Stock Market Highlights: Indices snap 3-day losing streak; Sensex gains around 500 points, Nifty above 17100
While HCL Tech, Power Grid, Bajaj Finance Ltd were the top gainers, Tata Steel, L&T and Maruti were among major laggards at the BSE in opening trade.
Stock Market, Sensex, Nifty50 Highlights: Benchmark indices Sensex and Nifty rebounded nearly 1 per cent on Wednesday, snapping their three-day losing run following gains in banking, power and IT shares amid positive trends in European markets. The 30-share BSE barometer climbed 478.59 points or 0.84 per cent to settle at 57,625.91. During the day, it jumped 540.32 points or 0.94 per cent to 57,687.64.
The broader NSE Nifty reclaimed the 17,100 level by jumping 140.05 points or 0.82 per cent to close at 17,123.60. In the 30-share Sensex pack, Power Grid, Axis Bank, NTPC, IndusInd Bank, Larsen & Toubro and UltraTech Cement were among the biggest gainers.
On the other hand, Asian Paints, Dr Reddy's, Bharti Airtel, Titan and ICICI Bank ended lower. Elsewhere in Asia, markets in Seoul and Shanghai ended higher, while Tokyo and Hong Kong settled lower.
Stock exchanges in Europe were trading in the positive territory in mid-session deals. The US markets ended on a mixed note on Tuesday. Meanwhile, the international oil benchmark Brent crude futures advanced 0.39 per cent to USD 94.64 per barrel. Foreign institutional investors offloaded shares worth a net of Rs 4,612.67 crore on Tuesday, according to data available with BSE.
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PPower Grid Corporation, Axis Bank and NTPC among top gainers
Sensex jumps around 500 points, Nifty50 ends above 17100
Indices snapped a 3-day losing streak on Wednesday as Sensex gained around 500 points at the end of the trading session. Also, Nifty ended above 17100.
Gold price decline by Rs 20
Gold prices in the national capital fell by Rs 20 to Rs 51,155 per 10 grams today, according to HDFC Securities. In the previous trade, the yellow metal had closed at Rs 51,175 per 10 grams. Silver also declined by Rs 473 to Rs 58,169 per kg from Rs 58,642 per kg.
Tracxn Technologies IPO fully subscribed
The Initial Public Offering (IPO) of Tracxn Technologies was fully subscribed on the final day i.e. on Wednesday. The market intelligence platform said it has raised a little more than Rs 139 crore from anchor investors. Also, the issue was subscribed 1.6 times as of 2:30 pm today.
JBM Auto, IDFC among top gainers
Top Gainers
JBM Auto +9.35%
Triveni Turbine +4.74%
IDFC +4.54%
Transport Corp of India +3.46%
Mazagoan Dock +3.4%Top Losers
Thermax -5.5%
Elgi Equipments -5%
Great Eastern Shipping -4.8%
Rites -4.7%
Aster DM Healthcare -4.35%These are top gainers and losers ahead of Q2 results of HCL Tech, Wipro and other
Top Nifty Gainers
Bharat Petroleum +2.82%
Power Grid Corp of India +2.76%
Coal India +2.53%
Bajaj Auto +2.5%
HCL Tech +1.89%Top Nifty Losers
Adani Enterprises -2.96%
Asian Paints -1.6%
Dr Reddy's Laboratories -1.25%
Bharti Airtel -1.03%
ICICI Bank -0.90%Gold, Silver Prices fall on MCX - SELL call, check price target
Gold, Silver Prices Today: Gold price extended fall on Wednesday amid the strengthening of the American dollar and mixed trend in international rates as traders await the US Federal Reserve minutes and inflation data. READ MORE
Rupee falls 14 paise to 82.35 against US dollar in early trade
The rupee depreciated 14 paise to 82.35 against the US dollar in the morning trade on Wednesday amid the strengthening of the American currency and sustained foreign fund outflows.
HCL Tech up by around 2 per cent
Ahead of Q2 earnings, shares of HCL Technologies Limited gained over Rs 17 or 1.88 per cent to trade at Rs 956.25
RBI has decided to not let the rupee depreciate further
The local unit has traded in a narrow 6 paisa range so far, as it did on Tuesday when the RBI likely sold dollars at around the 82.38-82.40 levels and received in forwards.
CLSA on ITC; Maintain Outperform, Target raised to 355 from 330
ITC share price gained marginally by nearly half a per cent in early trade on Wednesday, rising to Rs 327.50 on BSE. The uptrend in ITC stock price came as global brokerage CLSA raised the target price on FMCG–cigarettes–hotels major by Rs 25 per share or 7.5 per cent.
BANK NIFTY CALL OPTION 39000 BUY
HCL, Power Grid, Axis Bank among top gainers
Indices open in green; Sensex up around 100 points, Nifty gains 33 points
Morgan Stanley on Sobha Developers (CMP: Rs 626)
Maintain Overweight, Target - Rs 1024
Key themes include- Pick up in new launches & sustaining current high pace of new sales.
Cash from operations will be used for new project acquisitions as well as de-leveraging.
Goldman Sachs on Sun Pharma, Cipla, Dr Reddy's Lab
Goldman Sachs on Sun Pharma (CMP: Rs 945)
Maintain Sell, Target raised to Rs 780 from Rs 720
______________________________________Goldman Sachs on Cipla (CMP: Rs 1110)
Maintain Sell, Target raised to Rs 910 from Rs 850
______________________________________Goldman Sachs on Dr Reddy’s Lab (CMP: Rs 4283)
Maintain Neutral, Target cut to Rs 4265 from Rs 4380
_______________________________________Goldman Sachs on Divis Lab (CMP: Rs 3502)
Maintain Buy, Target cut to Rs 4260 from Rs 4550
_______________________________________Goldman Sachs on Lupin (CMP: Rs 681)
Maintain Neutral, Target raised to Rs 735 from Rs 680CLSA on Asian Paints, Nerolac, Aditya Birla Fashion and Retail and others
CLSA on Asian Paints (CMP: Rs 3299)
Maintain Reduce, Target raised to Rs 3575 from Rs 3420
___________________________________________CLSA on Kansai Nerolac (CMP: Rs 469)
Upgrade to Buy from Outperform, Target raised to Rs 610 from Rs 560CLSA on Indus Tower (CMP: Rs 190)
Maintain Buy, Target Rs 258
ESG rating ahead of country and sector average. Management is increasing focus on ESG
Extensive and growing ESG initiatives
Favourable risk-reward
________________________________________CLSA on Colgate-Palmolive India (CMP: Rs 1537)
Upgrade to Reduce from Sell, Target raised to Rs 1570 from Rs 1490
_____________________________________________________CLSA on Westlife Development (CMP: Rs 719)
Maintain Reduce, Target raised to Rs 735 from Rs 645
__________________________________________CLSA on SJVN (CMP: Rs 32.4)
Maintain Buy, Target - Rs 42Have increased execution in H1 to move towards its 50 GW Vision
It also saw many strategic wins in 1H to move towards its 50GW vision
Forecast co’s REE to double over FY22-25, Driving EPS to increase by 45%
___________________________________________CLSA on Campus Activewear (CMP: Rs 587)
Maintain Reduce, Target raised to RS 600 from Rs 490
_________________________________________CLSA on Aditya Birla Fashion and Retail (CMP: Rs 332)
Downgrade to Outperform from Buy, Target raised to Rs 375 from Rs 335
__________________________________________________________CLSA on Varun Beverages (CMP: Rs 1045)
Maintain Reduce, Target raised to Rs 1135 from Rs 1030
____________________________________________CLSA on Devyani International (CMP: Rs 194)
Maintain Outperform, Target raised to Rs 230 from Rs 206
______________________________________________CLSA on ITC, Titan
CLSA on ITC (CMP: Rs 326)
Maintain Outperform, Target raised to Rs 355 from Rs 330
_____________________________________________CLSA on Titan (CMP: Rs 2625)
Maintain Outperform, Target raised to Rs 3000 from Rs 2550
_______________________________________________Goldman Sachs on Reliance, ONGC, HPCL, BPCL
Goldman Sachs on Reliance (CMP: Rs 2358)
Maintain Buy, Target cut to Rs 3100 from Rs 3225
_____________________________________Goldman Sachs on ONGC (CMP: Rs 131)
Maintain Buy, Target cut to Rs 185 from Rs 210
__________________________________Goldman Sachs on HPCL (CMP: Rs 210)
Downgrade to Neutral from Buy, Target cut to Rs 255 from Rs 290
___________________________________________________Goldman Sachs on BPCL (CMP: Rs 300)
Maintain Buy, Target cut to Rs 400 from Rs 440
___________________________________Morgan Stanley on Infosys
CMP: Rs 1424
Maintain Overweight, Target - Rs 1550
The sudden departure of Ravi Kumar is a negative surprise and the brokerage firm suggested not to expect any disruption in business momentum.
See a potential buyback of $1-1.4bn, more likely through an open offer route, could lend some support to stock in a volatile macro environment
Stocks to buy today
Bata India, ITC, IRCTC are among the list of stocks that experts suggest buying. READ MORE
Rupee likely flat at open on dollar strength, oil decline
The Indian rupee is tipped to open flat to the dollar on Wednesday on more losses on Asian currencies and a further pullback in oil prices.The rupee is likely to open at 82.30-80.32, compared with the previous closing of 82.3125. The local unit on Tuesday traded in a narrow range, bucking the broad decline in Asian peers, thanks to likely dollar sales by the Reserve Bank of India.FIIs offloaded shares worth Rs 4,612 crore
Foreign institutional investors offloaded shares worth a net Rs 4,612.67 crore on Tuesday, according to data available with BSE.
Tokyo stocks open lower
Tokyo stocks opened lower on Wednesday after a mixed close on Wall Street following a downcast IMF economic outlook, with investors remaining cautious about the impact of inflation.
Quarterly earnings of HCL Technologies, Wipro and others
HCL Technologies, Wipro, Sterling and Wilson Renewable Energy, National Standard, Mangalam Industrial Finance, NXTDigital and Standard Capital Markets are some of the companies that will announce earnings for the second quarter today.
S&P 500 and Nasdaq end lower
The S&P 500 and Nasdaq ended lower on Tuesday, with indications from the Bank of England that it would support the country's bond market for just three more days adding to market jitters late in the session.
Most Asian markets in red
Most Asian markets were in the red in the morning trade. While Japan’s Nikkei 225 was down 0.2 per cent, South Korea’s Kospi fell around 0.23 per cent.
SGX Nifty hints at positive start
SGX Nifty traded 50.5 points or 0.30% higher at 16,990 on the Singapore Exchange, higint at a positive start.
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