Sensex drops 224 pts in fag-end, Nifty below 19,400; Delta Corp sinks 23%

CLOSING BELL ON JULY 12, 2023: Shares of online gaming firms wilted under selling pressure on Wednesday owing to the 28% GST levy. Meanwhile, HDFC signed-off its from the bourses with a 0.6% loss.

4:14 PM

Tech View :: 'Dip towards 44,500 will present buying opportunity in Bank Nifty'

The bears continue to dominate the market, as the index broke below the support level of 44,800. This suggests a bearish sentiment in the index.The next support level on the downside is located at 44,500 levels. If the index dips towards this level, it may present an opportunity for traders to initiate long positions, expecting a potential bounce from this support.On the upside, the immediate hurdle is at 45,000, where the highest open interest is observed on the call side. This level may act as resistance for the index.

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

4:11 PM

Tech View :: 'Nifty is undergoing time wise correction'

The Nifty continued to trade within the range 19,300 – 19,550 for the seventh trading session. It closed ~55 points down. On the daily charts, we can observe that the Nifty is facing resistance in the zone 19,500 – 19,550, around the previous swing high. The hourly momentum indicator has triggered a negative crossover and is whipsawing on account of the sideways consolidation in the Nifty. Until we get a decisive close beyond the extremes of the range (19300 – 19550), we can expect the consolidation to continue.

The strategy to trade such a consolidation would be to take a contrarian view around the extremes of the range. In this case, we are approaching the lower boundary 19,300 and hence we should look out for a sign of strength around the support and go long. Overall, the trend is positive, and Nifty is undergoing time wise correction. Crucial support zone stands at 19,300 – 19,280 while the resistance zone is placed at 19,460 – 19,485.

 

As far as Bank Nifty is concerned, the Index continued to correct and traded in a downward sloping channel. It has now reached the lower end of that channel and also the  50% fibaonnci retracement level (44,600) which should attract buying interest. We expect the Bank Nifty to start recovering as it has now reached crucial support zone. On the upside initially we expect it to target 45,000.

Views by: Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

4:08 PM

Comment :: 'Indications are in favor of further consolidation'

Indications are in favor of further consolidation in the index so participants have no option but to focus on stock-specific opportunities. The recent surge in the US markets is encouraging but we need sustainability of the move. Meanwhile, Nifty has been hovering within the 19,300-19,550 zone and either side break would offer cues over the next directional move. 

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

4:07 PM

COMMENT :: What all happened in the markets today?

The range-bound movement in the Indian indices was influenced by the likelihood of subdued IT earnings. While optimism about moderation in US inflation supported the broad index. Further, an uptick in domestic food inflation on the back of higher mandi prices trending above MSP and muted Kharif sowing forced the investors to be cautious. Monsoon progress and the Kharif sowing trend in July are the keys to the future inflation trend.

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

4:00 PM

Q1 Earnings :: TCS reports net profit of Rs 11,074 crore

>> Revenue from operations rise to Rs 59,381 crore vs Rs 59,162 crore QoQ & Rs 52,758 crore YoY

>> The Board has declared an interim dividend of Rs 9 per Equity Share.  

>> The interim dividend shall be paid on Monday, August 7, 2023. Record date for the same has been fixed as July 20, 2023.

3:58 PM

Currency check :: Rupee ends at 82.25/$ against Tuesday’s close of 82.37/$

3:56 PM

Buzzing stocks :: Premier Explosives zooms over 40% in 2 days on Rs 552-cr order win

3:54 PM

Buzzing stock :: Waaree Renewable spurts 11%, zooms 8,500% in since 2021

3:50 PM

Buzzing stock :: HDFC ends 0.6% lower ahead of delisting on July 13

3:49 PM

Buzzing stock :: TCS ends flat ahead of June quarter results

3:47 PM

Buzzing stock :: HCL Tech down close to 1% ahead of Q1FY24 results

3:46 PM

Buzzing stock :: Nazara Tech falls 2.6% on 28% GST hit

Company clarifies :: This tax, once implemented, will apply only to the skill-based real money gaming segment of our business. The contribution of this segment to our overall consolidated revenues for the financial year FY23 was 5.2%.

The Company will proactively take steps to mitigate any potential impact to this segment of our business, and we anticipate minimal impact to our overall revenues.

3:44 PM

Buzzing stock :: Delta Corp tumbles 23% as Centre levies 28% GST on Casinos

3:42 PM

Broader market indices rise half a per cent each

3:41 PM

Nifty Losers :: Adani Ports, Infy drag the most on 50-share index

3:38 PM

Nifty Gainers :: ONGC, Eicher Motors gain up to 2% in a weak session

3:37 PM

Sensex Heatmap :: Profit booking in TaMo, HDFC twins, IT stocks drag index

3:36 PM

CLOSING BELL :: Nifty ends below 19,400

3:34 PM

CLOSING BELL :: Sensex sees sudden knock in late deals, ends 224 pts down

3:26 PM

UK banks resilient enough to offer struggling households support, BoE says

In its regular health check of the economy, the central bank said British households are facing higher debt burdens as a result of rising interest rates. READ MORE

3:17 PM

BFSI, tech clients spending more on cost-optimisation deals: Wipro chairman

Wipro’s clients in the banking, financial services, and insurance (BFSI) and technology sectors are putting money in cost-optimisation deals and reducing discretionary spending, said Rishad Premji, chairman of the IT services firm, on Wednesday. READ MORE

3:06 PM

BSE hits 52-week, surges 13% on heavy volumes

The board of directors of BSE Ltd, on July 6, approved a share buyback of up to Rs 375 crore at Rs 816 per share. READ MORE

2:54 PM

Stock Alert:: HDFC marginally in red; stock to delist today

2:44 PM

Reliance Retail among three prospective buyers for Future Enterprises

The resolution professional of Future Enterprises Ltd (FEL) has finalised a provisional list of three Prospective Resolution Applicants (PRA), an exchange filing from the debt-ridden company said. READ MORE

2:35 PM

Stock Alert:: Marksans zooms 10%; Firm got nod for Acetaminophen and Ibuprofen Tablets

Marksans Pharma infomred BSE that it has received final approval from the US Food and Drug Administration for its Abbreviated New Drug Application ("ANDA") for Acetaminophen and Ibuprofen Tablets, 250 mg/125 mg, over the counter ("OTC) bioequivalent of Advil Dual Action Tablets 250 mg/125 mg.

2:23 PM

ALERT:: CarTrade acquires Sobex Auto India for Rs 537 cr; stock down 3%

CarTrade has inked an agreement with OLX India BV to acquire the operations of OLX in India. 

 

The deal includes acquisition of 100 per cenet stake of Sobek Auto India Private Limited, consisting of the OLX Autos transaction businesses and the OLX classifieds platform for a cash consideration of RS 537.43 crore, the company said in an exchange filing. 

2:11 PM

Income tax return: What is NIL ITR? Who is eligible, what are the benefits

Even though 31 July is the last date to file income tax returns, several people have the misconception that filing of ITR is not necessary if their income is below Rs 5 lakh, since they don’t have to pay any tax. READ MORE

2:01 PM

ALERT:: Steel Strips Wheels Q1 net down 1%; stock tanks 8%

Steel Strips Wheels today reported a 1.1 per cent decline in net profit to Rs 47.60 crore for the quarter ended June 2023 as against Rs 48.13 crore in the corresponding quarter a year ago. Total income, however, was up 3.2 per cent YoY at Rs 1,048.61 crore.

1:50 PM

ALERT:: India Ratings affirms existing rating on MTNL's NCDs

MTNL informed BSE in an exchange filing, that India Ratings has affirmed its existing 'INDAAA (CE)/Stable' rating on its proposed NCDs.

1:39 PM

Adani Green, Adani Energy back in favour: What MFs bought and sold in June

Among large cap stocks, Adani Green, Adani Transmission, Adani Energy, Coal India, JSW Steel, Bajaj Auto, LIC were among the top ten purchases. READ MORE