D-St ends flat ahead of Powell testimony; Sensex up 14 pts; auto, IT gain

Stock market updates: Learning from sharp swings on Friday and Monday, on the back of the US Federal Reserve's surprise hawkish tone last week, equity investors booked profit on Tuesday ahead of testimony from US Fed Chair Jerome Powell later in the day.

At the headline level, the 30-share BSE Sensex hit a fresh record high of 53,057 level in early deals but pared gains to end at 52,589 levels, up 14 points or 0.03 per cent. On the NSE, the Nifty50 index ended at 15,773 levels, up 26 points or 0.17 per cent.

In the broader market, small-cap stocks dazzled on the bourses and ended 0.83 cent higher on the BSE while the BSE MidCap index closed 0.33 per cent up.

Maruti Suzuki, up 5 per cent, on the NSE was the biggest gainer on the Nifty today after the company decided to hike vehicle prices in the July-September quarter (Q2FY22) to pass on higher input costs. It zoomed nearly 6 per cent in the intra-day deals to hit a high of Rs 7,300-mark. READ MORE

UPL, Shree Cement, Wipro, SBI Life, Adani Ports, Tata Consumer, L&T, UltraTech Cement, Tata Motors, and ONGC were the other top performing stocks on the 50-share index.

On the downside, Asian Paints (down 1.75 per cent), Bajaj Finance, HUL, Nestle India, Sun Pharma, Kotak Bank, Tech M, and IndusInd Bank underperformed the index.

Sectorally, the Nifty Auto index was the best performing index, up 1.4 per cent. The Nifty Bank and Realty indices, on the other hand, slipped 0.3 per cent each.

Global markets

European shares gave up early gains on Tuesday, with growth-linked technology and healthcare stocks leading declines, as signs of rising inflation fanned fears of a sooner-than-expected tightening in global monetary policies. The pan-European STOXX 600 was down 0.1 per cent. 

Meanwhile, Futures of all three main Wall Street indices indicated at a flat-to-negative start later today.

Earlier in Asia, Japan's Nikkei zoomed over 3 per cent, South Korea's Kospi added 0.7 per cent, and China's Shanghai Composite rallied 0.8 per cent. 

(With inputs from Reuters)

5:17 PM

EXPERT VIEW :: Avinash Shekhar, Co-CEO, ZebPay on recent crypto crash

No one can predict the market or define if we have entered the bear market. Crypto markets overall have seen significant gains over the last 6-9 months despite the recent dip in prices. But, the market is still sustaining very well above the 2017 all-time high prices. This is a good sign of the market still holding a positive sentiment. We are looking forward to the upcoming upgrades to different blockchain networks and might see more fundamental strength in this space leading to sustainable growth in the future.

4:59 PM

Trade set-up for Wednesday

The Nifty touched the previous high (15900/53057) today and invited profit taking. Nifty / Sensex made a gradual correction from 15900/53057 to 15750/52590. If we look at the market on a closing basis, it can be called steady closing and the main reason behind this is the testimony of the Fed in the US. Monthly / quarterly expiration is also a big trigger. 15670/52300 and 15800/52800 are important trading zones for the market. Keep a stop loss of 15500/51700 and buy between 15700/52450 and 15650/52300 and be ready for 16050/16150 (53750) above 15900 (53050)

Views by: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities

4:45 PM

TECH VIEW :: Expect Nifty to challenge 15,900 levels again in the next few sessions

The short term uptrend, after a fine upside bounce of Monday is still intact. Any weakness from here is going to be a buy on dips opportunity for the short term. We expect Nifty to challenge upper 15900 levels again in the next few sessions and a sustainable move above this area could open more upside towards 16200 levels. Immediate support is placed at 15650

Views by: Nagaraj Shetti, Technical Research  Analyst at HDFC Securities

4:33 PM

TECH VIEW :: Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed some lackluster movement and an attempt to hold the support level around the Nifty 50 Index level of 15800. Trading above 15800 is positive from a short-term perspective. Sustaining above 15800 levels, The market expects to gain momentum, leading to an upside projection till 16100-16200 level. The momentum indicators like RSI and MACD to gain their momentum after staying negative in recent times, indicating the chance of continuing upside.

4:20 PM

NIFTY OUTLOOK :: 15,690-15,895 could be the band over the next few sessions

Volumes on the NSE continued to be below average for the second consecutive session as volatility in individual stocks in the large and midcap space remained low. Among sectors, Power, Capital Goods and Auto were the main gainers while Realty was the main loser.

 

Nifty after recovering from the lows over the past two trading sessions, reversed course and lost the intra day gains on June 22. After opening gap up, the Nifty ran into resistance at around the 15900 level once again and later filled the morning upgap. 15690-15895 could be the band for the Nifty over the next few sessions even as stock specific moves (amongst lesser number of stocks) continue.

Views by: Deepak Jasani, Head of Retail Research at HDFC Securities

4:06 PM

MARKET RECAP :: Vinod Nair, Head of Research at Geojit Financial Services

During early hours, Indian market traded strongly following yesterday’s rebound in western markets which focused on economic recovery partially offsetting concerns over a possible change in Fed policy in the future. Volatility returned after main indices tested near all-time high levels, recurring weak closing of Asian & European markets and feeble futures. Falling covid infection rate along with ramping up of vaccination in India, added colours to the broad market in hopes of faster economic recovery

3:58 PM

NSE Snapshot :: Top Nifty50 gainers of the day

3:52 PM

Maruti, Infy, L&T :: Stocks that helped the Sensex to end higher today

3:50 PM

BSE SmallCap index ends 0.8% up; Dhanlaxmi Bank, Venky's top gainers

3:48 PM

Broader markets outperform; BSE MidCap index up 0.33%

3:45 PM

Sectoral trends on the NSE

3:43 PM

Sensex Heatmap at Close

Top gainers: Maruti Suzuki, L&T, UltraTech Cement

Top losers: Asian Paints, Bajaj Finance, Nestle India

3:37 PM

CLOSING BELL

At the headline level, the 30-share BSE Sensex hit a fresh record high of 53,057 level in early deals but pared gains to end at 52,589 levels, up 14 points or 0.03 per cent. On the NSE, the Nifty50 index ended at 15,773 levels, up 26 points or 0.17 per cent.

3:34 PM

Rupee Closing

Rupee ends lower at 74.36 per US dollar vs Monday's close of 74.10/$

3:20 PM

Currency check :: Rupee hits 74.4/$, lowest level since April 28

Source: Bloomberg