Sensex, Nifty Highlights on August 19: Domestic benchmarks ended on a bullish note on Wednesday, tracking positive cues from global markets and persistent foreign fund inflows. Sensex ended 86 points higher at 38,614 and Nifty closed 23 points higher at 11,408. As per analysts, gains were checked as market traders turned cautious ahead of AGR hearing in SC later today and US Federal Reserve meet outcome scheduled to release tonight. SGX Nifty was rising 90 points higher at 10,690, indicating positive trend in domestic grounds today. Meanwhile, April-June quarterly earnings announcements by Muthoot Finance, CSB Bank, Ruchi Soya Industries, V2 Retail, Ramky Infrastructure and Tips Industries among others will also set the tone for the stock market today. Yesterday, Sensex ended 477 points higher at 38,528 and Nifty added 138 points to close at 11,385.
Here's a look at the updates of the market action on BSE and NSE today
3. 45 PM: Closing session
Domestic benchmarks ended on a bullish note on Wednesday, tracking positive cues from global markets and persistent foreign fund inflows. Sensex ended 86 points higher at 38,614 and Nifty closed 23 points higher at 11,408.
3. 30 PM: Market outlook
Commenting on market outlok today, S Ranganathan, Head of Research at LKP Securities said,"Today's trade was indeed different in that it can be aptly termed as a Day of Unusual Gainers. A plethora of stocks outside the Index which normally we are used to seeing trending down made bold up moves forcing investors and traders to pay attention".
3. 21 PM: Nifty tenchincals
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said," The index has held the 11350 level for the entire trading session. There could be a brief pause after yesterday's rally. The trend continues to remain bullish and we should expect higher levels of 11500 and then 11700. Traders could use any dip as a buying opportunity."
3. 10 AM: Market update
Domestic benchmarks traded on a bullish note on Wednesday, tracking positive cues from global markets and persistent foreign fund inflows. Sensex was rising 95 points higher at 38,624 and Nifty was trading 29 points higher at 11,415.
2.55 PM: Sector update
Sectorally, barring IT, FMCG and pharma, all the other sector-based indices traded in green territory today, with medis index rising over 5%, followed by 2.5% rise PSU Banks.
2.43 PM: Market outlook
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said," The Nifty has opened in splendid form going past the 11450 level. We should be targeting 11500 - 11700 levels and this could be achieved during the course of this month's expiry itself. The support has been upgraded to 11350. A buy on dips strategy can be implemented."
2. 33 PM: Evening round up by Angel Broking
On currency front, dollar index weakened to more than two year low against the basket of rival currencies. Precious metals surged higher on feeble US dollar and brewing tension between US and China. Gold in international spot market reclaimed above $2000 an Ounce.
Cautious move has been witnessed among risky assets on renewed tension between US and China after further US restriction on China's tech giant Huawei. Besides, resurgence of corona cases in some areas also weighed the investor's sentiments.
2. 25 PM: PVR stock price gains over 5%
Share prices of PVR and Inox Leisure were trading higher in afternoon session today on reports that government is likely to allow opening of cinema halls from September. The halls will be opened with limited viewers and strict social distancing rules. Cinema halls have remained closed since March 23, 2020 on the imposition of coronavirus lockdown.
PVR share price gained 5.7% to Rs 1,337 against previous close of Rs 1,261 on BSE. The stock has gained 7.4% in the last 2 days. The mid cap share trades higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages.
2. 14 PM: Zee Entertainment share gains 5%
Zee Entertainment Enterprises share price jumped over 5% intraday in Wednesday's session after the company declared its April-June quarter numbers. Zee Entertainment Enterprises Ltd (ZEEL) on Tuesday reported 94.5% year-on-year (YoY) decline in consolidated net profit at Rs 29.3 crore for the first quarter ended June 30, 2020 against Rs 529.8 crore in the corresponding quarter last year.
1. 37 PM: SBI share gains 3% as lender to raise Rs 10,000 crore via bond sale
State Bank of India (SBI) share price rose almost 3% on Tuesday amid a report that the lender would raise Rs 10,000 crore through sale of bonds. State Bank of India share gained 2.61% to the intraday high of Rs 200.2 on BSE against the earlier close of Rs 195.10. The large cap stock stands higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages.
1. 20 PM: RIL share gains 1.5% after firm buys majority stake in Netmeds
Share price of Reliance Industries (RIL) gained in early trade today after the firm's retail arm Reliance Retail acquired a majority stake in Vitalic Health and subsidiaries, collectively known as Netmeds for Rs 620 crore. RIL share price gained 1.5% or Rs 32 to Rs 2,150 against previous close of Rs 2,118 on BSE.
1.09 PM: Dollar index
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.08 per cent to 92.34.
12.51 PM: Oil prices flat today
Oil price remained flat as fear of lower demand offset the recent OPEC+ suppliers commitment to supply cuts. Brent crude futures, the global oil benchmark, slipped 0.75% to USD 45.12 per barrel.
12. 46 PM: Global markets
Asian markets are trading mixed despite overnight gains in US. Japan's export declined in July to 19.2% YoY and was below Reuters poll.
Wall Street closed higher with S&P500 saw record close and many including Howard Silverblatt believe that this is the start of a new bull market.
European markets closed lower as investors continued to give more weight to the pandemic and growing tensions between US and China.
12. 30 PM: Nifty outlook
As per Geojit Financial Services, A bullish marubozu pattern, encourages us to extend the upside objective from 11600 to 11800. A higher opening today is likely to invite a bit of long liquidation, but favoured view expects such bear attacks to be limited. Alternatively, a close below 11314 today will be a clear bear call, re opening 10640 views.
11.51 AM: Top gainers and losers
SBI, followed by L&T, M&M, ICICI Bank, Sun Pharma, Axis Bank, ITC and Bajaj Auto were among the top gainers on Sensex pack. On the other hand, HCL Tech, Nestle India, Tata Steel, Kotak Bank and Infosys were among the laggards.
11. 44 AM: Market update
Domestic benchmarks traded on a bullish note on Wednesday, tracking positive cues from global markets and persistent foreign fund inflows. Sensex was rising 210 points higher at 38,738 and Nifty was trading 60 points higher at 11,450. As per analysts, gains were checked as market traders turned cautious ahead of AGR hearing in SC later today and US Federal Reserve meet outcome scheduled to release tonight.
11.31 AM: AGR case expert outlook
On SC AGR case hearing today, Keshav Lahoti, Associate Equity Analyst, Angel Broking said,"On the Supreme Court's question on whether to make Jio liable for Rcom AGR dues based on spectrum sharing. Jio has made it clear that there is no question of one operator paying dues of another operator and AGR dues payable by it is already paid. Government is of the opinion to allow a 20 years time frame for companies like Airtel, Vodafone Idea to clear their AGR dues. We believe Bharti Airtel will be able to make upfront AGR payment even if asked by court by raising money from QIP, debt. Overall, we see upfront payment of AGR dues as a positive development for Airtel and Jio as it raises question mark on survival of Vodafone Idea in the industry."
11. 22 AM: Real estate sector update
Speaking on outlook for real estate sector Mohit Goel, CEO, Omaxe Ltd said, "Being an end-user driven market, the demand has picked up faster in 2/3 cities due to a host of reasons like government's industry and infrastructure push, corporates looking for cheap real estate and skilled workforce that are staying back or returning and higher capital appreciation.
The demand in the residential real estate segment is gravitating towards reputed developers. As a result, developers with a strong balance sheet and good delivery record are witnessing an upsurge in demand."
11.07 AM: Coronavirus toll
Worldwide, there are 223 lakh confirmed cases and 7.84 lakh deaths from COVID-19 outbreak. Meanwhile, the death toll in India crossed 53,000 mark and total coronavirus stood at 27.68 lakh as of Wednesday.
10. 54 AM: Stocks in news
IDBI Bank, Indiabulls Real Estate, YES Bank, RIL, SBI among others are the top stocks to watch out for in Wednesday's trading session.
10. 43 AM: Gold outlook
Commenting on Gold's outlook, Hareesh V, Head Commodity Research at Geojit Financial Services said," A weak US currency and expectations of more economic easing measures amid slow global growth continue to lift the safe-haven demand of gold. However, an intermittent profit booking cannot be ruled out on signs of easing US-China trade tensions and optimism about coronavirus vaccine."
On London spot technical outlook, he added," A direct break of $2020 is required to continue the bullish outlook, else intraday bias largely on the downside. However, major downside moves are likely only if prices break $1970."
10. 26 AM: AGR hearing
Telecom stocks, Vodafone Idea and Airtel, will continue to remain in focus as the Supreme Court adjourned the hearing on the issue of adjusted gross revenue (AGR) dues from telecom companies to Wednesday. The three-Judge bench led by Justice Arun Mishra on Tuesday heard arguments from Reliance Jio pertaining to the sale of the spectrum by the bankrupt companies RCom and Aircel. The apex court had earlier indicated that entities using the spectrum must discharge the AGR dues.
10. 32 AM: Earnings Today
Muthoot Finance, CSB Bank, Ruchi Soya Industries, V2 Retail, Ramky Infrastructure and Tips Industries among others will be announcing their April-June quarterly earnings today.
10. 13 AM: Gold outlook
As per Geojit Financial Services, inability to break $2020 intraday bias most likely to be on the lower side. However, support is seen at $1960 which needs to be cleared for the continuation of the trend. A direct rise above $2022 would lift prices much higher later.
For MCX Gold August, resistance is placed at 54,000 and support is at 51,400. For MCX Silver August futures, the resistance is at 71,500/74,980 and the support is placed at 65,100/60,800.
10.05 AM: Key upcoming announcements
Traders will also keep an eye on the minutes of the RBI monetary policy panel meeting which will be released on August 20. The foreign exchange reserves data will be released on August 21. On the global front, the US will release FOMC minutes on August 19, followed by Initial Jobless Claims on August 20, and Markit Manufacturing PMI Flash and Existing Home Sales on August 21.
9. 53 AM: Global cues
Globally, European markets closed lower on Tuesday on concerns over the coronavirus pandemic and rising tensions between the US and China. Meanwhile, US stocks were trading higher as investors awaited further developments on economic relief and US-China trade relations. Apart from this, the upcoming OPEC meeting will be closely watched.
9. 40 AM: MCX Gold today
On the Multi-Commodity Exchange, gold September Futures traded 0.57% or Rs 305 lower at Rs 53,266, after hitting an intraday low of Rs 53,125 against the previous close of Rs 53,571 per 10 gm. MCX gold futures currently trade almost Rs 2,925 lower than the lifetime high of Rs 56,191 per 10 gm, hit on August 7.
The yellow metal has risen 35.2% since the beginning of this year, amid concerns over rising coronavirus cases around the globe. The yellow metal on MCX has risen 41.5% to the life-time high since the beginning of the year. The bullion that was trading at Rs 39,000 on December 31, 2019, recently hit a lifetime high of Rs 56,191 per 10 gm on August 7, 2020.
9. 27 AM: Rupee movement
Tracking positive cues from equity market, the Indian rupee closed at a one-month high against the US dollar. The local currency ended 13 paise higher at 74.76 against the US dollar, against its previous close of 74.89. The Indian unit was also supported by sustained foreign fund inflows coupled by weak US currency.
9. 33 AM: Opening session
Sensex and Nifty opened on a bullish note on Wednesday, amid positive global equities. Sensex was rising 210 points higher at 38,738 and Nifty was trading 60 points higher at 11,450. SGX Nifty was rising 90 points higher at 10,690, indicating positive trend in domestic grounds today.
9. 15 AM: Global cues
Overseas, Asian stocks are mostly trading higher on Wednesday after a strong Wall Street session in which the S&P 500 hit an all-time high, rebounding from huge losses caused by the coronavirus pandemic.
In US, the S&P 500 closed at a record high on Tuesday, rebounding from huge losses triggered by the coronavirus pandemic. Fed has cut rates to near zero to bolster business through the pandemic.
9.00 AM: FII/ DII action data
Foreign portfolio investors (FPIs) bought shares worth Rs 1,134.57 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 379.38 crore in the Indian equity market on 18 August, provisional data showed.
8. 50 AM: Market valuation
As per technical indicators, Nifty has finally crossed the earlier consolidation phase of 11300-11370 zone.
"We should now endeavor 11500-11700 as the next two levels for the market to achieve. A stop can be placed below 11200 as that is the new support for the index," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
8. 40 AM: Nifty outlook
Expressing views on near term Nifty outlook, Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking said, "The follow-up move in the coming session will be important as if the momentum continues, then it will lead the index towards 11465 followed by 11625. These are the projections done by the reciprocal retracements of the recent corrective move. On the flipside, 11250 will now be seen as important support. In the last few sessions, in spite of the consolidation in the index, the stock-specific moves have provided good trading opportunities."
8.30 AM: Closing
Domestic benchmark indices ended largely bullish on Tuesday, amid heavy buying in realty and media scrips, despite mixed global equities. Sensex ended 477 points higher at 38,528 and Nifty added 138 points to close at 11,385. Yesterday, Sensex ended 173 points higher at 38,050 and Nifty gained 81 points to close at 11,385.
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