Sensex ends flat in choppy trade; Metals gain; Asian Paints dips 4%, ITC 2%

CLOSING BELL ON JULY 25, 2023: The NSE Nifty ended 8 points higher; Tata Steel and JSW Steel were the major gainers on Tuesday.

Stock Market Highlights: The benchmark indices ended on a flat note on Tuesday after exhibiting volatility in intra-day deals  as investors remained nervous ahead of the US Fed's monetary policy decision on Wednesday night. Overall, stock specific action dominated the proceedings backed by Q1 earnings of respective companies. 

The S&P BSE Sensex touched a high of 66,559 in early deals, thereafter the index dipped to a low of 66,178 – mainly on account of weakness in financial shares. The Sensex eventually ended the day with a negligible loss of 29 points at 66,356.

The NSE Nifty 50 hit a high of 19,723, and then slipped to a low of 17,616. The NSE benchmark finally finished 8 points higher at 19,680.

Index heavyweight ITC declined another 2 per cent a day after the company’s board gave its in-principle nod for demerge of the hotel business. Owing to the consecutive losses, the stock shed over Rs 50,000 crore in market capitalisation in just two trading sessions. READ MORE

Among other Sensex 30 shares, Asian Paints fell 4 per cent even as the company’s net profit jumped 52 per cent YoY to Rs 1,575 crore in Q1. Larsen & Toubro, SBI, IndusInd Bank, Kotak Bank and Wipro were the other major losers. 

On the other hand, Tata Steel and JSW Steel rallied over 3 per cent each. NTPC, UltraTech Cement, Tata Motors, Titan, Mahindra & Mahindra, PowerGrid Corporation and HDFC Bank were the other prominent gainers.

The broader market outperformed - BSE MidCap and SmallCap indices were up 0.3 per cent each. 

 

4:10 PM

Tech View :: 'The correction in Nifty will unlikely result in trend reversal'

Nifty50
The Nifty, today, took support at the 50% Fibonacci retracement level (19,650) of the rise from 19,300 – 19,992. The correction Nifty is undergoing is unlikely to result in a trend reversal, and this intermediate pullback should be used as a buying opportunity. The primary trend is positive, and hence we shall continue to maintain a bullish short-term outlook. In terms of levels, 19,615 – 19,560 shall act as a crucial support zone, and on the upside 19,830 - 19,850 shall act as an immediate hurdle zone.

 

Bank Nifty

On the downside, 45,670 – 45,460, which are the 38.2% and 50% Fibonacci retracement levels, are likely to act as a strong support zone from a short-term perspective. Overall, the trend is still positive, and once this consolidation is complete, we can expect the Bank Nifty to resume its uptrend. On the upside 46,500 is the expected target.

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

4:07 PM

Comment :: 'Prefer hedged trades until Nifty resumes the trend'

Indications are in favour of further consolidation in index and upcoming monthly expiry of July month derivatives contracts would keep the volatility high. Besides, the performance of the US market will also be in focus for cues. We thus recommend preferring hedged trades until Nifty resumes the trend.

Views by: Ajit Mishra, SVP - Technical Research, Religare Broking

4:05 PM

Comment :: What's behind the recent correction in the markets?

Indian indices hovered along the flat line, waiting ahead for the crucial decision of Fed policy. Metal stocks rose due to China's commitment to provide policy support to its realty sector, while utilities were up in anticipation of demand & improvement in operating margin. The recent correction of the domestic market can be attributed to several factors, including muted start to Q1 results, a reversal in FII activity, a rising dollar index, and an increase in crude oil prices.

Views by: Vinod Nair, Head of Research at Geojit Financial Services

4:02 PM

Q1 Earnings :: Remain optimistic on demand situation despite near-term uncertainties, says TaMo

We remain optimistic on the demand situation despite near term uncertainties and expect a moderate inflationary environment to continue in the near term.

We aim to deliver a strong performance in the rest of the year too, thanks to a healthy order book coupled with low-break-even in JLR, a steady improvement in demand whilst we continue to drive our demand-pull strategy in CV, a set of exciting launches ahead of the festive season in PV and continued aggression in

EVs.

3:59 PM

Q1 Earnings :: Tata Motors posts consolidated net profit at Rs 3,089.7 crore

3:55 PM

Currency check :: Rupee ends at 81.87/$ against Monday’s close of 81.82/$

3:54 PM

BSE Stats :: Advance-Decline ratio nearly 1:1

3:53 PM

ALERT :: India VIX slides 12%

3:51 PM

Suzlon declines 5% post Q1FY24 results

3:50 PM

Adani grp shares in focus; Adani Green, Transmission, Power rally up to 10%

Three of the group's listed companies - Adani Enterprises, Adani Green Energy, and Adani Transmission -- plan to raise Rs 33,000 crore by launching qualified institutional placements (QIPs) by calendar year end. READ MORE

3:47 PM

ITC ends 2% down; m-cap slips over Rs 50,000-cr in 2 days

3:45 PM

Buzzing stock :: Jyothy Labs sprints 20% post solid Q1

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) margins for the quarter improved 710 bps to 17.1 per cent against 10 per cent in a year ago quarter, due to moderating input costs. Net profit more-than-doubled or was up 101.7 per cent year-on-year (YoY) at Rs 96.3 crore from Rs 47.7 crore in Q1FY23.

3:43 PM

Sector check :: Auto index gains 1%; TVS Motor Co rises 5%, Sona Comstar 2%

3:41 PM

Sector check :: Jindal Steel, Hindustan Copper surge 5%; 13 of 15 index constituents end higher

3:40 PM

Broader markets outshine; Mid, SmallCap indices up 0.3% each