Anand James, Chief Market Strategist at Geojit Financial Services says: VIX value has crossed above the 6 month average and despite continued gains, volatility remains dominant. Market looks to have priced in a RBI move lower, and will take support from robust auto sales figures for July. Call option strikes indicates that the short term outlook for the market is positive.
3:56 PM InterGlobe Aviation, which owns IndiGo airlines, pared gains to end in red post rising as much as 3.1% after reporting a record quarterly profit on Monday powered by growth in passenger revenue.
3:43 PM Tech Mahindra, up 4% is the top performing IT stock on strong Q1 earnings. Other tech stocks that gained included Wipro and KPIT.
3:39 PM Except Nifty PSU Bank index and Nifty Fin Services index, all other sectoral indices were trading in green. Nifty Auto rose the most, up 1.5% followed by Nifty Metal, Nifty Pharma and Nifty IT
3:37 PM Top gainers and losers on BSE Sensex
3:35 PM In broader markets, BSE Midcap index outperformed the benchmark indices, up 0.4% while the BSE Smallcap index underperformed, losing 0.1%
Benchmark indices ended at record closing highs for second stright session with Nifty closing above 10,100 for the first time ever on strong auto sales numbers and hope that RBI will cut interest rates tomorrow.
The S&P BSE Sensex ended at fresh closing high of 32,575, up 60 points while the broader Nifty50 index ended at new closing high of 10,121, up 44 points
World stocks, on their longest streak of monthly gains in more than a decade, rose on Tuesday amid further signs that the global economy is in fine fettle, while the beaten-down dollar edged up slightly from 14-month lows.
Softening US inflation and incessant political turmoil has hit prospects of another Federal Reserve rate hike in coming months and sent the dollar down 10 percent from its January peaks.
3:08 PM At 3:07 pm, the Sensex was trading at 32,567, up 52 points, while the broader Nifty50 was ruling at 10,102, up 25 points.
In broader markets, BSE Midcap outperformed benchmark indices, up 0.5% while BSE Smallcap indices fell 0.1%
Marico falls post Q1
Marico dipped 5% to Rs 317 in intra-day trade, falling 6% from its record high of Rs 336 touched in early morning trade on BSE, after it reported 215 bps decline in EBITDA margin at 19.2% in June quarter (Q1FY18).
The personal products company posted 12% year-on-year (YoY) declined in net profit at Rs 232 crore, while operational revenue fell 4% YoY to Rs 1,692 crore, over the previous year quarter.
Institutional investors mint money in bank QIPs
The rally in banking stocks since the start of calendar year 2017 (CY17) has brought cheer to qualified institutional buyers (QIBs), as shares of most banks have outperformed the markets and are trading at a premium to their respective qualified institutional placement (QIP) issue prices.
Thus far in the CY17, investors in banks like State Bank of India (SBI), YES Bank, Kotak Mahindra Bank, Lakshmi Vilas Bank and DCB Bank have rallied up to 21% over their respective QIP issue prices. The BSE Sensex, by comparison, has recorded an average gain of 9% during this period.
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2:01 PM At 2:00 pm, the Sensex was trading at 32,534, up 19 points, while the broader Nifty50 was ruling at 10,093, up 16 points.
In broader markets, BSE Midcap outperformed benchmark indices, ip 0.3% while BSE Smallcap indices fell 0.1%
1:47 PM Ashok Leyland July sales
Commercial Vehicle major Ashok Leyland has posted a growth of 14.2 per cent in total sales by selling 11,981 units during the month of July 2017, as compared to 10,492 units during July 2016.
1:24 PM Nifty PSU Bank index is the biggest sectoral loser, down over 1%, dragged by PNB, Union Bank of India, Bank of India and Oriental Bank of Commerce. All stocks were trading in red.
Auto stocks lead gains
Shares of automobiles companies are in top gear with the S&P BSE Auto and Nifty Auto index gaining more than 1% after Maruti Suzuki and Eicher Motors reported a good set of sales numbers in the month of July. CLICK HERE FOR FULL REPORT
At 12:50 pm, the Sensex was trading at 32,541, up 26 points, while the broader Nifty50 was ruling at 10,091, up 14 points.
12:32 PM BSE Midcap index outperforms
BSE Midcap added 0.5% to quote 15,471, while BSE Smallcap index was little changed.
12:09 PM Dr Reddy's snaps three-day losing streak
Dr Reddy's snapped three-session long losing spree to gain 3% to Rs 2455 in intraday trade. The stock lost 12% in the last three sessions after the pharma major reported 53.21% year-on-year fall in consolidated net profit at Rs 59.10 crore for the June quarter.
Nifty Bank's journey from 20K to 25K
Continuing the record breaking spree, Nifty Bank settled above 25,000-mark for the first time ever on Monday. In July itself, the index outperformed frontline indices by rallying over 8% as compared to a 5.8% rise in the Nifty50 index. CLICK HERE FOR FULL REPORT
11:12 AM Maruti Suzuki gains post auto sales numbers
Maruti Suzuki, the country’s largest car maker, has set the tone for a strong growth in July passenger vehicle sales. The company, with a 50% share in the domestic market, clocked a growth of 22% in sales to dealers last month. READ MORE
July factory activity contracts
Factory activity plunged in July and had its deepest contraction in more than nine years after Goods and Services Tax (GST) severely hurt output and demand, the Nikkei/IHS Markit Manufacturing Purchasing Managers' Index showed.
The manufacturing PMI fell to 47.9 in July from June's 50.9, its first reading below the 50 mark that separates growth from contraction since December and its lowest reading since February 2009.
10:42 AM Earnings impact
Godrej Consumer Products shed over 6% to Rs 961 after the FMCG major reported an 8.7% decline in consolidated net profit at Rs 225.17 crore for the quarter to June due to tepid sales post GST and higher expenses.
10:19 AM Earnings impact
Trent, retail hand of Tata Group, spiked over 12% to Rs 299 in intraday trade after the company reported 25% y-o-y increase in its standalone revenue at Rs 499.16 crore for the June quarter.
At 10:00 am, the Sensex was trading at 32,539, up 24 points, while the Nifty50 was ruling at 10,089, up 12 points.
Nifty 10,000 is a key support now: Devangshu Datta
9:49 AM Sectoral trend
Nifty oulook by Geojit Financial Services
Monday’s pull back suggests that July series’ peak will be revisited today. Such a quick turnaround underscores the possibility of directional moves emerging. However, the early trades near the recent peak of 10,117 need to be played with caution, as volatility will try and reassert is dominance. Any slippage beyond 10,070 will have to be taken as a bear sign, but until then the 10,150-10,300 objectives could be in play.
9:33 AM Top Sensex gainers and losers
9:30 AM Earnings impact
InterGlobe Aviation gained nearly 3% to Rs 1334 after the airline IndiGo, posted a 37% increase in its quarterly profit at Rs 811 crore on Monday, helped by higher passenger revenue.
9:25 AM Earnings impact
Tech Mahindra rallied nearly 6% to Rs 410 after the country's fifth largest IT services firm said its first quarter profit rose 6.5% to Rs 798.6 crore as it saw clients spend more on digital deals. The firm said revenues grew 6% to Rs 7,336.1 crore, beating Street estimates. CLICK HERE FOR DETAILED EARNINGS
9:20 AM Markets at open
At 9:20 am, the Sensex was trading at 32, 562, up 47 points, while the broader Nifty50 was ruling at 10,093, up 16 points.
The Sensex gained 64 points to quote 32,579, while the Nifty added 23 points to trade above 10,100 in pre-open trade.
Stocks to watch
Tech Mahindra, InterGlobe Aviation, ICICI Prudential, Max India, Sobha, GE Power, and GAIL (India)
Power Grid, JSW Steel, Marico, Torrent Power, Piramal Enterprises, Reliance Defence and Century Ply are among 53 companies scheduled to report their June quarter results today.
Nifty outlook by Angel Broking
With Monday's momentum and upcoming RBI policy, bulls may aggrandize their gains but are likely to face hurdle around 10,150-10,200 levels. RSI and STOCHASTIC remain in overbought conditions, marking possible consolidation on cards. We maintain our view of index trading in a range of 9,920-10,150 with stock specific ideas to continue their outperformance.
8:57 AM Shriram Transport Finance with a target price of Rs 1,125, says Prabhudas Lilladher. CLICK HERE FOR MORE TRADING IDEAS
8:56 AM Buy Hero MotoCorp, Manappuram Finance and Kajaria Ceramics, says Religare Securities. CLICK HERE FOR DETAILS
Asian shares ticked up in early Tuesday trade as investors looked to a barrage of economic data around the world to confirm recent signs the global economy is in robust health with inflation staying well contained.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1%, while Tokyo's Nikkei rose 0.4%. China's Shanghai Composite and Hong Kong's Hang Seng indices added 0.4% and 0.7%, respectively.
Wall Street update
The Dow Jones Industrial Average hit a record closing high on Monday, helped by Boeing, while selling in Facebook, Alphabet and other technology companies checked the S&P 500 and pulled the Nasdaq lower. The Dow rose 0.28% to end at a record high of 21,891, but the Nasdaq Composite pulled back 0.42% after recent rallies, and the S&P500 lost 0.07% to end at 2,470.
8:44 AM Singapore Nifty
At 8:40 am, the SGX Nifty was trading at 10,131, up 25 points or 0.25%.
First Published: Tue, August 01 2017. 15:30 IST