Sensex up 125 pts; broader indices underperform; Metal, PSB stocks crack

Stock market LIVE: In the broader markets, the BSE MidCap and SmallCap indices declined over 1 per cent each

4:17 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 16200. The market is going to be crucial for the short-term market scenario to sustain above the 16200 Nifty50 Index level. Sustaining above 16200, the market expects to gain momentum, leading to an upside projection till 16450-16500 level. The momentum indicators like RSI and MACD indicating a positive outlook to continue.

 

4:17 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 16200. The market is going to be crucial for the short-term market scenario to sustain above the 16200 Nifty50 Index level. Sustaining above 16200, the market expects to gain momentum, leading to an upside projection till 16450-16500 level. The momentum indicators like RSI and MACD indicating a positive outlook to continue.

 

4:17 PM

MARKET VIEW :: Profit booking visible across the board by market participants

Volumes on the NSE were the lowest since July 14. This denotes disinterest on the part of traders in a market where the breadth continues to be weak. Banks and IT among the sectors gained the most while Oil & Gas, Metals, Capital goods and Telecom sectors fell the most.

 

Asian markets were largely mixed. Global shares treaded water on Monday as sharp falls in gold and oil prices briefly spooked sentiment, while the dollar reached four-month highs on the euro after an upbeat U.S. jobs report lifted bond yields. Goldman Sachs cut the China growth forecasts cutting the third-quarter growth outlook to 2.3% from 5.8%, though lifted its fourth-quarter outlook to 8.5% from 5.8% previously. That leaves its full-year 2021 projection at 8.3% from 8.6% previously.

 

Stock specific moves are visible as the Q1 results announcement continues. BSE MidCap shed over 1% while the BSE SmallCap declined nearly 0.75%. Advance decline ratio continued to be deeply in the negative. This reflects profit taking across the board by traders/investors. The Nifty has made a lower low and lower high on a near term basis. However as long as 16146 is not breached, a larger correction may not begin. 

-- Deepak Jasani, Head of Retail Research, HDFC Securities

 

4:14 PM

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

The domestic broad market reversed its early gains following weak global trends and continued selling in mid and small caps. However, main indices managed to close near last week’s closing due to stability in large-cap stocks. Specifically, optimism was noticed in media stocks, especially multiplex, on the expectation of unlocking in major cities. And PSU Banks have been witnessing correction due to delays in privatization while selling pressure forced metal stocks to trade low. 

4:14 PM

IPO UPDATE :: Nuvoco Vistas IPO receives 13% bids on Day 1

4:13 PM

CarTrade Tech IPO subscribed 34% so far on Day 1

4:09 PM

Result Reaction :: MRF ends 1% higher

>> Tyre major MRF on Monday posted over 12-fold increase in its consolidated net profit at Rs 166 crore for the first quarter ended June 30. The company had reported a net profit of Rs 13 crore in the April-June quarter of last fiscal.

4:05 PM

Listing Day Action :: Rolex Rings ends 6% below listing price

>> Rolex Rings made a strong debut on the bourses as the shares of the company got listed at Rs 1,250, a 39 per cent premium over the issue price of Rs 900 per share on the National Stock Exchange (NSE).

>> On BSE, the stock ended at Rs 1166.55

4:00 PM

RIL extends losses on SC order stalling deal with Future Retail

3:59 PM

BUZZING :: Future Retail ends in 10% lower circuit

>> On Friday, SC ruled in favour of Amazon, stalling Future Retail's deal with RIL

3:57 PM

Earnings Impact :: Quick Heal's poor Q1 show pushes stock 17% down

3:56 PM

BASF India extends gains to second day on strong Q1 show

The company last week reported a net profit of Rs 197.28 crore for the quarter ended June 2021 on the back of strong operational performance. It had posted a net loss of Rs 31.18 crore in Q1FY21 and a profit of Rs 55.81 crore in Q4FY22.

 

3:55 PM

BSE Telecom index declines over 1% eves as DoT mulls relief package

>> A Business Standard report said the Department of Telecom­munications (DoT) may appoint an external consultant or set up a panel to finalise financial relief to the sector.

 

3:52 PM

Barring Welspun Corp, all constituents of the Nifty Metal pack end in the red

3:45 PM

Advance-decline ratio at nearly 1:2 on BSE

>> This suggests underlying weakness in market

3:44 PM

BSE Smallcap index sheds 0.70%, lags benchmark Sensex

3:42 PM

BSE Midcap index slides over 1%; here are the top gainers & losers from the pack

3:40 PM

Sector Watch :: Metals, PSU Banks see heavy selling

3:39 PM

Sensex Heatmap | Top gainers & losers at close

>> Top gainers: M&M, Axis Bank, TechM, Bajaj Finserv

>> Top losers: Bharti Airtel, Tata Steel, L&T, Bajaj Finance

3:37 PM

CLOSING BELL :: Sensex, Nifty back to winning ways after 1-day hiatus

Sensex ended the volatile session 125 points or 0.23 per cent higher at 54,403. The Nifty50 closed the day at 16,258, up 20 points or 0.12 per cent. Sensex gyrated over 700 points in intraday session and the bulls and bears played a tug of war amid mixed global cues. 

3:22 PM

Piramal Enterprises hits over 2-year high after strong performance in Q1

Shares of Piramal Enterprises hit an over two-year high of Rs 2,856.80 after they rallied 7 per cent on the BSE in the intra-day trade on Monday on strong June quarter results. The company reported consolidated profit after tax of Rs 534 crore, up 8 per cent year on year (YoY), despite consolidated revenues coming in flat at Rs 2,909 crore YoY. The bottomline was aided by interest expenses, which declined 11 per cent YoY – on the back of meaningful decline in debt on the balance sheet and progressively lower cost of borrowings. READ MORE

3:03 PM

June Quarter Results :: Balrampur Chini Mills

>> PAT down nearly 45% YoY at Rs 76.9 crore

>> Revenue down 20.3% YoY at Rs 1,140.4 crore

>> Ebitda down 38.4 per cent at Rs 134 crore

>> Board approves buyback of shares at up to Rs 410/share. To spend up to Rs 220 cr on share buyback 

2:47 PM

Call for clarity: Investors reach govt door, seek LIC IPO details

Investors have approached the government to seek details about the Life Insurance Corporation of India’s (LIC’s) initial public offering (IPO), which is likely to be launched towards the end of this financial year.

 

There has been a strong response from investors after the government had approached them to inform how the insurer is being restructured ahead of the IPO, along with its financials, an official said. READ MORE

2:34 PM

Should you invest in 5th tranche of SGB?

RBI’s fifth tranche of the Sovereign Gold Bond(SGB) is starting from today for five days. Issue price for this SGB Scheme 2021-22 is fixed at Rs 4,790 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 $1720- 1775 and on the domestic front prices could hover in the range of Rs 45,800- 46,335.

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

2:14 PM

Conversion of Vodafone Idea debt into equity an option: Banks to DoT

Conversion of debt of the stressed telecom player Vodafone Idea Ltd (VIL) into equity could be an option to emerge out of the crisis, lenders led by State Bank of India (SBI) have suggested to Department of Telecommunications (DoT). DoT had called senior bank officials on Friday to discuss the stress in the telecom sector arising out of the Supreme Court order last month on the adjusted gross revenue (AGR)-related dues payable by telecom majors, including Vodafone Idea and Bharti Airtel, sources said. READ MORE

1:59 PM

Jhunjhunwala to invest in this small-cap co; shares zoom 86% in 16 days

Shares of Raghav Productivity Enhancers were locked in the 5 per cent upper circuit for 11th straight trading day, at Rs 914.80 on the BSE on Monday, with only buyers visible on the counter. The stock was trading higher for the 16th consecutive day and has zoomed 86 per cent during the period. In the past three months, the stock has zoomed 222 per cent, as against a 10.4 per cent gain in the S&P BSE Sensex. READ MORE

1:42 PM

Life insurers report 11% YoY decline in new business premiums in July

After witnessing a marginal year-on-year (YoY) rise in new business premiums (NBP) in June, following a dip in May due to the second wave of the Coronavirus (Covid-19) pandemic, the life insurance industry’s NBP has again dropped in July, mainly due to the contraction in business seen by the state insurance behemoth -- Life Insurance Corporation (LIC). READ MORE

1:38 PM

FPIs, domestic institutional investors show divergent sector preferences

Foreign portfolio investors (FPIs) and domestic institutional investors (DIIs) — the two dominant packs of investors — have divergent sector preferences. FPIs have cornered the bulk of the free float available in sectors such as private banks, real estate, and insurance. Their domestic counterparts, on the other hand, hold more than half of the free float of public sector banks (PSUs), shows an analysis done by Motilal Oswal Securities. READ MORE

1:22 PM

Goldman slashes China growth forecast on Covid's delta variant uutbreak

Goldman Sachs Group Inc. downgraded its economic growth forecast for China as measures to contain the fast-expanding Covid-19 resurgence curb spending. The economists cut their projection for quarter-on-quarter growth of gross domestic product in the third quarter and also lowered their full-year GDP growth forecast to 8.3% from 8.6%, according to a report released late Sunday. READ MORE

1:09 PM

Sona BLW surges 18% on strong Q1 results, healthy order book position

Sona Comstar is a leading automotive technology company providing mission-critical systems and components for electrified and non-electrified powertrain segments. The company had made its market debut on June 24, 2021. The stock was trading at the highest level since its listing. With today’s surge, it has zoomed 66 per cent over its issue price of Rs 291 per share. READ MORE