Stock Market Highlights: Nifty charts hint at more trouble ahead. What traders should do on Friday
07:19 PM
Wall Street rises on Meta boost, soft landing hopes
The Dow Jones Industrial Average rose 38.67 points, or 0.11%, at the open to 35,558.79.
The S&P 500 opened higher by 31.51 points, or 0.69%, at 4,598.26, while the Nasdaq Composite gained 191.88 points, or 1.36%, to 14,319.16 at the opening bell.
06:34 PM
Bharat Electronics Q1 Results
- Consol net profit at Rs 538 cr versus Rs 366 cr
- Consol total revenue from operations at Rs 3533 cr
06:34 PM
Sona BLW Precision Q1 net profit up 47 pc to Rs 112 crore
Revenue from operations rose to Rs 731 crore in the first quarter of the current fiscal as against Rs 584 crore in the year-ago period, Sona BLW Precision Forgings, also known as Sona Comstar, said in a regulatory filing.
06:31 PM
Tech View: Nifty charts hint at more trouble ahead. What traders should do on Friday
Nifty closed below the immediate support of 10-day EMA at 19,680, after sustaining above it for 21 consecutive sessions. “Further weakness from here, the market could slide down to its crucial lower support of 20-day EMA around 19,500 levels. This moving average has been offering support for the Nifty for the past three months,” said Nagaraj Shetti of HDFC Securities.
Both price and momentum indicators are suggesting that there could be some weakness in the short term. The daily Bollinger bands are also contracting, which points towards consolidation in the short term.
05:57 PM
JK Lakshmi Cement reports 29% fall in Q1 profit on higher costs
India’s JK Lakshmi Cement on Thursday reported a 29% drop in first-quarter profit as higher expenses ate into the company’s sales. Consolidated net profit fell to 784.7 million rupees ($9.58 million) for the quarter ended June 30, from 1.11 billion rupees last year.
05:54 PM
ECB raises key rate to historic high, keeps options open
Thursday’s hike, the ninth in a row, increases the rate that the ECB pays on banks’ deposits from 3.50% to 3.75%, its highest level since 2000, before euro banknotes and coins had even been put into circulation.
But the ECB removed a clear hint at further hikes from its policy statement, meaning a fresh increase at the ECB’s next meeting in September should not be taken for granted.
The Bank Nifty index experienced a day of monthly expiry dominated by the bears, as they were in full control and overwhelmed the bulls in the market.The index encountered strong resistance at the 46000 level, which is significant as it corresponds to the point with the highest open interest on the call side. This indicates that many traders had placed call options at this level, anticipating limited upside potential for the index.On the downside, the index found support around the 45400 level. A break below this support level could escalate selling pressure in the market, potentially leading to further downward movements in the index.
– Kunal Shah, Senior Technical & Derivative analyst at LKP Securities
04:18 PM
Ajanta Pharma Q1 Results
- consol pat at Rs 208 cr versus Rs 175 cr
- Interim dividend at Rs 25 per share
- Consol revenue from operations at Rs 1021 cr versus Rs 951 cr
The FOMC’s decision aligned with market expectations as they implemented a 25bps hike and expressed a data-centric approach for future rate actions. Positive global sentiment prevailed due to the reduced prospects of a US recession. Despite this, the domestic market witnessed sharp corrections led by banks and autos, while pharma stocks performed on a positive start to their earnings season.
– Vinod Nair, Head of Research at Geojit Financial Services.
03:39 PM
Top gainers & losers in closing trade
03:34 PM
Closing Bell: Sensex plunges 440 points; Nifty slips below 19,700 on F&O expiry; Cipla rallies 9%, TechM falls 4%
03:11 PM
ACC Q1 Results: PAT at Rs 464 crore
Despite muted Q1 results in the IT sector, optimism is slowly arising after the FOMC’s recent rate hike. The U.S. Fed hinted at a soft landing of the economy as against the earlier expectation of a recession. Moving forward, the Fed indicated a reduced likelihood of another rate hike this year due to expectations of easing inflation. Conversely, the diminished recession concerns are likely to boost client confidence, leading to the release of deferred IT projects and enhancing revenue visibility in the Indian IT firm. Moreover, higher deal wins and demand for cloud computing, digitalisation, AI, and cybersecurity will support growth in the future. Although industry valuations have corrected significantly, limiting downside risks, this presents a favourable opportunity for long-term investors to accumulate IT stocks.
– Vinod TP, Research analyst at Geojit Financial Services
03:00 PM
These bank stocks drop up to 3%
02:47 PM
Sensex plunges 550 points; HDFC Bank, RIL top drags
02:23 PM
IIFL Finance Q1 Results: Cosol net PAT at Rs 425 cr vs Rs 330 cr
01:53 PM
Ujjivan Small Finance Bank Q1: PAT at Rs 324 crore vs Rs 203 crore YoY
01:52 PM
Top 5 losers at this hour
01:17 PM
Birlasoft Q1 Results: Profit at Rs 138 crore vs Rs 121 crore YoY; Revenue at Rs 1263 crore vs Rs 1154 crore YoY
01:06 PM
Zydus Lifesciences receives final approval from the USFDA for Plerixafor Injection
01:05 PM
Sensex falls 300 points
12:44 PM
Nifty Pharma index surges over 3%. Check out top gainers
12:27 PM
Home-grown FMCG firm Marico will acquire a majority stake in Satiya Nutraceuticals, which owns plant-based nutrition brand Plix, for a consideration of Rs 369.01 crore.
US Federal Reserve on expected lines raised Fed Funds rates by 25bps to 5.25-5.5% range, highest levels seen since 2001. This marks the 11th hike in the last 12 policy meetings. Another hike is on the cards and we will have to wait till the September policy meet before which the Fed will see how incoming data on inflation and labour market pans out. With crude prices inching up again due to supply cuts and expected optimism in China’s recovery, it will be important to track the inflation prints for July and August. Indication is that the interest rates will remain higher for longer. It will be interesting to see the stance that RBI takes in the policy meet in August. Inflation print in June came in higher than street estimates. Increasing vegetable prices due to erratic monsoon and soaring crude will add to inflationary pressures going forward.
– Srikanth Subramanian, CEO at Kotak Cherry
12:16 PM
BPCL exec says to set up Ethylene Cracker at Bina refinery in Central India
11:52 AM
Bajaj Finserv Q1 Results: PAT at Rs 1943 crore vs Rs 1309 crore YoY
11:22 AM
Shares of cigarette maker Godfrey Phillips zoomed 15.4% to Rs 1,990 in Thursday’s trade after the company reported an increase of 68.6% in its consolidated net profit to Rs 220.97 crore for the first quarter ended in June 2023. It had posted a net profit of Rs 131.05 crore during the same quarter of the previous fiscal.
11:17 AM
Sensex Today | Index erases all gains, trades in the red
11:03 AM
Tech Mahindra’s shares hit over 1-mth low on Q1 profit fall
Shares of India’s Tech Mahindra fell as much as 5.3% on Thursday, their lowest since June 19, a day after the IT services firm posted a surprise drop in quarterly profit as challenging macroeconomic conditions forced clients to curb spending.
10:54 AM
Nestle India Q2 profit at Rs 698.34 crore
10:45 AM
Top 5 gainers from FMCG pack
10:29 AM
Ultramarine & Pigments commissioned specialty chemical project at Andhra Pradesh Industrial Park
10:26 AM
Only 3 auto stocks in the red
10:02 AM
Bumper Debut! Netweb Technologies shares list at 89% premium over IPO price
Shares of Netweb Technologies listed at a robust premium of over 89% on the exchanges on Thursday. The stock got listed at Rs 947 on NSE, a premium of 89.4% as against the issue price of Rs 500. Meanwhile, on BSE it debuted 88.5% higher at Rs 942.5 apiece.
09:48 AM
The government proposes to sell about 5.36% stake in Rail Vikas Nigam Ltd (RVNL) through an offer for sale that opened today.
09:41 AM
Mahindra & Mahindra Ltd has acquired a 3.53% stake in RBL Bank for Rs 417 crore, the automaker said in an exchange filing. “We may consider further investment subject to pricing, regulatory approvals and required procedures. However, in no circumstances will it exceed 9.95,” M&M said.
Though the reversal unfolded on anticipated lines, the pause inside the pivotal region of 19770-840 lends a neutral bias for opening today. Slippage if any, would have to be restricted above 19730 for ongoing upswings to retain momentum, while we would still require a break of 19840 to keep sight on the 20160 objective. Slippage below 19730 could however rekindle fears of 19460, but 19620 could continue to stand in the way of a free fall.
– Anand James, Chief Market Strategist at Geojit Financial Services
09:22 AM
Kalpataru Projects International gets new orders of Rs 2261 crore
09:22 AM
EARNINGS IMPACT | Tech Mahindra’s net profit missed estimates as it fell 39% YoY to Rs 693 crore in the first quarter. Revenue from operations rose 4% to Rs 13,159 crore.
09:21 AM
EARNINGS IMPACT | Drug maker Cipla said it is confident about ending FY24, with 23-23.5% earnings before interest, tax, depreciation and ammortisation (EBITDA) margins and 10% odd revenue growth, led by robust sales growth across key geographies of US, India and South Africa.
09:21 AM
EARNINGS IMPACT | Axis Bank, India’s fourth-biggest private lender by market value, Wednesday reported a 41% rise in its June quarter net profit to Rs 5,797 crore on the back of higher business income. The bank had posted profits of Rs 4,125 crore a year ago.
09:19 AM
FMCG, Media indices top sectoral losers on NSE
09:18 AM
Sensex Heatmap | Majority of index stocks trade in the green
09:17 AM
Opening Bell: Sensex gains over 150 points, Nifty tops 19,800; M&M drops 4%, Bajaj Finance rises 2%
09:10 AM
Pre-open session: Sensex rises 120 points; Nifty above 19,850
09:05 AM
Fedbank Financial Services files for IPO
08:21 AM
Markets Live Updates: Asian shares climb as Fed delivers no major surprises
Asian shares advanced and the dollar fell on Thursday after a well-flagged U.S. rate rise delivered no major surprises, although policymakers in Europe and Japan could pose risks for markets with their own interest rate decisions.
07:21 AM
Markets Live Updates: Quarterly earnings today
Nestle, BEL, Macrotech, Shriram Finance among others will announce their first quarter results today.
07:21 AM
Markets Live Updates: GIFT Nifty (Earlier SGX Nifty) signals a muted start
GIFT Nifty on the NSE IX traded 0.5 points, or 0.00 per cent, higher at 19,984.50, signaling that Dalal Street was headed for muted start on Thursday.
07:20 AM
Tech View: Nifty downside support getting stronger
While ending with gains of 98 points, Nifty formed a shooting star like candle on the daily chart but is facing resistance around the 19,800-level.The positive chart pattern like higher tops and bottoms continued on the daily chart and the low of Tuesday at 19615 levels could now be considered as a new higher bottom of the sequence. But, a decisive up move from here is likely to confirm this higher bottom reversal pattern, said Nagaraj Shetti of HDFC Securities.
07:20 AM
Markets Live Updates: Tokyo stocks open lower
Tokyo stocks opened lower Thursday after US shares ended mixed following the Federal Reserve’s much-anticipated rate hike, with a stronger yen weighing on the market.The benchmark Nikkei 225 index was down 0.50 percent, or 164.65 points, at 32,503.69 in early trade, while the broader Topix index slipped 0.38 percent, or 8.63 points, to 2,274.46.
07:20 AM
US stocks close little changed as Fed leaves door open
U.S. stocks ended Wednesday little changed following a Federal Reserve rate hike that left the door open for future hikes, but the Dow scored a 13-day winning streak.
07:19 AM
Rupee falls 13 paise against US dollar
The rupee fell 13 paise to settle at 82.01 against the US dollar on Wednesday due to elevated crude prices in international markets and month-end dollar demand from importers.
07:19 AM
Markets Live Updates: Oil up as supply tightness view offsets concerns from rate hikes
Oil prices rose on Thursday as investors focused on expectations of tighter supplies from top oil producers, helping reverse earlier losses that were driven by worries that the hike in interest rates by the U.S. will hurt demand.
07:19 AM
Sensex, Nifty on Wednesday
The benchmark BSE Sensex rose 351.49 points, or 0.53%, to 66,707.2, while the broader Nifty50 jumped 98 points to 19,778.
07:19 AM
