Buzzing Stocks: L&T, Axis Bank, Tata Motors and other stocks in news today
Follow our LIVE blog for the latest updates on the novel coronavirus pandemic and its impact
BSE Smallcap index hits fresh all-time high of 26,796.85.
Market at 11 AMBenchmark indices erased some of the early gains but trading marginally higher in the volatile session.The Sensex was up 66.32 points or 0.13% at 52918.59, and the Nifty was up 29.40 points or 0.19% at 15853.90. About 1922 shares have advanced, 908 shares declined, and 97 shares are unchanged.
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments:
The Nifty continues to be spiritless in its momentum; the range bound movement still persists! Until we do not get past 15900 on the upside or break 15400 on the downside, we will be far from witnessing a definite trend. While the propensity remains on the upside, the test of patience is challenging. A buy on dips can be looked at a possible trading strategy.
Gold Updates:
Gold traded in a tight range on Tuesday, pinned below the $1,800 psychological level, as investors focused on this week’s Federal Reserve meeting for clues about when the central bank might rein in its easy monetary policies.
Nifty PSU Bank index added 1 percent led by the Canara Bank, SBI, UCO Bank, PNB
Glenmark Life Sciences IPO Opens Today, Should You Subscribe?
Glenmark Life Sciences IPO: The company has debt-to-equity of 1.3x with a debt of Rs 916 crore which includes Rs 800 crore payable to Glenmark Pharmaceuticals, post-IPO debt will be negligible.
UBS on Tata Motors:
India business was in line but the JLR margin was weak. It expects a strong truck cycle recovery over FY22-23. The brokerage firm remains positive on India PV demand and market share gains for Tata Motors. The neutral rating is on the back of lack of strong EV pipeline at JLR and rising competitive intensity.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:
The 15600 – 15900 Nifty range may hold for some more time since FIIs have again turned aggressive sellers (Rs 2377 crore in cash market yesterday) at around 15900 levels. Even though DIIs are consistently buying (Rs 1551 crore yesterday), they are being overwhelmed by FII selling which has touched Rs 14755 crore in July so far.
Nifty is unlikely to decisively break above 15900 until FII selling weakens substantially. Since money is continuously flowing into domestic equity mutual funds, the fund managers don’t have any option but to buy even if valuations are high. The mid-small-cap segment is witnessing high volatility in response to results since the institutional activity is low in this segment.
The newbie retail investors are now focused on this segment. But this segment can correct hugely when the market turns bearish and, therefore, investors have to be cautious.
Gold Price Today: Yellow Metal Trades Flat; Support Placed Around Rs 47,300
Gold price today: The yellow metal has support at Rs 47,300-47,070 and resistance at Rs 47,700-47,850; silver has support at Rs 66,600-66,200 and resistance at Rs 67,500-68,000, say experts
Rupee Opens:
Indian rupee opened marginally higher at 74.36 per dollar on Tuesday against previous close of 74.42, amid buying seen in the domestic equity market.
On July 26, rupee ended flat at 74.42 per dollar against Friday’s close of 74.40.
