Share Market LIVE: Sensex gains 260 points\, Nifty at 10\,670; Infosys\, Wipro\, TCS\, Maruti\, M&M top gainers

Share Market LIVE: Sensex gains 260 points, Nifty at 10,670; Infosys, Wipro, TCS, Maruti, M&M top gainers

Stock Market LIVE Updates on July 16: Balkrishna Industries, Britannia Industries, Granules India and ICICI General Insurance are among the top companies that will be reporting their April-June quarterly earnings

Here's a look at the updates of the market action on BSE and NSE today

Sensex, Nifty Updates: Barring weakness from Asian equities, market indices gained majorly by the opening session on Thursday, tracking rally in IT stocks amid Q1 earnings season. Sensex was trading 247 points higher at 36,299 and Nifty gained 52 points higher to 10,670. Markets in Asian grounds traded mostly in red today as investors turned cautious given rising coronavirus cases and percolating tensions between the US and China. Yesterday, Sensex ended 18 points higher at 36,051 and Nifty closed 10 points higher at 10,618. Companies set to announce their earnings are  Balkrishna Industries, Britannia Industries, Granules India and ICICI General Insurance

Here's a look at the updates of the market action on BSE and NSE today

12.07 PM: Rupee slips 12 paise

The rupee opened at 75.23 at the interbank forex market, then erased gains to touch 75.27, down 12 paise over its last close of 75.15 per dollar.

Forex traders said positive opening in domestic equity market helped the local unit sustain momentum while factors like strong dollar, foreign fund outflows and rising COVID-19 cases dragged the domestic currency down.

On the contrary, the dollar index, gauging the greenback's strength against a basket of six currencies, gained 0.04% to 96.11.

11. 58 AM: Gold price today

Gold price in India corrected over profit booking on Thursday, although traded near record highs. This was in line with global commodity markets amid rising coronavirus cases and ongoing tensions between US and China.

Gold futures on MCX were trading 52 points higher at 49,211 per 10 gm today against the previous close of 49,159 per 10 gm, after hitting a lifetime high of 49,348 in the previous week. Gold August Futures today touched an intraday high of 49,222 and a low of 49,103 today, after opening at 49,104 per 10 gm.

The yellow metal struggled for momentum and traded bit lower on Thursday in overseas markets, although, steadied above its eight-year high at $1,800 per ounce hit last Tuesday. Spot gold price traded 1.51% lower at $1,809.80 today while Comex Gold was trading 0,.50% lower at 1,810

11. 36 AM: Gold outlook

In terms of London Spot gold's technical outlook, there is a mild resistance is seen at $1818 which needs to be cleared for continuation of further upticks for the day, said Geojit Financial in its note and added that the next targets are seen at $1830 followed by $1882. However, a direct drop below $1770 could negate any 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. 20 AM: Metal stocks under pressure

Miners Hindalco and Vedanta were among the session's top laggards on Thursday's early session, after metal prices slid overnight ahead of key Chinese data that could shed light on demand. The Nifty metals index was down 1.6% in early trading

11. 10 AM: It stocks gain momentum

The Nifty IT index was up nearly 4% in early trade, as an upbeat earning by Infosys Ltd lifted IT stocks and capped losses. Infosys Ltd surged over 9% after it reported a better-than-expected first quarter profit on Wednesday evening and reinstated its full-year revenue growth guidance.

10. 52 AM: Market outlook

Commenting on Nifty's near term outlook, Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking) said," If we look at the hourly chart of Nifty, yesterday's price activity was a replica of what happened in US markets on Monday. But we must not dishearten by this because if our markets are following this pattern, then US markets have regained strength in last couple of days and are poised for a good move. Thus we still remain hopeful as long as Nifty remains above 10550 on a sustainable basis. A move below this would certainly apply immediate brakes on the recent rally to see some correction in the market. Till then 10725-10850 can again be retested."

10. 47 AM: Coronavirus toll

Coronavirus has infected 136.96 lakh people worldwide and killed 5.86 lakh so far. Coronavirus cases touched 968,876 as of Thursday morning in India

10. 23 AM: Bandhan Bank Q1 quote

Commenting on Bandhan Bank's Q1FY21 result, Jaikishan Parmar,  Sr, Equity Research Analyst, Angel Broking said,"Bandhan banks Loan portfolio (on book + off book) grew 17.68% YoY, which is weak compared to his growth trajectory. However, considering the current situation 17.68% growth is not bad. The liability front bank did well, as Deposit and CASA grew at 35.3% and 47%, respectively. Other positives are NIM improved marginally, Lower OPEX led to an improvement in Cost to income ratio by 210bps to 27.9% and GNPA at 1.43% vs 1.48%QOQ.  Overall Bank collections improved to 76% by the end of June'20 compared to 29% in April'20. Pre provision profit grew by 16.8% YoY, but accelerated additional provision on standard advances amounting to Rs 750 crores impacted profitability. Here on the stock price movement will largely depend on how quickly collection improves to pre COVID level."

10. 16 AM: Infosys outlook

Commenting on 1QFY21 results of Infosys, Jyoti Roy, DVP Equity Strategist, Angel Broking said,"Infosys reported numbers which were way ahead of street estimates. Company reported a 2.4% qoq degrowth in revenues to USD 3,121mn as compared to expectations of 4-5% degrowth. In rupee terms revenue grew by 1.7% qoq to Rs.23,665 crore while gross profits grew by 2.5% qoq to Rs.7,962 crore. Gross margins expanded by 26bps qoq to 33.6% while tight cost control in the form of reduced SG&A expenses led to approx 160bps qoq expansion in operating margins to  22.7% while operating profits grew by 8.9% qoq to Rs.5,365 crore. However net profit for the quarter degrew by 2.0% qoq to Rs.4,233 crore due to lower other income and higher tax rates during the quarter.

While the Q1FY21 numbers were significantly above street expectations on all counts, new deal wins also remained strong at USD 1.74bn for the quarter. The management has guided for 0-2% growth in constant currency terms for FY2021 which is a big positive and would go a long way in reaffirming the markets faith in the company. Post the Q1FY21 numbers we expect upgrades in FY2021 and FY2022 numbers."

10.05 AM: Nifty outlook

Reliance Smart Money in its daily report said, "NSE-NIFTY tested its extended upper band of the rising wedge (then placed around 10,800 mark) and reversed down quite sharply. Though the index ended in profit, but it has formed a bearish continuation pattern on the daily chart. As mentioned earlier, our negative view will remain intact on the index as its major technical indicators remained in the sell mode. This could drag the index towards 10,440 and 10,350 levels. On the higher side, the index will continue to face hurdle around its long-term moving average 200-day SMA (placed at 10,877 mark).

As for the day, support is placed at around 10,560 and then at 10,480 levels, while resistance is observed at 10,800 and then at 10,890 levels."

9. 56 AM: Market gains further

Barring weakness from Asian equities, market indices gained majorly by the opening session on Thursday. Sensex was trading 247 points higher at 36,299 and Nifty gained 52 points higher to 10,670.

9.45 AM: Stocks to watch today on July 16

SBI Cards, Infosys, Yes Bank, L&T Infotech, SBI, GAIL among others are the top stocks to watch out for in Thursday's trading session.

Stocks in news: SBI Cards, Infosys, Yes Bank, L&T Infotech, SBI, GAIL and more

9. 30 AM: Opening session

Sensex and Nifty erased early gains and traded muted  on Thursday, amid mixed Asian equities. Sensex was trading 85 points higher at 36,124 and Nifty was falling 10 points lower to 10,607

9. 13 AM: Pre open session today

Barring weakness from Asian equities, market indices gained majorly by the opening session on Thursday.

9.00 AM: Market outlook

"We're seeing a tussle between the bulls and bears for the last couple of sessions and we feel it would be healthy if the market witnesses some correction after the recent surge. However, the resilience of global markets would help the index to limit the downside. Amid all, stocks may continue to witness volatile swings on both sides thus traders have no option but to position themselves accordingly," said Ajit Mishra, VP - Research, Religare Broking.

8. 45 AM: Earnings today

Companies set to announce their earnings are  Balkrishna Industries, Britannia Industries, Granules India and ICICI General Insurance

8. 40 AM: Asian markets in red

Markets in Asian grounds traded mostly in red today as investors turned cautious given rising coronavirus cases and percolating tensions between the US and China.

8. 30 AM: Closing session

After rallying 777 points amid positive sentiments across global markets on hopes of a coronavirus vaccine, Sensex surrendered gains in the last hour of trade. Yesterday, Sensex ended 18 points higher at 36,051 and Nifty closed 10 points higher at 10,618.