NIFTY Financial News

By Varun Fatehpuria

Nifty closed lower on Wednesday (July 12), snapping their two-day winning run, as investors turned cautious ahead of the domestic and US inflation numbers which will potentially influence the next monetary policy moves by the US Fed and the Reserve Bank of India. Investors also awaited the June quarter numbers of IT majors TCS and HCL Tech, expected later today.

Pidilite Industries Ltd. fell 0.84 per cent to Rs 2613.7 in Wednesday's trade as of 02:04PM (IST) even as the benchmark Nifty ruled at 19454.95, up 15.55 points. The scrip had closed at Rs 2635.9 in the previous session.

Indian equities have been upbeat as foreign institutional investors have remained net buyers of local shares since March. The Indian economy seems relatively better placed than peers amid fears of a global recession and more interest rate hikes by central banks of developed economies.  A series of high-frequency indicators, such as manufacturing data, capex from state and central governments, and tax receipts, both direct and indirect, have seen an uptick recently. These all bolster the health and promise of India's economic landscape, but what makes it outperform other Asian markets? “We believe there is a key driver at the heart of this exuberance - lower commodity prices.

Nuvama Alternative & Quantitative Research. Since HDFC will cease to be part of both Nifty50 and Sensex from July 13, Nifty50 will see the inclusion of LTIMindtree and Nifty Next 50 will see the entry of Jindal Steel after the exit of LTIMindtree from it. Sensex will see the addition of JSW Steel into it.

«But the overall trend, say even if you get that kind of a consolidation, which means three to five weeks of range-bound markets, a lot of up-down swings, eventually my sense is we break out higher because like I said we are calling this the start of a new bullish phase where you are seeing participation from almost every sector including mid and small caps which is why your breadth is very-very strong so that I think will continue for a period of time. So, for investors, it is a very good phase,» says Rohit Srivastava, Indiacharts.com.Let us start by understanding the market pattern. Nifty's inability to sustain above the 19,500 and 45,000 on the Bank Nifty, is it a sign of weakness? Should we not be compulsive Nifty, Bank Nifty traders right now and focus on stocks because there are no clear trends emerging and only look at a decline, what do you think?Yes and my thoughts essentially are that we have seen a pretty good run-up which makes it fair to expect some kind of consolidation before you start heading higher again.

HDFC are getting delisted today following an all-stock reverse merger with subsidiary HDFC Bank. All existing monthly and weekly F&O contracts of HDFC will expire on Wednesday and shall be physically settled. All shareholders of HDFC will get 42 HDFC Bank shares for every 25 shares of its parent company.

As nifty after forming new high moves upward in an uncharted territory, more small caps have joined the party on the street. More small caps are witnessing more bullish than bearish days.

Bank of Baroda, part of the PSU space, rallied more than 20% in 3 months which helped the stock to breakout from a rounding bottom pattern on the weekly charts which has opened room for the stock to head towards Rs 240 level, suggest experts. The stock rose from Rs 166 recorded on April 10th, 2023 to Rs 203 as on 10th July 2023 which translates into an upside of over 22% in 3 months. The PSU stock witnessed some profit-taking after hitting a record high of Rs 210 on 10th July 2023.

The scrip opened at Rs 128.4 and touched an intraday high and low of Rs 128.55 and Rs 126.55, respectively, in the session so far. Shares of the company of Bharat Electronics Ltd.

Ashok Leyland(up 3.52 per cent), Balkrishna Industries(up 1.55 per cent), Eicher Motors(up 1.47 per cent), Samvardhana Motherson International(up 1.03 per cent) and Bharat Forge(up 0.73 per cent) were among the top gainers. Mahindra & Mahindra(down 0.95 per cent), Tata Motors(down 0.47 per cent), TIINDIA(down 0.22 per cent), Hero MotoCorp(down 0.08 per cent) and Bajaj Auto(down 0.04 per cent) were the top losers on the index.

Tube Investments of India Ltd. traded 0.14 per cent down in Wednesday's trade at 11:21AM (IST). Around 1,078 shares changed hands on the counter.

Mirae Asset Mutual Fund announced the launch of Mirae Asset Nifty Bank ETF, an open-ended scheme replicating/tracking Nifty Bank TRI. The New Fund Offer (NFO) is currently open and it will close for subscription on July 18. The scheme reopens for continuous sale and repurchase on July 21. The listing of ETF units on stock exchanges, BSE & NSE, will be done within five days from the date of allotment. Mirae Asset Nifty Bank ETF will be managed by Ekta Gala.

Adani group stocks aggressively in the month of June with three of the conglomerate's companies — Adani Green, Adani Transmission, and Adani Enterprises — featuring among the top buys of fund houses. For Adani Green, mutual funds have added 4 lakh shares, taking their total holding to 18 lakh shares as of June, that is valued at Rs 167 crore. Meanwhile, domestic fund houses have added 3 lakh shares in Adani Transmission and further 19 lakh shares in the group's flagship entity Adani Enterprises.

Punjab National Bank(up 1.82 per cent), IDFCBANK(up 1.63 per cent), State Bank of India(up 0.95 per cent), Kotak Mahindra Bank(up 0.82 per cent) and Bank of Baroda(up 0.71 per cent) were among the top gainers. AU Small Finance Bank(down 0.48 per cent), Bandhan Bank(down 0.47 per cent), Axis Bank(down 0.39 per cent), ICICI Bank(down 0.12 per cent) and IndusInd Bank(down 0.03 per cent) were the top losers on the index.

Rajshree Sugars & Chemicals(up 3.10%), Uttam Sugar Mills(up 2.41%), BAJAJHIND(up 2.40%), DCM Shriram Industries(up 1.99%), Ponni Sugars(Erode)(up 1.73%), Dwarikesh Sugar Industries(up 1.73%), Ugar Sugar Works(up 1.48%), Sakthi Sugars(up 1.41%), Dhampur Sugar Mills(up 1.33%) and Simbhaoli Sugars(up 1.25%) were among the top gainers. EID Parry(down 1.14%), AVADHSUGAR(down 0.52%) and Bannari Amman Sugars(down 0.26%) were among the top losers.

The NSE Nifty index was trading 23.15 points up at 19462.55, while BSE Sensex was up 73.59 points at 65691.43 at the time of writing this report. In the Nifty index, Oil And Natural Gas Corporation Ltd.(up 1.88 per cent), Eicher Motors Ltd.(up 1.48 per cent), NTPC Ltd.(up 1.14 per cent), State Bank of India(up 0.95 per cent) and Sun Pharmaceutical Industries Ltd.(up 0.82 per cent) were among the top gainers.

Premier Exp, Ashoka Metcast, Zen Tech, Elgi Equipments and Onward Tech, hit their fresh 52-week highs at 10:50AM(IST)on NSE. Benchmark NSE Nifty index rose 29.0 points to 19468.4 amid buying in frontline bluechip stocks.

Forge Ltd. traded 0.86 per cent up in Wednesday's trade at 10:51AM (IST). Around 3,382 shares changed hands on the counter.

On the BSE, Delta Corp(down 20.00 per cent), Anjani Finance(down 14.53 per cent), JLAInfraville&Shop(down 10.00 per cent), Dhyaani Tile and Mar(down 9.97 per cent) and Balgopal Commercial(down 9.60 per cent) were among the stocks that plunged over 5 per cent during the session. In the Nifty pack, 27 stocks traded in the green, while 22 stocks traded in the red.

GAIL (India) Ltd. traded 1.05 per cent higher in Wednesday's session at 10:25AM (IST).