Sensex up 546 pts, ends above 54K; Nifty tops 16,250; financial stocks gain

The broader market, however, saw profit booking as, both, the BSE Mid and SmallCap indices declined 1 per cent each.

4:20 PM

TECH VIEW :: Rohit Singre, Senior Technical Analyst at LKP Securities

Nifty stand tall for the second consecutive day after giving an ascending triangle breakout on the daily chart and closed a day at 16259 with gains of nearly one percent. the index has formed immediate resistance near 16300 zone for further upside index needs to cross 16300 zone decisively or else we may see some profit booking towards immediate support zone of 16180-16090 zone but again any dips will be again buying opportunity until holding above 16k mark.

4:01 PM

What cooled off the rally in broader markets?

Bulls were in complete control as Indices rose a percentage led by Largecaps and Financials even as Midcaps went through a corrective phase today after many months of outperformance. The thumping retail response on the first day itself in the IPO of the foursome seems to have had a cool-off effect on the broader markets today.

-- S Ranganathan, Head of Research at LKP securities

4:01 PM

VIEW :: High-beta sectors appear most vulnerable to correction

Nifty is trading close to technical resistance from a trendline connecting earlier highs in CY2021 (Feb & Jun) – seen in conjunction with non-confirmation of strength in Mid-cap & Small-cap indices, which had hitherto been out-performing headline indices, this suggests a narrow advance, and potential for a short-term pull-back. Long futures open interest for the Retail segment has seen some unwinding over the last week and net long positions are down to mid-Jun levels; this was also evident in cheap roll spreads during July expiry, and points to reluctance to extend leverage on long positions. High-beta sectors appear most vulnerable to a correction in the near-term.

-- S Hariharan, Head - Sales Trading, Emkay Global Financial Services

3:59 PM

CLOSING COMMENTS :: Vinod Nair, Head Of Research at Geojit Financial Services

Domestic market extended its rally as banking and finance stocks started to rebound after good recent earnings, upbeat economic data and in anticipation of RBI policy. Market is expecting MPC to maintain the supportive measures and leave the rates unchanged.

3:58 PM

IPO Subscription Status Update

COMPANY	NUMBER OF TIMES SUBSCRIBED
Devyani International	2.42
Windlas Biotech	2.77
Krsnaa Diagnostics	1.76
Exxaro Tiles	3.82

*Data as of 4 pm; Source: BSE

3:54 PM

Vodafone Idea cracks 18%

>> Vodafone Group Plc has ruled out any further equity infusion in its debt-ridden telecom joint venture in India

3:53 PM

Earnings Impact :: IIFL Wealth Management zooms 14%

>> Its consolidated profit after tax (PAT) jumped 42 per cent year on year (YoY) at Rs 119 crore on back of strong operational performance, while sequentially, PAT grew 16 per cent. The company announced a special dividend of Rs 35 per share.

3:50 PM

Result Reaction :: Adani Green drops 2% even as profit rises 10 folds

>> Adani Green Energy Ltd (AGEL) has posted nearly 10-fold jump in its consolidated net profit at Rs 219 crore for the June quarter, compared to the year-ago period, mainly on the back of higher revenues.

3:48 PM

Earnings Impact | SBI ends 2% higher on posting highest ever quarterly profit

>> State Bank of India (SBI), on Wednesday, reported 55.24 per cent year-on-year increase in standalone net profit at Rs 6,504 crore for April-June quarter (Q1FY22), meeting Street expectations.

>> The stock had touched all-time high in trade earlier

3:45 PM

BSE Smallcap index reverses gains, ends over 1% lower

3:44 PM

BSE Midcap index slides from all-time high to end in the red

3:43 PM

Nifty Realty declines nearly 2%, snaps 4-day winning run

3:41 PM

Sector Watch :: Barring banking and financial sectors, all end in the red

3:37 PM

Sensex Heatmap | Top gainers & losers at close

>> Top gainers: HDFC, Kotak Bank, ICICI Bank, HDFC Bank

>> Top losers: Titan, Nestle India, Sun Pharma, Ultratech Cement

3:35 PM

CLOSING BELL :: Sensex, Nifty hit fresh record closing highs

Signs of macroeconomic recovery and firm global market mood were among major factors that aided indices rise to record highs. The BSE Sensex ended at 54,369.77, up 546.41 points or 1.02 per cent. It had hit an all-time high of 54,465.91 in intra-day session. Nifty50, meanwhile, rose 128.05 points or 0.79 per cent to 16,258.80. The index had scaled new peak of 16,290.20 in trade earlier. 

3:23 PM

Adani Green Energy net zooms 10-fold to Rs 219 cr in June quarter

The consolidated net profit of the firm was Rs 22 crore in the quarter ended June 30, 2020, the company said in a regulatory filing.

 

Total income rose to Rs 1,079 crore in the quarter under review, from Rs 878 crore in the same period a year ago. READ MORE

3:12 PM

HSBC sees 16% downside in Zomato stock; cuts rating to reduce

Food delivery investors in India, according to HSBC, face three key challenges. First, unlike most e-commerce segments, food delivery will need to see profound cultural evolution, as there are longstanding inhibitions against eating 'non-home-cooked food'. Secondly, diversification into e-grocery may not be as easy as it seems given cash burn. Lastly, HSBC believes the current valuations are 'too punchy' and factor in aggressive growth forecasts. READ MORE

2:56 PM

India rupee hits 6-week top on IPO inflows, record-high stocks

The Indian rupee strengthened to a six-week high on Wednesday, buoyed by gains in local stocks and inflows towards initial public offerings, but bonds stayed largely steady ahead of an interest rate review due later this week.

 

The partially convertible rupee was at 74.17/18 per dollar, as of 0805 GMT, after touching 74.0925 earlier, its strongest since June 22. It had closed at 74.28 on Tuesday. READ MORE

2:44 PM

ALERT :: Semiconductor shortage hits Maruti Suzuki's production

Owing to the semiconductor shortage situation, the company's Suzuki Motor Gujarat Private Limited has decided to tentatively not carry out production on the three Saturdays (7th, 14th and 21st August).

In addition, some of the production lines may see temporary reduction from 2-shift to 1-shift working.

As the situation is dynamic and uncertain, the company will monitor and take a day-to-day decision on models, lines or shifts to optimize resources for maximum efficiency. 

Source: BSE filing

 

2:40 PM

SBI rebounds 5% from low post Q1 results; market-cap crosses Rs 4-trillion

The surge in the stock price of SBI has made the state-owned lender the fourth bank - after HDFC Bank, ICICI Bank and Kotak Mahindra Bank - to achieve this milestone of Rs 4-trillion in market-cap. At 02:07 pm; the stock was traded 3.6 per cent higher at Rs 462, with the market-cap of Rs 4.13 trillion and stood at eighth position in overall market-cap ranking, the BSE data showed READ MORE

2:27 PM

Financials charge ahead on D-St!

2:16 PM

Indus Towers hits over 8-month low on growth concerns

According to analysts, lower penalty receipts from VIL in FY23E should taper growth. Furthermore, its situation remains precarious, weighed by ballooning debt and its inability to raise funds and improve its liquidity. This remains the biggest overhang for Indus Towers as VIL is its large client and the tower-sharing business has a limited business case for single-tenancy operations. On the other hand, the threat from RJio’s increased focus in the Tower Infrastructure space may weaken Indus’ positioning, brokerage firm Motilal Oswal Financial Services said in a result update. READ MORE

2:04 PM

SBI reports highest-ever quarterly net profit of Rs 6,504 crore in Q1

State Bank of India (SBI), on Wednesday, reported 55.24 per cent year-on-year increase in standalone net profit at Rs 6,504 crore for April-June quarter (Q1FY22), meeting Street expectations. The net profit in the year-ago period was Rs 4,189.4 crore. Analysts, on average, projected profit after tax (PAT) to rise anywhere between 33-63 per cent, up to Rs 6,841 crore. READ MORE

SBI

1:52 PM

Sensex at record high but losers outweigh gainers on index

1:47 PM

IPO UPDATE :: Krsnaa Diagnostics IPO fully subscribed in less than 4 hours

>> With this, all 4 IPOs that opened today have been subscribed over 1 time

1:39 PM

June Quarter Results :: State Bank of India

>> PAT: Rs 6504 crore

>> NII: Rs 27638 crore

>> Gross NPA at 5.32% vs 4.98% QoQ

>> Provisions: Rs 10,050, down 9% QoQ

1:36 PM

NEWS ALERT :: Cement firm Nuvoco Vistas to bring Rs 5,000-crore IPO

>>  Price Band of Rs. 560 – Rs. 570 per equity share 

 

>> Aggregate Offer Size up to Rs. 5,000 crores i.e. Fresh Issue of Equity Shares aggregating up to Rs. 1,500 crores and an Offer for Sale aggregating upto Rs. 3,500 crores.

 

>> Offer to run between: August 09 - August 11, 2021.

 

>> Minimum Bid Lot is 26 Equity Shares and in multiples of 26 Equity Shares thereafter.

 

1:31 PM

Q1 earnings :: Blue Star

>> Revenue: Rs 1052 crore

>> PAT: Rs 13 crore

>> Margin at 4%

1:23 PM

Nykaa IPO: first profitable unicorn, led by women, to tap public markets

Those opting to sell via OFS include promoters Sanjay Nayar Family Trust (4.8 million shares), and investors such as TPG Growth IV, Lighthouse India Fund III, Lighthouse India III Employee Trust, JM Financial and Investment Consultancy, Sunil Kant Munjal and others. READ MORE

Falguni Nayar, founder & CEO, Nykaa

1:13 PM

MARKET STRATEGY :: Any dips should be utilized to build positions

Nifty made a record high and crossed 16k levels while Sensex, today, touched 54k for the first time, signifying continuation of the bull run. Market is welcoming the sequential recovery of key high frequency indicators like manufacturing PMI, the GST collection and the Google mobility data, which are all trending higher on a month-on-month basis.

With the improvement in key macro data, FIIs turned buyers in the equity market on Tuesday v/s net sellers in the last month. Further, the recent spate of IPOs and their success clearly indicates the appetite for mid and small cap stocks. Overall, we remain constructive on the market and we believe Mid Cap, Small Cap, and Large Cap value will be the key allocation themes. Any dips should be utilized to build positions in the recommended themes.

Views by: Naveen Kulkarni, Chief Investment Officer, Axis Securities.