Sensex slips 183 pts in a choppy trade; Nifty below 15,700; TCS dips 1.5%

The broader markets, on the flipside, settled about half a per cent higher.

5:42 PM

TECH VIEW :: Nagaraj Shetti, Technical Research Analyst at HDFC Securities

The short term trend of Nifty continues to be negative. But the formation of doji and double bottom could hint at the possibility of upside bounce in the market in the coming sessions. A session with firm positive close in subsequent session is likely to confirm bullish reversal and that could open upside bounce in the market. All bets are going to off on a decisive decline below the support of 15630 levels. Intraday resistance to be watched at 15780 levels.

5:27 PM

MARKET CLOSING COMMENT :: Deepak Jasani, Head of Retail Research at HDFC Securities

Nifty closed lower for the second consecutive week, down 0.21% over the week as worries return over the global economic recovery amid the spread of Covid-19 variants. On daily charts however, the Nifty has formed a doji after a fall suggesting indecision at these levels and a possibility of an upward bounce. Nifty also made a double bottom in the 15633-15635 band. On upmoves, Nifty could face resistance at 15762-15801 band over the next 1-2 sessions, while on a weekly basis, it could face resistance in the 15886-15915 band. 15635 could be a support for the near term while 15506 could be a support for the coming week.  

 

5:12 PM

MARKET REWIND :: Performance this week

Benchmarks. While BSE Sensex and Nifty 50 declined by 0.2% and 0.3% respectively, BSE Midcap and BSE Small cap index gained 1.1% and 1.0%, respectively during the week

Sectors: During the week, BSE Realty index gained 5.4% and BSE healthcare index was up by 2%. On the other hand, BSE Auto witnessed a decline of 3% in the week. BSE IT and BSE Oil & Gas declined 1.5% and 1.4%, respectively. 

4:54 PM

Technical set-up and outlook for next week

Nifty50 closed on a mildly negative note for the week, but it is still trading in a range-bound manner. The index has established short-term support at the 15500 zone, a break of which will raise a red flag to the ongoing uptrend. This might trigger a profit-booking move and possibly short-term weakness in the market. Until then we suggest traders maintain a bullish bias, keeping a stoploss below 15440. Immediate resistance is now placed at 15900.

The coming week will witness results to kick off the FY22 earnings season. As India Inc sees a stable recovery in sights and improving prospects across the board, broad-based expectations from Indian counterparts remain high. Despite favourable sentiment, some stocks might witness spurts of volatility guided by traders. However, one should keep the low base of last year in mind,as it can boost this time’s YoY growth numbers. Investors should consider profit booking in certain overpriced stocks on each near-term opportunity. Nifty50 closed the week at 15689.80, down by 0.21%.

Views by: Nirali Shah, Head of Equity Research, Samco Securities

 

4:40 PM

TECH VIEW :: Sumeet Bagadia, Executive Director at Choice Broking

Technically, the Nifty index has taken support from the horizontal line and given closing above the same one, which points out bounce-back movement can be expected. Furthermore, the Index has formed a Doji Candlestick pattern which points out indecision between bulls and bears.

On an hourly chart, the Index has taken support from 200-HMA as well as RSI has bounced from oversold zone, which suggest upside movement in coming days. At present, the nifty seems to have resistance at 15,860 level while immediate support comes at 15,600 levels.

4:31 PM

MARKET STRATEGY FOR NEXT WEEK

Markets traded lackluster and ended marginally in the red, in continuation to the prevailing consolidation phase. The benchmark started on a muted note tracking unsupportive global cues and mixed results from the IT major, TCS and it largely remained underwater for most of the session. It was the underperformance of the banking pack combined with profit taking in auto and IT stocks that added pressure. Consequently, Nifty settled at 15,690 levels; down by 0.2%. However, the broader market managed to outperform wherein midcap and smallcap ended higher in the range of 0.5%-0.6%.

 

Going ahead, markets would take cues from earnings announcements and economic data i.e. IIP & CPI. Besides, global cues and fluctuation in crude oil will also be closely monitored. Indications are in the favour that Nifty may consolidate further in the prevailing range so traders have no option but to maintain sector/stock specific approach while maintaining the positive bias till Nifty holds 15,450 zone.

Views by: Ajit Mishra, VP - Research, Religare Broking

4:20 PM

TECH VIEW :: Nifty forms 'Doji' pattern around support levels

The Nifty index showed some bounce after touching its support zones and closed with minimal losses at 15,690. It has formed a Doji candle pattern on the daily chart which suggests indecision in the market.

Also, the Doji formation has occured near the support levels which means we may see a sharp reversal of downtrend once we cross above 15,730 zone.

Good support for the index is still near 15,600 and any dip near the said levels will be a good buying opportunity. Keep stop-loss levels below 15,600 zone on a closing basis.

One can lock-in some gains around good resistance levels of 15,800-15,900. There may be fresh breakout only if the index sustains above 15,900.

Views by: Rohit Singre, Senior Technical Analyst at LKP Securities

4:05 PM

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

The domestic market continued to be under the grip of bears following weak Asian peers as investor confidence was shattered due to the global spread of Delta virus variant. The equity market is turning risk-averse and side-lined.

The IT sector also turned bearish as the initial earnings results did not meet the expectations of the market. While the focus of domestic investors has shifted from secondary to attractive primary IPOs, affecting the liquidity of trading in the equity market which we believe to be short-term.

 

3:55 PM

IPO Update :: GR Infraprojects inching towards 100x-subscription mark on final day

3:54 PM

IPO Update :: Clean Science and Tech garners massive traction; issue subscribed over 91x on final day

3:53 PM

BSE Snapshot :: Market breadth favours advances amid gains in broader market

3:51 PM

Sector Watch :: Metal stocks shine; only 2 constituents on the index end in the red

3:50 PM

Sector Watch :: Realty stocks reward investors; Sunteck Realty surges 7%, DLF 5%

3:48 PM

Sector Watch :: Private banks slip the most; index ends as top laggard

3:47 PM

Volatility Gauge

India VIX cooled off 4.5% to end at 1294 levels on the NSE today

3:46 PM

Nifty gainers :: Stocks that trimmed the benchmark's losses today

3:45 PM

Index contributors :: HDFC duo, TCS, RIL dragged Sensex lower today

3:43 PM

Broader market :: BSE SmallCap index rises 0.4%

3:42 PM

Broader market :: BSE MidCap index outperforms, ends 0.6% higher

3:40 PM

Sectoral trends on the NSE

3:38 PM

Sensex Heatmap at Close

3:33 PM

CLOSING BELL

The S&P BSE Sensex dropped 183 points, or 0.35 per cent, to settle at 52,386 levels

NSE's 50-share benchmark, on the other hand, declined 38 points, or 0.24 per cent, to close at 15,690 levels.

3:30 PM

CARE Rating upgrades Tata Steel's credit outlook; stock nears record peak

Shares of Tata Steel moved higher by 4.4 per cent to Rs 1,242 on the BSE in the intra-day trade on Friday, supported by heavy volumes, after rating agency CARE Rating revised the company's long-term credit rating to "stable outlook" from "negative". The stock of the Tata Group Company was trading close to its record high level of Rs 1,247, touched on May 12, 2021. READ MORE

3:15 PM

Consumers may get respite from frequent fuel price hike this month

Oil marketing companies kept the retail price of petrol and diesel unchanged on Friday to analyse the global oil price movement before making further revisions. After crossing $77 a barrel, global crude prices have softened a bit with differences surfacing in oil cartel OPEC over continuation of production cuts. With price pause on Friday, petrol continues to be priced at Rs 100.56 a litre and diesel 89.62 a litre in the national capital. READ MORE

Photo: PTI

3:14 PM

WATCH :: Q1 earnings preview

Watch Ambraeesh Baliga decode what the quarter might look like for India Inc CLICK HERE

3:10 PM

Rakesh Jhunjhunwala hikes stake in Edelweiss in Q1; stock surges 10%

Shares of Edelweiss Financial Services were locked in the upper circuit of 10 per cent at Rs 86.50 on the BSE in Friday's session after the latest shareholding pattern showed that ace investor Rakesh Radheshyam Jhunjhunwala increased his holding in the company by purchasing additional 4 million equity shares during the April-June quarter (Q2CY21).

 

Till 02:28 pm, a combined 17.13 million equity shares had changed hands and there were pending buy orders for 2.29 million shares on the NSE and BSE combined. In comparison, the S&P BSE Sensex was down 0.33 per cent at 52,396 points around the same time. READ MORE

3:00 PM

Securitisation volumes more than double Q1 despite pandemic: Icra

The securitisation volumes of finance companies and housing finance firms rose 2.3 times to Rs 17,500 crore in the first quarter ended June 2021 (Q1FY22), from Rs 7,500 crore in the same quarter last year despite the pandemic.

 

According to rating agency Icra, securitisation activity--offloading loans to investors and buyers through structural arrangement--had fallen significantly in Q1FY21 due to the Covid-19 pandemic and consequent nationwide lockdown in March 2020. READ MORE

2:40 PM

Maintain some allocation to gold despite 14% correction from peak

After a stellar run in 2020, gold prices have been on a downward spiral in recent months. After hitting a lifetime high of Rs 55,922 per 10 grams in August 2020, the yellow metal is now trading at Rs 48,096, down 14 per cent from those levels. Today economic recovery and inflation are the key factors impacting the prices of asset classes. While there is uncertainty about the road ahead for gold, experts say investors must maintain some allocation to it. READ MORE

2:20 PM

NEWS ALERT

2:19 PM

Macrotech Developers surges 14% in 2 days post June quarter business update

Shares of Macrotech Developers, the recently listed real estate company, surged 10 per cent to Rs 754 on the BSE in the intra-day trade on Friday, having rallied 14 per cent in two days, after the company released operational performance for the quarter ended June 2021 (Q1FY22). READ MORE