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Nasdaq opens higher on upbeat Tesla results
The Nasdaq opened higher on Thursday as electric-car maker Tesla topped Wall Street’s profit target, while the S&P 500 and the Dow edged lower.The Dow Jones Industrial Average fell 144 points, or 0.45%. The S&P 500 fell 0.2%%, while the Nasdaq Composite gained 0.05%.
Tech View: Nifty50 tops 16,600 mark but stiff hurdle ahead
Nifty50 on Thursday settled above 16,600 level for the first time since June 2, taking its winning streak to the fifth trading session. The index formed a bullish candle on the daily chart that engulfed the previous session’s bearish candle, negating the latter’s negative impact.That said, certain indicators suggest that the index is in the overbought zone and the bulls are likely to face stiff resistance ahead, said analysts.
ECB surprises markets with half-point rate hike
The European Central Bank lifted its key interest rates by a surprise 50 basis points on Thursday, its first hike since 2011 and more than expected as the eurozone grapples with rampant inflation and a looming energy crisis.The hike lifts the ECB’s deposit facility out of negative territory for the first time in eight years, to zero percent. The rate on the main refinancing operations climbs to 0.50 percent and on its marginal lending facility to 0.75 percent.
RBI Monetary Policy Meeting rescheduled to August 3-5
These Nifty50 companies will report their Q1FY23 numbers this weekend
#EarningsWithETNOW | It is an earnings heavy weekend with these #Nifty companies all set to report their Q1FY23 num… https://t.co/DSq8h5LIgl
— ET NOW (@ETNOWlive) 1658400341000
The benchmark Nifty found resistance at the upper band of the rising channel, leading to brief profit-taking during the day. The momentum indicator has its upside up indicating ongoing positive momentum in the value. The trend is likely to remain positive as long as the Nifty remains above 16500. On the higher end, immediate resistance is placed at 16670-16700.
– Rupak De, Senior Technical Analyst at LKP Securities
We maintain our cautiously optimistic stance and expect volatility to remain high, with more Nifty heavyweights like Reliance, UltraTech, and Infosys, announcing their earnings in the following sessions. Meanwhile, there’ll be no shortage of trading opportunities and participants should focus more on buying quality stocks from the sectors, which are trading in sync with the benchmark.
– Ajit Mishra, VP – Research, Religare Broking
RBL Bank
- PAT at Rs 201 cr vs loss of Rs 459 cr YoY
Tech View: Bank Nifty
Kunal Shah, Senior Technical Analyst at LKP Securities
With support from FII buying, the domestic market was able to withstand the downward pressure from global markets to close on a positive note. Global indices traded lower on rate hike worries as ECB in its meeting today, is expected to raise rates by 50bps, while the Fed is expected to increase rates by 75bps in upcoming meeting scheduled next week. Even though a rate hike of this magnitude has already been factored in, the major market driver would be their commentary on future inflation and growth forecasts.
– Vinod Nair, Head Of Research at Geojit Financial Services
Pharma lone loser in the sectoral space today
Closing Bell: Sensex rises for 5th straight session, ends 284 pts higher; Nifty tops 16,600; Tata Comm rallies 11%, IndusInd Bank 8%
Institutional investments in real estate down 27% at $966 mn in Apr-Jun
Institutional investments in Indian real estate fell 27 per cent during the April-June period to USD 966 million amid global economic and geopolitical headwinds, according to JLL India. The institutional investment in real estate stood at USD 1,329 million in the year-ago period. As per the data, the institutional investments in the office segment of real estate rose to USD 652 million in April-June 2022 from USD 231 million in the corresponding period of the previous year.
Q1 Results: Embassy REIT
#EarningsWithETNOW | Embassy REIT Q1FY23 -Revenue at Rs 829.3 vs Rs 737.6 cr; up 12% YoY -EBIDTA at Rs 654 cr vs R… https://t.co/jCae29l22B
— ET NOW (@ETNOWlive) 1658394971000
PVR Q1 Results: Net Profit at Rs 53.4 cr vs loss of Rs 105.5 cr (QoQ)
Price as on 21 Jul, 2022 02:40 PM, Click on company names for their live prices.
Hindustan Zinc Q1
- Revenue at Rs 9,387 cr vs Rs 8,797 cr QoQ
- PAT at Rs 3,092 cr vs Rs 2,928 cr QoQ
- EBITDA at Rs 5,137 cr vs Rs 4,962 cr QoQ
Kajaria Ceramics Q1 consolidated revenue at stands at Rs 1.008.2 cr vs Rs 561.7 cr YoY
#EarningsWithETNow | Kajaria Ceramics Q1 consolidated revenue at stands at Rs 1.008.2 cr vs Rs 561.7 cr YoY… https://t.co/YiaMO8lFHw
— ET NOW (@ETNOWlive) 1658392846000
Pharma having an off day but Biocon and Sun Pharma doing well
Price as on 21 Jul, 2022 01:34 PM, Click on company names for their live prices.
HDFC MF’s Prashant Jain 1st to manage Rs 1-lakh-crore equity assets
The market rally in July has made HDFC NSE 0.52 % MF’s Prashant Jain the first fund manager in India to oversee Rs 1-lakh-crore equity assets. Jain manages Balanced Advantage, Flexi Cap and Top 100 funds at HDFC MF, apart from an India-dedicated scheme under exclusive mandate from a sovereign wealth fund.
Market LIVE Updates: Aegis, IndusInd Bank top gainers at this hour
Price as on 21 Jul, 2022 12:26 PM, Click on company names for their live prices.
How Rakesh Jhunjhunwala rejigged his portfolio in June quarter
According to the data from Trendlyne, Rakesh Jhunjhunwala and associates publicly hold 34 stocks with a net worth of over Rs 29,301.4 crore, as per the latest corporate shareholdings filed so far. Let us have a look at his rejigs during April-June 2022 period.
Why a fall in Singapore GRMs spells bad news for OMCs, RIL
PNC Infratech signs concession agreements for 2 projects worth Rs 1,623 crore
Price as on 21 Jul, 2022 11:58 AM, Click on company names for their live prices.
Sonata Software zooms 6% as board to consider bonus issue of shares on July 25
Price as on 21 Jul, 2022 11:40 AM, Click on company names for their live prices.
How midcap IT companies did in Q1
#EarningsWithETNOW | Midcap IT companies have fared better than largecaps in the quarter gone by. Take a look at th… https://t.co/ASZSpriOtK
— ET NOW (@ETNOWlive) 1658381872000
Market LIVE Updates: Telecom stocks gain, Tata Communication leads
Price as on 21 Jul, 2022 11:17 AM, Click on company names for their live prices.
Tesla sells majority of Bitcoin after turbulent crypto foray
Tesla Inc. sold a significant chunk of its stake in Bitcoin, an investment that helped legitimize the world’s largest electronic currency. “As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency,” Tesla said in a shareholder letter Wednesday as part of the company’s earnings report. “Conversions in Q2 added $936M of cash to our balance sheet.”
Expect markets to bottom out between now and Dec; Bull run will resume CY23- CY24 onwards
– Nilesh Shah of Capital Envision
INR has been under steady depreciation pressure throughout this calendar year, courtesy of monetary policy tightening by the DM economies and the consequent FPI outflows from capital markets. India’s widening trade gap and capital outflows also raised the risks for the rupee. Nevertheless, RBI is aggressively intervening in FX markets to stem the weakness in INR, resorting to sell/buy swaps in the spot and forward market. Moreover, there has been a slew of measures taken by the central bank and the government to boost inflows of Forex and arrest the Rupee fall. In terms of the INR outlook for the rest of this calendar year, we sense that the worst is priced in the currency, with the value likely to be peaking around 80.5-81 against the greenback.
– Hitesh Jain, Lead Analyst – Institutional Equities, YES Securities
Sensex erases all losses, gains over 100 points
Gland Pharma recorded a 35 per cent decline in profit at Rs 229.2 crore for the quarter ended June 2022 on lower topline growth and weak operating performance. Revenue plunged by 26 per cent YoY to Rs 856.9 crore during the quarter, impacted by continuing supply disruptions in the midst of challenging macro environment.
Price as on 21 Jul, 2022 09:52 AM, Click on company names for their live prices.
Bank of Japan maintains a policy balance rate of -0.1%
Bank of Japan maintains a policy balance rate of -0.1%. Here are all the details: @Bank_of_Japan_e #Banks #Banking https://t.co/MbmKMJRJB6
— ET NOW (@ETNOWlive) 1658376854000
Rupee just shy of record low; focus on RBI intervention
The Indian rupee weakened at the open on Thursday and was trading just shy of its lifetime low hit earlier this week, tracking losses in most other Asian peers but traders expect dollar-selling intervention by the central bank to limit losses. The partially convertible rupee was fetching 80.01/02 per dollar by 0337 GMT, compared with its close of 79.99 on Wednesday and near its record low of 80.0650 touched on Tuesday.
With around 8.5% rally from the June lows, Nifty is likely to consolidate around the present levels before making its next move, which will be influenced by the outcome of the ECB and Fed meetings due on 21st and 27th July respectively. The Fed is likely to raise the rate by 75 bp and ECB, perhaps, by 50 bp. But more important than the rate hikes, their commentary on the trajectory of inflation and economic growth would be closely watched. If there are indications that inflation has peaked and is likely to trend down,…
Read More: Sensex Today: Stock Market Highlights: Nifty50 tops 16,600 mark but stiff hurdle ahead –