Sensex rebounds 640 pts from day's low to end 135 pts down; Airtel jumps 5%

Bargain hunting in domestic equities helped the markets rebound swiftly from intra-day lows on Wednesday

4:45 PM

TRADING STRATEGY :: Traders are advised to refrain from building a new buying position

The market witnessed the continuation of the bearish movement after a failed attempt to hold the support level around the Nifty 50 Index level of 15700. If the market sustains below 15700, and can see the continuation in the correction till the next support level near 15420-15450. The traders are advised to refrain from building a new buying position until further improvement is seen in the market breadth.

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

4:44 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 hammer type pattern at crucial support and sharp intraday upside recovery from a lower range are pointing towards an upside bounce in the market in the next 1-2 sessions. The expected upside is likely to test the upper resistance of 15860-15900 levels in the near term.

4:42 PM

MARKET OUTLOOK :: Nifty can now stay in the 15,635-15,797 band for the next 1-2 sessions

Nifty broke the 15,635 support but bounced back to close marginally in the negative for the day. The selling in the markets got arrested once the Hong Kong and Chinese markets reversed their weak trend this morning showing signs of stability after three days of sharp weakness. Global markets show some stability ahead of US Fed meet. Broad market however shows weakness as per the weak advance decline ratio. Nifty can now stay in the 15,635-15,797 band for the next 1-2 sessions. 

Views by: Deepak Jasani, Head of Retail Research, HDFC Securities

4:39 PM

MARKET OUTLOOK :: Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities

After selling pressure in the first half, good recovery was seen. Nifty managed to defend 15,700 and close marginally above the same. Support is now seen at 15,500 while resistance is placed at 16,000/16,100 levels. For the near-term expect short covering above 15,770 on the index. Metals and Realty continue to remain in momentum while banking provides value for the medium-term.

4:34 PM

TECH VIEW :: Dips are being used to create fresh longs

>> The Nifty index witnessed selling pressure in the start but respected the range and rebounded swiftly to close at 15,710.

>> The index has formed a "pin bar" sort of candle pattern which suggests dips are bring used to create fresh longs.

>> Going forward, 15,600-15,500 will act as a strong support. Holding above the said levels can help the index move towards its upper band range. Immediate hurdle is seen at 15,800-15,900 zone.

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

 

4:29 PM

MARKET STRATEGY :: A move above 15,770 would trigger further rebound; else profit taking will resume

It was a roller coaster ride for equity markets as the benchmark oscillated in a broader range and finally settled in the red. After the flat opening, weakness in global indices started weighing on the sentiment which pushed the index lower. However, rebound in the select index majors trimmed the losses as the session progressed. Finally, the Nifty index ended with losses of 0.2% at 15,713 levels. 

 

Markets will react to the US FOMC meeting outcome in early trade on Thursday. The FOMC is expected to maintain status quo on rates however their commentary on the inflation trajectory and any timelines on interest rate revision would be actively tracked. Back home, the earnings announcement from key Nifty majors and monthly derivatives expiry would keep the participants busy.

On the index front, a move above 15,770 would trigger further rebound else profit taking will resume. Traders should continue with a selective approach and wait for further clarity.

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

4:27 PM

MARKET STRATEGY :: US Fed's commentary to guide markets in near-term

Jitters over Chinese clampdown and wariness over ongoing Fed meeting outcome, continue to disturb the domestic market. However, as the global markets gained ground after the recent sell-off, losses were trimmed by the end of the day. Due to a weak start to the sector earnings, pharma stocks continued to trade in bear’s grip while banking, auto and realty stocks were feeble too. Globally, the Fed’s comment on economic recovery, inflation and monetary policy may provide hints about tapering, which will determine the mood of the market in the near future.

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

4:24 PM

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

Markets opened weak and we saw about of panic selling as the Chinese fiasco and crackdown made the street nervous even as smart investors sensed the emerging opportunity in a democratic set up here. Broader Markets saw interested in buying across pockets like Paper, Steel & Home Textiles. Markets however recouped most of its losses in late afternoon trade despite persistent weakness in Financial stocks.

4:22 PM

NEWS ALERT :: RBI announces digital payment index for March 2021

Index for March 2021 stands at 270.59 vs 207.84 for March 2020 (with March 2018 base).

 

Context: Digital payment index captures extent of digitisation of payments across the country.
 

4:19 PM

IPO Alert :: Rolex Rings issue subscribed over 3x so far on Day 1

>> QIBs are yet to place bids

>> Retail portion subscribed over 6x

4:17 PM

IPO Alert :: Glenmark Life Sciences' issue subscribed over 5x so far on Day 2

>> Retail portion subscribed nearly 9x

4:14 PM

BSE Snapshot :: 425 scrips hit fresh 52-week high in a weak market

4:13 PM

Volatility Alert

India VIX, the index to gauge volatility in the markets, ended 3.5 per cent higher at 13.7 levels.

Earlier in the day, the index had climbed as high as 11 per cent.

4:11 PM

Bharti Airtel zooms 5% as Co revises base tariff plan for prepaid customers

>> New plans will be effective Thursday, July 29, onwards

4:09 PM

InterGlobe Aviation ends over 2% lower on record quarterly loss in Q1

>> While analysts see near-term pain to weigh on stock, they believe the company is well-placed to benefit from liquidity boost and consolidation in the industry in the long-term.

4:07 PM

Mahindra Lifespace advances over 4%, hits 52-week high as Board approves bonus issue plan

4:06 PM

Tata Coffee tanks 9% on poor Q1 show

The Tata Group company's Q1 PAT dropped 20% YoY to Rs 28.6 crore while revenue slipped 9% YoY to Rs 533 crore. Ebitda and Ebitda margin fell 18.4% and 190 bps, respectively.

4:02 PM

Dr Reddy's extends fall into second day

Shares of Dr Reddy's Laboratories extended their decline into second straight day, falling 14 per cent in two days, after the company reported the disappointing results for the quarter ended June 2021 (Q1FY22). The stock hit a three-month low of Rs 4,667, down 4 per cent on the BSE in the intra-day trade on Wednesday, and was trading at its lowest level since April 9, 2021.

4:00 PM

Maruti Suzuki slips over 1% as Q1 PAT comes in lower-than-expected

India’s largest domestic automobile manufacturer Maruti Suzuki India on Wednesday reported a standalone net profit of Rs 440.8 crore for April-June quarter of FY22 (Q1FY22), hit by increased tax expenses and lower sale volumes. 

Analysts, on an average, had expected a standalone net profit anywhere between Rs 787 crore and Rs 987.7 crore. However, the outlier figures on the extreme ends pegged the same at Rs 426 crore and Rs 1,097.4 crore.

3:57 PM

Index contributors :: Banks, RIL top drags on the Sensex today

3:54 PM

BSE SmallCap index underperforms, ends 0.46% down

3:53 PM

BSE MidCap index rebounds from lows, ends flat

3:49 PM

Sectoral trends on the NSE :: Metal stocks shine in a weak market; PSBs bleed

3:47 PM

Sensex Heatmap at Close

Top gainers: Bharti Airtel, Tata Steel, IndusInd Bank

Top losers: Kotak Bank, Dr Reddy's Labs, M&M

3:44 PM

CLOSING BELL

BSE barometer Sensex stood at 52,443.71, down 135.05 points or 0.26 per cent while Nifty50 was down 37 points or 0.24 per cent at 15,709.40. In the broader markets, the BSE SmallCap index underperformed the headline indices and slipped 0.45 per cent. 

 

3:30 PM

JUNE QUARTER RESULTS :: MARUTI SUZUKI

>> PAT at Rs 440.8 crore

 

>> Revenue at Rs 17,771 cr

 

>> EBITDA at Rs 820 crore

 

>> Margin at 4.6%

 

>> Q1 PAT impacted by lower sales volume; Covid wave hit Apr-June production, sales

 

3:25 PM

Century Textiles surges 15%, hits record high on robust Q1 results

Shares of Century Textiles and Industries moved higher by 15 per cent to Rs 783.80, also its record high on the BSE in intra-day trade on Wednesday after the company reported a consolidated net profit of Rs 25 crore for the quarter ended June 2021 (Q1FY22), on the back of strong operational performance. The company had posted a consolidated net loss of Rs 36 crore in Q1FY21.

 

The stock rebound 17 per cent from its intra-day low of Rs 668.85 to surpass its previous high of Rs 736 touched on July 19, 2021. In comparison, the S&P BSE Sensex was down 0.44 per cent or 233 points at 52,346 points around 02:55 pm. READ MORE

3:14 PM

NEWS ALERT :: FM, I&B Minister to brief on Cabinet decision at 4 pm

3:06 PM

NEWS ALERT :: G R lnfraprojects emerges as lowest bidder for Rs 927-cr highway project

2:53 PM

NEWS ALERT :: Lok Sabha passes Insolvency and Bankruptcy Code (A) Bill, 2021