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Rupee trades higher: Indian rupee has erased some of its early gains but trading higher at 74.70 per dollar, amid buying seen in the domestic equity market. It opened higher at 74.64 per dollar against previous close of 74.76.
Nifty Auto Index rose 1 percent supported by the Eicher Motors, Bosch, Balkrishna Industries:
Robinhood fever grips Indian stock market as hordes of first-time investors bet on share trading
Amid coronavirus lockdown, rookie millennial investors ranging from tennis champs to students to housewives have taken to stock market trading.
Buzzing Stock: SpiceJet share price gained 2 percent after the airline was designated as Indian scheduled carrier to operate on agreed services between India and the United States of America.
Most active stocks on NSE in terms of volumes
Economic Affairs Secretary says looking at adding more sectors in production-linked incentive scheme pic.twitter.com/WVPlNdC5vQ
— CNBC-TV18 (@CNBCTV18Live) July 23, 2020
Jyoti Roy, DVP- Equity Strategist, Angel Broking: Jindal Steel & Power reported better than expected set of numbers for Q1FY21. Consolidated revenues for the quarter was down by 6.7 percent YoY to Rs.9,279 crore. EBIDTA for the quarter was up by 9.7 percent YoY to Rs.2,384 crore while EBIDTA margins expanded by 383bps to 25.7 percent due to company’s access to low cost raw materials. Net profit for the quarter stood at Rs 268 crore as compared to a net loss of Rs 87 crore in Q1FY20.
The company was able to deliver a robust set of numbers during the quarter led by higher volumes as consolidated steel production increased by 4 percent to 2.03 mn tonne while sales were up by 8 percent YoY to 2.07 mn tonne. During the quarter JSPL clocked exports of 0.9 mn tonnes. Post the better than expected set of numbers for Q1FY21 we expect a rerating for the stock.
Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking: Nifty started trading with another gap up above the 11200 mark, however, the index corrected from the opening ticks in the first half an hour of trade. As the Nifty approached the 78.6 percent retracement level, it seemed that traders preferred for some profit booking as the index showed signs of boredom and corrected from the higher levels. However, the banking and the financial space kept the market on toes as some of the stocks from this space outperformed the broader markets which led to a relative outperformance in Bank Nifty.
Nifty is trading near the crucial hurdle and hence it is wise for traders to book profits and take some money off the table. However, as of now, there are no signs of reversal and hence, we do not advise taking any contra trades. Next couple of sessions would be crucial to determine the near term trend and traders are advised to trade with a stock specific approach and keep booking timely profits. The near term supports for the index are placed around 11040 and 10960 whereas resistance is seen in the range of 11200-11250.
Over 30 stocks hit 52-week high in July, gain over 100% in 2020; should you chase them?
Out of 160 stocks that hit a fresh 52-week high in July, as many as 32 of them have already rallied more than 100 percent so far in the year 2020.
