The Nifty bank index rose 0.84%, while the auto index was up 0.81%.
Shares of Gujarat State Fertilizers & Chemicals jumped 8.4% on strong June-quarter earnings, while Quick Heal Technologies rose 8.8% after approving a share buyback plan.
“The biggest positive for the bulls now is the complete reversal of FII action from relentless selling till July to sustained buying now, though only for 4 days in a row. This means the June low of 15813 is unlikely to be broken any time soon. The smart recovery in the Nifty Midcap by 12. 73% in the last one month is an indication that this recovery in the market is widespread and, therefore, strong. At least, for the short run, the domestic investors who bought when the FIIs sold, have emerged smarter,” said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
A bunch of Nifty 50 companies, including Reliance Industries, UltraTech Cement and JSW Steel, will report their earnings later in the day.
Highlights from trade:
- Ethereum, Polygon, Solana, Avalanche gain up to 12%
- YES Bank up 5% as Carlyle, Advent close in on $1 billion stake
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This is even as the company reported a 30.89 per cent YoY rise in revenue from operations at Rs 37,500 against Rs 28,432 crore in the same quarter last year.
Ebitda margin for the quarter came in at 11.31 per cent. The company said its margin fell for the quarter due to lower volume of sales and one-off items such as forex loan translation losses.
JSW Steel Q1 Earnings
- PAT at Rs 839 crore vs ET NOW poll of Rs 965 crore
How Nifty moved this week
#MarketsWithETNOW | #Nifty gains over 4% for the week #StocksToWatch #StockMarket https://t.co/0EQemdRSJI
— ET NOW (@ETNOWlive) 1658484631000
Nifty has been moving higher while remaining around the upper band of the rising channel on the daily timeframe. The trend remains positive; however, the proximity to the resistance level attracts selling pressure in the market. Over the short term, the Nifty may witness a consolidation. On the lower end, support is visible at 16500; while resistance is likely to be there at 16750-16800.
– Rupak De, Senior Technical Analyst at LKP Securities
Barring IT & pharma, all sectors settle in the green
Closing Bell: Sensex extends rally to day 6, ends 390 pts higher; Nifty tops 16,700; UltraTech jumps 5%, HDFC twins up 2% each
BULL & BEAR INDICATOR REMAINS AT MAXIMUM BEARISH LEVEL – BOFA
Kotak Bank Q1 preview: Profit may surge up to 45%; NIM may fall sequentially
Domestic brokerage Sharekhan expects Kotak Mahindra Bank to report a 37.50 per cent YoY rise in net profit at Rs 2,257 crore compared with Rs 1,642 crore in the same quarter last year. NII is seen rising 15.9 per cent YoY to Rs 4,567 crore from Rs 3,942 crore in the same quarter last year. This brokerage expects NIM for the bank to decline 15-20 bps sequentially. “Key monitorable would be asset quality for the SME segment, another unsecured portfolio, and restructured book,” it said.
Price as on 22 Jul, 2022 02:36 PM, Click on company names for their live prices.
Sensex surges 450 points
While headwinds arising out of rising cost pressure could put some pressure on the profitability of cement companies, the strong momentum in housing and given the governments thrust on infrastructure and industrial development, the cement industry in India is set to see an upswing in demand in FY23.
– Ultratech Cement
Ultratech Cement stock rebounds on better-than-expected Q1 show
Ultratech Cement Q1 earnings
- PAT at Rs 1582 crore vs ET Now poll of Rs 1214 crore
The amount of stock that has changed hands in largecaps is far more than in the small midcaps space. I could be wrong, but I feel that the selling pressure for those who want to realign their portfolios in the small and midcap space remains, I would probably prefer largecaps. Over time, one could allocate more towards small or midcaps as well.
– Prashant Jain in his last interaction with ET NOW as HDFC AMC CIO
Q1 EARNINGS: ATUL
#EarningsWithETNOW | Atul Q1FY23 – Cons revenue from ops at Rs 1476 cr vs Rs 1080cr YoY – PAT at Rs 164 cr vs Rs… https://t.co/0AgJPkJJAi
— ET NOW (@ETNOWlive) 1658477313000
In the short term, volatility has been quite high and for maybe next one or two months, it could remain high. But if one takes a slightly longer view of one-three years, which a lot of investors are comfortable with because of tax considerations, then returns from this point onwards would be fairly good. So nothing to be afraid of given that a large chunk of the volatility is perhaps behind us.
- Chirag Setalvad is now Head- Equities
- Shobhit Mehrotra is now Head-Fixed income
European stocks mostly ease at open
European stock markets opened mostly on a weaker footing on Friday as investors digested the implications of the European Central Bank’s bigger-than-expected rate cut and a mixed showing in Asia. After around 15 minutes of trading, London’s benchmark FTSE 100 was showing a modest gain of 0.1 percent at 7,282.21 points, but Frankfurt’s DAX index fell by 0.3 percent to 13,210.52 points and the Paris CAC 40 shed 0.3 percent to 6,185.92.
BULLS IN ACTION | Nifty tops 16,700
Aditya Birla Group’s metals flagship Hindalco Industries and Aequs have entered into a strategic pact for long-term collaboration and joint business development in the commercial aerospace sector. The move will strengthen the commercial aerospace business of Aequs Pvt Ltd.
Price as on 22 Jul, 2022 12:54 PM, Click on company names for their live prices.
Tokyo stocks close higher on hopes for brisk earnings
Tokyo stocks reversed earlier losses and ended higher on Friday, as confidence about sound business performances expanded ahead of corporate earnings season in Japan. The benchmark Nikkei 225 index ended up 0.40 percent, or 111.66 points, at 27,914.66, while the broader Topix index gained 0.28 percent, or 5.38 points, to 1,955.97. Rallies were led by “shipping firms which have announced upward revisions to their full-year earnings forecasts”, Daiwa Securities said in a commentary.
Top gainers at this hour
Price as on 22 Jul, 2022 12:24 PM, Click on company names for their live prices.
RBI has zero tolerance for volatile, bumpy moves in rupee: Shaktikanta Das
India’s central bank has zero tolerance for volatile and bumpy movements in the rupee and will continue to engage with the foreign exchange market to ensure the rupee finds its level, its chief Shaktikanta Das said on Friday. Das said the Reserve Bank of India has no specific level on the rupee in mind and since there is a genuine shortage of dollars in the market, the central bank has been supplying dollars.
IndiaMart InterMesh falls 5% as Q1 profit tanks 49% YoY
Shares of IndiaMart dropped 4.5 per cent in Friday’s trade after the company posted a 48.8 per cent year-on-year (YoY) decline in consolidated net profit to Rs 46.69 crore in the June 2022 quarter. The company had registered a net profit of Rs 87.9 crore in the corresponding period last fiscal. Total revenue from operations increased to Rs 224.5 crore for the quarter ended June 2022 as against Rs 181.6 crore in June 2021, up 24 per cent YoY.
Prashant Jain, CIO at HDFC AMC initiates talks to tender his resignation from his current role: Sources
#ETNOWExclusive | Prashant Jain, CIO at HDFC AMC initiates talks to tender his resignation from his current role: S… https://t.co/zPd0QuNSmH
— ET NOW (@ETNOWlive) 1658468369000
Das on rupee-dollar move
RBI has been supplying US dollars to the market to ensure adequate supply of liquidity, says Das
— Press Trust of India (@PTI_News) 1658467587000
Market LIVE Updates: IT stocks take a beating
Price as on 22 Jul, 2022 11:07 AM, Click on company names for their live prices.
Watch RBI Governor address at BoB conclave
LIVE | Watch @RBI Governor @DasShaktikanta address at BoB conclave #StateOfTheEconomy #USDINR #RupeeVsDollar https://t.co/14orilXhz2
— ET NOW (@ETNOWlive) 1658467034000
Bond yields track U.S. peers lower
Indian bond yields edged lower on Friday, tracking their U.S. peers’ slide after a bigger-than-expected hike by the European Central Bank (ECB) brought the focus back on a global recession, while the rupee strengthened marginally against the greenback. India’s benchmark 10-year bond yield was trading at 7.42% by 0455 GMT, after falling earlier to a session low of 7.41%. It had ended at 7.44% on Thursday. U.S. Treasury yields fell on Thursday, with the benchmark 10-year note below 2.9%, weighed by soft economic data and after the ECB’s first interest rate hike in 11 years turned investors’ focus towards an economic slowdown.
Foreign holdings of yuan bonds stood at $3.57 trln yuan at end-June: PBOC
- Foreign holdings of yuan bonds traded on China’s interbank bond market totalled 3.57 trillion yuan ($527.54 billion) at end-June, down from 3.66 trillion yuan a month earlier, the People’s Bank of China (PBOC) said on Friday.
- Out of the total holdings, overseas investors held 2.32 trillion yuan worth of Chinese government bonds at the end of last month, while holdings of quasi-sovereign policy bank bonds stood at 0.86 trillion yuan.
The 10% surge in Tesla Inc. shares Thursday after the electric-vehicle maker reported strong earnings is creating one notable group of losers: The pile of traders betting against the stock. Tesla is the most shorted stock in the world, with almost 3% of its float held in short-selling positions. S3 Partners estimates that these investors are taking in more than $1 billion in mark-to-market losses just on Thursday’s surge. That drives their losses this month to $2.67 billion.
Worst case for India is Nifty at 13500. People have realised that this is going to be a rangebound and volatile market.
– Venugopal Garre of Bernstein
Indian companies are giving out bonus shares in record numbers as managements look to reward loyal investors after a good post-pandemic performance in FY22. So far this year, 73 companies have announced bonus issues – the second highest since 2010.
All top crypto tokens were trading higher during the early hours on Friday. Polygon zoomed 12 per cent, while Avalanche and Solana gained 8 per cent each. Ethereum and BNB added 5 per cent each. The global cryptocurrency market cap was trading higher at the $1.05 trillion mark, rising about 3 per cent in the last 24 hours. However, the total cryptocurrency trading volume plunged by almost 23 per cent, close to $74.23 billion.
Market View: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Market action in the near-term will be in response to the results of the big boys RIL, ICICI Bank, Infosys and Kotak Bank to be released soon. Results are likely to be positive for markets.
Meanwhile, ECB has joined the DM central bank majors in sharply raising rates and sending out a very strong hawkish message. So long as the leading central banks continue to hike rates, markets will remain volatile.
Market LIVE Updates: Most active stocks in trade today
Price as on 22 Jul, 2022 09:19 AM, Click on company names for their live prices.
All sectors gain at opening tick
OPENING BELL: Sensex rises 200 points, Nifty above16,650; JSW Energy jumps 6%, YES Bank 2%
Buy or Sell: Stock ideas by experts for July 22, 2022
Asian stocks set for best week in two months
Asian stock markets were on course for their best week in months and the dollar held off recent record highs after the European Central Bank (ECB) raised rates for the first time in more than a decade and bets on the size of U.S. rate hikes eased.
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 25 points, or 0.15 per cent, higher at 16,642.50, signaling that Dalal Street was headed for a positive start on Friday.
Quarterly earnings today
Reliance Industries, Ultratech Cement, JSW Steel, Bandhan Bank, HDFC Asset Management Company, Crompton Greaves Consumer Electricals, Atul and Coforge are among companies that will announce their quarterly earnings today.
Tech View: Nifty50 tops 16,600 mark but stiff hurdle ahead
Nifty50 on Thursday settled above 16,600 level for the first time since June 2, taking its winning streak to the fifth trading session. The index formed a bullish candle on the daily chart that engulfed the previous session’s bearish candle, negating the latter’s negative impact.
Oil prices steady after sharp declines on weak U.S. demand
Oil prices were roughly unchanged in early trading on Friday after sliding around 3% in the previous session on weakened demand in the United States, the world’s top oil consumer, and a pick-up in supply from Libya. Brent crude futures rose 17 cents, or 0.2%, to $104.03 a barrel at 0041 GMT, while U.S. West Texas Intermediate (WTI) crude futures were flat at $96.35 a barrel.
Tokyo shares open lower on slowdown risks
Tokyo stocks opened lower Friday as the market weighs uncertainty ahead after a surprise 50-basis point rate hike by the European Central Bank. The benchmark Nikkei 225 index slipped 0.30 percent, or 84.30 points, to 27,718.70 in early trade, while the broader Topix index fell 0.26 percent, or 5.04 points, to 1,945.55.
Wall Street closes higher boosted by strong Tesla earnings
Wall Street’s main indexes rose on Thursday boosted by a late-afternoon rally and gains in heavyweight growth stocks, including Tesla. The tech-heavy Nasdaq added 1.4% to lead the gains while the S&P 500 closed at its highest level since June 9. The Dow Jones Industrial Average climbed 0.5%.
Rupee rises 20 paise to close at 79.85 against US dollar
The rupee recovered from its all-time low of 80.06 to close 20 paise higher at 79.85 against the US dollar on Thursday following overall weakness in crude oil prices and fresh foreign fund inflows.
Sensex, Nifty on Thursday
Continuing its gaining streak for the 5th straight session, the 30-share pack Sensex advanced 284 points to close at 55,681.95. The index has advanced over 2,200 points (4.24 per cent) in the last 5 days of the rally. Its broader peer, Nifty50, also settled above 16,600. The benchmark closed above the 16,600 mark for the first time since June 2.
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