sensex today: LIVE Stock Updates: Sensex swings between gains and losses; Clever above 16,500; Wipro down 2%, IndusInd up 3% after Q1 results; ITC at a new high
Shares of IndusInd Bank gained 4.8% after posting a strong quarterly profit. Wipro fell 2% after its June quarter profit fell about 21%.
“With a recovery of around 8.5% from June lows, Nifty is expected to consolidate around current levels before making its next move, which will be influenced by the outcome of the scheduled ECB and Fed meetings respectively. on July 21 and 27. The Fed is likely to hike the rate by 75bps and the ECB, possibly, by 50bps.But more important than the rate hikes, their commentary on the path of inflation and economic growth would be closely watched. If there are indications that inflation has peaked and is trending down, the markets would react positively. Otherwise, the market response would be negative,” says Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
On the domestic market, the biggest advantage is that FIIs become buyers, says Vijayakumar, adding that even if they become sellers at higher levels, the intensity of selling will be much lower than in the past few months.
The Indian rupee weakened at the open and was trading just below its lifetime low earlier this week, trailing losses in most other Asian peers, but traders expect selling intervention dollars by the central bank to limit losses.
The partially convertible rupee was at 80.01/02 to the dollar at 0337 GMT, down from its close of 79.99 on Wednesday and near its record low of 80.0650 hit on Tuesday.
- Gland Pharma hits a low of 52 weeks after the first quarter
- IndusInd Bank rebounds 5% on better than expected earnings
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Live Market Updates: Telecom Stocks Gain, Tata Communication Leads
Price as of Jul 21, 2022 11:17 a.m.Click on company names for their live prices.
Tesla sells majority of Bitcoin after turbulent foray into crypto
Tesla Inc. sold a significant portion of its stake in Bitcoin, an investment that helped legitimize the world’s largest electronic currency. “At the end of the second quarter, we converted approximately 75% of our Bitcoin purchases into fiat currency,” Tesla said in a letter to shareholders Wednesday as part of the company’s earnings report. “The second quarter conversions added $936 million of cash to our balance sheet.”
Expect markets to bottom out by December; Bull run will resume CY23- CY24 onwards
– Nilesh Shah of Capital Envision
The INR has been under constant depreciation pressure throughout this calendar year, thanks to the monetary policy tightening of the DM economies and the resulting FDI outflows from the capital markets. India’s widening trade deficit and capital outflows have also heightened risks for the rupiah. Nonetheless, RBI is aggressively intervening in the FX markets to stem INR weakness, using sell/buy swaps in the spot and forward market. Moreover, a series of measures have been taken by the central bank and the government to stimulate foreign exchange inflows and stop the fall of the rupee. Regarding the outlook for the INR for the remainder of this calendar year, we believe the worst is assessed in the currency, with the value likely to peak around 80.5-81 against the greenback.
– Hitesh Jain, Principal Analyst – Institutional Equities, YES Securities
Sensex erases all losses, wins over 100 points
Gland Pharma reported a 35% decline in profit to Rs 229.2 crore for the quarter ended June 2022 due to weaker revenue growth and weak operational performance. Revenue plunged 26% year-on-year to Rs 856.9 crore in the quarter, impacted by continued supply disruptions amid a challenging macro environment.
Price as of Jul 21, 2022 09:52Click on company names for their live prices.
The Bank of Japan maintains a key balance rate of -0.1%
The Bank of Japan maintains a key balance rate of -0.1%. Here are all the details: @Bank_of_Japan_e #Banks #Banking https://t.co/MbmKMJRJB6
— AND NOW (@ETNOWlive) 1658376854000
The rupee is just below the all-time high; focus on the RBI intervention
The Indian rupee weakened at the open on Thursday and was trading just ahead of its lifetime low earlier this week, trailing losses in most other Asian peers, but traders are expecting a sell intervention of dollars from the central bank to limit losses. The partially convertible rupee was at 80.01/02 to the dollar at 0337 GMT, down from its close of 79.99 on Wednesday and near its record low of 80.0650 hit on Tuesday.
With a recovery of around 8.5% from June lows, Nifty is expected to consolidate around current levels before making its next move, which will be influenced by the outcome of the ECB and Fed meetings scheduled for 21 and July 27 respectively. The Fed is likely to raise the rate by 75 bps and the ECB, perhaps, by 50 bps. But more important than rate hikes, their commentary on the path of inflation and economic growth would be closely watched. If there are indications that inflation has peaked and is likely to decline, markets would react positively. Otherwise, the market response would be negative. In the domestic market, the biggest advantage is that FIIs become buyers. Even if they become sellers at higher levels, the intensity of selling will be much weaker than in the past few months. IT and financials, which have borne the brunt of the sale of FIIs, are the likely beneficiaries of the change in FII strategy.
– Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
ITC stock hits Rs 300 mark
Live market updates: Wipro, Trident, Vedanta among most active stocks on NSE
Price as of Jul 21, 2022 09:19Click on company names for their live prices.
OPENING BELL: Sensex drops 100 points, Nifty below 16,500; Wipro down 2%, IndusInd up 2% after Q1 results
Low fees for the rupee!
#MarketAlert | #Rupee Hits New High of $80.06/$ #RupeeVsDollar #INR #MarketsWithETNOW https://t.co/3OU2LuWwCD
— AND NOW (@ETNOWlive) 1658374604000
JUST IN: Rupee falls past 80 to the dollar at open
Buy or Sell: Stock Ideas from the Experts
Asian stocks rebound short of gas ahead of ECB
Asian stocks fell slightly and the dollar was strong on Thursday as looming central bank meetings in Europe and Japan and uncertainty over Russian gas supplies kept traders on edge.
Tokyo stocks open lower ahead of BoJ decision
Tokyo shares opened lower on Thursday as investors locked in profits after recent gains pending a policy decision from the Bank of Japan later in the day. fell 0.25%, or 4.47 points, to 1,941.97.
SGX Nifty reports mute boot
Nifty futures on the Singapore Stock Exchange traded 4.5 points, or 0.03%, down to 16,493, signaling Dalal Street was heading for a muted start on Thursday.
Quarterly results today
Hindustan Zinc, SRF, Mphasis, JSW Energy, IDBI Bank, Persistent Systems, CRISIL, Kajaria Ceramics, ICICI Securities, PVR, Cyient and RBL Bank are among the companies to announce their quarterly results today.
Tech View: Nifty50 Forms Bearish Candle as Bulls Undecided at High
The Nifty50 climbed higher on Wednesday for the fourth straight session and in doing so broke above the 16,500 level on a closing basis. That said, the index ended up forming an undecided bearish candle on the daily chart after opening higher, suggesting investors were undecided at the highs. Analysts see selling at highs. They think the index might face resistance around the 16,650 level.
Oil prices edge down as demand concerns outweigh constrained supply
Oil prices fell for a second straight session on Thursday as demand worries outweighed tighter global supply after US government data showed lukewarm gasoline demand during peak driving season summer. Brent crude futures fell 37 cents, or 0.3%, to $106.55 a barrel at 0003 GMT. WTI crude futures fell 33 cents, or 0.3%, to $99.55 a barrel.
Wall Street closes higher, boosted by gains in tech stocks
U.S. stocks ended higher on Wednesday, with the tech-heavy Nasdaq posting a 1.6% gain on positive earnings signals with a cautious eye on inflation and further interest rate hikes amid the Fed.
Rupee drops 13 paise on deficit concerns
The rupiah fell below the 80 level against the US currency for the first time on Wednesday on strong demand for dollars from importers and concerns over fiscal slippage.
Sensex, Nifty on Wednesday
The 30-pack Sensex shares rallied 630 points or 1.15% to end at 55,397. Its broader counterpart, Nifty50, settled above the 16,500 mark.