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Market Live Updates: Sensex jumps 600pts, Nifty above 16,500; RIL, ONGC rallies on windfall tax cut – Moneycontrol

July 20, 2022 / 08:14 AM IST

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!

July 20, 2022 / 09:41 AM IST

Ravindra Rao, VP- Head Commodity Research at Kotak Securities:

COMEX gold trades mixed near $1710/oz as support from weakness in US dollar index, global growth worries and concerns about China’s virus spread is countered by rise in US 10-year bond yield to back above 3%, weaker investor interest as is evident from ETF outflows and concerns about consumer demand in China and India. Gold seems to have stalled near $1700/oz but is still struggling to build on the momentum and price may remain under pressure as general outlook for US dollar still remains strong as Fed is expected to lead other central banks in monetary tightening.

July 20, 2022 / 09:41 AM IST

Global brokerages raise target of Hindustan Unilever after Q1 earnings beat estimates:

India’s largest fast-moving consumer goods (FMCG) company, on July 19 reported a 13.85 percent year-on-year (YoY) rise in consolidated net profit at Rs 2,391 crore for the quarter ended June, which was above analysts’ estimate of Rs 2,191.3 crore. Standalone net profit was at Rs 2,289 crore, up 11 percent YoY.

The company’s revenue from operations rose 19.46 percent on-year to Rs 14,331 crore for the reported quarter, which was also above analysts’ expectations of Rs 13,438.5 crore. The company said the underlying volume growth of 6 percent.

July 20, 2022 / 09:25 AM IST

RIL, ONGC jump 2-6 percent each as government eases windfall tax on fuel shipments and crude output, kills gasoline export levy:

RIL, ONGC jump 2-6 percent each as government eases windfall tax on fuel shipments and crude output, kills gasoline export levy :

July 20, 2022 / 09:22 AM IST

Market at Open: Sensex is up 600.66 points or 1.10% at 55368.28, and the Nifty added 178.70 points or 1.09% at 16519.20.

Market at Open: Sensex is up 600.66 points or 1.10% at 55368.28, and the Nifty added 178.70 points or 1.09% at 16519.20.

July 20, 2022 / 09:13 AM IST

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:

The sharp 8% pullback in Nifty from the June lows of 15183  is all set to continue aided by a flood of good news. First, the US markets have rebounded sharply driven by impressive corporate earnings. Second, FPI selling appears to have bottomed out. FPIs have bought 5 days this month. The dollar index declining to 106.6 from above 108 is likely to persuade FPIs to buy rather than sell. Third, the relief announced by the government for the petroleum sector through reduction in windfall tax and cuts in duties on exports will be a major boost for the sector, particularly for RIL. However, investors have to exercise some caution because selling may reemerge at higher levels. Results from the leading financials are likely to be good and the ongoing rally may continue. After the recent correction IT valuations are attractive. If the US succeeds in avoiding a recession, IT will bounce back smartly.

July 20, 2022 / 09:08 AM IST

Wipro Q1 preview: PAT may dip 7-10% YoY as supply pressure remains, revenue likely to grow 14-18%:

Wipro Limited, one of India’s top four IT services companies, is expected to report subdued earnings on July 20 for the first quarter ended June 2022, as has been the case with rivals TCS and HCL. According to a poll based on the reports from various brokerages, the Azim Premji-owned company is expected to see a dip of 7-10 percent in its consolidated profit after tax (PAT) from the year-ago period, while the growth in consolidated revenue is likely in the region of 14-18 percent year on year.

The growth for the quarter is expected to be soft due to seasonal headwinds and moderation in demand. The Bengaluru-based company is expected to report a consolidated PAT of Rs 2,900–3,000 crore for the quarter, with consolidated revenue in the range of Rs 21,300–21,700 crore.

July 20, 2022 / 09:02 AM IST

Market recovery makes investors Rs 21 trillion richer in a month:

The market has staged a smart recovery over the last month, especially after hitting a fresh 52-week low in June, helping investors make Rs 21 trillion wealth in a short period, despite the rupee weakening against the US dollar.

The recovery in global markets, stability and moderation in oil prices (the biggest concern for India as an oil importing country) as well as other commodity prices, and the slowdown in FII selling (they turned net buyers in the last few days) supported market sentiment.

Significant buying in auto, FMCG, capital goods, consumer durables, industrials, oil and gas, realty, and power stocks also lifted momentum. These sectors gained 10-17 percent, followed by banks with a nearly 9 percent return in the last month.

The benchmark indices broke their 52-week low on June 17, 2022. Since then, they have been making a gradual recovery, with a higher high higher low formation, which indicates that most negatives have already been discounted by the market. Even some experts say the market seems unconcerned about inflation now.

July 20, 2022 / 08:46 AM IST

Govt discusses proposal to shift to monthly, bi-monthly or weekly fuel price revision: Sources:

The government has discussed a proposal to shift to monthly, bi-monthly or weekly fuel price revision, as against the daily review of retail prices undertaken by the oil marketing companies, CNBC TV-18 reported on July 19, citing sources.

The Centre is also reviewing the inclusion of freight cost in the pricing formula for fuel that is refined domestically, the person privy to the developments told the news channel. The inclusion of sea insurance cost in the pricing formula for domestically-refined fuel was also mulled over, the sources added.

July 20, 2022 / 08:41 AM IST

Results today:

Results today:

July 20, 2022 / 08:32 AM IST

HUL Q1 net profit rises 14% to Rs 2,391 crore, beats estimate:

Hindustan Unilever (HUL), India’s largest fast-moving consumer goods (FMCG) company, on July 19 reported a 13.85 percent year-on-year (YoY) rise in consolidated net profit at Rs 2,391 crore for the quarter ended June, which was above analysts’ estimate of Rs 2,191.3 crore. Standalone net profit was at Rs 2,289 crore, up 11 percent YoY.

The company’s revenue from operations rose 19.46 percent on-year to Rs 14,331 crore for the reported quarter, which was also above analysts’ expectations of Rs 13,438.5 crore. The company said the underlying volume growth of 6 percent.

The company said earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin was at 23.2 percent during the quarter, declining 110 basis points YoY. The entire FMCG segment felt intense cost pressure this quarter due to inflation, which has also hit their margins.

July 20, 2022 / 08:17 AM IST

Oil falls on inflation concerns, anticipated stock builds:

Oil prices fell slightly in early Asian trade on Wednesday, pressured by global central bank efforts to tame inflation and ahead of expected builds in U.S. crude inventories as product demand weakens.

Brent crude prices fell 39 cents or 0.5% to $106.96 a barrel by 0045 GMT, while U.S. West Texas Intermediate (WTI) crude fell 62 cents to $103.60 per barrel. U.S. crude stocks rose by about 1.9 million barrels for the week ended July 15, according to market sources citing American Petroleum Institute figures on Tuesday.