Indian equity benchmarks traded in a narrow range with a negative bias for most of the trading session and ended on a flat note on Wednesday as investors kept their exposure low due to weak global cues.
The Nifty50 has formed a small negative candle on the daily chart with a minor lower shadow, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities. This signals the inability of the bulls to lead a follow-through upmove above 17,500, he said.
Also Read | Is it better to invest in real estate during surging inflation?
Indian Indices
The Sensex fell 35.78 points or 0.06% to 58,817.29 while the Nifty was up by 9.65 points or 0.06% to 17,534.75 at the close of trading on Wednesday. The Sensex moved in a high and low band of 58,984.32 and 58,583.36. There were 13 stocks advancing against 17 declining stocks on the index. The Nifty traded in a range of 17,566.10 and 17,442.80. There were 30 stocks advancing against 20 stocks declining on the index.
Also Read | Why Elon Musk sold Tesla shares worth $6.9 billion
Broader Indices
The broader indices ended in red with the BSE mid-cap index falling by 0.13% and the small-cap index down by 0.10%. The top gaining sectoral indices on the BSE were Metal up by 1.87%, Capital Goods up by 1.29%, Basic Materials up by 0.87%, Industrials up by 0.61%, and Energy up by 0.17%, while IT down by 0.97%, Realty down by 0.79%, TECK down by 0.68%, Consumer Durables down by 0.57% and Consumer Discretionary down by 0.48% were the top losing indices on BSE.
Also Read | US CPI inflation drops to 8.5% in July, beats expectations
India VIX Index
Nifty or India VIX, a gauge of the market’s expectation of volatility over the near term, rose 1.48% to 19.59 on Wednesday.
Support and Resistance levels
The key support level for the Nifty is placed at 17,463, followed by 17,391. If the index moves up, the key resistance levels to watch out for are 17,586 and 17,638, according to pivot charts.
Also Read | RBI’s first set of rules for digital lending released: Everything to know
US Markets
The S&P 500 rose 87.77 points, or 2.13%, to 4,210.24.
The Dow Jones Industrial Average rose 535.10 points, or 1.63%, to 33,309.51.
The Nasdaq rose 360.88 points, or 2.89%, to 12,854.80.
The Russell 2000 index of smaller companies rose 56.36 points, or 2.95%, to 1,969.25.
Also Read | Snapchat setting stage to lay off employees
Asian Markets
Asian markets ended mostly lower on Wednesday. The Nikkei 225 fell 0.65%, the Hang Seng fell 1.96%, and the Shanghai Composite fell 0.54%.
European Markets
European markets ended mostly higher on Tuesday. France’s CAC 40 was up by 0.52%, Germany’s DAX was up by 1.23% and London’s FTSE 100 was up by 0.25%.
Also Read | Hootsuite latest to be hit by layoffs amid Silicon Valley’s recession fears
Major News Headlines
Coal India Q1 Results: Net profit jumps 178% to Rs 8,834 crore
The state-owned coal major reported a 178% year-on-year growth in consolidated profit at Rs 8,834.22 crore for the quarter ended June 30, 2022, on a low base. The year-ago period was affected by the second Covid wave. Revenue increased 39% to Rs 35,092 crore compared to the corresponding quarter of previous financial year. The country’s largest coal mining company produced 159.75 million tonnes of raw coal, up 29% year-on-year and its offtake of raw coal increased by 10.6% year-on-year to Rs 177.49 million tonnes for the quarter ended April-June quarter of fiscal 2023.
Also Read | Tata Chemicals share surges 12% as PAT rises 87% YoY in June quarter
Tata Consumer Products Q1 Results: Net profit rises 38% to Rs 277 crore, revenue grew 11%
The Tata Group firm reported a 38% year-on-year growth in profit at Rs 277 crore for the first quarter of financial year 2022-23. Revenue grew 11% to Rs 3,327 crore and EBITDA increased 14% to Rs 460 crore compared to the year-ago period. Revenue in constant currency terms grew 10% year-on-year.
Also Read | Delhivery share falls 11% as loss widens to Rs 399 crore in June quarter
Eicher Motors Q1 Results: Profit soars 157% YoY to Rs 611 crore, revenue rises 72%
The who-wheeler and commercial vehicle company posted a 157.5% year-on-year growth in consolidated profit at Rs 610.66 crore for the quarter ended June 30, 2022, supported by a low base. Earnings in the corresponding quarter were affected by the second wave of Covid-19. Revenue jumped 72% to Rs 3,397.5 crore compared to the same quarter of previous financial year.
Also Read | Wall Street soars after inflation cools more than expected
Glenmark Pharmaceuticals Q1 Results: Net profit falls 31% to Rs 211 crore
The company reported a 31% decline in net profit for the first quarter of fiscal 2023 to Rs 211.1 crore. Consolidated revenues slipped 6% to Rs 2,777.3 crore from Rs 2,965 crore in the same quarter of previous financial year. Adjusted EBITDA was Rs 472.6 crore in the reported quarter against Rs 573.6 crore in the corresponding quarter. The reported EBITDA was Rs 431.6 crore in the quarter ended June 30, 2022, with margins of 15.5%.
Also Read | How post-pandemic markets have behaved historically
Bulk Deal data
Sanjay Kumar Jivanbhai Bhatiya bought 90,000 shares in Goldstar Power Limited at Rs 36.00 per share on the Nse.
Solenco Services LLP sold 1,12,145 shares in Hilton Metal Forging Limited at Rs 53.99 per share on the Nse.
Agnes Francis Theknath sold 11,86,007 shares in Jet Freight Logistics Limited at Rs 24.00 per share on the Nse.
Renaissance Emerging Markets Equity Private Pool Pzena Investment Management LLC bought 11,00,000 shares in JK Paper Limited at Rs 411.74 per share on the Nse.
Also Read | The 2008 market crash: Inside the doomsday machine and a brief history
Nasser Sharmin bought 75,000 shares in Linc Limited at Rs 297.09 per share on the Nse.
VLS Finance Ltd bought 1,00,000 shares in Lokesh Machines Limited at Rs 97.78 per share on the Nse.
Alacrity Securities Ltd sold 68,199 shares in Nureca Limited at Rs 1031.52 per share on the Nse.
Anustup Trading Private Limited sold 10,56,680 shares in One Point One Sol Limited at Rs 11.01 per share on the Nse.
Also Read | What US housing market entering a recession means
LKP Finance Limited bought 67,000 shares in Repro India Limited at Rs 446.24 per share on the Nse.
Gaurav Chordia sold 70,243 shares in Silgo Retail Limited at Rs 27.13 per share on the Nse.
Bynasons sold 1,32,914 shares in SKM Egg Products Export at Rs 69.33 per share on the Nse.
Company Shivaay Trading sold 75,000 shares in Times Guaranty Limited at Rs 71.37 per share on the Nse.
Also Read | Great Depression to COVID: Top 5 market crashes in American history
DII and FII data
Foreign institutional investors (FIIs) have bought shares worth a net Rs 1,061.88 crore, whereas domestic institutional investors (DIIs) sold shares worth a net Rs 768.45 crore on August 10, as per provisional data available on the NSE.
Also Read | How Paul Volcker tamed inflation with two recessions in 1980s
NSE F&O Ban
Balrampur Chini Mills and Delta Corp are the stocks/securities that have been placed under the F&O ban for August 11. Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.
