F&O expiry: IT, banks lift Sensex 393 pts up; RIL slips 2.4% post 44th AGM

The Nifty sectoral indices were mixed, with the Nifty IT index, up 2.79 per cent, leading the gainers, while the Nifty PSU Bank index, down 1.4 per cent, bled the most

5:21 PM

EXPERT VIEW :: Gaurav Garg, Head of Research, CapitalVia Global Research on RIL

n my opinion, the major trigger for this AGM is O2C business will benefit overall health of company, long-awaited RIL’s CMD Mukesh Ambani talked about Saudi Aramco as a strategic partner in our O2C business. RIL has been leader in grocery, electronics, and apparel which helped company to generate handsome revenue in next year and has been major contributor in top line of RIL. Retail will be an important arm to look for RIL’s growth. What excited me most is “Jio Phone Next” which is to be available from September 10. Jio working on 5G trials, will collaborate with Google Cloud for solutions, seen as first step towards made-in-India tech. JIO Fiber has become the largest and fastest-growing fixed broadband operator in India. This might be dark horse top line contributor for JIO.
 

RIL has focused on green energy which will begin with the Jamnagar refinery. I believe RIL to do well in coming quarters firmly based on its core Oil&Gas business which might helped by increasing price of crude in last few quarters, along with Retail and JIO arms. What excites me is the growth of ARPU which was 138 Rs in April quarter which might boost in the coming quarters, I expect this to increase by 25 % in next one year. Based on announcements made and considering next year’s performance of the stock, stock likely to out-perform NIFTY 50 space, as I expect the stock to touch Rs 2650 level in next year.

5:04 PM

TECH VIEW :: Ruchit Jain, Senior Analyst - Technical and Derivatives at Angel Broking

Nifty opened marginally higher and traded with a positive bias during the day. The index managed to end tad below 15800 with gains of over 100 points.

 

Although Nifty posted gains of 100 points, it was more of a day of consolidation with the range of 15700-15800. The index was managed by the IT stocks which posted good outperformance, while the heavyweight RIL witnessed some pressure ahead of its AGM. It seems that it was more due to the F&O expiry that the indices were locked within a range and there was no major move in today’s session. In last couple of weeks, we had initially seen a price wise correction in Nifty where it corrected from 15900 to 15450; and now the index seem to be going a time-wise correction. It just seems to be a corrective phase within an uptrend and unless any negative development seen, our market should be geared for a resumption of the uptrend soon. The IT heavyweights have shown good strength today but all eyes would now be on the banking space which could play a pivotal role in driving the index. After a sharp upmove at the start of the week, the Bank Nifty has consolidated for three sessions, and if the momentum resumes at the close of the week then it could result into a resumption of the momentum in the market.

 

The immediate support for Nifty is placed in the range of 15700-15670 while resistance is around 15900 mark. A breakout beyond these boundaries would then lead to a directional move and hence, trader should be vigilant on the mentioned levels

4:44 PM

MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services

Supported by positive global equities and strong buying interest in IT stocks, the domestic market sparked a rally today. Total FDI inflow in April rose 38% YoY led by a 60% YoY rise in equity inflow reassuring continued liquidity support in the Indian market. 

Global investors have digested the comments from Fed officials and are looking ahead to key data releases like U.S jobless claims and Bank of England’s decision on interest rates

4:30 PM

MARKET CLOSING COMMENT :: Ajit Mishra, VP - Research, Religare Broking

Markets traded with a positive bias and managed to close half a percent higher on the monthly expiry day. After yesterday’s fall in the index, the benchmark opened with an uptick and inched gradually higher as the day progressed. Among the sectors, IT majors played a crucial part in recovery and select stocks from FMCG and auto pack also aided the index to hold the gains. Eventually, the Nifty ended higher by 0.6% at 15,790 levels. Amid all, the broader indices underperformed wherein midcap ended with losses of 0.3% while smallcap ended flat.

 

The prevailing consolidation in the index is largely in line with the global counterparts so participants should continue to keep a close watch on the world market for cues. Despite the positive bias, we’re seeing restricted participation so traders should focus more on the selection of sectors and stocks. On the index front, a decisive break above 15,900 in Nifty would pave the way for an up move else consolidation will continue

4:16 PM

MARKET RECAP :: S Ranganathan, Head of Research at LKP Securities

With Q1 of the current fiscal drawing to a close next week, Technology stocks powered Indices as the street bets on the IT sector to deliver the first set of earnings. Even as Reliance spelt out its roadmap and strategies at its AGM today, IT stocks quite clearly hogged the limelight today. The twin listings today from the Primary Market too had a good opening day with both providing 25% gains to IPO investors from their issue price

4:05 PM

Twitter Talk :: Shyam Sekhar on RIL AGM

4:04 PM

BSE Snapshot :: Weakness in broader markets spoils market breadth

4:00 PM

NEW STOCK ON THE BLOCK :: Sona BLW ends 25% higher vs issue price of Rs 291

3:57 PM

NEW STOCK ON THE BLOCK :: Shyam Metalics ends 23% higher vs issue price of Rs 306

3:54 PM

NSE Snapshot :: Top Nifty50 gainers of the day

3:53 PM

Sensex contributors :: Financials, IT support market bulls even as RIL caps gains

3:51 PM

Broader market :: BSE SmallCap index slips 0.22%

3:50 PM

Broader market :: BSE MidCap index falls 0.5%

3:49 PM

Sectoral trends on the NSE :: IT index jumps 3%

3:47 PM

Sensex Heatmap at Close :: RIL ends as top laggard

Top gainers: Infosys, TCS, Tech M

Top losers: RIL, Bharti Airtel, Power Grid

3:44 PM

RIL AGM 2021 concludes

Mukesh Ambani thanks the Central and State Govts, shareholders, investors, lenders, suppliers and customers for their consistent and resolute support. I thank colleagues on the Board for their oversight in this crucial phase of our growth

3:43 PM

RIL ends 2.4% lower post 44th AGM

3:40 PM

RIL AGM 2021 LIVE :: I foresee that the Indian economy will bounce back at a rate that will surprise the world

>> Prosperity and opportunities will be created for all on a scale never seen before. Not for a few, but for all 1.35 billion Indians

>> India will conquer the COVID crisis — sooner rather than later. Post COVID, India will emerge stronger. It will be a Better India, a Resurgent India, a more Equal India, and a far more Self-Confident India: Mukesh Ambani 

3:38 PM

RIL AGM 2021 LIVE :: India is destined to emerge as one of the top three economies in world, says RIL chairman

>> As Reliance climbs new summits of success in its onward journey, it will also cross new milestones in being a caring and empathetic corporate citizen. But believe me: The Best of Reliance is yet to come: Mukesh Ambani 

3:36 PM

RIL AGM 2021 LIVE :: In last 10 years, Reliance invested $90bn in creating substantial wealth for nation

>> In the coming decade, Reliance has capacity to catalyse investments of over $200bn directly and through partners: Mukesh Ambani

>> These investments will create value on an exponential scale.

>> They will also create over 10 lakh new employment opportunities, besides fostering thousands of small and medium enterprises across the country. 

3:35 PM

CLOSING BELL

>> SEnsex ends at 52,699, up 392.92 points or 0.75%

>> Nifty50, on the other hand, closes at 15,790, up 103 points or 0.66%

3:32 PM

RIL AGM 2021 LIVE :: Envision to take Reliance Retail among top 10 retailers globally, says Mukesh Ambani

I am confident that Reliance Retail is on a hyper growth trajectory to grow at least 3x in the next 3-5 years

3:28 PM

STOCK CHECK :: RIL slides nearly 3% amid profit booking

3:27 PM

RIL AGM 2021 LIVE :: 1 in 8 consumer shop from Reliance Retail, says Mukesh Ambani

>> We added 1,500 new stores, which is amongst the largest retail expansion undertaken by any retailer during this period, taking our store count to 12,711

>> Our apparel business sold nearly five lakh units per day and over 18 crore units during the year. This is equivalent to dressing the entire population of UK, Germany and Spain once

>> Reliance Retail sold 4.5 crore units of electronics last year which translates to over 120,000 units per day. We sold over a billion units of groceries or about 30 lakh units per day

3:24 PM

RIL AGM 2021 LIVE

3:22 PM

RIL AGM 2021 LIVE :: Confident of becoming the first company to roll out 5G network

Reliance Industries Chairman Mukesh Ambani speaks at the 44th Annual General Meeting

3:21 PM

RIL AGM 2021 LIVE :: JioFiber has acquired over 2 mn new premises over past year, says Mukesh Ambani

>> With a cumulative base of 3mn active home and business users JioFiber has become the largest and the fastest growing fixed broadband operator in India

>> Jio has taken tremendous strides in maturing state-of-the-art 5G technology signifying a quantum leap to next frontier of wireless broadband. 

3:20 PM

RIL AGM 2021 LIVE

>> With Microsoft, we have operationalized an initial 10 MW capacity of JIO-AZURE Cloud Datacentres in Jamnagar and Nagpur, says Mukesh Ambani

>> We are currently onboarding the initial group of pilot customers

3:19 PM

RIL AGM 2021 LIVE :: Mukesh Ambani on WhatsApp, JioMart partnership

With Facebook, we have launched an initial set of integrations between WhatsApp and JioMart on a trial basis and the response from WhatsApp and JioMart customers is encouraging along with lots of valuable feedback

3:17 PM

RIL AGM 2021 LIVE :: RIL, Google deepen partnership

Reliance Retail, Reliance Jio, and other key buisnesses to use Google's cloud services, says Sundar Pichai