Indian equity benchmarks continued upward momentum for the second consecutive day on Thursday with Sensex ending 1,000 points up and Nifty ending above the 16,900 mark on back of positive cues from global market. Telecom industry stocks were in action as India’s first 5G auction received bids worth Rs 1.49 trillion on day two, as aggressive bidding across bands by players like Reliance Jio and Bharti Airtel pushed the sale over to the third day.
Also Read | Recession fear grips the US after economy shrinks for 2nd quarter
The Nifty50 has formed a long bull candle on the daily chart with a gap-up start, and taken out crucial resistance at 16,800, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities. One may expect the momentum to continue in the near term.
Also Read | Yang Huiyan, Asia’s richest woman, loses half her fortune
The Sensex rose 1,071.47 points, 1.87%, to 56,857.79 while the Nifty was up by 287.80 points, 1.73%, to 16,929.60 at close of trading on Thursday. The Sensex moved in a high and low band of 56,914.22 and 56,236.45. There were 25 stocks advancing against 5 declining stocks on the index. The Nifty traded in a range of 16,947.65 and 16,746.25. There were 40 stocks advancing against 10 stocks declining on the index.
Also Read | How to survive a market crash
Broader Indices
The broader indices ended in green with the BSE mid-cap index increasing 0.94%, while small-cap index was up by 0.65%. On the sectoral front, IT was up by 2.51%, Finance up by 2.21%, TECK up by 2.19%, Realty up by 2.03%, Metal up by 1.86%, and Bankex up by 1.72%, while Telecom down by 0.37% was the lone losing index on BSE.
Also Read | Where to invest during high inflation?
India VIX Index
Nifty or India VIX, a gauge of the market’s expectation of volatility over the near term, fell 6.16% to 17.01 on Thursday.
SGX Nifty
The trends on SGX Nifty indicate a positive opening for the index in India with a 198 points gain. The Nifty futures were trading at 17,145.00 on the Singaporean Exchange around 07:20 hours IST.
Also Read | Why global economy is not in recession yet
Support and Resistance levels
The key support level for the Nifty is placed at 16,801, followed by 16,673. If the index moves up, the key resistance levels to watch out for are 17,003 and 17,076, according to pivot charts.
The S&P 500 rose 48.82 points, or 1.2%, to 4,072.43.
The Dow Jones Industrial Average rose 332.04 points, or 1%, to 32,529.63.
The Nasdaq rose 130.17 points, or 1.1%, to 12,162.59.
The Russell 2000 index of smaller companies rose 24.69, or 1.3%, to 1,873.03.
Also Read| How Paul Volcker tamed inflation with two recessions in 1980s
Asian Markets
Asian markets ended mostly higher on Thursday. The Shanghai Composite rose 0.21%, Nikkei 225 rose 0.36%, the KOSPI Composite rose 0.82% while the Hang Seng fell 0.23%.
European Markets
European markets ended mostly higher on Thursday. France’s CAC 40 was up by 1.30%, Germany’s DAX was up by 0.88% while London’s FTSE 100 was down by 0.041%.
Also Read| Harshad Mehta scam: How Big Bull shook the Indian stock market
Major News Headlines
Dr Reddy’s Labs Q1 Results: Profit jumps 108% YoY to Rs 1,188 crore
The pharma company reported a 108% year-on-year growth in consolidated profit at Rs 1,187.60 crore for the quarter ended June 2022, on the back of healthy operating performance and higher other income. Revenue surged by 6% year-on-year to Rs 5,215.40 crore in the June quarter due to tepid growth in North America and Europe but India growth was strong at 26% year-on-year.
Also Read | How post-pandemic markets have behaved historically
TVS Motor Q1 Results: Net profit jumps to Rs 297 crore, total income surges 56%
The two-and-three-wheeler manufacturer recorded a consolidated profit of Rs 296.75 crore for the quarter ended June 22, compared with a loss of Rs 14.72 crore in the year-ago period, on the back of the top line and operating performance. Revenue jumped by 56% year-on-year to Rs 7,315.70 crore in the reported quarter. The company board has approved the issue of non-convertible debentures (NCDs) aggregating up to Rs 125 crore on a private placement basis.
Also Read | What US housing market entering a recession means
SBI Life Q1 Results: Net profit rises 18% YoY to Rs 263 crore
The life insurance company posted a 17.78% year-on-year increase in profit at Rs 262.85 crore for the quarter ended June 2022. Net premium income rose significantly by 32.76% year-on-year to Rs 11,036 crore compared to the same period of last fiscal. However, the income from investments came in at negative Rs 6,405.66 crore for the June quarter of fiscal 2023 against an income of Rs 7,409.91 crore year-on-year.
Also Read | What’s next for Spirit as merger proposal with Frontier terminated?
Vedanta Q1 Results: Net profit rises 6% to Rs 5,592 crore, revenue jumps 36%
The company reported a 6% year-on-year increase in consolidated profit at Rs 5,593 crore for the quarter ended June 2022, supported by higher input costs and power and fuel cost. Revenue jumped 35% year-on-year to Rs 39,355 crore during the first quarter.
Bofa Securities Europe Sa sold 16,05,400 shares in Delta Corp Limited at Rs 192.56 per share on the NSE.
Rushabh Pravinchandra Shah sold 78,000 shares in Dev Info Technology Limited at Rs 185.01 per share on the NSE.
Viney Parkash Agarwal sold 1,29,000 shares in Fidel Softech Limited at Rs 60.99 per share on the NSE.
L7 Hitech Private Limited sold 1,31,563 shares in Libas Consu Products Limited at Rs 24.76 per share on the NSE.
Srinivasa Ravi Pathapati sold 1,85,000 shares in Patel Integrated Logistic at Rs 20.05 per share on the NSE.
Also Read | US Fed hikes interest rate by 75 basis points to fight inflation
Foreign institutional investors (FIIs) bought shares worth a net Rs 1637.69 crore, while domestic institutional investors (DIIs) purchased shares worth a net Rs 600.29 crore in the Indian equity market on July 28, as per provisional data available on the NSE.
Zero stocks/securities have been placed under the F&O ban for July 29. 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.
