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Economic Times | 16 Aug, 2022 | 11:04AM IST
Stock Market LIVE Updates: Sensex rises 400 points, Nifty hits 17,800; Sun TV gains 4%, Adani Power 3%
Indian shares opened higher on Tuesday, as data showing consumer inflation eased for a third straight month raised hopes that the central bank may rein in the pace of its rate hikes next month.
India's consumer inflation dipped to 6.71% in July, aided by a slower increase in food and fuel prices. The figure was marginally lower than the 6.78% forecast by economists in a Reuters poll.
Asian stock markets struggled for direction, weighed down by worries over global growth following weak China data that knocked oil prices and commodity-linked currencies.
Banking and auto stocks gained in India, with the Nifty Auto index up 1.1%.
Shares of Life Insurance Corporation of India rose 2.5% after the country's biggest insurer posted a 20% jump in June-quarter premium income on Friday.
India's currency and debt markets remained closed on Tuesday for a holiday.
India's consumer inflation dipped to 6.71% in July, aided by a slower increase in food and fuel prices. The figure was marginally lower than the 6.78% forecast by economists in a Reuters poll.
Asian stock markets struggled for direction, weighed down by worries over global growth following weak China data that knocked oil prices and commodity-linked currencies.
Banking and auto stocks gained in India, with the Nifty Auto index up 1.1%.
Shares of Life Insurance Corporation of India rose 2.5% after the country's biggest insurer posted a 20% jump in June-quarter premium income on Friday.
India's currency and debt markets remained closed on Tuesday for a holiday.
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Top 5 losers in late morning trade
Price as on 16 Aug, 2022 11:04 AM, Click on company names for their live prices.
Rakesh Jhunjhunwala's stock holdings worth nearly $4 billion in focus after death
Jhunjhunwala was among the most influential market voices in Asia’s third-biggest economy, with an intense following among the nation’s growing horde of retail investors. The man also known as “Big Bull” was a fierce backer of the India growth story. His investing success earned him a cult-like following, with news of his trades occasionally sparking stocks to move by their daily limits.
Nifty likely to touch 17,900 with strong support at 17,300
Technical analysts expect the benchmark Nifty to touch 17,900 this week. Investors can buy on every correction as 17,300 levels could be a strong support going forward. HDFC Bank, Reliance Industries, Infosys, Tata Steel, L&T and ITC are among the top trading picks of analysts for the week.
Indian low-cost carrier SpiceJet Ltd said on Tuesday it has entered into a settlement agreement with aircraft lessor Goshawk Aviation Ltd and its affiliates related to three Boeing aircraft. The airline said that the agreement - the terms of which are confidential - ends all litigation proceedings between the parties, adding that this will allow SpiceJet to add two more fuel-efficient Boeing 737 MAX aircraft and one Boeing 737-800 NG aircraft to its fleet.
Price as on 16 Aug, 2022 10:31 AM, Click on company names for their live prices.
House that! Realty stocks rally up to 5% in morning trade
Price as on 16 Aug, 2022 10:24 AM, Click on company names for their live prices.
BLOCK DEAL IN HDFC AMC: 1.2 crore shares change hands
Price as on 16 Aug, 2022 10:02 AM, Click on company names for their live prices.
We are keen on opening this week with eyes set on 18200, but would remain watchful though on approach to 17835, the congestion point discussed on Friday. Inability to clear or float above the same after the initial burst could be seen as a sign of weakness setting in, but we would wait for push below 17660 before switching sides.
- Anand James - Chief Market Strategist at Geojit Financial Services
How Jhunjhunwala owned stocks are trading
Price as on 16 Aug, 2022 09:40 AM, Click on company names for their live prices.
Aurobindo Pharma Limited is pleased to announce that its wholly owned subsidiary company, Eugia Pharma Specialties Limited, has received a final approval from the US Food & Drug Administration (USFDA) to manufacture and market Vasopressin Injection USP, 20 Units/mL Multiple-Dose Vials.
Price as on 16 Aug, 2022 09:27 AM, Click on company names for their live prices.
The surprise rate cut in China when the rest of the world is hiking rates is an indication of the sharp growth slowdown in China triggered by the widespread Covid lockdowns and woes of the property market. With other BRICS economies like Brazil and South Africa struggling and Russia expected to contract by 9% this year, India stands out with an expected growth rate of 7.2% in FY 23. Steady decline in CPI inflation ( 6.7% in July), Brent crude falling to $94 and steady buying by FIIs augur well for the markets. However, high valuations are a concern. While remaining invested, investors must exercise caution chasing this rally.
- Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Tata Steel, ONGC, Yes Bank among most active stocks on NSE
Price as on 16 Aug, 2022 09:18 AM, Click on company names for their live prices.
OPENING BELL: Sensex rises 300 points, Nifty hits 17,800; Sun TV gains 4%, Adani Power 3%
BROKERAGE RADAR | BERNSTEIN ON ZOMATO
- Gaining share in food delivery, better profitability outlook
- Zomato is our best idea for the third quarter of 2022
- Zomato delivered a robust performance in the recent quarter
- Overall with strong MTU growth (+1 Mn QoQ), take rate expansion
- Zomato's GOV growth accelerated gaining market share
- Profitability is expected by Q2FY24
- Zomato valuation at 0.9x FY24 EV/GMV has reduced with respect to global peers
- (Source: ET NOW)
JUST IN: KEC International has secured new orders of Rs 1,313 crore cross its various businesses
Asian stocks drift, oil slumps on recession fears
Asian markets struggled for direction on Tuesday, weighed by worries over global growth following weak China data that knocked oil prices and commodity-linked currencies. The dollar held near a one-week high as investors piled back into the safe-haven currency, while the Aussie, euro and Chinese yuan buckled.
Quarterly earnings today
Future Lifestyle Fashions, Shri Venkatesh Refineries and Shree Hanuman Sugar & Industries are among companies that will announce their quarterly earnings today.
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 50.5 points, or 0.28 per cent, higher at 17,835.50, signaling that Dalal Street was headed for a positive start on Tuesday.
Tech View: Nifty50 gains for fifth day; strong resistance ahead
Nifty50 on Friday climbed for the fifth straight day. The index formed a small bullish candle on the daily chart and a long bullish candle on the weekly chart, the fourth in a row. Analysts said the bulls need to be cautious at this juncture and felt profit booking at higher levels couldn't be ruled out.
Oil prices fall as recessionary worries weigh on demand outlook
Oil prices fell on Tuesday, extending losses from the previous session, after economic data from China, the world's largest crude importer, spurred fresh concerns about a potential global recession that could hit energy demand. Brent crude futures fell 90 cents, or 1%, to $94.20 a barrel by 00:03 GMT. WTI crude futures fell 81 cents, or 0.9%, to $88.60 a barrel.
Tokyo shares open lower
Tokyo shares opened lower Tuesday as investors searched for fresh clues ahead of a key international meeting of central banks. The benchmark Nikkei 225 index slipped 0.17 percent, or 48.10 points, to 28,823.68 in early trade, while the broader Topix index fell 0.23 percent, or 4.61 points, to 1,980.35.
Wall Street climbs, adding to recent gains as megacaps rise
U.S. stocks rose on Monday with megacap growth shares, extending the market's recent rally amid investor optimism the Federal Reserve can achieve a soft landing for the economy. Shares of Apple Inc climbed 0.6%, while Microsoft Corp rose 0.5% and Tesla Inc jumped 3.1%.
Rupee declines 12 paise to 79.74 on strong dollar demand from importers
The rupee declined by 12 paise to close at 79.74 against the US dollar on Friday, tracking a strong American currency in the overseas market and rising crude oil prices.
Sensex, Nifty on Friday
The 30-share pack Sensex advanced 130.18 points to close at 59,462.78. Its broader peer, Nifty50, added 39.15 points to close above near the 17,700 mark. The benchmark rose 1.5 per cent this week.
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