Indian equity benchmarks extended their gaining run to the
third day and ended with gains of over a percent on Friday, following buying in
index majors Tata Steel, Sun Pharma, and Bajaj Finserv.
The Nifty50 has formed a long bull candle on the daily
chart with a gap-up opening, after taking out crucial resistance at 16,800,
according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities. He believes the underlying trend in the 50-scrip index is
sharply positive.
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The Sensex rose 712.46 points, 1.25%, to 57,570.25 while
the Nifty was up by 228.65 points, 1.35%, to 17,158.25 at the close of trading
on Friday. The Sensex moved in a high and low band of 57,619.27 and 57,104.81.
There were 25 stocks advancing against 5 declining stocks on the index. The
Nifty traded in a range of 17,172.80 and 17,018.15. There were 43 stocks
advancing against 7 stocks declining on the index.
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Broader Indices
The broader indices ended in green with the BSE mid-cap
index increasing 1.01%, while the small-cap index was up by 1.38%. On the
sectoral front, Metal was up by 4.59%, Energy up by 2.41%, Basic Materials up
by 2.30%, Oil & Gas up by 2.21%, and IT up by 1.71%, while there were no
losing sectoral indices on the BSE.
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India VIX Index
Nifty or India VIX, a gauge of the market’s expectation of
volatility over the near term, fell 2.72% to 16.55 on Friday.
SGX Nifty
The trends on SGX Nifty indicate a positive opening for the
index in India with a 48 points gain. The
Nifty futures were trading at 17,280.00 on the
Singaporean Exchange around 06:40 hours IST.
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Support and Resistance levels
The key support level for the Nifty is placed at 17,060,
followed by 16,962. If the index moves up, the key resistance levels to watch
out for are 17,215 and 17,271, according to pivot charts.
The S&P 500 rose 57.86 points, or 1.4%, to 4,130.29.
The Dow Jones Industrial Average rose 315.50 points, or 1%, to 32,845.13.
The Nasdaq rose 228.09 points, or 1.9%, to 12,390.69.
The Russell 2000 index of smaller companies rose 12.20, or 0.7%, to 1,885.23.
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Asian Markets
Asian markets ended mostly lower on Friday. The Shanghai
Composite fell 0.89%, Nikkei 225 fell 0.05%, the Hang Seng fell 2.26% while the
KOSPI Composite rose 0.67%.
European Markets
European markets ended mostly higher on Friday. France’s
CAC 40 was up by 1.72%, Germany’s DAX was up by 1.52% and London’s FTSE 100 was
up by 1.06%.
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Major News Headlines
Carlyle, Advent to invest $1.1 billion in Yes Bank for a
10% stake each
The bank announced raising equity capital of $1.1 billion
(Rs 8,898.47 crore) through funds affiliated with global private equity
investors Carlyle and Advent International. Each investor will potentially
acquire up to a 10% stake, Yes Bank said in a BSE filing. The board of
directors has approved to allot 369.61 crore equity shares at a price of Rs
13.78 per share and 256.75 crore warrants exchangeable into equity shares, at a
price of Rs 14.82 per share, through preferential allotment on a private
placement basis, which is subject to the approval of shareholders and RBI. The
Carlyle Group and Verventa Holdings (affiliated with Advent) will pour money
into the bank against 184.8 equity shares each and 128.37 crore warrants each.
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Zee-Sony mergers secure BSE, NSE approval after agreement
signed last December
The company has secured no objection letters from BSE and
the National Stock Exchange of India, for the proposed Composite Scheme of
Arrangement amongst Zee Entertainment, Bangla Entertainment, and Culver Max
Entertainment (formerly Sony Pictures Networks India). These observation
letters allow the company to file a Composite Scheme of Arrangement with
National Company Law Tribunal, Mumbai. Last December, the companies signed
definitive agreements to merge Zee into Sony and combine their linear TV
networks, digital assets, production operations, and program libraries.
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Bank of Baroda Q1 Results: Net profit rose 79% to Rs 2,168
crore, NII jumps 12%
The public sector bank reported 79.4% year-on-year growth
in standalone profit at Rs 2,168 crore for the quarter ended June 2022, despite
a decline in other income and pre-provision operating profit. The significant
dip in bad loan provisions supported the bottom line. Net interest income (NII)
rose by 12% year-on-year to Rs 8,838.4 crore in April to June quarter, with
credit growth at 18% and a 10.9% year-on-year increase in global deposits.
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Cipla Q1 Results: Net profit fell 4% to Rs 686 crore, revenue
declined 2%
The pharma major reported a 4% year-on-year decline in
consolidated net profit at Rs 686 crore for the quarter ended June 2022 as
EBITDA plunged 15% year-on-year to Rs 1,143 crore. Revenue declined by 2.3% to
Rs 5,375 crore in the reported quarter. India business decreased 8.4% to Rs
2,483 crore and North America business grew by 15.5% to Rs 1,199 crore in the
April-June quarter of fiscal 2023.
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Infront Enterprises Private Limited 2,91,000 shares in
Autoline Industries Limited at Rs 75.93 per share on the Nse.
Aditya Achanta sold 1,67,252 shares in Coastal Corporation
Limited at Rs 287.71 per share on the Nse.
Niraj Rajnikant Shah bought 75,000 shares in Hilton Metal
Forging Limited at Rs 47.10 per share on the Nse.
Dhoot Ramniwas Ramdayal sold 56,305 shares in IMP Powers
Limited at Rs 9.50 per share on the Nse.
Aditya Kumar Halwasiya bought 2,51,400 shares in Speciality
Rest Limited at Rs 177.27 per share on the Nse.
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Foreign institutional investors (FIIs) have net bought
shares worth Rs 1,046.32 crore, whereas domestic institutional investors (DIIs)
net sold shares worth Rs 0.91 crore on July 29, as per provisional data
available on the NSE.
Zero stocks/securities have been placed under the F&O
ban for August 01. 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.
