Sensex zooms 330 pts, Nifty tops 19,100; RIL gains 2%, ICICI, HDFC Bank 1%

BS BFSI Summit 2023: The economists' panel sees growth risks growing for India amid global gloom and doom. Soumya Kanti Ghosh of SBI sees first rate cut bymid-2024

SI Reporter New Delhi

4:16 PM

BFSI Summit LIVE | Need rural recovery to pick up for sustained economic recovery, says Sonal Verma of Nomura

>> The glass is half empty, half full as far as economic recovery is concerned, says Abheek barua, Chief Economist, HDFC Bank

>> Economic recovery is uneven, says Aditi Nayar, Chief Economist, ICRA

4:11 PM

Comment :: 'Keep a check on long positions'

Nifty has reached closer to its immediate hurdle i.e. 19,200-19300 zone and is likely to face pressure on the rise. Besides, the indications from the global indices are also not very conducive. We thus reiterate our view to keep a check on long positions and utilize rebound to create shorts as well.

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

4:02 PM

Tech view: Caution needed with long positions on Nifty

On the daily charts, Nifty has been in a pullback mode since last couple of trading sessions and is now approaching crucial resistance zone of 19,160 – 19,220 where resistance in the form of the hourly upper Bollinger band and the 40 hour exponential moving average is placed.

Hence it is advisable to be cautious with the longs. On the downside a breach below 18,940 can lead to start the next leg of the fall. In terms of levels, 19,180 – 19,220 shall act as a support zone while 18,950 – 18,930 shall act as an immediate support zone.

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

4:00 PM

Comment: Markets experiencing short-term bounce after heavy selling

"The domestic market mirrored the upbeat European & Asian markets, as geopolitical risk in West Asia continues.

Equities are experiencing a short-term bounce after the heavy selling last week, as crude moderates and Q2 results provide some relief. But a full containment will depend on a radical fall in geopolitical risk and global bond yield.

Crucially, this week’s US FED meeting is forecast to hold the status quo. Holding the global bond yield at the current elevated levels will continue to distract investors unless supplemented with the reasonable medium-term target of Fed rate trajectory."

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

3:58 PM

Rane Madras falls 4%; Q2 Ebitda down to Rs 33 crore

Q2 operating profit down to Rs 32.5 crore vs Rs 34 crore YoY.

3:55 PM

Vimta Labs drops 10%; consol PAT halves in Q2

Q2 profit comes at Rs 6.3 crore versus Rs 13.2 crore a year ago.

3:50 PM

Petronet sinks 8% despite profit growth in Q2

Q2 net profit came at Rs 820 crore vs Rs 744 crore a year-ago.

3:47 PM

Adani Green surges 5%; Q2 cons profit at Rs 372 crore

Co's Q2FY23 profit was at Rs 149 crore.

3:45 PM

BFSI Summit LIVE | Should give tremendous credit to our industry on where we have reached: Radhika Gupta

>> We should give tremendous credit to our industry on where we have reached.

>> The fact that we have this kind of retail SIP book is surprising for many outsiders, says Radhika Gupta, MD & CEO, Edelweiss Mutual Fund.