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Market LIVE: Sensex breaches 54,300, Nifty crosses 16,250 for first time ever; HDFC, ICICI Bank top gainers – The Financial Express

India VIX slipped on Wednesday morning.
(Image: Reuters)

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity benchmark indices scaled fresh highs on the opening bell on Wednesday. S&P BSE Sensex reached a fresh all-time high of 54,258 points, jumping 0.81%, while the NSE Nifty 50 breached 16,250 for the first time ever, gaining 0.72%. Tata Steel and HDFC were the top gainers on Sensex, jumping over 2% each. These were followed by ICICI Bank, Dr Reddy’s, Reliance Industries, and Infosys. Bharti Airtel was down more than 1% as the worst Sensex performer, followed by Nestle India, State Bank of India, and Hindustan Unilever. Bank Nifty was IP 0.70% at 35,464 while India VIX was down in the red. Broader markets were trading with gains. 

Devyani International, Windlas Biotech, Exxaro Tiles, and Krsnaa Diagnostics’ IPO will today open for subscription. The primary market has been gung-ho in recent weeks and investors are lining up in large numbers to bid for public issues. While Devayni International is looking to raise Rs 1,838 crore; Windlas Biotech will raise Rs 401 crore; Krsnaa Diagnostics will raise Rs 1,213 crore, and Exxaro Tiles will raise just Rs 161 crore. All IPOs are a mix of an offer for sale by existing shareholders and a fresh issue of equity shares. The four IPOs will remain open for subscription till the end of this week.

Largely due to the COVID-19 pandemic and local restrictions, the Indian service sector remained in the red during July. Business activity, new orders and employment declined further, but in all cases rates of contraction moderated from June. Posting 45.4 in July, the seasonally adjusted India Services Business Activity Index was in contraction territory for the third month in a row. However, rising from 41.2 in June, the latest reading pointed to a slower rate of reduction. Panel members that reported lower output cited subdued demand conditions amid the COVID-19 crisis.

~ IHS Markit

The Enforcement Directorate has arrested Avantha Group promoter Gautam Thapar in connection with a money laundering case, officials said on Wednesday. Thapar was arrested under provisions of the Prevention of Money Laundering Act (PMLA) on Tuesday night after the agency carried out raids against him and his linked businesses in Delhi and Mumbai, they said. He is expected to be produced before court on Wednesday where the ED will seek his custody, they added.

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Check live price: Yes Bank;  

The Inland Vessels Bill 2021 was passed by the Parliament recently, which aims to replace over 100-year old Inland Vessels Act of 1917 as well as usher in a new era in the inland water transport sector. The bill also aims to fulfill the Modi government’s vision to make the Legislative framework more user-friendly as well as promote ease of doing business. Union Minister of Ports, Shipping & Waterways, Sarbananda Sonowal moved the bill in Rajya Sabha recently. The Inland Vessels Bill 2021 will now be sent to the President for assent. According to the ministry, it will allow harmonized and effective inland vessels’ regulation and also their seamless and safe navigation. Take a look at some of the major benefits of the new Act:

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Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices edged higher in India on Wednesday, following global markets helped by a subdued dollar ahead of US jobs data. On Multi Commodity Exchange, gold October futures rose Rs 65 or 0.14 per cent to Rs 47,929 per 10 gram, as against the previous close of Rs 47,916. Silver September futures were seen ruling above Rs 68,000, rising Rs 186 or 0.27 per cent to Rs 68,100 per kg. In the previous session, silver ended at Rs 67,914 per kg. Globally, gold prices were up, but bobbled in a narrow range as investors awaited signals from U.S. jobs data on the labour market recovery. 

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“Nifty is well on its path to see the 16350 objective, which we had lined up for the last three days. Yesterday’s rise in VIX by 7.36% is counter-intuitive though, which prompts us to be cautious once in the 16200-250 vicinity. However, unless a pullback below 16090 or 16030 is seen, favoured view expects upsides to continue aiming 16350 and well beyond,” said Anand James, Chief Market Strategist at Geojit Financial Services.

HDFC was the top gainer on Sensex, surging more than 3% on Wednesday morning, followed by ICICI bank. HDFC Bank, Kotak Mahindra Bank, IndusInd Bank, and Axis Bank were all in the green.

Devyani International’s Rs 1,838 crore IPO opens today for subscription. The company is the largest franchisee of Yum Brands in India and is among the largest operators of chain quick-service restaurants operating brands such as KFC, Pizza Hut and Taco Bell. The company’s public issue is a mix of a fresh issue of equity shares and an offer for sale by existing shareholders. Ahead of the IPO, Devyani International has raised Rs 824 crore from anchor investors that include marquee foreign investors. The IPO will remain open for subscription till August 6.

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“Sometimes amateurs beat professionals. This is happening in the Indian stock market now. FIIs, often regarded as representing smart money, have been pushed back by the sheer momentum of retail investors. FIIs who have been consistently selling in July on rational hopes of a correction in the overvalued market have been forced to buy (Rs 2117 cr in cash market yesterday) on fears of losing out on the momentum. Retail investors and mutual funds flush with funds from NFOs are driving this market without much regard to valuations. Having broken the 15950 Nifty upper band decisively, sheer momentum may take the market higher. With institutional money pouring in, large caps are likely to outperform if the market continues its upward momentum. Leading banking stocks, which have been underperforming in this rally, are likely to catch up,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 

Sensex reached an all-time high of 54,208 on Wednesday morning, Nifty set a record high of 16,236 and Dalal Street surged under firm control of bulls.

Domestic benchmark indices started the day’s trade at fresh all-time highs on Wednesday morning. broader markets were mirroring benchmarks.

Nifty was closing in on 16,200 during the pre-open session on Wednesday.

Sensex neared the 54,000 mark during the pre-open session on Wednesday. Nifty was trading in the green, jumping above 16,150.

SGX Nifty surged higher in early trade on Wednesday, rising 75.50 points or 0.47 per cent to 16,240.50 on Singaporean Exchange. Indices may extend the previous session’s rally, taking the BSE Sensex above 54,000 and NSE’s Nifty 16,200 on Wednesday. Investors will focus on the Q1 results for stock-specific action, the RBI MPC meet that starts today and the macroeconomic data i.e. Markit Services and Composite PMI numbers for July. 

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“Yesterday Nifty gave a strong breakout from its previous range with good volumes. Nifty is expected to open at 16200, up by 70 points. Nifty may see 16250 and 16400 levels in the next few days. 16000 and 15950 will act as strong support for Nifty.” said Gaurav Udani, Founder & CEO, ThincRedBlu Securities.

“The short term trend of Nifty seems to have turned up sharply. The much-awaited upside breakout of broader high low range at 15960 could signal more upside for the Nifty ahead. The next upside levels to be watched around 16300-16500 in the next 6-8 sessions. Important support is placed at 15960-16000 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

“Stay long and stay bullish above 15,915. Targets at 16,500 in August and 16,800 by September. Bank Nifty looking good for an immediate target of 35,925,” said Rahul Sharma, Director & Head – Research, JM Financial.

BSE-listed companies such as State Bank Of India, Hindustan Petroleum Corporation, Titan Company, Adani Green Energy, Godrej Consumer Products, Apollo Tyres, Adani Total Gas, Bosch, Chambal Fertilisers & Chemicals, Cholamandalam Financial Holdings, Cosmo Films, Gabriel India, Greenply Industries, H.G. Infra Engineering, Mayur Uniquoters, Nava Bharat Ventures, PNB Housing Finance, Solara Active Pharma Sciences, Sonata Software, Subros, Tasty Bite Eatables, Tata Communications and Thomas Cook (India) to announce results on August 4.

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“The maximum concentration among Nifty weekly put options has shifted higher to 16000 from 15800 on Tuesday, while among call options, 16200 strike from 15900. This broadly suggests they expect the Nifty to rise above 16200 and do not expect the index to fall below 16000. The market range for the ongoing weekly expiry series is shifting higher . 

In the coming session, further upsides are likely once the immediate resistance of 16170 is taken out,” said Raushan Kumar, Derivative Analyst, IIFL Securities.

“US cues are positive led by Dow Jones and S&P 500. Most of Asia also trading positive. Fresh longs in Nifty (+11.3%) while Bank Nifty witnessed short-covering (-16.5%). 50% of Nifty stocks saw a spike in volumes while heavyweights witnessed short-covering. The big boys (FIIs) finally turned buyers in cash and FOMO crept in,” said Rahul Sharma, Director & Head – Research, JM Financial.

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: The prices of Petrol and Diesel have now been left untouched by oil marketing companies for the eighteenth consecutive day. Today, petrol in the national capital costs Rs 101.84 per litre, while Diesel in the capital city is retailing at Rs 89.87 per litre. Fuel prices have increased 41 times since May 4, now sitting at all-time highs. The price of petrol in Delhi has increased by Rs 11.15, while diesel price has surged Rs 10.80 per litre since the rates started increasing more than 2 months back. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with benchmark international price and foreign exchange rates.

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We estimate Tata Steel’s adjusted debt (including customer advances and securitized receivables, among other standard S&P Global Ratings adjustments) will fall to about Indian rupees (INR) 600 billion (about US$8 billion) by fiscal year ending March 2023 in our base case, from about INR915 billion as of March 2021. This would significantly outperform the company’s stated intention to reduce debt by at least US$1 billion per year, and continue the trend of declining debt from March 2020, when the company reported INR1.1 trillion in debt. While the company has resumed some growth in capital expenditure (capex), the increase in capex is still small in relation to the operating cash flows and does not affect the path of deleveraging. We expect capex of about INR110 billion annually, up from about INR70 billion in fiscal 2021. In our base case, we forecast the company’s EBITDA and free operating cash flow of about INR1 trillion and INR350 billion–INR400 billion, respectively, over fiscals 2022 and 2023. This is despite our assumption of a 10% decline in steel prices in fiscal 2023 from the current level.

~ S&P Global

Finally, the market has broken the boring trading range decisively. The best part of Tuesday’s spectacular session was the contribution from large-cap companies. The Nifty Midcap and Small cap index closed in the negative territory while Nifty IT, Bank Nifty and FMCG indices managed to deliver gains of more than 1.50 per cent. On a closing basis, the market closed above the level of 15,900 after the consolidation of the last two months and here onwards earlier resistance 15,900 would act as major support for the market. Any correction to 15,900/15,950 levels would be an opportunity to re-enter the market. Above 16,000 levels, the Nifty is heading for the levels of 16,270 with a minor resistance at 16,200.

Ahead of the opening session, SGX Nifty was up 50 points. WIth Nifty Futures trading with gains, domestic markets could start the day’s trade in the positive territory. 

Devyani International, Windlas Biotech, Exxaro Tiles, and Krsnaa Diagnostics’ IPOs will open today for subscription. The public issues will remain open till Friday evening. 

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