Market Closing Bell: Sensex extends gains to 4th day, ends 630 pts higher; TechM, TCS, RIL rally up to 4% – Economic Times

Benchmark BSE Sensex rallied nearly 630 points while Nifty closed above the 16,500 mark on Wednesday after sharp gains in IT and energy shares amid positive global market trends. Buying in index majors Reliance Industries, Infosys and Tata Consultancy Services and FII inflows bolstered the sentiment. Shares of firms related to oil exploration and refineries were in heavy demand, with Reliance Industries rallying 2.47 per cent and ONGC by 4 per cent, as the government slashed windfall tax on petrol, diesel, jet fuel and crude oil.

The 30-share BSE Sensex rallied 629.91 points or 1.15 per cent to settle at 55,397.53. During the day, it jumped 862.64 points or 1.57 per cent to 55,630.26. The broader NSE Nifty climbed 180.30 points or 1.10 per cent to 16,520.85.

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SBI board approves raising up to Rs 11,000 crore

Gold marginally higher; silver jumps Rs 35

Gold in the national capital on Wednesday rose by Rs 20 to Rs 50,202 per 10 grams, according to HDFC Securities.In the previous trade, the precious metal finished at Rs 50,182 per 10 grams.Silver also gained Rs 35 to Rs 55,467 per kg from Rs 55,432 per kg in the previous trade.”Spot gold prices for 24-carat gold in Delhi were up by Rs 20 per 10 grams supported by weak COMEX gold prices,” said Tapan Patel, Senior Analyst (Commodities) at HDFC Securities.

Gold marginally higher; silver jumps Rs 35

AU Small Finance Bank Q1 Results

We may see some consolidation in the index after the recent surge however the bias would remain on the positive side till the Nifty upholds 16,250 levels. Most sectors are now contributing to the move on a rotational basis so the focus should be on stock selection. Needless to say, global cues and earnings would continue to trigger volatile swings in between.

– Ajit Mishra, VP – Research, Religare Broking

IndusInd Bank Q1 Results: Profit rises 64% YoY to Rs 1,603 crore, beats estimates

IndusInd Bank on Wednesday reported a 64.44 per cent year-on-year (YoY) rise in standalone net profit at Rs 1,603.29 crore compared with Rs 974.95 crore in the corresponding quarter last year. The profit figure beat Rs 1,470 crore profit anticipated by anlaysts in an ET NOW poll.

IndusInd Bank Q1 Results: Profit rises 64% YoY to Rs 1,603 crore, beats estimates

TECH VIEW: Rupak De, Senior Technical Analyst at LKP Securities

Nifty found resistance at the higher levels as it reached the upper band of the rising channel on the daily chart. Over the near term, the index may consolidate till it gives a breakout above 16600. On the lower end, 16350-16400 may remain crucial support. A buy on dips strategy is likely to work as long as the Nifty holds above 16350.

IndusInd Bank Q1 Results

  • PAT: Rs 1600 cr vs ET NOW poll of Rs 1470 cr

Indian stocks led a steady climb as a result of encouraging signals from both domestic and international markets. Reduced export duty and windfall taxes improved the mood of oil producers. Strong quarterly results in the US market boosted the rally, while the European market rose as worries over Europe’s energy supply eased. If sustained buying from FIIs prevails, it will provide a cushion to the upward rally in the domestic market.

– Vinod Nair, Head Of Research at Geojit Financial Services

We have made significant investments in Wipro’s growth engine and are very pleased with the outcomes. Our order bookings grew 32% YoY in Total Contract Value terms, powered by large transformational deals, and our pipeline today is at an all-time high. We continue to reinforce the investments that allow us to grow our business, remain agile in the market and efficient as an organization, while staying focused on serving our clients even better.

– Thierry Delaporte, CEO and Managing Director

WIPRO Q1 RESULTS

Highlights from Wipro Q1

Highlights from Wipro Q1

WIPRO Q1 RESULTS | PAT: Rs 2563 cr vs Rs ET NOW poll of Rs 2950 cr

Revenue: Rs 21,529 cr vs Rs ET NOW poll of Rs 21,550 cr

WIPRO Q1 RESULTS | PAT: Rs 2563 cr vs Rs ET NOW poll of Rs 2950 cr

Closing Bell: Sensex extends gains to 4th day, ends 630 pts higher; TechM, TCS, RIL rally up to 4%

Closing Bell: Sensex extends gains to 4th day, ends 630 pts higher; TechM, TCS, RIL rally up to 4%

CARE approves buyback of 2.37 mn shares

Price as on 20 Jul, 2022 03:29 PM, Click on company names for their live prices.

The move is definitely positive for companies like RIL, ONGC and Oil India as the decline in windfall tax would mean better and more sustainable margins. These companies were clear beneficiaries of high oil prices, but the recent correction in oil prices coupled with one of the highest windfall taxes globally could have dented profitability. We believe the timing of the government to announce it just three weeks after imposing the windfall tax clearly showcases the path ahead if oil prices remain stable. Moreover, this move would also help get back investor confidence in these stocks.

– Rohit Khatri, AVP-Fundamental Research, Religare Broking on windfall tax cut

Century Ply Q1

– Revenue at Rs 889 crore vs Rs 458 crore YoY- PAT at Rs 92 crore vs Rs 31 crore YoY

Highlights from ITC AGM

Sentiments in real estate sector dip in June qtr but remain positive; future outlook optimistic

The sentiment index for the real estate sector dropped in April-June period due to two rounds of repo rate hike but remained positive, according to Knight Frank India and NAREDCO.The outlook for next six months is optimistic although not as buoyant as it was during the March quarter.As per the Knight Frank-NAREDCO Real Estate Sentiment Index Q2 (April-June 2022), the current sentiment score has moderated to 62 from record 68 reported in January-March.

European shares rise on easing energy supply worries; Draghi speech in focus

European shares scaled near six-week highs on Wednesday as energy supply worries eased following a report that Russian gas supplies would resume as scheduled, while Italian Premier Mario Draghi’s parliament address was also in focus amid a political crisis.

The STOXX 600 index rose 0.4% by 0710 GMT, extending gains to a fourth session, after sources on Tuesday said Russian gas flows to Europe via the Nord Stream 1 pipeline were seen restarting on time this week after the completion of scheduled maintenance.

A slew of upbeat U.S. corporate earnings reports overnight also aided global investor sentiment.

Top 10 gainers from the FMCG pack

Price as on 20 Jul, 2022 01:23 PM, Click on company names for their live prices.

Dairy products maker Hatsun Agro Products has crossed the Rs 2,000 crore sales mark during the quarter ending June 30, 2022 for the first time, the company said on Wednesday. The city-based company reported revenues of Rs 2,014.60 crore for the quarter ending Jun 30, 2022 as against Rs 1,538.78 crore registered during corresponding quarter previous year.

Price as on 20 Jul, 2022 12:48 PM, Click on company names for their live prices.

IndusInd Bank Q1 preview: Profit may soar 48-49% YoY; NIM likely to stay flat sequentially

IndusInd Bank is likely to report a 48-49 per cent year-on-year (YoY) surge in net profit for the June quarter on a 13-14 per cent YoY rise in net interest income (NII). Net interest margin (NIM) may stay stable, said analysts, who believe investors would keenly track asset quality, particularly in the microfinance institution (MFI) book and also the outlook for the commercial vehicle (CV) segment.

Market LIVE Updates: Sensex surges 800 points

Market LIVE Updates: Sensex surges 800 points

FPIs, mutual funds increase stake in Paytm

Foreign portfolio investors and mutual funds have marginally increased stake in Paytm’s parent company One97 Communications, according to a regulatory filing.

The shareholding pattern of One97 Communications for June quarter 2022-23 shows that the number of shareholders as foreign portfolio investors (FPIs) rose from 54 to 83, taking the number of shares held by them to 3,53,72,428 from 2,86,80,948 in the previous March quarter.

With this, the shareholding of FPIs in the company has gone up from 4.42 per cent to 5.45 per cent. The number of shareholders as mutual funds also went up from just 3 to 19, taking the number of shares held by them to 74,02,309 from 68,19,790.

FPIs, mutual funds increase stake in Paytm

Delhi HC stays guidelines that prohibited restaurants from levying service charges

Price as on 20 Jul, 2022 12:22 PM, Click on company names for their live prices.

Market LIVE Updates: Hindustan Zinc, Tube Investments top losers at this hour

Price as on 20 Jul, 2022 12:21 PM, Click on company names for their live prices.

Vedanta zooms 4% after declaring dividend of Rs 19.5 per share

“We wish to inform you that the Board of Directors of the company through resolution passed by circulation on Tuesday, July 19, 2022, have approved second interim dividend of Rs 19.50 per equity share amounting to Rs 7,250 crore,” said the company in a filing to BSE.

Top gainers in IT today

Price as on 20 Jul, 2022 11:32 AM, Click on company names for their live prices.

Canara Bank, Coal India among 6 money-making ideas in the near term

Domestic equity markets are trading on a buoyant note for the last few sessions as benchmark indices are gaining momentum amid the June quarter result season. The recent upside in the market hints toward decent opportunities for traders to mint profits in the near term. Based on analysts’ recommendations, here are some ideas that can yield solid returns.

Canara Bank, Coal India among 6 money-making ideas in the near term

Market LIVE Updates: 4 Nifty50 stocks that hit 52-week highs!

Market LIVE Updates: 4 Nifty50 stocks that hit 52-week highs!

“We have reviewed and rationalized windfall gains tax,” says Finance Secretary, TV Somanathan

Market LIVE Updates: IIFL Wealth, Oil Indian among top gainers in early trade

Price as on 20 Jul, 2022 10:18 AM, Click on company names for their live prices.

Indian rupee treads water slightly below record low

The Indian rupee treaded water in morning trade on Wednesday as gains in the domestic share market and slight falls in global crude oil prices failed to wipe out concerns around a global dollar shortage. The U.S. dollar retreated on Wednesday as the euro extended its overnight bounce on relief Europe might be able to avoid the worst fears concerning energy shortages, and on the chance the European Central Bank may deliver a more aggressive rate hike. The partially convertible rupee was trading at 79.9450 per dollar little changed from its close of 79.94 on Tuesday when it had hit a record low of 80.0650.

The narrow band of 79.85-80.15 outlined for yesterday, held firm, setting up the environment for a breakout soon. We will continue our vigil along this range, before playing directional moves, with 79.95 continuing to be a crucial pivot.

– Anand James – Chief Market Strategist at Geojit Financial Services

The sharp 8% pullback in Nifty from the June lows of 15183 is all set to continue aided by a flood of good news. First, the US markets have rebounded sharply driven by impressive corporate earnings. Second, FPI selling appears to have bottomed out. FPIs have bought 5 days this month. The dollar index declining to 106.6 from above 108 is likely to persuade FPIs to buy rather than sell. Third, the relief announced by the government for the petroleum sector through reduction in windfall tax and cuts in duties on exports will be a major boost for the sector, particularly for RIL. However, investors have to exercise some caution because selling may reemerge at higher levels. Results from the leading financials are likely to be good and the ongoing rally may continue. After the recent correction IT valuations are attractive. If the US succeeds in avoiding a recession, IT will bounce back smartly.

– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

GoM on online gaming to hold meet on July 23-24 in Bengaluru

Price as on 20 Jul, 2022 09:43 AM, Click on company names for their live prices.

ONGC, SAIL among most active stocks on NSE

Price as on 20 Jul, 2022 09:21 AM, Click on company names for their live prices.

Market LIVE Updates: BSE Energy pack rallies 2% as stocks gain on cut in windfall taxes

Market LIVE Updates: BSE Energy pack rallies 2% as stocks gain on cut in windfall taxes

OPENING BELL: Sensex climbs 550 points, Nifty tops 16,500; RIL jumps 3%, Tata Steel 2%

OPENING BELL: Sensex climbs 550 points, Nifty tops 16,500; RIL jumps 3%, Tata Steel 2%

Asian shares extend a global rally as dollar languishes

Asian shares extended a global rally on Wednesday as strong U.S. corporate earnings and the expected resumption of Russian gas supply to Europe helped lift sentiment and ease fears of a recession, while the dollar was mired near two-week lows.

SGX Nifty signals a positive start

Nifty futures on the Singapore Exchange traded 135.5 points, or 0.83 per cent, higher at 16,473, signaling that Dalal Street was headed for a positive start on Wednesday.

Quarterly earnings today

Wipro, Havells India, IndusInd Bank, Gland Pharma, Tata Communications, Oracle Financial Services Software, Syngene International, Mastek, Ceat and Hathway Cable are among companies that will announce their quarterly earnings today.

Tech View: Nifty50 forms bullish candle, eyes 16,500 level

Nifty50 on Tuesday settled higher for the third straight day. It formed a bullish candle on the daily chart and according to analysts 16,500 level looks a good possibility.

Oil falls on inflation concerns, anticipated stock builds

Oil prices fell slightly in early Asian trade on Wednesday, pressured by global central bank efforts to tame inflation and ahead of expected builds in U.S. crude inventories as product demand weakens. Brent crude prices fell 39 cents or 0.5% to $106.96 a barrel by 0045 GMT, while U.S. West Texas Intermediate (WTI) crude fell 62 cents to $103.60 per barrel.

Tokyo stocks open higher on US gains with eyes on BoJ

Tokyo stocks opened higher on Wednesday as investors took heart from US rallies and other positive factors while awaiting a Bank of Japan policy decision later this week. The benchmark Nikkei 225 index was up 1.27 percent, or 341.12 points, at 27,302.80 in early trade, while the broader Topix index advanced 1.29 percent, or 24.55 points to 1,927.34.

Wall Street closes sharply higher on strong corporate earnings

U.S. stocks closed with sharp gains on Tuesday as more companies joined big banks in reporting earnings that beat forecasts, offering respite to investors worried about higher inflation and a tightening Fed denting the corporate bottomline.

Rupee recovers 6 paise to close at 79.92 vs dollar

The rupee recovered from its all-time low of 80.05 to close 6 paise higher at 79.92 against the US dollar on Tuesday following forex inflows and suspected RBI intervention. A positive trend in domestic equities and losses in the US dollar in overseas markets also boosted the local unit while a rise in crude oil prices restricted gains.

Sensex, Nifty on Tuesday

The 30-share pack Sensex advanced 246.47 points to close at 54,768. Its broader peer, Nifty50, managed to settle comfortably above the 16,300 mark. 60 per cent of the Nifty constituents settled in the black.

Good morning, dear reader! Here’s something to kickstart your trading day

Good morning, dear reader! Here's something to kickstart your trading day

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