Share Market Highlights: Sensex ends above 59000, adds 257 pts, Nifty closes at 17577; M&M top gainer
Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic headline indices witnessed a tug of war between bulls and bears on Tuesday that ended with Sensex and Nifty closing in positive territory. S&P BSE Sensex added 257 points or 0.44% to close at 59,031 while the NSE Nifty 50 index gained 86 points or 0.5% to settle at 17,577. Bank Nifty zoomed 1% while India VIX closed flat at 19 levels. Mahindra & Mahindra was the top gaining stock, up 4.18% on Sensex, followed by Bajaj Finserv and Tata Steel. Infosys was the laggard, down 1.7%, accompanied by TCS, HUL, and Tech Mahindra.
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16:20 (IST) 23 Aug 2022 Sensex, Nifty snap two-day losing streak, are bulls ready to rally? Check support, resistance levels
Ending their two-day losing streak, domestic markets soared higher on Tuesday. Headline indices witnessed a tug of war between bulls and bears on Tuesday that ended with Sensex and Nifty closing in positive territory. S&P BSE Sensex added 257 points or 0.44% to close at 59,031 while the NSE Nifty 50 index gained 86 points or 0.5% to settle at 17,577. Mahindra & Mahindra was the top gaining stock, up 4.18% on Sensex, followed by Bajaj Finserv and Tata Steel. Infosys was the laggard, down 1.7%, accompanied by TCS, HUL, and Tech Mahindra. Bank Nifty zoomed 1% while India VIX closed flat at 19 levels.
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15:32 (IST) 23 Aug 2022 CLOSING BELL
Sensex added 257 points or 0.44% on Tuesday to close at 59,031 while the NSE Nifty 50 settled at 17,577 after a volatile trading session.
15:22 (IST) 23 Aug 2022 Bulls rally
Sensex was above 59,100 ahead of the closing bell, zooming more than 400 points while Nifty 50 breached 17,600.
15:18 (IST) 23 Aug 2022 Back above 59000
Sensex breached 59000 once again, just ahead of the closing bell. Nifty 50 was closing in on 17,600.
15:11 (IST) 23 Aug 2022 Tech stocks still in red
TCS, Infosys, HCL Technologies, Tech Mahindra, and Wipro were all in the red on Tuesday. IT stocks were down after margin pressure forced the big IT firm to cut variable pay.
15:05 (IST) 23 Aug 2022 Gains trimmed further
Sensex and Nifty trimmed gains further with only few minutes left before the closing bell.
14:53 (IST) 23 Aug 2022 Sensex gives up 59000
Sensex was below 59000 but still trading with gains. The index had breached the said levels earlier in the day but near the closing bell, gains were trimmed with Sensex sitting shy if 59000.
14:47 (IST) 23 Aug 2022 Sectoral watch
Nifty IT index was the only sectoral index in the red on Tuesday. Bank Nifty was up 0.79% while Nifty Auto zoomed 1.6%.
14:39 (IST) 23 Aug 2022 Top stock gainers
Mahindra & Mahindra was the top Sensex gainer, up 3.44%, followed by Bajaj Finsev, Tata Steel, and Titan.
14:12 (IST) 23 Aug 2022 Stocks to buy: Kansai Nerolac Paints, Apcotex Industries shares may rally up to 23% in next two quarters
Sensex and Nifty have soared 14% from June lows as Foreign Institutional Investors (FII) returned to Dalal Street and inflation seemed to be cooling down. On Tuesday, Sensex and Nifty were dancing between gains and losses as bulls and bears engaged in a tug-of-war after the recent run-up. It may be prudent to stick with stock-specific action until volatility subsides on Dalal Street. HDFC Securities has picked two stocks that they believe have the potential to help investors pocket as much as 24% returns in the next 2 quarters. These include Kansai Nerolac Paints, Apcotex Industries.
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14:04 (IST) 23 Aug 2022 Already awarded PLI sanction for first phase of expansion with investment of Rs 135 core: Niine’s Amar Tulsiya | INTERVIEW
Homegrown feminine hygiene brand Niine is planning to increase capacity, and has already been awarded the sanction under the PLI scheme for the first phase of expansion with the investment of more than Rs 135 crore in plant and machinery. Niine had applied under the PLI scheme for capacity expansion with proposed investment of more than Rs 500 crore in phases. The brand was selected for the PLI Scheme for Textile Industries, approved by the Government of India, this July. The investment, said Amar Tulsiya, Founder and CEO, Niine, will be made in Gorakhpur, Uttar Pradesh, where the brand has its existing facilities. “In total, 61 projects have been selected all over India. The same will be funded by internal cash accruals and PE fund raise as well,” he said.
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13:47 (IST) 23 Aug 2022 All eyes on US Fed speech at Jackson Hole event; Powell may keep focus on inflation even if it means recession
US Fed Chairman Jerome Powell is scheduled to make a speech later this week in a symposium held in Jackson Hole valley, Wyoming, USA. Powell is expected to correct market expectations from the last Fed meeting in July. In July’s meeting, the Fed recognised that some ‘recent indicators of spending and production have softened’. This led to people saying, ‘The Fed has taken a dovish shift’. There was then a run in equities, a drop in the US Dollar, and a drop in yields as markets looked for a ‘dovish pivot’. Powell is likely to correct this perception with a more hawkish stance in his speech at the Jackson Hole symposium on Friday, according to economists, market analysts.
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13:14 (IST) 23 Aug 2022 Sensex and Nifty rise
Sensex and Nifty were up with gains once again on Tuesday. The headline indices have been battling continued volatility.
12:28 (IST) 23 Aug 2022 India Inc better placed to tackle interest rates, inflation, says S&P; strong economic growth to help revenues
Companies and banks in India could feel the bite of rising rates and inflation, but rated firms are better cushioned to withstand the pressure, S&P Global Ratings said on Tuesday. It said that further hike in interest rates is on the cards as the inflation remains above the RBI’s upper tolerance limit of 6 per cent despite a 140 basis points increase in the policy rate in the current fiscal year.
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12:13 (IST) 23 Aug 2022 India VIX in green
India VIX, the volatility gauge of domestic markets, was up in the green on Tuesday. The fear gauge was sitting above 19 levels.
11:35 (IST) 23 Aug 2022 Eicher Motors, Bharat Electronics among 115 stocks to hit 52-week high on BSE; 25 scrips at fresh lows
Indian equity markets were volatile on Tuesday as tepid global mood kept investors on sidelines. NSE Nifty 50 index was testing the 17,500-mark, while the S&P BSE Sensex was flat at 58,800 levels. Among individual stocks, shares of Infosys dropped over 2 per cent after the IT major slashed average variable payout for the June quarter. “The market mood has suddenly changed after the release of the Fed minutes which indicate steeper rate tightening than what the market had discounted. Now, the focus will be on what the Fed chief Powell will say at the Jackson Hole symposium on Friday,” said V K Vijayakumar of Geojit Financial Services.
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11:34 (IST) 23 Aug 2022 Electric vehicle push reshaping energy, auto sectors on D-Street, led by Reliance Industries and Adani Group
The ever-rising carbon footprint will damage the world permanently, and what’s even more concerning is that India stands 3rd on the list of ‘Top 10 Polluting Countries’ after China and the US. The after-effects of pollution can already be felt in the air and our bodies. As we all know, the climate crisis is on top of the list for many nations. This has also been the driving force behind India’s electric mobility commitment toward a net-zero emissions economy by 2070.
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11:19 (IST) 23 Aug 2022 Immediate support and resistance in Nifty 50 are 17300 and 17800 respectively
Government data revealed that India’s gold imports increased 6.4% to $12.9 billion during April to July of this fiscal year as a result of strong demand, thus jewellery stocks should be kept an eye on. On the technical front, immediate support and resistance in Nifty 50 are 17300 and 17800 respectively. Bank Nifty immediate support and resistance are 37700 and 38800 respectively.
~ Mohit Nigam, Head – PMS, Hem Securities
10:52 (IST) 23 Aug 2022 Nifty target raised, to top 20000 soon; RIL, ICICI Bank among top stock picks by this brokerage
NSE Nifty 50 index target has been raised to 20,057 by analysts at domestic brokerage and research firm Prabhudas Lilladher. Analysts see multiple tailwinds for stock markets, barring the near-term volatility. “Festival demand from urban middle class is expected to remain strong, which will enable good 2Q and 3Q will show benefits of correction in commodities. We suggest accumulating fundamentally strong companies with business moats in uncertain times,” analysts said in a note. Nifty 50 index has climbed 14% from the lows on June helped by positive foreign fund inflows. The target price set for June 2023 by Prabhudas Lilladher would see Nifty 50 rise 15% from current levels.
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10:41 (IST) 23 Aug 2022 Back in red
Sensex and Nifty 50 were once again down in the red on Tuesday. Both headline indices trimmed gains and turned negative.
10:37 (IST) 23 Aug 2022 Apple’s new iPhone 14 to come with ‘Made in India’ tag as tech giant looks for alternatives to China
Apple Inc. plans to begin manufacturing the iPhone 14 in India about two months after the product’s initial release out of China, narrowing the gap between the two countries but not closing it completely as some had anticipated.
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10:18 (IST) 23 Aug 2022 Tug of war between bull & bears
Sensex and Nifty were witnessing a tug of war between bulls and bears on Tuesday morning.
10:07 (IST) 23 Aug 2022 Infosys share price falls 2% after company cuts employees’ variable pay to 70%
Infosys share price on Tuesday fell over 2% on NSE. The drop in share price comes after it was reported that Infosys has reduced the variable payout for employees to about 70% for the first quarter of FY23, a trend seen across the industry, due to pressure on margins, high employee costs.
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09:58 (IST) 23 Aug 2022 Bulls fight back
Bulls were attempting to gain control as Sensex and Nifty rose close to 0.4% each on Tuesday, after having opened with losses.
09:33 (IST) 23 Aug 2022 Bottom fishing on Dalal Street
Sensex and Nifty trimmed all losses to turn positive on Tuesday morning as investors went bottom fishing on Dalal Street. Sensex was trading flat with a positive bias along with Nifty 50.
09:24 (IST) 23 Aug 2022 Sensex, Nifty trim losses
Sensex was down 200 points while Nifty regained 17,400 as the headline indices tries to trim losses after opening deep in red.
09:20 (IST) 23 Aug 2022 09:17 (IST) 23 Aug 2022 OPENING BELL
Sensex fell more than 350 points or 0.65% on Tuesday’s opening bell as bears remained in control on Dalal Street. Nifty 50 index was below 17400, falling 0.6%.
09:05 (IST) 23 Aug 2022 Bears gearing up to dominate
Sensex was down 700 points in the pre-open session, hovering around 58,000 levels while Nifty was just shy of 17300.
09:01 (IST) 23 Aug 2022 Pre-open
Sensex nose-dives in pre-open session, down 900 points. Nifty 50 gives up 17000.
08:49 (IST) 23 Aug 2022 Rakesh Jhunjhunwala’s portfolio now in Radhakishan Damani’s hands
Former mentor Radhakishan Damani has been appointed the chief trustee of Rakesh Jhunjhunwala’s estate, said a person familiar with the matter. Kalpraj Dharamshi, managing director of Dharamshi Securities, and Amal Parikh, promoter and director of Ohm Stock Broker, will be the other trustees.
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08:45 (IST) 23 Aug 2022 Change in market mood
“The market mood has suddenly changed after the release of the Fed minutes which indicate steeper rate tightening than what the market had discounted. Now, the focus will be on what the Fed chief Powel will say at the Jackson Hole symposium on Friday. If he sounds less hawkish there can be a relief rally; otherwise the present drift will continue. The trend in US markets is hugely important for India since the correlation between the two markets is very high,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
08:44 (IST) 23 Aug 2022 Crude oil posts another weekly decline on demand concerns, eyes now on US GDP data, OPEC output
WTI Crude oil futures ended the previous week 1.4% lower and closed at $90.77 per bbl, amid increasing concerns of a global economic slowdown. Recession fears continue to exert pressure on energy markets, with Fed minutes signalling a strong commitment to bringing down inflation to the 2% target range. On top of that, concerning industrial production figures and further Covid lockdowns in China added to the outlook of a decline in energy demand.
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08:23 (IST) 23 Aug 2022 Petrol and diesel price August 23: Fuel cost unchanged; Check prices in Delhi, Mumbai, other cities here
The price of petrol and diesel has been left unchanged for more than three months by OMCs on August 23. The last country-wide change in price came on May 21, when Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre, and Rs 6 per litre on diesel. Since then, Maharashtra is the only state to have cut rates. Maharashtra government had announced a cut in value-added tax (VAT) on petrol by Rs 5 a litre and by Rs 3 a litre for diesel earlier last month. The cut in VAT is likely to cost Maharashtra’s state exchequer Rs 6,000 crore on an annual basis.
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08:13 (IST) 23 Aug 2022 Bounce back on cards?
“Indices are oversold on hourly charts and a relief bounce back is possible. However, if 17450 breaks on closing basis with a spike in VIX, expect 16950 as the next target for Nifty,” said Rahul Sharma, Director & Head – Research, JM Financial.
08:09 (IST) 23 Aug 2022 Will bulls stage a comeback or bears to drag Nifty below 17300? 5 things to know before market opening bell
Indian equity markets are likely to extend losses on Tuesday amid weak global cues. Benchmark indices are expected to open in the red as trends in the SGX Nifty indicated a negative opening with a loss of 85 points. In the previous session, the S&P BSE Sensex dived 872 points or 1.46% to settle at 58,773 while the NSE Nifty 50 index tanked 267 points or 1.51% to end at 17,490. “The fear of aggressive rate hikes by apex banks has started haunting the participants again. Though the Nifty has re-entered the declining broadening pattern, we expect the index to respect 17,300 levels,” said Ajit Mishra, VP – Research, Religare Broking.
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08:05 (IST) 23 Aug 2022 SGX Nifty in red
SGX Nifty was sitting with losses on Tuesday morning. Nifty futures were down more than 75 points.
08:04 (IST) 23 Aug 2022 Infosys joins other IT majors in cutting or deferring variable pay
Bengaluru-based IT major Infosys has reduced the variable payout for employees for the first quarter of FY23, a trend seen across the industry, due to pressure on margins. “The average variable payout for Q1 FY23 is 70% at an organisation level,” Infosys said in a letter to employees, a copy of which FE has seen. “The performance bonus payout for Delivery and Business Enabling Functions for Q1FY23 is scheduled to take place in the payroll of August 2022.”
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