Stock Market LIVE Updates: Sensex above 58,500 points, Nifty above 17,400; IT, Metal shine; Subex rallies 17%, Lodha drops 3%

view original post
Stock Market LIVE updates: Indian shares were trading higher on Thursday, supported by gains in other Asian equities and strength in domestic IT stocks, while investors kept an eye out for a central bank policy decision later this week.

“The sentiment overall looks good, foreign investors continue to be buyers and global cues remain on the positive side so that has helped us,” said Anita Gandhi, director at Arihant Capital Markets.

Foreign investors purchased a net $1.07 billion worth of Indian equities in the first three trading sessions this month, according to Refinitiv data.

Market participants are awaiting the outcome of the Reserve Bank of India’s (RBI) monetary policy meeting on Friday. The RBI has raised rates twice since May and is expected to hike rates again to tame persistently high inflation in Asia’s third-largest economy.

The views on the quantum of increase, however, were split widely between 25 basis points and 50 basis points, a Reuters poll of economists showed.

India’s retail inflation remained painfully above the 7% mark and beyond the central bank’s tolerance band for the sixth month in a row in June, but has shown some signs of easing in recent months.

The Nifty’s IT index, the best performer among other sub-indexes, rose more than 1% tracking the tech-heavy Nasdaq which climbed over 2% overnight.

IT services provider Infosys Ltd jumped as much as 2.4% to hit a more than three-month high and provided the biggest boost to the benchmark Nifty 50.

Biscuit maker Britannia Industries Ltd was down as much as 1.2%, ahead of its quarterly earnings results due later in the day.

Equities climbed in broader Asia, following a strong rally on Wall Street after data showed the services industry unexpectedly picked up in July.

!1 New UpdateClick here for latest updates

In the mother market of the US, markets are climbing many walls of worries including the US-China skirmishes arising from Nancy Pelosi’s visit to Taiwan. Other markets are taking cues from the strong trend in the US market. In India, the FPIs turning buyers has changed the sentiments in favour of the bulls. The market momentum is so strong that it is overpowering negatives like higher valuations and rising trade deficit. If FPI buying sustains, the market may continue to remain resilient, but investors should exercise some caution. It makes sense to stick with high quality growth stocks. The strength in Nasdaq indicates that IT will continue to maintain the current uptrend.

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

Indian Hotels Company has announced two hotels in Kevadia, Gujarat, in agreement with Sardar Sarovar Narmada Nigam (SSNNL). The hotels are slated to open in 2025.

Price as on 04 Aug, 2022 11:08 AM, Click on company names for their live prices.

Here are the loser from the PSU Bank index

AU Small Finance Bank raises Rs 2,000 crore via QIP

AU Small Finance is said to have raised about Rs 2,000 crore via qualified institutional placement from a host of global and local investors, which put up bids nearly four times higher than the actual size, said market sources. Bidders included Singapore’s GIC, US-based Capital International and Blackstone. Local mutual funds too jumped in the fray as the likes of Nippon and DSP tried to bet on the share sale.

ETNOW Exclusive | Govt preparing a centralised mechanism for asset monetisation of PSUs

After getting rejected twice at our turnaround point of17220 yesterday, bears gave up, leading to a vertical rise by over 180 points. This makes the test of 17500 a formality today. While 17750 is truly a congestion region worthy of forcing a turn lower on the first test, weekly charts look even stronger encouraging us to move the near term objective higher to 18100. Alternatively,expect volatility to resurface if unable to breach the 17560 region after the opening burst.

– Anand James – Chief Market Strategist at Geojit Financial Services

Metal stocks get their shine on; JSPL, Hindalco more than 3% up

Price as on 04 Aug, 2022 10:09 AM, Click on company names for their live prices.

InterGlobe Aviation posted a net loss of Rs 1,064.3 crore for the June FY23 quarter, which narrowed from a loss of Rs 3,174.2 crore in Q1FY22. Revenue grew by 327.5 per cent to Rs 12,855.3 crore during the same period.

Price as on 04 Aug, 2022 10:04 AM, Click on company names for their live prices.

Satin Creditcare Network, the microfinance lender reported a net profit of Rs 60 crore in the quarter ended June 2022 led by higher loan disbursals. It had posted net loss of Rs 71 crore a year ago.

Price as on 04 Aug, 2022 09:57 AM, Click on company names for their live prices.

TCI Express, the express logistics firm posted an over 30 per cent jump in net profit at Rs 31.01 crore for the quarter ended June 30, helped by higher income. The consolidated net profit of the company in the year-ago period stood at Rs 23.76 crore.

Price as on 04 Aug, 2022 09:55 AM, Click on company names for their live prices.

Buy or Sell: Stock ideas by experts for Aug 04, 2022

IT back in the green! Check how TCS, Infy, Mindtree Persistent fare

Price as on 04 Aug, 2022 09:42 AM, Click on company names for their live prices.

Aditya Birla Capital reported its highest ever consolidated quarterly net profit at Rs 429 crore in the April-June period, up by 42 per cent over the year-ago period. The company had reported a net profit of Rs 302 crore in the corresponding June 2021 quarter of the previous fiscal.

Price as on 04 Aug, 2022 09:40 AM, Click on company names for their live prices.

FADA July Data

  • Total sales down 8% at 14.36lk units
  • 2-Wheeler sales down 11% at 10.1lk units
  • PV sales down 5% at 2.52lk units
  • Tractor sales down 28% – at 60k units
  • CV sales up 27% at 66k units

Adani Power posted a manifold jump in consolidated net profit to Rs 4,779.86 crore in the quarter ended June 2022, on account of growth in income. The consolidated net profit of the company in the year-ago period was at Rs 278.22 crore.

Price as on 04 Aug, 2022 09:27 AM, Click on company names for their live prices.

Stocks in focus: Voda Idea, Gujarat Gas, KEC International, IndiGo, Adani stocks and more

Vodafone Idea widened net loss for the fiscal first quarter sequentially to Rs 7295.7 crore from Rs 6,544.9 crore in the previous three-month period, in line with street estimates. Quarterly revenue for the cash-strapped operator increased 1.7% sequentially to Rs10,410 crore in the April-June quarter from Rs 10,239.5 crore in the January-March quarter.

Price as on 04 Aug, 2022 09:20 AM, Click on company names for their live prices.

Only 2 Sensex stocks in the red in opening deals

OPENING BELL: Sensex rises 300 points, Nifty above 17,450; Subex rallies 17%, Lodha drops 3%

Asian stocks rise on upbeat data, Fed hawks lift dollar

Asian stocks rose on Thursday, taking cues from a strong rally on Wall Street after robust economic data and upbeat corporate guidance boosted investor appetite.

Quarterly earnings today

Adani Total Gas, Adani Enterprises, Dabur India, Britannia Industries, Berger Paints, GAIL, Balkrishna Industries, Container Corporation, Dalmia Bharat, REC, Bharat Heavy Electricals and LIC Housing are among companies that will announce their quarterly earnings today.

SGX Nifty signals a positive start

Nifty futures on the Singapore Exchange traded 80 points, or 0.46 per cent, higher at 17,519.50, signaling that Dalal Street was headed for a positive start on Thursday.

Tech View: Nifty forms bullish candle; resistance likely at 17,500

A late rebound on Wednesday helped Nifty50 take its winning run to the sixth trading session. The index ended up forming a bullish candle with a long lower-wick, suggesting the bulls are not ready to give in as yet.

Oil prices rebound after dropping to lowest in months

Oil prices rose in early Asian trade on Thursday, bouncing off multi-month lows in the previous session caused by data signalling weak U.S. fuel demand.

Tokyo shares open higher after US gains

Tokyo stocks opened higher Thursday following gains on Wall Street, with investors eyeing corporate earnings. The benchmark Nikkei 225 index climbed 0.69 percent, or 191.39 points, to 27,933.29 at the open, while the broader Topix index rose 0.34 percent, or 6.50 points, to 1,937.27.

Wall Street rallies on robust economic data

US stocks jumped to a sharply higher close and Treasury yields touched two-week highs on Wednesday as robust economic data, upbeat corporate guidance and easing geopolitical concerns boosted investor risk appetite.

Rupee tanks 62 paise to close below 79 mark

The rupee slumped by 62 paise to close at 79.15 against the US dollar on Wednesday, marking its worst single-day fall in the current fiscal as widening trade deficit and US-China tensions dented the investor sentiment.

Sensex, Nifty on Wednesday

BSE Sensex seesawed between red and green but ended 214 points or 0.37 per cent higher at 58,350.53. Its NSE counterpart, Nifty50, ended 42.7 points or 0.25 per cent to close at Rs 17,388.15.

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