Fag-end buying lifts Sensex 214 pts; Nifty nears 17,400; IT stocks dazzle

CLOSING BELL: All sectors, except IT and Financial Services, witnessed selling pressure today, led by auto, pharma, and public sector banks

1:14 PM

Trading desks should prepare for much lower liquidity surpluses: B Prasanna

We have definitely seen liquidity tightness in the last couple of weeks as the RBI has lost reserves in a bid to defend the rupee. At the end of June, the banking system liquidity surplus was at around Rs 2.7 trillion, which fell to Rs 89,500 crore as on July 28. Most of the drainage has happened due to RBI’s forex interventions as seen in reserves, which fell to $571 billion as on July 22, from $ 593 billion at June-end. READ INTERVIEW HERE

1:05 PM

June Quarter Result :: Godrej Consumer reports profit of Rs 345 crore, misses estimates

>> Revenue at Rs 3,125 crore

>> Ebitda at Rs 521 crore

>> Ebitda margin at 16.7%

12:55 PM

5 buzzing stocks that may gain up to 19% in short-term

SpiceJet Ltd (SPICEJET)

Upside potential: 11% to 19%

 

In the last four trading sessions, shares of SpiceJet gained 30 per cent, the most in recent years. The up move pushed the Moving Average Convergence Divergence (MACD) over the zero-line, which was beneath so far this current year. The next barrier is at Rs 55 and Rs 59 and support exists at Rs 45 and Rs 42 levels. READ MORE

12:44 PM

Q&A | We've stayed away from high-flying, new-age loss-making cos: Aniruddha Naha

We have focussed on good quality businesses with strong balance sheets and good cash flows. In a rising interest rate and tightening liquidity scenario, markets will realise the importance of cash flows to support valuations. During a market revival, these good-quality businesses should bounce back. READ INTERVIEW HERE

12:33 PM

RBI Policy Preview :: What may prompt RBI to hold its hawkish stance?

Two critical factors would determine MPC's stand on rates in this meeting, whether Inflation continues to remain beyond RBI's comfort zone and GST collections as well as PMI is looking up even after successive rates hikes by RBI in the initial part of this year which would give it confidence to continue its hawkish stand. This might align market expectations towards rate hike by around 30 bps.

Views by: Shivam Bajaj - Founder & CEO at Avener Capital

12:25 PM

Twitter Talk :: Market expert Ajay Bagga explains why India may outshine peers

12:16 PM

Currency check :: Rupee at day's low

12:03 PM

SpiceJet jumps 18% on Ajay Singh's partial stake sale buzz; up 41% in 4 days

A big Middle Eastern airline has expressed interest to pick a 24 per cent stake and a board seat in SpiceJet, IANS reported quoting sources. A big Indian business conglomerate has also approached Singh for a stake in the airline, the news agency said. READ MORE

11:52 AM

High ADR signals broad-based market; investor appetite for riskier bets

The advance-decline ratio (ADR) for stocks traded on the BSE went past 1 for the first time in three months in July. A total of 1,888 stocks advanced, while 1,662 declined last month. So far this month, 2,419 stocks have advanced and only 1,288 have declined. READ MORE

11:42 AM

Result today :: Analysts expect IndiGo's Q1 loss to narrow despite high ATF price

The April-June quarter (Q1) of fiscal year 2022-23 (Q1FY23) may prove to be the best post-pandemic years for airlines as domestic air traffic nears pre-Covid levels amid a bounce back in leisure travel, analysts said. READ MORE

11:26 AM

July PMI services growth slips to 4-month low on rising inflation

But the index has been above the 50-mark that separates growth from contraction for a year and July's reading was higher than the long-term average. READ MORE

11:14 AM

After 8.7% rally in July, Nifty likely to be rangebound in August: Data

The Nifty has rallied 8.7 per cent last month — its best monthly performance since November 2020. The rally cemented July’s tag as the best calendar month for the markets. READ MORE

11:05 AM

Reliance Jio's purchase of 700 MHz likely to give it edge over rivals

Reliance Jio’s decision to acquire 700 MHz in combination with the possible use of an advanced standalone (SA) 5G network could give it an edge over its rivals, according to most analysts. READ MORE

10:56 AM

BSE 500:: Top losers so far

Indus Towers has plunged 7 per cent and was the top loser among the BSE 500 stocks so far. It was followed by Vaibhav Global, JM Financial, Yes Bank and Bharat Forge.

10:47 AM

BSE 500:: Top gainers so far

MOIL has zoomed over 9 per cent and was the top gainer among the BSE 500 stocks so far on Wednesday. SpiceJet, eClerx Services, Rossari Biotech and Brigade Enterprises were some of the other significant gainers.