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Market LIVE: Sensex, Nifty fall after hitting fresh highs in volatile trade; HDFC Bank, ICICI Bank top losers – The Financial Express

Nifty FMCG, Nifty IT, Nifty Metal and Nifty Pharma were trading in the green.

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading volatile on Tuesday, ahead of weekly expiry tomorrow. BSE Sensex was hovering around 55,630 and the Nifty 50 index was flat at 16,562. Tech Mahindra, Sun Pharma, Nestle India, Power Grid Corporation of India, Asian Paints, Dr. Reddy’s, HUL were among the top BSE Sensex gainers. IndusInd Bank, HDFC Bank, ICICI Bank, Maruti Suzuki, Axis Bank were the top index laggards. Bank Nifty fell 0.59 per cent to 35,882, and Nifty Financial Services was down 0.46 per cent. On the flip side, Nifty FMCG, Nifty IT, Nifty Metal and Nifty Pharma were trading in the green.

Finance Minister Nirmala Sitharaman on Monday ruled out a cut in excise duty on petrol and diesel to ease prices, which have touched an all-time high, saying payments in lieu of past subsidised fuel pose limitations. Petrol and diesel as well as cooking gas and kerosene were sold at subsidised rates during the previous Congress-led UPA government.

The Indian benchmark had a slightly negative start but soon the losses got wiped up and the market tried to sustain above the level of 16500 on the Nifty 50 index. Finance Minister Nirmala Sitharaman said she expected inflation to stay within the prescribed range during the current fiscal year, which boosted sentiments in the market among the traders. RBI has also been mandated to keep the inflation at 4 percent which will also keep the sentiments positive in the market. It will also decrease the worry among the investors regarding the ongoing inflation problems in the market. Our research suggests that 16500 will be an important support level in the short term, if the market sustains above this level, we can expect the market to remain positive and gain momentum, leading to an upside projection till 16700-16750 level. Gaurav Garg, Head of Research, CapitalVia Global Research

The market is giving premium valuations to the new edge technology companies where CarTrade is likely to debut in the secondary market on 19th August or 23rd August. We have to see how the CarTrade IPO will perform because retail investors’ interest has come down significantly amid a correction in midcap and small-cap space but we saw decent subscription numbers by HNIs on the last day. The major disappointing factor from CarTrade was that its IPO is 100% OFS therefore no money will go into business for future expansion while high competition and low entry barriers are other risk factors. As the market is interested in new edge technology stocks whereas anchor book and HNIs subscription were decent for the CarTrade IPO, so we can expect a listing gain of around 10-15% but we advise only aggressive investors to hold this company for the long term. Santosh Meena, Head of Research, Swastika Investmart

CarTrade Tech Ltd is a multi-channel auto platform provider company. The company operates various brands such as CarWale, CarTrade, Shriram Automall, BikeWale, CarTradeExchange, Adroit Auto, and AutoBiz. The platform connects new and used automobile customers, vehicle dealers, vehicle OEMs, and other businesses to buy and sell different types of vehicles. The company offers a variety of solutions across automotive transactions for buying, selling, marketing, financing, and other activities. The company is expected to list on bourses on 23rd August 2021. The company is expected to list a price of 1900 – 2000, listing a gain of 18.75% to 25%. Rahul Sharma, Co- Founder, Equity99

Sugar stocks are cyclical giving good returns when the industry does well. The decline in production in Brazil augurs well for the fortunes of the industry. It appears that sugar prices are likely to move up, but only marginally. From an investment perspective, sugar stocks have never been wealth creators. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services

The Nifty has opened flat and is perhaps taking a breather due to the jubilant performance of last week. 16575-16600 could pose a short term resistance for the index. The overall trend remains positive and any fall or intra day correction can be utilized to buy this market. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading flat on Tuesday, as international rates remained steady, hovering near an over one-week peak. On Multi Commodity Exchange, gold October futures were trading Rs 14 up at Rs 47,239 per 10 gram, as against the previous close of Rs 47,225. Silver September futures were ruling at Rs 63,650 per kg.

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Bank Nifty fell 0.59 per cent to 35,882, and Nifty Financial Services was down 0.46 per cent. On the flip side, Nifty FMCG, Nifty IT, Nifty Metala and Nifty Pharma were trading in the green

Market participants welcomed the INR 100 trillion national infrastructure plan by PM Modi that will help generate jobs, boost the productivity of industries and lead to overall economic growth. That apart, data showed wholesale price inflation rate in India eased to 11.16% YoY in July 2021, from 12.07 % in the previous month. With many companies like Ruchi Soya(Rs.3000crs), CMS Info(Rs. 2000crs), Inspira(800crs) filing papers with SEBI, the IPO fever shall remain in continuity and be supportive to the rupee. It will be watchful whether RBI shows any intervention downside to cap sharp gains in the rupee. If so then, two opposite forces “inflows” and “RBI” should keep the Indian Rupee to trade sideways in the range of 74.10-74.40 zone in the near term before any big market triggers like Fed tapering announcement takes it towards 75.00-75.20 levels in the upcoming time. Amit Pabari, managing director, CR Forex Advisors

IndusInd Bank, HDFC Bank, ICICI Bank, Maruti Suzuki, Axis Bank were the top index laggards

Tech Mahindra, Sun Pharma, Nestle India, Power Grid Corporation of India, Asian Paints, Dr Reddy’s, HUL were among top BSE Sensex gainers

BSE Sensex fell 125 points to 55,457, while the Nifty 50 index gave up 16,550 at opening trade

Market is slowly moving into a consolidation phase with strong support coming from large-caps. The current trend of large-cap outperformance is likely to continue in the very short- term. Presently there are no major global cues that can sway the market trend. But domestic cues like the sustained decline in Covid cases and economic activity returning back to normal are positives. At the present high market level, valuations are stretched and scary but there is enough momentum in the market to take the Nifty to 16700 level. It appears that the phase of easy money making is over. Day trading is likely to turn risky. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

The market is trading at an all-time high. Traders should keep churning and booking profit at these levels. A slight cautious approach should be taken in the market. We expect the market to remain sideways. Keep booking profit in stocks. Escorts Securities

There are not too many cues for the market but our headline indices Nifty/Sensex is in a bullish momentum where Nifty is likely to test its immediate target of 16650 while PCR is in little overbought territory at 1.67 level which may cause some profit booking near the 16650 level. On the downside, 16500 will act as strong support ahead of weekly expiry tomorrow as the highest OI on the Put side is shifting from 16400 to 16500 strike level while the previous breakout point of 16350 will be a strong support level at any correction. Santosh Meena, Equity Research Head, Swastika Investmart

The short-term trend has shifted again into choppy, post upside breakout of the small narrow range movement. There is a possibility of Nifty showing consolidation or minor weakness in the next 1-2 sessions, before showing further upside in the near term. The next upside target remains intact at 16800 levels and immediate support is placed at 16480 levels. Nagaraj Shetti, Technical Research  Analyst, HDFC Securities

Domestic equities do not look to be inspiring as of now. Notably, benchmark Nifty and Sensex have been quite upbeat, while heavy selling pressure in midcap and smallcap stocks remained visible over the last couple of days. However, considering improved visibility of sustained earnings growth in subsequent quarters, a meaningful correction in quality midcap names should be bought. Binod Modi, Head Strategy at Reliance Securities

Nifty is expected to open flat around yesterday’s close at 16550. Nifty has support at 16480 and 16450 levels. On the higher side, Nifty may test 16600 and 16700 in the next few trading session. Gaurav Udani, Founder & CEO, ThincRedBlu Securities

Nifty futures fell 23 points to 16,540 on Singaporean Exchange, suggesting a negative start for BSE Sensex and Nifty 50 on Tuesday. In the absence of any major domestic event, Indian stock markets are likley to take cues from global markets. Investors will keenly watch COVID vaccination pace, crude oil prices and rupee movement against US dollar.

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Finance Minister Nirmala Sitharaman on Monday ruled out a cut in excise duty on petrol and diesel to ease prices, which have touched an all-time high, saying payments in lieu of past subsidised fuel pose limitations. Petrol and diesel as well as cooking gas and kerosene were sold at subsidised rates during the previous Congress-led UPA government.

In overnight trade on Wall Street, the Dow jumped 110.02 points to 35,625.40 and the S&P 500 gained 0.26% to 4,479.71. While Nasdaq Composite fell 0.2 per cent to 14,793.76.

Asian stock markets were trading mostly lower in early trade on Tuesday, even as Dow Jones Industrial Average and S&P 500 posted record closing highs. Japan’s Nikkei 225 gained 0.18 per cent while the Topix index slipped marginally. South Korea’s Kospi fell over half a per cent. 

Finance minister Nirmala Sitharaman on Monday made it clear that the government won’t trim capital expenditure from the budgeted level even towards the end of the fiscal, as was customary earlier, as it banks on spending having high multiplier effect to reverse a Covid-induced slump in growth.

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Zomato has invested about $100 million in Grofers. Documents sourced from business intelligence platform Tofler showed that the Gurgaon-based food delivery firm has infused around $70 million (Rs 518 crore) into Grofers India and another $30 million (Rs 223 crore) in the e-grocer’s wholesale entity Hands On Trades.

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