MARKET WRAP: Record closing high for Sensex at 37,692; bank stocks rally

The Nifty PSU Bank index settled over 2.5% higher led by rise in Indian Bank and SBI

9:03 AM

Markets at pre-open

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	37,670.72	+114.56	+0.31
S&P BSE SENSEX 50	11,919.30	+35.41	+0.30
S&P BSE SENSEX Next 50	33,932.15	+106.92	+0.32
S&P BSE 100	11,668.81	+34.98	+0.30
S&P BSE Bharat 22 Index	3,586.90	+0.20	+0.01

8:55 AM

Technical calls by Angel Broking

ARVIND

View – Bullish

Last Close – Rs 419.70

 

Justification – During the penultimate week, the stock prices finally came out of its congestion zone which in technical terms can be interpreted as a breakout from the ‘Triangle’ pattern. This was accompanied by higher than average daily volumes, providing credence to the breakout. However, due to lack of follow up buying, the stock corrected a bit towards the trend line support of 412. As expected, the strong buying emerged at lower levels, which validates this corrective move as a pullback move and the stock would now possibly start the fresh leg of the rally. Hence, we recommend buying for an upside target of Rs 469 and stop loss at Rs 401.70.

 

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8:50 AM

Outlook on Nifty by Angel Broking

 

The merry days continues for our market after undergoing some stressful period of nearly five months. Unlike the previous week, the intra-week action was not as smooth as it was; but as we generally say all is well that ends well. The index managed to reclaim the 11350 mark with an authority; bringing the smile back on a lot of retail investors.

 

With a technical point of view, the rally began after breaking out from a ‘Bullish Diamond’ pattern on the weekly chart during the mid-July. Since then a series of bullish price developments have been observed. Some would say markets are overbought but we do not want to be in this bandwagon as of now. READ MORE

8:45 AM

Top trading ideas by Prabhudas Lilladher:

 

BUY CUMMINS INDIA

CMP: Rs 703.30

TARGET: Rs 770

STOP LOSS: Rs 660

 

The stock has witnessed a huge correction in the past 7 months from the peak of 984 to bottom out recently at 615 levels and has given a decent bounce back currently to move above the significant 50 DMA and given a breakout above the previous resistance of 685 levels thus signifying strength and potential to rise further in the coming days. With increasing volume participation witnessed the bias has improved a lot and hence we recommend a buy in this stock for an upside target of 770 keeping a stop loss of 660.

 

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8:40 AM

Nifty outlook by Prabhudas Lilladher

 

Market though is overbought, yet Nifty is holding the support of 11,220 showing signs of a new round of momentum. Bank Nifty, too, has taken the support of 27,350 levels & back in momentum with Axis, ICICI, Kotak Bank, Yes Bank, etc, looks promising from here on. The support for the week is seen that 36,940/11,160 while resistance is seen at 37,980/11,500. Bank Nifty would have a range of 27,050-28,140. Focus on banking stocks.

8:35 AM

HDFC AMC to debut on bourses today

 

HDFC Asset Management Company is set to debut on the bourses on August 6, after receiving a great response to the issue from institutional investors. The joint venture fund house raised Rs 2,800.33 crore through public issue and issued 2,54,57,555 equity shares at Rs 1,100 per share. Housing Development Finance Corporation and Standard Life Investments lower their shareholding via this IPO.

 

The public issue was subscribed 83.06 times receiving bids for 156.19 crore equity shares against IPO size of 1.88 crore shares (excluding anchor portion). The reserved portion of qualified institutional investors oversubscribed by 192.26 times, non-institutional investors 195.15 times and retail 6.73 times during July 25-27.

8:30 AM

FPIs' net inflow at Rs 2,300-cr in July

 

Foreign investors poured in over Rs 2,300 crore in the Indian capital markets in July, after pulling out funds for three months in a row, largely due to expectations of a lower trade deficit following a correction in crude oil prices.

 

The latest inflow comes after such investors had taken out more than Rs 61,000 crore from the capital markets (equity and debt) during April-June. Prior to that, FPIs had invested Rs 2,662 crore in March.

8:27 AM

MARKETS ON FRIDAY

INDEX	LATEST	PREVIOUS	CHANGE	CHANGE(%)
	37556.16	37165.16	391.00	1.05
	15361.14	15219.82	141.32	0.93
	16206.89	16057.60	149.29	0.93
	16833.52	16639.81	193.71	1.16
	4407.00	4367.22	39.78	0.91

8:26 AM

SGX Nifty

 

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 39 points or 0.34 per cent. Nifty futures were trading around 10,436-level on the Singaporean Exchange.

8:23 AM

Asian markets trade higher

 

Asian shares advanced early on Monday, led by Wall Street's gains. The Nikkei 225 edged up by 0.14 per cent while the Kospi added 0.44 per cent, with automakers, steelmakers and retailers contributing to overall gains.

8:20 AM

Wall Street gains as upbeat earnings trump trade jitters

 

US stocks advanced on Friday as upbeat earnings helped investors shrug off heightened trade anxieties and weaker-than-expected July jobs growth. The Dow Jones Industrial Average rose 136.42 points, or 0.54 per cent, to 25,462.58, the S&P 500 gained 13.13 points, or 0.46 per cent, to 2,840.35 and the Nasdaq Composite added 9.33 points, or 0.12 per cent, to 7,812.02.

8:17 AM

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