The confluence area of two major pattern resistance points finally proved a stiff resistance for Nifty, which saw some serious unwinding from higher levels after hitting a hurdle near that area for the third day. Nifty saw a quiet start to the session on anticipated lines; it traded sideways in a defined range without any directional bias for the entire day. It was in the last hour of the trade that Nifty gave up and saw some unwinding of positions. The index came off over 150 points, and the Bank Nifty over 550 points, from its high points of the day. The headline index finally ended the day with a net loss of 93.90 points, or 0.87 per cent.
Nifty was signalling loss of momentum of the past few session as the trading ranged had narrowed gradually. The trend emerged as the index fast approached its 200-day simple moving average, whose value was placed at 10,887 on Tuesday. Rohit Singre of LKP Securities says Nifty formed a negative candle after forming a Gravestone Doji, which hints at more weakness ahead if it continues to trade below 10,675.
Concerns over inflation due to periodic and sizeable liquidity injections led by the US Federal Reserve appear overblown unless the coordinated expansive monetary policy is accompanied by high credit growth and quick recovery in consumer spending, Motilal Oswal said in a note.
Bulk deals: Invesco India Contra Fund sells Aditya Birla Fashion RE
Here’s who bought and sold what in some of the key bulk and block deals of the day. Invesco India Contra Fund sold 4,74,202 shares of Aditya Birla Fashion Rights Entitlement at Rs 23 each, while Ms Param Value Investments bought 5,00,000 of these Rights Entitlements. Kedia Securities bought 7,53,925 shares of Tejas Networks at Rs 49.13 per share.
Dow Jones inches up on recovery hopes despite jump in virus cases
US stocks inched higher at the open on Wednesday as investors weighed early signs of an economic rebound against fears of another lockdown with surging coronavirus cases across the country. The Dow Jones Industrial Average rose 59.88 points, or 0.23 per cent, at the open to 25,950.06.
"Since past 6 consecutive sessions NIFTY has managed to sustain above its multiple support zone of 10050-10000 levels hence this remains a crucial support zone to watch for. For the day, if the index sustains above 10150, then it may scale towards 10250-10300 levels. The Daily strength indicator RSI remains bullish indicating a sustained strength ahead," said Rajesh Palviya, Axis Securities.
Where is Nifty headed?
At the beginning of the session, Nifty attempted to stretch higher, however faced pressure as it neared its 200 DMA. “After a tough battle the bulls surrendered to the bears towards the end of the session resulting in a bearish outside bar on the daily chart. Thus, today’s high of 10847 now becomes a crucial resistance. On the other hand, 10,650-10630 is an immediate support zone, which coincides with a gap area and a short term rising trendline,” said Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas.
Last hour buying momentum led Nifty to close near day's high: Rajesh Palviya
"Nifty opened on a flat note and remained consolidated in a narrow trading range. However, the last hour buying momentum led it to close near day's high. The price action has formed a small bullish candle and it has remained restricted within the previous session's high-low range, indicating an absence of strength on either side," said Rajesh Palviya, Axis Securities.
Traders should prefer hedged trades: Ajit Mishra
We may see a marginal dip in the index before the further up move and that would be a healthy correction. Firm global markets and recent buoyancy in the banking index would cap the downside. Besides, all eyes will be on Q1FY21 earnings of TCS, which is scheduled tomorrow 9th July. Traders should prefer hedged trades instead of outrights, citing a possible uptick in the volatility ahead, said Ajit Mishra, VP - Research, Religare Broking.
Unsupportive global cues weighed on investor sentiment: Ajit Mishra
Markets shed nearly a percent in a range-bound session, taking a breather after the recent up move. It opened with an uptick despite weak global cues but failed to make any significant progress as the day progressed. And, the sharp profit-taking in the last hour of the trade pushed the index in the red. Unsupportive global cues as well as muted domestic factors were weighing on investors' sentiments. Finally, the Nifty index settled 0.9% lower at 10,705 levels. The broader markets too ended with losses of 0.4% each. Amongst the sectoral indices, except for FMCG, healthcare and metals, all the other indices ended in the red wherein Auto, IT and Realty were the top losers, said Ajit Mishra, VP - Research, Religare Broking.
Govt approves Rs 12,450 crore capital infusion in 3 state-run general insurers
The Union Cabinet on Wednesday approved capital infusion of Rs 12,450 crore in three state-owned general insurance companies to strengthen their capital base and make them more stable. The National Insurance Company, Oriental Insurance Company and United Insurance Company will get the additional capital, Information and Broadcasting Minister Prakash Javadekar told reporters after the cabinet meeting.
Nifty50 on Wednesday snapped a five-day winning streak and formed a bearish candle on the daily chart. It had been losing momentum for some time now, as the narrow trading ranges of the past few sessions suggested. The trend emerged as the index fast approached its 200-day simple moving average, whose value was placed at 10,887 on Tuesday. Analysts largely see support for the index in the 10,620-650 range and the immediate hurdle at 10,750 level.
This is how the 30-pack Sensex moved in today's session. It touched a high of 36,828.43 and a low of 36,234.17 to finally settle at 36,329.01
CLOSING BELL: Sensex snaps 5-day winning run as RIL, IT stocks slip; falls 346 pts; Nifty below 10,700; Bajaj Finance drops 5%
RIL, financials and IT lead the market fall
22 of 30 Sensex stocks end the day in the red
Index contributors: RIL, Infosys, TCS, ICICI Bank, Bajaj Fin
Top Index gainers: IndusInd Bank (4.50%), SBI (1.67%), HUL (1.40%)
Top Index losers: Bajaj Fin (4.65%), Asian Paints (3.29%), Bajaj Finserv (3.09%)
All sectoral indices except metal, healthcare and FMCG end the day in the red
S&P BSE METAL biggest sectoral gainer, up 1.70%
S&P BSE REALTY biggest sectoral loser, down 2.05%
Volume toppers: Bajaj Fin, IndusInd Bank, SBI, RIL, Axis Bank
Sensex tanks 400 points in afternoon session
Here are the volume toppers in today's trade
Most auto stocks trading in the red. TVS Motor dips 6%; Tata Motors, M&M 2% each
Price as on 08 Jul, 2020 02:47 PM, Click on company names for their live prices.
Forex Center: This is how the major currencies are faring against each other
Credit Suisse initiates coverage on Tata Consumer
Credit Suisse has initiated coverage on Tata Consumer with an outperform rating and a target price of Rs 490 as it sees potential for faster growth in the tea and salt business, and believes that long term prospects of Starbucks is intact.
NBCC India bags orders worth Rs 432 crore in June
Price as on 08 Jul, 2020 01:58 PM, Click on company names for their live prices.
Sensex gyrates between gains and losses; here's a look at index's movement today
Tata Consumer no more an ugly duckling: Hemang Jani
"It is a very compelling story. People are now treating it at par with some of the other FMCG companies given the kind of product basket that they have post the demerger that had happened a few months back and given the fact that we have a new management. The entire product basket is looking extremely impressive. People definitely would compare that with the larger FMCG companies and there is still a large valuation gap. So it is one of our top picks in the consumer sector per see," said Hemang Jani, Equity Strategist & Senior Group VP, MOFSL.
RBI, govt collectively ensuring enough liquidity in the system: Piyush Goyal
IndusInd Bank surges 7% on reports of stake sale to Route One Investment
Shares of IndusInd BankNSE 7.93 % jumped 7 per cent in Wednesday's session after media reports suggested that US-based hedge fund Route One Investment Company has initiated talks to increase its stake in the private lender.
Shares of NIIT TechnologiesNSE 1.13 % traded lower in Wednesday’s trade after the latest shareholding data on Tuesday showed that institutional investors offloaded some stake in the company during the April-June period. Mutual funds held 5.53 per cent stake in the company as of June 30 against 6.17 per cent in the preceding quarter ended March 31.
These are the top Sensex drags in late morning session
Lupin recalls diabetes treatment drug in US
Drug major Lupin Ltd on Wednesday said it is voluntarily recalling its diabetes treatment drug Metformin Hydrochloride extended-release tablets in the US market. In a regulatory filing, the company said that it is voluntarily recalling its Metformin Hydrochloride extended-release tablets USP, 500 mg and 1000 mg products in the US.
Moratorium was opted for by 73% of customers; company hasn't opted for any moratorium: Magma FinCorp
Equity Intelligence India, the portfolio management firm owned by Kochi-based investor Porinju Veliyath, cut stake in Shalimar PaintsNSE 1.14 % to 1.66 per cent during the April-June quarter. Latest shareholding data showed that Equity Intelligence offloaded 1 lakh shares of the company during the quarter. It held 10 lakh shares, or 1.84 per cent, stake in Shalimar Paints as of March 31.
For the day, we expect the USDINR (Spot) could quote in the range of 74.40 and 75.05: MOSL
“Weakness in domestic equities after rallying in the past few sessions could keep gains capped for the rupee. We also expect that the RBI could intervene and keep the rupee weighed down against the US dollar. For the day, we expect the USDINR (Spot) could quote in the range of 74.40 and 75.05,” brokerage Motilal Oswal Financial Services said.
Sensex erases gains, slips 50 points
These are the top 10 giners in morning session
Price as on 08 Jul, 2020 10:08 AM, Click on company names for their live prices.
SBI reduces MCLR by 5-10 bps in the shorter tenors
Voda Idea, YES Bank and SBI among most active stocks on NSE
Price as on 08 Jul, 2020 09:23 AM, Click on company names for their live prices.
Nifty futures on the Singapore Exchange traded 51.5 points, or 0.48 per cent higher at 10,811.50, in signs that Dalal Street was headed for a positive start on Wednesday.
Tech View: Nifty losing strength, but broader trend stays positive
Nifty on Tuesday missed the 10,800 mark by a whisker. It was another day of range-bound trade and for yet another day, the index formed an indecisive candle on the daily chart, suggesting that it was in a consolidation mode. Analysts said a breach of the 10,820 level may offer strength to the index.
Hong Kong, China stocks start with gains
Hong Kong stocks opened slightly higher Wednesday, resuming their rally after a steep drop in the previous session. The Hang Seng Index added 0.40 percent, or 102.95 points, to 26,078.61. The benchmark Shanghai Composite Index gained 0.52 percent, or 17.54 points, to 3,362.88 while the Shenzhen Composite Index on China's second exchange rose 0.45 percent, or 9.62 points, to 2,167.56.
Dollar holds gains as coronavirus woes sap confidence
The dollar held onto gains on Wednesday as a resurgence of the coronavirus in the United States and the return of lockdowns in some countries boosted safe-haven demand for the U.S. currency. The dollar traded at 107.58 yen in Asia following a 0.3% gain on Tuesday. Against the euro, the dollar was quoted at $1.1274, also holding to a 0.3% gain from the previous session. The greenback bought 0.9426 Swiss franc, little changed on the day.
Oil dips as US inventory build stokes supply fears
Oil prices eased in early trade on Wednesday as industry data showing a build in U.S. crude stockpiles and a forecast for U.S. crude output to fall less than anticipated in 2020 added to worries about oversupply. Brent crude futures fell 13 cents, or 0.3%, to $42.95 a barrel by 0019 GMT. U.S. West Texas Intermediate (WTI) crude futures dropped 10 cents, or 0.3%, to $40.52 a barrel.
Japan stocks open lower
Tokyo stocks opened lower on Wednesday, with investor sentiment hit by a downswing on Wall Street. The benchmark Nikkei 225 index fell 0.64 percent, or 144.63 points, to 22,470.06 in early trade while the broader Topix index was down 0.43 percent or 6.81 points at 1,564.90.
US stocks drop on coronavirus concerns
US stocks fell on Tuesday as market sentiment was dampened by a resurgence in coronavirus infections in the country.The Dow Jones Industrial Average shed 396.85 points, or 1.51 per cent, to 25,890.18. The S&P 500 fell 34.40 points, or 1.08 per cent, to 3,145.32. The Nasdaq Composite Index was down 89.76 points, or 0.86 per cent, to 10,343.89.
Rupee drops 25 paise to 74.93 on dollar buying by banks
The rupee declined by 25 paise to end at 74.93 against the US currency on Tuesday due to dollar buying by foreign banks and gains in the greenback in overseas markets. Forex traders said foreign fund inflows and easing crude oil prices supported the rupee while factors like strong dollar and rising COVID-19 cases dragged down the local unit.
Sensex, Nifty on Tuesday
Indian shares closed higher for a fifth straight session on Tuesday, as gains in IT and beaten down financial companies helped Mumbai's main indexes outperform other stock markets after a week-long rally. The NSE Nifty 50 index ended up 0.33% at 10,799.65, while the benchmark S&P BSE Sensex rose 0.51% to 36,674.52, both closing at four-month peaks.
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