NIFTY Financial News

“Though Nifty is almost trading near to the 19650 level, the broader market and the participation from most of the large-cap stocks are clearly indicating that sentiment is now turning towards the bullish side,” says Rajesh Palviya of Axis Securities. Edited excerpts: ET Now: Firstly, let me come to you and talk about the levels for Nifty as well as Bank Nifty. After a good recovery on Thursday and Friday trading sessions, do you believe that as we progress in the earning season, we are set to build on to these gains? Rajesh Palviya: So we have seen the beginning of this October series was on a negative note. The short rollover was there, and the follow-up selling was there in the first phase of the first days of this October series. We almost tested a low of around 19300-19350 zone and from there, we've seen a smart recovery in the market ahead of this earning season. Then post the RBI policy, we observed that the broader market has recovered, and most of the large-cap and mid-cap stocks have also shown good buying interest.

DLF, HDFC AMC and IndusInd Bank are top three buy ideas from Rupak De, Senior Technical analyst at LKP Securities, for the week ahead. DLF, he said, has broken out of its recent consolidation pattern and has consistently remained above its crucial moving average. Edited excerpts from a chat: With little participation from bank stocks, Nifty eked out a modest gain in the week. How does the trade set-up look like now? Nifty ended the week with a modest gain despite selling in the banking sector. Overall, the sentiment is expected to stay positive as long as it maintains above the critical support level of 19,500 as put writers are likely to offer support at this level. On the upside, resistance is positioned around 19,750-19,800. A strategy of buying on dips would be favorable as long as it holds above 19,500.

Buy or sell stocks: On account of strong global market cues, Indian stock market advanced for second straight session on Friday last week. Nifty 50 index gained 107 points and closed at 19,653 levels, BSE Sensex shot up 364 points and ended at 65,995 mark whereas Bank Nifty index finished 147 points higher at 44,360 levels.

₹3.43 trillion worth of excess liquidity that came into the system post-withdrawal of ₹2,000 notes. Das, however, expects liquidity to ease with the pick-up in government spending.

₹14,400 crore in August after a five-month hiatus, according to NSE data. For instance, stand-alone mid-cap schemes of mutual funds attracted flows of ₹10,999.73 and small-cap schemes ₹21,803 crore from March to August. Large-cap schemes witnessed outflows of ₹4,676.95 crore in comparison.

₹18,000-crore share buyback program last year, under which it bought back four crore shares at ₹4,500 each. In FY23, TCS returned ₹42,079 crore or 108.2% of its free cash flow to shareholders through dividends. Parent company Tata Sons, which owns 72.3% of TCS, has emerged as the biggest beneficiary of the generous dividend and share buyback programs over the last three years.

₹762.8 apiece. Financial services firm Societe Generale bought 0.58% or 2.6 million shares in the company at the same price. Before the sale, SoftBank held a 4.39% stake in PB Fintech through its entity SVF Python II (Cayman) Ltd.

Sheetal Cool Products(up 3.63%), JHS Svendgaard Laboratories(up 3.02%), Hatsun Agro Product Ltd(up 2.76%), Umang Dairies(up 1.75%), TATA CONSUMER PRODUCTS(up 1.69%), ADF Foods(up 1.37%), Nakoda Group(up 1.27%), Jyothy Labs(up 1.09%), Prataap Snacks(up 0.91%) and Bajaj Consumer(up 0.78%) stood among the top gainers. Dangee Dums(down 2.56%), Bikaji Foods International(down 2.10%), Gillette India(down 1.24%), Marico(down 0.92%), Hindustan Unilever(down 0.80%), Dabur India(down 0.65%), Emami(down 0.64%), Godrej Consumer Products(down 0.51%), Zydus Wellness(down 0.49%) and Adani Wilmar(down 0.27%) were among the top losers of the day.

Domestic benchmark index NSE Nifty ended 107.75 points up at 19653.5, while the BSE Sensex closed 364.06 points up at 65995.63. On the other hand, Godrej Ind., Mindteck India, PNB Gilts, Rajshree Polypack and Pioneer Embroid stocks hit their fresh 52-week highs today.

Nifty on Friday ended 108 points higher to form a bullish Doji candle on the daily chart while on the weekly scale a Dragonfly Doji pattern was noticed. The short-term trend of Nifty has turned positive. The overall positive chart pattern indicates next overhead resistance for the Nifty around 19,800 levels for the coming week.

On the BSE, Kwality Pharmaceutic(down 12.37 per cent), Benara Bearings(down 10.92 per cent), Creative Eye(down 10.00 per cent), Tricom Fruit(down 10.00 per cent) and Scarnose Internation(down 9.98 per cent) stood among the top losers in today's trade. In the Nifty pack, 41 stocks closed in the green, while 9 stocks ended in the red.

Shares of Bharat Forge Ltd.(up 2.06 per cent), Bosch Ltd.(up 1.97 per cent), Maruti Suzuki India Ltd.(up 0.9 per cent), MRF Ltd.(up 0.73 per cent) and Mahindra & Mahindra Ltd.(up 0.7 per cent) ended the day as top gainers in the pack. On the other hand, Tube Investments of India Ltd.(down 1.03 per cent), Balkrishna Industries Ltd.(down 0.89 per cent), Sona BLW Precision Forgings Ltd.(down 0.6 per cent), Ashok Leyland Ltd.(down 0.2 per cent) and Samvardhana Motherson International Ltd.(down 0.1 per cent) finished as the top losers of the day.

The NSE Nifty index ended the session 107.75 points up at 19653.5, while BSE Sensex rose 364.06 points to 65995.63. In the Nifty index, Bajaj Finserv Ltd.(up 5.97 per cent), Bajaj Finance Ltd.(up 4.05 per cent), Titan Company Ltd.(up 2.90 per cent), IndusInd Bank Ltd.(up 2.35 per cent) and Tata Consumer Products Ltd.(up 1.69 per cent) stood among the top gainers.

Aries Agro(up 2.67%), KRISHANA(up 1.70%), ZUARIAGRO(up 0.97%), Agro Phos(up 0.78%), Deepak Fertilizers & Petrochemicals(up 0.73%), Khaitan Chemicals & Fertilizers(up 0.69%), Gujarat Narmada Valley Fertilizers (up 0.67%), Chambal Fertilisers & Chemicals(up 0.57%), National Fertilizer(up 0.57%) and Madras Fertlizers(up 0.54%) stood among the top gainers. Paradeep Phosphates(down 2.56%), Rama Phosphates(down 2.34%), Mangalore Chemicals & Fertilizers(down 0.71%), Nagarjuna Fertilizers & Chem(down 0.57%), Fertilizers & Chemicals Tranvancore(down 0.27%), Southern Petrochemicals Industries(down 0.21%) and Madhya Bharat Agro Products(down 0.11%) were among the top losers of the day.

Shares of Aurobindo Pharma Ltd.(up 2.69 per cent), Torrent Pharmaceuticals Ltd.(up 2.34 per cent), Granules India Ltd.(up 2.18 per cent), Alkem Laboratories Ltd.(up 1.87 per cent) and Laurus Labs Ltd.(up 0.96 per cent) ended the day as top gainers in the pack. On the other hand, Natco Pharma Ltd.(down 0.69 per cent) and Zydus Lifesciences Ltd.(down 0.21 per cent) finished as the top losers of the day.

The NSE Nifty 50 index ended 0.55% or 108 points to 19,653, and the S&P BSE Sensex closed 0.55% or 364 points at 65,995. The RBI's rate-setting committee kept the key lending rate steady at 6.50%. The central bank also maintained its policy stance of «withdrawal of accommodation» to bring inflation within its target band. Meanwhile, the RBI governor retained the inflation projection at 5.4% for fiscal 2024 but cautioned that the inflation trajectory will be shaped by global food and energy prices, as well as El Nino conditions. From Sensex stocks, Bajaj Finserv and Bajaj Finance were the top gainers, rising 5.6% and 3.8%, respectively.

Nifty 50 today: Frontline indices the Sensex and the Nifty 50 ended higher on Friday, October 6, extending their gains into the second consecutive session after the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) maintained a status quo on repo rates and policy stance, in line with expectations. RBI's MPC unanimously decided to keep the repo rate unchanged at 6.5 per cent on Friday. The central bank also retained its policy stance as the "withdrawal of accommodation" with five out of six MPC members voting in favour of this.

Ajit Dayal, Founder, Quantum Advisors, says “unlike China, India has a one-to-one correlation between stock market returns and GDP. When GDP grows, stock market returns grow. In China, that correlation broke about eight-nine years ago and it is not likely to go back given that strong leadership and strong governments who think too much of themselves are dangers to stock market returns. They may not be dangerous to GDP growth rate because strong governments or strong leaders can encourage crony capitalism. We have seen that in Russia and China. Therefore, we pray for coalition governments in some sense because then you have automatic risk management.” Today is an interesting day because the Nifty after going to almost 19,200 or thereabout has come back to 19,600-19,700. There was a fear in the market that this change in global narrative of higher for longer which our Governor Das also alluded to today, is likely to dislocate markets globally. Since India has relatively outperformed the world, it was thought that we are likely to fall a lot. But that narrative has not played out entirely in India. How scary is this higher for longer in your view for risky assets overall? If you look at the way the global interest rates have been, since 1980, you have had basically a one-way bet on interest rates that they will be declining and that is what has happened.

Reserve Bank of India (RBI) maintains a tighter monetary policy stance for a longer than anticipated period. In his monetary policy speech on Friday, Governor Shaktikanta Das mentioned how global equity markets have corrected in the wake of sovereign bond yields having firmed up and the US dollar appreciating. “When 10 year US Bond yields fall below 3%, equities will have attractive risk reward propositions. Till that time bonds will continue to compete with equities," Umesh Kumar Mehta, Chief Investment Officer at SAMCO Mutual Fund said.

MphasiS Ltd. traded 0.3 per cent up in Friday's trade at 01:59PM (IST). Around 9,098 shares changed hands on the counter.

Colgate-Palmolive (India) Ltd. slipped 0.29 per cent to Rs 1992.65 in Friday's trade as of 01:49PM (IST). The stock hit a high price of Rs 2003.55 and low of Rs 1983.75 during the session.