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Share Market Highlights: Sensex ends below 52,400, Nifty gives up 15,700 on closing; TCS, HDFC Bank top drags – The Financial Express

India VIX closed 4% lower.
(Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices highlights: Domestic equity markets closed in the red for the second day straight on Friday. S&P BSE Sensex fell 0.35% or 182 points to settle at 52,386 while the Nifty 50 index ended at 15,689 points, down 0.24%. Tata Steel jumped 4% to close as the top Sensex gainer, followed by Bajaj Auto, Bharti Airtel, and NTPC. On the other hand, Bajaj Auto was down nearly 2% as the top Sensex drag, followed by TCS, HDFC Bank, Axis Bank, and Reliance Industries. Broader markets closed mixed as Midcap and Smallcap indices closed with gains, outperforming the benchmark indices. India VIX slipped 4%.

Domestic equity markets closed in the red for the second consecutive trading session on Friday. S&P BSE Sensex fell 0.35% or 182 points to settle at 52,386 while the Nifty 50 index ended at 15,689 points, down 0.24%. Tata Steel jumped 4% to close as the top Sensex gainer, followed by Bajaj Auto, Bharti Airtel, and NTPC. On the other hand, Bajaj Auto was down nearly 2% as the top Sensex drag, followed by TCS, HDFC Bank, Axis Bank, and Reliance Industries. Broader markets closed mixed as Midcap and Smallcap indices closed with gains, outperforming the benchmark indices. India VIX slipped 4%. Among sectoral indices, Nifty Media, Nifty Metal, Nifty Pharma, Nifty FMCG, and Nifty Nifty Realty closed with losses. Bank Nifty closed 0.57% in the red.

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Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets closed with losses for the second consecutive session on Friday. Midcap, smallcap indices outperformed. 

Midcap and Smallcap indices were outperforming the benchmark indices on NSE ahead of the closing bell. Nifty Midcap 50 was up 0.77% while Nifty Smallcap 50 gained 0.53%.

Sensex and Nifty were recouping some losses ahead of the closing bell on Wednesday. Sensex was down 150 points while Nifty was nearing 15,700.

Bank Nifty continues to trade with losses, down 0.46% on Friday. Nifty private bank index followed suit, while Nifty PSU Bank index was trading flat with a positive bias.  

The volatility index was down 4.6% ahead of the closing bell on Friday. The index has been slipping during the day after having surged 11% higher yesterday. 

TCS share price is likely to rally 16 per cent from the current levels, even as April-June quarter results of FY22 missed estimates. On Friday, TCS share price fell to Rs 3,207.65 apiece, down over 1.5 per cent on BSE. India’s largest software services exporter, missed Street estimates on all fronts. On Thursday, ahead of Q1 earnings, TCS stock settled weak at Rs 3,257.10, down over half a per cent. At least five research and brokerage firms — Emkay Global Financial Services, Prabhudas Lilladher, Motilal Oswal Financial Services and Yes Securities — expect TCS stock to rally up to 16 per cent post first-quarter earnings. TCS posted a fall in net profit at Rs 9,008 crore, a decline of 2.6 per cent sequentially. While revenues during the quarter were up by nearly 4 per cent, sequentially, to Rs 45,411 crore.

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Nifty FMCG, Nifty Media, Nifty Metal, Nifty Pharma, and Nifty Realty were up with gains while the rest were trading with losses. Bank Nifty was down 0.6%.

Markets at current elevated levels need the support of strong earnings growth and continuation of the loose monetary policy globally, especially in the US. Any perception of change to the worse on both counts will make the markets nervous and twitchy. Market corrections, as a result, will not be slow and suffocating, they will be short and sharp. FY21-23 market move may be more broad-based as compared to the FY17-20 phase. The same may be necessitated across equity portfolios.

~ IDFC Mutual Funds

Dow Jones index has soared 14% so far this year, while the S&P 500 index has jumped 16%, but the rally may have more steam left. Analysts at Morgan Stanley have narrowed it down to three megatrends that may push stock markets higher in the post-pandemic world. Wall Street equity indices have soared higher as the US economy re-opened and the vaccination drive accelerated. While NASDAQ and S&P 500 reached fresh all-time highs earlier this week, the Dow Jones had claimed a fresh high in May this year.

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The Nifty 50 index is likely to trade in the 15,500-15,800 range in the current week to 15 July expiry. Analysts see positive bias in the index even with no clear indication of direction. On the other hand, 34,700 remains an important level to watch out for Bank Nifty; and it may bounce back up from 35,000. In the past month, Nifty 50 has continued to hover in the 15,450-15,900 zone, and is currently ruling in the middle of this range.

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Bajaj Auto was down 1.69% as the worst-performing Sensex stock on Friday, followed by TCS and Axis Bank. 

India VIX, the volatility gauge, was down in the red on Friday. The index had gained 11% during the previous trading session. 

Domestic real estate developers may witness a rebound, after having seen years of consolidation, as the country recovers from the covid-induced economic slump. Global brokerage and research firm CLSA said that real estate developers aim to double their sales over the next three to four years, benefiting from strong demand, affordability and industry consolidation. Developers also aim to continue trimming debt, after having reduced debt by 27% last financial year. Seeing a positive outlook for the sector over the longer run, CLSA has picked three listed real estate sector stocks to buy. “We prefer developers who are focused on growth, healthy profitability and prudent capital allocation,” they said.

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Fundamentally, higher crude oil prices, concerns over fiscal slippage, higher inflation & strengthening US dollar on hawkish fed could keep the Rupee’s momentum on a depreciating side. Overall, 74.20-74.40 is likely to remain strong support for the USDINR pair and thus strategy would be to buy on every dip towards the support levels.  On the higher side, immediate resistance lies at the 74.90-75.00 zone. If that is taken out then we might see a sharp up move till 75.20-75.50 levels. Amit Pabari, managing director, CR Forex Advisors

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India surged on Friday, as they looked set for the third straight weekly gain mirroring the global trends. On Multi Commodity Exchange, gold August futures were ruling Rs 139 or 0.3 per cent higher at Rs 47,860 per 10 gram, as against the previous close of Rs 47,721. Silver September futures, on the other hand, fell Rs 150 or 0.22 per cent to Rs 68,813 gram.

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“There is a sudden bout of negative news for markets. The elusive virus, which is foxing even the World’s best epidemiologists, has again become a threat with countries like South Korea and Australia imposing fresh restrictions. Tokyo Olympics closing to spectators is a sentiment negative. The 0.8 % cut in S&P 500 and deeper cuts in European markets indicate that the uptrend is temporarily halted. How deep the downtrend will depend on institutional behaviour and the retail investor response. The latter is a powerful market determining factor now. Without a doubt, the valuations are excessive and there is room for markets to correct significantly. ‘Buy on dips’ may not prove to be a good strategy now. Profit booking and increasing the cash component in the portfolio are advisable,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 

India VIX trimmed gains but was still sitting in the green. The volatility gauge was up 0.29%, extending gains after a sharp 11% jump yesterday.

Equity benchmarks concluded weekly expiry session on a subdued note as Nifty dropped 152 points or 1% to settle Thursday’s session at 15728. In the coming (today) session, index is likely to witness gap down opening tracking weak global cues. However, we expect, index to attempt a pullback post initial dip. Hence, use intraday dip towards 15610-15632 to create long for target of 15723.

~ ICICI Direct

‘India VIX saw a spike of 11% along with a one-sided slide on the expiry day. FIIs added short positions in the index while closing their longs in stock futures. The bias remains bearish below 15,800 with downward support at 15,635 and 15,600. Bank Nifty breakdown point at 34,900. Follow up selling is a must to confirm the breakdown in both the indices,’ said Rahul Sharma, Direct & Head – Research, JM Financial.

Sensex, after having opened in the red, continued moving lower and minutes into the day’s trade was down 300 points. Nifty was below 15,650.

Sensex and Nifty began the day’s trade in the red. Sensex was down more than 200 points or 0.4% on opening while Nifty gave up 15,700. India VIX was climbing higher. 

Both the benchmark indices were down in the red at the end of the pre-open session on Friday. 

“Indian Benchmark Indices are expected to open on a subdued note on account of global cues. US Dow, S&P 500 and Nasdaq Composite declined nearly 1% as investors have grown concerned about labor shortages and supply-chain hold up. Asian markets followed US equities and opened lower on Friday over growing anxiety regarding spread of the highly contagious Delta variant of the coronavirus globally which could hamper the overall economic recovery. Both FIIs and DIIs were net sellers of Rs 555 crore and Rs 949 crore in yesterday’s session. Traders need to be a bit cautious as India VIX surged 12% yesterday on expectation of higher intra-day volatility. Immediate support and resistance for Nifty 50 are 15,600 and 15,800 respectively. Overall Domestic factors are positive on account of fall in pandemic cases and vaccination progress and we would advise a buy on dips strategy in the current market,” said Mohit Nigam, Head, PMS – Hem Securities.

Sensex was moving between gains and losses during the pre-open session on Friday while the 50-stock NSE Nifty was below 15,700 mark. 

SGX Nifty was down in the red on Friday morning but was seen recouping some losses ahead of the pre-open session.

BSE Sensex and Nifty 50 once again look to start in red on Friday, following a one per cent fall in the previous session. Besides, TCS quarterly results, investors will track corporate results for stock-specific development, vaccination pace, oil prices, rupee movement against US Dollar and other global cues. Analysts said equity markets have seen a sharp run-up in the last 12-18 months bolstered by healthy earnings, improved sentiments, benign liquidity, and low cost of capital. 

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‘The Nifty could immediately trade in a 1.50% range either side from 15700 with a bias on the upside, weekly options data show. The range for the market based on the combined value of the 15700 call and put expiring on July 15 is 15920-15480. The bias, going by the open interest put call ratio of 1.22, is on the upside, indicating traders have sold more put options than puts on the Nifty, expecting the market to move further and gobbling up the premiums received by selling puts to the option buyers.

In the coming session, the trading spot band is between 15660 and 15940, which means further upsides are likely once the immediate resistances of 15940 are taken out and weakness could emerge if the supports of 15660 are broken,’ said Raushan Kumar, Derivative Analyst, IIFL Securities.

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: The price of Petrol and Diesel were left unchanged today by oil marketing companies. Petrol in the national capital now costs Rs 100.56 per litre, while Diesel in the capital city is retailing at Rs 89.62 per litre. Fuel prices have increased 36 times since May 4 and five times this month. The price of petrol in Delhi has increased by Rs 9.87, while diesel price has surged Rs 10.55 per litre since the rates started increasing. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices on a daily basis in line with benchmark international price and foreign exchange rates.

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Nifty futures were trading half a per cent down at 15,660 on Singaporean Exchange on Friday, indicating a gap-down start for BSE Sensex and Nifty 50. In the previous session, headline indices ended the weekly expiry session in the negative territory, falling nearly one per cent, each. Investors would react to TCS (Tata Consultancy Services) numbers. Analysts suggest keeping a check on naked leveraged positions and wait for clarity. 

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‘Technically Nifty formed a Bearish candle and broke its immediate support – wiping off its gains of the last few sessions. Now, it has to cross and hold above 15750 zones to witness an up move towards 15850 and 15915 levels while on the downside support exists at 15600 and 15500 levels. India VIX spiked by 11.06% from 12.21 to 13.56 levels. Sudden spurt in VIX from its multiple months low indicates some caution for short term market action,’ said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.

Tata Consultancy Services (TCS), the country’s largest software services exporter, on Thursday disappointed with its first quarter performance as it missed street estimates on all fronts, impacted by a sharp 14% decline seen in the India market. While the constant currency (CC) revenue growth of 2.4% was weaker sequentially from 4.2% in March quarter, attrition during the quarter surged 140 basis points.

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India’s high-profile tax dispute with Cairn Energy took an embarrassing turn for New Delhi on Thursday, with the Scottish energy company reportedly securing a French court order to seize about 20 Indian government properties in Central Paris. The properties, that mostly comprise flats valued at more than €20 million, are used by the Indian government establishment in France, PTI reported, quoting people with “direct knowledge of the matter”.

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SGX Nifty was down 50 points on Friday morning, hinting at weakness in market momentum ahead of the opening bell. 

The initial public offer of G R Infraprojects was subscribed 5.75 times on Thursday, the second day of subscription. The Rs 963.28-crore IPO received bids for 4,67,44,067 shares as against 81,23,594 shares on offer, according to an update on the NSE.

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