Sensex ends 308 pts lower post RBI policy, Nifty near 19,550; Zee zooms 20%

CLOSING BELL ON AUGUST 10, 2023: Private bank and select auto stocks ended with notable losses after the RBI on Thursday asked banks to maintain Incremental Cash Reserve Ratio (ICRR) at 10 per cent.

4:04 PM

Comment :: 'Limit positions, wait for clear directional cues'

Nifty has been struggling to hold short-term moving average i.e. 20 EMA, mainly due to the underperformance from the banking pack.  Besides, it is also facing the hurdle of a declining trendline around 19,650. Amid all, global cues are still neutral and any deterioration on that front may further add to the pressure. We thus recommend limiting positions and waiting for clarity over the next directional move.   

Views by: Ajit Mishra, SVP - Technical Research, Religare Broking 

4:03 PM

Tech View :: 'Nifty trend remains negative'

Nifty50
On the daily charts, we can observe that the Nifty has faced resistance at the falling trend line, and the 20-day moving average is placed in the zone 19,630 – 19,670. The Nifty was unable to witness follow-through buying and traded with the range 19,645 – 19,467 of the previous trading session. Until the Nifty trades below the zone 19,630 – 19,670, we can expect the pressure to persist. The momentum set up on the daily and hourly time frame charts are providing divergent signals which can lead to a consolidation in the short term. Overall, the trend is still negative, and we expect the nifty to target levels of 19,100 from a short-term perspective.

 

Bank Nifty

Bank Nifty witnessed selling pressure from the key hourly moving averages placed in the range of 45,000 – 45,100. The daily and hourly momentum indicator has a negative crossover which is a sell signal. The Bank Nifty has decisively closed below the 40-day moving average which is a sign of weakness. Thus both price and momentum indicators is suggesting a further downside over the next few trading sessions. On the downside 44,000 is the short-term target.

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

 

 

4:01 PM

Comment :: 'Inflation data in US, India hold importance'

Inflation concerns have resurfaced in the domestic market after the RBI elevated their CPI forecast by 30 basis points to 5.4%, thereby increasing the chances of a protracted rate cut trajectory. Furthermore, the RBI's move to control liquidity through incremental CRR dented the sentiments of the banking sector, although the impact is projected to be limited. Against this backdrop, investors will be closely watching the US inflation print today and the domestic inflation data on Monday.

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

3:59 PM

IPO Update :: TVS Supply Chain Solutions off to a slow start

>> Issue subscribed 36 per cent so far on day 1

3:58 PM

ALERT :: Adani Enterprises denies report of Wilmar exit

>> We would like to clarify that as of now, there is no such event concerning the media report, which requires any disclosure from the Company.

>> In the event there is any development that requires disclosure, we will disclose the same.

Source: BSE filing

 

3:56 PM

Currency check :: Rupee ends at 82.71/$ against Wednesday’s close of 82.82/$

3:54 PM

Market Check :: Top losers on the BSE today

3:53 PM

Market Check :: Top gainers on the BSE today

3:52 PM

Buzzing stock :: CMS Info Systems drags 7% after 20% equity changes hand

3:51 PM

Buzzing stock :: Force Motors freezes at 10% upper circuit on Q1 turnaround

3:50 PM

Buzzing stock :: Max Financial hits 52-wk high intra-day on Axis Bank buying balance stake in Max Life

3:48 PM

Buzzing stock :: Zee Entertainment zooms 18% as NCLT okays merger with Sony India

3:47 PM

Broader markets give up gains in fag-end; SmallCap index dips 0.15%

3:45 PM

Sector check :: Nifty Bank index slips 0.8% as RBI proposes Incremental CRR of 10%

3:44 PM

Sector check :: FMCG index drops 1% as RBI raises inflation forecast for FY24

>> RBI sees risks upside to inflation in Q2/Q3FY24.

>> FY24 inflation forecast raised to 5.4% from 5.1% 

3:42 PM

Sector check :: Metal index ends 0.7% up as Jindal Stainless shines 6%, APL Apollo 3%

3:40 PM

Sector check :: ZEEL soars 16%, TV18 6.5% in a weak market

3:38 PM

Sectoral trends :: Media index jumps 6% on ZEEL boost; FMCG, Banks lag

3:37 PM

Sensex Heatmap :: Asian Paints, ITC, Airtel drag Sensex

3:35 PM

CLOSING BELL :: Nifty ends below 19,550 amid RBI policy outcome, weak global cues

3:34 PM

CLOSING BELL :: Sensex ends 300 pts down as hawkish RBI policy spoils mood

3:23 PM

Global Check:: US, UK stock futures rally over 0.5%

Source: Investing.com

3:13 PM

NCLT's nod to ZEEL-Sony India merger will trigger stock re-rating: Analysts

Shares of Zee Entertainment Enterprises soared as much as 15 per cent on the BSE in Thursday's intra-day trade after the National Company Law Tribunal approved the company's merger with Sony India. READ MORE

3:09 PM

ALERT:: HP Adhesives Q1 net jumps 3-fold; stock down 2%

3:00 PM

Tomato woes: MPC pegs inflation at over 6 per cent in current quarter

Inflation unlikely to fall to 4% target even in Q1 FY25; GDP growth projections kept intact. READ MORE

2:51 PM

Trent rallies 7% to hit a new high in a tepid market on strong Q1 results

Brokerages estimate that Trent's robust performance during challenging times and industry leading performance will continue to warrant premium valuations. READ MORE

2:42 PM

ALERT:: NCLT okays Zee-Sony merger; stock zooms 8%

2:39 PM

ALERT :: NCLT approves ZEEL-Sony merger

2:38 PM

ALERT:: Avanti Feeds Q1 net surges 58%; stock jumps 4%

Avanti Feeds Q1 net profit surged 58 per cent to Rs 115.03 crore for the quarter ended June 2023 when compared with Rs 72.79 crore in the year ago quarter. Total income was up 0.3 per cent YoY at Rs 1,586.24 crore.

2:27 PM

ALERT:: Samvardhana Motherson Q1 net soars 49%; stock trades flat

Samvardhana Motherson International Q1 net profit soared 49.5 per cent to Rs 179.39 crore for the quarter ended June 2023 when compared with Rs 120 crore in the year ago quarter. Total income rose by 23 per cent YoY to Rs 2,096.80 crore.