Sensex zooms 760 pts, Nifty tops 16,250; IT index up 3%, HDFC Bank dips 1%

CLOSING BELL: The frontline indices climbed on the back of gains in Infosys, ICICI Bank, Kotak Bank, TCS, Axis Bank, L&T, SBI, and Reliance Industries

11:41 AM

Global markets: US futures hint at positive start for cash mkt on Monday

 

11:34 AM

Quick Heal zooms 20% as board to consider share buyback on July 21

In 2019 and 2021, Quick Heal had bought back 6.33 million equity shares each via tender offer. Read here

11:25 AM

Robust oil earnings likely to drive RIL's Q1 results, say analysts

Reliance Industries (RIL) is likely to report a strong set of numbers in the quarter ended April-June (first quarter, or Q1) of 2022-23 (FY23), driven by robust oil earnings, say analysts tracking the company. READ MORE

11:12 AM

HDFC Bk: Merger with HDFC, NIM compression near-term concerns, say analysts

HDFC Bank Q1 review: Issues with management's bandwidth in managing the balance sheet post merger remains key risks for upside, said Nomura. Read here

11:02 AM

MARKET CHECK: Sensex at day's high, soars over 500 pts

 

10:52 AM

CRYPTO VIEW: Bitcoin market sentiment firm in extreme fear zone

The weekend saw Bitcoin crossing and maintaining its position above the $21,000 level. The market sentiment towards BTC improved in the last couple of days edging over 20, whilst still remaining in the “extreme fear” zone.

The 12- hourly chart for BTC has formed a distinctive channel pattern. The next resistance level for BTC is expected at $32,300 and an immediate support level is expected at $17,700. The weekly RSI has edged above 30 for the first time in over a month.

 

Ethereum surged by nearly 14% in the last week, eventually breaking above its key resistance level of $1,280.

The token gained another 6% early today to edge above the $1,400 mark. The recent uptrend is mainly due to the extensive testing around the soon to arrive Ethereum merge, which will transition its algorithm from Proof-of-Work(POW) to Proof-of-stake(POS).

On the 12-hourly time-frame, the trend for Ethereum has broken out of the ascending channel pattern. The next key resistance for Ethereum is expected at $1,740 

Views by WazirX Trade Desk

10:41 AM

BS Q&A | Market may be less sensitive to Fed meetings in H2CY22: Bernstein MD

We still see a range-bound market but have lowered the range to 13,500-16,000 for the Nifty50, said Venugopal Garre, managing director at Bernstein. Read here

10:31 AM

Luggage stocks in focus: Safari, VIP Inds surge up to 7% on demand revival

Analysts expect that the travel sector is poised for a resurgence on the back of demand revival and increase in consumers confidence. Read here

10:22 AM

Market view: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

>> High volatility in the market is likely to continue in the near-term with erratic action from FIIs (FIIs bought on 3 days this month and sold on other days) and sustained buying on dips by retail and DIIs.
 

>> A significant market trend is the change in leadership from IT and banking to consumption driven FMCG and autos. The 6-month Nifty IT index return is - 31.79% and the Nifty Bank Index is down 9.61% during this period. In sharp contrast to this, Nifty FMCG Index is up 9.74% and Nifty Auto Index is up by 6.17% during this period. IT is weak on fears of a possible US recession impacting tech spending by companies. Leading bank stocks are weak due to sustained FII selling, in spite of their improving fundamentals. FMCG and autos are benefiting from the recent commodity price crash. Capital goods also are doing well on improving capex prospects. Investors can consider slightly restructuring their portfolios in the light of the leadership changes in the market.

10:15 AM

MCX Gold futures trade near 200-DMA; Silver likely to test 200-WMA

The MCX Gold futures may test its support at the 200-DMA placed at Rs 49,750, while Silver futures may dip towards the 200-WMA placed at Rs 53,900-odd level. READ MORE

10:09 AM

Bharat Electronics rallies 5% post Q1 results, strong order book position

With the healthy order book at Rs 55,333 crore, strong pipeline of orders and better margin profile, BEL is well placed to grow its earnings in double digits in the next couple of years, analyst say. READ MORE

9:58 AM

Telecom stocks mixed ahead of 5G spectrum auction in July-end

9:50 AM

Tata Steel gains 1% on Rs 12,000 crore capex plan

9:45 AM

JSPL abuzz as net profit jumps multi-fold in Q1

9:38 AM

Spandana Sphoorty up 1% after it plans to raise Rs 4,000 crore via bonds