Stock Market Highlights 30 Aug 2022: Bulls make strong comeback! Nifty ends near 17,750, Sensex adds over 1500 points ahead of holiday tomorrow
Stock Market Live Updates: Ahead of the stock market holiday on Tuesday, the Nifty50 topped 17,700, while the Sensex surged by over 1500 points, supported by sectoral indices.
(By Ravi kant Kumar)
In a strong comeback, the domestic equity market gained more than two and half per cent on Tuesday. The market had ended lower by around 1.5% on Monday. Ahead of the stock market holiday on Tuesday, the Nifty50 topped 17,700, while the Sensex surged by over 1500 points, supported by sectoral indices. The stock market, NSE and BSE, will remain closed on Tuesday on account of Ganesh Chaturthi.
Sectorally, banking and financial indices drove the rally as Nifty Bank, Financial Services, Private Bank and PSU Bank ended higher by 2.5-3.4%. Nifty Auto rose around 2.5%, while Realty index too gained more than three per cent on Tuesday as all indices settled in the green.
Nifty Midcap gained around two per cent, while Small ended higher by 1.2% on Tuesday.
Today's rebound indicates the domestic economy's resilience in comparison to its global peers, said Vinod Nair, Head of Research at Geojit Financial Services.
"Although the markets are currently at premium valuations, continued support from foreign investors aided domestic stocks to inch higher. Sectors in swing with the progress of the domestic economy should be able to do well compared to the rest," added Nair.
All stocks ended in the green zone on Tuesday. Bajaj twins led the rally on the benchmark indices as IndusInd Bank, Tech Mahindra, ICICI Bank, HUL and Tata Steel closely followed them
Latest Updates
Powerful rally can be attributed to delivery-based buying by FIIs and short covering in F&O market
Indian equity market witnessed a surprise and powerful rally to welcome Lord Ganesha. Our markets are showing resilience despite volatile global cues, and a surge in crude oil prices but such kind of rally bewildered everyone. This powerful rally can be attributed to delivery-based buying by the FIIs and short covering in the F&O market. Rupee also witnessed a sharp appreciation against the USD despite higher crude oil prices which is a clear indication of FIIs' interest in the Indian equity market. The leadership was in the hands of financial names, whereas the Nifty realty index was the best performing index. The market is heading towards the festive season on an exhilarating note and there is a high probability that the Nifty and Sensex may hit new highs ahead of Diwali. The downside is protected near 200-DMA of 17000 level.- Santosh Meena, Head of Research, Swastika Investmart Ltd.
Nifty may move towards 18000-18100
"Bulls had a grand return as the benchmark index clocked a 2.5% rally on Tuesday following a gap-down closing in the previous session. A strong rally took the index above the recent consolidation sending the 50 EMA above 200 DMA. The RSI on the other hand is still in a bearish crossover. The trend after today's massive movement looks positive. Over the short term, the index may move towards 18000-18100. On the lower end, support is visible at 17500," said Rupak De, Senior Technical Analyst at LKP Securities.
Day that belonged to bulls
A day that completely belonged to bulls. What a broad-based rally today! All indices closed higher with Nifty 50 closing 2.6% higher and Bank Nifty outperformed all other indices and closed 3.3% higher. After the Jackson Hole meeting last Thursday, US markets corrected sharply with all their benchmark indices like S&P, Dow Jones, NASDAQ closing 3-4% lower. Post this meeting, Indian markets opened lower on Friday with Nifty 50 opening 2% lower but since then, it has made a sharp recovery of 600 points from the lows in just 2 trading sessions. Nifty 50 today closed at 17760 which is the highest ever monthly close for it. Bulls seem to be in control and one should avoid shorting at these levels. Ashish Gupta, Volatility Trader and Derivatives Expert.
Bank Nifty outlook: Upside indicates targets of 41,000-41,500
"The Bank Nifty index witnessed a sharp move on the upside despite the negative global sentiment. The index surpassed the immediate hurdle of 38,500 which will now act as strong support on the downside. The index on the upside indicates targets of 41,000-41,500 where the earlier major sell-off of the index was seen. The index remains in a buy-on-dip mode as long as it holds the support of 38,500 on the downside."
Kunal Shah, Senior Technical Analyst at LKP Securities.
Nifty50 above 17,750, Sensex up 1500 points
The Indian market was on a roll-on Tuesday, rising by more than two and half per cent. Nifty50 surged past 17,700, while the Sensex rose by 1500 points
Banking, auto stocks shine
Banking, financial and auto stocks were driving the rally on Tuesday as top five stocks on the benchmarks were from these sectors. Bajaj Finserv, IndusInd Bank gained the most, while Bajaj Finance, Tata Motors and state Bank were other top gainers. Tech Mahindra led the IT pack.
Bank of India moves NCLT against Future Lifestyle Fashions, files insolvency plea
Public sector lender Bank of India has filed a petition before the National Company Law Tribunal (NCLT), to initiate insolvency proceedings against debt-ridden Future Lifestyle Fashions Ltd (FLFL). A copy of the petition filed before the NCLT, under Section 7 of the Insolvency and Bankruptcy Code, has been served by the advocate on behalf of Bank of India, FLFL said in a regulatory filing on Monday.4 stocks to buy on Ganesh Chaturthi
On the occasion of Ganesh Chaturthi, market expert Siddharth suggested investing in companies that have strong growth prospects and can yield bumper returns. In a special edition 'SID KE SIP' aired on Zee Business with Managing Editor and Market Guru Anil Singhvi on Tuesday, Siddharth said that he has brought 4 stocks for investors for the 'shubharambh' (beginning) of their investment journey. The 4 stocks, he said, are fundamentally strong and have the potential to deliver good returns. Full Report
Stock market updates: Market up 2%; Sensex adds 1200 points; all stocks in green on benchmarks
In contrast to its Asian peers, the Indian market rose on Tuesday amid positive outlook related the domestic stock market and declining oil prices on Tuesday. Oil price declined marginally to $104.50 per barrel amid fears of inflation as Fed chair Jerome Powell hinted at aggressive rate hike. Benchmarks jumped around two per cent each as Nifty50 topped 17,650 and Sensex climbed 1200 points. All stock turned green on the benchmarks. Auto, Bank, Financial services and IT contributed the most to today's rally even as all indices comfortably sat in the green on Tuesday afternoon
Tamilnad Mercantile Bank IPO: subscription date, price band and more
Private sector lender Tamilnad Mercantile Bank on Tuesday said it has fixed a price band of Rs 500-525 per share for the Rs 832 crore-Initial Public Offering (IPO). The initial share sale will open on September 5 and conclude on September 7. The bidding for anchor investors will open on September 2. Full Report
BLS International share price: Multibagger stock jumps 18%, clocks over 140% return in six months - Here's why
Shares of BLS International, a company catering to tours, travel and allied sectors, rose more than 18% to fresh hit 52-week on Tuesday. Shares surged 18.4% in BSE intraday trade to Rs 270 per share on Tuesday amid spurt in volumes. Full Report
IRDAI to make KYC mandatory for general insurance; CDSL biggest beneficiary
Insurance KYC rule: Those planning to buy a new insurance policy will now have to ensure that their KYC details are updated in order to be eligible for a new policy. As per sources, know your customer (KYC) details will be made mandatory to avail health and general insurance from November 1. Insurance policies will only be issued to policyholders upon completing the KYC details. Currently, KYC verification is voluntary. Full Report
Shipping Corporation disinvestment news: Govt may invite financial bids in March quarter
The government is likely to invite financial bids for privatisation of state-owned Shipping Corporation of India (SCI) in the March quarter, an official said. "The demerger of non-core and land assets of Shipping Corporation is at an advanced stage. The process is expected to be over in about three months' time, after which financial bids will be invited," the official told PTI. Full Report
Nifty50 reclaims 17500; all stocks turn green on benchmarks
The Indian market continued to rise on Tuesday as Nifty50 reclaimed 17,500, while the Sensex jumped around 700 points to trade near 58,700. All stocks on the benchmarks turned green
Aegis Logistics, Hathway Cable and Tata Elxsi shares: What should investors do?
Shares of Aegis Logistics rose one and half per cent to Rs 298.60, Hathway cable gained more than three per cent to Rs 18.10 and Tata Elxsi traded higher by one per cent to Rs 8961.45 per share on BSE intraday trade on Tuesday. Full Report
Rupee rises 7 paise to 79.84 against US dollar in early trade
Mumbai, Aug 30 (PTI) The rupee appreciated 7 paise to 79.84 against the US dollar in early trade on Tuesday in line with a positive trend in domestic equities. However, higher oil prices and month-end dollar demand could restrict the gains for the local unit, forex traders said. At the interbank foreign exchange, the rupee opened at 79.92 against the American dollar and touched 79.84 in initial deals, registering a gain of 7 paise over the last close.- PTIPM Modi has done remarkable job, need him for two more terms: HDFC Chairman Deepak Parekh
Finance industry veteran Deepak Parekh on Monday lauded Prime Minister Narendra Modi for doing a "remarkable job" in the last eight years. Parekh, the chairman of the largest pure-play mortgage finance company HDFC, said Modi needs to be at the helm for two more terms to "change the face of the country. Full Report
USD INR outlook: Breach of 80 mark has not attracted enough momentum to trigger a directional move
The breach of the 80 mark has not attracted enough momentum to trigger a directional move towards 80.3. Neither did the turn lead to long liquidation. As yesterday, we will maintain the downside marker at 79.86, with the expectations of a sideways move.
Anand James - Chief Market Strategist at Geojit Financial Services.
Piramal Enterprises demerger ex-date today- What you need to know?
Piramal Enterprises Ltd (PEL), in its board meeting, had approved the demerger of its pharma business Piramal Pharma Ltd (PPL) via a composite scheme of the arrangement, the company had said in a filing. According to Piramal Enterprises, the company will issue 4 equity shares of Rs 10 each of Piramal Pharma for every 1 equity share of Rs 2 each to shareholders of Piramal Enterprises Limited. Full Report
Nifty, Sensex top gainers and losers
Bajaj Finserv, Tata Steel, IndusInd Bank, ONGC, Bajaj Finance and Ultratech Cements were top gainers on the benchmarks.
Bharti Airtel was the only stock trading in the red on the Nifty50 and Sensex on Tuesday.
Nifty outlook: Performance in 17450-520 region to set the mood
The downsides lost momentum on tests of the 17160 region triggering upside attempts on anticipated lines. This ideally aims for the 17800-520 region, but expect bears to resurface on approach to 17500-520. Downside marker may be placed at 17250, but it is the performance in the 17450-520 region that will set the mood today.-
Anand James - Chief Market Strategist at Geojit Financial Services.Nifty, Sensex surge in pre-opening
As many as 24 stocks advanced and six declined on the 30-share Sensex, while 47 shares were trading in the green and three in red on Nifty50. The broader Nifty50 climbed further to trade above 17,400
Anil Singhvi's strategy on Nifty, Bank Nity on August 30
Nifty support zone is 17150-17225, below that 17025-17075 is a strong buy zone
Nifty higher zone is 17375-17450, above that 17475-17550 is a strong sell zone
Bank Nifty support zone is 37950-38050, below that 37625-37750 is a strong buy zone
Bank Nifty higher zone is 38400-38550, above that 38650-38800 is a strong sell zone
Nifty support levels17300, 17225, 17175, 17150, 17075, 17025
Nifty higher levels: 17340, 17375, 17400, 17450, 17475, 17500, 17525, 17550
Bank Nifty support levels: 38225, 38175, 38050, 37950, 37750, 37700, 37625
Bank Nifty higher levels: 38400, 38550, 38650, 38700, 38750, 38800, 38850, 38975
Chinese phone ban speculations: Government clears confusion
In major relief for the smartphone brands, the Minister of State for IT and Electronics, Rajeev Chandrasekhar on Monday said that currently, the central government has no plans to stop the import of smartphones under Rs 12,000 in India. The Minister of State for IT and Electronics also said the consultation completed on IT Rules, will issue soon. The government will the interest of every digital citizen. He also said that many more changes will be seen in the coming days. Full Report
Bank Nifty support and resistance:
After a big gap down, the index traded in a range on an intraday basis and held the support of 38,000. The index is stuck in a broad range between 38,000-39,000 levels where the demand and supply are visible. The index if fails to hold the support of 38,000 on a closing basis will see an extension of the current sell-off. The immediate hurdle on the upside is placed at 38,500 and if breached can witness some short covering move toward 38,800-39,000 levels.- Kunal Shah, Senior Technical Analyst at LKP Securities.
Nifty support and resistance
"Nifty slipped sharply lower as it broke down from consolidation on the daily chart suggesting a rise in the bearish bet in the market. The momentum oscillator RSI is in bearish crossover and falling towards the oversold zone. The short-term trend at the juncture looks weak, on the lower end, the index may drift down towards 17000-16950 over the short term. On the higher end, resistance is visible at 17500."- Nifty Tech View from Rupak De, Senior Technical Analyst at LKP Securities.
20 stocks for profitable trade on August 30
Zee Business brings you a list of 20 stocks from cash, techno, and F&O space. These stocks have been picked keeping in view investors' short-to-long term requirements. The list also comprises intraday calls for good returns on a given day. Below is the list of stocks. Full Report
Stocks in News
There will be several news that will remain in focus on Tuesday. Prominent among them are ICICI Bank, Piramal Enterprises, BPCL and IRCTC
ICRA board approves the appointment of Venkatesh Viswanathan as group CFO.
IRCTC says: Company has not received any information on dropping OFS from Government.
Zomato clears that the company has no plans on rebranding Zomato app to Eternal.
Crude oil at $105
Crude oil jumped four per cent on Monday to trade around $105 on prospects of Opec+supply cuts. Saudi Arabia, top producer in the Organization of the Petroleum Exporting Countries (OPEC), last week raised the possibility of production cuts, which sources said could coincide with a boost in supply from Iran should it clinch a nuclear deal with the West, as per Reuters
Brent crude settled up $4.10, or 4.1%, at $105.09 a barrel, having risen by 4.4% last week. U.S. West Texas Intermediate (WTI) crude gained $3.95, or 4.2%, to$ 97.01, after rallying 2.5% last week.
Asian markets on 30th Aug
The Asian market traded mixed on Tuesday morning. Japanese Nikkei 225 rose more than one per cent, while Hang Seng Index at the Hong Kong Exchange dropped 0.88% and Chinese Shanghai Composite traded lower by 0.10%.
US market extends weakness
Earlier, the US market extended weakness to the second day amid rate tightening concerns and fears of inflation. Dow Jones declined by 184 points Nasdaq Index ended lower by 124 points and S&P 500 closed with a cut of 27 points on Monday.
SGX Nifty hints at flat to positive opening
Hinting at a flat to positive opening for the Indian market, the SGX Nifty rose around 50 points on the Singaporean exchange in early trade on Tuesday.
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