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Nifty ends marginally lower but holds above 10,000 , up 1% for week

Catch all that happened in the market here

SI Reporter  |  New Delhi 

bse, fall, sensex, stock, share

The benchmark Nifty50 pared losses in last leg of trade to end the first day of August series above 10,000-mark, up 1% for the week.  Sensex, on the other hand, also ended marginally lower for the day but up 1% for the week. The street was dragged down by after DrReddy's extended fall for the second straight day post weaker Q1 quarterly earnings. Negative cues from after US tech shares pulled slightly lower also contributed to the losses. 

Focus now shifts to Reserve Bank of India’s two-day monetary policy meeting, which is set to begin next week on Tuesday, while the outcome is expected on Wednesday.

3:49 PM

Analyst view:
 
Vinod Nair, Head of Research, Geojit Financial Services 
 
Market retreated from high due to subdued result from banking stock and consumer discretionary, while pharma continued to taste the bitterness in earnings owing to US FDA inspection and pricing pressure. This consolidation may continue in the near-term but investors may start accumulating due to surplus liquidity and likely change in RBI's stance with a 25bps rate cut in the next week policy meet.

3:43 PM Top sectoral gainers and losers

Source: NSE

3:41 PM HDFC, Infosys, Kotak Mahindra Bank, Adani Ports and ONGC gained the most on BSE Sensex while Dr Reddy's, Sun Pharma, Lupin, ICICI Bank and HeroMoto Corp lost the most on the index

3:39 PM Top weekly gainers: YES Bank (up 16.75%), HDFC (8.8%), HDFC Bank (4.4%), Indusind Bank (3.9%) and Adani Ports (3.6%)

3:35 PM Top weekly losers: ITC (down 14.4%), De Reddy's (down 9%), Lupin (down 6.5%), Ultratech Cement (down 4.7%), HeroMoto Corp (down 3.3%)

3:34 PM

Sensex settled the day at 32,309, down 73 points, while the Nifty50 ended at 10,014, down 6 points. 
 
Broader markets outperformed benchmark indices with BSE Midcap and BSE Smallcap, up 0.5% and 0.4% respectively.

3:25 PM HDFC, Infosys, ITC lead the markets to recovery in the last leg of trade

3:21 PM

Global market check:
 
Asian stock markets sagged on Friday after US tech shares retreated from recent rallies, though optimism about US corporate earnings and the global economy underpinned overall sentiment.
 
MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.1%, erasing almost all of its weekly gains, with Samsung Electronics, Asia's largest company by market capitalisation, dropping 4.4%. Japan's Nikkei shed 0.6%.

3:14 PM Karachi stock exchange extends falls over 1300 points to 44235.94

Source: Pakistan Stock Exchange

3:08 PM Markets erase some losses

At 3:05 pm, the Sensex was trading at 32,299, down 84 points, while the Nifty50 was ruling at 10,011 down 9 points. 

Broader markets outperformed benchmark indices with BSE Midcap and BSE Smallcap up 0.4% and 0.3% respectively.

2:47 PM Top Sensex gainers and losers

Source: BSE

2:02 PM YES Bank extended gains gains for ninth straight day, hits new high. The stock has gained over 60% YTD

1:42 PM Markets extend fall 

Extending losses on poor quarterly earnings, Sensex fell over 250 points while the broader Nifty50 index tested the crucial 9,950 levels.

1:33 PM

Once 'fragile' India gets thumbs up from foreign investors
 
India is widely expected next week to be the first country in Asia to cut policy rates this year.
 
And rather than being concerned at India's falling policy rate premium over the United States, foreign investors are giving the country's markets the thumbs up.
 
The rupee is rallying and the country's bonds are in demand, offering some of the best inflation-adjusted returns in Asia. Inflation, long a thorn in the economy, is at its lowest in five years.
 
 

1:16 PM Karachi Stock Exchange tanked over 700 points to 45186.28 after the country’s Supreme Court disqualified three-time Prime Minister Nawaz Sharif on charges of corruption in the Panama Papers case. Click here for full report

1:05 PM Markets check

At 1:00 pm, the Sensex was trading at 32,185, down 198 points, while the Nifty50 was ruling at 9,969, down 51 points. 

12:54 PM Earnings impact

Idea Cellular pared initial losses to gain over 2% on value-buying after the company on Thursday posted a loss of Rs 815.9 crore in the first quarter ended June 30, missing estimates as Reliance Jio triggered a price war in the Indian mobile telephony market. CLICK HERE FOR MORE

Idea

12:21 PM Pharma stocks hog limelight with Nifty Pharma index losing nearly 2%. 

pharma
Source: NSE

12:05 PM Nava Bharat Ventures surged 10% to Rs 149 on BSE after the company said it has achieved provisional acceptance of 300 MW power plant of the step-down subsidiary of the company, Maamba. CLICK HERE FOR MORE

navbharat

12:02 PM Markets check

At 12:01 pm, the Sensex was trading at 32,238, down 144 points, while the Nifty50 was ruling at 9,984, down 36 points. 

10:47 AM Earnings impact

Reliance Capital hit 52-week high of Rs 698, up 6% on BSE in an otherwise weak market, after the company reported 15% rise in consolidated net profit at Rs 238 crore during the first quarter on back of strong growth in all business segments. READ MORE

10:33 AM HDFC extends gains

HDFC was the top gainer and rose over 25 to Rs 1,776. The country's largest mortgage player on Thursday reported a marginal decline in consolidated net profit at Rs 2,734 crore for the first quarter ended on June 30.

HDFC1

10:01 AM Markets check

At 10:00 am, the Sensex was trading at 32,201, down 181 points, while the broader Nifty50 was ruling at 9,974, down 46 points. 

9:56 AM Earnings impact

ICICI Bank fell nearly 3% after the private lender reported 8% fall in June quarter profit to Rs 2,049 crore (YoY), in line with Street expectations. READ MORE

ICICI Bank

9:52 AM

Markets bet on surge in earnings growth
 
The combined net profit of the BSE Sensex and NSE Nifty is expected to rise around by 45 per cent in the next two years in constant currency terms, beating most other markets by a wide margin. CLICK HERE FOR THE FULL REPORT

9:46 AM

Oil update
 
Oil prices edged lower on Friday but were still near 8-week highs, buoyed by a decline in US inventories and OPEC's ongoing efforts to curb production. Brent crude futures were down 6 cents, or 0.1% at $51.43 per barrel. while US West Texas Intermediate (WTI) crude futures were down 5 cents, or 0.1% at $48.99 per barrel.

9:44 AM

COMMENT: Morgan Stanley on RBI's Monetary Policy
 
We expect the RBI to signal a one-and-done rate cut at the August 2 meeting, in line with market expectations. However, given global central banks leaning against easy financial conditions, potential tapering announcement by ECB and balance sheet tightening by Fed as well as the RBI's focus on banking sector reforms, we position for a risk of a more hawkish-than-expected RBI.

9:39 AM Earnings impact

ITC rose over 2% to Rs 295 on the BSE after the company reported 7.4% increase in net profit at Rs 2,560 crore in April-June 2017 quarter as against Rs 2,385 crore in year-ago period. The stock was the top gainer on Sensex. CLICK HERE FOR DETAILED EARNINGS 

ITC

9:33 AM

Stake sale by ONGC, govt key overhangs for IOC
 
The share price of Indian Oil Corporation (IOC), after scaling highs of Rs 450.65 on May 16, has continued moving down. Trading at Rs 368, it is down 18 per cent from the peak. This is despite positive developments on the business front, including implementation of daily fuel pricing that benefits oil marketing companies (OMCs) like IOC READ MORE HERE

9:33 AM All sectoral indices but Nifty FMCG and Nifty Media were trading in red. 

sectors2
Source: NSE

9:32 AM RESULT ANALYSIS: ICICI Bank

ICICI Bank's standalone June quarter (Q1) results, announced after market hours, weren't any encouraging, except that the bank was rescued to a thankful extent by the closure of JP Associates' cement plant sale deal with UltraTech on June 29. An eight per cent year-on-year (y-o-y) growth in net interest income at Rs 5,590 crore wasn't enough to cushion the bad loan provisioning CLICK HERE TO READ MORE

9:31 AM Despite Q1 miss, multiple triggers ahead for Maruti READ THE FULL STORY HERE

9:29 AM In the broader market, BSE Midcap was little changed, while BSE Smallcap was down 0.2%. 

9:28 AM Top Sensex gainers and losers

heatmap
Source: BSE

9:27 AM

F&O WATCH
 
On the downside, the index has supports at 10,000 levels than 9,960 levels while on the upside resistance is around 10,150 zones. On the option front, maximum Put OI is at 9,800 followed by 10000 strike and while maximum Call OI is at 10000 followed by 10100 strike. While fresh put writing is seen at 9800, 9900, 10000 and 10100 strikes while fresh Call writing is seen at 10000, 10100, 10200 and 10300 strikes. 
 
Bank Nifty outlook
 
Bank Nifty opened on a positive note and after the initial consolidation at the opening levels it witnessed buying interest and headed towards 25037 zones. It outperformed the Nifty and finally ended the session with the gains of around 235 points. Now it has support near to 24750 then 24450 zones while on the upside hurdles are seen at 25150 then 25300 zones.
 
Source: Anand Rathi Research

9:25 AM Earnings impact

Dr Reddy's slipped nearly 6% to Rs 2,470 after over 4% fall in the previous session. The stock was the top loser after the pharma major on Thursday reported 53% decrease in its consolidated net profit at Rs 59 crore. CLICK HERE FOR DETAILED EARNINGS  

DRL

9:20 AM Markets check

At 9:20 am, the Sensex was trading at 32,222, down 161 points, while the Nifty50 was ruling at 9,977, down 43 points.

9:12 AM

Open interest in Nifty lowest for the CY17: Angel Broking
 
July series was the historical one for the Nifty as it ended the expiry above the milestone of 10,000-mark. At the same time, the Nifty continued its winning streak by posting a positive expiry for the seventh consecutive month. One of the important observation in the index is that the OI (Open interest) at present is lowest since the start of the calendar year 2017, which indicates majority of the longs formed during the rally seen in last seven series have been lightened.

Throughout July series, FIIs formed short positions in index futures; out of which hardly 23% of the positions were rolled to August series. However, FIIs poured liquidity in equities as they bought worth Rs 2,885 crores during the last series. In options segment, 10,000-10,200 call and 9,700-10,000 put options are attracting trader’s attention. Looking at the overall rollover data, we would advice traders to remain light in index until we see relevant fresh positions forming in either direction.

9:08 AM Rollovers

Market-wide rollovers on the last day of July series stood at 77% which is in line compared to the average rollovers of the last three series, while the Nifty futures rollover stood at 68% which is a tad lower than the average rollovers of 71% of the last three series.

9:07 AM Pre-open trade

The Sensex was trading at 32,383, up 0.5%, while the Nifty50 was ruling at 10,012, down 8 points. 

9:04 AM

Derivative Strategy on Bharat Forge by HDFC Securities
 
Bharat forge futures open interest currently stands at three month high. This higher open interest coupled with the rise in price indicates accumulation of long positions by the strong hands. CLICK HERE FOR MORE

9:01 AM Buy India Cements, ACC and Tata Elxsi, says Prabhudas Lilladher. CLICK HERE FOR DETAILS

9:01 AM Wall Street update

A swoon in technology and transportation shares led the S&P 500 slightly lower on Thursday on a day full of corporate earnings reports, but the Dow industrials set a record closing high, helped by a jump in Verizon. The Dow Jones Industrial Average rose 85.54 points, or 0.39% to 21,796.55, the S&P 500 lost 2.41 points, or 0.1% to 2,475.42 and the Nasdaq Composite dropped 40.56 points, or 0.63% to 6,382.19.

8:59 AM

Asian markets
 
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.8% but was still on track for a 0.4% weekly gain, with Samsung Electric, Asia's largest company by market capitalisation, dropping 3.5%. Japan's Nikkei shed 0.4%, China's Shanghai Composite and Hong Kong's Hang Seng indices were down 0.1% and 0.5%, respectively. 

8:56 AM Singapore Nifty

At 8:55 am, the SGX Nifty was trading at 9,996, down 75 points or 0.76%. 

8:56 AM

COMMENT: Amar Ambani, head of research, IIFL
 
The market does appear to get a dizzy at heights and the late sell-off had a lot to do with the F&O expiry. While market-wide rollovers were in line with three-month average, Nifty rollovers were relatively lower than the previous three series. Nifty Open Interest is also at a calendar-year low as foreign investors The outlook is a subdued start. Global cues are mixed. While the Dow gained, the S&P and Nasdaq settled lower. 
 
Quarterly results are bringing in some swings and for the day numbers of Larsen & Toubro, Escorts and India Cements are scheduled. Investors will prefer to wait and watch before taking the plunge as the RBI policy meet takes place next week. The mid-cap segment, which has been defying gravity continues to soar higher

8:55 AM

Market outlook from SMC Global Securities
 
Today the markets are likely to open on negative note. All emerging markets are trading mixed. The coming session is likely to witness a range of 9,900 on declines (Nifty) and 10,150 on advances

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Nifty ends marginally lower but holds above 10,000 , up 1% for week

Catch all that happened in the market here

Catch all that happened in the market here The benchmark Nifty50 pared losses in last leg of trade to end the first day of August series above 10,000-mark, up 1% for the week.  Sensex, on the other hand, also ended marginally lower for the day but up 1% for the week. The street was dragged down by after DrReddy's extended fall for the second straight day post weaker Q1 quarterly earnings. Negative cues from after US tech shares pulled slightly lower also contributed to the losses. 

Focus now shifts to Reserve Bank of India’s two-day monetary policy meeting, which is set to begin next week on Tuesday, while the outcome is expected on Wednesday.
image
Business Standard
177 22

Nifty ends marginally lower but holds above 10,000 , up 1% for week

Catch all that happened in the market here

The benchmark Nifty50 pared losses in last leg of trade to end the first day of August series above 10,000-mark, up 1% for the week.  Sensex, on the other hand, also ended marginally lower for the day but up 1% for the week. The street was dragged down by after DrReddy's extended fall for the second straight day post weaker Q1 quarterly earnings. Negative cues from after US tech shares pulled slightly lower also contributed to the losses. 

Focus now shifts to Reserve Bank of India’s two-day monetary policy meeting, which is set to begin next week on Tuesday, while the outcome is expected on Wednesday.

image
Business Standard
177 22