Sensex ends 107 pts down post choppy day; PSBs shine, M&M, JSW Steel dip

CLOSING BELL ON AUGUST 08, 2023: The NSE Nifty 50 ended 26 points lower at 19,571. Tech Mahindra, Wipro and Bajaj twins bucked the trend and finished with notable gains on Tuesday.

4:08 PM

Tech View :: 'Nifty undergoing complex correction; expect index to test 19,100 soon'

Nifty50
We can observe that the Nifty has witnessed a counter-trend pullback in the past three trading sessions. It has faced resistance around the 20-day moving average (19645) and the 61.82% Fibonacci retracement level (19,605) of the fall from 19,795 – 19,296. The rise of the past three trading sessions is overlapping and thus we are of the opinion that the Index is undergoing a complex correction and the pullback was an “X” wave pullback.

The hourly momentum indicator has a negative crossover which is a sell signal and with the daily momentum indicator already in the sell mode further supports our bearish outlook on the index. Overall, we still shall continue to maintain our negative stance on the Nifty, and we expect levels of 19,100 from a short-term perspective.

 

Bank Nifty

Until the extreme of the range of 44,520 – 45,120 is not breached on either side, we can expect the consolidation to continue. The daily momentum indicator has a negative crossover which is a sell signal. Thus, this pullback should be used as a selling opportunity. On the downside, we expect 44,000 from a short-term perspective.

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

4:04 PM

COMMENT :: What all happened in the markets today?

On the global front, investors are adopting a cautious approach even amidst declining bond yields as they await the release of crucial economic data. The significant drop in Chinese exports has also contributed to concerns within the global market. FIIs remain in a selling mode in the domestic market, yet active buying from DIIs is mitigating downside risks. Among sectors, PSU banks and pharma stocks inched up, while mid- and small-cap stocks have continued to outperform the benchmark, showcasing their resilience.

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

4:03 PM

Global markets :: US stock futures edge lower

4:00 PM

Global markets :: European markets trade weak; FTSE leads the fall

>> European markets pulled back on Tuesday morning as investors await significant inflation data due later this week.

3:58 PM

Bond Market :: Yields on 10-year G-Sec soften ahead of RNI policy outcome on Thursday

3:57 PM

Currency check :: Rupee ends 9 paise weaker

3:55 PM

BSE Stats :: Market Breadth fairly balanced

3:53 PM

Buzzing stock :: Adani Ports ends sharply off lows post Q1 results

Adani Ports and Special Economic Zone Limited (APSEZ) on Tuesday posted 80 per cent rise in its consolidated net profit at Rs 2,119.38 crore during the April-June quarter, on account of higher income. It had reported Rs 1,177.46 crore net profit during the April-June period of the preceding 2022-23. READ MORE
 

3:50 PM

Buzzing stock :: Talbros Automotive soars 11% on stock split plan

>> Board has approved sub-division/split of the existing equity shares of the company from 1 Equity Share into 5 equity shares

>> The Record Date for the sub-division/split of existing equity shares shall be decided by the Board post approval of the shareholders

3:48 PM

Buzzing stock :: HPL Electric & Power hits 5% upper circuit on Rs 417-cr order win

3:47 PM

Buzzing stock :: PB Fintech slides 4% as investors book profit after healthy Q1

>> Co narrowed its loss to Rs 12 crore

>> Turned Ebitda positive

>> Expects to be PAT positive for the fiscal

3:44 PM

Buzzing stock :: Gland Pharma freezes at 20% upper circuit on strong Q1 show

The firm's gross profit margin was up 700 bp year-on-year (YoY) to 63 per cent for Q1 due to lower raw material costs. On a sequential basis, gross profit margin improved by 900 bp from 54 per cent. READ MORE
 

3:42 PM

Broader markets outperform benchmarks; Mid, SmallCap indices rise up to 0.25%

3:40 PM

Sector check :: Pharma stocks extend gains

3:39 PM

Sector check :: Metal stocks slide as China's economy sputters

3:37 PM

Sector check :: Indian Bank leaps 13%, BoM, UBI surge up to 7% in late buying

3:36 PM

Sectoral trends :: Metals slide amid tepid global mood; PSBs soar

3:35 PM

Sensex Heatmap :: Only 10 stocks eke out gains on Tuesday; Tech M, Wipro, Bajaj Fin lead

3:34 PM

CLOSING BELL :: Nifty ends below 19,600

3:33 PM

CLOSING BELL :: Sensex drops 100 pts after a choppy trade

3:23 PM

ALERT:: Talbros Automotive Q1 net jumps 44%, board okays 1:5 share split; stock zooms 11%

Talbros Automotive Q1 net profit jumped 44.2 per cent to Rs 13.97 crore for the quarter ended June 2023 when compared with Rs 9.69 crore in the year ago quarter. Total income rose by 19.8 per cent YoY to Rs 185.31 crore.

3:13 PM

Retail investor share declines in NSE: What are they buying, selling

This was on account of profit booking by LIC, mutual funds as also retail and HNI investors with markets reaching all-time highs. READ MORE

3:04 PM

Indian Bank soars 10% on heavy volumes; hits 5-year high in subdued market

The stock hit a 5-year high of Rs 381.40 and has zoomed 35% in two months and is inching towards its record high level of Rs 428 touched in November 2017. READ MORE

2:55 PM

Luxury homes seeing highest average price appreciation since 2018: Anarock

Hyderabad recorded the highest jump of 42 per cent in the average price of luxury homes between 2018 and the first six months of 2023. READ MORE

2:48 PM

ALERT:: IRCON International Q1 net up 30%; stock down 1%

IRCON International Q1 net profit increased by 29.6 per cent to Rs 187.40 crore for the quarter ended June 2023 when compared with Rs 144.60 crore in the year ago quarter. Total income was up 35.5 per cent YoY at Rs 2,712.20 crore.

2:37 PM

EOW Odisha unearths crypto-ponzi scam worth Rs 1000 crore, 2 held

The Economic Offence Wing (EOW) of Odisha police has unearthed a pan-India cryptocurrency-based Ponzi scam worth more than Rs 1000 crore, a police official said on Monday. READ MORE

2:28 PM

ALERT:: Adani Ports Q1 net soars 83%; stock slips 1%

Adani Ports Q1 net profit soared 82.6 per cent to Rs 2,114.70 crore for the quarter ended June 2023 when compared with Rs 1,158.30 crore in the year ago quarter. Total income rose by 23.5 per cent YoY to Rs 6,247.60 crore.

2:17 PM

ALERT:: Gokul Refoils & Solvent Q1 net falls 64%; stock gains 3%

Gokul Refoils & Solvent Q1 net dropped 63.6 per cent to Rs 2.53 crore for the quarter ended June 2023 when compared with Rs 6.96 crore in the year ago quarter. Total income declined 38 per cent YoY to Rs 591.02 crore.

2:07 PM

HPL Electric & Power freezes at 5% upper circuit on Rs 417-crore order win

Shares of HPL Electric were locked at the 5-per cent upper circuit at Rs 216 apiece on the BSE on Tuesday as the company bagged order worth Rs 417 crore from West Bengal State Electricity Distribution Company. READ MORE

1:57 PM

ALERT:: J.Kumar Infraprojects Q1 net rises 18%; stock up 2%

J.Kumar Infraprojects Q1 net rose 17.7 per cent to Rs 73 crore for the quarter ended June 2023 when compared with Rs 62 crore in the year ago quarter. Total income increased by 13.8 per cent YoY to Rs 1,131 crore.