Moneycontrol launches Analysts’ Call Tracker. A monthly special page that tells you which way analysts are leaning; the stock they are most bullish or bearish on, what they are upgrading or downgrades, and where they are betting against the market. Ignore this at your own risk!
Kunal Shah, Senior Technical Analyst at LKP Securities:
The Nifty index witnessed a strong breakout on the daily chart and closed above the level of 16,200. The RSI indicator has given a positive crossover on the daily chart which confirms the strength in the index. The index is likely to test the level of 16,600-16,800 level on the upside. The lower end support stands at 16100-15900 zone.
Narendra Solanki, Head Fundamental Research -Anand Rathi-Investment Services:
Indian markets opened on positive note following positive overall Asian markets. During the afternoon session markets further strengthened as buying in IT, TECK and Capital Goods stocks were seen. Gains in frontline blue chip stocks such as Infosys, Tech Mahindra also helped to lift the markets.
Sentiments were upbeat as a private report suggests that the income of farmers has grown in the range of 1.3-1.7 times in FY22 from the FY18 levels on average while grain exports soared to over USD 50 billion. For certain crops in some states (like soyabean in Maharashtra and cotton in Karnataka) farmers’ income more than doubled in FY22 from FY18 levels.
S Ranganathan, Head of Research at LKP securities:
The charge of bulls going berserk on a Monday with a broad-based rally is always a pleasant sight and what is more heartening is to see investors temper and reset their expectations for the quarter in line with the reset on the ground.
The 1.5% upmove seen today in the benchmark indices reflects the optimism behind the progress of the south-west monsoon as the BFSI & IT index led from the front with good support coming in from the broader market stocks.
Indian rupee ended at record low at 79.97 per dollar against Friday’s close of 79.87.
Market Close: Benchmark indices ended on positive note for the second consecutive day on July 18 with Nifty above 16250.
At close, the Sensex was up 760.37 points or 1.41% at 54,521.15, and the Nifty was up 229.30 points or 1.43% at 16,278.50. About 2296 shares have advanced, 1077 shares declined, and 158 shares are unchanged.
Hindalco Industries, IndusInd Bank, Infosys, Bajaj Finserv and Tech Mahindra were among the top Nifty gainers, while losers included Britannia Industries, Dr Reddy’s Laboratories, HDFC Bank, M&M and Maruti Suzuki.
All the sectoral indices ended in the green with Information Technology, PSU Bank, Metal, Power, Oil & Gas, Bank, Realty and Capital Goods indices up 1-3 percent.
BSE midcap and smallcap indices rose over 1 percent each.
BSE Oil & Gas index gained 1 percent supported by the Gail India, ONGC, Indraprastha Gas:
Zydus receives final approval from the USFDA
Zydus Lifesciences subsidiary Zydus Worldwide DMCC has received final approval from the United States Food and Drug Administration (USFDA) to market Efinaconazole Topical Solution, 10%.
Zydus Lifesciences was quoting at Rs 358.00, down Rs 13.15, or 3.54 percent on the BSE.
BuzzingJindal Stainless will provide 3,500 MT stainless steel for the construction of the Udhampur-Srinagar-Baramula Rail Link (USBRL) Tunnel Project, company said in its release.
Citi View on JSPL
Brokerage house Citi has maintained “buy” rating on JSPL and cut the target price to Rs 450 from Rs 590 per share earlier.
The Q1 realisations were a beat, though working capital build. Any positive newsflow from China hereon would drive the stock.
Citi’s China analysts believes demand should bottom in H2, reported CNBC-TV18.
Jindal Steel & Power was quoting at Rs 351.80, up Rs 6.40, or 1.85 percent.