Sensex, Nifty Updates: Sensex and Nifty struggled to keep gains and traded muted on Wednesday. Traders said investors focus shifted back to the rising coronavirus infections despite restricted travel and lockdown in various parts of the world. Sensex was trading 75 points lower at 37,853 and Nifty was down 23 points at 11,138. SGX Nifty was falling 38 points lower to 11,126, indicating weak trend in domestic grounds today. Yesterday, Sensex ended 511 points higher at 37,930 and Nifty closed 140 points to 11,162. Meanwhile, Alembic Pharma, Bajaj Auto, Bajaj Holdings, Jindal Steel & Power, Larsen & Toubro, MTNL, Network 18, Rallis India are among the top companies that will be reporting their April-June quarterly earnings today.

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

12. 01 PM: Axis Bank - 1QFY21 result update

Commenting on Q1 results of Axis Bank, Jaikishan Parmar, Sr. Equity Research Analyst, Angel Broking said," Axis bank PAT declined 19% YoY, which is marginally below our estimate. NII grew 20% YoY primarily supported by the lower cost of funds. Other income declined by 33% YoY, this is primarily owing to lower business activity. The cost to income declined 500bps to 39% sequentially. The big surprise is moratorium % to advance plunged from 25-28% mentioned in the Q4FY20 investor call to 9% in Q1FY21. Improvement in asset quality led by lower slippages in higher provision. Bank is continuously improving PCR which provides comfort on asset quality, considering all provision (including specific + standard + additional + COVID provisions) stands at 104% of GNPA at Q1FY21. Considering lower moratorium number, higher provision converge, strong performance by subsidiary and lower valuation compared to the historical average will keep positive movement in stock price."

11. 44 AM: Earnings today

Alembic Pharma, Bajaj Auto, Bajaj Holdings, Jindal Steel & Power, Larsen & Toubro, MTNL, Network 18, Rallis India are among the top companies that will be reporting their April-June quarterly earnings today.

Commenting on Q1FY21 results of Hindustan Unilever, Amarjeet Maurya, AVP - Mid Caps, Angel Broking said,"For 1QFY21, Hindustan Unilever (HUL's consolidated top-line grew by ~4% to Rs.10,731cr. Underlying domestic consumer business sales (excluding the impact of business combinations i.e. merger of GSK CH India with HUL) impacted by COVID disruptions led to a decline of 7% in the quarter. On the operating front, the company reported margin contraction (down by 117bp YoY to 25.1%), primarily on account of higher raw material costs and other expenses. The reported net profit grew by 6% YoY to Rs.1,897cr due to lower taxes and higher other income."

11. 20 AM: Gold prices hit fresh high

Gold and silver prices in the commodity market have been scaling fresh highs as traders shunned risk and sought a safe haven during coronavirus crisis.

Gold prices surpassed Rs 50K mark and hit an all-time high of Rs 50,060/10 gm today on MCX, tracking heightened buying sentiment from global markets. Silver futures in the domestic market too gained 5.47% or 3,648 to trade at Rs 60,990 per kg today, after touching an intra day high of Rs 60,998 per kg.

Gold prices hit Rs 50,000 for the first time as global equities decline

11. 11 AM: RIL share scales Rs 2,000 mark for first time

Reliance Industries Ltd (RIL) share price hit the historic mark of Rs 2,000 for the first time in today's trade amid volatile benchmark indices. RIL share price gained 1.4% to hit all time high of Rs 2,000 against previous close of Rs 1971.85 on BSE. RIL stock has gained 8.12% in the last 4 days.

RIL share scales Rs 2,000 mark for first time, gains 130% from 52-week low

11.02 AM: Market outlook

Vinod Nair, Head of Research at Geojit Financial Services said," Although the market uptrend remains intact, investors are advised to be cautious since it seems to be in overvalued territory. Result-heavy day today, and stock specific commentary will be looked at".

Worldwide, there are 15,097,649 confirmed cases and 619,558 deaths from the coronavirus COVID-19 outbreak

In India, investor's focus is back to surging domestic coronavirus cases that neared 1.2 million in the nation.

The euro's rally was triggered by European Union leaders striking a deal for a region-wide rescue plan, a huge step toward both recovery and a stronger union.

The spread of the coronavirus in the United States and other hotspots heightened concerns that economic recovery is far from assured in the near term. United States also reported more than 1,000 deaths from COVID-19 on Tuesday, leading to Nasdaq's closing in red.

Oil prices remain steady, haning on to most of their overnight gains. Brent futures slipped 0.5% to $44.12 per barrel and U.S. crude fell 0.5% to $41.70 a barrel.

10. 10 Nifty support and resistance

"The Nifty has now almost reached our expected target area of 11200 which is the 78.6 percent of the previous correction. The immediate supports for Nifty are placed around 11085 and 11000 whereas resistances are seen around 11190 and 11220," said Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking

10.03 AM: Gold hits all time high

Gold prices were trading near Rs 50K mark after hitting all-time high of Rs 49,975/10 gm today on MCX. Silver, meanwhile rose by Rs 3,000 to Rs 60,344 per kg.

Overseas, spot gold prices rose 1.3% to $1,865.81 an ounce, the highest in almost nine years

9. 50 AM: Nifty near term outlook

REliance Smart Money said in its daily note that," NSE-NIFTY continued its daily rising trend post a breakout from its long-term moving average 200-day SMA and rose to four and half month high. Yesterday, further buying in rate sensitive sectors has supported the up-move. We believe the index will continue its current up-move as its major technical indicator on the near-term timeframe chart remained in favour of bulls. This could lead the index towards 11,435 and 11,600 levels. In case of decline, the index will initially find support at around 10,865 mark and then at around 10,560 level.

As for the day, support is placed at around 11,124 and then at 11,085 levels, while resistance is observed at 11,190 and then at 11,218 levels."

9. 30 AM: Market turns red

Equity market gave up initial gains and reversed trend to fall marginally on Wednesday, amid weak global equities. Sensex was trading 75 points lower at 37,853 and Nifty was down 23 points at 11,138.

9. 14 AM: Opening session

Sensex and Nifty opened on a bullish note on Wednesday, amid positive global equities. Sensex gained 250 points higher and Nifty was trading at 11,231.

9. 00 AM: Stocks to watch today on July 22

HUL, YES Bank, Indiamart Intermesh, Axis Bank, L&T, Alembic Pharma among others are the top stocks to watch out for in Wednesday's trading session.

Stocks in news: HUL, YES Bank, Indiamart Intermesh, Axis Bank, L&T, Alembic Pharma

8. 50 AM: Earnings today

Alembic Pharmaceuticals, Larsen & Toubro, Jindal Steel & Power, and Bajaj Auto are among the top companies that will be reporting their April-June quarterly earnings today

8. 40 AM: Rupee closing

On the currency front, Indian rupee, the domestic currency benchmark ended stronger at   74.75 per dollar on Tuesday, as against the earlier close of 75.921 per dollar.

8. 30 AM: Closing

Sensex and Nifty ended higher on Tuesday amid positive global equities as hopes of COVID-19 vaccine and economic stilmulus kept investors upbeat. Extending gains for the fifth straight session, Sensex ended 511 points higher at 37,930 and Nifty closed 140 points to 11,162

Sensex ends 511 points higher on COVID-19 vaccine hopes, banking stocks rally