India VIX closed with gains.
(Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity markets closed in the red on Friday as bears continued to pull Dalal Street lower. S&P BSE Sensex ended at 55329, down 0.54% while the NSE Nifty 50 closed at 16450, falling 0.71%. Bank Nifty fell 1.46% on Friday, managing to close just above the 35,000 mark. Broader markets continued with their correction as Nifty Midcap 50 tanked 3% and Nifty Smallcap 50 fell 2.5%. India VIX soared 8.6% to closed at 14 levels. Tata Steel was the worst Sensex performer, nose-diving 8.2%, followed by State Bank of India, Dr Reddy’s Laboaratories, and Kotak Mahindra Bank. HUL jumped 5.4% to close as the top Sensex gainer, followed by Asian Paints, Nestle India, and Bajaj Finance.
Highlights
Bears continued to pull domestic equity markets lower amid a global sell-off on Friday. Domestic equity markets closed in with losses with S&P BSE Sensex ending down 0.54% at 55329 while the NSE Nifty 50 closed at 16450, falling 0.71%. Tata Steel was the worst Sensex performer, nose-diving 8.2%, followed by State Bank of India, Dr Reddy's Laboaratories, and Kotak Mahindra Bank. HUL jumped 5.4% to close as the top Sensex gainer, followed by Asian Paints, Nestle India, and Bajaj Finance. Bank Nifty fell 1.46% on Friday, managing to close just above the 35,000 mark. Broader markets continued with their correction as Nifty Midcap 50 tanked 3% and Nifty Smallcap 50 fell 2.5%. India VIX soared 8.6% to closed at 14 levels.
Read full story
Bears control Dalal Street on friday, forcing domestic benchmark indices to close with losses. Bank Nifty ended the day just above 35,000, India VIX jumped 8%.
Sensex, Nifty were deep down in red just ahead of the closing bell. Sensex was down over 300 points while Nifty 50 was below 16,450.
India VIX, the volatility gauge of domestic markets, has soared 8.58% on Friday breaching 14 levels. The index soared as domestic benchmark indices slipped for the second consecutive trading session.
S&P Global Ratings on Friday placed the ratings on Tata Group firms – Tata Steel, Tata Motors, ABJA Investment Co Pte Ltd, TML Holdings Pte Ltd and Jaguar Land Rover Automotive Plc – on CreditWatch with positive implications, which implies a possible revision in ratings.
Read full story
"Investors should prepare for a much needed correction in the stock markets for more reasons than one. Individual stocks are getting beaten down, but the index is moving higher, which suggests money flow rotation to the safe bets or the large cap stocks. HDFC, HDFC Bank, Bajaj Finance, Reliance Industries, Infosys and Tata Consultancy Services are some stocks which were the star of perhaps what we feel as the final leg of the bull run, before it comes to a big halt. This is time to book some gains, formulate investment plans to buy and add attractive stocks in sectors such as Automobile, Power, Banking and Real Estate in your portfolio," said Parang Mehta, Chief Product Officer, Havenspire.
"Nifty FMCG Index has taken off this week (+4.87%) into a new orbit. Expect this momentum to continue as FMCG is not only defensive but also an underowned sector in the market. Top Picks: DABUR, BRITANNIA, MARICO, NESTLE, HUL on dips. (We booked profit in HUL early but will look for re-entry). Stay Long," said Rahul Sharma, Director & Head - Research. JM Financial.
Tata Steel is down 6.45% as the worst Sensex performer today, followed by Kotak Mahindra Bank, SBI, Sun Pharma, and Dr Reddy's Laboratories.
“Gold prices did witness slight jerk after positive U.S. economic data was reported yesterday. Although it again came back in the range trading steady amidst the rising anxiety over increasing cases of coronavirus’ Delta variant that could delay economic recovery and Jackson hole symposium next week. The dollar index held near a more than a nine-month high; whereas U.S. yields edged lower trading at around 1.22 levels. The U.S. jobless claims data fell to a 17-month low last week, signaling towards a strong U.S. job growth, though surging COVID-19 infections pose a risk to the labour market recovery. U.S. Federal Reserve Chair Jerome Powell will speak on “the economic outlook” at next week’s Jackson Hole, Wyoming symposium, where we could expect him to lay out a clearer roadmap on the central bank’s taper plans. Economic calendar is muted for the day although, comments from any fed officials will be important to watch for. Broader range on COMEX could be between $1770- 1820 and on the domestic front prices could hover in the range of Rs 46,965- 47,580," said Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services.
Nifty was inching close to 16,500 as Dalal Street entered the last hour of trade for the week. Sensex was above 55,450 but still trading in the red.
NSE Nifty 50’s fall in the last two sessions could just be the beginning of a correction that could see the benchmark index fall close to the 15000 mark. Analysts at Bank of America believe that after the 118% rally in the last 73 weeks, there could be limited further runway for domestic equities. “We see risk of estimate cuts and with valuations at a peak, we expect markets to correct 9% near term with our Nifty target at 15000,” they said. Separately, Rahul Sharma, Director & Head - Research, JM Financial, also expects a correction to 15900 as early as in the next 2-3 weeks.
Read full story
Helped by new output from KG-D6 fields of Reliance-BP, India’s domestic gas production, which had been falling for more than a decade because of declining output from legacy fields, now looks in rude health, according to energy consultancy Wood Mackenzie. Reliance Industries Ltd and its partner BP Plc of UK in December last year started putting the second wave of gas discoveries in eastern offshore KG-D6 block to production with R-Series started flowing gas.
Read full story
Payment solutions provider AGS Transact Technologies has filed preliminary papers with capital markets regulator Sebi to mop-up Rs 800 crore through an initial share-sale. The initial public offering (IPO) is purely an offer-for-sale of equity shares by promoter and other selling shareholders, according to the draft red herring prospectus (DRHP).
Read full story
Banks and non-bank lenders engaged in the microfinance space have started to put in place hybrid models of collections from borrowers in the wake of the second wave of the pandemic. They are trying to use a combination of physical and digital modes of collections in order to avoid disruptions in the process.
Read full story
Hindustan Unilever was the top Sensex gainer at this hour, surging nearly 4%, followed by Asian Paints, Bajaj Finance, Nestle India, HDFC, and Infosys.
London spot Gold ended lower by 0.40% or $7, at $1,780 an ounce, as a firmer dollar eclipsed support from rising anxiety over increasing cases of coronavirus' Delta variant that could delay economic recovery. The dollar index held near a more than a nine-month high hit on Thursday due to a hawkish tone in minutes, denting gold's appeal to holders of other currencies. MCX Gold is likely to stay in a tight range in the absence of release of any major economic data from the US. The focus will shift to next week's event. U.S. Federal Reserve Chair Jerome Powell will speak on "the economic outlook" at next week's Jackson Hole, Wyoming symposium, the central bank confirmed yesterday, where he is expected to lay out a clearer roadmap on the central bank's taper plans. Today, MCX Gold October futures may float between Rs. 47,100 to 47, 450 per 10 gram. Jigar Trivedi, Research Analyst- Commodities Fundamental, Anand Rathi Shares & Stock Brokers
Indian benchmark had a cautious start today with slight negativity in the market around level of 16500 as there is a fall in crude oil price in Asian markets. The recent weakness in Asian equity markets is also partly driven by the strengthening of the U.S. dollar as the market prepares for the gradual reduction of monetary stimulus. Traders and investors remain intact towards positivity as the several Indian states are building facilities to deal with the third wave of coronavirus infections. Our research suggests that 16350 is an important support level in the short term, if the market sustains above this level, we can expect the market to remain positive and gain momentum, leading to an upside projection till 16700-16750 level. Likhita Chepa, Senior Research Ananlyst, CapitalVia Global Research
NSE Nifty 50 index is eyeing 16700 target in the current week to 26 August options expiry, which also happens to be monthly futures and options expiry of August contracts. Even as Nifty is witnessing a slight correction on the back of weak global cues, it has managed to remain above 16000 levels. Analysts see Nifty’s support at 16350 this week, while 35000 for Bank Nifty index. Bank Nifty may face a hurdle at 36000 on the upside. Moreover, today’s closing would be crucial because analysts believe that a weekly close below 16,400 will not augur well for the market.
Read full story
Cartrade IPO got listing today at Rs 1600, which is down by 1.2% from the IPO price and now trading at Rs 1503, which is down by 7.1% from the IPO price. We suggest investors who have received the allotment hold the share for a short time as we expect the stock to show some recovery in the near future. We are not recommending investors to do fresh buying in the stock. Currently, the company is trading at price to earnings of 68 times, the company has reported improvement in financial performance in the last 3 years. In the times of covid pandemic company's net profit has increased from Rs 31 crores in FY2020 to Rs 101 crores in FY2021," said Yash Gupta Equity Research Associate, Angel Broking.
Global fund managers have continued to hold a positive outlook for US equities while trimming stakes in Eurozone, Japan, UK, and emerging market stocks, a Bank of America survey showed. Allocation to US equities remains steady at a net 11% overweight in August, while allocation to eurozone stocks is down 9 percentage points on monthly basis. Allocation to emerging markets is down 11 percentage points to the lowest since May 2020. BofA’s survey showed that fund managers are now turning defensive in allocations, investing more in the healthcare and insurance sectors, while increasing cash positions.
Read full story
India VIX is up 7% on Friday as domestic stock markets come under a bear attack. The volatility gauge was above 13 levels and nearing 14.
Sensex is down over 300 points or 0.60% while the Nifty 50 is holding above 16,400 but down 0.73%.
Equity benchmarks concluded weekly derivative expiry session on a subdued note amid elevated global volatility. Meanwhile, Sensex clocked a fresh all time high and surpassed 56000 during the session. The Nifty settled Wednesday’s session at 16569, down 0.3%. In the coming session, the index is likely to witness a gap down opening tracking weak global cues. We expect intraday pullback to remain short lived. Hence use intraday pullback towards 16460-16485 to create short position for target of 16373.Key point to highlight is that over past three weeks’ index has rallied 1188 points that hauled weekly stochastic oscillator in overbought territory (at 92), indicating couple of days’ breather from here on cannot be ruled out. However, such breather should be capitalised to accumulate quality stocks as we believe, strong support is placed at 16100 levels. We believe, breather from hereon would make market healthy and pave the way towards 16900 in coming month as it is 161.8% extension of mid-June rally (15450-15962) projected from July high of 15962.
~ ICICI Direct
India Ratings and Research on Thursday trimmed its growth forecast for India to 9.4% for FY22 from 9.6% announced earlier, and expected real gross domestic product (GDP) to have expanded at 15.3% in the June quarter, driven by a favourable base.
Read full story
Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX gold prices edged higher on Friday, even as global rates were flat on a firmer dollar. On the Multi Commodity Exchange, gold October futures were trading Rs 102 or 0.22 per cent up at Rs 47,271 per 10 gram, against the last close of Rs 47,169. Silver September futures were ruling at Rs 62,180 per kg, up Rs 47. In the previous session, silver futures ended at Rs 62,133.
Read full story
CarTrade Tech shares made a weak debut on BSE and NSE on Friday, 20 August 2021. CarTrade Tech shares got listed at Rs 1,599, down 1.12 per cent from the IPO of Rs 1,618 apiece. The initial public offering of CarTrade Tech was subscribed a little over 20 times. On the listing, the market capitalisation of the company stood at Rs 7,333.45 crore. CarTrade Tech is backed by marquee investors — Warburg Pincus, Temasek, JP Morgan, and March Capital.
Read full story
"Nifty 50 technical supports are placed at 16530 and 16450 while resistances are at 16700 and 16740 levels," said Standard Chartered Securities.
Our advice is to remain cautious and wait for Nifty to close above 16600 levels for building aggressive long positions. On the lower side 16300-16200 level will act as immediate support where Puts have been written.
~ HDFC Securities
Nifty has bounced above 16,500 as the benchmark index continues to trim opening losses. Sensex was nearing in on 55,500.
"Nifty 50 bounced back from our support area (16,400-16,360). 16,500 Put writers supporting the market," said Rahul Sharma, Director & Head - Research, JM Financial.
The day long decline on Wednesday, after testing 16700, suggest that the negative divergences that we had discussed multiple times early this week, may have become less potent now. This allows Nifty to attempt a recovery early today, aiming 16425. The 17130 view remains intact, but with 16550 and other challenges lying ahead, we would not get ahead of ourselves at this point. That said, the ongoing down-move can easily stretch till at least 15970, and we are attempting only a reversal play today. However, the favoured view seeks to look for any decline in momentum in 16425-550 region on the bounce, or a direct fall below 15260 to put that downside objective in play.
~ Geojit Financial Services
ICICI bank was down 1.15% on Friday morning, followed by HDFC Bank, down 1.05%, and Reliance Industries, down 0.82%. Index heavyweights were pulling the benchmark lower.
Nifty regained 16,450 as the benchmark index trimmed some opening losses. Sensex soared past 55,250 mark.
India VIX soared 5% on Friday morning as bears asserted control on Dalal Street.
Bears were in full control on Dalal Street on Friday morning. Sensex was holding above 55,200 while Nifty was just above 16,400.
Domestic benchmark indices opened deep in red on Friday morning. Bank Nifty was down 500 points, broader markets mirrored the fall.
Bank Nifty tanked 400 points during the pre-open session to sit at 35,156. Benchmark indices were deep in the red.
Nifty is set to open below 16,400, a crucial support level, on Friday. Sensex is down 470 points sitting just above 55,150.
Sensex was down nearly 400 points in the pre-open session while Nifty 50 gave up 16,400, falling over 1%.