Indian equity benchmarks
extended their winning run for the third straight session amid volatile trade
on Tuesday. After making gap down opening, domestic indices swung between gains
and losses during intraday trading, as traders were concerned with private report
stating that American brokerage has cut its FY23 real GDP expansion estimate
for India by 0.40% to 7.2% on slower global growth. However, key gauges gained
some strength in late afternoon session to end in green on the back of fag-end
buying interest in Realty, banking and Auto stocks.
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The Nifty50 has
formed a long bull candle on the daily chart following a similar candle the
previous day, suggesting rangebound action or consolidation at a hurdle,
according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities. “Crucial
overhead resistance at 16,250-16,300 levels has been surpassed gradually.
Technically, such choppy movement or rangebound action is not a good sign for
the bulls to sustain the highs,” he said.
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Sensex rose 246.47 points or 0.47% to 54,767.62 and the
Nifty was up by 62.05 points or 0.38% to 16,340.55 in the previous session. Sensex
touched high and low of 54,817.52 and 54,232.82, respectively. There were 19
stocks advancing against 11 stock declining on the index. Nifty traded in a
range of 16,359.50 and 16,187.05. There were 29 stocks advancing against 21
stocks declining on the index.
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Broader Indices
The broader indices ended in green with the BSE Mid cap
index rising 0.68%, while Small cap index was up by 0.88%. On the sectoral
front, Realty was up by 2.66%, Bankex was up by 0.95%, Auto was up by 0.88%,
Metal was up by 0.81% and PSU was up by 0.74%, while Oil & Gas down by
0.33% was the only losing index on 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, rose 0.25%
to 17.20 on Tuesday.
SGX Nifty
The trends on SGX Nifty indicate
a positive opening for the index in India with a 142 points gain. The Nifty futures were trading
at 16,480.00 on the Singaporean Exchange
around 06:50 hours IST.
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Support and
Resistance levels
The key support level
for the Nifty is placed at 16,232, followed by 16,123. If the index moves up,
the key resistance levels to watch out for are 16,404 and 16,468, according to
pivot charts.
The S&P 500 rose 105.84 points, or 2.8%, to 3,936.69.
The Dow Jones Industrial Average rose 754.44 points, or 2.4%, to 31,827.05.
The Nasdaq rose 353.10 points, or 3.1%, to 11,713.15.
The Russell 2000 index of smaller companies rose 60.91 points, or 3.5%, to 1,799.32.
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Asian Markets
Asian markets ended lower
on Tuesday. The Heng Seng fell 0.89%, the KOSPI Composite fell 0.18%. On the
other hand, Shanghai Composite rose 0.04% and Nikkei 225 rose 0.65%.
European Markets
European markets
ended mostly higher on Tuesday, London’s FTSE 100 was up by 1.01%, France’s CAC
40 was up by 1.79% and Germany’s DAX was up by 2.69%.
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Major News Headlines
Hindustan Unilever Q1 Results: Net profit rises
11% to Rs 2,289 crore
The FMCG giant reported an 11% year-on-year rise in profit
at Rs 2,289 crore for the April-June quarter of fiscal 2022-23, with underlying
volume growth of 6%, but EBITDA margin declined 100 basis points year-on-year
to 23.2% amid unprecedented inflationary headwinds. Revenue increased by 205 to
Rs 14,272 crore during the same period year-on-year.
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Vedanta declares dividend of Rs 19.5 per share
in boost to London parent
The company board has approved a second interim dividend of
Rs 19.50 per equity share on the face value of Re 1 per share for fiscal
2022-23. The dividend is amounting to Rs 7,250 crore. The record date for
payment of the dividend is July 27, 2022. Its controlling shareholder,
London-based holding vehicle Vedanta Resources Ltd., owns about 70% of the
Indian firm, which is its main asset.
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Ambuja Cements net profit falls 25%
to Rs 865 crore in April-June quarter
The cement maker cloaked a 25.5%
year-on-year decline in consolidated profit at Rs 865.44 crore for the quarter
ended June 2022, impacted by higher power & fuel cost, and freight &
forwarding expenses. However, revenue grew 15.1% year-on-year to Rs 8,033 crore
for the quarter.
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Polycab India Q1 Results: Net
profit surges over 200%, revenue up 47%
The Wire and cable manufacturer
reported a surge of 201.91% in its profit after tax to Rs 222.54 crore during
the first quarter of the financial year 2022-23. Revenue from operations of the
company during the quarter increased by 47.5% to Rs 2,736.6 crore compared to
Rs 1,855.2 crore in the year-ago period.
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HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED sold 3,27,777 shares in
Ansal Housing Limited at Rs 7.00 per share on the NSE.
NAVRATRI SHARE TRADING PRIVATE LIMITED bought 3,00,000 shares in Globe
Intl Carriers Limited at Rs 81.25 per share on the NSE.
ERISKA INVESTMENT FUND LTD bought 10,00,000 shares in Globe Textiles (I)
Limited at Rs 7.75 per share on the NSE.
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PHOENIX TRADES sold 94,656 shares in Hilton Metal Forging Limited at Rs
41.80 per share on the NSE.
JAYESH CHINUBHAI SHAH sold 4,24,000 shares in Laxmi Goldorna House
Limited at Rs 15.20 per share on the NSE.
BEELINE MERCHANT BANKING PRIVATE LIMITED bought 1,00,000 shares in
Megastar Foods Limited at Rs 171.22 per share on the NSE.
ROHIT GUPTA sold 10,09,600 shares in Sarveshwar Foods Limited at Rs
49.38 per share on the NSE.
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Foreign institutional
investors (FIIs) have bought shares worth a net Rs 976.40 crore, whereas domestic
institutional investors (DIIs) sold shares worth a net Rs 100.73 crore on July 19,
as per provisional data available on the NSE.
Delta Corp is the
stock/security that has been placed under the F&O ban for July 20.
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.
