Sensex up 125 pts; broader indices underperform; Metal, PSB stocks crack

Stock market LIVE: In the broader markets, the BSE MidCap and SmallCap indices declined over 1 per cent each

4:17 PM

TECH VIEW | Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed some lackluster movement and an attempt to hold the support level around the Nifty 50 Index level of 16200. The market is going to be crucial for the short-term market scenario to sustain above the 16200 Nifty50 Index level. Sustaining above 16200, the market expects to gain momentum, leading to an upside projection till 16450-16500 level. The momentum indicators like RSI and MACD indicating a positive outlook to continue.

 

4:17 PM

TECH VIEW | Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed some lackluster movement and an attempt to hold the support level around the Nifty 50 Index level of 16200. The market is going to be crucial for the short-term market scenario to sustain above the 16200 Nifty50 Index level. Sustaining above 16200, the market expects to gain momentum, leading to an upside projection till 16450-16500 level. The momentum indicators like RSI and MACD indicating a positive outlook to continue.

 

4:17 PM

MARKET VIEW :: Profit booking visible across the board by market participants

Volumes on the NSE were the lowest since July 14. This denotes disinterest on the part of traders in a market where the breadth continues to be weak. Banks and IT among the sectors gained the most while Oil & Gas, Metals, Capital goods and Telecom sectors fell the most.

 

Asian markets were largely mixed. Global shares treaded water on Monday as sharp falls in gold and oil prices briefly spooked sentiment, while the dollar reached four-month highs on the euro after an upbeat U.S. jobs report lifted bond yields. Goldman Sachs cut the China growth forecasts cutting the third-quarter growth outlook to 2.3% from 5.8%, though lifted its fourth-quarter outlook to 8.5% from 5.8% previously. That leaves its full-year 2021 projection at 8.3% from 8.6% previously.

 

Stock specific moves are visible as the Q1 results announcement continues. BSE MidCap shed over 1% while the BSE SmallCap declined nearly 0.75%. Advance decline ratio continued to be deeply in the negative. This reflects profit taking across the board by traders/investors. The Nifty has made a lower low and lower high on a near term basis. However as long as 16146 is not breached, a larger correction may not begin. 

-- Deepak Jasani, Head of Retail Research, HDFC Securities

 

4:14 PM

CLOSING COMMENTS :: Vinod Nair, Head Of Research at Geojit Financial Services

The domestic broad market reversed its early gains following weak global trends and continued selling in mid and small caps. However, main indices managed to close near last week’s closing due to stability in large-cap stocks. Specifically, optimism was noticed in media stocks, especially multiplex, on the expectation of unlocking in major cities. And PSU Banks have been witnessing correction due to delays in privatization while selling pressure forced metal stocks to trade low. 

4:14 PM

IPO UPDATE :: Nuvoco Vistas IPO receives 13% bids on Day 1

4:13 PM

CarTrade Tech IPO subscribed 34% so far on Day 1

4:09 PM

Result Reaction :: MRF ends 1% higher

>> Tyre major MRF on Monday posted over 12-fold increase in its consolidated net profit at Rs 166 crore for the first quarter ended June 30. The company had reported a net profit of Rs 13 crore in the April-June quarter of last fiscal.

4:05 PM

Listing Day Action :: Rolex Rings ends 6% below listing price

>> Rolex Rings made a strong debut on the bourses as the shares of the company got listed at Rs 1,250, a 39 per cent premium over the issue price of Rs 900 per share on the National Stock Exchange (NSE).

>> On BSE, the stock ended at Rs 1166.55

4:00 PM

RIL extends losses on SC order stalling deal with Future Retail

3:59 PM

BUZZING :: Future Retail ends in 10% lower circuit

>> On Friday, SC ruled in favour of Amazon, stalling Future Retail's deal with RIL

3:57 PM

Earnings Impact :: Quick Heal's poor Q1 show pushes stock 17% down

3:56 PM

BASF India extends gains to second day on strong Q1 show

The company last week reported a net profit of Rs 197.28 crore for the quarter ended June 2021 on the back of strong operational performance. It had posted a net loss of Rs 31.18 crore in Q1FY21 and a profit of Rs 55.81 crore in Q4FY22.

 

3:55 PM

BSE Telecom index declines over 1% eves as DoT mulls relief package

>> A Business Standard report said the Department of Telecom­munications (DoT) may appoint an external consultant or set up a panel to finalise financial relief to the sector.

 

3:52 PM

Barring Welspun Corp, all constituents of the Nifty Metal pack end in the red

3:45 PM

Advance-decline ratio at nearly 1:2 on BSE

>> This suggests underlying weakness in market