Asian stocks were trading mostly higher in early trade on Tuesday. The Nikkei 225 in Japan gained 0.6 per cent. Image: ReutersShare Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a gap-up start on Tuesday, as suggested by trends on SGX Nifty in early trade. Nifty futures were trading 50.50 points or 0.32 per cent up at 15,872 on Singaporean Exchange. In the previous session, headline indices gave up two-day winning run, ending lower. Asian stocks were trading mostly higher in early trade on Tuesday. The Nikkei 225 in Japan gained 0.6 per cent while the Topix index was up 0.6 per cent. South Korea’s Kospi gained 0.8 per cent. In Australia, the S&P/ASX 200 jumped 0.4 per cent. In overnight trade on Wall Street, US stock indexes posted record closing highs for a second straight session. The Dow Jones Industrial Average rose 0.24 per cent, the S&P 500 gained 0.24 per cent, and the Nasdaq Composite added 0.03 per cent.
Glenmark Life Sciences’ Rs 1,514 crore initial public offering (IPO) opens for subscription on Tuesday, July 27. The issue consists of a fresh issue of equity shares worth Rs 1,060 crore and an offer for sale by existing shareholders worth R 453 crore. Investors can bid for Glenmark Life Sciences IPO at the fixed price band of Rs 695 – 720 per share in a bid lot of 20 shares.
Highlights
Domestic markets look to be modestly good as of now. Notably, 1QFY22 corporate earnings have been strong so far and commentary of most managements also have been encouraging. However, asset quality worry for banks and NBFCs post 1QFY22 earnings cards of HDFC Banks and ICICI Banks weighted in index heavyweight financials. However, asset quality of banks is likely to improve with the reopening of complete economy and faster job creation. While concerns over global growth due to recent rise in delta variant Coronavirus cases in different parts of the world continues to persist, we believe that underlying strength of domestic market remains intact and any meaningful correction in the market should be taken as an opportunity to buy. Binod Modi, Head Strategy at Reliance Securities
Nifty is expected to open around 15850, up by 30 points. In the last few days, Nifty has been trading in a tight range and the range is expected to be broken soon. 15880 is strong resistance on a closing basis and 15700 and 15580 are strong support points. Fresh longs are suggested only once Nifty closes above 16000 levels. Profit booking is suggested if Nifty breaks 15580 on a closing basis. Gaurav Udani, CEO & Founder, ThincRedBlu Securities
Markets will track global cues for further market direction while lot of stock specific action will be seen given the earnings season in progress. Overall, the result season so far has been healthy and is providing g support to the market which has shown strong resilience even though it faces headwinds from the advent of a possible third COVID wave and persistent inflation readings prompting a potential rate increase. Positive macro data points both on global and domestic front is giving confidence to the investors of faster economic recovery. While declines are being bought into, follow up is missing at higher levels. Bulls would need a lot of strength to take the market to newer highs above 16,000 mark. Further, markets are likely to remain volatile this week ahead of monthly expiry. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services
For Tuesday at Nifty 15800 will act as an immediate support followed by 15730 and 15700 levels on the downside & have immediate resistance at 15885 followed by 15960 & 16050 as third resistance. For Bank Nifty 34800 will act as a first support to the index followed by 34500 & 34200, resistance is placed at 35150 – 35350-35600. All the eyes of investors and traders are focused on the earning season so stock specific approach will the best strategy to follow at the current market situation, Sectors which will remain in focus will be from Banking, Cement, Metal, Realty & IT space. Rahul Sharma, Co- Founder, Equity99
"The Nifty IV's remained muted which is still pointing towards lack of direction. Hence index back to its consolidation range of 15600 to 15950 again. Rollover activity picks up pace, we may see stock specific movement.
On the options front, the near options activity is concentrated at ATM strikes of 15800 for both Call and Put. While the highest Call base is placed at 16000 strike, Put base is highest at 15800 strike. So prima facie, a move below 15770 should be considered negative for Nifty below, moving towards 15700-15600. On the higher side, above 15980-16000(a psychological resistance) may trigger short covering momentum which may take Nifty towards 16100-16200 levels," said Raushan Kumar, Derivative Analyst, IIFL Securities.
BSE-listed companies such as Dr Reddy’s Laboratories, InterGlobe Aviation, Canara Bank, Aarti Drugs, IndusInd Bank, Ansal Housing, Arihant Capital Markets, Bhageria Industries, BLS International Services, Confidence Petroleum India, Dalmia Bharat, Dixon Technologies, EIH Associated Hotels, Elantas Beck India, Filatex India, GM Breweries, Godawari Power & Ispat, Granules India, Greenlam Industries, Hindustan Fluorocarbons, IIFL Finance, Karnataka Bank, Lux Industries, Mahindra Logistics, Ramco Cements, Sanofi India, Sharda Cropchem, Shemaroo Entertainment, Snowman Logistics, Torrent Pharmaceuticals, TTK Prestige, UCO Bank and VST Industries will annouce Apr-Jun qiarter earnings on July 27.
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Domestic equity markets closed in red on Monday, starting the weak on a negative note amid mixed global cues. S&P BSE Sensex was slipped 123 points to closed at 52,852 while the 50-stock NSE Nifty ended at 15,824, down 31.6 points. Broader markets closed mixed with smallcap indices outperforming peers and closing in the green. Entering the second day of trade, SGX Nifty was up 45 points, hinting at some positive build-up ahead of the opening bell. Cues from global peers were largely positive after Wall Street equity indices closed with gains and Asian stock markets followed suit.
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On Monday, foreign institutional investors (FIIs) net sold shares worth Rs 2,376.79 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 1,551.27 crore in the Indian stock market.
Finance minister Nirmala Sitharaman said on Monday the government doesn’t intend to go for direct monetisation of its fiscal deficit by the central bank in light of the unprecedented Covid-19 outbreak. Responding to a question in the Lok Sabha on “whether there is any plan to print currency to tide over the crisis”, the minister replied in the negative.
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In overnight trade on Wall Street, US stock indexes posted record closing highs for a second straight session. The Dow Jones Industrial Average rose 0.24 per cent, the S&P 500 gained 0.24 per cent, and the Nasdaq Composite added 0.03 per cent.
Asian stocks were trading mostly higher in early trade on Tuesday. The Nikkei 225 in Japan gained 0.6 per cent while the Topix index was up 0.6 per cent. South Korea’s Kospi gained 0.8 per cent. In Australia, the S&P/ASX 200 jumped 0.4 per cent.
Glenmark Life Sciences’ shares were trading at a 20% premium ahead of the IPO in the unlisted space. A subsidiary of Glenmark Pharmaceuticals, Glenmark Life Sciences is a developer and manufacturer of select high value, non-commoditized active pharmaceutical ingredients. Glenmark Life Sciences’ public issue will be the fifth IPO to enter Dalal Street so far this month. The stock is likely to list on the bourses next month. Investors can bid for Glenmark Life Sciences IPO at the fixed price band of Rs 695 – 720 per share in a bid lot of 20 shares. This translated to a minimum investment of Rs 14,400 on the higher end of the price band.
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