Market LIVE Updates: Sensex at record high, Nifty above 16,000; HDFC, Titan top gainers

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August 03, 2021 / 01:07 PM IST

Emkay Global on HDFC: HDFC Limited reported a PAT of Rs 3000 crore in Q1FY22, slightly lower than our estimate of Rs 3220 crore due to lower other income and relatively higher operating expenses. Advantage of lower cost of funds continued for the company with healthy spreads of ~229bps. NIMs stood at ~370bps.

We remain bullish on home loan demand due to low interest rates and various perks offered by the government. We trim FY22E/23E earnings by ~4%/~5% as we build in relatively higher provisions. We roll forward to September 2022 and revise the target to Rs 2,950 at ~2.5x P/Adj Book Sep'23E (standalone) and retain buy.

Closing Bell: Nifty ends above 15,750, Sensex gains 209 pts led by IT, metal, financial stocks

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July 29, 2021 / 04:11 PM IST

Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities:

On the monthly F&O expiry day, the market witnessed a smart pullback rally, although the July series has been volatile with a momentum of nearly 450 points. While the sectoral performance in the current month series was mixed with Realty and Metal indices gaining over 13 percent, Auto and Energy indices lost ground and shed nearly 6 percent.

Technically, for the bulls 20 day SMA or 15820/ 52700 would be the key resistance level for the market, while on the flip side, 50 day SMA or 15650/ 52200 could be the strong support zone. The texture of the chart suggests that trading below 20 day would increase further weakness, while on the other side uptrend wave could continue up to 15900/53200 if indices succeed to trade above 15820/ 52700 levels.

BSE 500 underperforms in rangebound market; these 42 smallcaps gain 10-35%

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Indian market fell 0.5 percent in a rangebound and volatile week ended July 30 amid mixed global and domestic cues.

Last week, BSE Sensex fell 388.96 points (-0.73 percent) to end at 52,586.84, while the Nifty50 was down 93.05 points (-0.58 percent) to end at 15,763 levels.

Among broader indices, the BSE Smallcap index added 1.3 percent and the BSE Midcap index was up 0.29 percent.

From the smallcap space, as many as 42 stocks added 10-35%. These include HIL, NR Agarwal Industries, Inox Wind, Indian Metals & Ferro Alloys, Tejas Networks, Mahindra Logistics, GNA Axles, Olectra Greentech, Gujarat Heavy Chemicals and Shankara Building Products.

“Benchmark indices during the week stayed volatile and remained well within its board range. A distribution phase is going on among Indian indices in spite of a cynical performance by the Asia pack especially Hang Seng, which grappled with the Chinese Government’s regulatory actions over technology and private education sectors,” said Nirali Shah, Head of Equity Research, Samco Securities.

“This precipitated to India as market participants here turned cautious and FII’s dumped equities worth over Rs. 6,900 Crs this week,” she added.

“Traders are advised to maintain a neutral bias as long as Nifty does not break below 15550. A break below the support is likely to trigger a short-term correction,” Nirali Shah said.

The BSE 500 index ended on a flat note. Alembic Pharmaceuticals, Suzlon Energy, Dr Reddys Laboratories, Intellect Design Arena, Firstsource Solutions and Symphony lost more than 10 percent, while Mahindra Logistics, Gujarat Heavy Chemicals, JK Paper, Trident, Phillips Carbon Black and V-Mart Retail rose 15-25 pecent.

“Markets remained volatile and settled almost unchanged amid mixed cues. Amongst the sectors, Healthcare, Auto, Consumer Goods ended with gains whereas Metal and Banking ended with losses. The broader markets continued to outperform wherein both Midcap and Smallcap ended higher by 1.2% and 0.6% respectively,” said Ajit Mishra, VP Research. Religare Broking.

“The diverging trend of the Nifty and banking index is keeping the participants guessing over the next directional move. However, rotational participation from the index majors from other sectors is helping the index to sustain at the higher levels.”

“Considering the scenario, it’s prudent to maintain focus on themes that are playing out well and select the stocks accordingly,” Mishra added.

Where is Nifty50 headed?

“As far as levels are concerned, 15,850 followed by 15,950 are the levels to watch out for and on the flip side, the sacrosanct support is placed at 15,550 – 15,450,” said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking.

“If breakout takes place in the northward direction then we may not see bigger move; but if it happens downwards, then brace yourself for some tough time,” Chavan added.

The Nifty hammer pattern on the weekly scale and listless trade is expected to continue in the coming sessions, experts said.

“The market is going to be crucial for the short-term scenario to sustain above the 15,800. Sustaining above 15,800, the market expects to gain momentum, leading to an upside projection till 15,900-15,950 level. Technical indicators suggest, a volatile movement in the market in a small range,” said Ashis Biswas, Head of Technical Research at CapitalVia Global Research.

“Short-term and medium-term supports lie at 15,600 and 15,400 respectively and as long as these are holding on a closing basis, the propensity of the market continues to be on the upside,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

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