Sensex ends 149 pts up on late buying, Nifty atop 19,600; Steel stocks soar

CLOSING BELL ON AUGUST 09, 2023: The BSE benchmark gained over 600 points from the day's low ; BSE Metal index surged 2.5 per cent; Energy and Consumer Durables indices were up over a per cent each.

4:08 PM

Tech View :: When will Nifty50 be able to hit 20,000?

Nifty50
A conclusive break above the 19,700 level, especially on a closing basis, would not only signify a reversal of the recent downtrend but also potentially open the path for further upward movement with an eye towards the 20,000-mark.

 

Bank Nifty

The Bank Nifty index remains caught in a struggle between the bulls and bears, particularly in anticipation of the upcoming RBI policy. There is a support level evident at 44,500, while a resistance level stands at 45,150. Breaking above or below either of these levels could trigger sustained trending moves in the index.

Views by: Kunal Shah, Senior Technical & Derivative analyst at LKP Securities

 

4:05 PM

Comment :: 'Resilience on the global front would play a critical role ahead'

Bulls are trying hard to reclaim some strength but it would be tough without the participation from the banking majors. Besides, resilience on the global front, especially in the US, would play a critical role ahead. Meanwhile, traders should continue with stock-specific trading approach and focus on sectors that are attracting buying interest.  

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

4:04 PM

Tech View :: 'Use pullback in Nifty Bank as selling opportunity'

Nifty50
On the daily charts, we can observe that Nifty is in the process of retracing the entire fall it witnessed from 19,992 – 19,296. Currently, it is trading around the 19,600 – 19,650 zone where resistance parameters in the form of the 20-day moving average (19,657)  are placed.

On the upside, crucial Fibonacci retracement levels are placed at 19,648 – 19,729 where we can expect the selling pressure to emerge. The current rally is a counter-trend pullback that is likely to fizzle out at Fibonacci retracement levels.

The momentum setup 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

The key hourly moving averages placed in the range 45,000 – 45,100 acted as a resistance and faced selling pressure. It did witness a pullback; however it closed in the negative. 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, Sharekhan by BNP Paribas

 

4:02 PM

Comment :: What all happened in the markets today?

The domestic market started adopting a defensive stance as investors awaited crucial inflation data for both India and the US. The deflationary trend in China and downgrade of the US mid- and small-sized banks affected the market sentiment. However, a late recovery in the domestic market was supported by a positive uptick in the European market and hope of an optimistic RBI policy not impacting domestic economic growth.

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

4:01 PM

Global markets :: US index futures suggest positive start to Wall Street

4:00 PM

Global markets :: European markets climb as Italy waters down bank windfall tax

>> European markets advanced on Wednesday, as traders digested China’s disinflation and Italy’s weakening of a surprise windfall tax on banks.

Source: CNBC

3:58 PM

Bond market :: Yields on 10-year G-Sec rise; RBI policy outcome eyed on Thursday

3:57 PM

Currency check :: Rupee ends at 82.82/$ against Tuesday’s close of 82.83/$

3:56 PM

BSE Stats :: Market breadth favours buyers

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 :: Adani Wilmar ends 4% down amid report of promoter selling stake

3:49 PM

Buzzing stock :: Shyam Metalics ends off day's high

>> Shares of Shyam Metalics and Energy hit the 10 per cent upper circuit on the BSE in Wednesday's intra-day trades backed by heavy volume after the company reported its monthly sales for July. 

>> According to a release issued by the company to the BSE on Tuesday, Shyam Metalics Spone Iron sales jumped by 37.2 per cent month-on-month (MoM) to 55,701 million tonnes (MT) in July 2023 up from 40,599 MT in June 2023. The average realisations, however, were down 4.9 per cent MoM.
 

3:47 PM

Buzzing stock :: Dr Reddy's Labs hits new high

>> Shares of Dr Reddy’s Laboratories hit a new high of Rs 5,882 on improved financial performance

3:44 PM

Buzzing stock : HCC hits 20% upper limit on heavy volumes

>> Stock hit 5-year high intra-day 

>> Volumes on the counter nearly doubled today with over 14% equity changing hands

>> On Aug 3, the board of HCC approved proposal to fund raise up to Rs 300 crore through rights issue, subject to regulatory approval.

3:41 PM

Buzzing stock :: Rattanindia Enterprises freezes at 20% upper circuit on Q1 turnaround

3:40 PM

Broader markets stay in green zone; SmallCap index up 0.6%

3:39 PM

Sector check :: 9 of 10 realty stocks decline; Brigade Ent worst hit

3:38 PM

Sector check :: Media stocks outshine; Dish TV leaps 11%, ZEEL 2.5%

3:37 PM

Sector check :: APL Apollo, Hindustan Copper lead the rally in metal stocks

3:35 PM

Sectoral trends :: Metal, Media indices surge the most; Realty stocks weak

3:34 PM

Sensex Heatmap :: 11 stocks slide on the index; Bajaj Finance, Maruti top laggards

3:33 PM

CLOSING BELL :: Nifty tops 19,600

3:32 PM

CLOSING BELL :: Sensex rallies in fag-end, ends 149 points higher

3:26 PM

ALERT :: Infosys in focus

3:21 PM

ALERT:: DreamFolks Services Q1 net slips 3.5%; stock plunges 18%

DreamFolks Services Q1 net profit slipped 3.5 per cent to Rs 12.96 crore for the quarter ended June 2023 when compared with Rs 13.44 crore in the corresponding quarter a year ago. Total income, however, surged buy 66.6 per cent YoY to Rs 267.39 crore.

3:11 PM

Maruti Suzuki True Value crosses 5 million units sales of pre-owned cars

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3:01 PM

ALERT:: RattanIndia Enterprises posts Q1 turnaround with Rs 178 cr profit; stock hits 20% upper circuit

RattanIndia Enterprises reported a solid turnaround in Q1 with a net profit of Rs 178.13 for the quarter ended June 2023 as against a net loss of Rs 216.30 crore in the year ago quarter. Total income more-than-doubled to Rs 1,472.32 crore.

2:52 PM

ALERT:: SJVN Q1 net tumbles over 55%; stock dips 3%

SJVN net profit tumbled 55.5 per cent to Rs 270.20 crore for the quarter ended June 2023 when compared with Rs 607.79 crore in the corresponding quarter a year ago. Total income also dropped by 31 per cent YoY to Rs 738.34 crore.

2:43 PM

ALERT :: Rice prices in Asia rise to the highest level since 2008 on mounting concerns over global supplies

>> Rice prices in Asia rose to the highest since 2008 on mounting concerns over global supplies of the food staple as dry weather threatens output in Thailand and after top shipper India banned some exports.

 

>> Thai white rice 5% broken, an Asian benchmark, jumped to $648 a ton, according to data from the Thai Rice Exporters Association on Wednesday. 

Source: Bloomberg