Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity markets slipped for the third consecutive trading session on Tuesday. S&P BSE Sensex recouped some intra-day losses but closed 0.68% lower at 52,198, while the NSE Nifty 50 index ended 0.76% lower at 15,632. Broader markets fared worse than benchmark indices as Nifty midcap 50 closed 1.67% lower, while Nifty smallcap 50 was down 1.58%. Bank Nifty fell 1.89%. Asian Paints jumped 6% to close as the top Sensex gainer, followed by Ultratech Cement, Bajaj Auto, HUL, Nestle India, Maruti, TCS, Infosys, and Bajaj Finserv. On the other hand, IndusInd Bank was down 3.4% as the worst Sensex performer, followed by Tata Steel, and Bharti Airtel. India VIX gained 4.18%.
Bears continue to control benchmark indices, forcing Sensex and Nifty lower for the third consecutive day amid a global market sell-off. S&P BSE Sensex recouped some intra-day losses but closed 0.68% lower at 52,198, while the NSE Nifty 50 index ended 0.76% lower at 15,632. Nine of the thirty Sensex constituents closed in the green while others were deep in the red. Asian Paints jumped 6% to close as the top Sensex gainer, followed by Ultratech Cement, Bajaj Auto, HUL, Nestle India, Maruti, TCS, Infosys, and Bajaj Finserv. IndusInd Bank fell 3.32%, followed by Tata Steel, NTPC, and Bharti Airtel. Bank Nifty was down 1.89% while midcap and smallcap indices tanked more than 1.5% each.
Domestic equity benchmark indices, Sensex and Nifty 50 closed in the red on Tuesday, extending losses for the third day straight. Midcap, smallcap indices fared worse than Benchmarks. India VIX soared 4.14% while Bank Nifty fell 1.89%.
Sensex slipped blow 52,200 once again as benchmark indices moved lower with minutes left until the closing bell.
Nifty is inching closer to 15,600 ahead of the closing bell. The index had earlier recouped some losses but is now threatening to again slip below 15,600.
“Bank Nifty currently trading at 34500, we have seen approx. 1000 points correction in last two weeks. Now as per weekly and daily charts there is support around 33900 levels, if it breaks the next support will be around 33000. Bank Nifty can bounce from the support levels to 35300 and 35500,” said Mohit Nigam, Head, PMS – Hem Securities.
IndusInd Bank was down 3.37% as the worst Sensex stock on Tuesday, followed by Tata Steel, HCL Technologies, and Bharti Airtel.
Kotak Mahindra Bank (KMBL) and the Indian Navy announced today that they have signed a Memorandum of Understanding (MoU) for Salary Account. The MoU enables KMBL to offer its Salary Account proposition to all personnel of the Indian Navy – both serving and retired. KMBL will also offer special Salary Account benefits to the Indian Navy.
Banks are offering very low interest rates on Fixed Deposits (FDs) due to the low key policy rates set by the Reserve Bank of India (RBI). As the FD rates fall behind the rate of inflation, investors face devaluation of the money invested in FDs on maturity.
Sensex and Nifty were moving lower once again with minutes left to the closing bell. Nifty was below 15,650 while Sensex fell more than 300 points.
India VIX continued trimming gains ahead of the closing bell on Tuesday. The volatility index was still up 3.7% at 13.15 levels.
“Asian Paint Ltd 1QFY2022 results outperformed the estimates. The top-line grew by ~91% YoY to Rs5,585cr. The domestic Decorative business more than doubled its volume and delivered stellar revenues over the lower base of last year which had suffered from the first nationwide lockdown. The business registered strong compounded average growths in value and volume in comparison with 1QFY20 which was a normal quarter, indicative of a strong consistent trajectory. The Industrial Business and the Home Improvement business also doubled its revenue on last year’s low base. On the operating front, the company reported margin contraction (OPM down by 21bp YoY to 16.4%), primarily on account of higher costs during the quarter. The reported net profit grew by ~162% YoY to INR 574cr, on account of strong sales growth. Currently, we are positive on the stock,” said Amarjeet Maurya – AVP – Mid Caps, Angel Broking.
Broader markets were deep down in the red on Tuesday. Nifty Midcap 50 was fell 1.38% while Nifty Smallcap 50 was down 1.35%. Nifty 500 was also deep in red, falling 0.80% while Nifty 50 dropped 0.67%.
Glenmark Life Sciences’, a subsidiary of Glenmark Pharmaceuticals, IPO will open for subscription next week on 27 July and close on 29 July 2021. In a notice to exchanges, Glenmark Pharmaceuticals informed that on 19 July 2021, Glenmark Life Sciences had filed the RHP with the Registrar of Companies (ROC), which has been taken on record by the ROC on 20 July 2021. Glenmark Life’s IPO size has been reduced and will now comprise fresh issue of equity shares worth Rs 1,060 crore and offer-for-sale (OFS) of up to 63 lakh equity shares.
Nippon Life India Asset Management (NAM India), asset manager of Nippon India Mutual Fund (NIMF) today announced the launch of Nippon India Flexi Cap Fund. It is an open-ended dynamic equity scheme looking at providing a one-stop solution to capture the opportunities across Market Caps, NAM India said in a statement.
While bears hold markets down, Asian Paints zoomed 4.8% as the top Sensex gainer, followed by Ultratech Cement, Hindustan Unilever, and Maruti Suzuki. Only 9 of the 30 Sensex constituents were trading with gains.
“The Bank Nifty slipped more than 3% in the last two trading sessions on the account of weak global sentiments. On the daily chart, the index has traded below the Doji Candlestick pattern, which indicates a further downtrend. Moreover, the index has also closed below the Convergence line of Ichimoku Cloud formation. However, there is immediate support in the index at around 34200 levels, which is 100-days SMA support. Hence, we are expecting a buy-on-dips strategy in it. On the downside, the Bank Nifty index may find support at 34300/34000 while resistance seems at 34700/35000 levels,” said Sumeet Bagadia, Executive Director, Choice Broking.
Global investment bank Julius Baer is overweight on Indian stock markets along with US and Chinese markets, even though it sees limited upside at the index level. “With the current pace of market rally, we believe that the upside could be limited at the index level in the immediate short/medium term,” Julius Baer analysts said in a report. Domestic markets have scaled fresh highs recently with broader markets participating in the upward march. Julius Baer had upgraded India to overweight in march this year after the union budget aided rally in domestic markets.
Asian shares fell Tuesday as worries were growing that a faster-spreading variant of the coronavirus could upend the global economic recovery. Japan’s benchmark Nikkei 225 slipped 0.9 per cent to 27,417.75. South Korea’s Kospi shed 0.6 per cent to 3,226.19. Australia’s S&P/ASX 200 declined 0.5 per cent to 7,252.20. Hong Kong’s Hang Seng lost 1.1 per cent to 27,189.43, while the Shanghai Composite fell 0.2 per cent to 3,531.54.
Reliance Industries share price turned green on Tuesday, jumping 0.12% to trade at Rs 2,101 apiece. RIL is among 11 stocks to trade with gains on Sensex.
Check live price: RIL
Sensex regained 52,300 while Nifty 50 was above 15,650 on Tuesday, recouping some losses. India VIX was up just 4%.
The newly-listed Clean Science and Technology share price surged over 9.5 per cent to Rs 1,736 apiece intraday on BSE, even as BSE Sensex and Nifty 50 tumbled nearly a per cent. The stock saw the listing at over 98 per cent premium to IPO price. As Clean Science stock jumped nearly 10 per cent today, analysts see at least 20 per cent more rally to Rs 2073 apiece in the stock. In bulk deals on Monday, Nomura India Investment Fund Mother Fund – The MTBJ AC Nomura India Investment Fund bought 10 lakh equity shares of Clean Science and Technology at Rs 1,715.33 per share on the NSE.
“Indian markets have taken a beating over the past couple of sessions, in line with a sharp risk aversion tone that is seen across the global markets. Speaking from a sector perspective, all sectors are in red today led by losses among metals, realty, and banks. For more than a month, Nifty has moved in a narrow range between 15600-15900. The index broke the upper end of this range late last week, but the breakout turned out to be false and Nifty is now back towards the lower end of this range. For the day, the region between 15600-15570 is an important zone to keep an eye on. This zone represents a previous support as well as the 50-day moving average. If the index finds stability near this zone for a session or two, it could reattempt a pullback towards 15900 in the days ahead. However, if the index sustains below this zone, the sell-off could extend towards 15430-15350,” said Abhishek Chinchalkar, CMT Charterholder and Head of Education, FYERS.
“The next 15 could be troublesome for domestic markets as volatility increases, with US and European markets as the main culprits. Coronavirus cases have increased in Europe and the US which could result in repeated lockdowns. A lot of money has been pumped into the market any more addition could give rise to inflation concerns and force a major correction. FMCG remains a good safety bet,” Vishal Wagh, Head of Research, Bonanza Portfolio said.
Escorts is a prominent tractor player domestically with market share of 11.3% as on FY21. Considering record food-grain procurement by government agencies as well expectations of good Kharif crop in 2021, we expect the tractor industry will continue to outperform the larger automobile space in FY22 with Escorts being a key beneficiary.
Target price: Rs 1,573
Upside – 32%
The Nifty FMCG index turned green on Tuesday while all other sectoral indices on NSE were down in the red. Nifty realty was down 2.72% as the worst sectoral index.
“Nifty could test 15,450 and 15,431 by the end of this week. If the index falls below this, further weakness could emerge otherwise markets may take support at these levels,” said Vishal Wagh, Head of Research, Bonanza Portfolios.
The volatility index was moving lower after having surged as much as 9% earlier. Often called the fear gauge of domestic markets, India VIX was still up 7%.
LIC Housing Finance has approached Securities Appellate Tribunal (SAT) with regard to company’s proposal of allotting over 4.5 crore preferential shares to its parent company LIC. The company was asked to explain how it arrived at the decision to fix the issue price for the preference shares at Rs 514.25 apiece for allotting 4,54,00,000 equity shares to LIC.
ACC stock price surged more than 6% on Tuesday amid bearish stock market sentiment, trading at Rs 2,291 per share. “We value ACC at 10x June’23 EV/EBITDA (~10% discount to the past five-year average of 11x) to arrive at Target Price of INR2,480; this implies target EV/t of ~USD116 and target P/E of 20x on CY22E,” said analysts at Motilal Oswal.
All sectoral indices on NSE were trading with losses on Tuesday. Nifty Realty was the worst performer, down 3% while Nifty Metal index was down 2.79% and Nifty Media 2.58%.
After having opened strongly, midcap and smallcap indices slipped deep into the red, faring worse than benchmark indices. Nifty Midcap 50 was down 2.18% while the Nifty Smallcap 50 was down 2.59% on Tuesday. Meanwhile, the Nifty 50 index was down 1%.
“We have seen repeated failed attempts to break out and breakdown in the last six weeks and markets going nowhere. We have broken the last three week low of 15,632. Tomorrow being a holiday, markets would like to discount tomorrow’s movement today. The bias remains bearish as long as we remain below 15,700,” said Rahul Sharma, Director & Head – Research, JM Financial.
Bank Nifty index was down 1.8% at 34,447 points on Tuesday. Major bank stocks were trading with losses as bears forced markets lower.
Nifty gave up crucial support zone of 15,600 and slipped below it as bears wreaked havoc on Dalal Street.
Bakri Eid Bank Holiday 2021: Most of the banks in India will remain closed on 21 July 2021, on account of Bakra Eid. Only the gazetted holidays are observed by banks all over the country. The Reserve Bank of India (RBI) has categorised holidays under three categories — Holiday under Negotiable Instruments Act; Holiday under Negotiable Instruments Act and Real-Time Gross Settlement Holiday; and Banks’ Closing of Accounts.
Tatva Chintan Pharma’s Rs 500-crore IPO has been subscribed 17.22 times by investors, with the last day of bidding still on. The specialty chemical manufacturer has attracted strong interest from all pockets of investors after having the issue was oversubscribed within the initial two hours of sale last Friday. Shares of the company have also impressed in the grey market, trading at a strong premium over the issue price. Investors can bid for the issue till today evening in the price band of Rs 1,073 – Rs 1,083 per share in a bid lot of 13 shares.
Post negative opening we expect supportive efforts to emerge around 15650. Hence, use intraday dip towards 15660-15685 to create long for a target of 15783. The lack of follow-through strength above upper band of consolidation (15900) on fifth occasion in last one month highlights key resistance at 15900 levels. Over past two sessions index has retraced 80% of the preceding 4 sessions up move (15632-15962). Therefore, key thing to monitor is that, holding above past three week’s low around 15600 would lead to prolonged consolidation (15900-15500) with stock specific action. Meanwhile, a decisive close above 15900 would be required to open the door for next leg of up move toward our earmarked target of 16100. Thus, dips should be capitalised on to accumulate quality stocks amid progression of Q1FY22 earning season.
~ ICICI Direct
India VIX, the volatility gauge, continues to surge as bears take control on Dalal Street. The index is up more than 7% on Tuesday, extending yesterday’s 8% jump.
Index heavyweights such as HDFC Bank, ICICI Bank, and HDFC were among the top drags on Tuesday. Reliance Industries was trading flat, dancing between gains and losses.
Short build up in the Bank Nifty Futures, Long unwinding in the Nifty Futures, fall in the Nifty Open Interest Put Call ratio on the back of Call writing at 15800-15900 levels and long unwinding by the FIIS’ in the Index futures segment Indicates that one should be cautious for the markets. Therefore, our advise is to remain bearish and wait for Nifty to close above 15900 level for building aggressive long positions. On the lower side 15600-15650 level will act as an immediate support where Puts have been written. In the Bank Nifty, our advice is to remain bearish with stop loss of 35500 levels. On the lower side, support is seen in the vicinity of 34600-34800 levels.
~ HDFC Securities