Market LIVE: Sensex tanks 445 pts from day’s high, Nifty ends below 15,750 amid global sell-off; DRL falls 10% – The Financial Express

Share Market Today, Share Market LiveBarring Nifty Metal and Nifty PSU Bank indices, all the sectoral indices ended in the red. Image: Reuters

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 fell over half a per cent on Tuesday, amid global sell-off. BSE Sensex fell 273.51 points to end at 52,578.76, while the Nifty 50 index settled at 15,746.45. During intraday, the 30-share Sensex hit a low of 52,433.18, while Nifty fell to 15,701. Tata Steel, Bajaj Finserv, State Bank of India (SBI), Tech Mahindra, HDFC Bank, Nestle India, ICICI Bank, Titan Company were top index gainers. On the flip side, Dr Reddy’s Laboratories was the worst performer, falling over 11 per cent. It was followed by Axis Bank, Kotak Mahindra Bank, Sun Pharma, Housing Development Finance Corporation (HDFC), ITC, which were Sensex losers. Barring Nifty Metal and Nifty PSU Bank indices, all the sectoral indices ended in the red. Bank Nifty fell 0.44 per cent to end at 34,797.45.

BSE Sensex fell 273.51 points to end at 52,578.76, while the Nifty 50 index settled at 15,746.45

The government’s offer for sale of HUDCO shares to institutional investors was oversubscribed on Tuesday. Of the base issue size of over 9.90 crore shares, institutional investors put in bids for over 12.59 crore shares, or 1.27 times, till 2.30 pm, according to the NSE data. Bidding will continue till the close of the market hours.

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India’s economic engine seems to have survived the second wave of the covid-19 pandemic. Business balance sheets are strong and rural demand is back, leaving inflation as the primary macro challenge, said Nitin Sharma, Director Research and India Site Head, Fidelity International, in an interview with Kshitij Bhargava of Financial Express Online. He added that the IT, Consumer, Healthcare, Materials and Auto sector are expected to report robust operating and financial performance. Nitin Sharma further talks about the upcoming internet IPOs and guides investors on what to look for before investing in new-age companies. Here are the edited excerpts.

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Canara Bank on Tuesday reported nearly three-fold jump in standalone net profit at Rs 1,177.47 crore for the quarter ended June 30, helped by reduction in bad loans. The public sector lender had logged a net profit of Rs 406.24 crore in the same quarter of the previous financial year. During the June quarter last year, Canara Bank had amalgamated Syndicate Bank into itself with effect from April 1, 2020.

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Tata Communications on Tuesday announced the launch of IZO financial cloud platform in India, that aims to enhance performance and security of organisations in the banking and financial services space. In a statement, the company said the cloud platform, enabling next-generation digital transformation, is tailored to meet stringent data privacy and protection compliance, and security norms defined by India’s regulators for the Banking, Financial Services and Insurance (BFSI) sector.

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ESAF Small Finance Bank has filed a draft red herring prospectus (DRHP) with capital markets regulator SEBI to launch Rs 998-crore IPO. The public issue comprises fresh issue of equity shares worth Rs 800 crore and an offer for sale (OFS) of Rs 197.78 crore by existing selling shareholders. Under the OFS, promoter will be selling shares worth Rs 150 crore, PNB MetLife would be offloading shares worth Rs 21.33 crore, Bajaj Allianz Life will offer shares of Rs 17.46 crore, PI Ventures will sell Rs 8.73 crore worth shares and John Chakola will offer shares worth Rs 26 lakh.

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Nifty is facing resistance around 15950 and is unable to move above it. While on the downside, buying is coming around 15600 levels. Thus, a breakout above 15950 index can move towards 16400-16500 while on the downside, below 15600 Nifty can correct towards 15250. Bank Nifty is currently in a range of 34000-36000 and breakout from the range will see directional movement either towards 32000 or 37700-38000 levels. Ashish Chaturmohta, Director Research, Sanctum Wealth Management.

Axis Bank on Tuesday said it has bought 5.55 per cent stake in financial technology firm IBBIC. The bank has subscribed to 50,000 equity shares of the face value of Rs 10 each fully paid up of IBBIC Private Ltd (IBBIC) for a consideration of Rs 10 per equity share constituting 5.55 per cent of the issued and paid-up capital of IBBIC, Axis Bank said in a regulatory filing.

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Nifty and Bank Nifty are struggling to close above 15950 and 36000, respectively, and hence, currently find themselves in a sideways to a bearish trend. Technically, Nifty Bank will have strong support at 34000-34400 levels and strong resistance at 35190. Nifty, too, has support at 15726 below which 15590 will act as strong support. Resistance will be at 15895. Pavitraa Shetty, Co-founder & Trainer, Tips2Trades

Nifty saw resistance at 15880, it made a high of 15881, and its currently trading at 15762 after making a low of 15701. It has support at 15700 and 15580. Today, Nifty may close in 15700-15750 range. Bank Nifty made a high of 35,186 and took resistance at its 20 period daily moving average. It is currently trading at 34940. It has strong resistance in 35200-35250 range and strong support in 34400-34600 range. Today, Bank Nifty may close in 34750-34900 range. Overall markets are unable to make new highs.. Readers are adviced to maintain caution in long positions. Gaurav Udani, Founder & CEO, Thincredblu Securities

Sustaining above 15800 is the key factor from a short-term perspective, we expect the market to extend the rally till 15920-15950. On the sectoral front, most of the sectors are trading in the positive zone though Tech and IT sector has shown a little weakness in the market. Hindalco and BajFinance are the top gainers while Dr.Reddy and Axis Bank are the top losers on Nifty. Gaurav Garg, Head of Research, CapitalVia Research

Intercity mobility startup Zingbus on Tuesday said it has raised Rs 44.6 crore in a funding round led by Infoedge ventures. The pre-series A round also saw participation from an impressive line of other investors from Silicon Valley like Funders Club, Pioneer fund, Anim Fund (Founders Fund Scout), Locus ventures, and Liquid 2 Ventures.

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With 2.8 million new cars sold in a year, India has become the 4th largest auto market globally. With GDP per Capita inching above USD 2,000, we expect India to witness a boost in discretionary spending that will drive the growth in personal mobility, with cars per 1,000 people expected to reach 45 by CY30. While demographic drivers should provide demand push, digital advertising and sales are slated to empower a large share of this growth as the performance-oriented channels provide maximum value to OEMs and dealers. As COVID- induced lockdowns imposed restrictions on physical movement over the past year, leading car manufacturers in India have already declared digital as a priority medium. Maruti, the largest automaker, is generating 40%+ enquiries digitally, having digitised 24 of 26 steps of a car buying process with only test drive and delivery via the physical medium. This digital focus has nurtured several auto-tech businesses to scale. The sector is on a long-term growth trajectory and recent investment trends in players such as Cars24, CarDekho, Spinny and CarTrade are just the tip of the iceberg.

~ JM Financial

For intraday, 15,700 is the immediate support for Nifty, while 34,600 for Bank Nifty. Depending on the volatility, Nifty may head to 15650-15550, and Bank Nifty to 34,600-34,400 Sameet Chavan Chief Analyst – Technical and Derivatives, Angel Broking

Hang Seng tanked 5%, while Shanghai Composite was down 2.5% on Tuesday. KOSDAQ was also down with losses. Japanese stock markets traded with gains.

The fear gauge of domestic market, India VIX was up 6% on Tuesday, down from its initial highs of 7.6%. Benchmark indices were in the red amid weak global cues.

Sensex and Nifty were inching higher from the intra-day lows. Sensex was still down nearly 280 points while the Nifty 50 index was just below 15,750.

Reliance Industries continued to fall for the second day straight. On Tuesday the stock was down 1.48% trading at Rs 2,047 per share. 

“Immediate Support and Resistance for Nifty 50 are 15600 and 16200. Overall, the markets look bullish and we believe that any significant dip is a good opportunity to accumulate quality stocks,” said Mohit Nigam, Head, PMS – Hem Securities.

Dr Reddy’s was down 8% as investors reacted to the company’s quarterly results. The stock was trading at Rs 4,945 per share.

Sensex and Nifty were down deep in red on Tuesday, falling over 0.65% each. Dr Reddy’s was the top index drag on Sensex.

India VIX, the volatility gauge, was up 7.6% on Tuesday as benchmark indices came under a bear attack. 

Glenmark Life Sciences initial public offering (IPO) opened today and received a strong response from investors, fully subscribing to the issue in less than two hours. Retail investors lead the charge oversubscribing the issue. Glenmark Life Sciences, a subsidiary of the already listed Glenmark Pharmaceuticals, is a developer and manufacturer of high value, non-commoditized APIs in chronic therapeutic areas with a strong partnership with global players. The Rs 1,541 crore public issue is a mix of fresh issue of equity shares and an offer for sale (OFS) by existing shareholders. On the initial day of bidding, Glenmark Life Sciences continued to trade at a weak premium in the grey market. 

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In the year FY21, Glenmark Life Sciences’ delivered PAT of 352cr. Hence, post listing, the company would have 12cr shares indicating an EPS of  29.33. Further considering the issue price of 720, the P/E comes to 24xFY21. The company is a mixture of complex API and CDMO, and we believe the stock is fairly valued. Ashish Chaturmohta, Director Research, Sanctum Wealth Management

Nifty has seen significant Call writing at 15800, 15850 and 15900 levels dragging its resistance lower. However, looking at Put OI, NIFTY is likely to see support between 15750-15800 area. Bank Nifty has also seen significant Call writing at 35000, 35100, and 35200 levels. However, highest Put OI also exists at 35000 as of now. Bank Nifty also is likely to attempt taking supports between 34800-34900 levels. Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services

Given its strong focus on R&D expansion plans, leadership in select high-value non-commoditized APIs in therapeutic areas, solid clientele and growth opportunities in CDMO services provide a strong outlook for the company. At the upper price band of Rs.720, GLSL is available at a P/E of 25x (diluted) which appears fairly priced. Considering its robust growth in financials, fall in D/E, rise in future capacity and future product portfolio, the stock can be considered on a long-term basis. Vinod Nair, Head of Research at Geojit Financial Services

Bank Holidays in August 2021 in India: Bank in India will remain closed for up to 15 days next month in August 2021, including second and fourth Saturdays, and Sundays. Apart from seven weekly offs, banks will remain closed in different states on account of different holidays. Banks in most states will observe a holiday on 19 August 2021, on account of Muharram. Since there are state-specific holidays for different occasions, banks will not be shut for all eight days for all states in August 2021.

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New age internet shares such as Zomato and Info Edge (naukri.com) may not make it to the benchmark NSE Nifty 50 index in the impending review next month, despite having a high market capitalization. However, Info Edge is the best possible contender for a spot in Nifty 50 in future reshuffles, ICICI Direct said in a report. Zomato too has a bright chance of making it to Nifty 50 in the future. “New large-cap internet platform companies like Zomato with high free-float market cap due to zero promoter holdings could be serious contenders for entry into the benchmark indices going ahead,” the report said.

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Shares of Equitas Holdings Ltd (EHL) and Equitas Small Finance Bank (ESFB) on Tuesday jumped up to 10 per cent as the board of directors and shareholders of the two companies approved their amalgamation scheme. Equitas Holdings rallied 9.92 per cent to Rs 136.80 on BSE. The stock of Equitas Small Finance Bank also gained 8.78 per cent to Rs 68.70.

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Considering the FY-21 adjusted EPS of Rs.31.93 on a post-issue basis, the company is going to list at a P/E of 28.19 with a market cap of Rs.24,510 mn, while its peers namely Ramkrishna Forgings and MM Forgings are trading at a P/E of 123.30 and 37.14 respectively. We assign a “Subscribe (With Caution)” rating to this IPO as the company is one of the leading forging manufacturers with a geographically diversified revenue base and is available at reasonable valuation as compared to its peers. However, the client concentration risk and CDR debt restructuring in the past keeps us cautious at the same time from a longer-term perspective. Marwadi Shares and Finance

Indian Express published a News Article in various editions of its newspaper and its’ website with headline ‘Amazon India is shopping: Inox, others on wishlist’. The company said that there are no discussions taking place between ‘INOX Leisure Limited’ and ‘Amazon’, nor were there any such discussions in the past. BSE filing

Given the tailwinds in the whole Indian API sector due to increased demands from global pharmaceutical innovators & generic companies going for a China+ 1 multisourcing strategy, this industry is on the path to growing more than double digits for years to come. We believe Glenmark Life sciences IPO which is currently valued at 4.6x EV/sales, 15x EV/ EBITDA & 25x Price/ Earnings & following the lucrative strategy to become bigger in complex APIs, is rather reasonably valued. The IPO is worth thinking about if you are a long-term investor. Aditya Kondawar, Founder, COO, JST Investments

The local currency- Rupee has been into the consolidation phase of 74.30-75.00 zone. Moving ahead, it would be interesting to watch whether RBI again take charge and intervene heavily at current levels or allow it to appreciate towards 74.00-74.10 levels. The chances of reversal from the current levels are high as the resurgence of COVID cases in Asia, higher inflationary pressure, and importer’s rush to cover dollar exposure ahead of Fed and RBI meeting could take the pair again towards 74.90-75.00 levels. Amit Pabari, managing director, CR Forex Advisors

Zomato share price jumped nearly 5 per cent today, rising to a fresh record high of Rs 147.80 apiece intraday on NSE. The online food delivery platform stock price is now 95 per cent up from its IPO price of Rs 76 per share. From the current levels, Zomato share price is likely to rally 12 per cent more, Swiss brokerage UBS Securities said in a report. UBS Securities has initiated a ‘buy’ rating to the stock with a 12-month target price of Rs 165 per share.

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The Nifty continues to be spiritless in its momentum; the range-bound movement still persists! Until we do not get past 15900 on the upside or break 15400 on the downside, we will be far from witnessing a definite trend. While the propensity remains on the upside, the test of patience is challenging. A buy on dips can be looked at as a possible trading strategy. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading lower in India on Tuesday, as global rates remained steady ahead of US Federal Reserve meeting. On Multi Commodity Exchange, gold August futures were trading Rs 11 down at Rs 47,450 per 10 gram, as against the previous close of Rs 47,461. Silver September futures were ruling Rs 102 down at Rs 67,019 per kg. In the previous session, silver futures ended trade at Rs 67,121 per kg.

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All the Nifty sectoral indices were trading in the green, led by the Nifty Metal index. Bank Nifty was ruling half a per cent higher, and Nifty FMCG index gained 0.14 per cent

HCL Technologies, Axis Bank, Housing Development Finance Corporation (HDFC), Nestle India top index laggards

Tata Steel, Titan Company, ICICI Bank, IndusInd Bank, Bajaj Finance, Power Grid Corporation of India, HDFC Bank, SBI were among top Sensex gainers

The 15600 – 15900 Nifty range may hold for some more time since FIIs have again turned aggressive sellers (Rs 2377 cr in cash market yesterday) at around 15900 levels. Even though DIIs are consistently buying (Rs 1551cr yesterday), they are being overwhelmed by FII selling which has touched Rs 14755 cr in July so far. Nifty is unlikely to decisively break above 15900 until FII selling weakens substantially. Since money is continuously flowing into domestic equity mutual funds, the fund managers don’t have any option but to buy even if valuations are high. The mid-small-cap segment is witnessing high volatility in response to results since the institutional activity is low in this segment. The newbie retail investors are now focused on this segment. But this segment can correct hugely when the market turns bearish and, therefore, investors have to be cautious. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

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