Month: August 2023

Sensex, Nifty end marginally up; Nifty to remain strong above 17500; CPI, WPI inflation, IIP data in focus

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BSE Sensex and NSE Nifty 50 ended marginally higher in a volatile trade on Friday. BSE Sensex gained 105 points or 0.2 per cent at 59,793, while NSE Nifty 50 index added 35 points or 0.2 per cent to settle at 17833. Stocks of index heavyweights such as Infosys, Tata Consultancy Services (TCS), State Bank of India (SBI), Tech Mahindra, and Maruti Suzuki India, among others, helped the index to cap losses. Broader market indices too performed in line with equity frontliners. S&P BSE MidCap gained 0.2 per cent or 42 points to settle at 25,937, while S&P BSE SmallCap index added 0.2 per cent to finish trade at 29,529.

Also read: Tamilnad Mercantile IPO share allotment: Check status via BSE, grey market premium; listing on 15 Sep

Both Sensex & Nifty Index gained 1.7% over the past week. The Indian markets were buoyed by falling crude prices and a decline in domestic bond yields. On the economy front, August exports, at US$33 bn, contracted by 1.1% yoy, while August imports, at US$61.7 bn, increased by 37% yoy. FPI outflows stood at US$190 mn in the past five trading sessions, while DII outflows stood at US$164 mn in the same period. Given the lack of major domestic events, Indian markets’ sentiment will be influenced by its global counterparts to determine its movement. Across the globe, investors will be keeping a close watch on China’s Inflation numbers. The volatility in oil prices and USDINR will be other important factors that may affect the market. Investors need to watch out for stock-specific news.

Palak Kothari, Senior Technical Analyst, Choice Broking

On the technical front, the Nifty is trading with higher high & higher low formations on daily charts suggesting strength in the counter. Nifty has been trading with the support of 21-HMA on an hourly chart which suggests strength to the upside. On the OI Data, On the call side, the highest was witnessed at 18000 while on the put side was at 17600 level. The momentum indicator Stochastic is trading with a positive crossover on an hourly time frame which suggests strength in the counter. The support for nifty has shifted around 17600 levels while on the upside 18000 may act as an immediate hurdle. On the other hand, Bank nifty has support at 39500 levels while resistance at 40900 levels. 

Also read: Harsha Engineers IPO opens on September 14: Check price band, GMP, lot size, other bidding details

Overall, till the time Nifty holds the 17500 level, it’s looking strong on charts crossing above 18000 marks will show an upside rally in the counter. The sector-specific moment has been seen, IT stocks have bottom-up and can show good rally in the upcoming week. One can add on dips.

Vinod Nair, Head of Research, Geojit Financial Services

Domestic bourses kicked off the trading session on a strong footing, backed by positive sentiments across global markets. However, it succumbed to profit booking after surpassing the psychological 60,000 mark. Global indices edged higher as investors reassessed the outlook for monetary policy following ultra-hawkish remarks from the Fed chair and 75bps rate hikes by ECB. Banking and consumer-facing stocks continued to be top picks in the domestic market.

Ajit Mishra, VP – Research, Religare Broking

Markets ended marginally higher in a volatile session, in extension to the recent up move. Firm global cues triggered an upbeat start in Nifty however profit taking at the higher levels capped the upside. Meanwhile, sectoral indices traded mixed wherein rebound in IT and buying in banking and auto kept the tone positive. The broader indices traded in line with the benchmark and closed marginally higher. We maintain our bullish view on markets and suggest continuing with the “buy on dips” approach. The recent rebound in the US markets is further adding to the comfort. As we’re seeing buying interest across the board, the focus should be more on the best-performing sectors viz. banking, financials, auto and FMCG, and remain selective in the others.

Will Sensex, Nifty repeat Nov rally this month? Share market at all-time high; rebalance portfolio | INTERVIEW

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With BSE Sensex and Nifty 50 riding at all-time high levels, investors have an opportunity to get out of the stocks with weak fundamentals and invest in companies of high quality, said Hiren Ved — Director, CEO and CIO, Alchemy Capital Management. In an interaction with Surbhi Jain of Financial Express Online, Ved said that investors put in a lot of effort to time the market, which in his opinion should be utilised for identifying companies with strong fundamentals. For the upcoming initial public offers, Ved advised investors to evaluate each company on its merit rather than investing for short-term listing gains. Here are edited excerpts from the interview.

Equities are at all-time highs, should investors rebalance their portfolio?

Over half a dozen companies plan to launch IPO this month, what should be investors’ strategy?

In a bull market, there tends to be a frenzy for IPOs as the stock can give handsome returns on the day of listing itself. Our advice to investors would be to evaluate each company on its merit rather than just invest in an IPO for short-term listing gains.

What are your underweight and overweight sectors?

In the current environment, we are balanced across domestically correlated sectors like Financials, Consumer Discretionary and Autos but we also have exposure to global facing sectors like Pharma and IT. We are underweight on metals and commodity oriented sectors as we don’t invest in them but we expect these sectors to do well in short to medium term.

Post auto sales number for November, what trends do you see?

 Passenger vehicles and two-wheelers have been doing well ever since the economy started opening up due to increased demand for personal mobility. However, what is heartening is that we are seeing some signs of recovery in the commercial vehicles segment. This is important as MHCV sales are a good barometer of underlying economic activity.

With so much developments on COVID-19 vaccine, is it time to hold pharma stocks?

What one needs to appreciate is that Pharma by nature is a counter cyclical industry. The Pharma companies in India cater to a large domestic market of USD20bn+. They also have a large presence in the USD60bn+ generic market in the US. In fact in volume terms Indian companies cater to 40% of the US generic market. A few Indian pharma companies also have good exposure to Europe as well as emerging markets such as Brazil, Russia & China. Many large pharma companies are in the process of transitioning from pure generic plays to Speciality plays in the important generic market of the US. For this leading Indian generic pharma companies have invested a lot in research & development at around 8-10% of sales in the last 5 years. Along with it one has a large domestic market which tends to grow at 10% pa.

Another great opportunity for Indian Pharma companies is in the Global (Custom Development & Manufacturing) CDMO space. The CDMO market is expected to be USD 158bn by 2025 from USD 100bn in 2019 and is estimated to grow at 7%, with certain sub-segments such as biologics expected to continue growing in the low teens. To summarize, pharma is an industry with a steady base demand and lots of avenues for growth as far as leading Indian pharma companies are concerned.

Sensex, Nifty rallied 12% in November, what do you expect from Indian share market in December?

In November, we saw that FIIs pumped in US$8bn in Indian equities. This is the highest ever flow which India has received in a month and largely explains the rally which we saw in November. In fact, the Nifty is up 80% from the lows which we saw in March. After such a sharp rally, it is quite possible we could have a small correction. However, one should not be overly puttered by such intermittent correction although some correction in the short-term is very much possible. However, one should not miss the forest for the trees. Although nascent, there are some large macro shifts taking place both globally and in India. After a long time, we are seeing the dollar weakening, and the US current account deficit widening. Which bodes well for EM equities. If EMs do well, India will continue to get its share of passive flows. Moreover, it does seem that our country is at the cusp of a new growth cycle.

There is a clear impetus by the government on manufacturing, cost of capital has come down significantly and the health of the financial system looks far better than what it has been in the last five years. Notwithstanding the near-term gyrations, we continue to remain positive on markets from a medium to long term horizon.

Sensex, Nifty snap 4-day gaining streak, Bank Nifty hits record closing high; check support for F&O expiry day

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BSE Sensex and NSE Nifty 50 snapped a 4-day gaining streak on Wednesday, one day before weekly F&O expiry. BSE Sensex settled 224 points or 0.4 per cent down at 60,347, while NSE Nifty 50 fell 66 points or 0.4 per cent to finish trade at 18004. Nifty Bank index ended at record closing high of 41405.40. Stocks of index heavyweights such as Infosys, Reliance Industries (RIL), Tata Consultancy Services (TCS), L&T, and HCL Technology, among others contributed the most to the indices’ fall. Broader market too fell in today’s trade. S&P BSE MidCap index fell 27 points to settle at 26,225, while S&P BSE SmallCap index ended at 29,892. India VIX, the volatility index, surged 4.6 per cent to 18.28 levels.

Also read: Why ArcelorMittal, other metal giants are shutting factories amid Europe energy crisis; here’s what lies ahead

Following the weak cues from the US markets, Nifty opened gap down on Sept 14, but showed remarkable recovery to wipe off all losses by 1335 Hrs. Late profit taking pulled down the Nifty from intra day highs. At close, Nifty was down 0.37% or 66.3 points at 18003.8. Indian markets fell the least in the Asian region. India’s wholesale inflation fell to the lowest since September last year, led by a broad-based decline in prices of most commodities. Inflation—as measured by the Wholesale Price Index—stood at 12.4% in August compared with 13.9% in July 2022 and 11.64% in August 2021. Nifty recovered very well from the morning lows but succumbed to afternoon selling. It faced resistance from the high of the previous day. Now 18088-18092 could be the resistance for the near term while 17765 could be the support. Broader market is showing the first signs of distribution.

Also read: India’s WPI inflation eases to 12.41% in Aug, wholesale price remains in double digits for 17-months straight

Rupak De, Senior Technical Analyst, LKP Securities

Nifty remained above its previous consolidation as the global sell-off failed to pull the Indian equities down. On the lower end, the falling trend line has acted as crucial support for the Nifty. Besides, the index has been sustaining above the 50 exponential moving average on the daily timeframe, confirming an uptrend. Going forward, the trend will likely remain positive as long as it remains above 17700. On the higher end, the index may move towards 18600 once it provides a decisive breakout above 18100.

Bank Nifty continued to remain strong as it settled 1.3% on the day of global sell off. On the daily chart, the index remained above the previous swing high. The momentum indicator RSI is in bullish crossover. Going forward, the trend is likely to remain positive as long as it remains above 41000. On the higher end, the index may move towards 42000.

Vinod Nair, Head of Research, Geojit Financial Services

Although the opening hours of the domestic market mirrored the sharp sell-off in the global market, it steadily recovered as investors gained the confidence to bottom fish, thanks to the brighter prospects for the home economy. The expectation that the Fed would become less hawkish, which had spurred the most recent global rally, was dashed by worse than anticipated US inflation figures. Additionally, India’s easing WPI inflation numbers added more optimism with banking stocks leading the recovery, while the IT sector’s performance was bleak due to recession fears in western markets

Rupee declines by 42 paise to 81.82 against dollar on spike in crude oil 

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The rupee fell by 42 paise to close at 81.82 against the US dollar on Monday, snapping its two-session gaining streak as heavy selling in domestic equities and a spike in crude oil prices weighed on the local unit.Besides, a stronger greenback against key rivals and weak macro data put pressure on the domestic currency, forex dealers said.

At the interbank foreign exchange market, the local currency opened weak at 81.65, fell further to 81.98 against the American currency. It finally ended at 81.82, down 42 paise over its previous close. In the previous session, the rupee settled at 81.40 against the greenback.

“Indian rupee depreciated by 0.51% today on weak domestic markets and surge in crude oil prices. Disappointing macroeconomic data also weighed on Rupee,” Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas, said.India’s Manufacturing PMI slipped to 55.1 in September, trailing estimates of 55.80 and previous month’s reading of 56.2.The rupee started the month on the back foot following higher crude oil prices and sour risk sentiments. However, the volatility and volumes remained lower amid the holiday truncated week.

ALSO READ Rupee likely to consolidate in near-term, may fall to 83 level, if 82 breached amid global uncertainty

In the near term, spot USD/INR is expected to trade in the range of 82.30 to 81.10 with bias remaining on the bullish side, Dilip Parmar, Research Analyst, HDFC Securities, said.On the domestic equity market front, the 30-share BSE Sensex dropped 638.11 points or 1.11 per cent to end at 56,788.81, while the broader NSE Nifty fell 207 points or 1.21 per cent to 16,887.35.Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.30 per cent to 112.45.Global oil benchmark Brent crude futures surged 4.12 per cent to USD 88.65 per barrel.

Foreign institutional investors were net buyers in the capital market on Monday as they bought shares worth Rs 590.58 crore, as per exchange data.After infusing funds in the last two months, foreign investors turned sellers again in September and pulled out Rs 7,600 crore from the Indian equity markets amid a hawkish stance by the US Fed and sharp depreciation in the rupee.

India’s procurement of crude oil from Russia not under govt-to-govt framework: Foreign secretary

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India’s procurement of Russian crude oil is not under any government-to-government framework and Indian entities make the purchase from the market to respond to the country’s energy security requirement, Foreign Secretary Vinay Kwatra said on Thursday.

Kwatra also chose not to comment on the proposed price cap on Russian oil, a move initiated by the G7 countries to choke Moscow’s oil revenue.

The comments by Kwatra came at a media briefing on Prime Minister Narendra Modi’s visit to Uzbekistan to attend the SCO summit.

Also Read: Saudi overtakes Russia to be India’s No. 2 oil supplier in August

Modi is set to meet Russian President Vladimir Putin on the sidelines of the summit of the Shanghai Cooperation Organisation (SCO). India’s procurement of discounted crude oil from Russia has seen a significant jump in the last few months notwithstanding an increasing disquiet over it by the Western countries.

“India is not a member of the G7. Deeper discounts, market pricing.. look, we have said this several times that when the Indian entities go out and try to respond to India’s needs of the energy security and procure oil, they essentially procure it from the market,” Kwatra said.

He was responding to a question on the issue.

“These are not government-to-government purchases that we do. On the price cap coalition, what form it takes, what shape it evolves into, something I think the countries that floated that idea perhaps can better answer to it,” he said.India’s crude oil imports from Russia have jumped over 50 times since April and now it makes up for 10 per cent of all crude bought from overseas.

Russian oil made up for just 0.2 per cent of all oil imported by India prior to the Ukraine war.

The Western countries are gradually bringing down their energy purchases from Russia following its attack on Ukraine.

The G7 comprised Japan, the UK, the US, Canada, France, Germany and Italy.

Two stocks to buy for near-term gains; charts signal upside potential as Sensex, Nifty fall

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By Nagaraj Shetti

After showing consistent upmove over the last ten sessions, Nifty halted its upside momentum on Wednesday and shifted into a profit booking mode amidst a volatility and closed the day lower by 53 points.  After opening on a slightly positive note on Wednesday, the market has shifted into a range move with weak bias in the early to mid-part of the session. The weakness got intensified in the mid part on the volatile global cues and Nifty shifted into a firm upside recovery in the mid to later part of the session.

A reasonable negative candle was formed with lower shadow on the daily chart, beside the positive candle of Tuesday. Technically, this pattern indicate minor profit booking at the new swing highs. Though, Nifty declined on Wednesday, the uptrend status of the market remains intact and there is no formation of any significant reversal pattern at the highs.

The Nifty has been sustaining above the immediate support of 10 period EMA for the last 50 sessions, except two days of high volatility (21st and 22nd Dec 20) as per daily timeframe chart. Presently, this moving average is offering support at 13970 levels and this area is going to be crucial for the short term trend reversal.

Conclusion: Wednesday’s decline with volatility could be a minor profit booking in the market at the new highs. The underlying short term uptrend remains intact and we are likely to see buying emerging in the coming sessions. Important lower supports to be watched at 13970 and the next upside resistance is at 14310.

Stock Picks:

Buy Bata India Ltd – (CMP Rs 1658.95) After showing sideways range movement in the last few weeks, the stock price (Bata India Ltd) has witnessed upmove above the upper range at Rs 1620 levels on Wednesday and closed higher. This pattern could be considered as a crucial upside breakout of the range and this could have sharp positive impact on the stock price in near term. We observe positive chart pattern like higher highs and lows, which signal a strength of an uptrend. Volume and weekly RSI indicate further upside potential for the stock price ahead.

Buying can be initiated in Bata India Ltd at CMP (1658.95), add more on dips down to Rs 1600, wait for the upside target of Rs 1830 in the next 3-4 weeks. Place a stoploss of Rs 1570.

Buy Ajanta Pharma Ltd – (CMP Rs 1695) The stock price has been moving in a larger consolidation pattern over the last few months. We observe a formation of symmetrical triangle pattern and the stock price is making attempt to break above this triangle pattern at Rs 1725 levels. Hence, a sustainable move above this area could open a sharp upside for the near term. Weekly 14 period RSI has sustained above 60 levels and the volume has started to expand during upmove in the stock price. This is positive indication and signal more upside in the coming weeks.

Buying can be initiated in Ajanta Pharma Ltd at CMP (1695), add more on dips down to Rs 1625, wait for the upside target of Rs 1875 in the next 3-4 weeks. Place a stoploss of Rs 1595.

(Nagaraj Shetti is a Technical Research Analyst at HDFC Securities. Views expressed are the author’s own. Please consult your financial advisor before investing.)

Petrol, diesel price today, 17 Sep 2022: Fuel cost steady; Check fuel rates in Delhi, Mumbai, other cities

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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel has been kept steady on 17 September 2022 (Saturday), keeping costs steady for more than three months now. Petrol and diesel in Delhi are priced at Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is retailing at Rs 106.31 per litre and diesel at Rs 94.27 per litre. The last country-wide change in price came on 21 May 2022, 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. The 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 in July.

Also read:Delhi GST collection jumps 21% on-year to Rs 4,349 crore in August on strong business activity, consumption

Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram

Mumbai: Petrol price: Rs 106.31 per litre, Diesel price: 94.27 per litre

Delhi: Petrol price: Rs 96.72 per litre, Diesel price: Rs 89.62 per litre

Chennai: Petrol price: Rs 102.63 per litre, Diesel price: Rs 94.24 per litre

Kolkata: Petrol price: Rs 106.03 per litre, Diesel price: Rs 92.76 per litre

Bengaluru: Petrol: Rs 101.94 per litre, Diesel: Rs 87.89 per litre

Lucknow: Petrol: Rs 96.57 per litre, Diesel: Rs 89.76 per litre

Noida: Petrol: Rs 96.79 per litre, Diesel: Rs 89.96 per litre

Gurugram: Petrol: Rs 97.18 per litre, Diesel: Rs 90.05 per litre

Chandigarh: Petrol: Rs 96.20 per litre, Diesel: Rs 84.26 per litre

Also read: Panel to suggest ways to boost PE investments

Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with international benchmark prices and foreign exchange rates. Any changes in petrol and diesel prices are implemented from 6 am every day. Retail petrol and diesel prices differ from state to state because of local taxes like VAT or freight charges.

Airox Technologies files Rs 750-cr IPO papers with Sebi

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Medical equipment manufacturer Airox Technologies has filed preliminary papers with capital markets regulator Sebi to raise Rs 750 crore through an initial public offering (IPO). The IPO is entirely an offer-for-sale (OFS) of equity shares by promoters — Sanjay Bharatkumar Jaiswal and Ashima Sanjay Jaiswal, according to the draft red herring prospectus (DRHP).

Under the OFS, Sanjay and Ashima will offload equity shares worth Rs 525 crore and Rs 225 crore respectively. Airox Technologies, manufacturer of (Pressure swing adsorption) oxygen generator, has a market share of 50-55 per cent, in terms of operational private hospital PSA medical oxygen market, as of fiscal 2022, according to the draft papers.

The company facilitates the penetration of on-premise PSA (Pressure swing adsorption) oxygen generators in Indian hospitals with nearly 872 installed and operational PSA oxygen generators, as of March 2022. PSA oxygen generators are the equipment that produce oxygen with purity using adsorbents to remove nitrogen gas from the air. These equipment provide a stable supply of oxygen at a lower cost than other traditional medical oxygen procurement methods.

Also read| Harsha Engineers premium listing on BSE, NSE: Shares end 47% up from IPO price even as Sensex, Nifty fall 2%

Demand for medical oxygen is expected to grow at a Compound Annual Growth Rate (CAGR) of 7-8 per cent from fiscal 2020 to fiscal 2027 in terms of volume, the draft papers said citing a Crisil report. Over 80 per cent of the hospitals in India procure medical oxygen through cylinders. More than half of the demand of medical oxygen is expected to be met through PSA method by fiscal 2027, it added. JM Financial and ICICI Securities are the book running lead managers to the issue.

Durga Puja 2023: Kolkata Metro to operate additional services on North-South corridor – Check the last metro timings

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Good news for all Carnival goers! Kolkata Metro will operate additional services on the North-South corridor today. The special services will be in operation till midnight on Friday. The move comes after the West Bengal government has requested the city’s rapid transit system to run services to facilitate the people to see the famous Durga Puja Carnival to be held o­n the day o­n Red Road.

Additional services:-

The country’s oldest metro network will run 252 services on the Blue Line instead of 234 services.

Kolkata Metro rake maintenance during Durga Puja 2023:-

The maintenance of Metro rakes has played an important role in the smooth operations of Kolkata Metro during the Durga Puja. Presently, a total of 16 Medha rakes, 13 ICF rakes and 1 Dalian rake are in operation in the North-South Metro corridor. Their maintenance is being done at Metro Carshed at Noapara. The metro staff and officers with their sheer and utmost dedication and sincerity executing the complex duty of rake maintenance.

BPSC releases Teacher Recruitment Exam cut-off list today on bpsc.bih.nic.in, check steps and more details

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The cut-off list for the Bihar Teacher Recruitment Exam 2023 conducted by the Bihar Public Service Commission (BPSC) has been released on the official website, bpsc.bih.nic.in. Candidates who have completed the exam can review the class 1–5 cut-off marks, class 9–10, and class 11–12 cut-off marks for school teachers.

In addition to the cutoff lists, the website has also posted a list of candidates who did not make the merit list because they were absent for document verification, had their documents not be validated, had not completed the required language paper, or had not received the required score.

Take the following actions to view your BPSC School Teacher Result 2023:

Step 1: Open bpsc.bih.nic.in, the official website, and wait for the home page to load.

Step 2: To continue, locate the “Bihar TRE Result 2023” link and click on it.

Step 3: Enter your application number and password to log in on the following screen.

Step 4: You may view your marks after logging in.

Step 5: Save the scorecard to your files by downloading it from the portal.

Step 6: To find out if you qualify, compare your results to the cutoff values.

For the purpose of filling 170,000 primary, postgraduate, and trained graduate teacher positions, the Bihar Public Service Commission posted a recruitment notice. The written exam took place offline on August 24-26, 2023, and applications submitted online were approved.