Sensex fluctuates 491 pts, ends 13 pts down; realty stocks rally; IT slide

The broader markets, on the flipside, outperformed the benchmarks with the BSE MidCap and SmallCap indices rallying 0.40 per cent and 0.75 per cent, respectively

4:59 PM

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

Indian benchmark equity indices ended flat after a higher opening on July 12. Nifty opened higher in line with other Asian markets, went sideways for the first few hours and later fell post 1300 Hrs to make an intra day low at 1445 Hrs. A feeble recovery ensued and the Nifty closed minorly in the positive. At close, the Nifty was up 2.80 points or 0.02% at 15692.60.

 

Volumes on the NSE were below recent averages. Among sectors, Realty and Banks gained the most while Telecom & IT lost the most. BSE midcap and smallcap indices ended in the green.

 

Nifty tried to rise post the doji formed on Friday, but could not sustain at higher levels. However the fact that it did not close at the intra day low is encouraging and keeps hopes of bulls alive. 15632-15780 is the band for the Nifty in the near term. 

4:45 PM

MARKET CLOSING COMMENT :: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Sec

On the first day of the week, the market opened higher on the back of positive sentiment in the global market, however, another round of booking brought the Nifty and Sensex back to the level of 15650/52200. Based on the daily chart, Nifty/Sensex is entering an interesting phase. For almost 27 days, the market has been consolidating within the trading range of 300 points, which is remarkable and indicates a make or break in the near term.

Today, cyclical stocks performed well, while defensive and energy stocks ended weak. The positive thing is that the market survived above 15600/52100 levels. The Nifty/Sensex would go to the level of 15500/15450 (51600) after dismissal. The 15700/52400 and 15780/52700 levels, on the other hand, would be the main levels of resistance.

4:33 PM

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

Markets were volatile and profit booking was expected given the outperformance of the Midcap & Smallcap Indices. As a matter of fact, we have not witnessed such an outperformance for almost 7 years. Todays Trade saw hectic activity and sustained interest in Cement & Textiles with the latter exhibiting good momentum across market capitalization

4:25 PM

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

The choppy trend continued in the market and there is no respite for bulls, after showing upside bounce from the lower support (15635) in previous session. As long as the support holds, the odds of market bounce back remain alive for the next 1-2 sessions. A decisive move below the support is likely to extend weakness to 15500 levels. On the upside bounce, the area of 15800 could be a crucial resistance to be watched.

4:15 PM

MARKET STRATEGY :: Stay stock-specific in approach

Markets traded in a range and ended unchanged, extending the prevailing consolidation phase. Initially, the benchmark opened on firm tracking positive global cues however profit taking at the latter half trimmed all the gains. On the sectoral front, a mixed trend was witnessed. The broader indices continued their outperformance wherein both midcap and small cap ended higher by 0.4% and 0.7% respectively.

 

Markets will react to the macroeconomic data viz. IIP and CPI inflation in early trade on Tuesday i.e. July 13. The tussle over the next directional move in the index is still on and upcoming earnings announcement may result in the probable breakout. Meanwhile, we suggest continuing with a selective trading approach while keeping a check on leveraged position

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

4:08 PM

ANALYST TAKE :: Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares

Indian markets started on a positive note following positive Asian market peers with Japan and China markets trading higher as China’s central bank announced Friday a 50 basis points cut in its reserve requirement ratio for all banks. During the afternoon session markets maintained their upward momentum following gains in Realty, Basic Materials and Metal stocks. Healthy buying was observed in blue-chip stocks like Ultratech Cement, ICICI Bank and SBI. However, during the closing session markets lost their gains and traded in red as traders were looking to book profits with lacklustre European markets opening and volatility ahead of the start of the earnings season in U.S.

4:01 PM

TECH VIEW :: Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed a volatile movement and failed to breach the resistance level of Nifty 50 Index level of 15800. Market suggests it is prudent to wait for a decisive breakout above 15800 and technical factors to improve before going long in the market. 15620-15650 will be an important support zone. The traders are advised to refrain from building a new buying position until market see further improvement and breakout above 15800.

 

3:55 PM

MARKET VIEW :: Vinod Nair, Head Of Research at Geojit Financial Services

Domestic indices started with mild gains hovering around the flat line, however, it trimmed early gains tracking cues from its European peers ahead of the release of key inflation data later today. Shares of small finance banks were in focus today as the RBI allowed the reverse merger with their respective promoter entities. The realty stocks rallied as hopes of demand revival boosted the sector’s outlook.

3:55 PM

Equitas Holdings hits 20% upper circuit on RBI nod to amalgation

3:54 PM

Cadila Health gains amid reports children's vaccine may get approval soon

A TV report said that Cadila Healthcare's children's vaccine likley to be approved this week; vaccine supply may start from Aug

3:51 PM

Just Dial tanks 4% as FPIs reduce stake in Q1

>> FPIs offloaded 3.58% stake in the company in Q1

3:49 PM

Result Impact :: Steel Stripes Wheels gains 3%

>> Company posted net profit at Rs 51.1 cr vs loss of Rs 38.1 cr

3:47 PM

Page hits 52-week high, ends over 5% higher

3:46 PM

Market breadth favours gainers; advance-decline ratio at 3:2

3:43 PM

BSE Smallcap index ends 0.75% higher

>> The index had hit all-time high of 26167.95 in trade today

3:41 PM

BSE Midcap index jumps 0.40%

3:39 PM

Sector Watch :: Nifty Realty surges nearly 4%

3:38 PM

Sensex Heatmap | 13 of 30 Sensex stocks end in the red

Top gainers: Ultratech Cement, ICICI Bank, SBI

Top losers: Tata Steel, Bharti Airtel, Infosys

3:36 PM

CLOSING BELL

Sensex gyrates 490 points, settles 13.50 points or 0.03 per cent down at 52,372.69. Meanwhile, NSE's Nifty50 ends at 15,692.60, up 2.80 points or 0.02 per cent

3:24 PM

NEWS ALERT :: SCI opens Virtual Data Room (VDR) for bidders

3:13 PM

MARKET VIEW :: Should you invest in SGB?

RBI’s fourth tranche of the Sovereign Gold Bond(SGB) is starting from today for five days. Issue price for SGB Scheme 2021-22 is fixed at Rs 4,807 per unit, and a discount of Rs 50 per gram, less than the nominal value has been decided for the investors applying online. It is advised to invest in SGB or any other platform available like ETF or Digital gold based on one’s risk appetite.  Broader range on COMEX could be between $1786- 1820 and on the domestic front prices could hover in the range of Rs 47,550- 48,150.

-- Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services

3:00 PM

Page Industries surges 6%, hits over two-year high

Page Industries is engaged in the manufacturing, distribution and marketing of innerwear, athleisure, sleepwear and swimwear for men, women and kids. The company is the exclusive licensee of Jockey International Inc. (USA) for the manufacture, distribution and marketing of the JOCKEY brand in India, Sri Lanka, Bangladesh, Nepal, UAE, Oman and Qatar. READ MORE

2:39 PM

Global markets :: European stocks trade lower in early deals

Source: Reuters

2:28 PM

Heatmap :: BSE500 index at this hour

2:10 PM

'Distress sale': Indians offload gold heirlooms as Covid deepens pain

With the pandemic pushing millions into poverty or bankruptcy, many Indians are now turning to their last resort: selling their gold jewelry to make ends meet. In rural India, the biggest bullion buyer, a brutal new wave of the virus has had a catastrophic impact on the economy and incomes. With fewer banks around, people in rural areas rely on gold in times of need as it can be easily liquidated. READ MORE

1:56 PM

Non-bank financial entities' restructured loans to rise 3.3% by March: ICRA

Covid-19 and lockdowns to slow down its spread have affected the cash flow of borrowers and delayed economic recovery, according to ICRA. Non-bank financial entities cover finance companies and housing finance firms (HFCs).

 

The Reserve Bank of India (RBI) has allowed lenders to restructure their credit, while maintaining the standard asset tag in FY21. The central bank has included loans to small businesses, which are the key target segment for non-bank finance entities, and extended the micro, small and medium enterprise (MSME) restructuring window to September 2021. READ MORE

1:44 PM

Federal Bank gains 6% as RBI approves re-appointment of Shyam Srinivasan

Shares of Federal Bank rose 6 per cent to Rs 90.90 on the BSE in intra-day trade on Monday amid heavy volumes after the lender said the Reserve Bank of India (RBI) has approved the re-appointment of Shyam Srinivasan as managing director and chief executive officer (MD and CEO) of the bank for a period of three years, starting from September 23, 2021. READ MORE

1:29 PM

Margin worries, rich valuation cap near-term upside in Avenue Supermarts

"The stock is trading at rich valuations (55.3x FY23E EV/EBIDA and 87.4x FY23E P/E). Expensive valuations, risk of a moderation in growth, owing to strong traction for online retailers in a post-Covid world; and the presence of deep pocket players like Amazon and Reliance Retail restricts the near-term upside," said a report by Motilal Oswal Financial Services. The brokerage values DMART at 52x FY23E EV/EBITDA (which is around its average multiple of ~57x) and has retained a 'Neutral' rating on the stock with a target price of Rs 3,220. READ MORE

1:29 PM

NEWS ALERT

1:21 PM

MARKET LIVE :: Sensex wipes off over 300 points gains, trades with negative bias