D-St bucks weak global trends; Sensex up 230 pts; PSB, realty stocks gain

Adani Ports (up 5 per cent) was the top Nifty gainer today, trailed by NTPC, Titan, SBI, Tata Steel, Bajaj Finserv, Grasim, and HDFC

5:24 PM

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

Nifty showed another spectacular recovery from the opening lows after a similar show on Friday. Lack of large volumes on such days reflect that only fringe players are getting panicky  and action otherwise  keeps rotating among stocks – both large and midcaps. While rising however indices may be slow in the absence of positive triggers.  Nifty seems to have made a  minor bottom in the 15451-15505 band.  On rises 15770-15812 could be the resistance in the near term.

5:11 PM

Trade set-up for Tuesday :: Important levels to watch on Sensex and Nifty

The market once again strongly resisted going below 15,500/51700. With 15500/51700 levels holding support for second day in a row, the market saw a strong short covering trend today. After Friday's indication, the market has formed a bullish continuation formation today and according to that 15800/52800 will be a big hurdle. However, if indices manage to close above 15800/52800, it could reach 16000/16050 (53400/53500) star.

On Tuesday, 15800/52800 and 15650/52400 could be the trading range of the market. The Bank-Nifty moved from 33900 to close at 34900, which is remarkable and looks appropriate considering the yield of the bond.

Views by: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Sec

5:01 PM

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

On the technical front, the Index has taken support from 21-EDMA which is placed at 15569 and bounced from there, which suggests strength for upside in the counter.

Furthermore, the Index has formed a Bullish Marabozu candlestick pattern which further adds strength for upside direction. Moreover, an Hourly Oscillator Stochastic has also suggested positive crossover, which indicates bullish strength for the near term.

At present, the nifty seems to have resistance at around 15900 levels while immediate support comes at 15500 levels.

4:46 PM

TECH VIEW :: Technical evidence is aligned to support the bullish case scenario

The market witnessed some swift recovery from its short-term support around the Nifty50 Index level of 15500 in the market today. The market expected level should range between 15500-15900, and it is going to be crucial for the short-term market scenario to sustain above 15500. Technical evidence is aligned to support the bullish case scenario. As such, investors to buy on intraday correction and look for exit around 15900 levels in the short term. The market observed that the momentum indicators like RSI and MACD start showing positive divergence, indicating the recovery is most likely to continue and the market to test the 15900 level.

Views by: Ashis Biswas, Head of Technical Research at CapitalVia Global Research

4:36 PM

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

The short term trend of Nifty has turned up after a dramatic fall and a swift upside bounce of the last two sessions. A sustainable move above 15800 levels is likely to pull the market into new all-time highs in the next few sessions. Any weakness could find support around 15650-15600 levels

4:21 PM

MARKET STRATEGY :: Use correction to go long

We’re seeing consolidation in the index on the expected lines. However, the buying interest on every dip clearly shows the market mood. We reiterate our advice to utilise intermediate correction to go long in quality counters until we see some sign of trend reversal. Having said that, it’s not easy to identify performers at the record high and the risk of false breakout is also there. We thus recommend limiting the naked leveraged bets and maintaining strict risk management rules.

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

4:09 PM

NIFTY OUTLOOK :: Here's what tech charts say about the index post today's recovery

Nifty opened on a very weak note on account of global cues but managed to witness smart recovery finally closing near the high point of the day. This is the second consecutive time where nifty made a strong comeback reflecting the strength in the markets. However, on an hourly basis, it is just about closing near Ichimoku cloud support. For Nifty to inch toward 16000 level, it has to give hourly closing above 15780-15800 levels.

Views by: Gaurav Bissa, AVP Derivatives & Technicals at LKP Securities.

3:57 PM

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

The domestic market opened on a weak note due to the hawkish monetary policy of the U.S Federal Reserve. But the market clawed back above day’s low and closed in the green as the market expects a faster economic recovery owing to the PM's announcement on free inoculation for all citizens. PSU Bank was the top sectoral performer on reports of the government finalizing Central Bank of India and Indian Overseas Bank for privatization

3:50 PM

NSE Snapshot :: Top Nifty50 gainers of the day

3:45 PM

Broader market :: BSE SmallCap index gains 0.8%

3:44 PM

Broader market :: BSE MidCap index outperforms

3:42 PM

Sectoral trends on the NSE

3:39 PM

Sensex Heatmap at Close

Top gainers: NTPC, Titan Company, SBI

Top losers: Tech M, Maruti Suzuki, TCS
 

3:33 PM

CLOSING BELL :: Indices recoup losses

The benchmark S&P BSE Sensex and the Nifty50 indices hit the day's low of 51,740 and 15,506, respectively in early morning trade. However, low-level buying emerged quickly too recoup losses.

By close, the Sensex index was at 52,574 levels, up 230 points or 0.44 per cent. On the NSE, the Nifty50 index was at 15,746 levels, up 63 points or 0.4 per cent.

3:29 PM

Sensex at this hour

3:15 PM

Reliance, Tata superapps gear up for battle royale in e-commerce space

This comes at a time when RIL’s e-commerce revenues are set to grow by 35 per cent to $15 billion within four years and its core retail revenue is expected to grow at the same pace to $44 billion, as per a forecast by Goldman Sachs. "The Tata vs JioMart war will be the next big corporate battle to watch. While Tata has an upper hand like in-house products and brands, RIL has the backing of global biggies like Google, Facebook and Microsoft," said head of a rating firm asking not to be quoted. READ MORE

2:56 PM

State-owned banks likely to see lower gains in bond book in FY22: Icra

Public sector Banks, which reaped windfall treasury gains in FY21, are likely to see much lower gains in their bond portfolios in FY22 due to limited headroom for yields to decline further, according to Icra. The rating agency said public sector banks in India reported net profits in FY21 after five straight years of losses, supported by windfall treasury gains. PSBs booked profits of Rs 31,600 crore from this source compared to overall profit Before Tax (PBT) of Rs 45,900 crore in FY21. READ MORE

2:47 PM

Nifty PSU Bank index gains 4%; Central Bank of India, IOB surge 20%

The Centre has shortlisted Central Bank of India and Indian Overseas Bank for divestment, according to a report by TV channel CNBC Awaaz. The two lenders might see 51 percent sale in the first phase of disinvestment, the report said. READ MORE

2:34 PM

Oil prices firm on summer demand as Iran nuclear deal revival talks drag

Oil prices edged higher on Monday, underpinned by strong demand during the summer driving season and a pause in talks to revive the Iran nuclear deal that could lead to a resumption of crude supplies from the OPEC producer.

 

Brent crude for August gained 23 cents, or 0.3%, to $73.74 a barrel by 0825 GMT. U.S. West Texas Intermediate (WTI) crude for July was up 29 cents, or 0.4%, at $71.93 a barrel. READ MORE

2:20 PM

Four of six Adani Group shares locked in 5% upper circuit limit

Shares of Adani group companies were in focus in Monday's session as four out of the six listed stocks were locked in the upper circuit of 5 per cent, bouncing back up to 11 per cent from their respective intra-day lows on the BSE. Adani Green Energy (Rs 1,115.85), Adani Transmission (Rs 1,297.65), Adani Total Gas (Rs 1,321) and Adani Power (Rs 120.60) were locked in 5 per cent upper circuit on the BSE. Adani Ports and Special Economic Zone (APSEZ) and Adani Enterprises rallied 7 per cent and 6 per cent, respectively, in intra-day trade. READ MORE

2:10 PM

Reliance Home Finance takes up resolution plan approved by lenders

Lenders selected Authum Investment and Infrastructure Ltd as the successful bidder to acquire all assets of RHF through a competitive bidding process after several rounds of negotiations between the bidders and lenders.

 

Authum had reportedly submitted a bid of Rs 2,911 crore (which includes Rs 24 crore as deferred interest) to financial creditors. READ MORE

2:00 PM

Higher capex spends likely to impact tyre maker Ceat's return ratios

Tyremaker Ceat has announced an ambitious plan to boost its market share and take leadership positions in multiple categories over the next five years. The company is eyeing a market share of 30-35 per cent in the two- and three-wheeler segments as compared to 28-30 per cent now, while targeting 20 per cent from 13-15 per cent now in passenger car radials. READ MORE

1:52 PM

Mubadala group to put up Abu Dhabi's first IPO since 2017, more to follow

Satellite operator Yahsat has filed for a listing in Abu Dhabi in what would be the first initial public offering on the emirate’s stock exchange since 2017. Al Yah Satellite Communications Co., fully owned by Abu Dhabi’s $243 billion sovereign fund Mubadala Investment Co., plans to offer a stake of as much as 40% next month, according to a statement. The company offers satellite communications solutions in over 150 countries. READ MORE

1:45 PM

Gold set to snap six-day losing streak as US bond yields slide

 Gold prices rose on Monday, following sixth straight sessions of losses, as a drop in U.S. Treasury yields bolstered the non-yielding metal's appeal. Spot gold climbed 0.7% to $1,776.10 per ounce by 0732 GMT, while U.S. gold futures rose 0.4% to $1,775.5 per ounce. The real yields are falling, helping gold prices to stabilise and attempt a rebound, said Margaret Yang, a strategist at DailyFX, adding "investors are also taking this as an opportunity to buy the dip in view of rising inflationary pressure." READ MORE

1:39 PM

European indices flat-to-negative in early deals

(Source: Reuters)

1:37 PM

HCL Tech appoints leaders to expand in South Korea, Taiwan and Vietnam

HCL Technologies has made three appointments in Asia to strengthen its presence in South Korea, Taiwan and Vietnam. It has named Joonho Moon in South Korea, Terry Tai in Taiwan and Nguyen Ha Tuan in Vietnam to lead and drive growth in these geographies. Prior to joining HCL, Joonho spent more than two decades at Samsung SDS in various leadership positions in sales, business development, corporate marketing, and product strategy. READ MORE

1:27 PM

Top gainers on the BSE at this hour

Company	PRICE(rs)	CHG(%)
J & K Bank	39.35	19.97
GMR Infra.	30.75	9.24
Triveni Turbine	122.65	8.64
TV18 Broadcast	45.80	7.64
Bank Of Maha	26.95	7.37

1:16 PM

MARKET UPDATE:: Sensex turns positive

1:13 PM

United Breweries rallies 6 per cent on heavy volumes, hits 52-week high

The trading volumes on the counter doubled with a combined 2.6 million shares changing hands on the NSE and BSE. In comparison, the S&P BSE Sensex was down 0.40 per cent at 52,136 points at 12:06 pm. In the past one month, the stock has rallied 14 per cent, as compared to 3 per cent rise in the benchmark index. READ MORE

1:03 PM

Mid-market view | Likhita Chepa, Senior Research Analyst, CapitalVia Global Research

On the back of negative global cues, Indian market indices pared some losses but remained in negative territory in morning sessions. Sentiments remained negative as Care Ratings warned that credit growth for the current financial year (FY22) is projected to stay in the low double digits. Losses have been limited as a UN report projected that India received $64 billion in foreign direct investment in 2020, making it the world's fifth-largest beneficiary of inflows. After comments from Federal Reserve that the US central bank would raise interest rates sooner than previously predicted frightened investors, US markets closed substantially lower on Friday, with the Dow and S&P 500 having their worst weekly performances in months. Asian markets were trading in the negative territory following the negative sentiments in the global markets.

 

The Market opened with a gap down following the global cues and again took the support near 15500. The market is aligned to trade in the range of 15500-15750 in the following trading days. If the market breached the level of 15750, we expect the market to reach the level of 15950-15980.