Sensex sheds 505 pts from summit, ends 165 pts up; PSU banks crack; IT gain

CLOSING BELL ON JULY 13, 2023: The NSE Nifty50 hit a new high of 19,567, before finishing with a modest gain of 29 points on Thursday. Broader indices ended in red.

4:17 PM

COMMENT:: Market rally led by IT shares; inflation remains a concern

"Today's domestic rally was supported by the contra bet buying of the IT stocks which was supported by stable margins, new generation business opportunities and increase in pricing power due to moderation in USD, as latest US inflation is fast approaching the Fed’s target levels. The broad market was trading positively at the all-time high level in anticipation of buoyant Q1 results and low volatility (VIX). However, a mixed start to bank earnings, coupled with ongoing concerns about domestic inflation, attracted bearish sentiment towards the latter half."

 

- Vinod Nair, Head of Research at Geojit Financial Services

4:16 PM

VIEW:: Nifty likely to remain sideways

"The Nifty reached a new record high of 19,567 but couldn't hold on due to selling pressure, resulting in a significant decline by the end of the day. It exhibited high volatility throughout. The daily Relative Strength Index (RSI) indicated a bearish crossover. Currently, the trend appears to be sideways in the short term. Support is expected at 19,300, while resistance is seen at 19,600."

 

- Rupak De, Senior Technical Analyst at LKP Securities

4:15 PM

VIEW:: Bank Nifty needs to surpass 45,000 for fresh bullish trend

"The bears continue to dominate the market, as the index was unable to surpass the level of 45,000. This indicates a bearish sentiment in the index. On the other hand, the bulls managed to hold the support level of 44,700, which suggests some buying interest at that level. However, a break below this support level may open the gates for further downside towards 44,500-44,000, which coincides with the 20-day moving average (20DMA). For the index to turn bullish, it needs to surpass the level of 45,000 on a closing basis. This would indicate a potential shift in the market sentiment towards more bullishness."

 

- Kunal Shah, Senior Technical Analyst at LKP Securities

4:13 PM

Q1 results impact: TCS gains 2.5%; Brokerages remain optimistic

TCS's management maintained that near term demand challenges remain and refrained from giving recovery timelines, implying a slow and gradual recovery ahead. READ MORE

4:12 PM

Anand Rathi Wealth surges 8%, hits record high on healthy Q1 performance

The management said the strong performance was fueled by the robust growth in AUM, which witnessed a 32 per cent YoY increase, reaching to Rs 43,413 crore. READ MORE

4:09 PM

Stock of this civil construction company has zoomed nearly 200% in 3 months

Shares of Patel Engineering hit the 5 per cent upper circuit for the third straight day on Thursday, and now trade at the highest level since November 2018. READ MORE

4:07 PM

Higher inflation, oil price to keep RBI on hold; cap market gains: Analysts

Signs of inflation cooling off in the US, however, is likely to provide some cushion as the expectations of a change in stance by the US Fed as regards interest rates is likely to aid sentiment. READ MORE

4:07 PM

Patanjali Foods freezes at 5% lower limit as promoters pare stake via OFS

The floor price for the 'Offer for Sale' was fixed at Rs 1,000 per equity share; and the offer will be on July 13 and 14. READ MORE

3:59 PM

Market Breadth was fairly negative; More than 2,100 stocks declined v/s 1,300-odd advancing shares on the BSE

3:56 PM

BSE Smallcap Heatmap:: Vimta Labs, 63 Moons, DB Realty, PCBL among top movers & shakers

3:54 PM

BSE Midcap Heatmap:: Supreme Inds, PolicyBazaar gain; Federal Bank sheds 5%

3:53 PM

Broader indices end in red; MidCap, SmallCap decline up to 1%

3:51 PM

Nifty 50 Losers:: PowerGrid cracks 3.3%; Coal India, UPL slip

3:49 PM

Nifty 50 Gainers:: TCS, Hindalco, Infy jump 2.5%

3:46 PM

Sensex 30 Heatmap:: 13 Gainers v/s 17 Losers

3:40 PM

CLOSING BELL:: NSE Nifty50 gains 29 pts at 19,414

3:33 PM

CLOSING BELL:: S&P BSE benchmark hits fresh high at 66,064; ends 165 points higher at 65,559

3:19 PM

Tomato is not the villain of the surge in retail inflation in June

Contrary to popular perception, tomatoes did not fuel the retail price inflation in June. Rather, this kitchen staple continued to witness deflation, though the rate of price fall decelerated in June compared to May 2023. READ MORE

3:13 PM

HPL soars 52% so far in July; firm won smart meter orders worth Rs 903 cr

The stock hit a new high of Rs 199.85, rallied 8% in otherwise weak broader market. READ MORE

2:58 PM

ALERT:: Nifty PSU Bank index tanks 2.5%

2:49 PM

ALERT: Federal Bank Q1 net up 29% on back of decline in bad loans; stock down 5%

Total income during the quarter qnder review increased to Rs 5,757 Crore from Rs 4,081 crore in the year-ago period, Federal Bank said in an regulatory filing. READ MORE

2:37 PM

ALERT:: Jubilant Foodworks announces launch of Popeyes in Hyderabad; stock down 2%

Jubilant FoodWorks today announced the inauguration of Popeyes, the iconic US fried chicken titan, in Hyderabad. 

2:26 PM

Explained: Will 28% GST kill real-money online gaming in India?

The government plans to slap a 28 per cent tax on all forms of online gaming to discourage the youth from getting addicted to such practices. Up until now, only online gambling and betting have attracted such a steep tax. READ MORE

2:17 PM

Market Check:: Sensex pare gains, now up 300 pts

The BSE benchmark index had hit a new high at 66,064.

2:05 PM

ALERT:: Sterling and Wilson Renewable Energy Q1 loss narrows; stock jumps 2%

Sterling and Wilson Renewable Energy reported a consolidated net loss of Rs 95.36 crore for Q1FY24. In the same period a year ago the company had posted a net loss of Rs 310.15 crore. Total income, however, declined from Rs 1,211.06 crore to Rs 522.35 crore.

1:53 PM

IPO Update:: Utkarsh SFB subscribed up to 10.7 times so far on Day 2

1:44 PM

Barclays and Yes Bank raise India's inflation forecast as prices jump

Surging prices of vegetables and pulses pushed up inflation to a three-month high of 4.81% last month, ending four months of moderation. READ MORE

1:31 PM

ALERT:: Bhansali Engineering Polymers Q1 net rises 6%; stock up 1%

Bhansali Engineering Polymers today reported 5.8 per cent rise in Q1FY24 net profit at Rs 50.51 crore as against Rs 47.74 crore in Q1FY23. Total income, however, was down 10.8 per cent YoY at Rs 307.01 crore.

1:21 PM

Foxconn-Vedanta JV split credit negative for UK mining firm: CreditSights

CreditSights had previously expected a "minimal credit impact" on Vedanta Resources based on the old arrangement, as Volcan, Vedanta's holding entity was undertaking the semiconductor investments. READ MORE

1:10 PM

Asian Market Update:: Hang Seng soars 2.5%; Nikkei, Shanghai over 1%

Source: Yahoo Finance