Taking Stock: Sensex Up 125 Points, Nifty Above 16,250; Midcaps Underperform
Broader markest underperformed the benchmarks, with midcap and smallcap indices falling 0.6-1 percent... Read More
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 84,363.37 | 411.18 | +0.49% |
| Nifty 50 | 25,843.15 | 133.30 | +0.52% |
| Nifty Bank | 58,033.20 | 319.85 | +0.55% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Cipla | 1,639.10 | 61.50 | +3.90% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| ICICI Bank | 1,390.30 | -46.30 | -3.22% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty PSU Bank | 7857.85 | 219.10 | +2.87% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Auto | 27185.50 | -43.10 | -0.16% |
Mutual funds, in aggregate, have recorded a steep jump in monthly inflows. With equity capital markets gaining robust traction, the effect is distinctly visible in the heavy influx into equity mutual funds, especially categories of largecap, flexicap and ELSS funds.
Prevailing market dynamics have been key to sparking a reversal for hybrid and dynamic asset allocation schemes, which witnessed healthy allocations by investors. The slew of heavyweight New Fund Offers has played a critical role in mobilising fresh inflows.
Healthy corporate treasuries have translated to a multifold increase of flows to liquid and money market schemes. Credit risk funds are gradually garnering investor interest after a rather long slump.
Overall, the increased quantum of accessible liquidity, promising macro-economics and improving public health situation has been effectively translating into heavily positive investor sentiments.
The Nifty witnessed continuation in the consolidation on August 09. Structurally, with this consolidation, the bulls seem to be warming up for the next leg up. Multiple parameters are there on the downside to provide support near 16200-16150. This includes hourly lower Bollinger Band, 40 hour exponential moving average & 23.6% retracement of the recent rally.
Additionally, a gap area of 16176-16146 is there to offer cushion on the downside. The Nifty is expected to form a base near these support parameters & start the next move up. Short term target on the upside is pegged at 16400.
After a sharp rally last week, the Nifty is consolidating in the range of 16300-16150 level. However, the larger breakout continuation texture is still in the positive side and could continue in the short run. For the day traders, the 16180/16150 level would be the strong support, and as long as it's trading above the same the uptrend is intact.
On the other hand, the 16300 level would be the immediate hurdle for Nifty and above the same the continuation formation is likely to continue up to 16350-16375 levels.
The market witnessed some lackluster movement and an attempt to hold the support level around the Nifty 50 Index level of 16200. The market is going to be crucial for the short-term market scenario to sustain above the 16200 Nifty50 Index level. 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
Indian rupeeendedlower at 74.26per dollar, amid buyingsawin the domestic equity market.It opened lower at 74.22 per dollar against Friday's close of 74.15 and traded in the range of 74.21-74.29.
: Benchmark indices ended on positive note amid volatility helped by the banking and IT names.
At close, the Sensex was up 125.13 points or 0.23% at 54402.85, and the Nifty was up 20.10 points or 0.12% at 16258.30. About 1141 shares have advanced, 1951 shares declined, and 103 shares are unchanged.
On the sectoral front, the metal, oil & gas, and PSU bank indices lost 1.5-2 percent. BSE midcap and smallcap indices fell 0.6-1 percent.
M&M, Tech Mahindra, Axis Bank, Bajaj Finserv and IndusInd Bank were the top Nifty gainers. Tata Consumer Products, Coal India, Adani Ports, SBI Life Insurance and Bharti Airtel were among the top gainers.
The company's net profit down 44.7% at Rs 76.9 crore versus Rs 139.1 crore and revenue was down 20.3% at Rs 1,140.4 crore versus Rs 1,430.3 crore, YoY.
The company board has approved buyback of shares at up to Rs 410 per share.
Balrampur Chini Mills was quoting at Rs 354.55, down Rs 1.85, or 0.52 percent on the BSE.
The introduction of the delta variation, particularly in China, has clouded the short-term picture for oil, which has recently had its worst week since October. WTI Crude oil continued weak trend this week also. WTI oil prices are now trading near $65.52 which is sharply lower from recent high of 76.98 registered in July’21.
WTI Crude oil prices are likely to trade lower while under below key resistance level of 50 days EMA of $70.18 while immediate support level could be seen around $64.20-63.61
Gold prices have been on a downward trend. It has lost around 1% in today's trade and almost Rs 2,000 in value in the last two weeks. The latest US jobs data released was better than expected. It led to a boost in US Dollar and Treasury yields. A stronger dollar makes gold expensive.
The better than expected jobs data also fueled the belief that US Fed may start tightening the monetary policy earlier than expected. High interest rates reduce the appeal for investment in gold. Also, an expectation of a quicker recovery in the US and global economy will reduce uncertainties and thereby investor's appetite for gold.
Rising inflation in some countries may force their respective central bank to tighten monetary policy, raise rates. Going forward, the way countries control the spread of new variants of the virus, recovery in the global economy, the pace at which global central banks unwind their easy monetary policy regime will guide gold prices.
Indian rupee is trading lower at 74.28 per dollar, amid buying seen in the domestic equity market.It opened lower at 74.22 per dollar against Friday's close of 74.15.
