Sensex, Nifty Updates: Sensex and Nifty reversed from yesterday's losses and gained on Wednesday, amid positive global equities. Sensex was rising 637 points higher at 36,670 and Nifty climbed 188 points higher at 10,795. Investor sentiment strengthened further today after the human clinical trials for COVID-19 vaccine were initiated in India. News about experimental vaccine developed by Moderna and the NIH in US also helped global markets gain momentum. Yesterday, Sensex ended 660 points lower at 36,033 and Nifty closed 195 points lower to 10,607. Meanwhile, Infosys, the country's second largest software exporter and private lenders Bandhan Bank, Federal Bank along with 50 other listed companies are scheduled to announce their earnings report on Wednesday.
Here's a look at the updates of the market action on BSE and NSE today
11. 52 AM: Indian rupee rises today
The rupee gained 14 paise to 75.28 per dollar on Wednesday tracking weakness in the US dollar and gains in the domestic equity market. Indian rupee opened at 75.35 per dollar, and later gained further ground to touch 75.28 per dollar, up 14 paise over its previous close of 75.42 on Tuesday.
Rupee gains 14 paise to 75.28 amid weak dollar, gains in domestic equities
11. 42 AM: RIL share hits all-time high ahead of 43rd AGM today
Share price of Reliance Industries Ltd (RIL) hit a record high ahead of the conglomerate's 43rd Annual General Meeting to be held later today. Reliance Industries share gained 1.67% to hit a fresh all-time high of Rs 1,948 compared to the previous close of Rs 1916 on BSE.
The large cap stock hit a fresh 52-week low of Rs 867 on March 23, 2020. Since then, the stock has gained nearly 125% on BSE. Total 2.27 lakh shares changed hands on BSE amounting to turnover of Rs 44.04 crore. On July 13, RIL became the first Indian firm to cross the market capitalisation of Rs 12 lakh crore after its stock climbed to fresh high of Rs 1,947.
RIL share hits all-time high ahead of 43rd AGM today
11. 34 AM: Market update
Investor sentiment strengthened further today after the human clinical trials for COVID-19 vaccine were initiated in India.
The Drugs Controller General of India (DCGI) has permitted two vaccines -- one developed by Bharat Biotech International Limited in collaboration with ICMR and another one by Zydus Cadila Healthcare Ltd -- to go in for the first and second phase of human clinical trials.
11. 17 AM: Gold outlook, Spot gold and MCX Gold
In terms of Spot gold's technical outlook, experts suggest that prices will continue to edge higher as long as they stay above $1,790.
Resistances for spot gold are seen at $1830 followed by $1882, said Geojit Financial in its note and added that an unexpected drop below $1770 could negate the buying momentum and take prices lower.
Positive momentum would continue as long as prices stay above $1790. Next resistances are seen at $1830 followed by $1882. Meanwhile, an unexpected drop below $1770 could negate intraday buying expectations and take prices lower. For MCX Gold Futures, the brokerage estimated the resistance at Rs 49,300/51,500 and support at Rs 48,540.
11. 14 AM: Global markets
Asian markets were trading higher tracking overnight pullback in US on hopes of coronavirus vaccine development.
11. 07 AM: Top gainers and losers
Infosys, Axis Bank, Tech Mahindra, Bajaj Finance, Tata Steel, HCL Tech and IndusInd Bank were among the other gainers on Sensex. On the other hand, Bharti Airtel, ITC and Kotak Bank were the laggards
10. 58 AM: Oil price gains
Oil price gained as OPEC and its allies cut production by more than what was agreen earlier in June as demand was expected to be lower due to coronavirus pandemic.
10. 52 AM: OPEC Meet- Oil outlook
Crude Oil markets shift focus on the OPEC Meeting: By Prathamesh Mallya, AVP - Research Non Agri Commodities and Currencies, Angel Broking :
"While the Global GDP seems to be contracting with fall in growth from Europe to Asia to US, the focus of oil investors now turns to the all-important OPEC meeting who might decide or recommend an increase in output. The Organization of the Petroleum Exporting Countries (OPEC) prepares to meet on Tuesday and Wednesday to recommend levels for future supply cuts. With most of the economies opening up from stringent lockdown and measures, crude oil demand has now recovered to 90 million barrels per day as of June 2020, vis-a-vis 70 mbpd in March when the pandemic was at its full force. OPEC and allies including Russia are expected to ease their production cuts to 7.7 million barrels per day (bpd) after a recovery in global oil demand. OPEC+ cut output by a record 9.7 million bpd for May, June and July.If OPEC decided to ease their production cuts, it would still boost oil markets on the basis of optimism over increased oil demand."
10. 48 AM: Nifty outlook
On Nifty near term technical outlook, Angel Broking in its daily report said," Nifty has slipped below the key support of 10670, which is not a good sign for the bulls. In case of further weakness, we may see this correction getting extended towards 10550 - 10500. On the flipside, 10650 - 10700 has now become an immediate resistance zone. If index has to regain any strength, it needs to surpass these barriers soon."
10. 30 AM: Global cues
Shares were mostly higher in Asia on Wednesday, tracking gains from positive Wall Street and European market closing, as investors banked on news that an experimental COVID-19 vaccine under development by Moderna and the US National Institutes of Health revved up people's immune systems.
10. 22 AM: Market gains further
Sensex and Nifty reversed from yesterday's losses and gained on Wednesday, amid positive global equities. Sensex was rising 637 points higher at 36,670 and Nifty climbed 188 points higher at 10,795.
10. 18 AM: Rupee opens 8 paise stronger
Indian Rupee, the local unit opened 8 paise stronger at 75.34 per dollar as against the last closing of 75.42 per dollar
10. 06 AM: FMCG companies
Shares of FMCG companies such as Hindustan Unilever, Reckitt Benckiser, ITC, Godrej Consumer Products and Dabur will be in focus after the Authority for Advance Ruling (AAR) said that a GST of 18 per cent will be levied on all alcohol-based hand sanitisers. The companies have already cut prices of hand sanitisers by up to 70 per cent after the government categorised them as essential commodity and capped rates.
9. 48 Market rises further
Sensex and Nifty reversed from yesterday's losses and gained bullish momentum by the few minutes of opening bell on Wednesday, amid positive global equities. Sensex was rising 432 points higher at 36,456 and Nifty climbed 125 points higher at 10,732.
9. 35 AM: Nifty outlook
On market's near-term indicators, Aamar Deo Singh, Head Advisory, Angel Broking said, "Technically, markets are trading closer to key resistance levels, so profit-booking is being witnessed. Going forward, we could see a rise in INDIA VIX, indicating short-term concerns and fears of the investor community."
9.22 AM: Wipro Q1
Wipro reported consolidated net profit of Rs 2,390 crore for the first quarter ended June 30, as against Rs 2,388 crore in the same period last year. Consolidated revenue from operations increased marginally by 1.3 per cent to Rs 14,913 crore in Q1 FY21 as compared to Rs 14,716 crore in Q1 FY20.
9. 17 AM: Opening session
Sensex and Nifty opened on a bullish note on Wednesday, amid positive global equities. Sensex was rising 281 points to 36,314 and NSE Nifty traded 93 points higher at 10,701.
9. 05 AM: Reliance Industries 43rd AGM
Investors will keep a close eye on Reliance Industries (RIL) 43rd Annual General Meeting (AGM) as Chairman Mukesh Ambani is expected to make some major announcements at the event. Several key announcements, including plans for Jio Platforms listing, Jio Fiber trajectory, the launch of 5G services, and details of JioMeet, are expected to be revealed at the AGM. Millions of RIL shareholders are expected to tune in to the event which will be held virtually in view of the ongoing crisis coronavirus pandemic. The meeting is scheduled at 2 PM on July 15 via video conferencing
8. 50 AM: Earnings today
Infosys, the country's second largest software exporter, private lenders Bandhan Bank and Federal Bank, along with 50 other listed companies are scheduled to announce their earnings report on Wednesday.
Share market expectations: 7 things you need to know before tomorrow's opening bell
8. 46 AM: Market outlook
Vinod Nair, Head of Research at Geojit Financial Services said,"The markets exhibited a high correlation with the global markets and with the virus infections hitting new highs in India, the uncertainty caught up with the markets. Global markets were weak following rising infections in US and US-China tensions being back in the news. Indian markets were also worried about the increasing number of localised lockdowns which would in turn again slowdown the predicted recovery for businesses. "
8. 40 AM: Rupee Closing
In line with the equity market, on commodity front, Indian Rupee ended lower at 75.41 per dollar against the last closing of 75.19 per dollar.
8.35 AM: SGX Nifty today
SGX Nifty was rising 66 points higher at 10,678, indicating positive trend in domestic grounds today.
8. 30 AM: Closing bell
Sensex and Nifty closed lower on Tuesday, led by weak Asian and European equities as worries of new lockdowns to stem surging coronavirus cases kept investors cautious worldwide. Besides stock-specific action, weak inflation data and US-China tension dampened investor sentiment on domestic grounds. While Sensex ended 660 points lower at 36,033, Nifty closed 195 points lower to 10,607.
Sensex falls 660 points, Nifty ends at 10,607: Five factors that led the sell-off today