Sensex jumps 379 pts, Nifty tops 17,800; auto stocks in fast lane, PSBs dip

CLOSING BELL: Maruti Suzuki, M&M, Asian Paints, HUL, Ultratech Cement, Tech M, and HDFC twins were the top gainers on the Sensex index

CLOSING BELL

Stock market highlights: Equity markets settled near four-month highs in Tuesday's as fag-end buying in Reliance Industries' stock pushed indices off lows. Besides, upbeat global mood, and steady decline in inflation (CPI and WPI), kept the bulls charged on Dalal Street.

The S&P BSE Sensex ended the session at 59,842, up 379 points or 0.64 per cent. It touched an intra-day high of 59,923 during the day. The NSE Nifty, on the other hand, closed at 17,829, up 131 points or 0.74 per cent, after touching a high of 17,839 intra-day.

Maruti Suzuki, M&M, Asian Paints, HUL, Ultratech Cement, Tech M, and HDFC twins were the top gainers on the Sensex index today, up between 1 and 2.3 per cent. On the downside, Airtel, SBI, Bajaj Finance, and TCS were the only losers, down up to 0.9 per cent.

In the broader markets, the BSE MidCap and SmallCap indices settled 1 per cent higher each. Sectorally, the Nifty Auto index jumped 2.5 per cent, followed by the Nifty Realty index (up 2 per cent). On the flipside, the Nifty PSB index dipped 0.3 per cent.

 

4:03 PM

Expert view: Better than expected CPI numbers may limit the pace of rate hikes

"The easing of inflationary pressures has encouraged domestic investors to remain optimistic about the pace of economic recovery. Better-than-expected CPI numbers, aided by slower increase in food and fuel prices, may limit the pace of rate hikes by the RBI. In the Asian market, the Chinese central bank surprised the market by cutting its interest rates after a weak set of economic data. Following that, oil prices slumped on demand worries"

 

- Vinod Nair, Head of Research at Geojit Financial Services

4:02 PM

Nifty tech view: Support for the NSE benchmark seen at 17,700

"The Nifty has given a falling trend line breakout on the daily chart suggesting a rise in optimism. The momentum oscillator RSI is in the overbought zone; however, no bearish crossover is visible in the indicator. The trend is likely to remain positive as long as it remains above the falling trendline. The profit booking in the market may come once Nifty falls below the trend line. Support on the lower end is visible at 17,700. On the higher end, resistance is seen at 18,000."

 

- Rupak De, Senior Technical Analyst at LKP Securities

3:59 PM

Shares of Rakesh Jhunjhunwala portfolio exhibited mixed trend; Titan recovers intra-day

The decision to stay with these stocks, analysts said, should be based purely on how each of these companies is performing fundamentally. READ MORE

3:57 PM

Forbes & Co zooms on special dividend cheer

The company has fixed Thursday, August 25, 2022 as the 'Record Date' for the purpose of ascertaining the shareholders who shall be eligible for receipt of special interim dividend worth Rs 65 per share. READ MORE

3:54 PM

Navkar Corporation plunged 16.5% on heavy volumes

Shares of Navkar Corporation tumbled 16.5 per cent to Rs 70.80 on the NSE after the board approved transfer of business undertaking, Inland Container Depot (ICD) 'Tumb' situated Vapi at Gujarat, as a going concern, on an 'as is where is' basis for a lumpsum consideration of approximately Rs 835 crore to Adani Logistics. READ MORE

3:52 PM

DFM Foods hits 20% upper circuit on promoter's delisting proposal

Shares of DFM Foods were locked at the 20 per cent upper circuit at Rs 302.85 on the NSE after the promoter’s proposed to delist equity shares of the company from the stock exchanges. READ MORE

3:50 PM

Bank Nifty view: Some indecisiveness seen at current levels

"The Bank Nifty index formed a Doji candle on the daily chart which indicates indecisiveness at the current level. The index after a stupendous rally is showing signs of exhaustion however a profit booking scenario will be confirmed only on a close below 38,700 level. The index if it surpasses the level of 39,500 on a closing basis will see extension of the rally towards 40,000-41,000 levels."

 

- Kunal Shah, Senior Technical Analyst at LKP Securities 

 

3:48 PM

Max Healthcare zooms nearly 12 on heavy volumes

According to reports, American private equity major KKR and Co was to sell up to 26.83 per cent in Max Healthcare Institute for Rs 9,416 crore via block deals on Tuesday. READ MORE

3:46 PM

HDFC AMC surges 11.7% after nearly 6% equity change hands on BSE

At 09:55 am, around 11.96 million equity shares representing 5.61 per cent of total equity of HDFC AMC had changed hands on the BSE, the exchange data shows. The names of the buyers and sellers were not ascertained immediately. The stock finally ended 11.7 per cent higher at Rs 2,185. READ MORE

3:43 PM

Sectorally, Nifty Auto index gains the most, up 2.5%

3:41 PM

Broader markets led my Midcps outshine Nifty 50

3:39 PM

Expert view on CPI Inflation

"The important takeaway from the CPI July print is that the trend of declining inflation is sustaining. CPI inflation has declined from 7.79 per cent in April to 7.04 per cent in May to 7.01 per cent in June to 6.71 per cent in July. The stubborn core inflation also has declined from 6 per cent in June to 5.8 per cent in July. Inflation is likely to decline again since the good monsoon (104 per cent of the normal) augurs well for food production and will have a benign effect on food prices. However, the RBI will have to remain hawkish for some more time since inflation will remain elevated till December this year. IIP at 12.3 per cent for June indicates that the growth momentum in the economy continues."

 

- Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services

3:39 PM

Nifty 50:: Top FIVE gainers and losers on Tuesday

3:37 PM

Sensex 30 Heatmap:: Maruti, M&M, Asian Paints top gainers; only 4 losers

3:36 PM

NSE Nifty 50 index gains 127 points to close at 17,825