| Transformers | 88.05 | 85.70 | -2.35 456.91k |
| Mask Investment | 61.55 | 60.00 | -1.55 3 |
| BSL | 180.00 | 175.55 | -4.45 191 |
| Magson Retail | 89.00 | 86.90 | -2.10 6.71k |
| Premier Polyfil | 105.40 | 103.05 | -2.35 4.55k |
| V2 Retail | 133.95 | 131.00 | -2.95 364 |
| Company | Price at 13:00 | Price at 13:29 | Chg(%) Hourly Vol |
|---|---|---|---|
| Umang Dairies | 67.80 | 70.75 | 2.95 85.72k |
| Rail Vikas | 124.10 | 129.20 | 5.10 6.13m |
| Sejal Glass | 225.05 | 232.45 | 7.40 250 |
| Arihant Academy | 136.15 | 140.35 | 4.20 8.72k |
| The Western Ind | 125.00 | 128.50 | 3.50 279 |
| AARTIPP | 292.00 | 300.00 | 8.00 8 |
| Sandesh | 968.00 | 993.50 | 25.50 1.78k |
| Nagreeka Export | 44.55 | 45.70 | 1.15 2.05k |
| GRP | 3,560.00 | 3,650.00 | 90.00 5 |
| Jayaswal Neco | 29.95 | 30.65 | 0.70 334.94k |
Stock Market LIVE Updates | Havells India Q1 Earnings:
The company has posted 19 percent jump in its Q1 net profit at Rs 287.4 crore versus Rs 242 crore and revenue was up 14% at Rs 4,823.7 crore versus Rs 4,230.1 crore, YoY.
Shree Cements to consider fundraising up to Rs 1,000 crore on July 26
Company board on July 26 to consider approval of raising of funds by way of issuance of Non-Convertible Debentures (NCDs) aggregating to an amount upto Rs 1,000 crores in one or more tranches on private placement basis.
Stock Market LIVE Updates | CanFin Homes rises after Q1 performance impresses analysts
Shares of CanFin Homes rose on July 20 after the company announces ots Q1 numbers. The Canara Bank promoted housing loan provider reported a 13.1 percent year-on-year (YoY) jump in net profit at Rs 183.5 crore for the first quarter that ended June 30, 2023.
Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, jumped 13.9 percent, coming at Rs 285.1 crore against Rs 250.4 crore in the corresponding quarter of FY23.
Morgan Stanley has an equal weight rating on Can Fin Homes. It said the company’s profit beat estimates by 9 percent led by higher net interest margin and lower operating costs. The NIM expanded 17 bps QoQ to 3.6 percent. Opex was down 16 percent QoQ. Read More
Sensex Today | BSE FMCG index up 1 percent led by Dodla Dairy, Hatsun Agro, Bajaj Hindusthan
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Dodla Dairy | 730.00 | 18.11 | 22.49k |
| Hatsun Agro | 1,050.15 | 7.61 | 23.93k |
| Bajaj Hindustha | 18.09 | 6.16 | 7.06m |
| Mishtann Foods | 14.50 | 5.84 | 27.72m |
| Magadh Sugar | 427.55 | 5.7 | 2.22k |
| Apex Frozen | 228.85 | 5.39 | 69.52k |
| Uttam Sugar | 341.50 | 5.17 | 27.08k |
| Parag Milk Food | 142.60 | 5.08 | 92.01k |
| Guj Amb Exports | 259.50 | 4.32 | 54.47k |
| Dhampur Sugar | 279.10 | 4.12 | 26.32k |
SEBI likely to issue new consultation paper on MF TER within a week, reported CNBC-TV18
Stock Market LIVE Updates | ABB India slumps 8% after parent firm posts slow Q2 growth
ABB India shares tumbled on July 20, with nine lakh shares changing hands on NSE. This comes after the Swedish automation major' order inflows declined 2 percent to $8,667 million as against $8,807 million in the same quarter last year.
Two out of the four business sectors experienced order growth in the single digits. Process Automation saw a decline due to changes in the portfolio, while Robotics and Discrete Automation also decreased compared to the previous year, which had benefited from pre-buys during a period of notable component shortages.
In the Asia, Middle East, and Africa regions, order intake declined because the positive progress in countries like India and Saudi Arabia couldn't compensate for declines in other countries such as China. Read More
Sensex Today | Oil steady on lower U.S. crude stocks, cautious demand outlook
Oil prices were little changed on Thursday as a lower-than-expected drop in U.S. crude inventories and a potentially weaker demand outlook kept investors cautious.
September Brent futures climbed 6 cents, or 0.1%, at $79.52 a barrel by 0645 GMT, while August U.S. West Texas Intermediate (WTI) crude gained 5 cents, or 0.1%, to $75.40 a barrel.
The August WTI contract expires on Thursday. September WTI crude was higher by 6 cents, or 0.1%, to $75.35.
Sensex Today | Market at 1 PM
The Sensex was up 161.87 points or 0.24% at 67,259.31, and the Nifty was up 59.50 points or 0.30% at 19,892.70. About 1757 shares advanced, 1313 shares declined, and 138 shares unchanged.
