Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments:
The markets climbed well above the 16300 mark and seemed all poised to close above it too. However there was a sharp and nervous sell off mid day which brought the index close to 16200. We recovered well but did not close above the 16300 level. Once we are successful in doing so, we will witness a rally to 16600 as the next target for the Nifty.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research:
The market witnessed the continuation of trading within a small range and a reversal from the support level around the Nifty 50 Index level of 16200. The market is going to be crucial for the short-term scenario to sustain above the 16200. Sustaining above 16200, the market expects to gain momentum, leading to an upside projection till 16450-16500 level. The momentum indicators like RSI and MACD indicating a positive outlook to continue.
Rupee Close:
Indian rupeeended 17 paiselower at 74.43, amid volatile tradesawin the domestic equity market.It opened 15 paise lower at 74.41 per dollar against previous close of 74.26 and traded in the range of 74.33-74.47.
Market Close:
Benchmark indices ended marginally higher in the volatile session after hitting fresh record highs intraday.
At close, the Sensex was up 151.81 points or 0.28% at 54554.66, and the Nifty was up 21.80 points or 0.13% at 16280.10. About 679 shares have advanced, 2401 shares declined, and 98 shares are unchanged.
On the sectoral front, except IT, all other indices ended in the red with Nifty metal and PSU Bank indices shed over 2 percent each. BSE Smallcap index fell 2 percent, while midcap index was down nearly 1 percent.
Bharti Airtel, Tech Mahindra, HDFC, Kotak Mahindra Bank and M&M were among major gainers on the Nifty, while losers included Shree Cements, JSW Steel, Tata Steel, Power Grid Corp and IOC.
Nifty Metal index shed 2 percent dragged by the SAIL, NALCO, APL Apollo:
Crude Updates:
Oil prices rose more than $1 on Tuesday, recouping some of the losses in the previous session, as rise of demand in Europe and the United States outweighed concerns over a rise of COVID cases in Asian countries.
European Markets trade flat:
Buzzing:
Sona BLW Precision Forgings share price touched a 52-week high of Rs 559.65, rising more than 16 percent on August 10 after the company reported a net profit of Rs 82.2 crore in the quarter ended June 2021.
The company’s revenue was at Rs 501 crore, growing 226 percent YoY. The net order book was at Rs 14,000 crore as of June 30, 2021.
Market at 3 PM
Benchmark indices erased some of the intraday gains but trading marginally higher with Nifty below 16300.
The Sensex was up 182.36 points or 0.34% at 54585.21, and the Nifty was up 30.50 points or 0.19% at 16288.80. About 590 shares have advanced, 2416 shares declined, and 83 shares are unchanged.
BSE Smallcap index fell over 2 percent with Jindal Poly Films, Ambika Cotton Mills, Dolat Investments, Automotive Axles down over 10 percent:
Rupee Updates:
Indian rupee is trading lower at 74.41, amid volatiletradeseen in the domestic equity market.It opened 15 paise lower at 74.41 per dollar against previous close of 74.26.
Capacite Infraprojects Q1 earnings:
Capacite Infraprojects has posted net profit at Rs 4.2 crore against loss of Rs 43.1 crore and revenue was at Rs 280 crore versus RS 23.7 crore, YoY.
Capacite Infraprojects was quoting at Rs 213.15, down Rs 15.35, or 6.72 percent on the BSE.
Coal India Q1:
Net profit jumped 52.8 percent to Rs 3,174.1 crore in Q1FY22 against Rs 2,077.5 crore in the corresponding quarter last year.
Revenue climbed 36.8 percent YoY to Rs 25,282.1 crore against Rs 18,486.7 crore in Q1FY21.
EBITDA grew 58.7 percent to Rs 4,843.8 crore against Rs 3,051.6 crore YoY. EBITDA margin stood at 19.2 percent against 16.5 percent YoY.
Market update:
A sudden wave of selloff hit the equity market, dragging the benchmarks down in the red. Mid and smallcaps suffered more than their largecap peers. BSE Smallcap index fell more than 3 percent while the midcap index fell 2 percent.
Market update:
Flagship indices the Sensex and the Nifty traded higher after hitting record highs of 54,779.66 and 16,359.25, respectively.
At 1405 hours, Sensex was 0.23 percent up at 54,529 while the Nifty was 0.10 percent up at 16,274.
However, mid and smallcaps were reeling under pressure. BSE Midcap index was 1.14 percent down while the smallcap index was 2 percent down at that time.
Rupee Updates
:
Indian rupee is trading lower at 74.39, amid buying seen in the domestic equity market.It opened 15 paise lower at 74.41 per dollar against previous close of 74.26.
Chemplast Sanmar IPO sees 5% subscription on day 1:
The public offer of specialty chemical manufacturer Chemplast Sanmar has subscribed 5 percent so far in the morning on August 10, the first day of bidding. Investors have put in bids for 19.23 lakh equity shares against the offer size of 3.99 crore equity shares, the subscription data available on exchanges showed.
The offer size has been reduced to 3.99 crore equity shares from 7.11 crore equity shares after the company mopped up Rs 1,732.5 crore from several anchor investors at higher end of price band of Rs 530-541 per equity share.
Retail investors have bought 26 percent of shares of their reserved portion, while qualified institutional investors have put in bids for 31,509 equity shares against 1.08 crore shares set aside for them.
Nuvoco Vistas Corporation IPO subscribed 19% on second day of bidding:
The public issue of country's fifth largest cement maker Nuvoco Vistas Corporation has subscribed 19 percent as it received bids for 1.17 crore equity shares against offer size of 6.25 crore equity shares, on August 10, the second day of bidding.
The portion set aside for retail investors has received subscription of 36 percent and that of non-institutional investors seen 2 percent subscription.
Qualified institutional investors have put in bids for 364 equity shares against their reserved portion of 1.78 crore equity shares.
Gaurav Garg, Head of Research, CapitalVia Global Research:
The Indian benchmark is trading with a small positivity after a bounce back from the support level of 16200 and has been constantly able to sustain above the level of 16200 which has strengthened the belief in positivity for investors. Sentiments remained positive as the Reserve Bank presented draft guidelines to further liberalize the regulatory framework controlling overseas investments in order to improve ease of doing business which will further strengthen the position of India globally and can increase the investments.
Our research suggests that 16200 is an important support level for the market in the short term and we can expect volatility in the market to expand and attain new levels of 16500.
Berger Paints enters into novation agreement with Nippon Paint and Isaac Newton Corp:
Berger Paints India has entered into a novation agreement with Nippon Paint Automotive Coatings Co., Ltd corporation organized under
the laws of Japan and Isaac Newton Corporation, a corporation organized under the laws of British Virgin Islands, company said in the release.
Berger Paints India was quoting at Rs 814.00, up Rs 1.65, or 0.20 percent on the BSE.
CarTrade Tech IPO subscribed 53%:
The initial public offering of CarTrade Tech, a multi-channel auto platform, has received good demand from investors as it has subscribed 53 percent with garnering bids for 69.20 lakh equity shares against IPO size of 1.29 crore equity shares, on August 10, the second day of bidding.
Retail investors continued to provide strong support the issue as their portion set aside was fully subscribed today.
Non-institutional investors have put in 6 percent of their reserved portion and qualified institutional buyers 1 percent of their portion set aside.
Market at 1 PM
Benchmark indices erased some of the intraday gains but still trading higher with Nifty above 16300.
Bharti Airtel, Tech Mahindra, Kotak Mahindra Bank, HDFC and M&M were among major gainers on the BSE Sensex, while losers included Power Grid, SBI, ITC, HUL and Maruti Suzuki.
Motherson Sumi Systems Q1 earnings:
The consolidated net profit was at Rs 289.6 crore versus loss of Rs 810 crore and revenue was up 93.5% at Rs 16,157.4 crore versus Rs 8,348.4 crore, YoY.
Motherson Sumi Systems was quoting at Rs 225.70, down Rs 5.20, or 2.25 percent on the BSE.
Anand James, Chief Market Strategist at Geojit Financial Services:
Nifty closed almost 100 points higher after testing our turnaround point of 16174 yesterday. This is encouraging, but not an outright signal towards directional upsides.
We would pin our hopes on the 16246/33 region to hold early dips and attempt a push towards 16320 or 16400. However, even such an up move would still be within our broadening wedge expectation. In other words, volatility would continue to dominate.
Credit Suisse upgraded Thermax to neutral
Credit Suisse has upgraded the stock to neutral from underperform on account of positive cycle view. It has kept the target at Rs 1,300 per share.
According to broking house, the upside still limited by concern about margin, valuation & participation.
The highlight is stronger order booking even in a Covid impacted quarter by the company as well as peers.
Rupee Updates:
Indian rupee is trading lower by 10 paise at 74.36, amid buying seen in the domestic equity market.It opened 15 paise lower at 74.41 per dollar against previous close of 74.26.
Hinduja Global Solutions to divest its Healthcare Services business
Hinduja Global Solutions has entered into definitive agreements to divest its Healthcare Services business to funds affiliated with Baring Private Equity Asia (BPEA), company said in the release.
Hinduja Global Solutions was quoting at Rs 3,235.85, up Rs 154.05, or 5percent on the BSE.
Nuvoco Vistas IPO subscribed 19% on second day of bidding:
The public issue of the country's fifth largest cement maker Nuvoco Vistas Corporation is subscribed 19 percent as it received bids for 1.17 crore equity shares against offer size of 6.25 crore equity shares on August 10, the second day of bidding.
The portion set aside for retail investors is subscribed 36 percent and that of non-institutional investors is only 2 percent subscribed.
Qualified institutional investors have put in bids for 364 equity shares against their reserved portion of 1.78 crore equity shares.
Market at 12 PM
Benchmark indices climed to the fresh record highs led by the IT and financial names.
The Sensex was up 373.28 points or 0.69% at 54776.13, and the Nifty was up 99 points or 0.61% at 16357.30. About 1033 shares have advanced, 1863 shares declined, and 91 shares are unchanged.
Strides Pharma Science share price climb 4%
The share price of Strides Pharma Science climbed more than 4 percent on BSE on August 10.
The stock witnessed some traction on August 10 after global brokerage firm Macquarie kept an "outperform" rating with a target price of Rs 912.
Macquarie said the bounce-back in the UK business led by the acquired Endo portfolio was positive for the company.
Chemplast Sanmar IPO sees 5% subscription on Day 1:
The public offer of specialty chemical manufacturer Chemplast Sanmar was subscribed 5 percent in the morning of August 10, the first day of bidding. Investors sent in bids for 19.23 lakh equity shares against an offer size of 3.99 crore shares, the subscription data on exchanges showed.
The offer size has been reduced to 3.99 crore equity shares from 7.11 crore equity shares after the company mopped up Rs 1,732.5 crore from several anchor investors at higher end of price band of Rs 530-541 per equity share.
Retail investors have bought 26 percent of shares of their reserved portion, while qualified institutional investors bid for 31,509 shares against 1.08 crore shares set aside for them.
The reserved portion of 2.17 crore shares of qualified institutional buyers has received bids for 1,836 equity shares
Nifty IT index added nearly 1 percent led by the Tech Mahindra, Wipro, Coforge:
Aptus Value Housing Finance IPO subscribed 4% on day 1
The initial public offering (IPO) of Aptus Value Housing Finance India had been subscribed 4 percent in the first few hours of the offer opening on August 9, receiving bids for 22.03 lakh shares against an offer size of 5.51 crore shares, the data available on exchanges showed.
Retail investors put in bids for 8 percent of their reserved portion and non-institutional investors had bought 13,818 equity shares against the reserved portion of 1.18 crore equity shares. Qualified institutional buyers are yet to put in bids for the IPO.
BSE Realty index fell nearly 1 percent dragged by the Phoenix Mills, Oberoi Realty, Prestige Estate:
Market at 11 AM
Benchmark indices extended the early gains and trading at day's high with Nifty above 16300.
The Sensex was up 328.09 points or 0.60% at 54730.94, and the Nifty was up 85.80 points or 0.53% at 16344.10. About 1106 shares have advanced, 1715 shares declined, and 103 shares are unchanged.
JSW Steel's July crude Steel production at 13.82 lakh tonnes
Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors
As the voices on tapering grow dollar rupee opens and moves higher as flows dry down somewhat. The opening to be around 74.40 with a range of 74.20 to 74.60. Market to look at the CPI and IIP data before the Jackson Hole Economic Symposium between to 26th to 28th August.
Exporters may sell near to 74.50 while importers may take a back seat and wait for 74.20 to buy.
Rupee Opens:
Indian rupee opened 15 paise lower at 74.41 per dollar on Tuesday against previous close of 74.26, amid buying seen in the domestic equity market.
On August 9, rupee ended lower at 74.26 per dollar against Friday's close of 74.15.
More than 200 stocks hit 52-week highs on BSE:
More than 200 stocks, including Apollo Pipes, Deepak Nitrite, IRCTC, Jubilant FoodWorks, Laurus Labs, Mphasis, Tata Chemicals and Thirumalai Chemicals, hit their fresh 52-week highs in intraday trade on BSE.
Glenmark Life Sciences shares rise up to 4 percent:
Shares of Glenmark Life Sciences rose up to 4 percent in morning trade on NSE a day after Polar Capital Funds Plc - Healthcare Opportunities Fund acquired 8.36 lakh equity shares in the company at Rs 732.55 per share on the NSE, the bulk deals data showed.
Market at 10 AM:
After opening in the green, market benchmarks the Sensex and the Nifty are trading with healthy gains with banking and financial heavyweights as the top contributors.
At 1000 hours, the BSE Sensex was 252 points, or 0.46 percent, up at 54,655 while the Nifty was 64 points, or 0.39percent, up at 16,322.
Mid and smallcaps were underperforming as the BSE Midcap and smallcap indices were 0.29 percent and 0.11 percent up, respectively, at that time.
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments
Nifty is at 16,300 once again. What needs to be seen is if we can close above this level. If we can manage that, the index should move higher to 16,500-16,600. Traders should focus on buying rather than selling as the market trend is positive and there is a good support at 16,050-16,100. A buy on dips approach would be appropriate.
Timken India shares jump 8% after Q1 result
Shares of Timken India jumped almost 8 percent in early trade eon BSE a day after the company reported its June quarter results.
The company's standalone PAT stood at Rs 56.7 crore during the quarter while net sales from operations stood at Rs 467.85 crore.
Profit in the same quarter last year was Rs 3.15 crore while revenue was Rs 160.23 crore. EBITDA stood at Rs 93 crore against Rs 14 crore.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
During the last several trading sessions, the outperformance of largecaps was led by the high-quality private sector financials.
The underperformance of the mid and smallcaps is a desirable healthy trend since it is removing the froth in the segment.
An area of concern in the market now is the frenzy in the IPO market where retail investors are applying for IPOs & OFSs without any consideration of fundamentals & future prospects.
The goal is just to make money on the listing. Many retail investors are likely to lose money in the future from some of these issues.
Opening updates:
The Indian market opened in the green even as most Asian peers traded in the red. Among the sector, pharma, bank, realty, consumer durables and capital goods rose about half a percent in early trade.
