(Image: REUTERS)
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets opened in the green on Wednesday morning but soon slipped into the red. S&P BSE Sensex was below 54,400 mark, down 0.35%, while the NSE Nifty gave up 16,250, down 0.37%. Bank Nifty moved below 35,800 mark, falling more than 0.70%. Broader markets were trading mixed and India VIX was down in the red. Tata Steel was up 2.5% as the top Sensex gainer, followed by NTPC, State Bank of India, and Maruti Suzuki India. Tech Mahindra was the top drag on Sensex, down 1.79%, followed by Dr Reddy’s, Sun Pharma, and Nestle India.
Today is the last day to subscribe to CarTrade Tech and Nuvoco Vistas Corporation IPOs. So far CarTrade Tech’s IPO has been subscribed 0.99 times with retail investors subscribing their portion 1.53 times. NIIs and QIBs have not fully subscribed to their portions of the issue. Nuvoco Vistas IPO, meanwhile, has been subscribed 0.29 times so far. Retail investors are leading the bidding process, subscribing their portion 0.51 times. On the other hand, Chemplast Sanmar and Aptus Value Housing Finance India enter the second day of sale for their IPOs. The IPOs have been subscribed 0.16 times and 0.24 times respectively.
As per options data, the Nifty is likely to remain range-bound as 16200 Put and 16300 Call hold significant OI. Nifty futures ended at a discount of 3 points while IV was up by 0.79%. The major Put base is at 16200 strike with 49 lakh shares while the major Call base is at the 16300 strike with 50 lakh shares.
~ ICICI Direct
India VIX, the fear gauge of domestic markets, was up 4.7% on Wednesday as benchmark indices slipped deep into red.
The company’s revenue surged 63.6% YoY to Rs. 41,358cr in Q1FY22, due to robust growth across all business segments. EBITDA grew 219.3% YoY to Rs. 6,173cr due to strong volume growth, improved product mix and favourable macro factors. Adjusted PAT rose to Rs. 2,211cr (vs. Rs. 290cr loss in Q1FY21) after adjusting for Brazilian tax litigation and reversal of employee severance cost. The new expansion plans in Brazil and Asian countries, along with higher demand across sectors and improved operating efficiency should boost performance. Hence, we reiterate our BUY rating on the stock with a revised target price of Rs. 512 using SOTP.
CMP: Rs 427 Target Price: Rs 512
~ Geojit Financial Services
Food-tech company Zomato’s share price rose 5% on Wednesday to trade at Rs 131.25 per share as investors reacted to the company’s April-June quarter results.
Check live price: Zomato
“While Nifty continues hovering near record highs, the broader markets have witnessed a notable correction over the last few days with a significant deterioration in the market breadth. As at the time of writing, the Nifty Midcap 100 and Smallcap 100 index are down nearly 5% and 8% from their peaks, respectively. At present, we are witnessing a stealth decline within the context of the larger bull market. Although the larger uptrend remains intact, for the shorter-term, one must be light on positions and trade cautiously, until the broader markets stabilize. For the Nifty Midcap 100 index, the region between 27000 and 26600 is the immediate support zone to watch out for. Similarly, for the Nifty Smallcap 100 index, this zone happens to be between 9800 and 9600. If the indices stabilize around these zones for a few days, a recovery can be expected in the following sessions. If not, we could see an additional 5-6% correction in the days ahead,” said Abhishek Chinchalkar, CMT Charterholder and Head of Education, FYERS.
Fusion Microfinance has filed its draft IPO (Initial Public Offering) papers with the capital markets regulator SEBI. Backed by private equity firm Creation Investment and an arm of Warburg Pincus, Fusion Microfinance is a financial services firm serving in rural and semi-rural India. The company is looking to raise Rs 600 crore from a fresh issue of equity and an offer for sale (OFS) by existing shareholders including promoters Devesh Sachdev, Creation Investments Fusion, and Warburg Pincus backed Honey Rose Investment. On listing the company could join listed peers such as Ujjivan Small Finance Bank, Suryoday Small Finance Bank, and Bandhan Bank among others.
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Nifty has fallen below 16,200 levels on Wednesday as benchmark indices moved lower. Nifty 50 was down more than 0.50%.
“The outperformance of large-caps, which started a few days back, gathered momentum yesterday with Nifty Mid-cap & Small-cap indices declining by 1.09 % and 2.05% respectively while Nifty moved up. Nifty’s strength is largely due to the resilience of high-quality financials, particularly the HDFC twins, ICICI Bank and Kotak Bank. This divergent performance is desirable and healthy since it is removing the froth in the broader market and rewarding quality. The underperformance of the broader market may continue,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
“The Nifty continues it’s struggle to keep above the 16300 level. It is facing resistance every time it tries to conquer it. If we can get past that on a closing basis, we should go up higher to 16600. On the flip side, good support lies at 16100. As long as that holds, we are in bullish terrain,” said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.
“As the DXY index moves higher and Asian currencies fall USDINR moves higher albeit slowly as flows dominate the scene despite some buying shown by IOC and ONGC. The current crop of IPOs not showing interest from FPIs so flows are limited. Exporters to wait for 74.50 to sell while importers to buy near 74.30 and below. The tapering issue to continue as we wait for the US CPI data this evening,” said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.
Sensex fell 200 points on Wednesday, giving up 54,400 levels. Nifty 50 moved below 16,250.
India VIX, the volatility gauge, was up 0.59% on Wednesday morning as benchmark indices moved in a range.
Domestic benchmark indices started the day’s trade in the positive territory. Broader markets were mirroring the up-move. Bank Nifty was above 36,100.
Sensex crosses 54,700 during Wednesday’s pre-open session while the NSE Nifty 50 was above 16,300.
‘Benchmark indices are expected to open slightly on a positive note as suggested by trends on SGX Nifty. US markets closed in green yesterday after the Senate passed a $1 trillion bipartisan infrastructure package. European indices were also closed with modest gains yesterday. Oil prices bounced from recent losses led by signs of global demand recovery. Stock specific actions can be witnessed in stocks such as Chalet Hotels (Appointed Milind Wadekar as CFO), Insecticides India (Closed buyback on August 10), GMR Infrastructure (Board to meet on August 13 to consider raising up to Rs 6,000 crore). Key earnings to watch today include Bata India, Pidilite Industries, Endurance Technologies, HEG, India Cements etc. On the technical front, Nifty 50 shall continue on its upside momentum with support levels of 16,100 and the near term resistance at 16,400. We believe any significant dip is a good opportunity to accumulate quality stocks in these markets,’ said Mohit Nigam, Head – PMS, Hem Securities.
Nifty moved past 16,300 during the pre-open session. Sensex was above 54,650.
Sensex and Nifty were trading with gains during the pre-open session on Wednesday. Nifty was nearing the crucial 16,300 mark while Sensex was above 54,600.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Oil marketing companies have left the price of petrol and diesel untouched today for the 25th consecutive day. Today, petrol in the national capital costs Rs 101.84 per litre, while Diesel in the capital city is retailing at Rs 89.87 per litre. Fuel prices have increased 41 times since May 4, now sitting at all-time highs. The price of petrol in Delhi has increased by Rs 11.15, while diesel price has surged Rs 10.80 per litre since rates were first hiked more than 3 months back. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with benchmark international price and foreign exchange rates.
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“Nifty is expected to open positive, up by about 40 points at 16310 levels. For the last few days, Nifty had been trading in the 16180 to 16360 range. On the break of 16360 on a closing basis with higher than average volumes, Nifty can test 16450 and 16500 levels in the next few days. Bank Nifty can test 37000 levels if it closes above 36200 with good volumes. The trend in Nifty will remain bullish as long as it is trading above 15900 levels,” said Gaurav Udani, Founder & CEO, ThincRedBlu Securities.
Domestic benchmark indices continue to move higher while broader markets witness a correction. Nifty and Sensex scaled fresh all-time highs yesterday while midcap and smallcap indices on NSE were down 2% or more. On the charts, Nifty formed a small positive candle was formed with upper and lower shadow, according to Nagaraj Shetti, Technical Research Analyst, HDFC Securities. “Technically, this action signal a formation of high wave-type candle pattern. Normally, such high wave formation after a reasonable upmove or decline more often act as a reversal. But, having formed this pattern amid sideways range movement, the significant predictive value is ruled out,” he added.
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In the last week, the benchmark index Nifty/ Sensex first time hit the 16000/ 53500 mark and also registered fresh all-time highs of 16349.45 and 54633.58, respectively. Technically, on weekly charts, the Nifty/ Sensex has formed a strong breakout formation, which indicates a further uptrend from current levels. Post breakout the Nifty is consolidating and the intraday charts suggest narrow rage activity likely to continue in the near future. We are of the view that the medium-term trend is bullish and buying on dips and sell on rallies would be the ideal strategy for the positional traders. 16150-16050 /54000-53500 would be the strong support zone. Trading above the same uptrend wave is likely to continue till 16400-16550/ 54700-55000. Below 16050/ 53500 breakout traders may prefer to exit from trading long positions.
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“Going ahead, the market would be tracking global cues for the further direction in the market. Passage of infrastructure bill by US Senate will be the key event and would propel positive momentum in the market. However, volatility around the US Fed taper talk continues to worry the investors. Apart from this, the market would also keep an eye on US and China inflation data along with UK GDP data, due later this week. Overall, we expect positive momentum in the market on account of strong domestic economic data, impressive quarterly results and unlocking in various states,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
IPO of CarTrade Tech and Nuvoco Vistas close for subscription today. Both the IPOs have not been fully subscribed so far. While CarTrade Tech has been subscribed 0.99 times, Nuvoco Vistas IPO has been subscribed 0.29 times so far.
SGX Nifty was trading 16 points higher on Wednesday morning. Nifty futures trading with gains, hint at some positive momentum ahead of the day’s opening bell.
