Closing Bell: Sensex up 165 pts, Nifty above 19,400; IT, realty gain, power drags

Lakshmi Iyer, CEO-Investment & Strategy, Kotak Investment Advisors

Citius altius fortius – the Olympic motto meaning faster, higher, stronger is what the Indian equity markets are demonstrating with newer peaks being achieved. The triveni sangam of improving macro, healthy corporate balance sheet, and strong foreign and domestic flows seems to be among the key nudges for this rally.

While medium to long term, the trajectory seems intact, near-term we could see markets take some breather. While magnitude may not be very steep, markets seem to have discounted almost every positive new, more so in the mid and small cap segments. Markets are likely to get more nuanced, and bottom up stock picking will be the key.

Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

The Nifty witnessed a volatile day of trade today. During the first half, it opened the gap up and also broke out of the seven days on the upside, however, as the day progressed it faced selling pressure at higher levels and sold off. It has come back in the range indicating a breakout failure. The Nifty is likely to consolidate in the range of 19300 – 19570 and until this range is decisively breached on either side we can expect the sideways price action to continue. Overall, the trend is positive, and Nifty is undergoing time-wise correction. The crucial support zone stands at 19360 – 19320 while the resistance zone is placed at 19550 – 19570.

As far as Bank Nifty is concerned, the Index continued to correct and traded in a downward-sloping channel. It has now reached the lower end of that channel and also the 50% Fibonacci retracement level (44600) which should attract buying interest. We expect the Bank Nifty to start recovering as it has now reached a crucial support zone. On the upside initially, we expect it to target 45000.

Ajit Mishra, SVP - Technical Research, Religare Broking

Markets traded volatile on the weekly expiry day but managed to end marginally higher. Initially, upbeat global cues triggered a gap-up start in Nifty, which was later followed by range bound move. However, a sharp decline in the second half trimmed the gains and it finally settled at 19413.75 levels. Meanwhile, a mixed trend was witnessed on the sectoral front wherein IT and realty posted strong gains while energy and auto were among the top losers.

Nifty’s failed attempt to break out from the 19300-19550 zone indicates further consolidation ahead. However, the prevailing buoyancy in the global markets, especially the US, would help in keeping the tone positive. Meanwhile, we recommend maintaining a cautious approach in the selection of stocks and focusing more on risk management.

Vinod Nair, Head of Research at Geojit Financial Services

Today’s domestic rally was supported by the contra bet buying of the IT stocks which was supported by stable margins, new generation business opportunities and moderation of USD, as latest US inflation is fast approaching the Fed’s target levels. The broad market was trading positively at the all-time high level in anticipation of buoyant Q1 result and low volatility (VIX). However, a mixed start to bank earnings, coupled with ongoing concerns about domestic inflation, attracted bearish sentiment towards the latter half.

Dilip Parmar, Research Analyst, HDFC Securities

The Indian rupee continued its winning streak for the fourth day in a row following stronger Asian currencies and foreign fund inflows. The local unit reversed part of its morning gains in anticipation of central bank intervention around 82.

In the near term, spot USDINR has support at 81.70 and resistance at 82.25.

Rupak De, Senior Technical analyst at LKP Securities:

The Nifty reached a new record high of 19567 but couldn't hold on due to selling pressure, resulting in a significant decline by the end of the day. It exhibited high volatility throughout. The daily Relative Strength Index (RSI) indicated a bearish crossover. Currently, the trend appears to be sideways in the short term. Support is expected at 19300, while resistance is seen at 19600.

Kunal Shah, Senior Technical & Derivative analyst at LKP Securities:

The bears continue to dominate the market, as the Bank Nifty was unable to surpass the level of 45000. This indicates a bearish sentiment in the index. On the other hand, the bulls managed to hold the support level of 44700, which suggests some buying interest at that level. However, a break below this support level may open the gates for further downside towards 44500-44000, which coincides with the 20-day moving average (20DMA).

For the index to turn bullish, it needs to surpass the level of 45000 on a closing basis. This would indicate a potential shift in the market sentiment towards more bullishness.

Rupee Close:

Indian rupee closed 17 paise higher at 82.07 per dollar versus previous close of 82.24.

Market Close:

Benchmark indices ended higher in the highly volatile market on July 13.

At close, the Sensex was up 164.99 points or 0.25% at 65,558.89, and the Nifty was up 29.50 points or 0.15% at 19,413.80. About 1322 shares advanced, 2037 shares declined, and 129 shares unchanged.

Hindalco Industries, TCS, Infosys, LTIMindtree and Tech Mahindra were among the top gainers on the Nifty, while losers were Power Grid Corporation, Coal India, BPCL, UPL and Maruti Suzuki.

BSE midcap and smallcap indices down 0.5 percent each.

Selling was seen in the auto, capital goods, FMCG, healthcare, oil & gas and power sectors, while buying is witnessing in the bank, metal, realty and information technology names.

Sensex Today | Utkarsh Small Finance Bank IPO subscribed 12 times, retail portion 31 times on Day 2

The Utkarsh Small Finance Bank (SFB) initial public offering has been subscribed 12 times on the second day of bidding today, stock exchange data showed at 2:51 pm.

The issue received bids for 148 crore shares against an issue size of 12 crore shares. The IPO will close for bidding on July 14. The Rs 500 crore issued, priced in the Rs 23-25 band, is a mix of new issue of shares and sale by existing shareholders.

The retail portion of the issue has been subscribed 31 times and the employee portion of the issue 7.5 times.

The part set aside for qualified institutional buyers was subscribed 2.1 times. The non-institutional portion of the IPO has been subscribed 20.3 times, with bids received for 65 crore shares, against the reserved portion of 3.2 crore shares.

Stock Market LIVE Updates | JPMorgan View On HCL Technologies 

-Underweight rating, target at Rs 900 per share
-Q1FY24 print missed across the board
-Overall CC, Services CC & EBIT margin declined Vs JPMorgan estimates
-Negative surprise on discretionary tech spends cuts driving project ramp downs
-Company maintained FY24 CC services revenue guidance at 6.5-8.5%
-Company maintained overall guidance at 6-8% & EBIT guidance at 18-19%

Sensex Today | Suvodeep Rakshit, Senior Economist, Kotak Institutional Equities

June CPI inflation at 4.8% was slightly higher than expectations with vegetable prices spiking up in June along with some increase in pulses prices. This trend in vegetable prices continued in July too. Core inflation was broadly unchanged at 5.1% but will likely moderate over the next few months. Overall, we see upside risks to CPI inflation over the next few months as monsoon-related risks on food prices play out.

The RBI will remain cautious and we continue to expect the RBI to remain on an extended pause as it watches for the domestic growth-inflation mix and global monetary policy decisions.

Sensex Today | BSE FMCG index shed 0.5 percent dragged by Patanjali Foods, AVT Natural Products, Nath Bio-Genes

Stock Market Live Updates | Bernstein View On TCS 

-Outperform rating, target at Rs 3,650 per share
-Delivered an in-line revenue & earnings beat of 1%
-Company is delivering a second consecutive quarter of over USD 10 billion orderbook
-Book to bill ratio improved to 1.41x
-Management indicated that demand environment continues to be soft on discretionary projects
-Enterprises are focusing on large cost optimisation deals

Sensex Today | Prashanth Tapse Research Analyst Sr VP Research Mehta Equities

Following to stellar listing of Idea Forge and Cyient DLM and post listing performance Senco Gold is also in the edge of similar listing performance on Friday. While considering undertone bullish sentiments on Dalal Street along with stronger response given by investors, we are expecting a healthy 35-40% listing gain on the back of leading position in Eastern India market and reasonably discounted ask valuations which is leaving something on the table for new investors when compared to its peers.

However, we also see few risks in highly competitive sector, fragmented and regulated businesses. Hence considering historic industry trends and economic rationales in the segment of Gold and Diamond Jewellery business, we recommend allotted investors to book profits if we get listing gains over and above 40%.

Stock Market LIVE Updates | JPMorgan View On Eicher Motors 

-Neutral rating, target cut to Rs 3,050 from Rs 3,620 per share
-Cautious stance driven by growth stagnation in legacy portfolio, dependence on lower priced new models and valuations which did not reflect deceleration in EPS growth versus past
-Launches by Hero- Harley & Bajaj-Triumph increase risks of growth disappointment
-Expect Eicher’s multiple to de-rate & value it at 20x June-25

Sensex Today | BSE Oil & Gas index slipped 1 percent dragged by GAIL India, Petronet LNG, HPCL

Sensex Today | Market at 3 PM

The Sensex was up 78.52 points or 0.12% at 65,472.42, and the Nifty was up 4.20 points or 0.02% at 19,388.50. About 1124 shares advanced, 2069 shares declined, and 113 shares unchanged

Sensex Today | Nifty Auto index down 0.8 percent dragged by Bosch, Tube Investments, Maruti Suzuki

Sensex Today | Apurva Sheth, Head of Market Perspectives and Research, SAMCO Securities:

US CPI Inflation came in at 3% Y-o-Y basis. This is the lowest reading since March 2021. The main reason behind this fall is a high base effect and general fall in prices. With this inflation reading the gap between US interest rates and inflation has widened even further. US interest rates are at 5.25% while inflation is just above Feds comfort level of 2%.

We can now comfortably say that the Fed is done with hiking rates in this cycle. This is good news for corporations worldwide who are paying interest cost through their nose. It will be interesting to see what the Fed has to say now in their upcoming meet scheduled on 26 July.

Stock Market LIVE Updates | Bernstein View On HCL Technologies 

-Market perform rating, target at Rs 1,000 per share
-Q1FY24 was an all-round miss, guidance at risk
-IT services revenue declined, CC missed consensus by 2% while EPS missed by 7.7%
-FY24 growth guidance maintained
-Believe guidance is at risk with CAGR expectation of 3.2% in a difficult macro environment

Stock Market LIVE Updates | Nomura View On TCS 

-Reduce rating, target at Rs 2,800 per share
-Q1FY24 was a miss at both revenue & margin levels
-Order book holding up, but near-term visibility remains low
-Weak headcount addition persists, as attrition continues to moderate
-In our view, comapny unlikely to hit 25% EBIT margin in FY24

Stock Market Live Updates | KIOCL rose 5% on restart of pellet plant

KIOCL Ltd surged nearly 5 percent after the company said in a notice to exchanges that it resumed operations of its pellet plant located in the southern Indian city of Mangalore.

Stock Market Live Updates | ​CSB Bank fell 0.7% after huge block deal

Shares of CSB Bank fell 0.7 percent after a huge block deal. Around 1 million shares of the lender changed hands in a bunch of trades, according to Bloomberg. However, details of the buyers and sellers of the deal were unknown.

Stock Market Live Updates | Markolines Pavement climbed 5% after Rs 47.83 crore order

Shares of Markolines Pavement Technologies Ltd jumped over 5 percent after the firm said in a notice to exchanges that it got an order worth Rs 47.83 crore from Western Andhra Tollways in Telangana. The order relates to work of major maintenance overlay works at western Andhra tollway Pvt Ltd which will be completed within 10 months.

Stock Market Live Updates | Aditya Birla Fashion sees huge block deal

Aditya Birla Fashion and Retail Ltd was trading flat after a huge block deal. Around 1.02 million shares changed hands in bunched trade, according to Bloomberg. However details of the buyers and sellers were not known.

Stock Market Live Updates | Godrej Properties wins bid to acquire 2 plots in Gurugram

Realty firm Godrej Properties on Thursday said it has won a bid to acquire two plots totalling 8 acre in Gurugram to develop luxury housing projects with a potential sales revenue of Rs 3,100 crore.

In a regulatory filing, Godrej Properties said, "It has emerged as the highest bidder and secured the letter of intent to develop two group housing plots through an e-auction conducted by Haryana Shehri Vikash Pradhikaran (HSVP)".

These two plots are located on Golf Course Road micro market, and the company will develop luxury housing projects.

Godrej Properties did not disclose the total purchase amount for these two residential plots. "The two prime projects spread over 2.76 acres and 5.15 acres, respectively, would have a combined estimated revenue potential of about Rs 3,100 crore," it added.

Stock Market LIVE Updates | JPMorgan View On TCS 

-Underweight rating, target cut to Rs 2,650 from Rs 2,700 per share
-Q1 print broadly in-line with expectations with CC revenue flat QoQ
-Growth dragged down by Telecom, Hitech & BFSI
-Company witnessing near-term softness driven by uncertainty driving project pauses & deferrals
-Trades at 25x 1-year forward PE, growing at 3% in FY24, puts valuation burden in stark relief

Sensex Today | Market at 2 PM

The Sensex was up 438.03 points or 0.67% at 65,831.93, and the Nifty was up 104.90 points or 0.54% at 19,489.20. About 1358 shares advanced, 1810 shares declined, and 101 shares unchanged.

Stock Market LIVE Updates | Sterling and Wilson Renewable Energy Q1:

Sterling and Wilson Renewable Energy has posted net loss of Rs 95.5 crore against loss of Rs 353.9 crore and revenue was down 57.3% at Rs 515 crore versus Rs 1,206.9 crore, YoY.

Stock Market LIVE Updates | Bhansali Engineering Polymers Q1 Results:

The company's Q1 net profit was up 3.1% at Rs 66.8 crore versus Rs 64.8 crore and revenue was down 12.7% at Rs 294.5 crore versus Rs 337.4 crore, YoY.

Stock Market LIVE Updates | Shares of Primo Chemicals gains 7% post bulk deal

Primo Chemicals Ltd shares surged over 7 percent on July 13, after Societe Generale has picked nearly two percent equity stake in Primo Chemicals, formerly known as Punjab Alkalies & Chemicals.

As per bulk data published by exchanges, Europe-based financial services group, Societe Generale has bought 47.97 lakh equity shares, or 1.98 percent shareholding, in the chemicals company via open market transactions on July 12.

These shares were bought at an average price of Rs 60.1 per share and the total stake buy was worth Rs 28.83 per share.

Stock Market LIVE Updates | Kolte Patil Developers surges 4% on robust growth in Q1 sales value

Shares of Kolte Patil Developers rose 4 percent on July 13 after the company posted a 58 percent Y-o-Y growth in sales value at Rs 701 crore during Q1 FY24.

Strong volumes were achieved on the back of new launches and existing sustenance of inventory. New launches contributed approximately 43 percent to the pre-sales value during the quarter, the Pune based company said in a regulatory filing.

“Sales improved 58 percent by value and 52 percent by volume over Q1 FY23, on the back of strong traction across new launches and on-going projects,” said Rahul Talele, Group CEO, Kolte Patil Developers. He added that the customer sentiment remains robust and the developer is well positioned to capitalise on this demand for larger homes and differentiated offerings. Read More

Stock Market LIVE Updates | Deep Industries hits 52-week high; co bags order from ONGC

Deep Industries share price touched a 52-week high of Rs 220.05, gaining 12 percent in early trade on July 13 as the company received an order from ONGC.

Deep Industries has received Letter of Award (LoA) from Oil and Natural Gas Corporation Limited on July 12 for Charter Hiring of 1 numbers of 90 MT Mobile Drilling Rigs with Integrated Mud Services & METP with Manpower for a period of 3 years for CBM Asset, Bokaro.

The total estimated value of the said award is approximately Rs 130 crore. Read More

Sensex Today | Nish Bhatt, Founder & CEO, of Millwood Kane International

Retail inflation after hitting a two-year low has risen again. June CPI inflation at 4.8% though within the RBI's desired range of 2-6% but the rise may create some cause for concern. The rise in retail inflation is largely to the unseasonal monsoon showers, spike in prices of vegetables - mainly Tomatoes. The rise in prices of meat, fish pulses along with vegetables has led to a rise in food inflation. The July inflation too will reflect high prices as the current situation may take some time to even out. The rise in inflation may have an impact on the rate trajectory, and the central may stay on a long pause.

On the other hand, the industrial production data for the month of May is a pleasant surprise. At 5.2% it is way above most expectations, what is even more heartening to see is that most components have contributed to the rise. Mining, manufacturing, capital goods, infra goods. The IIP data print indicates strong demand and industrial activity.

Stock Market LIVE Updates | Federal Bank Q1 Results

Net profit was up 42.2% at Rs 854 crore versus Rs 600.7 crore and net interest income was up 19.6% at Rs 1,918 crore versus Rs 1,604.5 crore, YoY.

Stock Market LIVE Updates | GR Infra gets letter of award for project worth Rs 737.17 crore

GR Infra has received Letter of Award from Ministry of Road Transport and Highways for construction of four lane highway of NH‐731A (i/c Yamuna Bridge) in the State of Uttar Pradesh on Hybrid Annuity Mode.

The bid project cost is Rs 737.17 crore.

Sensex Today | Market Today: 

The Sensex was up 581.89 points or 0.89% at 65,975.79, and the Nifty was up 155.50 points or 0.80% at 19,539.80. About 1665 shares advanced, 1475 shares declined, and 103 shares unchanged.

Sensex Today | Dollar deepens dive on inflation surprise

A sliding dollar was pushed lower still in Asia on Thursday, as traders took surprisingly slow U.S. inflation as a signal U.S. interest rate rises will be all but finished by month's end.

The dollar has been steadily slipping for about six weeks, but had its worst session in five months on Wednesday - falling more than 1% against the euro to its lowest in more than a year - as the U.S. inflation slowdown gave dollar sellers confidence.

The euro made a fresh 15-month high of $1.1148 in Asia on Thursday and the yen touched its strongest since mid-May at 138.08 per dollar. The U.S. dollar index fell marginally to 100.42, its lowest since April 2022.

Aditya Birla Money Q1 Earnings:

The net profit of the company was up 16% at Rs 9.4 crore versus Rs 8 crore and revenue was up 26.5% at Rs 78.4 crore versus Rs 62 core, YoY.

Aditya Birla Money was quoting at Rs 64.60, down Rs 1.44, or 2.18 percent on the BSE.

Stock Market LIVE Updates | USFDA clears Telangana Unit-3 of Neuland Labs, issues Establishment Inspection Report

USFDA has issued an Establishment Inspection Report (EIR) against the inspection conducted at company's Unit 3 manufacturing facility, located at Gaddapotharam village, Jinnaram, Sangareddy District, from 22nd to 26th of May 2023.

The USFDA has concluded that this inspection is “closed”.