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15 Aug 2020, Edition - 1859, Saturday

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Business

Share Market LIVE: Sensex rises 285 points, Nifty at 10,780; IndusInd Bank, ICICI Bank top gainers

https://www.businesstoday.in/

sensex, Nifty Updates: Sensex and Nifty opened on a bullish note on Thursday, amid positive global equities. Sensex traded 195 points higher at 36,543 and Nifty gained 48 points to 10,753. SGX Nifty was also rising 30 points higher at 10,714, indicating positive trend in domestic grounds today. Asian counterparts, bounced back from lows and were trading back in positive territory, tracking gains from Wall Street. Yesterday, Sensex ended 345 points lower at 36,329 and Nifty closed 93 points lower at 10,705. Investors will prepare a new strategy to move ahead for Q1 earnings season, with Tata Consultancy Services (TCS) announcing its financial numbers for June quarter. Besides this, official data on industrial production, and retail, as well as wholesale inflation, will be released this week

Here’s a look at the updates of the market action on BSE and NSE today

11. 01 AM: Global cues

Asian markets were trading higher on Thursday as investors awaited June CPI inflation from China. Wall Street closed higher despite coronavirus cases continuing to rise in the US. European markets closed lower as rising coronavirus cases in most parts of the world continued to cast doubt of economic recovery.

10. 34 AM: Nifty support and resistance levels

Reliance Smartmoney in its daily report said,” In case the index violates, 10,600 mark current down move will accelerate. This could drag the index towards 10,440 level. On the higher side, its long-term moving average 200-day SMA (10,885 level) will cap the up-move.

As for the day, support is placed at around 10,630 and then at 10,500 levels, while resistance is observed at 10,890 and then at 11,035 levels.”

10. 16 AM: TCS Q1 FY21 results expectations by HDFC Securities

TCS is likely to report 2.5% (QoQ) revenue de growth to Rs 38,965 crore and net profit may fall 5% (QoQ) to Rs 7654 crore in Q1FY21. EBIT margin could decline by 90bps (QoQ) to 24.2%. Commentary on demand recovery, tech budget normalisation and cost rationalisation initiatives will be key monitorables.

9.43 AM: FPI activity

“The foreign institutional investors (FPI) activity in the coming weeks is something that needs to be watched closely as there are already reports of likely rebalancing of portfolios and resultant trimming of positions. It is also significant that the domestic markets, for most part of the week, reflected the broad trends in other global markets,” said Joseph Thomas, Head of Research – Emkay Wealth Management.

9. 35 AM: Technical outlook

“The short term trend of Nifty seems to have reversed down from the swing high. One may expect further weakness in the short term. The intermediate trend of Nifty continues to be positive for the Nifty and weakness down to 10,550-10,500 could now be a buy on dips opportunity,”said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

9. 22 AM: Opening bell

Sensex and Nifty opened on a bullish note on Thursday, amid positive global equities. Sensex traded 195 points higher at 36,543 and Nifty gained 48 points to 10,753.

9. 13 AM: Market outlook by experts

“Profit booking was witnessed today after Nifty gained nearly 5 per cent in the previous five trading sessions and Bank Nifty surged nearly 1200 points (6 per cent) in the last four days. Markets closed in red at the end of a volatile trading day as investors weighed the gradual resumption of business activity against a steady rise in new coronavirus cases. Moreover, there was caution ahead of the June quarterly earnings season starting on Thursday, global market weakness and high valuation,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.

9.02 AM: Market focus for today

Investors will prepare a new strategy to move ahead for Q1 earnings season, with Tata Consultancy Services (TCS) announcing its financial numbers for June quarter. Besides this, official data on industrial production, and retail, as well as wholesale inflation, will be released this week.

“All eyes will be on Q1FY21 earnings of TCS, which is scheduled tomorrow, July 9. Traders should prefer hedged trades instead of outrights, citing a possible uptick in the volatility ahead,” said Ajit Mishra, VP – Research, Religare Broking.

Share market expectations: 5 things to know before tomorrow’s opening bell

8. 56 AM: Stocks to watch today on July 9

TCS, ICICI Bank, Yes Bank, South Indian Bank, Infosys among others are the top stocks to watch out for in Thursday’s trading session.

Stocks in news: TCS, ICICI Bank, Yes Bank, South Indian Bank, Infosys

8. 50 AM: Global cues

SGX Nifty was rising 30 points higher at 10,714, indicating positive trend in domestic grounds today. Asian counterparts, bounced back from lows and were trading back in positive territory, tracking gains from Wall Street.

8. 40 AM: Rupee Closing

On the currency front, Indian rupee, the local unit ended weaker against the dollar at 75.01 per dollar. Earlier the domestic unit settled at 74.93 per dollar on Tuesday.

8. 34 AM: Nifty outlook

“Nifty could not sustain the gains after opening in positive territory and ended down with 93 points at 10,705. During the day, Nifty rose above 10,800 backed by good movement in large cap counters. At present level, Nifty support is seen at 10,550 while resistance comes at 10,850-10,900,” said Sumeet Bagadia, Executive director, Choice Broking.

8. 30 AM: Last Closing

Yesterday, Sensex ended 345 points lower at 36,329 and Nifty closed 93 points lower at 10,705.

Sensex, Nifty snap five-day rally as rising virus cases hit recovery hopes

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