IT, FMCG stocks lift Sensex 210 pts up, Nifty tops 16,600; metals drag

The Nifty Metal index skidded 2.5 per cent

4:26 PM

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

The market witnessed some lackluster movement and an attempt to hold the support level around the Nifty 50 Index level of 16500. It is going to be crucial for the short-term market scenario to sustain above the 16500 Nifty50 Index level. If the market is unable to sustain the level of 16500, the market witness lower levels of 16350. The momentum indicators like RSI and MACD showing signs of reversal in the market.

 

4:12 PM

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

Domestic indices swung between gains and losses in a volatile session amidst weakened global markets. Due to concerns over the rising global infection rate and tighter government regulations for the Chinese internet sector, global markets continued to fan investor worries. However, backed by solid support from defensive sectors like IT, FMCG and Pharma, frontline indices gained ground to end the day on a flat trend. 

4:12 PM

CLOSING COMMENTS :: S Ranganathan, Head of Research at LKP securities.

The rally in IT stocks kept Bulls firmly in control despite a truncated week with several high-quality Midcap names rallying in the expansionary phase over the last several months. Metal Names though met with profit-taking in today's trade. While worries over the deterioration in asset quality in private sector banks persist, the recent lull in the progress of the monsoon needs to be watched closely.

4:11 PM

Hindustan Zinc falls 4% as board meeting for mulling interim dividend deffered

4:04 PM

Apollo Hospitals extends gains on strong Q1 earnings; stock surges 13%

4:00 PM

Fiem Industries surges 20% on Ola Electric buzz

>> Fiem Industries said it is the sole supplier of headlamps, tail lamps, indicators, rear fender assemblies and mirrors for Ola Electric's newly launched scooters S1 and S1 Pro.

3:57 PM

Vedanta tanks 10%

3:50 PM

Advance-decline ratio at 1:2

>> Shows underlying sentiment bearish

>> Suggests growing polarisation in markets; handful stocks driving gains in indices

3:48 PM

Broader markets mixed; Smallcap stocks fall

3:47 PM

NIFTY METAL tanks over 2%, worst sectoral performer

3:46 PM

NIFTY FMCG gains traction, emerges second best sectoral performer

3:45 PM

NIFTY IT best sectoral performer, surges over 2%

>> Index hit a new high today as it vaulted past 33,000 mark first time

3:43 PM

Sector Watch :: Defensive stocks gain with indices at record highs

>> IT, FMCG and Pharma, only sectors in the green

3:38 PM

Sensex Heatmap | Top gainers & losers at close

>> TOP GAINERS: TechM, Nestle, HUL

>> TOP LOSERS: IndusInd, NTPC, Airtel

3:36 PM

IT names at the forefront of the rally in Sensex

>> Infosys, TCS and HCL Tech among top contributors

3:34 PM

CLOSING BELL :: Sensex, Nifty end at record high levels amid fag-end buying

The NSE Nifty closed above the 16,600 mark for the first amid strong gains in IT and FMCG names. In the last hour of trade, the benchmark index jumped to a new high of 16,629. It closed the day 52 points higher at 16,614. BSE benchmark Sensex also shut shop near record high mark. The index settled at 55,792, up 210 points. It had hit new high of 55,855.

3:27 PM

Hiving off logistics biz, fund raise to unlock value for SpiceJet investors

SpiceJet shares soared 4 per cent to Rs 72 apiece on the BSE in the intra-day trade on Tuesday after the budget airline announced transferring of its cargo and logistics services business, on a slump sale basis, to SpiceXpress and Logistics Pvt. Limited subject to shareholders’ approval. Besides, it has also sought shareholders’ approval to raise funds worth Rs 2,500 crore through Qualified Institutions Placement. Analysts say the move will remove key overhangs from the stock and suggest investors ‘hold’ it in their portfolios, for now. READ MORE

3:24 PM

ALERT :: NIFTY HITS NEW HIGH, TOPS 16,600

3:17 PM

ALERT :: Sensex at day's high

3:16 PM

Steel Strips Wheels freezes at 5% upper circuit on stock split plan

Shares of Steel Strips Wheels (SSWL) were locked in the 5 per cent upper circuit at Rs 1,665.15 on the BSE on Tuesday after the company announced that its board will meet on September 3, 2021 to consider stock split. The stock of auto parts & equipment company had hit a record high of Rs 1,741.80 on August 8, 2021. Till 02:50 pm, a combined around 62,000 equity shares had changed hands and there were pending buy orders for 17,000 shares on the NSE and BSE, the data shows. READ MORE

3:05 PM

Sterlite Power files draft papers with Sebi to raise Rs 1,250-cr via IPO

Billionaire Anil Agarwal-led Sterlite Power Transmission has filed preliminary papers with capital markets regulator Sebi to raise Rs 1,250 crore through an initial share-sale. The initial public offer (IPO) will see sale of equity shares aggregating up to Rs 1,250 crore by the company, according to draft red herring prospectus (DRHP). READ MORE

2:52 PM

BSE IT index surges 12% in 4 weeks; KPIT, Tech Mahindra rally over 25%

Today, the S&P BSE IT index and Nifty IT index, were up nearly 2 per cent each, hitting their respective new highs on the bourses. In comparison, the benchmark indices the S&P BSE Sensex and Nifty50 index were trading in the red, by up to 0.22 per cent at 01:27 pm. READ MORE

2:33 PM

NEWS ALERT :: Hindustan Zinc board meet to consider interim dividend deferred

>> Board Meeting scheduled on August 17, 2021 (today) to consider interim dividend for financial year 2021-22 has been deferred.

2:26 PM

Why are IT stocks rallying?

India's IT sector is on a roll. Covid putting digitization on fast forward mode has improved the prospects of IT companies. India's IT majors expect this upcycle to continue for 3 to 4 years. However, non-availability of requisite talent, high level of attrition and rising employee costs are likely to pose challenges for the industry.

-- Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

2:13 PM

Little more than half of financial inclusion achieved, says RBI's new index

According to RBI’s assessment, the FI-Index for the period ending March 2021 is 53.9 as against 43.4 for the period ending March 2017. RBI will publish the index annually in July.

 

The index incorporates details of banking, investments, insurance, postal as well as the pension sector in consultation with Government and respective sectoral regulators, the central bank said in a statement on its website. READ MORE

1:53 PM

Mid-market view | Vinod Nair, Head Of Research at Geojit Financial Services

Domestic market has toppled in-line with the weakened global market being concerned over rising new variant infection rate and selling in the Chinese market due to strict regulations governing internet sector. The Indian broad market is getting weaker due to selling in Mid & Small caps while large caps is outperforming. Bounce in domestic economy data has made large caps more attractive in which defensive sectors IT, FMCG and Pharma is performing well, which is expected to continue in the short to medium-term.

1:44 PM

Poonawalla Fincorp plans to triple AUM to Rs 45,000 cr by 2025

After consolidating control in the erstwhile Magma Fincorp, Poonawalla group is planning to raise its assets under management (AUM) to Rs 45,000 crore by 2025, almost triple from the current levels. The company, now renamed as Poonawalla Fincorp, would also look at listing its housing finance subsidiary with an AUM of Rs 10,000 crore and bring down net non performing assets (NPAs) below one per cent by 2025. READ MORE

1:28 PM

Newly listed Indian stocks beat benchmark, helped by crowded IPO market

A gauge of firms that listed in the past two years has outperformed the Nifty 50 Index by more than 40 percentage points this year, the biggest gap since 2014. Most notable has been food-delivery app Zomato Ltd., the nation’s first “unicorn,” which has climbed 77% since its debut last month. READ MORE

1:14 PM

Tech View: Can high fuel prices, weak crude spark a rally in OMCs?

Oil Marketing Companies (OMCs) hogged the limelight in Tuesday's session after Finance Minister Nirmala Sitharaman said the Centre had little room to cut excise duty on petrol and diesel. Further, crude prices also remained weak, boding well for the OMC stocks. Yet, the shares traded on a mixed note. Here's what tech charts are signalling for the stocks. READ MORE

12:50 PM

Aurobindo Pharma hits 52-week low, slips 25% in one month

Shares of Aurobindo Pharma hit a fresh 52-week low of Rs 728.50 as they fell 3.4 per cent on the BSE in intra-day trade on Tuesday. The stock of the pharmaceutical company has declined 12 per cent in the past three trading days after the company reported a disappointing operational performance in the June 2021 quarter (Q1FY22), amid a decline across the US market and antiretroviral (ARVs). The stock of the pharmaceutical company was trading at its lowest level since June 2020. In the past one month, it has lost 25 per cent, as compared to a 4.4 per cent rise in the S&P BSE Sensex. READ MORE