Domestic equity benchmarks Sensex and Nifty suffered losses for the fourth consecutive session on Tuesday.
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Even as the indices traded in the oversold zone, lower time frame charts are yet to generate buy signals. Traders are advised to remain neutral on the long side until some signs of strength get visible
As long as the 11,300 level holds, Nifty is likely to continue consolidation. Hourly charts showed scope for extension on the downside post consolidation. Overall, the index is expected to test the 11,200 level, which is the equality with the first leg of the July decline. Thus, positional traders can maintain short positions and add fresh shorts below 11,300. A tight stop loss can be placed above 11,400
- Gaurav Ratnaparkhi, Sharekhan
Technically, nothing much has changed, and the real pain still lies in the banking pocket. A major support lies at 11,300, which is the convergence point of multiple technical evidence. If we manage to hold it, the possibility of a similar kind of intraday rally cannot be ruled out. In this scenario, 11,400 and 11,500 are the levels to watch out for
- Sameet Chavan, Angel Broking
Nifty witnessed a decent recovery from the crucial support at 11,300, but failed to surpass the previous day’s high of 11,398 and drifted lower towards the 11,300 mark. The immediate structure of the index is under pressure till it doesn’t surpass the 11,400-11,420 range, while a hold below 11,300 level could extend its weakness towards the next support at 11,250 and then 11,200 levels
Nifty makes a Tweezer bottom formation on the daily chart as it was a mirror image of the previous trading session. Nifty is trading above its crucial long term support of 200 days EMA. The EMA is placed at 11,297 and we have managed to stay above it for two days despite both sessions marking selling pressure from higher levels. The breadth was weak as most indices saw selling barring FMCG, IT and Media
- Mustafa Nadeem, CEO, Epic Research
Nifty opened with mild gains and tried to witness some upside, but failed to cross 11,400, which has a very high open interest concentration. The index is forming bullish harmonic bat pattern on daily charts with prices around 11,250, which if triggered can result in a rise in the coming days
- Gaurav Bissa, AVP Derivatives & Technicals, LKP Securities
Engineering and construction major Larsen & Toubro on Tuesday said consolidated profit after tax (PAT) rose 20.5 per cent to Rs 1,361 crore in the June quarter compared with Rs 1,129 crore in the same quarter last year.
Analysts in an ETNOW Poll had projected a profit of Rs 1,563 crore.
NEW DELHI: Zee Entertainment on Tuesday said its consolidated profit for the June quarter jumped 62.6 per cent to Rs 530.6 crore compared with Rs 325.88 crore profit in the same quarter last year.
Analysts in an ET NOW poll had estimated a Rs 368 crore profit for the quarter.
FMCG major HUL on Tuesday reported 14.50 per cent year-on-year rise in consolidated profit at Rs 1,792 crore for the quarter ended June 30. It company had posted a profit of Rs 1,565 crore in the corresponding quarter last year. On a standalone basis, profit increased to Rs 1,755 crore, up 14.78 per cent.
In the absence of any major domestic and global triggers, selling pressure could continue in the coming sessions, hence we maintain our cautious stance on the Indian markets in the near term. The focus of investors would be on Q1FY20 earnings season, as it is likely to induce stock specific volatility. We would advise Investors to stay focused on selective blue chip companies. However, considering the near term uncertainty, traders should strictly hedge their leveraged positions
Consolidation extended as concern on liquidity and banks’ increasing exposure to risky assets further dampened the sentiment. Absence of major domestic catalyst, expensive valuation and lack of earnings outlook are triggering a consolidation in the market
- Vinod Nair, Head of Research, Geojit Financial Services
CLOSING BELL: Sensex gives up 235-pt gains, down 48 pts, Nifty ends lower for 4th day in a row
Do you think a prolonged slowdown will put off India's goal of becoming a $5 trillion economy in 2024 by a few years?
Oil-to-telecom behemoth Reliance Industries is looking to buy out ITC’s stake in EIH, which manages the Oberoi chain of hotels, ETNow reported. The buyout, if materialises, is unlikely to trigger an open offer for EIH. “Mukesh Ambani of RIL wants to buy ITC’s full stake, but with PRS Oberoi’s blessings,” the report said.
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The biggest shareholders in China's new Nasdaq-style STAR Market lost a combined $1 billion in the second day of trade on Tuesday, a day after the board's roaring debut created three new billionaires. All but four companies of the 25 stocks listed on the market fell as investors took profits from opening day gains, erasing about 9 per cent of the total market capitalisation.
Top 10 BSE losers in afternoon session
Price as on 23 Jul, 2019 02:48 PM, Click on company names for their live prices.
Oil edges further above $63 on Mideast tensions
Oil edged further above $63 a barrel on Tuesday, supported by rising tensions in the Middle East after Iran’s seizure of a British tanker last week, although signs of faltering demand capped gains. Iran’s capture of the tanker has sparked concern about supply disruptions in the Strait of Hormuz, a chokepoint in the Gulf through which about a fifth of the world’s oil supply flows.
IndusInd Bank plans to raise up to Rs 20,000 crore
Private sector IndusInd Bank plans to raise up to Rs 20,000 crore by issuing bonds on a private placement basis from the domestic of foreign markets, the bank said in its annual report 2018-19.
The bank said it will put up the proposal before the shareholders in its ensuing annual general meeting to be held on August 16, 2019, in Pune.
The bank said it board of directors it will seek consent of members (shareholders) for borrowing/raising of funds in Indian/foreign currency by way of issue of securities, in the nature of bonds/non-convertible debentures, long-term infrastructure bonds, medium term notes or any other listed debt security aggregating up to an amount not exceeding Rs 20,000 crore.
Indian sovereign bond yields to consolidate ahead of rate review
The post-Budget rally in the Indian bonds has lost steam and going forward the yields are expected to consolidate ahead of monetary policy review meet early next month, says a DBS report.
"Indications of a pause in the rate-cutting cycle and 30 bp slip in yields since the Budget, stoked profit-taking trades," wrote the bank's Economist Radhika Rao and FX Strategist Philip Wee.
The duo further added that the RBI Governor's comments that policy stance here on will depend on incoming data, nudged traders to pare easing expectations.
Top 10 NSE gainers at 12.30 pm
Price as on 23 Jul, 2019 12:32 PM, Click on company names for their live prices.
All the investors who got excited about investing in mutual funds or initiate their SIPs when the whole Mutual Fund Sahi Hai Campaign took off, through 2017, are all very disappointed
- Dhirendra Kumar, CEO, Value Research
TVS Motor hits over 2.5 year low on Q1 profit slide
TVS Motor fells as much as 5% to Rs 360.80 - lowest since January 3, 2017
Auto maker on Monday posted 5.6% drop in June-quarter consolidated net profit to Rs 146 crore ($21.15 million); down 24% sequentially
Total expenses jumped 9%
Overall two-wheeler sales, including exports, fell 1% year-on-year, despite industry decline of 9.7%
Around 5.2 million shares change hands, compared with the 30-day average of about 1.4 million shares
Up to last close, stock had fallen 33.5% this year, while Bajaj Auto down 6% during the same period
Dalal Street investors Anil Kumar Goel and Porinju Veliyath increased their holdings in select smallcap stocks during June quarter amid the ongoing bloodbath.
Both Goel and Porinju are known for their penchant for smallcap and microcap stocks with potential to quickly become big businesses and deliver multibagger returns.
YES Securities maintains 'ADD' on Kotak Mahindra Bank
Even as the board of DHFL on Monday authorised the promoters to hold a shareholders' meeting to vote on a plan for restructuring its loans with banks, the company is actively working on a stake sale deal, which may see the promoters giving up control of the company.
Sources said the mortgage lender is likely to announce a deal with AION Capital, under which the special situations investor may to infuse about Rs 8,000 crore in DHFL for a majority stake. AION Capital is a joint venture between Apollo PE and ICICI Ventures.
Warren Buffett’s lunch with cryptocurrency entrepreneur Justin Sun has been postponed because Sun is ill, according to a tweet from his Tron Foundation. Sun bid a record $4.57 million this year to win the chance to dine with Buffett as part of his annual charity lunch auction. Sun, who launched Tronix in 2017, said in June that he was hoping to educate Buffett, a self-professed cryptocurrency critic, on the benefits of crypto and the underlying technology, blockchain.
Bears to continue growling on D-Street?
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Shares of YES Bank declined 4 per cent in early trade on Tuesday after promoter Rana Kapoor pledged 10 crore shares accounting for 4.31 per cent of the total share capital for security. The pledge was made as security to the holders of debentures issued by Morgan Credits (MCPL). Morgan Credits also pledged 7.02 crore shares, accounting for 3.03 per cent of the total share capital.
ET NOW quoted Rana Kapoor as saying that the pledge was made as a security for daughters’ ventures. Kapoor said his daughters' firm had unsecured borrowings and he offered his own shares as security. “I have pledged own shares in holding company for daughters’ entrepreneurial efforts,” said Kapoor.
YES Bank, DHFL, SBI most active stocks
Price as on 23 Jul, 2019 09:38 AM, Click on company names for their live prices.
Sensex gains 85 points, Nifty nears 11,400 Rupee trades at 69 against US dollar.
Singapore trading sets stage for positive start
Nifty futures on the Singapore Exchange were trading 15 points, or 0.13 per cent, higher at 11,353.50, indicating a positive start for Dalal Street.
Tech view: Nifty has support at 11,300 level
The 11,300 level coincides with the ‘multi-month’ trend line, drawn by connecting October 2018 and February 2019 lows. Besides it is the 78.6 per cent retracement of the entire rally from 11,108.30 to 12,103.05, said Sameet Chavan of Angel Broking. “Considering this, a possibility of some relief in the next couple of days cannot be ruled out.
Asian markets edge higher in early trade
Expectations of policy easing by major central banks such as the Federal Reserve propped up global stocks on Tuesday, while the pound sagged as Britain braced for a new prime minister who could pave the way for a no-deal exit from the European Union. MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.02 per cent. Japan's Nikkei rose 0.25 per cent. Australian stocks added 0.15% and South Korea's KOSPI gained 0.2 per cent.
Oil prices fall on IEA comments
Oil prices inched lower as the International Energy Agency (IEA) said it would act quickly if needed to keep the market supplied amid tensions in the Middle East and traders eyed a weaker demand outlook. Brent crude futures slipped 2 cents to $63.24 a barrel. The international benchmark rose more than 1 per cent in the previous session, following Iran's seizure of a British tanker last week that stoked fears of supply disruptions from the energy-rich Gulf.
US stocks up on strong earnings
US stocks gained on Monday as Wall Street is anticipating more strong earnings reports. The Dow Jones Industrial Average index was up 17.70 points, or 0.07 per cent, to 27,171.90. The S&P500 index rose 8.42 points, or 0.28 per cent, to 2,985.03. The Nasdaq Composite index increased 57.65 points, or 0.71 per cent, to 8,204.14.
NSE to exclude 9 stocks from F&O segment
The National Stock Exchange of India (NSE) on Monday said that it will exclude nine stocks from the futures and options segment with effect from September 27. The stocks, according to the circular are: Arvind, Birlasoft, Engineers India, Hindustan Zinc, IDBI Bank, Kajaria Ceramics, Multi Commodity Exchange of India, Oracle Financial Services Software, and Raymond.
FPIs sell Rs 1,917 cr worth equities
Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 1,916.91 crore on Monday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 1,829.90 crore, data suggests.
Sensex on Monday
BSE Sensex closed 305.88 points, or 0.80 per cent, lower at 38,031.13. While NSE Nifty ended at 11,337.15, down 82.10 points or 0.72 per cent.
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