Sensex up 303 pts, Nifty tops 16,200; banks, FMCG shine; metals sole losers

CLOSING BELL: L&T, PowerGrid, NTPC, ICICI Bank, DR Reddy's Labs, Axis Bank, Bharti Airtel, and Nestle India were the top large-cap gainers

4:06 PM

Nifty tech view: Short term texture positive but slightly overbought

Positive momentum continued in the markets as investors are buying selectively with caution and not going overboard.

Most of the negative news has the potential to make a comeback anytime and could trigger a broader sell-off in the markets.

Technically, on weekly charts the Nifty has formed a long bullish candle and has also surpassed the short term resistance of 16,000.

In the short term now, 16,000 and the 50 day SMA (simple moving average) would be the key support levels to watch out for.

The short term texture of the market is positive but slightly overbought.

Hence, strong possibility of range bound activity is not ruled out in the near future. On the higher side, 16,300 and 16,450 would be the key resistance zone whereas 16,100 and 16,000 could be the sacrosanct support levels for the market.

Views by Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities

4:03 PM

Closing view: Current rally can fizzle as global economy still at risk

The Indian rally got stronger as crude prices corrected halving FIIs selling when compared to last week.

However, this rally can fizzle out as correction in commodities prices & tightening monetary policy are negative for global economy, limiting earnings growth & valuation expansion.

Q1 earnings season will be the prime focus of the market, in the near-term.

Views by Vinod Nair, Head of Research at Geojit Financial Services.

4:01 PM

Rupee closes 12 paise weaker at 79.25/$

3:59 PM

LIC gains 1.4%; 0.42 mln shares worth Rs 30 crores exchanged in block deal

 

3:57 PM

Sugar stocks surge on report govt allows additional 15 days to export 8,00,000 tn sugar

 

3:54 PM

Adani Enterprises lowest bidder for short-term tender of 2.42MT: Reports

 

3:50 PM

J Kumar Infra soars 5%; Abakkus Growth Fund buys 2.6% stake in Q1

 

3:48 PM

Metals, Realty sole sector underperformers; banks gain most

 

3:46 PM

Broader markets also close higher with tepid gains

 

3:44 PM

Nifty losers: Hindalco, ONGC, HDFC Life additional top drags

 

3:43 PM

Nifty winners: L&T, Power Grid, NTPC lead gains

 

3:41 PM

Sensex Heatmap: Only 9 stocks close with cuts led by Tata Steel, Maruti

 

3:38 PM

Closing Bell: Nifty ends above 16,200; 32 of 50 shares close in green

 

3:35 PM

Closing Bell: Sensex closes 300 pts higher; rises for 3rd straight day

 

3:30 PM

Sobha extends rally on strong Q1 operational update; zooms 25% in four days

Sobha said it achieved the highest ever quarterly sales volume of 1.36 million sft in April-June quarter (Q1FY23), up by 51.7 per cent year-on-year (YoY). Sequentially, the company's sales volume rose by 1.21 per cent. READ MORE

3:16 PM

City Union Bank, Shriram Gen Insurance tie up for distribution of products

Shriram will offer personal insurance products such as motor, personal accident, home and travel along with commercial ones such as property, marine and engineering to bank's customers. Read more

3:09 PM

Rupee's travails: What has led to the fall, and what can Reserve Bank do?

The foremost reason for the currency's fall is the money being pulled out from the Indian economy by the FPIs and FIIs. In the last six months, FPIs have pulled out Rs 2.32 trillion. Read here

2:56 PM

Thomas Cook inks pact to promote Turkiye in India as tourist destination

Travel services company Thomas Cook India on Friday said it has signed an agreement with group firm SOTC and Turkiye Tourism for promoting the West Asian country as a tourist destination in India. READ MORE

2:49 PM

European markets trade mixed

2:43 PM

Smallcaps outperform Midcaps; India Vix slips 2%

2:34 PM

Global markets :: US stock futures drop up to 0.5% ahead of US jobs data

2:29 PM

ALERT :: IDFC First Bank hikes lending rate by 10-15 bps across loan tenures

2:23 PM

BREAKING NEWS :: Former Japanese PM Shinzo Abe dies at 67

2:21 PM

ALERT :: Singapore GRM falls to $11.3/bbl vs $16.1/bbl yesterday

Source: TV report

2:16 PM

MARKET CHECK :: GR Infra, Sobha, Kajaria Ceramic rebound over 5% from intra-day lows

2:08 PM

MARKET CHECK :: Investors book profit in Vaibhav Global, Shriram City Union Finance

Esab International, M&M, RBL Bank, Godfrey Phillips, and Vedanta fall over 4% from intra-day highs.

1:59 PM

MARKET CHECK :: Sensex exhibits listless trade on Friday

1:50 PM

EXPERT TAKE :: Here's what Akhil Chaturvedi of Motilal Oswal AMC makes of June AMFI data

These trends reflect sign of maturity in Investors mindset. SIP contribution remaining above Rs 12,000 indicates better awareness among retail investors about long term orientation of equity investments and understanding of current volatility as a part and parcel of equity investing. Instead of reading too much into net equity inflow dipping, the heartening thing to note is that both net equity inflow and net inflow into hybrid funds remained resilient despite relentless selling by FPI’s and market correction during the year so far.

Views by: Akhil Chaturvedi, Chief Business Officer, Motilal Oswal AMC

1:39 PM

Himadri Speciality surges 11% on heavy volumes; zooms 40% in one week

In the past six months, HSCL has outperformed the market by surging 75 per cent, as compared to a 9 per cent decline in the S&P BSE Sensex. However, in the last three years, the stock was down 19 per cent, against a 40 per cent rally in the benchmark index. It had hit a record high of Rs 197 on January 15, 2018. READ MORE

1:31 PM

WEEKLY ROUND-UP :: Top losers so far this week

Oil upstream companies, such as Oil India, MRPL, and ONGC face deep cuts this week after the govt imposed export duty on crude oil refiners last week. Shares have tanked betweem 7 and 14%.